TL: DR Breakdown:
- The crypto community and Ripple support SEC Commissioner Peirce’s dissent against the LBRY lawsuit outcome.
- Urgent call for action and potential amicus brief submission highlighted to address perceived legal injustices.
- Strong emphasis on the need for fair regulation and transparency in crypto, echoing wider concerns in ongoing legal challenges.
In a bold move that has ignited the crypto community, Stuart Alderoty, Chief Legal Officer of Ripple Labs, and the extensive XRP community have voiced their support for SEC Commissioner Hester Peirce. They rallied behind her dissension from the recent LBRY lawsuit outcome.
On the X app, Alderoty extended gratitude towards Commissioner Peirce. He emphasized the urgency to raise our voices when injustice prevails, especially in non-fraud cases. His advocacy for prompt action may lead to submitting an amicus brief to address the ongoing issue.
Thank you Commissioner. When you see injustices like this continue in non-fraud cases (while consumers wait for recourse from actual frauds) perhaps it’s time to let ordinary rules of protocol go by the wayside and speak out louder and sooner? Perhaps even with an amicus brief?
— Stuart Alderoty (@s_alderoty) October 27, 2023
Ripple and XRP Community Rally Behind Commissioner Peirce’s Stance
On October 27, SEC Commissioner Hester Peirce boldly expressed her dissent concerning the SEC’s lawsuit against LBRY. In her statement, she scrutinized the SEC’s intensifying enforcement actions targeting a range of prominent crypto exchanges, naming Ripple, Kraken, Binance, and Coinbase. Peirce underscored the severity of her concerns, shedding light on what she perceives as an unjust move against LBRY.
However, she acknowledged the constraints placed upon her from speaking out publicly due to the ongoing nature of the litigation. Her candidness and willingness to challenge the status quo resonated strongly, marking a significant advocacy moment within the crypto landscape.
In July, the SEC found LBRY guilty of violating the Securities Act of 1933, Section 5. Consequently, the platform faced a permanent bar from participating in unregistered crypto securities offerings involving its native token.
Initially, LBRY considered appealing the judgment, but eventually, they decided against it. They cited financial burdens and regulatory pressure, leading to their eventual shutdown. The XRP community, a staunch supporter of LBRY throughout the legal proceedings, expressed their disappointment and concern over the outcome.
John E. Deaton, a pro-XRP lawyer, echoed Alderoty’s sentiments and the need for an amicus brief. He stressed the importance of having someone with insider knowledge speak out in court, drawing parallels with the 75,000 individual holders who expressed their views during the legal process.
The community’s strong support for Commissioner Peirce’s outspoken criticism of the SEC’s actions against LBRY and other crypto platforms is evident. Many believe that future legal actions, including filing an amicus brief, could be crucial in addressing the perceived injustices and advocating for a fairer regulatory landscape.
In this pivotal moment, the crypto community stands united as they call for justice, transparency, and a balanced approach to regulation. Their unwavering support for Commissioner Peirce’s stance showcases their commitment to the cause and belief in a brighter, more equitable future for the crypto world. Significantly, this united front sends a powerful message, emphasizing the need for change and accountability in adversity.
