XRP community and Ripple Lab\u2019s Chief Legal Officer (CLO) Stuart Alderoty took to the X app to <\/span>applaud<\/span><\/a> Hester Peirce, an SEC Commissioner, for condemning the \u201cinjustice\u201d meted out through the LBRY lawsuit.<\/span><\/p>\n Some overdue thoughts on our case against LBRY: https:\/\/t.co\/wLsG4Xr7wz<\/a><\/p>\n <\/p>\n \u2014 Hester Peirce (@HesterPeirce) October 27, 2023<\/a><\/p>\n<\/blockquote>\n The SEC Commissioner released <\/a><\/span>a statement of dissent on the LBRY lawsuit earlier today. Peirce highlighted that in recent times, the commission has brought several troubling enforcement actions against crypto exchanges including Ripple, LBRY, Kraken, Binance, and Coinbase.\u00a0<\/span><\/p>\n <\/p>\n Amongst the numerous enforcement actions from the SEC, Peirce claimed that the LBRY lawsuit unsettled her the most but she could not speak publicly about it while the litigation was ongoing.\u00a0<\/span><\/p>\n In July, LBRY, branded as a blockchain-based file-sharing and payment network was found guilty of violating Section 5 <\/a><\/span>of the Securities Act of 1933 and was therefore, permanently restrained and enjoined from participating directly or indirectly in any unregistered crypto asset securities offering through its native token.\u00a0<\/span><\/p>\n The crypto platform decided to file an appeal of the final judgment against the U.S. SEC after two months of silence. However, the firm backtracked as it appeared there was nothing more to fight for<\/span><\/p>\n Noteworthy, the XRP community showed huge support<\/a> <\/span>for the blockchain-based file-sharing and payment network in the face of litigation, especially in its initial decision to file an appeal.\u00a0<\/span><\/p>\n <\/p>\n As the litigation ended in the SEC\u2019s favor, LBRY decided to shut down its operations, citing mounting financial liabilities and pressure from the SEC as the reasons behind the closure.\u00a0<\/span><\/p>\n Once the company is shut down, \u201cits assets will be placed in receivership and used to satisfy its debts, including the civil money penalty owed to the Commission,\u201d Peirce said in her release as part of the reasons she believed the outcome was not in the interest of innovation or investors.<\/span><\/p>\n The sad news forced CryptoLaw founder John E. Deaton to criticize the SEC<\/a><\/span>\u00a0for targeting the company and subjecting it to financial depression. This is the same sentiment that Peirce shared and in her statement, she made it clear that the LBRY lawsuit has demonstrated the arbitrariness and real-life consequences of the Commission\u2019s misguided enforcement-driven approach to crypto.<\/span><\/p>\n Many crypto enthusiasts including Deaton and Ripple CLO, both proponents of the XRP token, hailed her outspoken criticism. They strongly believe that filing an amicus brief against the SEC in the future might go a long way.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\n\n
LBRY Lawsuit: Hester Peirce Voices Concern<\/strong><\/h2>\n
LBRY vs SEC Lawsuit Outcome Condemned<\/strong><\/h2>\n
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