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Ripple\u2019s top lawyer is urging U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce to speak out sooner and louder against the regulator\u2019s hostile approach toward the crypto industry.<\/p>\n
Last week, Peirce released a statement<\/a> of dissent regarding the SEC\u2019s lawsuit against the blockchain-based file-sharing payment network LBRY, which the regulator filed in 2021 under allegations the company sold crypto assets as unregistered securities.<\/p>\n Responding to Peirce\u2019s statement, Ripple\u2019s chief legal counsel Stuart Alderoty asks<\/a> the commissioner if perhaps it\u2019s time for her to file an amicus brief in defense of LBRY or other cases in the crypto industry.<\/p>\n \u201cThank you, Commissioner. When you see injustices like this continue in non-fraud cases (while consumers wait for recourse from actual frauds), perhaps it\u2019s time to let ordinary rules of protocol go by the wayside and speak out louder and sooner? Perhaps even with an amicus brief?\u201d<\/em><\/p>\n Pro-XRP lawyer John Deaton, who represented 75,000 XRP holders during his amicus curiae in the SEC\u2019s lawsuit against Ripple, also responded to Peirce, echoing<\/a> Alderoty\u2019s sentiments.<\/p>\n \u201cDissents and open letters of criticism are great and appreciated. Certainly, better than nothing. <\/em><\/p>\n But maybe it is time to get off the sidelines and take that extra step and file an amicus brief. As you know, 75,000 individual holders spoke up to have their voices heard in Court. I think it\u2019s time someone from the inside also spoke out \u2013 in court.\u201d<\/em><\/p>\n In Peirce\u2019s recent statement of dissent against the SEC, the commissioner questioned why the regulator went after LBRY \u2013 a company that didn\u2019t appear to cause any discernible harm to anyone \u2013 rather than go after other companies that were actually engaged in outright fraud.<\/p>\n \u201cWhy go after a company that sold a token for a functioning blockchain with an established use when we could have pursued plenty of other projects that were outright frauds and did not attempt to comply with the securities laws? To make matters worse, the Commission took an extremely hardline approach in this case.<\/em><\/p>\n For example, after winning on summary judgment, the Commission sought monetary remedies of $44 million and asserted that LBRY\u2019s offer to burn all tokens in its possession was not sufficient assurance that LBRY would not violate the registration provisions in the future. The Commission\u2019s requested remedies were entirely out of proportion to any harm.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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