Stuart Alderoty, CLO of Ripple Labs, and the XRP community support SEC Commissioner Peirce’s LBRY lawsuit dissent, urging action against perceived injustices.
Stuart Alderoty, the Chief Legal Officer of Ripple Labs, and the XRP community have expressed their support on the X app for Securities Exchange Commission Commissioner Hester Peirce’s stance against the perceived “injustice” in the LBRY lawsuit.
Thank you Commissioner. When you see injustices like this continue in non-fraud cases 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?Peirce, among the many enforcement actions taken by the SEC, noted that the LBRY lawsuit was particularly disconcerting to her. However, she expressed her inability to publicly discuss it due to the ongoing litigation.
Back in July, LBRY, a platform recognized for its blockchain-based file-sharing and payment network, was determined to have violated Section 5 of the Securities Act of 1933. Consequently, LBRY was permanently barred from engaging, whether directly or indirectly, in any unregistered cryptocurrency securities offerings involving its native token.
The crypto platform initially sought to appeal a judgment by the U.S. SEC but later abandoned the effort due to perceived futility. Notably, the XRP community supported the platform during the legal process, including the appeal. However, with the litigation concluding in the SEC’s favor, LBRY decided to close down, citing financial burdens and regulatory pressure as the reasons for its shutdown.that it might be time to submit an amicus brief.
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