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SEC commissioner’s LBRY lawsuit supported by Ripple executive and XRP community

Posted on October 28, 2023

Stuart Alderoty appreciated Hester Pierce and claimed it might be an excellent opportunity to give an amicus brief.

Ripple Lab’s chief legal officer, Stuart Alderoty, expressed via a post on X (previously Twitter), joining the XRP community members to support Hester Peirce’s perspective against apparent ‘maltreatment’ in the LBRY case. Currently, Hester is a commissioner in the United States Securities and Exchange Commission (SEC).

Ripple Supports LBRY Lawsuit

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Alderoty recognized Pierce’s remarkable efforts in identifying unique non-fraud cases, mainly when clients are still waiting for answers to instances of fraud, it may be essential to overlook standard rules and evoke concerns more punctually and outspokenly. This can also entail using an amicus brief to solve the problem. On October 27, Hester Peirce gave an opposing statement concerning the LBRY lawsuit. 

She insisted that the SEC has lately implemented several enforcement initiatives against cryptocurrency platforms, for instance, Binance, Ripple, Coinbase, Kraken, and LBRY. She also said that despite the LBRY case being especially disturbing, ongoing hearing prevented her from discussing it.

In July, LBRY, a blockchain-founded payment and file-sharing network, was established to have contravened Section 5 of the Securities Act 1933. Thus, the network was indefinitely forbidden from direct and indirect involvement in unregistered cryptocurrency securities offerings linked to its native tokens.

SEC Takes Legal Action Against Non-Compliant Crypto Firms

Earlier, the crypto platform intended to appeal a decision by the United States Securities and Exchange Commission but afterward decided not to. The legal process, which includes the appeal, was keenly monitored by the XRP community. 

Nevertheless, the litigation concluded in the agency’s favor, thus compelling LBRY to cease operations. It cited that financial problems and regulatory pressure resulted in the shutdown.

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John Deaton, a pro-XRP attorney, responded to the commissioner’s claim by saying that submitting an amicus brief was necessary.

 He believes that similar to how 75000 personal holders conveyed their perspectives in court; it is also essential for a person with inside information to talk openly in a court of law.

Deaton has demonstrated dissatisfaction with the Securities and Exchange Commission’s deeds against the firm. He believes they led to financial problems. The outcome reincarnates the regulation-by-enforcement approach adopted by the Gary Gensler-led SEC.

The development in the LBRY affirms the concerns raised by pro-crypto lawmakers that the SEC continually denies US crypto talent and innovation through its enforcement approach. Notably, the lawmakers allege that the continued crackdown against the crypto firms is the compelling shutdown of viable crypto projects that the US continues to lose to its developed peers, particularly within the European Union, Hong Kong, and Singapore.


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