- Ripple’s chief legal counsel, Stuart Alderoty, urges SEC Commissioner Hester Peirce to take a stronger stand against the SEC’s aggressive approach toward crypto, referencing the LBRY lawsuit.
- Alderoty suggests that Peirce consider filing an amicus brief, advocating for a fairer treatment of the crypto industry, backed by the sentiments of lawyer John Deaton who represented 75,000 XRP holders.
Ripple‘s top legal executive, Stuart Alderoty, has issued a call to action, urging U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce to amplify her voice in defense of the cryptocurrency industry. This appeal comes in response to the SEC’s prolonged legal battle against LBRY, a blockchain-based file-sharing payment network, which the regulator accused of selling crypto assets as unregistered securities in 2021.
A Battle for Fairness in Crypto Regulation
Peirce, known for her crypto-friendly stance, recently expressed dissent against the SEC’s aggressive tactics in the LBRY case. In her statement, she questioned the necessity of targeting a blockchain company that seemed to be causing no discernible harm, while other fraudulent entities were left unchecked.
Alderoty, seizing upon Peirce’s dissent, pushed for more proactive advocacy. He suggested that it might be time for Peirce to consider filing an amicus brief, a legal document submitted by someone not directly involved in the case, to provide additional information or arguments for the court’s consideration.
“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?”
The Ripple-SEC Saga: Echoes in the LBRY Case
This push for stronger advocacy finds a parallel in Ripple’s own ongoing legal skirmish with the SEC. John Deaton, a lawyer who represented 75,000 XRP holders as an amicus curiae in Ripple’s case, echoed Alderoty’s sentiments. He underscored the importance of having voices from within the system, urging Peirce to step off the sidelines and make her support for the crypto industry heard more loudly and clearly in court.
Conclusion: A Call for Balanced Regulation
Alderoty’s appeal to Peirce represents a broader call for a shift in regulatory attitude towards the crypto industry. By spotlighting the LBRY lawsuit, he underscores the need for balanced and fair regulation, highlighting the potential injustices that can arise from overly aggressive legal actions. As the crypto landscape continues to evolve, the industry watches closely, hoping for advocates like Peirce to take a stand and guide the path towards more equitable regulatory practices.