Ripple's Legal Counsel Urges SEC Commissioner to Take Stronger Stance Against Unfriendly Treatment of Crypto Industry

Ripple's chief legal counsel, Stuart Alderoty, is calling on U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce to take a stronger stance against the regulator's unfriendly treatment of the cryptocurrency industry. Alderoty's plea comes in response to Peirce's recent statement of dissent regarding the SEC's lawsuit against LBRY, a blockchain-based file-sharing payment network. The SEC alleges that LBRY sold crypto assets as unregistered securities. Alderoty suggests that Peirce should consider filing an amicus brief in defense of LBRY or other cases in the crypto industry. Pro-XRP lawyer John Deaton, who represented 75,000 XRP holders in the SEC's lawsuit against Ripple, also supports Alderoty's call for action. In her dissenting statement, Peirce questions the SEC's decision to target LBRY, a company that seemingly did not cause any harm, instead of pursuing companies engaged in outright fraud. She criticizes the Commission's aggressive approach and disproportionate remedies sought in the case. Alderoty and Deaton believe that it is time for Peirce to go beyond dissenting statements and take the extra step of filing an amicus brief. Their collective message is that it is crucial for regulators like Peirce to speak out against injustices and support legitimate projects in the crypto industry.