Ripple execs and the XRP community did not oppose SEC Commissioner LBRY’s lawsuit.

Ripple Labs Chief Legal Officer Stuart Alderotti, as well as members of the XRP (XRP) community, expressed their position on X (formerly Twitter) to United States Securities and Exchange Commission (SEC) Commissioner Hester Pearce on what is known as “unfairness” in the LBRY lawsuit.

Alderoty praised Peirce and suggested that when there is continued injustice in non-fraud cases, especially when consumers are still waiting for fraud cases to be resolved, it may be necessary to ignore standard protocols and raise concerns loudly and quickly. To solve the issue.

On October 27, the SEC Commissioner issued a statement of objection to the LBRY lawsuit. The commission emphasized that it has recently launched several enforcement actions against cryptocurrency exchanges such as Ripple, LBRY, Kraken, Binance and Coinbase.

Thank you, Commissioner. When you see such injustices in non-fraud cases (where consumers are waiting for answers from actual fraud), maybe it's time for ordinary protocol rules to go by the wayside and speak louder and sooner? Maybe even with an amicus brief?

— Stuart Alderoty (@s_alderoty) October 27, 2023

Pearce said the LBRY lawsuit was particularly troubling to her, but said she could not discuss it because of the ongoing litigation.

In July, blockchain-based file sharing and payment network LBRY was found to be in violation of Section 5 of the Securities Act of 1933. As a result, LBRY is permanently prohibited from directly or indirectly conducting unregistered offerings of cryptocurrency securities with generation tokens.

The crypto platform initially wanted to appeal the US SEC ruling but later abandoned the effort. The XRP community supported the platform during the legal process, including the appeal. However, when the dispute ended in the SEC's favor, LBRY decided to close, citing financial burdens and regulatory pressures as reasons for the closure.

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Pro-XRP attorney John Deaton, responding to the commissioner's statement, suggested it might be time to file an amicus brief. Just as 75,000 individuals have voiced their opinions in court, Deaton believes it is important to have someone with insider knowledge speak in court.

Deaton said he disapproves of the SEC's actions against the company, which he believes have led to financial problems.

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