SEC Commissioner Hester Peirce Defends LBRY in XRP Lawsuit

A commissioner of the U.S. Securities and Exchange Commission (SEC) has expressed dissent over the agency's enforcement actions against LBRY, Inc. The commissioner argues that the case against LBRY, which involved the sale of unregistered securities, was misguided and disproportionate. LBRY had built a functioning blockchain with a real-world application, and its approach was more conservative than many other projects. The commissioner questions why the SEC targeted LBRY instead of outright fraudulent projects and suggests that the agency's enforcement-driven approach stifles innovation and discourages experimentation with blockchain technology. The commissioner also highlights the lack of clarity in applying securities laws to token projects and calls for a workable regulatory framework that companies like LBRY could have followed.