SEC Commissioner Peirce Dissents Against Lawsuit Against Crypto Firm LBRY, Says SEC Approach 'Disproportionate'
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Hester Peirce of the SEC dissented against the regulator's lawsuit and enforcement action against blockchain firm LBRY.
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Peirce said the SEC's approach was "disproportionate," as there was no evidence of fraud and LBRY took a conservative stance on crypto assets.
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The SEC commissioner argued there was no clear regulatory framework for crypto projects like LBRY to follow.
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Peirce stated the SEC's actions "forced a group of entrepreneurs to abandon what they built".
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The SEC chair Gary Gensler has often called on crypto firms to engage with the regulator, but lawsuits continue against many crypto companies.