Hester Peirce is Against SEC Actions in LBRY Case

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Commissioner Hester Peirce of the SEC has expressed her belief that the agency could have better utilized their time and resources by focusing on developing a workable regulatory framework, rather than devoting them to the LBRY case.

She believes that the market should ultimately determine the fate of the project, if regulatory conditions are met. In October, LBRY, the developer of decentralized media platform Odysee, announced it would be discontinuing operations due to mounting debt from a lengthy legal battle with the SEC.

Pierce has added that the Commission’s actions ultimately discouraged entrepreneurship in the blockchain industry.

She has noted that the case revealed the consequences of the SEC’s arbitrary approach to law enforcement.

Pierce has also pointed out that there was no evidence of fraud in the LBRY case and that the firm had taken a conservative approach to digital assets compared to other projects.