LBRY says it is up to Ripple to save the US crypto industry.
In a tweet today, LBRY, an open-source content distribution network, said Ripple is the best chance the United States crypto industry has against the Securities and Exchange Commission’s adverse enforcement policy.
The open-source content distribution network noted it believes Ripple is the only blockchain company left to save the US crypto industry since other companies have chosen not to play offense against the SEC.
“By far, the best chance for cryptocurrency in the United States is Ripple. Other crypto players in the US could be playing offense but aren’t. This means it’s basically all on XRP to save us all,” said LBRY.
Crypto Players Criticize SEC’s Harsh Enforcement Policy
It is no longer news that the Securities and Exchange Commission has come under heavy criticism for its stringent enforcement action against the US crypto sector. LBRY has been a victim of the SEC’s enforcement action in the regulator’s quest to clamp down on crypto projects believed to have violated the country’s security laws.
The regulator charged Ripple and LBRY with the same offense – offering unregistered securities to US residents. A federal judge ruled on the LBRY lawsuit, with the SEC recording a total victory against the content distribution network.
However, the Ripple lawsuit is still ongoing as the parties await a ruling from Judge Analisa Torres. The Securities and Exchange Commission is trying to bring the entire crypto industry under its regulatory purview. On February 23, SEC chairman Gary Gensler noted in a New York Magazine interview that aside from Bitcoin, every other crypto asset is a security.
With Gensler prepared to bring all crypto assets other than Bitcoin under the SEC’s umbrella, a win for the regulator against Ripple will put the agency on the path to achieving this goal.
However, Ripple has remained confident about the outcome while believing it will be declared the winner against the SEC. A win for the Silicon Valley blockchain company could start the ball rolling toward more friendly regulation for the US crypto industry.