Hester Peirce, a commissioner of the US Securities and Exchange Commission (SEC), issued a statement stating that the SEC has taken many disturbing cryptocurrency enforcement actions, but the LBRY, Inc. case is particularly disturbing and disappointing. Peirce stated that although the agency claims that the application of securities law to token projects is clear, this is not the case. She said that companies like LBRY have no way to enter and register their functional token products. Even if a company does successfully register its token issuance, this does not completely prevent SEC enforcement actions. Peirce added that compliance is important for investors. On October 19, LBRY announced that it will shut down after the SEC charged the startup with selling unregistered securities.