Discover and read the best of Twitter Threads about #XRPHolder
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Remember, we haven’t seen the the 56.1 statements and counter statements filed by the parties. The 56.1 statements and counter statements is where each party cites indisputable facts and evidence supporting their position for summary judgement.
Thus, it is very difficult for anyone, including me, to accurately weigh specific evidence submitted by the SEC and @Ripple. For example, every one knows that Ripple’s Blue Sky argument is that there must be an underlying contract before the Judge can even apply the Howey test.
However, in its summary judgment brief, Ripple admits that there were #XRP sales made by Ripple that did have a written contract as part of the sale. Ripple argues that b/c those contracts did not obligate Ripple to take post-sale actions for the benefit of the #XRPHolder,
During this 🧵, I share the interview I did w/@Jay_SpendDBits well over a year ago when I was researching the #XRPLedger and independent developers who have no connection to @Ripple or its executives.
@Spend_The_Bits is a PERFECT example of what’s wrong w/the SEC lawsuit.
@Spend_The_Bits is a PERFECT example of what’s wrong w/the SEC lawsuit.
In fact, there have been 15 Amicus Briefs filed in the @Ripple case and if Judge Torres were to inform me that she was only going to read one Amicus Brief but was going to allow me to pick the one she reads, I would tell her to carefully read the @Spend_The_Bits Amicus Brief.
The @Spend_The_Bits Brief may be the best at demonstrating how flawed the SEC’s all-encompassing #XRP theory is.
Like most in Crypto, Jay read the #Bitcoin White Paper and bought #BTC
He knew #Bitcoin was going to be part of the future and decided to develop a payments app.
Like most in Crypto, Jay read the #Bitcoin White Paper and bought #BTC
He knew #Bitcoin was going to be part of the future and decided to develop a payments app.
Common enterprise is a real problem for the SEC in this case. And #XRPHolders, as amici curie, have contributed a lot on the issue.
Remember, initially the SEC argued that @Ripple was the common enterprise. Two things then happened: 1) Ripple forced the SEC to admit owning #XRP gives #XRPHolders ZERO rights or interest in Ripple and Ripple owes #XRPHolders absolutely nothing; and
2) #XRPHolders became amici a year and half BEFORE anyone else filed an amicus request and we submitted 3K affidavits stating that the majority of first time purchasers of #XRP were unaware of the company Ripple, thousands acquired #XRP for non-investment reasons,
When @EleanorTerrett and I were discussing the @SECGov summary judgment, I didn’t bring up the one thing that stood out the most, b/c I had only read it once, right after reading @Ripple’s brief. I didn’t want to misspeak or be wrong. I’ve now read the @SECGov’s brief a 2nd time.
What, without a doubt, is the most glaring thing missing from the SEC’s motion for summary judgment?
THE SEC DOES NOT RELY ON A SINGLE EXPERT!
There is NO SEC expert testimony attempting to prove price correlation between the efforts of Ripple and the price of #XRP.
THE SEC DOES NOT RELY ON A SINGLE EXPERT!
There is NO SEC expert testimony attempting to prove price correlation between the efforts of Ripple and the price of #XRP.
There is NO SEC expert testimony claiming #XRPHolders relied on the expertise, skill or management of the Ripple team OR expert testimony claiming #XRPHolders were led by promises and inducements made by Ripple, before acquiring #XRP.
WILL THERE BE A SETTLEMENT IN @SECGov 🆚 @Ripple?
I’ve maintained for more than a year that settlement is 💯 dependent on whether the @SECGov must turn over the Hinman speech drafts, edits, emails and comments thereof.
I’ve maintained for more than a year that settlement is 💯 dependent on whether the @SECGov must turn over the Hinman speech drafts, edits, emails and comments thereof.
Other than having to produce the emails and drafts, another event that could facilitate a settlement is if the SEC receives a disfavorable decision in the @LBRYcom case.
I’ve become more convinced that there will be no settlement unless one or both of those things happen.
I’ve become more convinced that there will be no settlement unless one or both of those things happen.
First of all, my opinion regarding settlement is no better or more relevant than anyone else’s opinion. The fact that I’m amicus counsel places me in no better position to speculate than anyone else. I’m just sharing my observations b/c I’m receiving many emails and DMs asking.
10 facts to get straight:
1) as an #XRPHolder, the SEC filed the case 🆚 @Ripple to protect me and my friends;
2) me and 6 friends filed a Writ asking the SEC to amend the Complaint limiting the allegations to only include claims against Ripple and how it offers and sells XRP;
1) as an #XRPHolder, the SEC filed the case 🆚 @Ripple to protect me and my friends;
2) me and 6 friends filed a Writ asking the SEC to amend the Complaint limiting the allegations to only include claims against Ripple and how it offers and sells XRP;
3) the SEC opposed our Writ and refused to limit the charges only against Ripple;
4) 12,500 of my friends asked to intervene in the case because the SEC’s claims included secondary market sales by anyone - they said XRP is a security per se;
4) 12,500 of my friends asked to intervene in the case because the SEC’s claims included secondary market sales by anyone - they said XRP is a security per se;
5) although the SEC filed the case to protect me and my friends, they objected and said we shouldn’t be heard in court:
6) the SEC got mad when we insisted on being heard so they personally attacked the Lawyer saying he promoted drug use and threatened violence 🆚 SEC folks;
6) the SEC got mad when we insisted on being heard so they personally attacked the Lawyer saying he promoted drug use and threatened violence 🆚 SEC folks;
When the SEC sued @Ripple and #XRP tanked and people got liquidated and lost their life savings, some people said “they deserve it for being stupid” or “for investing in a shit coin.” I see similar comments regarding #Luna / #UST. People make mistakes. We all have at some point.
Financial education, especially in the United States 🇺🇸, is nonexistent. Unless your an evil human being, you don’t “deserve” to be financially devastated. Some very successful financially savvy people were high on #Luna, just as some were / are on #XRP.
Hell, @novogratz got a #Luna tattoo and he is as sophisticated as investors come. The point is smart people were invested. I’m not excusing laziness and I’m not suggesting that you should feel sorry for anyone b/c they made a bad decision or what you consider a stupid decision.
16 FACTS PROVING THE CASE IS DOA
1) On February 8, 2012, @jespow & @JedMcCaleb received a legal opinion letter from Perkins Coie informing them if they sell #XRP to investors and use the money for operational costs, #XRP will likely be an investment contract aka, a security.👇
1) On February 8, 2012, @jespow & @JedMcCaleb received a legal opinion letter from Perkins Coie informing them if they sell #XRP to investors and use the money for operational costs, #XRP will likely be an investment contract aka, a security.👇
2) After receiving the above legal opinion letter, @chrislarsensf and Jed McCaleb scrap the old business model and instead seek VC funding for business operations. Investors will not receive #XRP, but instead, receive actual shares of stock in the company Ripple.
3) Larsen and McCaleb received a 2nd opinion from Perkins Coie on October 19, 2012. Based on the new business model, they are advised #XRP is most likely NOT a security.
The letter hints at risks related to Banking Secrecy Laws and being labeled a Money Services Business.👇
The letter hints at risks related to Banking Secrecy Laws and being labeled a Money Services Business.👇
PSA TO CRITICS OF #XRP
This 🧵 is for non-#XRPHolders & those who dislike @Ripple or believe #XRP is a shit coin b/c of how it was created. This 🧵 is also for entities that hold themselves out as so-called leaders w/in the Crypto Community, promoting blockchain technologies.
This 🧵 is for non-#XRPHolders & those who dislike @Ripple or believe #XRP is a shit coin b/c of how it was created. This 🧵 is also for entities that hold themselves out as so-called leaders w/in the Crypto Community, promoting blockchain technologies.
Before you celebrate or ignore the significant implications surrounding the filing of the lawsuit, you should consider that BEFORE the @SECGov sued NOT ONLY Ripple but de facto every #XRPHolder (as stated by Judge Netburn) the following facts and information was known:
Judge Netburn recognized the SEC’s over-broad and far-reaching theory that all XRP are securities when she recognized, according to the SEC’s own argument, that every person in the world selling #XRP is committing a Section 5 violation.
Read the SEC’s response back to her.👇
Read the SEC’s response back to her.👇
The SEC attorney informed the Judge that her understanding wasn’t correct. It was this statement by the SEC attorney that helped fuel the relist #XRP campaign.
But read @bgarlinghouse’s attorney’s response regarding this same issue.👇
But read @bgarlinghouse’s attorney’s response regarding this same issue.👇
“Contrary to what Mr. Tenreiro said, not just Ripple, not just Ripple’s affiliates, but any retail holder or any party IF THERE IS ANY INTENT TO DISTRIBUTE the security further. So it is not correct to say, that there is no potential liability throughout the XRP ecosystem.”
#XRPHOLDERS vs. U.S. SECURITIES & EXCHANGE COMMISSION
NOTICE OF PENDING LEGAL ACTION
#XRPCOMMUNITY PLEASE FORWARD TO ANY #XRPHOLDER WHO OWNS #XRP AND WISHES TO JOIN IN THE CLASS ACTION LAWSUIT TO BE FILED AGAINST THE SEC
Please be advised that, after I file the lawsuit
NOTICE OF PENDING LEGAL ACTION
#XRPCOMMUNITY PLEASE FORWARD TO ANY #XRPHOLDER WHO OWNS #XRP AND WISHES TO JOIN IN THE CLASS ACTION LAWSUIT TO BE FILED AGAINST THE SEC
Please be advised that, after I file the lawsuit
I must demonstrate to the Court that I am able to notify the potential members of the class in order to have the case be certified as a class action lawsuit. Pursuant to the Federal Rules:
“The notice may be by one or more of the following: United States mail, electronic means,
“The notice may be by one or more of the following: United States mail, electronic means,
or other appropriate means.”
One viable means today is the use of social media. Obviously, Twitter is not going to serve as the only means of communicating to potential members of the class action. But it definitely serves as a good starting point. There are other means
One viable means today is the use of social media. Obviously, Twitter is not going to serve as the only means of communicating to potential members of the class action. But it definitely serves as a good starting point. There are other means
