Discover and read the best of Twitter Threads about #XRPHolders

Most recents (19)

Consider the following:

Clayton and Hinman worked closely together before the @SECGov. Clayton brings Hinman on board to join him and the #SEC.

Joe Lubin @ethereumJoseph is co-founder of #Ether and founder of #Consensys.

Clayton’s law firm represented Lubin and #Consensys.
Hinman’s law firm was on the Board of the #EtherAlliance and represented clients involved with the #Ethereum Foundation.

Hinman met with Lubin and Consensys prior to his June 14, 2018 #BTC and #Ether are not securities speech.

Lubin was part of the Hinman speech conference.
In October 2020 One River makes a $1 billion bet on #BTC & #Ether.

2 months later on his last day at the SEC Clayton directed the filing of the enforcement action against @Ripple @bgarlinghouse & @chrislarsensf asserting the ridiculous claim that even Today’s #XRP is a security
Read 7 tweets
1. The truth behind the Rise of #Cardano #ada EXPOSED. How the market cap of ada will soon drain into #XRP. Facts only. 1. Early investors of Cardano started putting mass amounts of pressure on Charles Hoskinson @IOHK_Charles. Investors were getting very frustrated 🔽🔽🔽🔽🔽
2. at C.H due to his endless delay's in "Tech" and price of @ADA going down over 95% during the bear market (straight from the horses mouth @IOHK_Charles).
C.H saw the perfect opportunity to pull off the perfect scheme. A scheme that brought Billions of $ into ada 🔽🔽🔽🔽
3. therefore giving the early investor the opportunity to cash out. And it was all done through the #xrpcommmunity. When the SEC lawsuit was announced, the price of #XRP crashed over 70%. $XRP investors were like chicken's with their heads cut off. 🔽🔽🔽🔽🔽🔽
Read 8 tweets
This is significant evidence in @SECGov 🆚 @Ripple & and even more significant evidence in #XRPHolders 🆚 @SECGov.

@CRYPTOcounselo2 does a great job summarizing the relevant statements and admissions contained in the video shared. Read the thread.

Some additional thoughts:
Amy Starr is likely one of the fact witnesses from the #SEC that #Ripple elected to depose in addition to William Hinman.

Her name was brought up in the Hinman deposition. See pic 👇

In the Consensus 2019 video Amy states “we have people that really understand the technology.”
Amy Starr states that at the #SEC “we developed an expertise” in blockchain technology and that at the #SEC “we participate internationally.”

Why is this all significant? One, #XRP was internationally recognized as a non-security!

Two, the #SEC was an expert and understood
Read 15 tweets
A @SECGov 🆚 @Ripple 🧵

For the first time ever in a non-ICO case, the @SECGov is asserting that the digital asset itself - #XRP - is a security.

That absurd argument not only violates common sense but it’s in direct contradiction of over 70 years of case law and precedent.
In the #Howey case in 1946, there were two contracts in play between the investors and the W.J. Howey Co:

(1) a purchase and sale contract for the Orange 🍊 Groves;

(2) the investors signed a service contract hiring Howey to handle everything (from planting thru selling).
The Supreme Court found that the entire “scheme” taken together constituted a securities offering.

The Supreme Court NEVER said or implied that the oranges 🍊 were securities.

73 years later in 2019, the SDNY handed down the #Telegram case.

Telegram was a typical ICO case.
Read 16 tweets
One reason of many why the Hinman Deposition is a BIG DEAL:

Excerpt of Hinman Speech:

“And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure,
current offers and sales of Ether are not securities transactions.”

Hinman met with a founder of #Ethereum 1 week before the speech and again afterwards.

1) Putting aside the fundraising is a BIG ASIDE;

2) What did the founder say that helped form his “understanding”;
3) @Ripple’s lawyers will have him walk through his “understanding” of decentralization;

4) have him admit he communicated his understanding to market participants which created the standard within the market;

5) show that #XRP’s decentralization meets that understanding; and
Read 4 tweets
@sprwn is relying on what the @SEC_News said about me in response to #XRPHolders motion to intervene. I quoted an old adage in my reply brief:

“When You Resort to Attacking the Messenger and not the Message, You Have Lost the Debate.”

Many people didn’t read the reply brief.
But considering @sprwn has used the SEC as his only source in his unprovoked attack of me, I will quote my response to the SEC’s attack so that it is in proper context for those that are unaware:

“The SEC has attempted to portray XRP Holders’ counsel as an unhinged conspiracy
theorist crusader unfairly targeting the SEC. Attorney Deaton’s criticism of the former leadership of the SEC is mostly based on the media’s reporting regarding troubling discoveries of conflicts of interests, self-dealings and personal gain regarding former Director of
Read 14 tweets
Months ago I tweeted that the most important decision a prosecutor makes is at the beginning of a case when he decides what charges to file.

I predicted that the decision to charge @bgarlinghouse and @chrislarsensf with aiding and abetting would come back to haunt the @SEC_News.
The SEC charged the two executives with reckless conduct for the entirety of their tenures working at @Ripple.

What that means is that the SEC must prove that Brad and Chris actually believed #XRP was a security or it was reckless for them not to realize #XRP was a security.
When determining recklessness the court looks to what an objective person would believe under the circumstances.

What Ripple is arguing here is that if at any point during the last 8 years the SEC failed to classify #XRP as a security in connection with their own policies,
Read 12 tweets

“Cryptocurrencies (sometimes called tokens or digital assets) are a lawful means of storing or transferring value and may fluctuate in value as any commodity would. In the abstract, an investment of money in a cryptocurrency utilized by members of a
decentralized community connected via blockchain technology, which itself is administered by this community of users rather than by a common enterprise, is not likely to be deemed a security under the familiar test laid out in S.E.C. v. W.J. Howey Co.”

-Judge Castel (Telegram-1)
Judge Castel also made clear:

“the security in this case is not simply the Gram, which is little more than alphanumeric cryptographic sequence. Howey refers to an investment contract, i.e. a security, as ‘a contract, transaction or scheme’,”

- J. Castel (quoting Howey)
Read 6 tweets
A partial historical review of @SEC_News 🆚 @Ripple:

The SEC waited 8 years to bring a case against @Ripple allowing individual investors to buy #XRP on over 200 exchanges worldwide.

In 2015 the DOJ and #FinCEN declare #XRP a convertible virtual currency.
In 2017 when the SEC aggressively sued companies in the digital asset space violating securities laws, it left Ripple and #XRP alone.

In 2018, the SEC allowed Ripple to purchase a 9% stake in @MoneyGram fulling knowing #XRP would be transferred to MG who would in turn
immediately sell it in the secondary market on exchanges like @coinbase to individual investors with no connection to or even knowledge of the company Ripple.

After more than a 2 year investigation into Ripple and it’s executives, the SEC could not find one instance of fraud or
Read 12 tweets

I have more than a few DMs from people asking whether it’s possible that if we are successful in a motion to intervene and then lose the underlying case if sanctions would be ordered against #XRPHolders.

First, there are currently 6 named proposed intervenors.
I have alleged, along with those 6 named intervenors “and all others similarly situated.”

The 17,000sh people that have signed up to join are not officially in the case. The 6 named intervenors are not yet in the case for that matter. I have informed the Court that I represent a
putative class of 12k plus (it has grown since then). If we win the motion to intervene then that doesn’t mean everyone that signed up is a defendant in the case. In order to be a defendant in the case the judge would have to certify a class (ie “class action”). Before she did
Read 9 tweets
JUST ADDED to our Document Library:
✅Response from @Ripple @bgarlinghouse & @chrislarsensf to Motion to Intervene from @JohnEDeaton1 and #XRPHolders. Key points in thread below (1/11) Read the full document here 👇…
(2/11) #XRPHolders "should be allowed to participate in this case. As independent holders, developers, and users of #XRP, with no relationship to Defendants, they have strong and distinct interests in the regulatory status of #XRP."
(3/11) @SEC_Enforcement cannot "represent the Movants or other participants in the existing, functioning #XRP market while seeking to destroy that market and frustrate the real purposes for which Movants hold #XRP."
Read 11 tweets

I hope to be proven wrong but as I’ve said before I do not believe that @coinbase @krakenfx @binance etc. are going to re-list or un-suspend #XRP until the @SEC_Enforcement comes out and issues a no-action declaration or we get clarity from the SDNY Court.
Let me explain how the SEC Attorney misled the Court when answering Judge Netburn’s question regarding whether anyone selling #XRP would be violating Section 5 of the Securities Act.

This will also help me prepare for our brief (due in 8 days). 😥😫

Attorney Tenreiro said that
Section 4 exemptions would apply and therefore retail holders would not be in violation. Not true. If the purpose and intent is to have #XRP distributed by purchasers into a secondary market no exemption applies under Section 4, as Tenreiro suggested to Magistrate Netburn.
Read 9 tweets
#XRPHolders 🆚 @SEC_News Thread:

@HesterPeirce was interviewed by @ThinkingCrypto1 and said that she was trying to get people at the @SEC_News to stop thinking about the token as a security but instead on how the token was being packaged and sold.
I tweeted out, in disbelief, saying “that’s only been the law for 75 years.”

The Supreme Court in #Howey didn’t conclude that the oranges 🍊 were Securities, but it was the “scheme” and the totality of circumstances surrounding the transactions between the parties that was held
to be an investment contract. But it’s not just the #Howey case that has made it crystal clear that the token itself IS NOT a security.

#BTC, #ETH, #XRP, #Gold, #Soybeans, #copper, #coffee and any other product or commodity can be marketed, packaged, sold and distributed
Read 18 tweets
An @SEC_Enforcement 🆚 @Ripple Thread:

The most important decision a prosecutor makes is at the very beginning when he decides who to charge and what to charge.

@MrFreshTime showed us the video of Clayton favoring going after the individual executives and not just the company.
I called it a bullying tactic.
When I was @on_the_chain recently and weeks ago I said charging @bgarlinghouse and @chrislarsensf would prove to be a mistake.

If the @SEC had sued only #Ripple, then it would be a strict liability case and all the @SEC would need to prove is
that #XRP was a security when #Ripple sold it. No need to prove any level of intent or state of mind. But by alleging that Brad and Chris aided and abetted Ripple in selling unregistered securities, the @SEC must prove:

“they knew or recklessly disregarded” that Ripple’s sales
Read 14 tweets
I don't know if it's possible under US law, but in case intervention is allowed for #XRPHolders in SEC v Ripple, SEC commissioner @HesterPeirce should file an amicus brief, as it'd be THE opportunity to stand for her vision and push for new regulatory policy within the SEC. Image
Imagine the impact that having an SEC commissioner opining against the SEC's own actions, would provoke on the judge.

Hester Pierce has published a variety of communications with the clear intention to show her dissension with the crypto enforcement actions launched by the SEC.
It's time for her to take the next step and follow a path that will actually make the SEC's high-level decision makers to understand her views and act accordingly. The innovation momentum will not last forever, or at least, not in the US.
Read 4 tweets

@SEC_Enforcement 🆚 @Ripple @bgarlinghouse and @chrislarsensf

My honest thoughts:

First, I already believed that #XRPHolders meet the legal standard to successfully intervene. If you objectively read the 4 page pre-motion
letter (or formal motion) it’s hard to deny that we meet the 4 factors for intervention (even the haters should struggle to say we don’t). That doesn’t mean we will win the motion. The SEC will likely say that we aren’t necessary in the case because its not claiming that the #XRP
that we hold are securities and will therefore try its best to keep us out of the case.

Based on what was said, by both sides, at this hearing, however, helps prove that #XRPHolders’ interests need to be represented during the prosecution of the case.

I won’t spell it out
Read 20 tweets


I can honestly say that I am more popular at the moment in the #XRPcommunity than I am at my own Law Firm.

As of this morning, I have received over TWO THOUSAND
emails and DMs from #XRPHolders who are wanting to join in the fight against the SEC.

The 2 Thousand number may very well double during the next few days.

I’m also aware that some of you are disappointed that I have not acknowledged or confirmed that I’ve received your emails.
I will. My staff has informed me that there is a more efficient method.

We have created a google form to ensure all participating #XRP holders will be included on the list and I will not mistakenly leave anyone off.

If you have already contacted my firm via email, you will be
Read 4 tweets



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,
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
Read 17 tweets


I’ve warned the #Bitcoin Maxis that not even the King 👑 of Crypto #BTC is safe from an out of controlled scared government. I share the views of @RaoulGMI and others about ending the Crypto Tribalism that permeates the Digital Asset industry. A united crypto community is
necessary to withstand the attacks from the outside world, especially from government. Many of you saw my immediate reaction when @HesterPeirce tweeted the 🚨 RISK ALERT 🚨 above and requested feedback. After reviewing it more carefully, I was hoping to find something positive.
Read 23 tweets

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