Discover and read the best of Twitter Threads about #XRPHolders

Most recents (24)

I agree w/ Jesse. If Judge Torres rules exactly the same as the @LBRYcom ruling, it would be game over in the U.S. until the 2nd Circuit overturned her (if it did) or, alternatively, the Supreme Court in 4-5 years. Like I said, the Ripple brief was written for the 2nd Circuit.
If @CryptoLawUS’s livestream was longer yesterday I would have explained the real danger to @Ripple is that the SEC doesn’t have to prove the actual sale of an unregistered security. It only has to prove Ripple made an “offering” of an unregistered security.
This is why it was so important for #XRPHolders to be involved as amicus. If Judge Torres agrees w/the Judge in LBRY and concludes that by owning billions of #XRP, ALONE, w/o any other statements by Ripple, constitutes an “offer”, she must address secondary market sales.
Read 7 tweets
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.
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.
Read 8 tweets
In the Complaint, the @SECGov claimed @Ripple was the common enterprise. Ripple forced it to concede that #XRPHolders have no legal or financial interest in Ripple and Ripple owes #XRPHolders NOTHING.
B/c of that concession, the SEC’s expert then claimed the common enterprise is the “XRP Ecosystem.” This includes Ripple, all #XRPHolders in the world 🌎, exchanges, developers, users who only hold a minimum XRP to access the #XRPL, etc. Thus, the common enterprise is EVERYTHING.
In the SEC’s opposition to our Motion to Intervene it argued that #XRP “represents” the investment contract b/c it is the “embodiment of all of @Ripple’s efforts.”

In its summary judgment brief, the SEC argues #XRP is also a representation of the common enterprise.
Read 5 tweets
When I filed the motion to intervene in @SECGov 🆚 @Ripple on behalf of #XRPHolders, I used @Spend_The_Bits as a great example of why the Judge 👩‍⚖️ must allow us to be heard in the case.

@Jay_SpendDBits WITHOUT any help or 💰 from Ripple developed a payment app utilizing #XRPL.
#SpendTheBits will also be referenced in our Amicus Brief. According to Jay Kambo, @bgarlinghouse @chrislarsensf and @JoelKatz were completely unaware of who he was or of his idea to develop a payment app that allows you to spend your #Bitcoin JUST AS Satoshi Nakamoto envisioned.
That’s the beauty of the underlying technology. The #XRPLedger is an open permission-less distributed ledger technology - emphasis on “open and permission-less.”

Jay Kambo didn’t ask for permission - he just started building.
Read 12 tweets
Dear @VitalikButerin:

The more I think about your shameful and disgusting comment👇 and considering you haven’t deleted or clarified it, I realize you didn’t misspeak.

This was an immature hateful comment directed at a community of innocent digital asset holders and NOT @Ripple
Many people will not pay your comment much attention. But for those of us who’ve been exhaustingly fighting tribalism and believe in a multi-chain world of interoperability, your comments are truly demoralizing.
If you would’ve said Ripple lost its right to protection, I wouldn’t comment, whether I agree w/it or not. Ripple can defend itself. But even quite possibly Ripple’s biggest critic, @twobitidiot, has recognized the SEC’s overreach and has stated he hopes Ripple defeats the SEC.
Read 18 tweets
Still waiting on SEC's filing but so far...1st, J. Torres is not going to reverse her amici ruling. SEC's backhanded reconsideration motion: DENIED. 2nd, did Ripple team forget what the motion is about? Providing Mr. Doody's report to amici to participate in Daubert...1/4
...motions, yet Ripple team explicitly took no position on that (though did say it wants amici in dispositive stage). Weird. 3rd, nice job on the first 2 arguments--tell Court defendants threatened as well, and remind Court of multi-billion dollar pain inflicted on everyday...2/4
...#XRPHolders by SEC. 3rd, SEC made a "mistake" in not designating report confidential? I would have to imagine J. Torres thinking to herself, 'Just like the "mistake" you made when you first said Hinman speech was personal?.' 4th, if SEC brief accuses Ripple team of lying...3/4
Read 5 tweets
On page 24 of its opposition, the SEC attempts to split proverbial legal hairs by conceding #XRP is not a security per se (“this case presents no such question”), while simultaneously arguing all XRP, including XRP traded in today’s “secondary market … represents” a security. 👇
Remarkably, the SEC claims it is not arguing XRP is a security per se, but instead, arguing XRP is a representation of a security.

What does that even mean?

When does an asset transform from being an asset (🥃, an 🍊, 🦫 or #BTC) to also “representing” an investment contract?
The SEC must prove #XRP IS an investment contract. But the SEC unilaterally changed its burden to proving only a “representation” of an investment contract.

The SEC doesn’t get to make up the law in order to satisfy a political desire to regulate a new evolving asset class.
Read 26 tweets
AN OPEN LETTER TO @FinancialCmte @FSCDems @GaryGensler @HesterPeirce @SECHerrenLee FSC and SEC Members

I write ✍️ to you on this public platform hoping you will truly understand the damage being inflicted on innocent holders of #XRP. I represent 68,700 of those holders.
We are users, developers, small businesses, content providers and investors in the digital asset #XRP.

In 2015 #XRP became the first regulated cryptocurrency in the United States, when the @DOJCivil & #FinCEN settled w/ @Ripple declaring #XRP a

“convertible virtual currency.”
After #FinCEN declared #XRP a virtual currency, forcing sales to comply w/ U.S. Banking Laws (not securities laws), foreign governments, including the U.K. 🇬🇧, Japan 🇯🇵, Switzerland 🇨🇭, Singapore 🇸🇬, and the UAE 🇦🇪, followed suit - all declaring #XRP - a non-security.
Read 26 tweets
“My sense is that #XRP’s value is derived from enterprise profits resulting from the works of others. Howey wowie!”

- @andykessler of the @WSJ.

Andy, I represent 67,800 #XRPHolders from the U.S. and 60 other countries from around the 🌎
I’ve also been granted amici curiae status on behalf of #XRPHolders by Judge Torres in the @SECGov 🆚 @Ripple case.

Respectfully, what forms the basis or foundation underlying your “sense” that #XRPHolders are relying on the efforts of Ripple?
For example, are you aware the majority of first time purchasers of #XRP were completely unaware of a company called Ripple and its use of #XRP?

It is is quite difficult to rely on the promises and the efforts of a company you are completely unaware exists, don’t you agree?
Read 18 tweets
Bruce, maybe you have the time to spend on Twitter and count how many times someone is tagged. If I was tagged 10K times w/in the last week it wouldn’t change my availability. Quit acting like people are scared to engage or debate you based on your immediate timetable.

1/9
2/9

I actually have no idea what you want to talk about or debate. Is it whether today’s #XRP is a security? If so, I have written detailed 🧵s laying out my analysis on why it isn’t. Is it whether the #XRPL is centralized or decentralized? I’ve put out 🧵s on that as well?
3/9

Is it challenging my claim that Hinman violated criminal conflict laws or Title 5? I’ve laid that out in detail. Is it regarding the #Ether Free pass and the time line I’ve challenged anyone to dispute?
Read 9 tweets
JUST ADDED to our Document Library:
✅Motion from @Ripple @bgarlinghouse and @chrislarsensf to Compel the @SECGov to Provide Responses that "Eliminate the Need to Prove Facts About Which There is No Real Dispute" on #XRP (1/8 of a thread) 👇
crypto-law.us/wp-content/upl…
(2/8) SEC document production so far has included "at least 57 unique inquiries submitted over a period of more than 29 months asking the SEC whether it considered #XRP a security" & SEC always responded it "had not made a determination" as late as Oct 2020.
(3/8) @Ripple sought to confirm the "undisputed fact" that the SEC was asked multiple times by market participants and never stated #XRP was a security to any of these inquiries, but the SEC refused, saying "market participants" is "vague and ambiguous."
Read 8 tweets
#XRP 0.50 Cents is a Brick Wall, it will be hard to be broken.

Time for a Price Thread 🧵 to understand the possibility & probability of 0.50 cent Range is our potential bottom.

#XRP on the D 0.50 cents played more than 9 times a pivotal role, as resistance & Support(1/5)
#XRP on the 5 D, Fib 0.786 ( in the Fib Channel) & Fib 0 ( in the Fib Extension) has a confluence on target 0.5071 cents. A fourth confluence that 0.50 Cents is our bullish bounce. (2/5)
#XRP The 200 Weekly MA is confluencing at 0.50 Cents (3/5)
Read 6 tweets
@HesterPeirce has a tough and frustrating job. I get now exactly what she meant when she told @ThinkingCrypto1 that she spends some of her time trying to get her colleagues at the SEC to STOP viewing the token as the security. Read the comment below. 👇
“Something can transform from a security to a non-security.”

Although not incorrect, it is not the proper way to evaluate investment contracts. Any commodity or asset can be offered as a security. There was a case where #BTC was declared a security b/c of how it was offered.
Stanford Law Professor Joseph Grundfest in the video below in 2015 says sometimes #BTC is a security and sometimes it is not.
The fundamental concept seems to be lost on the SEC. they focus on the underlying asset too much. It’s intellectually lazy.

Read 6 tweets
WHY NOT SUE HINMAN NOW?

I probably have 100 DMs asking the above question and many others are frustrated and wondering why I or others aren’t moving forward with a lawsuit against Hinman for his blatant ethical conflicts. Everyone wants justice today. I get it. So do I.
The truth is anyone could file a suit today. But, as of right now, the case would get dismissed with prejudice based on the qualified immunity Hinman enjoys as a former government official.
I have said if Hinman knew his law firm was a member of the EEA and he didn’t get approval from the Ethics Office (which he couldn’t), it would, IMO, constitute a violation of criminal conflict laws. But we must PROVE Hinman had actual knowledge that STB was a member of the EEA.
Read 23 tweets
5 days ago,👇 was @jerrybrito’s response regarding @bgarlinghouse.

At coincenter.org it reads:

“Coin Center is …focused on the policy issues facing cryptocurrencies.
We …educate policymakers, and advocate for sensible regulatory approaches to this technology.”

1/9
2/9

Who exactly does coincenter advocate for? I don’t care if you despise @chrislarsensf or Garlinghouse, hundreds of thousands of individual #XRPHolders are being hurt by the SEC’s gross overreach in the @Ripple / #XRP case and the SEC needs to be called out over it.
3/9

The SEC isn’t limiting it’s claims of illegality to only include previous or present sales of #XRP issued by Ripple or it’s executives. The SEC is absurdly claiming the token itself is an unregistered security - including #XRP traded in the secondary market.
Read 9 tweets
RIPPLE AND THE SEC CAN BOTH WIN.

Now that we have arrived at summary judgment time, I see a lot of comments on how @Ripple can’t lose at all. Not true.

Its possible that both sides win - technically and legally speaking, that is.
Ripple and the SEC will agree to a laundry list of agreed upon stipulated indisputable facts. Those stipulated facts can remove the case from being decided by a jury. If the parties can’t agree, a jury decides what actually happened - the jury decides the facts.
For example, if the parties in a car accident case don’t agree what color the Traffic light🚦was, the jury decides. But if both parties agree the light was red, there’s no need for a jury to decide that fact.

Hence, Ripple and the SEC could agree to all of the relevant facts.
Read 7 tweets
The SEC made several HUGE mistakes in this case:

1) Didn’t limit the allegations to specific transfers of #XRP during specific years (ie 2013-2017;

2) That mistake forced them to allege the token itself is a security per se, which, in essence, attacked individual #XRPHolders;
3) Suing @bgarlinghouse & @chrislarsensf individually, even though fraud or misrepresentation ISN’T alleged, forcing the SEC to meet a much higher burden of proof to establish the executives were reckless in not knowing #XRP was a security (despite the SEC itself not knowing);
4) Worried about @Ripple’s fair notice defense, the SEC tried to be cute and called Hinman’s speech his personal opinion only, which waived any invocation of the deliberative process privilege.

Why were these rookie and glaring prosecutorial mistakes made by such smart lawyers?
Read 4 tweets
I have many DMs about the putative class action filed in Arizona. Here are my honest thoughts:

I was the first person to publicly raise the conflicts of interests and gross appearances of impropriety related to Clayton and Hinman.
One of the alternative motives I raised in the Writ of Mandamus, filed only 9 days after the @Ripple lawsuit, was about Clayton’s personal gain. Immediately after the case against #XRP was filed, I wrote the lawsuit appeared to be used as a weapon.
Many of you may recall, I wrote the Ethereum Free Pass memo and the original undisputed facts timeline 🧵 that has 6 million impressions. 👇
Read 21 tweets
Stefan, most people (not #XRPHolders) underestimate the incredible advantage the free pass gave #Ethereum, @ConsenSys, etc. Ironically, it was @ethereumJoseph who understood just how much of an advantage it was.
On August 5, 2020,
Lubin falsely claimed:

“There are only two decentralized protocols on the planet right now that are sufficiently secure enough and decentralized enough so that they can be trusted. Those are #Bitcoin and #Ethereum.”
👇
Lubin added that #Bitcoin is too difficult to program, and therefore, for ALL developers of “value tokens”, #Ethereum is:

“the only game in town.”
Read 9 tweets
Brad, there’s been no contact.

Anyone who reads my very unusual Writ of Mandamus and analyzes it solely w/in the 4 corners of the document, while only reviewing Mandamus caselaw, fails to see the big picture. Filing the Mandamus was a strategic move designed to force a response.
That response provided a de facto invitation to file the motion to intervene or seek amicus status. Several of the same lawyers who ridiculed my Writ also took shots when my initial motion to intervene was denied without prejudice b/c I failed to follow the Court’s local rules.
Of course, when the @DigitalChamber was denied pro hac status for failure to comply with the Court’s local rules, similar criticism was non-existent.
Read 11 tweets
Below is an honest question that many have. I’ve seen a lot of negative comments lately about the judges. Your frustration is misplaced. Plz know, I understand everyone’s anger. But people are unrealistically expecting the judge, on her own volition, to throw out the case.
That’s not how it works. The judge rules on motions that are filed before her. @Ripple has not filed a motion to dismiss the case for any type of wrong-doing. The judge only knows about conflicts of interests and appearances of impropriety b/c I submitted a declaration citing it.
To be candid, the only reason I was able to cite to those conflicts is
b/c the SEC attacked me personally - trying to paint me an unhinged Twitter conspiracy theorist. Unless Ripple files a motion to dismiss based on all of this info, the judge isn’t going to just throw it out.
Read 5 tweets
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.
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:
DBS, Singapore’s largest bank and the 6th largest bank in the 🌍, declared #XRP better & faster than #SWIFT.

DBS launched a digital exchange between four fiat currencies - $SGD, $HKP, $JPY & $USD - and the four most established cryptocurrencies - #BTC, #ETH, #XRP and #BCH.
Read 25 tweets
@SECGov 🆚 @Ripple & #XRP

SHOULDN’T THE TRUTH MATTER?

That’s the question being asked by SIXTY-FIVE THOUSAND #XRPHolders who have joined together to NOT allow the SEC or Ripple to speak for them.

As amicus curiae, we intend to speak for ourselves.
65K #XRPHolders from 60 different countries across the globe 🌏 and the United States 🇺🇸 have come together to dispute the claims being made regarding the Digital Asset #XRP. I’ve literally been in contact with thousands of #XRPHolders who refute the allegations made by the SEC.
Here are the facts and the truth being ignored by the SEC and the lawyers involved in the case:

1) the majority of first time #XRPPurchasers were actually unaware of a company called Ripple and it’s use of #XRP;
Read 24 tweets
I’ve tagged Mr. Dixon once or twice and I guarantee I was reciting 💯 provable facts. For ex, Clayton instructed Dixon to put together a crypto working group to write a memo to send to Hinman and the memo’s Safe Harbor only mentioned #ETH.

Block me, but try to prove me wrong. Image
It should be noted that I have never been disrespectful. I’ve tagged @VitalikButerin also reciting facts. For ex, when I’ve tweeted about Vitalik stopping the trading of ETH, I’ve always included that he did so w/ good and honorable intentions. The truth is the truth.
As amicus counsel in the @Ripple case, I’m interested in the truth as it relates to #XRPHolders. Nothing more, nothing less. For ex, many people tagged me about a civil lawsuit 🆚 @ConsenSys and @ethereumJoseph. I didn’t comment b/c it has nothing to do with the #XRP case.
Read 4 tweets

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