Discover and read the best of Twitter Threads about #jpmcoin
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Dear @BeckyQuick, (@andrewrsorkin @JoeSquawk)
Listen to yourself please. You said this issue was always in your inbox or feed. You said you tried to do research and looked into it. You’ve always presented as a conscientious journalist, so I believe that you did look into it.
Listen to yourself please. You said this issue was always in your inbox or feed. You said you tried to do research and looked into it. You’ve always presented as a conscientious journalist, so I believe that you did look into it.
If it was baseless, you wouldn’t have even asked Clayton the question. Becky, it’s not just about Bill Hinman and his conflicts of interests that are involved in the @Ripple XRP case. You know very well that there is, at a minimum, a gross appearance of impropriety.
Clayton’s law firm, Sullivan & Cromwell, represented @ConsenSys and @ethereumJoseph. Jay’s former law partner became Deputy General Counsel of Consenys and Sullivan & Cromwell brokered Consensys’ purchase of Quorum and the #JPMCoin from @jpmorgan. 👇
consensys.net/blog/press-rel…
consensys.net/blog/press-rel…
Let me tell you a little story.
It is #ISOTC307 #TC307 (eg, @LACChain)
Standards for blockchain #interoperability among other working groups, #identity, #terminology, use cases etc.
iso.org/committee/6266…
$Qnt #ISO20022
It is #ISOTC307 #TC307 (eg, @LACChain)
Standards for blockchain #interoperability among other working groups, #identity, #terminology, use cases etc.
iso.org/committee/6266…
$Qnt #ISO20022
I recommend re-reading the Grundfest Letter now that we know so much more. It is very enlightening to re-read the letter now that we have much more context and knowledge about the lawsuit and why and how it was filed. A few more things will jump out at you.
For example, when Grundfest discusses the mass exodus of the senior leadership at the SEC after filing the case he notes:
“The directors of the Divisions of Enforcement, Corporate Finance, and Trading and Markets have all been deeply involved in the decision to [file suit].”
“The directors of the Divisions of Enforcement, Corporate Finance, and Trading and Markets have all been deeply involved in the decision to [file suit].”
“Deeply involved” says a lot. It means these people were the ones pushing for the lawsuit as they were walking out the SEC’s door forever. Think about that for a minute. Why would these individuals push the most significant non-fraud SEC enforcement action since Howey and leave?
@ethereumJoseph is no dummy. In fact, he was a great tactician. On May 4, 2017, Clayton was sworn in as Chairman of the SEC. Clayton was a senior partner at Sullivan & Cromwell. Within 2 months of Clayton being sworn in, Lubin hired Patrick Berarducci from Sullivan & Cromwell.
Berarducci was named Deputy GC @ConsenSys, Co-Chair, Brooklyn Project & Global Fintech Co-Head. Hiring a fellow partner from Sullivan & Cromwell immediately after Clayton’s confirmation provided Lubin, ConsenSys, et al, a direct line to the SEC Chair.
@CGasparino reported.👇
@CGasparino reported.👇
The direct line to Clayton paid off. At Hinman’s deposition we learned Hinman emailed Lubin directly. The @Ripple lawyers implied it was at Clayton’s direction. Hinman responded that he didn’t recall. But why would Hinman reach out and email Lubin directly?
Think 🤔 about it.
Think 🤔 about it.
Four months before the lawsuit, Clayton’s law firm, Sullivan & Cromwell (SC), negotiated the purchase of JPM’s Quorum and the #JPMCoin by Lubin and Consensys. It appears that Clayton, helping his firm, directed Hinman to contact Lubin (represented by SC).
coindesk.com/business/2020/…
coindesk.com/business/2020/…
When interviewed by @laurashin, Lubin described his Quorum acquisition’s offering, an “interbank information network” that is “similar to what SWIFT does” and works with “north of 400 financial institutions around the world”. He adds that ConsenSys supports the #JPMCoin.
Lubin’s description of Quorum & #JPMCoin’s use case sounded very similar. 2 1/2 years earlier, @bgarlinghouse described how Ripple was utilizing #XRP to disrupt and replace #SWIFT.
When Lubin said Ripple & XRP were not competition just look at WEF memo.
When Lubin said Ripple & XRP were not competition just look at WEF memo.
@DigPerspectives @digitalassetbuy @TAIGxrp
Why haven’t the trade associations or crypto leaders spoken out against the SEC or appeared as amicus on behalf of the industry?
When ETH was given a free pass was part of the deal @Ripple and #XRP would be the sacrificial lamb?
Why haven’t the trade associations or crypto leaders spoken out against the SEC or appeared as amicus on behalf of the industry?
When ETH was given a free pass was part of the deal @Ripple and #XRP would be the sacrificial lamb?
Have you listened to @GaryGensler lately? He talks about picking a high profile project and going after it as a way to send a message to the entire industry. Gensler met with Clayton in March of 2018. Gensler was aware Ether investors met with Hinman asking for the ETH free pass.
Watch the👇 video. Genlser scoffed at:
“a group of venture capitalists went into the SEC.”
He said:
“they’re sort of saying – believe us, we get you, we’re with you, SEC – but we have a bunch of clients who are going to evolve to be a consumable token …”
(sound familiar)
“a group of venture capitalists went into the SEC.”
He said:
“they’re sort of saying – believe us, we get you, we’re with you, SEC – but we have a bunch of clients who are going to evolve to be a consumable token …”
(sound familiar)
HOW #ETH BECAME:
“The only game in town.”
We received a tiny bit more of the Hinman deposition. He sent an email to @ethereumJoseph.👇
We don’t know which meeting w/ Lubin the email refers. Notice how @Ripple’s lawyer asked w/r Clayton directed Hinman to reach out to Lubin.
“The only game in town.”
We received a tiny bit more of the Hinman deposition. He sent an email to @ethereumJoseph.👇
We don’t know which meeting w/ Lubin the email refers. Notice how @Ripple’s lawyer asked w/r Clayton directed Hinman to reach out to Lubin.
Lubin & @ConsenSys were represented by Clayton’s firm Sullivan & Cromwell. Hinman met Lubin & Consensys on December 13, 2017 and the very next day, @MattCorva, Consensys’ General Counsel, publicly stated that Consensys was building an alliance w/ the SEC.
(After 1 meeting?)🤔 👇
(After 1 meeting?)🤔 👇
On April 23, 2018, Hinman met AGAIN w/ Lubin & Consensys and on May 12, 2018, Lubin stated he was “making great strides w/ regulators.”
Two weeks later, Lubin claimed he could issue tokens in ways detailed in Hinman’s speech - EXCEPT - the speech had NOT yet occurred. 🤨👇
Two weeks later, Lubin claimed he could issue tokens in ways detailed in Hinman’s speech - EXCEPT - the speech had NOT yet occurred. 🤨👇
UNDISPUTED FACTS TIMELINE ADDITIONS
2012: Perkins Coie (the same law firm that helped write ✍️ Hinman’s #Ether Free Pass Speech) informed @chrislarsensf #RippleCredits (aka #XRP) IS NOT a security;
The 2012 memo warned Larsen there was a risk under the Bank Secrecy Act (BSA);
2012: Perkins Coie (the same law firm that helped write ✍️ Hinman’s #Ether Free Pass Speech) informed @chrislarsensf #RippleCredits (aka #XRP) IS NOT a security;
The 2012 memo warned Larsen there was a risk under the Bank Secrecy Act (BSA);
The 2012 legal memo 📝 stated that the law firm’s “analysis has never been tested by FinCEN in practice, and therefore reliance thereon is not without risk”;
The Perkins Coie 📝 was spot on b/c in:
2015: FinCEN sued @Ripple claiming it had violated the BSA;
The Perkins Coie 📝 was spot on b/c in:
2015: FinCEN sued @Ripple claiming it had violated the BSA;
FinCEN’s suit against Ripple was the first civil enforcement action against a cryptocurrency industry player - a case of true first impression in the industry;
Ripple settled paying 700K and agreed to comply w/ NON- SECURITIES regulations;
Ripple settled paying 700K and agreed to comply w/ NON- SECURITIES regulations;
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:
WHY DID THE @SECGov CHOOSE #XRP?🧵
If the SEC wanted to pick a top 10 Token to go after why would it choose the much more difficult case?
There’s a legitimate debate over whether today’s #ETH or #XRP (the networks - not token ownership) are more “sufficiently decentralized?”
If the SEC wanted to pick a top 10 Token to go after why would it choose the much more difficult case?
There’s a legitimate debate over whether today’s #ETH or #XRP (the networks - not token ownership) are more “sufficiently decentralized?”
But when applying securities laws to fundraising, there’s no debate over which is the easier case to prove. Ether held a pure ICO. Both Clayton and Gensler are on record stating they’ve never seen an ICO that wasn’t a security. @Ripple sold stock to VCs then sold XRP, but no ICO.
I said months ago that a monkey 🐒 could prove #Ether started out as an illegal securities offering. All you need to do is play video clips of the people responsible for the offering. @stevennerayoff has described himself as the architect behind the #ETH fundraising. Listen 👂👇
Remember when @ethereumJoseph tried to argue @Ripple and #XRP weren’t competitors to #Ether? That was a definite signal that #XRP was, in fact, viewed as a threat. In 2018, when Lubin made that assertion, #XRP was battling #Ether for the #2 spot behind #Bitcoin
Now read this👇
Now read this👇
I don’t represent @Ripple. I do represent, however, 58K #XRPHolders and calling #XRP a “useless token” is both idiotic and untrue. Having that much animus against #XRP AFTER #Ether was given a regulatory free pass nonetheless proves #XRP was and still is perceived as a threat.
@CGasparino’s tweet below👇 is part of the #Ether free pass timeline. It was Andrew Keys who slipped up and told Gasparino that the Brooklyn Project’s efforts were approved by the SEC. One would assume a free pass would generate more grace and confidence in those who benefited.
