Discover and read the best of Twitter Threads about #lbc

Most recents (24)

I defend secondary market sales of #XRP as well as other tokens sold in the secondary market (ie #LBC), not @Ripple or @LBRYcom.

When I sued the SEC, people immediately called me the #XRP Attorney even though I disclosed up front that I owned more in #BTC & #ETH than #XRP.
I was shocked that more people didn’t read the Complaint 🆚 Ripple the way I did - b/c it attacked the token itself and didn’t focus on the circumstances surrounding the way Ripple offered and sold #XRP.

Many allegations about #XRP applied to all other tokens.

For example:
“The nature of XRP itself made it the common thread among Ripple, its management, and all other XRP holders.”

The “nature of XRP itself”?

Wtf does that even mean?

The SEC is asserting that by simply owning a token you are in a common enterprise with ALL other token holders!
Read 18 tweets
It is mind boggling and absolutely infuriating how lawyers and staff at the SEC and others keep talking about the tokens themselves as being securities.

#Bitcoin is a digital asset that was once packaged, marketed, offered and sold as an investment contract aka a security.
Just b/c #BTC was utilized by someone as a security, didn’t turn #BTC into a security.

Beavers 🦫 were once offered and sold as an investment contract. 🦫s remained 🦫s, not securities.

Condos and Chinchillas were sold as investment contracts. They didn’t become securities.
If @Ripple offered or sold #XRP as an investment contract at some point during its history - or even if it does today - it does not make #XRP a security. #XRP remains digital code.

The Judge in @LBRYcom ruled LBRY sold #LBC as an investment contract when it made DIRECT sales.
Read 19 tweets
“The same reasoning applies to digital assets. The digital asset itself is simply code. But the way it is sold – as part of an investment; to non-users; by promoters to develop the enterprise – can be, and, in that context, most often is, a security.”

- Bill Hinman, 06/14/2018
Notice that the asset is more a security if it is “sold as part of an investment - to non-users - by promoters.”

Clearly, #LBC users w/in the @LBRYcom Blockchain who didn’t purchase the tokens from LBRY or its executives DO NOT FIT with what Hinman articulated.
Read 25 tweets

I’ve seen some very smart people say things like:

“When we get regulation soon….”

I hate to be a Debbie Downer about politics in the U.S., but I don’t see sensible Crypto regulation being passed into law anytime soon.
I believe the 1st or 2nd Quarter of 2025 is likely the earliest it could get done and I may be being overly optimistic with that time estimate.

The market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.
Read 11 tweets
On January 30 at 3 pm there’s a hearing in the @LBRYcom case. I’ve been admitted in the case and filed an appearance on behalf of @naomibrockwell. It is my honor to represent Naomi, who epitomizes the need for regulatory clarity regarding users and secondary market transactions.
Naomi has NEVER purchased a single #LBC AND has NEVER sold #LBC.

She EARNED the #LBC she owns through user tips, purchases by viewers, and user rewards.
Naomi has NEVER cashed out any of her #LBC because it is far more valuable to her to keep the #LBC attached to her channel because “staking” helps her videos get viewed by a larger number of people.
Read 25 tweets
The January 30th hearing regarding @LBRYcom’s Motion to Limit the SEC’s Remedies is arguably the most important crypto hearing to date.

The SEC is seeking disgorgement from a non-party but also read the SEC’s proposed language for the permanent injunction. 👇
The proposed language could theoretically allow the SEC to reach into the secondary market and prevent transactions from people who are only users of the platform who never acquired #LBC for investment reasons.
For example, the SEC could NEVER satisfy the Howey test as it applies to @naomibrockwell’s use of #LBC. The SEC stipulated that there are many #LBC holders who only use LBC for the platform, never considering it an investment yet the SEC refuses to issue a no-action letter. 🤔
Read 11 tweets
What tools 🛠 in the tool 🧰 box have you utilized other than enforcement? You’re a one trick pony and you had back door meetings with the number one fraudster in Crypto while you punished good actors.

Who has Gensler protected? Let’s quickly review.
Who did he protect from the @BlockFi settlement?

Considering the SEC is the #2 largest creditor in the BlockFi Bankruptcy, it certainly isn’t BlockFi customers.

Who did he protect from pushing the @Ripple XRP case?

75K #XRPHolders wanted to be heard and he fought them.
Who did Gensler protect by bringing the @LBRYcom case?

The SEC has conceded that people like @naomibrockwell are users of the platform and did not acquire #LBC for investment but the SEC refuses to clarify that those innocent users are NOT holding an unregistered security.
Read 5 tweets
#NickMorgan, on behalf of #ICAN, and myself, on behalf of @naomibrockwell filed motions for leave to file amicus briefs in support of @LBRYcom’s Motion to Limit the @SECGov’s Remedies.

Among other things, the SEC is seeking a permanent injunction, regarding the sale of #LBCs.
LBRY’s CEO, @jeremykauffman, agreed to dissolve LBRY and burn all existing pre-mined #LBC. With no #LBRY and no #LBC, he informed the Judge👨‍⚖️ that clearly it can’t be argued that secondary market #LBC holders and users are relying on LBRY’s efforts moving forward.
The Judge 👨‍⚖️ held a status conference on Nov. 21. I’ve read the notes 📝 from that conference and when the transcript is published, people will learn that @jeremykauffman spoke up directly to the Judge informing him that #LBC users deserve clarity regarding his decision.
Read 23 tweets
Remember immediately after the @LBRYcom decision what I said. I said it was a total victory for the SEC and that SEC attorneys couldn’t have written a better decision for them. I also said the SEC and many other people would make a BIG deal about it.
I also said that if Judge Torres followed the LBRY Judge’s reasoning, Ripple would outright lose. I said that reasoning would cause a lot of “Ripple will lose” comments. Its expected b/c holding a lot of #LBC was a big deal to the judge and Ripple holds 1/2 the #XRP.
Personally, I believe the SEC snatched defeat from the jaws of victory in this case because it chose to go with an all or nothing theory (unless the judge decides to split the baby).
Read 8 tweets
Good morning.

Now, more than eight years later.
Following the resignation of Fiona Woolf, the second Chair of #CSAinquiry, this statement to the House by then Home Sec Theresa May

@bbcr4 PM programme 1.11.14 Theresa May statement. #CSAinquiry to remain a panel inquiry despite calls from victim groups…
'Disclosure' is vital and a key reason why IICSA needed statutory status. An extract from Mandate Now speaking to James O'Brien on #LBC 6/11/14.

Many abusees were calling for the change. But she wasn't listening. The noise increased.… via @Audioboom
Read 6 tweets

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.
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.
Read 25 tweets
@GaryGensler has the @Ripple #XRP case pending in the 2nd Circuit in SDNY, the @LBRYcom #LBC case in the 1st Circuit in N.H., and the @dragonchain #DRGN case in the 9th Circuit in Wa. He is now also suing individuals for selling 9 tokens as unregistered securities in Wahi case.
In the Ripple case the SEC has declared all #XRP, including #XRP traded in the secondary market independent of Ripple, securities. The token itself is a security per se.
In the LBRY case the SEC argued utility is irrelevant and even if 90% of the token holders acquired #LBC for non-investment use, if one person expected a profit all LBC are securities.
Read 4 tweets
LO SCHIFO DELLO SCHIFO. @fdragoni è questa che speri che vinca per evitare di far vincere il PD? Cosa cambia se sia la Meloni che Letta fanno parte di @AspenInstitute ? @NONVOTONONPAGO #IONONVOTO #IONONPAGO

Giorgia Meloni supera l'esame Cernobbio. E lo fa a pieni voti. L'intervento del presidente di Fratelli d'Italia, in testa nei sondaggi, era
decisamente il più atteso tra quelli dei leader politici al Forum Ambrosetti. E chi preconizzava una Meloni a disagio a confronto con i cosiddetti «poteri forti» deve riconsiderare le proprie posizioni. Perché Meloni non solo ribadisce l'impostazione data a tutta la campagna
Read 8 tweets

As I said during @CryptoLawUS’s livestream after watching the SEC 🆚 LBRY Summary Judgment argument below is my single biggest criticism and observation along with direct quotes from the hearing.
The Judge 👨‍⚖️ asked the SEC’s lawyer:

“Do you concede that there is what I think LBRY is calling a consumptive use for #LBC?”

SEC Lawyer:

“We do, your honor. Not for the entire time of the offering.”

“When does something that has a consumptive use and that LBRY would say is a commodity shade into a security?”

SEC Lawyer:

“Well, your Honor, I first would say you don’t start with the presumption that something is a commodity. You apply the Howey test first.”
Read 25 tweets
@LBC @NickFerrariLBC

Thnx 4opp 2talk abt current #Airport #Airline #Travel chaos; not just UK prob; it extends across #Europe

Many reasons & blame abound but the return to normality was always going 2B problematic.

#Brexit transferred 261/2004 Rights; @CAA_UK should enforce!
2. #Travel? #Holidays? #COVID19? @LBC

Key Q: @GOVUK claim they'd warned #TravelIndustry, concerned that they: "Seriously oversold flights & holidays relative to their capacity".

@grantshapps publish meetings, minutes & warnings; let's see the detail!......
3. #Travel? #Holidays? #COVID19? @LBC @NickFerrariLBC

....It is this use of language, by all parties, that's designed to present their position that creates confusion in #Consumer understanding and indeed their expectations

It's all very good having high expectations, but...
Read 10 tweets
Maajid is going on about Russian ships in UK waters, "as a remainer". Saying control of our waters is "non-negotiable".

Russia isn't in the EU. We're not in the EU.

How do you think Brexit affects our position vis a vis Russia, stronger or weaker? 🤦
Fishing isn't 1% of GDP as everyone on this show keeps saying, it's 0.1%. But hey, what's factor of 10 at this point?

Oh God a racist just phoned in. I can't deal with this. #lbc

"I don't think you belong here Maajid, I think you're a subversive globalist".

Everyone on this show is mad or worse.

"You're not British, you're a Pakistani man".

Read 5 tweets
Peter Foster hits nail on head: #lbc

UK wants to move away from EU regs, but also wants an FTA.

No tariffs right off coast in a UK that wants to deregulate is a clear threat to the EU SM.

We're no longer an EU state, so EU obligation is to its members.

We were warned.
"Johnson doesn't want to do a deal that he'll regret in 2 years".

I'm not sure Johnson thinks he'll be there in 2 years? He might do, he's such a narcissist.
Read 5 tweets
"The reality of course is that the UK will have to negotiate with the EU over fish, FOREVER." #lbc

Phew, good thing THAT one was explained to British people last December! Otherwise they might have voted the wrong way...oh.

Philip Rycroft, probably happy to be *former* DeXEU.
Now it's David Davis saying all this is predictable. #lbc


Jesus Christ.
"The first thing to remember is this is about Democracy".

Says Davis, with no irony at all.

Read 7 tweets
Alok Sharma seems confused if its 100k or 100M £, that you have to bring in to avoid quarantine.

There's quite alok of difference. ;)

Leaving aside the absolute health insanity of this policy and the terrible politics.

I'm having fun seeing @devisridhar 's reactions to this story. She's right of course. The only question for me is are they deliberately outraging people here, or are they (Govt) just crazy?
The "good" news is you can be bringing in a tan, a bad t-shirt, half a cup of sand and a raging case of the 'rona - you still don't have to quarantine in the UK.

It's never been enforced at all.
Read 4 tweets
Eight minutes was all it took to expose the sheer hypocrisy of #MaajidNawaz. Beware cunningly crafted rhetoric of the #RegressiveLiberal masquerading as a moderate, while using extremist 'control debate & block dissent' tactics to further an overtly rightwing agenda. We see you. ImageImage
You do not need to listen long to #MaajidNawaz's @LBC show to discern his tactics: use of sophistry and belligerent questioning of anyone who dares to disagree with him. Derail any opposition with his 'answer the question I put to you' tactic on the radio, and block on Twitter.
#MaajidNawaz clearly uses rhetorical techniques honed during his days as an Islamist extremist to shut down any dissent - cleverly controling @LBC debate with his 'answer my question or cut off' favorite, or preventing any questioning on Twitter by insta-blocking any dissenters
Read 18 tweets
The #UKGovernment Torture Report

This is a very short overview of what the #UKAuthorities have done in the case.

#PraiseTheLORD #PraiseGod #Borisjohnson #Downingstreet #PritiPatel #UKParliament #Dailymail
In 2005, I set up a business selling CDs, namely mixtape CDs after graduating from Uni.

In 2006, my home was raided & my business was stopped. They said the CDs I was selling were in breach of copyright.
It was a complete shock as the exact same CDs I was selling were prevalent on most high streets and supermarkets. They were selling in their thousands in places such as #Tesco & #HMV. And #Woolworths were the actual UK Distributor of these CDs.
Read 91 tweets
Maybe James would like to explain to listeners why radio station @LBC blocked me years ago? I'm a child sex abuse survivor/campaigner. My tweets are clean and calm. Only speak out to help other survivors come forward. #NoMoreSilence #ThursdayThoughts
Maybe @LBC would like to get ex-MP David Mellor back onto their show to ask him about this meeting he says he can't remember attending? Did he also ''forget'' any follow ups? @mrjamesob
@InquiryCSA #LBC
We live in a world where vast majority of child sex abuse survivors took the horrors to their graves. The world is finally changing and survivors are coming forward in bucket loads. Good for them. Never let anyone silence you. Speaking out, helps others do the same.
Read 3 tweets
The #UKGovernment #Torture Report. Instead of addressing it, they keep trying to frame us. We want answers! @10DowningStreet

To read the full thread (draft at this stage as 4 more years of frame ups need to be added)…

#bbcnews #royalfamily @metpoliceuk
The short outline version is as below in this thread. It's still quite long because it started in 2006 & the UK Authorities, mainly the #MetPolice, have invested a lot of time & resources in trying to get rid of this problem by hook or by crook
#bbcnews #royalfamily
It started with the #MetPolice being caught out falsifying paperwork - a search warrant. When caught out they tried to frame me for a crime I did not commit. #bbcnews #royalfamily #Metpoliceuk
Read 25 tweets
After the #MetPolice tried & failed to frame me & after ex #MetPoliceUK turned private investigators @Surelock_ tried & failed to frame me & my mum, attempt number 3 was #EE & #UKMail. I had never used @EE but they made me their customer

#SwitchtoO2 #o2 #Vodafone #Three #LBC
#EE said I had ordered mobile phones & sim cards & #UKMail said they had delivered them to me (with me showing my passport) at home. I did neither. I didn't order any mobiles & I didn't receive any mobiles. It was a complete stitch up

#dontbuythesun #c4news #r4today #itvnews
Read 33 tweets

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