Discover and read the best of Twitter Threads about #xrpholders

Most recents (24)

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.
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. 👇…
Read 11 tweets
[1/🧵] #THREAD — A (very brief) summary of what will change on the #XRPLedger as a result of these amendments (if passed). 👇

#XRPLCommunity #xrpthestandard #xrpholders #XRPArmy #XRPCommunity #XRPL #XRP #Ripple
[2/12] — #DisallowIncoming

ℹ️ Adds 4 additional "settings" (flags) to the #XRPL to better granularly manage the permissions specified on your account.

More Details 👇 Source:
[3/12] — #fixNonFungibleTokensV1_2

ℹ️ Several bug fixes across the board for #XRPL #NFTs (#NFToken Object).

More Details 👇 Source:
Read 13 tweets
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,
Read 8 tweets
Let me repeat what I wrote to Judge Torres:

“The SEC asks this Court to validate its shorthand and analytically lazy contention that Ripple has engaged in the functional equivalent of a nine year-long, on-going, 24/7 ICO, and that each and every sale of XRP, from anywhere in the
world, offered by anyone, including amici, was, is, always has been, and always will be, the offer and sale, of a security. ECF 640 at 49-50 (“a purchase of XRP WAS an investment of money into a common enterprise with other XRP investors and with Defendants.”) (emphasis added);
Id. at 2 (“a purchase of XRP IS an investment in a common enterprise with other XRP holders and with Ripple.”) (emphasis added); also, ECF 153 at 24 (“The XRP traded, EVEN IN THE SECONDARY MARKET...TODAY represents that investment contract.”) (emphasis added).
Read 16 tweets
Imagined #XRP outcomes:

Best outcome: outright win for @Ripple w/the Judge smacking the SEC for gross overreach and behavior in the case (Judge Netburn has commented SEC lawyers are hypocrites, lack faithful allegiance to the law, and only care about winning the next argument);
2nd best: Judge rules Ripple offered #XRP as an investment contract aka security early in the #XRP ecosystem on a few specific instances (ie the brochure sent to 100 potential investors in 2014) but #XRP itself is not a security and ongoing and secondary sales are not securities;
3rd best: Judge denies both the SEC and Ripple’s motion for summary judgment and states that a jury must decide disputed facts and we have the status quo for another year - BUT the judge makes clear #XRP is simply software code and that secondary sales are not securities;
Read 9 tweets
@ewarren is a FRAUD.

She and her staff (in Ma and in DC), abandoned over 300 constituents I represent in the 76K plus #XRPHolders putative class. She refused to even talk to me or any of these 300 constituents b/c she couldn’t risk being seen as on the side of two billionaires.
When I explained that I had over 300 of her constituents who owned #XRP and that we didn’t care if the SEC sued Ripple but that the grossly overboard allegations were hurting real people who had no relation or connection to Ripple, do you know what her staff told me?
“Look, the Senator isn’t going to say or do anything that might appear to be taking the side of a CEO let alone some crypto billionaires.”

I responded that I didn’t represent any CEOs or billionaires but instead, the hard working people she claims to support.
Read 4 tweets
Technically, it was 12,600 #XRPHolders who joined the motion to intervene (today the putative class is more than 75K).

But think about the motion to intervene:

Thousands of retail digital asset holders asked a Federal Judge to make them actual defendants in a case!
Some people were like wtf is going on with this crazy ass motion to intervene. Many other people, especially lawyers, believed I was crazy for filing such an unusual and unlikely motion. I don’t blame them for thinking that b/c it was an unprecedented move.
Because the only time a motion to intervene in an SEC enforcement action was granted involved a spouse who wanted to protect her 50% interest in the marital assets that were in jeopardy.

I knew the Judge was very unlikely to name individual #XRPHolders or a class as defendants.
Read 6 tweets
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
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,
Read 13 tweets
FIP.01 takeaways 🧵👇

General idea: overtime leveling the playing field for all, thus incentivising non-airdrop participants to enter & engage in the network. 1/

#Flare #FlareNetwork #XRP #XRPHolders @JoelKatz
Read the article.

What? Did you think I was going to break down the math and charts for you 😂 here's the water, drink.

/2 ✌️💚
/3 Voting will take place at

Follow @FlareNetworks to stay up to date on 'wen proposal'.

For more insight on FIP.01 & Flare Networks follow:
As always stay diligent and #DYOR
Read 3 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
It's not easy to know which casino games are best for beginners, especially since everyone wants to have fun when they gamble, no matter how much they win or lose.

You might wonder where to start if you've never gambled before. #XRPHolders #XLM #ARGFRA… We know how hard it can be to find your way in a casino or focus because of the bright lights, the many games, and the general chaos. At online casinos, however, it's up to you as a player to decide if you want to play for fun or bet real money on your… game Free games are great for practicing skills and trying out new genres because you can play them for as long as you want, and it's easy to get started. But you can only get cash prizes, game options, and bonus features when you play for real money.
Read 7 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

I predicted if LBRY lost 2 things would happen: 1) the SEC would rush the decision to Judge Torres acting as if the Supreme Court ruled; and 2) people would come out of the shadows and claim Ripple & XRP will share the same fate.
And that’s exactly what we’ve seen. Many of these folks haven’t read 1 brief in the case and the ones that did, read the SEC’s last brief (which, in all honesty, was the SEC’s best work product in the case).It was better b/c it was a REPLY brief, responding to Ripple’s arguments.
But Ripple doesn’t have the BURDEN OF PROOF - the SEC does. The SEC did a decent job at replying to Ripple’s pre-1934 Blue Sky Laws argument.

The SEC also did a decent job attacking Ripple’s argument that there MUST be an underlying contract for an investment contract to exist.
Read 27 tweets
So, I tweeted out the below 🧵 and w/in 30 minutes, I was getting DMs and emails at my law firm asking me how much 💰 the @Ripple executives are paying me to ✍️ my 🧵s. 🤦
Articles like the one below routinely state exactly what this one does:

“Crypto Law founder and pro-Ripple lawyer attorney John Deaton responded …”

I don’t defend Ripple, I defend the truth and the facts. Notice that when I do a 🧵 I cite actual facts.…
When someone tweets out that they think the Ripple executives gifted themselves too much #XRP, I don’t challenge what they say. It’s a fair criticism. When someone says Ripple owns too much XRP and that fact makes them less attracted to the token or project I don’t argue w/them.
Read 15 tweets
Make no mistake about it, @ewarren is a fraud. She acts as though she’s the Great Bank 🏦 Slayer when in fact she the Great Bank 🏦 Protector. All she wants is to create sound bites related to her class warfare agenda.

I have almost 400 #XRPHolders that are her constituents.
She and her staff have zero interest because she wants all of crypto shut down, including #Bitcoin. When her staff learned that the SEC sued a couple billionaires they literally laughed at me and said “the Senator would never be critical of the SEC for suing billionaires.”
I responded I wasn’t calling on behalf of billionaires b/c they can afford $1,500 per hour attorneys to advocate for them but I was calling on behalf of hundreds of her constituents who couldn’t afford those same attorneys and that I was working pro bono.
Read 4 tweets
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?


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

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