Thread by @JohnEDeaton1

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.

https://twitter.com/mackattackxrp/status/1402250523319934982

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

misrepresentation.

In 2018, Hinman gratuitously declared #ETH not a security while collecting over $15 million from his law firm - a member of the #Ethereum Alliance.

In October 2020 (two months before Clayton leaves the SEC) , #OneRiver invests $1 billion into #BTC and #ETH.

Two weeks before filing the case, former SEC commissioner Grundfest, warned Clayton not to file because there was no exigency and investors would lose billions. Grundfest informed Clayton that the SEC had made no material distinction between #ETH and #XRP and if he filed the case

it would call into question the SEC’s motive and discretion.

Despite this grave warning and a new administration coming into power in less than 30 days, Clayton directed a suit against Ripple and #XRP on his last full day at the SEC.

Less than 3 months later, Clayton accepts

a job with One River as an advisor on its #BTC and #ETH investments.

For the first time in history, and directly against precedent such as the #Telegram case, the SEC claims the digital token #XRP itself is a
security.

The lawsuit causes 15 billion in losses to #XRP holders.

Despite claiming that the executives at Ripple enriched themselves selling unregistered securities to the present day, the SEC allows the co-founder, Jed McCaleb, to sell billions of #XRP before and after the lawsuit was filed against Ripple.

The SEC has yet to produce Court

ordered relevant discovery related to #BTC #ETH and #XRP.

Judge Netburn has ruled the discovery is both relevant and necessary not just related to the Fair Notice Defense, but also for the Court’s analysis of the Howey factors relevant to #XRP.

The SEC objects to #XRPHolders

being heard in the lawsuit even though it claims it brought the lawsuit on
behalf of those investors.

Instead of addressing the arguments made regarding the independent Utility of #XRP, the SEC attacked the lawyer representing #XRPHolders, claiming he is biased & unfair to SEC

After losing several discovery disputes, the SEC warns the Court that if it loses the case it will cause irreparable damage to the SEC related to future enforcement actions in the cryptocurrency space and the Court should consider such consequences before ruling.

I won’t make

any editorial comments; our motion to intervene is pending.

For the record, all I’ve done here is provide a true and accurate review of some of the factual history thus far.

I’m not being biased or unfair.

History speaks for itself and you can make your own conclusions.