Thread by @JohnEDeaton1

The @SECGov has sued @Ripple, @bgarlinghouse and @chrislarsensf for $1.3 Billion dollars alleging #XRP is an unregistered security.

The SEC claims that today’s #XRP including the #XRP traded in the secondary market are all investment contracts with Ripple. 👇👇👇

Does the SEC truly believe that all #XRP are securities - even the XRP sold by exchanges independent of Ripple?

If it truly believed all #XRP are securities, why didn’t the SEC order @JedMcCaleb to cease and desist from selling his billions of #XRP?

Why didn’t it seek a preliminary injunction to stop Ripple from selling any of its billions of escrowed #XRP?

If all #XRP are securities - as alleged by the SEC - why didn’t it attempt to stop anyone who was paid millions or billions in XRP from selling once the case was filed?

The SEC seeks $1.3 billion while claiming that Larsen and Garlinghouse enriched themselves by not making the proper disclosures. Yet, the co-founder of the same company has been allowed to sell over $2 billion dollars worth of #XRP SINCE THE CASE WAS FILED!

After a 30 month investigation into Ripple, Garlinghouse and Larsen, the SEC couldn’t find one instance of fraud, market manipulation or misrepresentation. That, likely, also means that Jed McCaleb hasn’t done anything fraudulent. If he had, it would likely be part of the case.

I have nothing against Jed McCaleb nor do I believe he has done anything wrong by selling his #XRP. It’s his property and he can legally do with it how he sees fit.

I bring up his $2 billion in sales since the lawsuit only to show how ridiculously inconsistent the SEC is.

I’m not capable of looking up Jed or any other sales of #XRP or making those calculations. I asked @LeoHadjiloizou to calculate the sales for me. He graciously agreed and he has produced a video demonstrating how he calculated the transactions. See 👇👇

My focus is on the outrageous claims made by the SEC and how these absurd and inconsistent claims are hurting individual #XRPHolders, the vast majority of whom use the underlying technology for non-investment reasons. The SEC doesn’t even have jurisdiction over non-investment use

A small percentage of #XRPHolders hold #XRP in a retirement account through @iTrustCapital. These #XRPHolders can’t sell, trade or convert their #XRP. It’s been frozen b/c of the overboard allegations related to the Token #XRP itself. The Howey Court never said 🍊were securities.

In #Telegram, the Court declared the digital asset itself IS NEVER the security. But, for some reason, the SEC is intentionally choosing to ignore legal precedent. In the meantime, billions of XRP can be sold by some while the individual holder is literally left holding the bag.