Thread by @JohnEDeaton1

ITS NOT ABOUT THE TOKEN ITSELF

On January 1, 2021, I sued the SEC. It was 9 days after the SEC sued @Ripple declaring #XRP - including #XRP traded in the secondary market - investment contracts w/ Ripple. I argued from the beginning the conflicts and appearances of impropriety.

From the start, I’ve argued it absolutely makes zero legal sense to give #ETH a free pass but claim #XRP are securities. I created @CryptoLawUS. Utilizing assistance from the #XRPCommunity, I created the video library at crypto-law.us/video-library/, providing the irrefutable proof.

But my efforts have NEVER been about attacking #ETH the token - the platform - or the technology. Today’s #XRP is NOT a security. Likewise, I don’t believe Today’s #ETH is a security. Some folks have criticized me for attacking #ETH. They argue I shouldn’t bring #ETH up at all.

These critics are likely #ETH holders and don’t want attention on their investment. But I’m also a holder of #ETH. The Judge herself made clear the SEC’s treatment and analysis of #Bitcoin and #ETH are relevant regarding the Court’s analysis of #XRP under Howey and Fair Notice.

Thus, we must make comparisons. I strongly believe we cannot allow a narrative to be developed minimizing our frustration, outrage and efforts as “sour grapes” just b/c #ETH got a free pass and #XRP didn’t. Trust me, that’s exactly what our detractors will attempt to do.

Our goal IS NOT to get the @SECGov to go after #Ether or any particular person or entity. Our immediate and number one goal is to, generally, get regulatory clarity for #XRP. Specifically, we must achieve a Declaratory Judgement that Today’s #XRP is not a security. HARD STOP. 🛑

After achieving our main objective, we need an independent investigation, utilizing the power of subpoena, ordered by the DOJ or the U.S. Attorney’s Office for the Southern District of New York looking into the blatant conflicts of interests and gross appearances of impropriety.

If people broke the law, then they should be prosecuted to the fullest extent of the law. If no law was broken per se, then I’m sure the investigative report would make recommendations to establish policy guidelines in order to avoid these appearances of conflicts in the future.

An independent investigation is needed not just to determine any potential criminality, but to restore confidence in the agency itself. When the appearances of impropriety rise to a level that destroys the public’s confidence then actual impropriety has ultimately occurred.

But what we DO NOT want is for the SEC to simply try to publicly cover it’s ass and serve the @ethereum Foundation and @ConsenSys or @VitalikButerin or @ethereumJoseph with subpoenas so that @GaryGensler can claim he’s being fair.

I can’t tell people what to do or how to feel. From day one, I’ve argued against tribalism. It’s perfectly ok to favor one digital asset over the other. It’s perfectly ok to say one technology sucks when compared to the utility of another. Most of you know I own #Bitcoin

Some of you who support me have told me you think #Bitcoin is useless and a Ponzi scheme. I don’t get mad. You have the right to your opinion and as long as you are respectful and civil we can debate those things.

Some of you have DM’d me saying you appreciate my efforts but you are disappointed in me because I haven’t sold my #ETH based on what we’ve learned. Judge Castel, in Telegram, said it best:

Cryptocurrencies and digital assets are simply “alphanumeric code.”

#Ether is simply a digital token. It’s done nothing wrong. Its property - an asset; just as #XRP and #BTC are. Nothing more.

All of us that support digital assets and the underlying blockchain technologies need to realize we have common goals. We must educate Congress.

We must unite against the SEC’s lack of clarity and overreach. What we all should want is a fair and level playing field in a free market with the best technologies prevailing. If #XRP turns out to be a bad investment it should be because there are better alternatives.

If #ETH turns out to be a bad investment it should b/c of better alternatives or b/c the fees and scaling issues don’t get resolved.

But neither #XRP nor #ETH should turn out to be a bad investment b/c of greed, insider self-dealing, or b/c some political appointee saves face.