My goal when I started CryptoLaw was to help the individual investor. That’s why late last year I launched Connect to Congress, to help retail holders make themselves heard. Now, I’m going to ask again that we speak up… a 🧵
(1/10)
(2/10)
Since launching Connect to Congress last October, over 11,000 messages have been sent to every sitting member of Congress… and many are responding. It is working. They are starting to pay attention.
(3/10)
I believe what we need now is a focused action to help get answers about the glaring improprieties by the SEC that we’ve uncovered together, and that I’ve laid out on CryptoLaw. crypto-law.us/the-ethereum-f…
(4/10)
The alarming evidence demonstrating serious conflicts of interest serve as the background for the attack on #XRP. That attack and the #ETH free pass cannot be ignored. It’s too obvious, too troubling and can’t just live on social media alone. We need real action.
(5/10)
We were meticulous in assembling the evidence, meticulous in gaining media attention for this story and now must be meticulous in engaging Congress. Step by step we are surrounding the SEC. So here is the next logical step.
(6/10)
We must press for an independent investigation by the Banking Committees of Congress, on which we know we have some friends of crypto. It can start with friendly lawmakers and staff. A hearing is not required as of yet. This is where you come in.
(7/10)
To help, I’ve drafted a short message for you to use that will automatically appear when you visit the app now. You can sign and send it as is; edit it; or, completely rewrite it. The point, however, is to take focused action, so I ask that you work with us to be heard.
(8/10)
Keep telling your stories, like you have before. Let your lawmakers know just how much harm the SEC’s senseless enforcement actions have caused you. Speak up, you have a right to be heard.
(9/10)
I’m not anti-ETH. At one point, it was my largest holding. I’m against tribalism. It’s about fairness and accountability in our government. We need answers regarding the free pass and why XRP was targeted. The conflicts need to be looked into - improprieties investigated.
(10/10)
Please Connect to Congress today and join in this focused action. Let’s make our collected voices heard. Here is the link to the app:
WHY WON’T GARY GENSLER ADMIT TODAY’S #ETHEREUM IS
NOT A SECURITY?
A brief 🧵 providing the answer.
[hint: if you own #ETH, you won’t like the answer]
On April 23, 2018 @GaryGensler at MIT Business of Blockchain. 👇👇
Then-former CFTC Chairman Gary Gensler says there is not regulatory clarity in the digital asset markets, and “for @Ripple” & there “needs to be clarity in the market.”
But despite Gary Gensler declaring that there was no clarity in the market for #XRP or #ETH, he is coming after all of crypto. Why should #ETH holders be concerned? He was well aware of @ethereumJoseph, Chris Dixon, and the secret meetings with the @SECGov for an #ETH free pass.
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.
According to the Complaint, on January 6, 2018 this person bought 650 #XRP at $2.60 per #XRP for a total purchase price of $1,690. Twelve days later, he sold his 650 #XRP for $1.70 per #XRP - creating a loss totaling $585.
I’ve always been troubled regarding the timing of this putative class action filed against Ripple during the same period of time #Ether investors were secretly meeting the SEC asking for a regulatory free pass. The Perkins Coie Memo and Ether Safe Harbor is dated March 26, 2018.
A year ago today, I filed a rarely used legal action 🆚 the @SECGov - a Writ of Mandamus. Mandamus is a judicial remedy in the form of a Court order to any gov’t employee to do some specific act which he/she is obliged under law to do.
Like I said, its a legal remedy that’s not often sought. In fact, according to the DOJ website: “Mandamus is an extraordinary remedy, which should only be used in exceptional circumstances of peculiar emergency or public importance.”
After reading the 79 page Complaint twice, I realized #XRP itself (ie today’s token) was being attacked by the SEC and I knew what that meant for innocent #XRPHolders. I believed this case was one of those “exceptional circumstances of peculiar emergency or public importance.”
What makes the 2015 #FinCEN and @Ripple settlement even worse is that the SEC & FinCEN had entered into an agreement to share info w/ the other about companies investigated. In 2006 Chairman Cox said:“We are pleased to formalize our already strong working relationship w/ FinCEN.”
“The SEC and FinCEN will meet regularly as part of the agencies’ continuing efforts to improve anti-money laundering and anti-terrorist financing compliance.”
When Ripple settled, the SEC was well aware of the settlement & the details regarding XRP sales. fincen.gov/news/news-rele…
Look at the details of the settlement.👇
“Any sale or transmission of XRP by Ripple or any of its subsidiaries shall be conducted only through an entity registered with FinCEN.”
You realize, if the @SECGov truly believes XRP is a security then every offer and sale is illegal and should be prevented. Why didn’t it seek an injunction to prevent Ripple, Brad or Chris from continuing to sell? Why didn’t it issue a cease & desist against the co-founder?
3/7
Are you aware that co-founder @JedMcCaleb has made over $2B dollars from sales of XRP - SINCE THE LAWSUIT WAS FILED?
That’s right: Jed has made more from sales of XRP in one year than what the SEC is seeking from the actual defendants in the lawsuit (the SEC seeks $1.3B).