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John E Deaton Profile picture
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Jan 18 • 4 tweets • 3 min read
PROOF TODAY’S #XRP FAILS THE HOWEY TEST

1) an investment;
2) in a common enterprise;
3) with a reasonable expectation of profits;
4) from the efforts of others.

#XRPHolders use the token itself to stake #XRP for interest (profit) or as collateral for a fiat loan.

Factor #4 👎
If you acquired #XRP for non-investment reasons factors 1 & 2 are not satisfied. Time magazine accepts #XRP along with thousands of content or service providers (merchants, coil, tips). Non-profits accept #XRP as donations. Employees & Businesses use #XRP as payroll currency.
I know of #XRPHolders who acquired the minimum amount of XRP just to establish the trust line to send money abroad utilizing the #XRPLedger or the DEX. Their intent was to utilize XRP as a tool for its utility - as a bridge or transfer asset.

The token itself is not a security!
Another example of why the token itself fails the Howey test.

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More from @JohnEDeaton1

John E Deaton Profile picture
Jan 19
TO MY INTERNATIONAL #XRPHOLDERS:

I am proud to announce @CryptoLawUS’s International Connect to Congress Call for Action.

As promised, we have activated an option for international holders to connect to the U.S. Congress.
It is a Petition to the four key members who can open an investigation.

change.org/CryptoLaw-Intl…

I ask that only international holders use this petition option, and U.S. holders keep using the Connect to Congress app. This will maximize the power of both, and not dilute either.
This will be a Petition to the Banking Committee’s Leadership @SenSherrodBrown (D-OH) and @SenToomey (R-PA), and Representatives @RepMaxineWaters (D-CA) and @PatrickMcHenry (R-NC).
Read 10 tweets
John E Deaton Profile picture
Jan 17
Many people, like Ian, believe @Ripple violated securities laws and should be sued by the SEC accordingly. Some believe that just b/c #Ether investors violated the law doesn’t excuse Ripple from it’s wrongdoing. Regardless of whether you agree, this is not an unreasonable stance.
What is unreasonable is the SEC abandoning all truth and law and arguing absurdly:

“the very nature of XRP in the market”

&

“the nature of XRP itself”

make all #XRP securities. Note the quotations. This language is directly from the Complaint filed against Ripple and #XRP.👇
Some people don’t know or refuse to accept that the @SECGov could’ve easily sued @Ripple @bgarlinghouse and @chrislarsensf to enforce securities laws w/o devastating #XRPHolders and making a complete mockery of 76 years of legal precedent while destroying the SEC’s credibility.
Read 25 tweets
John E Deaton Profile picture
Jan 16
WHY DID THE @SECGov CHOOSE #XRP?🧵

If the SEC wanted to pick a top 10 Token to go after why would it choose the much more difficult case?

There’s a legitimate debate over whether today’s #ETH or #XRP (the networks - not token ownership) are more “sufficiently decentralized?”
But when applying securities laws to fundraising, there’s no debate over which is the easier case to prove. Ether held a pure ICO. Both Clayton and Gensler are on record stating they’ve never seen an ICO that wasn’t a security. @Ripple sold stock to VCs then sold XRP, but no ICO.
I said months ago that a monkey 🐒 could prove #Ether started out as an illegal securities offering. All you need to do is play video clips of the people responsible for the offering. @stevennerayoff has described himself as the architect behind the #ETH fundraising. Listen 👂👇
Read 37 tweets
John E Deaton Profile picture
Jan 11
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.”

Sounds like a decent fair notice argument!
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.
Read 7 tweets
John E Deaton Profile picture
Jan 10
CONNECT TO CONGRESS

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…
Read 10 tweets
John E Deaton Profile picture
Jan 7
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.
Read 16 tweets

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