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John E Deaton Profile picture
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Jan 31 • 4 tweets • 3 min read
I’ve stated from the beginning, had the SEC charged @Ripple for specific sales of XRP during early years, I would’ve NEVER sued the SEC. But it did the opposite and even went further claiming today’s secondary market sales are also illegal. Yet, the @BlockchainAssn is quiet. Why?
To be fair, I haven’t reached out and asked for any help or assistance. Since others are questioning why some haven’t offered support, I can only speculate that its b/c I’ve called out and brought attention to the #ETH free pass. Which, if true, is both juvenile and shortsighted.
The SEC is claiming b/c Ripple was instrumental in creating a secondary market for #XRP, ALL #XRP are therefore securities. If successful, the same thing could be argued 🆚 @VitalikButerin @ethereumJoseph @ConsenSys etc.
Vitlalik was able to halt the trading of #ETH for Christ sake (albeit w/ honorable intentions). I don’t blame #ETH promoters for lobbying for forbearance - they should’ve (although I would’ve lost the arrogance and hypocrisy). But today, the enemy is not each other - its the SEC.

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More from @JohnEDeaton1

John E Deaton Profile picture
Jan 25
THE WORST 🧵 I’VE EVER WRITTEN (I’m sorry)

One question I get asked every time I’m on a podcast or being interviewed, is to provide an estimate of how long the @SECGov 🆚 @Ripple case will take to resolve either by settlement or by judgement.
If you’ve watched those interviews, you know I placed a lot of emphasis on the 👩‍⚖️ Judge’s DPP ruling.

I said if the Judge pierced the deliberative process privilege and ordered the SEC internal documents produced, we could see a settlement w/in 90 days thereof.
I also said if the Judge 👩‍⚖️ rules the documents don’t have to be produced to Ripple, I believe the case will go to Summary Judgement; and, possibly, a jury verdict.

The judge gave a mixed ruling. The SEC’s big victory is that most of the documents DO NOT have to be produced.
Read 18 tweets
John E Deaton Profile picture
Jan 23
ABSOLUTE, CONCLUSIVE & IRREFUTABLE PROOF!

Bill Hinman intentionally misled the public as Director of Corporation Finance while at the @SECGov.

Watch the 4 min @CNBC clip👇 and then read the brief 🧵 that follows.

On Dec. 13, 2017, Hinman had a meeting w/ @ethereumJoseph & @ConsenSys and lawyers from Sullivan & Cromwell (Clayton’s law firm);

The next day, Dec. 14, 2017,
@MattCorva of Consensys (w/ lawyers from Sullivan & Cromwell) stated that they were building an alliance with the SEC;
Six weeks later, on Jan. 25, 2018, Clayton meets with Chris Dixon and Andreesen & Horowitz of @a16z and instructs him to put together a group w/in the industry and write up a memo. Perkins Coie, a member of the Enterprise Ethereum Alliance, led this group of #Ether investors;
Read 8 tweets
John E Deaton Profile picture
Jan 22
#XRPHolders shouldn’t allow detractors to create and push a sour grapes narrative. Under the law, selective enforcement claims do not win and are not very persuasive. Just b/c #ETH got a free pass related to it’s ICO, doesn’t make #XRP a non-security.
Just b/c an argument can be made that, today, the #XRPL is more decentralized than the #Ether network - doesn’t mean #XRP isn’t a security. I watch #XRP or @Ripple detractors attempting to create the sour grapes narrative.
When someone asks me why today’s #XRP is not a security, I do not discuss or bring up #Ether in the answer.

What our opponents are attempting to do is dismiss our argument as “you’re upset b/c someone else broke the law and didn’t get sued.”
Read 8 tweets
John E Deaton Profile picture
Jan 19
@EleanorTerrett and I were discussing the Judge’s ruling today
b/c, as usual, her and @CGasparino seem to be the only journalists recognizing the magnitude of this case on the overall Digital Asset space. I re-read the decision and here are my final takeaways:
The June 13, 2018 legal memorandum 📝 regarding whether #XRP is a security (conducted by SEC legal staff) IS PRIVILEGED and will NOT be turned over.

But the Judge noted that the legal staff members who wrote this analysis:

“did not present a recommendation to the SEC.”
This finding is VERY significant. This means that after the SEC’s legal analysis, as of June 13, 2018, they did not recommend bringing an enforcement action against @Ripple @bgarlinghouse or @chrislarsensf regarding #XRP as a security.
Read 18 tweets
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 18
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!
Read 4 tweets

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