Thread by @JohnEDeaton1

Kudos to @davidmicahels for tackling this case and recognizing the significant impact it could have on the SEC’s ability to regulate the crypto industry. What makes this case both very different and more dangerous than other cases is the @SECGov is attacking the token itself.

https://twitter.com/davidamichaels/status/1488535396673896448

In previous cases, the SEC alleged specific sales during a specific time period constituted illegal security offerings. Here, the SEC claims that every transaction from 2013 until today - made by anyone - including secondary market sales independent of @Ripple - are all illegal.

B/c of the amazingly over broad allegations implicating retail holders of #XRP, over 64K #XRPHolders filed a motion to intervene asking to be sued as co-defendants - an extraordinary request. Recognizing the damage caused, Judge Torres granted #XRPHolders amicus status.

Make no mistake about it, if the SEC is successful in declaring today’s #XRP a security, then every altcoin is in danger - including #Ether. Below, I give a brief Howey analysis demonstrating why the SEC will fail. 👇

https://twitter.com/johnedeaton1/status/1473504671964839941

I would encourage David to do a follow up article considering this story is too big w/ too much at stake to not include the entire story. Why did Clayton file a case of this magnitude on his last day? Why the mass exodus of all the senior SEC leadership behind bringing the case?

We need someone like David to ask these obvious but necessary questions. This story can’t be told w/o recognizing the gross appearances of impropriety and massive conflicts of interests. Hell, one of the SEC’s own, Joe Grundfest, questioned the true motive behind the lawsuit.👇

https://twitter.com/johnedeaton1/status/1447400529534066692