Thread by @JohnEDeaton1

First, let me say I agree with Jake. The number one concern for regulators should be protecting investors from fraud, misrepresentation, pump and dump schemes, and flat out scams.

But there’s also the question of:

Who’s regulating the regulator?

https://twitter.com/jchervinsky/status/1488928096304742404

The best thing the @SECGov can do is clean it’s own house and restore the public’s confidence. Over 63K #XRPHolders, w/ 2K non-#XRPHolders, seek an independent investigation into the gross appearances of impropriety and huge conflicts of interests regarding the case against XRP.

I recently started a petition for International #XRPHolders requesting the Financial Oversight Committees demand an investigation. In 2 weeks we already have 20K signatures.

Before anyone attempts to label me and my 65K friends conspiracy theorists, read the Grundfest letter.

I fought the SEC for 9 months pursuant to a FOIA request. I’ve attached it for your convenience. As you read the letter from former SEC Commissioner Joe Grundfest, you should be aware he’s one of the most respected commissioners in SEC history. 👇
👇
crypto-law.us/wp-content/upl…

He had fireside chats w/ Clayton. He teaches law at Stanford. Some may try to minimize his input b/c he’s an unpaid advisor to Ripple in the lawsuit. Yet he’s the perfect person to listen to b/c he served as an advisor for Ether investors and acted as their liaison w/the SEC.

Grundfest recognized XRP was traded openly and publicly for over 7 years and since no fraud was alleged, there existed no exigency to bring an immediate case. Grundfest observed all the senior leadership at the SEC (behind the filing of the case) was gone or leaving the SEC.

He stated the “mass exodus” raised “obvious concerns” considering it had NEVER occurred during the SEC’s history.

Something else never occurred as well. Grundfest stated the economic losses to innocent investors would be higher than in any other non-fraud case in SEC history.

He was right. Most telling, Grundfest stated if the SEC brought a case claiming XRP a security - while leaving ETH untouched - it would “call into question the commissions use of discretion.” In short, Grundfest, who helped Ether investors, questioned the motive behind the suit.

I 💯 agree regulators should focus on fraud and misrepresentation. Regardless of what anyone thinks of Ripple or @bgarlinghouse, after a 2 1/2 year investigation, the SEC didn’t allege a single count of fraud or misrepresentation.

Could others survive a 2 year investigation?👇

https://twitter.com/digitalassetbuy/status/1452380750976782340