Thread by @JohnEDeaton1

Outstanding job @davidamichaels. Its not hyperbole to describe the @SECGov 🆚 @Ripple case as the most significant non-fraud enforcement action in modern history.

Please consider the following:

1) There’s no bigger topic in global trade & finance than digital currencies;

https://twitter.com/CryptoLawUS/status/1488935784367460355

2) #XRP was the 3rd largest cryptocurrency in the world when this case was filed;

3) Hinman, Clayton, @HesterPeirce and others at the SEC, have all publicly stated the underlying token is NEVER the security, yet, in this case, the SEC argues #XRP itself is a security per se;

The SEC’s argument is the functional equivalent of arguing that the individual oranges 🍊 were securities in the seminal 1946 Supreme Court case of SEC 🆚 Howey. It’s an absurd argument violating 76 years of U.S. securities laws.

4) If the SEC believed #XRP’s a security, why didn’t it seek a preliminary injunction to prevent Ripple’s ongoing sales? Since filing the lawsuit, Ripple has raised hundreds of millions of dollars from #XRP sales. Ripple can literally fund it’s defense w/ these “illegal” sales.

5) If the SEC truly believed #XRP’s a security and co-founder @chrislarsensf and CEO @bgarlinghouse used #XRP to enrich themselves, it would’ve issued a cease and desist to co-founder @JedMcCaleb who has sold $2.6 billion worth of #XRP since the lawsuit was filed.

6) When you consider the above, and then consider this lawsuit was filed in the manner in which was filed, it raises obvious concerns. The gross appearances of impropriety cannot easily be dismissed. Don’t take it from me - take it from Joe Grundfest.
👇
crypto-law.us/wp-content/upl…

After reading the Grundfest letter, read the 👇timeline. After the timeline, please visit the video library at Crypto-Law.us and watch and listen to the unchallenged evidence that a decentralized #XRP community put together. This story is just starting to be told.👇

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