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Margaret Rosenfeld

Feb 11 • 4 tweets • 2 min read

@security

1/Judge ordered two law firm memo’s from 2012 to #XRP to be unsealed and released by Feb 14. #XRP has argued memos concluded it was not @security while #SEC claims@the memos show XRP was forewarned that its proposed sale of digital tokens would violate federal securities laws.

2/ A few lessons here. 1) always remind your client NOT to send privileged memos around to third parties (which XRP did here, 2) as a lawyer, allays assume that any writing to a client may end up in court some day.

3/ Can’t wait to read llegal analysis from almost 10 years gogn@.

And I should add, always read your tweets for typos before tweeting them out !

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Margaret Rosenfeld

@RosenfeldM

Feb 12

@BlockFi

1/ Waiting on pin’s and needle’s to read the #SEC settlement with @BlockFi reported by @business over its crypto lending product

2/ Bloomberg reported a $100 m settlement and agreement to not take in US investors because SEC deems the lending product to be a #security

3/ BlockFi does not provide much information on borrowers, but speculation is that the large trading market and hedge fund have been driving the demand for crypto lending products.

Read 9 tweets

Margaret Rosenfeld

@RosenfeldM

Feb 11

1/ Getting lots of DM questions about attorney privilege / work product regarding the #Ripple judge decision to allow the release of 3 legal memos to Ripple purportedly analyzing whether XRP was a security (memos not released until Feb 19).

2/ Whether legal advice is privileged/work product that is protected is not a uniform analysis. For federal cases, the law of the circuit in which the case sits applies. While most federal cases are consistent in this area, there are tons of nuances.

3/ What is pretty consistent across all decisions is that the protection can be lost if the advice goes beyond what I call the “privilege circle” - that means to employees and directors of a company.

Read 15 tweets

Margaret Rosenfeld

@RosenfeldM

Nov 5, 2021

1/ SEC chair #Gensler’s speech at the Securities Enforcement Forum yesterday if you missed it. Quoting the first SEC chair Joseph Kennedy - apparently are at war with #crypto and it is just a bunch of buzzwords for the same old thing. sec.gov/news/speech/ge…

/2 Gensler should read up on his history and not just throw around quotes. Kennedy was a pragmatist who had to manage the zealous enforcement reformers in the SEC. Good article to read on the #SEC founding here: sechistorical.org/museum/galleri…

@MarkYusko

/3 The regulatory war (his words not mine) is a sign of the maturity of the #blockchain #crypto #Digitalassets industry. Ignore us, make fun of us, fight us and then we win. Oh and @MarkYusko check the source of your quote on :)

Read 7 tweets

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