Thread by @JohnEDeaton1

@SECGov 🆚 @Ripple & #XRP

SHOULDN’T THE TRUTH MATTER?

That’s the question being asked by SIXTY-FIVE THOUSAND #XRPHolders who have joined together to NOT allow the SEC or Ripple to speak for them.

As amicus curiae, we intend to speak for ourselves.

65K #XRPHolders from 60 different countries across the globe 🌏 and the United States 🇺🇸 have come together to dispute the claims being made regarding the Digital Asset #XRP. I’ve literally been in contact with thousands of #XRPHolders who refute the allegations made by the SEC.

Here are the facts and the truth being ignored by the SEC and the lawyers involved in the case:

1) the majority of first time #XRPPurchasers were actually unaware of a company called Ripple and it’s use of #XRP;

2) most first time purchasers of #XRP were aware of the Ripple name b/c the name Ripple was used interchangeably with #XRP for many years - but that doesn’t make a person aware of the actual company called Ripple and its use and/or promotion of #XRP;

3) considering the majority of first time purchasers were unaware of the company Ripple, it is impossible to rely on the promises or inducements of Ripple;

4) it is impossible to enter into a common enterprise with a company or promoter that you don’t know exists;

5) tens of thousands of the 65K #XRPHolders granted amicus, were aware of the company Ripple and how it sold software to banks offering a product (ODL) utilized for cross border payments;

6) tens of thousands of the 65K #XRPHolders granted amicus and aware of the company Ripple, were also aware that many other companies and developers were also building products incorporating #XRP and the #XRPLedger;

7) regardless of whether there’s knowledge regarding the company Ripple, 65K #XRPHolders granted amicus affirm that when they acquired #XRP they did not rely on any statements, promises, or inducements from the company Ripple, it’s executives, or affiliates;

8) regardless of whether there’s knowledge regarding the company Ripple, the 65K #XRPHolders granted amicus, affirm that when they acquired #XRP they did not believe they were acquiring a legal or financial interest in the company Ripple;

9) the 65K #XRPHolders granted amicus, affirm when they acquired #XRP they were not relying on the efforts of the company Ripple or it’s management team for any purpose;

10) the 65K #XRPHolders granted amicus, affirm they acquired #XRP b/c of its superior technology related to other digital assets (ie superior transaction speed, minimal costs, and/or low energy consumption);

11) thousands of the 65K #XRPHolders granted amicus, affirm they acquired #XRP b/c it was a top 10 cryptocurrency by market cap and listed at a much lower entry price compared to other large market cap tokens;

12) thousands of the 65K #XRPHolders granted amicus acquired #XRP for non-investment reasons, such as, use as a form of currency for payment for goods or services and as a substitute for fiat currency, utilized as a store of value, or to purchase everyday items like🍱 & ⛽️.

13) thousands of the 65K #XRPHolders granted amicus acquired #XRP as a substitute for fiat and utilize #XRP debit cards 💳 via @UpholdInc, @_GlobaliD, or others;

14) thousands of the 65K #XRPHolders granted amicus are users of the #XRPL and acquired #XRP in order to utilize the #XRPL b/c of its transaction speed, low costs or minimal energy consumption;

15) thousands of the 65K #XRPHolders granted amicus acquired #XRP for its utility - not for investment - but to transfer other digital assets or currencies or send value utilizing the #XRPL b/c tokens like #BTC & #ETH are too slow & expensive to use as a bridge or transfer asset;

16) thousands of the 65K #XRPHolders granted amicus also acquired #XRP in order to utilize the decentralized exchange (DEX) built w/in the #XRPL - thus allowing the trading of other assets and tokens built or traded on the DEX (#CSC, #LOX, #XRDoge, #RPR, fiat currencies, etc);

17) hundreds of the 65K #XRPHolders granted amicus are developers of a product or application with the intention of utilizing the Digital Asset #XRP and the #XRPL;

18) tens of thousands of the 65K #XRPHolders granted amicus use their #XRP as collateral for financing or they stake their #XRP on trading platforms such as @Nexo, @CelsiusNetwork, or #Bitrue - earning a financial benefit or profit from the token itself - independent of Ripple;

19) the 65K #XRPHolders granted amicus disclaim entering into a common enterprise with Ripple or other #XRPHolders around the 🌍;

20) thousands of merchants or businesses accept #XRP as a form of payment such as Time Magazine, car dealerships, charities, YouTubers and other content providers - none of which consider #XRP an investment;

When @SECGov sued #Ripple it didn’t limit the allegations to only include the way Ripple offers and sales #XRP. It actually claims all #XRP are unregistered securities - even the #XRP traded in the secondary market.

“The XRP traded, even in the secondary market, is the embodiment of those facts, circumstances, promises, and expectations, and today represents that investment contract.” 👇

Thus, the SEC must prove Ripple made promises or inducements that led #XRPHolders to form a reasonable expectation of profits based on the efforts of Ripple, its executives or affiliates.

If the truth matters, the SEC will fail miserably attempting to meet that standard. #truth

https://twitter.com/JohnEDeaton1/status/1490207801972563971