Thread by @JohnEDeaton1

PSA TO CRITICS OF #XRP

This 🧵 is for non-#XRPHolders & those who dislike @Ripple or believe #XRP is a shit coin b/c of how it was created. This 🧵 is also for entities that hold themselves out as so-called leaders w/in the Crypto Community, promoting blockchain technologies.

https://twitter.com/kashta9/status/1493218687691546630

Before you celebrate or ignore the significant implications surrounding the filing of the lawsuit, you should consider that BEFORE the @SECGov sued NOT ONLY Ripple but de facto every #XRPHolder (as stated by Judge Netburn) the following facts and information was known:

DBS, Singapore’s largest bank and the 6th largest bank in the 🌍, declared #XRP better & faster than #SWIFT.

DBS launched a digital exchange between four fiat currencies - $SGD, $HKP, $JPY & $USD - and the four most established cryptocurrencies - #BTC, #ETH, #XRP and #BCH.

Singapore’s DBS is now creating a trading platform for retail holders utilizing and trading #XRP.

The WEF named #XRP as the most relevant crypto for CBDCs by banks.

Japan, Singapore, the U.K., Switzerland and the UAE have all declared #XRP to be a non-security.

That’s right, Japan’s regulatory body, FSA, officially declared #XRP a non-security.

That’s right, the U.K.’s regulator agency, FCA, analyzed #XRP and stated digital assets fit into several brackets: a) a security token; b) a utility token; and c) an exchange token.

The FCA declared #XRP to be a “hybrid token”, constituting both a utility and exchange token. Regardless, it was specifically determined to NOT be a security token!

The Office of Monetary & Financial Institutions Forum (OMFIF) produced a report on blockchain technology and discussed the advantages of #XRP as an alternative in payments.

The IMF published two digital assets being used as a intra bank bridge currency: #XRP and the #JPMCoin.

Belarus’ largest bank launched a crypto exchange service to include #XRP.

London-Based Think Tank said #XRP can minimize intermediaries and boost the speed of international payments.

Sygnum, a Swiss bank in Singapore, publicly stated that individuals and institutions should increase exposure to “the tokens of the future” and listed those tokens as #BTC, #ETH, and #XRP.

Sygnum classified #BTC as the future asset for store of value and wealth. It classified #ETH as an infrastructure play of the future. It classified #XRP - not a security - but a technology of the future regarding payments (exactly what OCC @BrianBrooksUS had publicly discussed).

BitPay launched a massive crypto payment for businesses and 225 countries allowing payment in #XRP, #ETH and #BTC. (This use case alone makes XRP a non-security).

Deel, partnered with @coinbase, (which then, sold #XRP), launched a crypto payroll tool that allowed international workers to be paid in #BTC, #ETH and #XRP - allowing near instantaneous withdrawals.

In other words, International Workers withdrew their paychecks in #XRP. #XRP was (and is) actively being used as a substitute for fiat currency. (This use case alone makes #XRP a non-security).

Bitex, an exchange in the UAE that offers #XRP, expanded into India with a wallet trading platform utilizing #BTC, #ETH, #XRP, #LTC and #BCH.

(This use case alone makes #XRP - the token itself - a non-security).

Brian Brooks, as OCC. and Clayton, as SEC Chair, publicly stated that it was time to use technology to address the inefficiencies in payments systems.
The OMFIF produced a report on blockchain technology and the advantage of #XRP as an alternative in payments.

Japanese financial giant SBI sponsored an e-Sports team. SBI pays its players not in the Japanese $Yen, but in #XRP.

In this instance, #XRP is utilized as payroll currency. There are also thousands of #XRPHolders including in U.S. who are paid as independent contractors in #XRP.

Japanese giant SBI Holdings’ CEO stated he wanted the next World’s Fair in Japan to only accept #XRP as a currency payment.

SBI also announced plans to test #XRP in the $6.6 trillion Fx market.

(#XRP being used for payroll, payments, Fx markets, etc. make it a non-security).

As the above examples of utility were occurring outside the U.S., now consider that within the United States the following occurred BEFORE the lawsuit:

In 2015 the DOJ and FinCEN settled a case with Ripple. FinCEN determined that #XRP was a “virtual currency” and that Ripple was a money transmitter of #XRP. The settlement required Ripple’s #XRP transactions to comply with laws that DO NOT apply to securities’ transactions.

During the time period the SEC now claims #XRP was an unregistered security, the SEC granted Ripple permission to take a minority stake in the publicly traded company @MoneyGram. Ripple invested $50 million purchasing approximately 9% of MGI.

The SEC approved this purchase of MoneyGram with the full knowledge that Ripple would encourage MGI to accept and utilize #XRP as a cross-border utility token related to remittances.

Hence, The SEC allowed the use of this so-called illegal security to be utilized not just by Ripple, but by MoneyGram. The SEC admits to this knowledge when its states that Ripple paid “Money Transmitter significant financial compensation – often paid in XRP.”

The SEC knew MGI would sell #XRP in the secondary market. It appears, the SEC, while allegedly believing #XRP to be an unregistered security, provided consent for #XRP to be utilized by MGI and sold in the secondary market to innocent holders with no connection to Ripple.

#XRP was the 3rd largest crypto and traded over SEVEN years before the lawsuit was filed. Coinbase went to the SEC in January 2019 informing the SEC that it too had decided #XRP to be a non-security and intended to list #XRP unless the SEC disagreed. The SEC did not disagree.

SEC could’ve sued Ripple alleging specific sales of #XRP during early years violated securities laws. Instead, it claims every sale of #XRP was and is illegal b/c Ripple helped create markets for it. The only thing more absurd are those of you cheering or ignoring this travesty