Below is an honest question that many have. I’ve seen a lot of negative comments lately about the judges. Your frustration is misplaced. Plz know, I understand everyone’s anger. But people are unrealistically expecting the judge, on her own volition, to throw out the case.
That’s not how it works. The judge rules on motions that are filed before her. @Ripple has not filed a motion to dismiss the case for any type of wrong-doing. The judge only knows about conflicts of interests and appearances of impropriety b/c I submitted a declaration citing it.
To be candid, the only reason I was able to cite to those conflicts is
b/c the SEC attacked me personally - trying to paint me an unhinged Twitter conspiracy theorist. Unless Ripple files a motion to dismiss based on all of this info, the judge isn’t going to just throw it out.
If she did throw it out, as many wish, there would be no clarity regarding #XRP at all. The exchanges would not re-list b/c there would be no finding that #XRP is not a security. Second, she would get overturned on appeal and a new judge assigned and the case would start over.
People can disagree with me, but attacking the judge is unwarranted and misplaced. I stand by what I said in March and April of 2021 (even before I was granted amicus), Ripple and #XRPHolders got lucky having these two judges assigned.
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2012: Perkins Coie (the same law firm that helped write ✍️ Hinman’s #Ether Free Pass Speech) informed @chrislarsensf#RippleCredits (aka #XRP) IS NOT a security;
The 2012 memo warned Larsen there was a risk under the Bank Secrecy Act (BSA);
The 2012 legal memo 📝 stated that the law firm’s “analysis has never been tested by FinCEN in practice, and therefore reliance thereon is not without risk”;
The Perkins Coie 📝 was spot on b/c in:
2015: FinCEN sued @Ripple claiming it had violated the BSA;
FinCEN’s suit against Ripple was the first civil enforcement action against a cryptocurrency industry player - a case of true first impression in the industry;
Ripple settled paying 700K and agreed to comply w/ NON- SECURITIES regulations;
What’s lost on many people interviewing Gensler (no offense intended) is that he keeps saying the platforms and exchanges need to come in and register. But you only register w/ the SEC if you’re selling securities. Gensler is thus calling all of these assets securities.
If @jespow met w/ @GaryGensler & the SEC and he listed out every crypto asset offered on the @krakenfx platform and asked:
“Which of these assets do you believe are securities and I will remove them”, he would be told by the SEC:
“We do not provide that type of guidance.”
Yet, Jesse or @JpThieriot or any other CEO of a digital asset platform, is expected to register that they are selling securities even if they do not believe they are selling securities.
After leaving the meeting w/ the SEC, Jesse can expect a subpoena, followed by a lawsuit.
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.
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.
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;
I’ve tagged Mr. Dixon once or twice and I guarantee I was reciting 💯 provable facts. For ex, Clayton instructed Dixon to put together a crypto working group to write a memo to send to Hinman and the memo’s Safe Harbor only mentioned #ETH.
Block me, but try to prove me wrong.
It should be noted that I have never been disrespectful. I’ve tagged @VitalikButerin also reciting facts. For ex, when I’ve tweeted about Vitalik stopping the trading of ETH, I’ve always included that he did so w/ good and honorable intentions. The truth is the truth.
As amicus counsel in the @Ripple case, I’m interested in the truth as it relates to #XRPHolders. Nothing more, nothing less. For ex, many people tagged me about a civil lawsuit 🆚 @ConsenSys and @ethereumJoseph. I didn’t comment b/c it has nothing to do with the #XRP case.
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;
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.