Thread by @JohnEDeaton1

HUGE EXCULPATORY EVIDENCE:

The August 20, 2018 meeting between Clayton and Hinman with @bgarlinghouse and @JoelKatz.

This meeting is 2 1/2 months AFTER the Hinman speech declaring #BTC and #ETH non-securities.

Frustrated that only 2 of the top 3 cryptocurrencies were provided regulatory clarity, Garlinghouse and Swartz asked what they could do to achieve similar clarity for #XRP with Garlinghouse declaring:

“@Ripple is living in purgatory b/c of this lack of clarity regarding #XRP.”

At that moment, if Clayton and Hinman truly believed #XRP was a security, they would’ve informed Garlinghouse and Swartz right then right there!

Instead, Clayton responded:

“the meeting was not the proper forum for a
discussion about that topic."

Neither Clayton nor Hinman informed Garlinghouse that #XRP was a security. Instead, Clayton

“then asked Garlinghouse
to back up from that issue and steered the meeting
to a discussion about Ripple's business in
technology."

In fact, at the end of this August 20, 2018 meeting, Clayton

“encouraged the
Ripple executives to continue ongoing discussions
with the staff, the division of corporation
finance."

At no time during this meeting did Clayton or Hinman or any other SEC official indicate that ongoing sales of #XRP (in August 2018) were securities.

And remember, the SEC had conducted a Howey analysis of #XRP - dated June 13, 2018. If that memo concluded #XRP was a security, Clayton and Hinman would’ve informed Garlinghouse that #XRP was in fact a security and would’ve told him to stop selling it w/o registration.

The truth is the first time Ripple or it’s executives are informed that the SEC considers #XRP a security is 2 years later - in September 2020 - only 3 MONTHS before the lawsuit.

Btw, Ripple was 1st informed XRP’s a security less than a month AFTER👇 🤔
consensys.net/blog/press-rel…