At Consensus and listening to @ethereumJoseph answer questions. The moderator is from @novogratz’s Galaxy Digital. Clearly, they are paying attention to Twitter and the claims of token concentration and the disguised whales as they move to PoS.
Joe Lubin was asked about the comment by @GaryGensler that Joe owned 10% of #Ether from the Genesis Block and was asked if he would disclose how much #ETH he & @ConsenSys owns. Joe declined providing his or Consensys’ holdings, but did say it’s never been close to 1/2 of 1%.
Three other interesting comments: 1) Joe claims he hasn’t accumulated any more #ETH since the Genesis Block but Consensys is accumulating leading up to the Merge;
2) he was asked if he has any concerns about token concentration from the different addresses or mechanisms on how people acquired the ICO and he said he has zero concern with what he knows; 3) he joked that Galazy Digital may have accumulated #ETH.
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In October 2013 @chrislarsensf met w/ various regulators to give a presentation at the U.S. Treasury Dep’t sharing w/ them @Ripple’s vision “for a global payments system and cross border payments based on blockchain technology.”
At this meeting, Ripple provided these regulators w/ a slide deck. The slides INFORMED REGULATORS that Ripple’s was actively engaged in a “distribution of #XRP on-going.”
In short, in 2013, SEVEN years BEFORE the lawsuit was filed, Ripple ratted on themselves to the U.S. Gov’t.
Who was at this meeting wherein Ripple disclosed and admitted to on-going sales of #XRP?
Bruce, maybe you have the time to spend on Twitter and count how many times someone is tagged. If I was tagged 10K times w/in the last week it wouldn’t change my availability. Quit acting like people are scared to engage or debate you based on your immediate timetable.
I actually have no idea what you want to talk about or debate. Is it whether today’s #XRP is a security? If so, I have written detailed 🧵s laying out my analysis on why it isn’t. Is it whether the #XRPL is centralized or decentralized? I’ve put out 🧵s on that as well?
3/9
Is it challenging my claim that Hinman violated criminal conflict laws or Title 5? I’ve laid that out in detail. Is it regarding the #Ether Free pass and the time line I’ve challenged anyone to dispute?
I understand and people have asked me why I didn’t address it in my letter, filed this morning. My letter to the Judge this morning points out to the Court that I followed the rules exactly and that I should be allowed an opportunity to file a reply to the SEC’s opposition.
It is a bit confusing and the SEC may honestly be mistaken or they assumed I wasn’t paying attention to the rules, considering I don’t practice in the SDNY. Either way, the judge will decide. My letter is 👇.
The reason I didn’t address the motion to seal and the request asking the Court to order me not to discuss the Opposition Brief to anyone, is because I haven’t seen or read the Opposition Brief. I don’t know how serious or not serious the issue is.
THE SEC LAWYERS ARE MAKING ARGUMENTS 🆚 #XRP THAT VIOLATES BOTH THE LAW AND ITS OWN GUIDANCE - a 🧵 of proof 👇👇
THE LAW:
Howey made clear that what makes an instrument or asset an investment contract is the “scheme” behind the “offering and sale” of the asset. In Howey, the W.J. Howey Company sold tracts of land - orange 🍊 groves but the buyer also signed a service contract.
The Howey Co. would till the land, plant 🪴 the trees 🌲, water 🚿 the land, and harvest and sale the 🍊. Howey Co. would send a check to the buyers and it was a form of passive income - an emphasis was made on passive (the investors did nothing, never took possession of the 🍊
Great find DAI. 3 things: 1) Redfearn received a Draft; 2) he’s one of the officials who resigned & left the SEC after supporting the lawsuit (ie “mass exodus”) that Grundfest mentioned in his letter to SEC; 3) we know as of June 7, 2018 Redfearn knew #ETH was getting a pass.
This is after a meeting with Hinman on June 8, 2018. He knew he was getting the free pass. Who bought #ETH between March 28, 2018 and a June 14, 2018? Did they have inside knowledge? Did anyone who purchased #ETH between those dates also short #XRP? If so, we know he/she knew.
1) as an #XRPHolder, the SEC filed the case 🆚 @Ripple to protect me and my friends;
2) me and 6 friends filed a Writ asking the SEC to amend the Complaint limiting the allegations to only include claims against Ripple and how it offers and sells XRP;
3) the SEC opposed our Writ and refused to limit the charges only against Ripple;
4) 12,500 of my friends asked to intervene in the case because the SEC’s claims included secondary market sales by anyone - they said XRP is a security per se;
5) although the SEC filed the case to protect me and my friends, they objected and said we shouldn’t be heard in court:
6) the SEC got mad when we insisted on being heard so they personally attacked the Lawyer saying he promoted drug use and threatened violence 🆚 SEC folks;