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Aug 2 • 4 tweets • 2 min read
This is just the beginning. Ripple was sued and XRP was delisted by most US exchanges. #AMP was merely called a security by the SEC in the SEC v Wahi case and not sued itself and has had a delisting. The SEC strategy is successfully unfolding aided by /1
tribalism and maximalism by crypto projects and communities rather than a unified approach who can’t see the SEC’s overall strategy of controlling secondary markets by controlling exchanges and/or by having a court extend the Howey test to cryptos per se even when traded in /2
secondary markets. Two prong approach and the control of exchanges prong may be sufficient by itself if exchanges like Binance US and @coinbase keep folding to the pressure and delisting tokens. /3
markets.

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bill Profile picture
Aug 3
Ok. It is consistent but broader. Attorney Tenteiro focused on efforts to improve utility or increase adoption of XRP which can fall within terms in the Framework document such as development, improvement or enhancement. But here is where I have a problem with the Framework, /1
the Hinman speech and the SEC’s Amended Complaint against Ripple. There is very loose use of terms such as network (in the extract you provided), system, project etc. it leads to inconsistency and unclear thinking and argumentation/2
What is the network: is it the XRPL which can exist if Ripple ceases to exist, is it the validators, is it the ODL rails, the liquidity hub, the sidechains, private CBDC ledgers. This is why the SEC struggles to identify the common enterprise and just says it is everything/3
Read 4 tweets
bill Profile picture
Aug 3
For the entire Ripple case I've wondered how the SEC distinguishes XRP from Ethereum if it truly believes that XRP is a security but Ethereum isn't. Reviewing the transcript of the hearing way back on 19 March 2021 I found a comment made by attorney Tenreiro that gives a clue./1
and it relates to the reasonable efforts of others prong of Howey. In the attached extract from the transcript there is a reference by Tenreiro to "Howey efforts". In the content of preceding passages from the transcript, this refers to efforts by Ripple, Brad and Chris /2 Image
to create utility for and adoption of XRP. These it seems are for the SEC, Howey efforts which cause XRP holders to have an expectation of profits (even if they know nothing about Ripple and the efforts). The link b/w the efforts and the expectation is where Mr Doody comes in /3
Read 8 tweets
bill Profile picture
Aug 1
The emphasis stems from the Judge finding them relevant to the fair notice defense and ordering their production and the SEC refusing to disclose them. Parties never fight to withhold documents because they disagree with a judge on relevance only and certainly not to this extent.
The judge has reviewed 20 of them and has given no indication they are not relevant. The question is whether the documents, being relevant, are better for Ripple or the SEC? Do you think the SEC would bitterly oppose production for 18 months if they were better for the SEC /2
Forget privilege. The privilege belongs to the client. A client can waive it and would waive it in a heartbeat and produce the documents if good for a client’s case and there are no other adverse consequences from waiving the privilege /3
Read 4 tweets
bill Profile picture
Jul 25
Thanks James. Deaton’s tactically brilliant move. Doing what Ripple can’t do and bringing the issue of conflicts of interests around the Hinman speech before judge Torres just before she has to deal with the SEC’s objection to the judge Netburn ‘s decisions in the context of /1
retaliation against him for being involved in drawing public attention to the conflicts to the level of Congress. Giving the judge a reason to consider why the SEC has resisted their disclosure. Great tactical litigation work in action./2
SEC rekt. I love waking up to this over here and coffee ☕️ is going to taste extra good when I get to the office @MoonLamboio @MarketsMickle @attorneyjeremy1 @AshleyPROSPER1 @JohnEDeaton1 @freddyriz
Read 5 tweets
bill Profile picture
Jul 25
Some contours of what the SEC considers makes a crypto fall w/i the Howey test are seen in the SEC v Wahi case. The SEC consider 9 of the 25 tokens traded (all ERC-20 tokens) to be securities. I am not sure what are the other 16 & why the SEC does not consider them securities /1
Perhaps the SEC is still investigating and has not decided on the other 16 that were allegedly traded by Wahi and friends. What is abundantly clear is that the SEC directly calls the cryptos themselves investment contracts & the Defendants sold them in secondary markets/2
If some of the 16 other cryptos are considered not to be securities if would be good to know them to make comparisons. If the SEC is able to distinguish on some basis between cryptos why on earth not disclose the criteria to the market. /3
Read 8 tweets
bill Profile picture
Jul 24
There is no doubt that the SEC seeks in SEC v Wahi to establish a precedent for suing individuals who sell cryptos in the secondary markets for an unlawful sale of unregistered securities.Sure it will say that it’s seeking on this occasion to sue individuals acting unlawfully /1
by insider trading but it doesn’t change the fact that the SEC argues the sales of the cryptos were themselves, apart from insider trading, unlawful selling of securities. Just think of the consequences. Buying and selling crypto on exchanges by individuals in secondary markets/2
What are the consequences for exchanges who allow secondary market trading. The SEC can say what it wants about it not targeting holders of cryptos who sell their coins for breach of securities laws but they just did it /3
Read 8 tweets

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