Thread by @JohnEDeaton1

THE UNITED STATES 🇺🇸 IS BEING LEFT BEHIND. FULL STOP! 🛑

CRYPTO REGULATION IS NOT COMING!

I’ve seen some very smart people say things like:

“When we get regulation soon….”

I hate to be a Debbie Downer about politics in the U.S., but I don’t see sensible Crypto regulation being passed into law anytime soon.

I believe the 1st or 2nd Quarter of 2025 is likely the earliest it could get done and I may be being overly optimistic with that time estimate.

The market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.

In other words, guidance will come by Federal District Court decisions like @LBRYcom @Ripple @dragonchain etc.

The industry must come together to help fight the SEC’s enforcement only policy. This is why @naomibrockwell agreed to let me represent her in @LBRYcom.

Yes, the LBRY summary judgment decision has been made and the SEC received a TOTAL VICTORY from the Judge’s ruling.

The SEC conceded ON THE RECORD that many (if not most) #LBC token holders did NOT view #LBC as an investment and that they utilize the token for consumptive use.

However, when asked by @jeremykauffman and “STRONGLY ENCOURAGED” BY THE JUDGE to provide clarity regarding secondary transactions of #LBC, the SEC has refused.

I have the Transcript from the November 21, 2022 hearing (although I’m not allowed to release it to the public yet).

The words “secondary market/ transactions” and the word “clarity” were uttered - on the record - more than a dozen times each (mostly from the judge 👨‍⚖️).

The SEC’s response is:

The secondary market is not part of the case in controversy and that the SEC doesn’t give clarity.

The SEC is seeking a permanent injunction that does not distinguish between LBRY and its executives and users of the platform or secondary market transactions.

On January 30 we have a hearing to discuss the issue. I have filed an amicus brief and an appearance in the case.

Naomi Brockwell has NEVER purchased an #LBC token and she has NEVER sold a single token. She uses the tokens to help generate views for her videos. She didn’t even know the tokens had a monetary value when she was first acquiring them. #LBC is the quintessential “utility token.”

Professional crypto traders have never heard of #LBC. Its not an investment for its users. LBRY and its CEO have agreed to burn all pre-mined tokens but the SEC won’t budge on offering a No-Action letter for users or an official statement or any type of clarity whatsoever.

People have told me that I’m likely fighting a losing battle. Maybe I am. But what else do we do? We have to fight all of these Court battles because clarity through legislation is NOT coming.

Congress, I triple dare you to prove me wrong.