She and her staff (in Ma and in DC), abandoned over 300 constituents I represent in the 76K plus #XRPHolders putative class. She refused to even talk to me or any of these 300 constituents b/c she couldn’t risk being seen as on the side of two billionaires.
When I explained that I had over 300 of her constituents who owned #XRP and that we didn’t care if the SEC sued Ripple but that the grossly overboard allegations were hurting real people who had no relation or connection to Ripple, do you know what her staff told me?
“Look, the Senator isn’t going to say or do anything that might appear to be taking the side of a CEO let alone some crypto billionaires.”
I responded that I didn’t represent any CEOs or billionaires but instead, the hard working people she claims to support.
The bottom line is that Elizabeth Warren cares more about maintaining her class warfare than she does about truth and Justice. At first she wouldn’t help but now, she is out to hurt people
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Best outcome: outright win for @Ripple w/the Judge smacking the SEC for gross overreach and behavior in the case (Judge Netburn has commented SEC lawyers are hypocrites, lack faithful allegiance to the law, and only care about winning the next argument);
2nd best: Judge rules Ripple offered #XRP as an investment contract aka security early in the #XRP ecosystem on a few specific instances (ie the brochure sent to 100 potential investors in 2014) but #XRP itself is not a security and ongoing and secondary sales are not securities;
3rd best: Judge denies both the SEC and Ripple’s motion for summary judgment and states that a jury must decide disputed facts and we have the status quo for another year - BUT the judge makes clear #XRP is simply software code and that secondary sales are not securities;
Regarding the Hinman emails and speech drafts: the SEC has requested for them to remain sealed, even after Judge Torres’ ruling on summary judgment. I believe the emails and speech drafts will be made public at some point, regardless of Judge Torres’ decision on whether to seal.
If Judge Torres cites to or relies on the emails/drafts in making her decision, I am 75% sure that she will declare them “judicial documents” and order that they be unsealed (but with limited redactions). But even if she doesn’t, the emails and drafts are going to be made public.
Why am I so confident? There will be more enforcement actions filed, including against @coinbase@kraken and @BinanceUS, IMO. I predicted the exchanges would be sued for selling securities last year. I still believe it’s coming. But even before that, other litigation is ongoing.
I’m sharing my experience with everyone here in case you encounter the same thing.
Either my Wifi at home was hacked or I’m a victim of a sim swap on my mobile phone.
Yesterday, my @UpholdInc App was frozen. I could not access my account on my phone.
I grabbed my laptop and tried to login to my Uphold account there. When I entered my email and password, the screen said “your account has been locked and you will get an email from Uphold for more information.” Within 5 minutes of trying to login at home, my cell phone rang.
The caller ID only said “Toll Free.” A man claimed to be from “UpHold Verification” and he said “I just sent you an email, did you get it?” I received an email that looked like this: 👇
I said from the first day this case was filed that it was a major mistake for the SEC to sue @bgarlinghouse and @chrislarsensf individually, in a non-fraud case, alleging aiding and abetting. It placed a higher burden for the SEC to meet.
The SEC must show that the 2 executives were reckless from 2013 in not knowing #XRP was a security. The SEC must prove they were reckless in not knowing XRP was a security in 2013 despite the fact SEC enforcement lawyers were allowed to own and trade XRP until 2019 (6 yrs later).
Compare that reckless burden - going back to 2013 - with the fact that in October 2020 - 2 months before the lawsuit - the SEC stated to the public that no determination had been made regarding whether #XRP was a security and it may NEVER make such a determination.
Voyager is another example of a federal judge deciding the SEC’s arguments are 💯 w/o merit.
Recent examples:
1) The @Ripple case: a federal judge, in a written ruling, literally stated SEC lawyers were being hypocrites and that they lacked faithful allegiance to the law.
In Ripple, the judge said SEC lawyers are more interested in advancing their own agenda than adhering to the law. Think about how significant that is. How do SEC lawyers enforce the law if they don’t themselves honor the law. As a former federal prosecutor, I’d be ashamed.
2) @LBRYcom case: soon I will be able to publish on @CryptoLawUS the transcripts of the last two hearings in the LBRY case. When you read them, you will see how the Judge pleaded with the SEC to provide clarity for the users of the platform and the secondary market.
Some people were like wtf is going on with this crazy ass motion to intervene. Many other people, especially lawyers, believed I was crazy for filing such an unusual and unlikely motion. I don’t blame them for thinking that b/c it was an unprecedented move.
Because the only time a motion to intervene in an SEC enforcement action was granted involved a spouse who wanted to protect her 50% interest in the marital assets that were in jeopardy.
I knew the Judge was very unlikely to name individual #XRPHolders or a class as defendants.