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John E Deaton Profile picture
@JohnEDeaton1
Jun 17 • 11 tweets • 8 min read Twitter logo Read on Twitter
Dear @BeckyQuick, (@andrewrsorkin @JoeSquawk)

Listen to yourself please. You said this issue was always in your inbox or feed. You said you tried to do research and looked into it. You’ve always presented as a conscientious journalist, so I believe that you did look into it.
If it was baseless, you wouldn’t have even asked Clayton the question. Becky, it’s not just about Bill Hinman and his conflicts of interests that are involved in the @Ripple XRP case. You know very well that there is, at a minimum, a gross appearance of impropriety.
Clayton’s law firm, Sullivan & Cromwell, represented @ConsenSys and @ethereumJoseph. Jay’s former law partner became Deputy General Counsel of Consenys and Sullivan & Cromwell brokered Consensys’ purchase of Quorum and the #JPMCoin from @jpmorgan. 👇

consensys.net/blog/press-rel…
And when people tell you that Ripple and #XRP were not considered to be any type of competition to #Ether or Consensys, please know that that is not true. 👇

Becky, Andrew, and Joe, you all three know the public deserves to hear the facts and make up their own minds. Image
And when Jay and Hinman claim that I’m just some crazy Twitter lawyer conspiracy theorist, ask them if they can say the same about former SEC Commissioner Joseph Grundfest, Professor, Stanford Law. He helped the Ethereum founders and himself questioned Clayton’s motives. 👇 ImageImageImage
Read, if you haven’ already, how Grundfest said the filing of this case, as Jay walked out the🚪 w/Hinman, the Director of Enforcement,
Marc Berger, and the others who pushed for this lawsuit to be filed, “raised obvious concerns” and called into question his use of “discretion.”
Something that’s never happened: 75K #XRPHolders from the U.S. and 143 countries around the 🌎 joined to fight what Clayton started - and you guys have never mentioned it - even though CNBC played segments on air showing my clients how to purchase #XRP👇

cnbc.com/2018/01/02/how…
Clayton, under oath, at his confirmation hearing, told @ewarren that he promised not to vote against an enforcement action involving one of his law firm’s clients. He didn’t do that. Instead, he voted to bring a lawsuit against his law firm’s client’s biggest competitor.
Oh, wait, don’t forget that Clayton went to One River immediately after leaving the SEC. One River had made a $1B bet on #Bitcoin and #Ether, just before Clayton dropped the lawsuit 💣 about #XRP.

u.today/hedge-fund-one…
In case you forgot, Hinman’s speech declared #Bitcoin & #Ether as the only two digital assets with regulatory clarity. Did you know that Clayton was the ONLY commissioner to read and provide input regarding the speech before it was delivered?
That’s right, @HesterPeirce, Crypto-Mom, was not provided a copy of the draft and asked for input. If you’re still reading this 🧵 here’s a timeline I did 18 months ago that’s never been challenged. Don’t you think your viewers deserve to hear the other side, not just Clayton’s?

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More from @JohnEDeaton1

John E Deaton Profile picture
Jun 16
HINMAN’s DEPOSITION WAS JULY 27, 2021 - LONG BEFORE JUDGE TORRES ORDERED THE EMAIL SPEECH DOCUMENTS TO BE PRODUCED

Judge Torres’ Order is dated 9-29-22
@s_alderoty’s and @bgarlinghouse’s tweets about receiving the documents is on 10-22-22 - 15 months AFTER the deposition.
IN OTHER WORDS:

HInman didn’t know the documents would be turned over. In fact, the SEC lawyer instructed Hinman NOT to answer questions because of the very privileges the Judge ultimately denied.
Read 5 tweets
John E Deaton Profile picture
May 21
Read this short 🧵 please. When you look at all the other SEC-LIT-EMAILS cited in Ripple’s opposition, they are redacted. The one about there being reasonable grounds to not believe XRP satisfies all the Howey factors is not redacted. Image
The SEC wanted all statements by SEC staff redacted and it appears they all were. What this tells me is that the statement about XRP not satisfying Howey is NOT a direct quote from a senior SEC official - otherwise it would be reacted.
I’ve concluded that that statement was made by a market participant independent of Ripple not the SEC but it was referenced by someone in the Hinman emails, or the 3rd party email was forwarded to Hinman or the email group discussing the Speech.
Read 4 tweets
John E Deaton Profile picture
May 21
Since noticing this, I’ve been racking my 🧠 about two things: 1) why wouldn’t @Ripple lawyers make a much bigger deal about this (and not just include it in a footnote); and 2) how tf did I miss it before today (although to be fair I’ve read thousands of pages and do have a job)
I think I know how I missed it. Here’s the page before, now read the sentence ending with footnote 33. The sentence says “other market participants” independent from Ripple sent the SEC analyses of XRP, concluding XRP was not a security. That first citation is not the emails. ImageImage
Then the next citation immediately following, cites to “SEC-LIT-EMAILS” which are the Hinman emails. You can go further down and see them referenced again with the redactions. Therefore, this quote appears to be from the Hinman emails.
Read 4 tweets
John E Deaton Profile picture
May 20
Anyone familiar with Mandamus writs will not be surprised by the SEC’s response. The Coinbase Writ is asking for an Article III Judge to tell an Officer of the Executive Branch to do his job. Of course, the SEC will argue that it has total discretion to do the job as it sees fit.
The @coinbase Writ was very smart strategy. For one, SEC lawyers (and most federal prosecutors for that matter) are great at playing offense but suck when you fight back and put them on their heels. The SEC has to respond and when they do we have it in writing forever.
When I filed my Writ of Mandamus, I knew it was a long shot to say the least, and many jumped to predict how I was going to lose - like people are now with the Coinbase Writ. But the SEC’s response forced them to commit to certain things (e.g. their bullshit embodiment theory).
Read 6 tweets
John E Deaton Profile picture
May 19
I saw the 👇 video and then ran into this sign. Who is Canaan? A #BTC & #ETH mining ⛏️ company that went public. Who brought the IPO? Simpson Thacher - Bill Hinman’s law firm. What was Hinman’s position at the time his firm made these huge fees? Director of Corporation Finance. Image
Hinman must’ve took precautions to avoid any conflict, right? Wrong!

Look at the👇 emails. On the SAME DAY a letter goes out from Hinman’s Division, Hinman agrees to MEET his partner at Simpson Thacher. I’m sure that’s a coincidence. Some might be thinking: What’s the big deal? ImageImageImage
Then you should look at these👇 emails. BEFORE that meeting w/his partner who was bringing the Canaan IPO, Hinman was told that he would be in violation of the CRIMINAL financial conflict laws (18 USC 208) if he even emailed or called his law partners - LET ALONE meet with them. ImageImage
Read 24 tweets
John E Deaton Profile picture
May 19
A lot of comments about whether this delay is for settlement discussions. If the Hinman emails were going to lead to a settlement it would’ve been before they turned them over to Ripple. IMO, the SEC has accepted that the Hinman emails are eventually going to be made public.
@RoslynLayton intervened for the purposes of the public getting to read these documents. Judge Torres said her motion was moot b/c the documents must be made public. The 2nd Circuit will NEVER overturn that ruling. @dragonchain, @coinbase, etc will all seek these documents.
The SEC just filed a joint request for a one week extension based on the fact that there are so many documents that must be carefully redacted to satisfy her ruling. I seriously doubt the SEC would ✍️ that and then file an appeal or writ of mandamus. The documents are coming.
Read 4 tweets

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