Lawyer. Regulatory compliance/internal investigations/funding for emerging companies. Starred in a 1996 McDonald's ad. Tweets aren't legal advice.
Mar 15, 2021 • 15 tweets • 6 min read
1. The #SEC is missing a nuance to #Ripple’s due process defense. Ripple’s point is not (just) that the Securities Act/Howey test is vague. It’s that the SEC is directly responsible for #XRP’s uncertain status as a security.
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2. Constitutional due process generally requires that persons/entities must receive fair notice of conduct that is legally forbidden. This applies to criminal laws and civil laws imposing penalties.
Mar 14, 2021 • 14 tweets • 2 min read
1. I expect VCs and crypto startups will each pay more attention to the phrasing of redemption rights after the DE Chancery Court’s recent ruling in the Tetragon/Ripple dispute. A short thread:
2. In December 2019, UK investor Tetragon bought $150 million of Ripple’s Series C preferred stock through a Stockholders’ Agreement.
