It is with great excitement that I am able to finally announce the launch of Seedstarter
@joinseedstarter
, a Finra and SEC licensed funding portal, more commonly referred to as an equity crowdfunding platform! For those interested, here is an explainer video. Otherwise read on👇
I think this would be a good time for Coinbase to publicly recognize that the SEC is overstepping and make the leap and realist XRP. Yes, you may face a lawsuit, but it’s time the crypto industry stand together and support each other. I stand with Coinbase and Ripple
Two days ago, I had 25 followers. Yesterday I tweeted about Ripple and XRP. Today I have over 500 followers. Maybe I should do some legal analysis into this case. May end up with 10,000,000 followers 😂😂
I can’t believe that Ripples poor quarterly earnings caused my XRP security tokens to lose value. Oh wait, what is that? The price of XRP is beyond Ripple’s control and not in any way reflective of their performance of a company? Then pray tell, how is it a security?
I’m not a Securities lawyer so I’m not going to get into the weeds of facts or allegations surrounding the SEC v. XRP lawsuit, but I do want to talk about the hypocrisy in this thread. In looking at the lawsuit, the SEC has failed at its duty in protecting American citizens(1/10)
There are positives and negatives in everything. Take for example this recent SEC assault on crypto. Negative: all of it. Positive: Ripple has a three year head start on everyone else towards a resolution. Even XRP haters are going to start hoping and praying that Ripple…
As a kicker, the chairman of the SEC, Jay Clayton resigns the exact next day. I’m not a big believer in coincidence. It it looks and quacks like a duck, it’s probably a failure of the American trust and legal system. This is disgusting. This is gross. I am ashamed. (10/10)
I don’t understand the tribalism. I don’t understand rooting against Ripple and XRP. What people don’t realize is that if Ripple loses, this opens the door to basically every other crypto. The SEC has already made its stance that they may treat anything with an ICO or a governing
@BenArmstrongsX
You do realize that you are admitting that you’ve known about a pedo ring and remained silent and now that you’re sad and upset about your company you’re giving them up.
The more you keep mentioning a certain someone’s name, the more you make them relevant in the crypto space. I imagine at least 90% of crypto people will know who I’m talking about, which shows the problem . . .
I never thought that less than a year after creating this account I’d have 20k followers. This lets me know that there are at least 20k people in the world who are just as crazy as I am 🙏
I've had a chance to fully review the SJ ruling in the SEC v. Ripple case
#XRP
, and this appears to be a win. Ripple is likely going to take a ding, some things are going to go to trial, the secondary status of XRP is "unclear", but I still think Coinbase relists after this.
The Ripple SJ decision is in. Here is the broad summary. Will break down further:
Institutional Sales by Ripple ARE investment contracts
Programmatic Sales by Ripple ARE NOT investment contracts
The court chooses to NOT address secondary market sales
If the Hinman emails are as bad as we’re hearing, I wouldn’t be surprised for the SEC’s next step to throw Hinman under the bus, claim he was acting rogue, and that despite his actions, it doesn’t change the status of XRP.
#XRP
#Ripple
It’s kinda strange to watch how triggered people get on twitter. I’ve been in XRP since 2016. I’m an avid supporter of XRP. I’ve never sold a single XRP. I have a different view on how the court case is proceeding than some others, but that doesn’t mean I hate XRP lol
SEC with a super cocky response on the result of the Ripple
#XRP
lawsuit.
My take: They lost with XRP, but they got good case law for attacking a bunch of other cryptos. Here is what to look for coming next:
1) Companies that had ICOs
2) Companies that used crypto, NFT or…
Let's briefly talk timeline for the SEC v. Ripple case (I will provide an better breakdown on Coil). A Pretrial Conference has been set with Judge Torres on February 22, 2021. The point of this conference is to determine if there is a hope of settling and discovery dates (1/5)
If the Wyden/Lummis/Toomey amendment does not pass, I will make sure to do a frequent "friendly reminder" post so that all constituents can see which of their representatives voted to stifle innovation. Lets go Senate, it's time to innovate.
Here’s a fun thought experiment to ruin everyone’s Sunday’s: If Ripple were to win on its “fair notice” defense, that wouldn’t actually clarify whether XRP is a security or not. All it would clarify is that the SEC couldn’t fine/punish Ripple for its past sales.
Just a friendly reminder to all in the Crypto space that Congress is trying to crash all your parties with a poorly written provision. If this passes, there will be drastic consequences. Let's take a stand!
The SEC’s mission statement is to “protect[] investors, promote[] fairness, and share information about companies . . . to help investors make informed decisions and invest with confidence.” The SEC has done the exact opposite in this lawsuit.
@SEC_News
(2/10)
Dogecoin is a security. I bought from Elon Musk and the only thing driving it’s price is his tweets. I bought it for money from Elon with an expectation of profits solely from his tweets and based on prior experiences it was reasonable to believe.
@SEC_News
please get on this.
Here is one of the articles that I promised a week or so ago: My analysis of the SEC v. Ripple lawsuit. I think I may be able to convince
@JoelKatz
to sell gym shorts. If so, I expect my pair signed.
#XRP
#Howey
#SEC
#Ripple
#Security
The Russian invasion of Ukraine has nothing to do with XRP 🤦♂️. I just can’t believe there are people out there cheering this war on for the reason that it allegedly fulfills their riddles that have gone unfulfilled for years.
That doesn’t sound like sharing information about companies to help investors make informed decisions and invest with confidence. It sounds like bad governance. It sounds like a tragic failure of the confidence instilled in them by the American people. (9/10)
I’m not saying Ripple did this, I’m saying that the SEC has alleged these exact acts in its complaint, and then gave the company that it believed to be a bad faith actor at least 24 hours notice before the public. That doesn’t sound like “protecting investors” to me (8/10)
For those of you who want to try to get your respective Legislators involved in the Ripple v SEC lawsuit, I have attached an Open Letter to Congress and instructions on how you can send this letter (or a similar letter) to the Legislator of your choice :
It’s crazy that it took an SEC lawsuit for people to diversify their holdings. Im extremely long XRP more than anything else, but I never held just XRP only. A big reason I didn’t sell any XRP is because I was already diversified and I’m not a trader.
@BenArmstrongsX
Ben Armstrong is exactly what is wrong with crypto. I’m not going to sit here and pretend to be sad that he lost his company.
The same dude who spent the last few years of his life non-stop putting a stain on the technological advancements of blockchain.
Party time tmrw.
I finally took some time to look back in to the Ripple lawsuit. A lot has happened. Some good, some bad. I still think the overall end result will be a forward-facing victory for Ripple with the possibility of them getting slapped on the wrist for the initial offering. 1/
Stable coins are stable they said. Stable coins are the XRP killer they said. There’s still only one asset that I know of that is positioned appropriately to handle cross-border transactions and doesn’t rely on some intermediary to exist -
#xrp
Realistically the SEC enforcement has affected not just Ripple, but every US company dealing with cryptocurrencies in the US. Outside of the US, businesses are thriving.
BREAKING: People close to
@Ripple
say while the
@SEC_Enforcement
case over XRP has hurt its domestic biz, it's business is thriving overseas, further proof the
@SECGov
crypto enforcement agenda is forcing innovation to occur outside the US. Story developing
Longer than that. This means, that at the very least, the SEC knew that it may bring an action against Ripple since early 2019 and said nothing despite its obligation to protect investors and share information to help investors make informed decisions. (4/10)
I argued for destroying tribalism years ago when Ripple faced the SEC action. Unfortunately for most XRP holders, the rest of the world continued on, and even pointed to Ripple/XRP as the bad guys and didn’t step up. Coinbase & Binance are two companies that could have done more
The company that they believed to be the bad actors at least a 24 hour notice before the public that an action was coming. With this information, Ripple could have dumped their massive available XRP supply on the market, they could have informed their partners, etc. etc. (7/10)
I’ve just read the Gensler crypto assets testimony to Senate Committee on Bank, Housing, and Urban Affairs. Overall feeling is negative and over aggressive. Gensler appears to believe that a lot of crypto is scams and fraud and the SEC and other agencies should be the answer 1/
Just a friendly note to all on a momentus day like today as the
#HinmanEmails
are released. Be careful what links you click and by whom. Any of these docs can be infected. I would generally look for the docs from
@CryptoLawUS
as barring any kind of hack, that's the safest source
In its complaint, the SEC alleges that Ripple has been selling unregistered securities from 2013-present (p. 2). In its complaint, the SEC admits that its at least known of the potential issue since April 1, 2019 (p. 67). However, it is clear they’ve known about xrp much (3/10)
The Ripple SJ decision is in. Here is the broad summary. Will break down further:
Institutional Sales by Ripple ARE investment contracts
Programmatic Sales by Ripple ARE NOT investment contracts
The court chooses to NOT address secondary market sales
Now, this may not be enough for you, BUT, here’s the kicker. The night before the lawsuit was filed, the CEO of
@Ripple
,
@bgarlinghouse
announced of the incoming lawsuit on twitter. He then later showed the contents of an email he sent to his employees the night before (5/10)
The big lesson I have learned from this (which is really just a reminder) is that Congress needs to take this ball from the SEC and other agencies. Congress needs to regulate, and they need to do it intelligently and in a forward-thinking matter. Hope im not asking too much 3:3
I think this would be a good time for Coinbase to publicly recognize that the SEC is overstepping and make the leap and realist XRP. Yes, you may face a lawsuit, but it’s time the crypto industry stand together and support each other. I stand with Coinbase and Ripple
You want to know why this comment is garbage and useless?? It’s because the SEC has failed to give actual reliable guidance on what is a digital asset security. What’s the point of allowing broker dealers to hold digital asset securities if they don’t know what qualifies as one?
Let’s break this down. The SEC believed that Ripple was engaged in illegal securities sales, and went as far as alleging market manipulation and bad faith in its complaint (although not officially pleading them in their prayer for relief), but then turned around and gave (6/10)
Not surprised the SEC won’t get copies of legal advice that Ripple received from its attorneys. No real effect on the issue in dispute, but a good ruling.
And you know what proves my love for XRP? The fact that no matter how many times I deal with death threats and say I’m not gonna post about XRP anymore, I keep coming back.
STORY TIME - Here's an oversimplified explanation of what the SEC (and most agencies) are and having been doing for years, and how I believe they've been abusing their statutory authority: Imagine you live in a world with the only animals being cats. 1/9
Can someone explain to me what happened in the
@LBRYcom
hearing with
@JohnEDeaton1
. I’m seeing different answers almost like a chuck norris story. At this point, until someone corrects me, I’m going with - Deaton convinced the SEC that they themselves are the security
Flare uses very little energy relative to POW smart contract platforms. This makes NFT’s and all other applications on Flare substantially less environmentally impactful.
#UnleashingValue
Maybe it’s just because I’m a lawyer, but this is probably one of the best videos I’ve watched since I joined the crypto space in 2015/2016. A lot of good info. Thanks
@JohnEDeaton1
@Marc_Fagel
@attorneyjeremy1
. I’m happy there’s someone on each side of the argument
Now that the Ripple v. SEC lawsuit is over (for now) is it time to go back to a simpler time of riddlers and cartoon bears, or are we ready to move on to Utility and bridging assets?
Asking for a friend
I see nothing to believe at this point that the SEC v Ripple lawsuit isn’t moving forward. I know there have been rumors, but the court docket leads me to believe differently. I will let you know if I see anything to the contrary.
It’s really sad to see scam project after scam project come crashing down watching my friends and twitter-mates get affected by clear scams and ponzis with no protections, while the SEC is over here wasting time on the Ripple lawsuit. We need to do better.
Now that
@HammerToe
got a job with
@RippleXDev
, I expect to get my job offer to be
@Ripple
‘s official twitter lawyer in the next few days. My roles will be clarifying laws, some moderate trolling, explaining all concepts using
@JoelKatz
selling gym shorts as an example
@CGasparino
@coinbase
@Ripple
This is a really bad take lol. No real lawyer will take the decision on what was essentially a motion to dismiss and apply it to a SJ decision. The haters need to come up with better content
I am enjoying watching the crypto space go through the motions that the
#xrparmy
#XRPCommunity
did when the SEC action was first filed. Heck I remember watching the MIT videos before he took over thinking “this guy will be good for crypto.” I’ve never been more wrong in my life
TBH I got a lot of hate months ago for stating that Charles Gasparino shouldn’t have been given any relevance to begin with. And here we are….
#xrpcommunity
This has been one of the hardest parts about being part of a public company. Coming to a decision that you think it great, but then getting a lot of backfire from the community and others. Either way, this shows that Hugo and Flare are listening to everyone’s concerns
1/ I made a mistake invoking governance over the distribution. I am cancelling the proposals. The distribution will remain 15% and then 3% per month. If tax creates sell pressure then a governance proposal can be submitted by the community to curtail the distribution.
I understand with shareholders that they won’t relist. It’s the prudent thing to do. But maybe it’s time
@brian_armstrong
and
@coinbase
join the fight and get vocal about the SECs poor use of enforcement actions as a tool to create law.
@HesterPeirce
1/ One of the things that
#Ripple
has done right imo for the longest time was the quarterly report. Here is an example of the Q1 2023 XRP markets report.
Here's my real opinion. Stop focusing on the SEC. Focus on Congress. We need well-thought out legislation setting the stage for the federal agencies, not the other way around. If we continue to allow federal agencies to each promulgate rules, the result is piecemeal enforcement
Anyone who openly praises Coinbase defending itself against the SEC lawsuit for the sake of the crypto industry but still refuses to even at a minimum accept the important of the Ripple case and what types of reverberations any decision will have in the crypto industry
1/2
Buried myself in the infrastructure bill. Such bad. This is the best we can come up with? It’s sad to see years of lobbying practically wasted due to the few that don’t understand crypto trying to dictate it for the many in a power and money grab
Its extremely frustrating to deal with people who aren’t attorneys who have done their own google legal research, telling me that I’m wrong regarding laws just because they don’t like what I have to say. I don’t come into your office and tell you you’re doing your job wrong
Update on SEC & JP Morgan action.
As a reminder, JP Morgan “accidentally” deleted 47 million banking records while in the middle of multiple civil securities violation actions.
Result: $4 million dollar fine
My take: this could be an honest mistake, but I wouldn’t be surprised…
As we all know, Ripple, Chris Larsen, and Brad Garlinghouse will be replying soon to the lawsuit filed by the SEC alleging the wrongful sale of unregistered securities (XRP). Here is a blog where I state my anticipation of what their replies may look like:
Interesting. There’s a lot going on here. It looks like the SEC is making efforts to search all internal BTC, ETH, and XRP documents, but seems to be doing so slower than molasses. Doesn’t surprise me having worked in a gov’t entity that things are slow
#XRPCommunity
#SEC_NEWS
v.
#Ripple
#XRP
Ripple files motion to compel. SEC refuses to turn over internal BTC, ETH and XRP documents Judge Netburn twice told them to turn over. Not a single document has been produced. Judge Netburn will not be pleased.
#XRPCommunity
#SECGov
v.
#Ripple
#XRP
Attorney Lilya Tessler of Sidley Austin LLP filed an Appearance as Amicus Curiae on behalf of the Chamber of Digital Commerce.
Going off of this, here is a form letter that I created to the SEC and instructions for how to submit it. We should all submit something regarding this rulemaking attempt. 1/
A number of people have sent me DM's asking me why I'm so bullish on the possible appointment of Gary Gensler as Chairman of the SEC. First and foremost, it's important to note that not everything I tweet is about Ripple and XRP. I do believe that he is the right person 1/
#XRPCommunity
#SEC_NEWS
v.
#Ripple
#XRP
After a 2 1/2 year investigation, and almost 6 months after filing the complaint, the SEC has just requested that the Court extend the deadlines for both fact and expert discovery by sixty (60) days.
Being part of the
@BlockchainAssn
is a dream for me. All these years of tweeting my beliefs about the lack of clarity, now I get to get involved with the most influential association in the space and
@GoGalaGames
will get to be at the forefront of implementing policy change.
Something I learned about
@coinbase
that I didn’t know that increases my respect for them is that they acquired a broker-dealer license and it remains dormant. Many companies in the blockchain space pretend like they are trying to be compliant.
Stablecoins are not securities. Some may be, but treating them all the same would be foolish and dishonest. The Token Taxonomy Act would provide necessary legal clarity. Congress must take action to allow
#FinTech
to flourish in America.
For all the shit that the SEC gets, there really is not enough pressure on Congress for absolutely and unequivocally failing to establish regulations. I was screaming about this in 2019 and im still screaming about it today. Congress could easily end this charade
I, along with bipartisan Blockchain Caucus co-chairs
@RepDarrenSoto
,
@RepDavid
, and
@RepBillFoster
sent a letter to every single Representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry.
This is the real fight we need to be having now. People NEED to call their senators. And tweet them. And email them. Vote will likely happen on Saturday. The crypto space needs to band together to stop horrible legislation from being passed
We NEED you. Pls call your Senators. Pls tweet. Pls email. We are facing major headwinds on the Wyden-Lummis-Toomey amendment. Burying financial innovation in red tape & sending devs + miners on info collection wild goose chases for info they don’t know is horrible policy.
@attorneyjeremy1
I think Coinbase is doing the right thing for themselves and have been. Relisting could open themselves to SEC scrutiny. If I were their counsel I’d wait this out.