Stuart Alderoty @s_alderoty Twitter profile

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Stuart Alderoty

@s_alderoty

10 months

A huge win today – as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions – to developers, to charities, to employees are not securities.

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Stuart Alderoty

@s_alderoty

2 years

Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.

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Stuart Alderoty

@s_alderoty

11 months

1/ It’s been 5 years since Bill Hinman gave his infamous speech – and through the SEC’s lawsuit against @Ripple (and 7 court orders), we can finally share what happened behind the scenes through the now public emails / drafts of the speech.

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Stuart Alderoty

@s_alderoty

7 months

The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

7 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: CASE DISMISSED AGAINST BRAD GARLINGHOUSE AND CHRIS LARSEN

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Stuart Alderoty

@s_alderoty

9 months

Welcome to O̵f̵f̵i̵c̵e̵ After Hours with me! Let’s clear up this confusion about securities, investment contracts and digital assets.

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Stuart Alderoty

@s_alderoty

2 years

I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.

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Stuart Alderoty

@s_alderoty

5 months

Before the SEC sued Ripple, Chris and Brad (3 yrs ago today) they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short window to “come into compliance.” We said no because: (1) XRP is not a…

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Stuart Alderoty

@s_alderoty

1 year

The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.

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Stuart Alderoty

@s_alderoty

7 months

The Court’s July 13 ruling was, and remains, the law of the land. XRP is not a security.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

7 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has DENIED the SEC’s Motion to File an Interlocutory Appeal.

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Stuart Alderoty

@s_alderoty

10 months

It's outrageous that in today's Senate hearing, Mr. Gensler again misstates the law (and the Howey test), suggesting that tokens, standing alone, are investment contracts. Is the SEC really going to continue to be allowed to peddle these falsehoods?

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Stuart Alderoty

@s_alderoty

1 year

Crypto lawyer PSA: Chair Gensler has again proclaimed that every cryptocurrency, except BTC, is an unregistered security. He now must recuse himself from voting on any enforcement case that raises that issue since he has prejudged the outcome. Antoniu v. SEC (8th Cir. 1989)

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Stuart Alderoty

@s_alderoty

1 year

This is our final submission where we ask the court to grant judgment in our favor. After two long years, Ripple is proud of the defense we’ve mounted on behalf of the entire crypto industry. We have always played it straight with the Court. Can’t say the same for our adversary.

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Stuart Alderoty

@s_alderoty

3 years

XRP holders have always said that the SEC’s lawsuit is a direct attack on them. Now it's official. The Court’s ruling permits John Deaton to share his “meaningful perspective” to help the Court “reach a proper decision.” Yet another important (and positive) development.

CryptoLaw

@CryptoLawUS

3 years

🚨BREAKING: Judge Torres grants amici status to @JohnEDeaton1 and Movants, and Denies Motion to Intervene in @Ripple v. @SECGov ADDED to our Document Library: ✅Text of the Order from Judge Torres 👇

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Stuart Alderoty

@s_alderoty

2 years

Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP - since 2013 - would ever be prohibited under the securities law.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v #Ripple #XRP Breaking. Motion to Strike Fair Notice Defense Denied.

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Stuart Alderoty

@s_alderoty

2 years

The conclusion of these now public 2012 memos is clear: XRP “do not constitute securities.” 1/2

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #XRP #SECGov v. #Ripple #XRP BREAKING: BELOW ARE THE TWO LEGAL MEMOS THAT HAVE NOW BEEN UNSEALED.

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Stuart Alderoty

@s_alderoty

1 year

As we hit the beginning of the end with the SEC lawsuit, I couldn’t have asked for a better team to be part of. Thankful everyday for my equally inimitable colleagues at @Ripple !

Brad Garlinghouse

@bgarlinghouse

1 year

Learned a few new fun facts about our inimitable @s_alderoty here myself! ( example: the man has put out BOTH literal and figurative fires 🔥)

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Stuart Alderoty

@s_alderoty

1 year

Over 40 million Americans own crypto. Most of those are between the ages of 18-34 and are demographically and racially diverse. That’s a lot of votes. Gary Gensler is a political liability.

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Stuart Alderoty

@s_alderoty

10 months

Could not agree more with @katiebiber . Pathetic “statement” coming from the SEC today. Take the loss. You earned it.

Katie Biber

@katiebiber

10 months

SEC Statement on Ripple has vibes of young campaign hack spinning on bad facts, vs powerful government agency expected to tell the truth. Do better.

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Stuart Alderoty

@s_alderoty

3 years

Today, we filed our preliminary legal response to the SEC’s complaint. With it, we start to set the record straight and correct many misconceptions and contradictions within their allegations. 1/5

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Stuart Alderoty

@s_alderoty

10 months

Talking to someone who still doesn’t understand that the token itself is not the security is like explaining to a flat earther that the world is round.

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Stuart Alderoty

@s_alderoty

1 year

Just released photo of SEC’s misguided case following two years of Ripple’s relentless defense.

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Stuart Alderoty

@s_alderoty

3 years

As many of you have seen, the SEC filed an amended complaint today. The only legal claim remains: did certain distributions of XRP constitute an investment contract? Disappointing the SEC needed to try to “fix” their complaint after waiting years to bring it in the first place...

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Stuart Alderoty

@s_alderoty

4 months

Per *its own rules*, w/in 4 days the SEC should disclose the incident's nature and scope, and the impact on the market along with a description of its processes for assessing, identifying, and preventing such cybersecurity threats.

Gary Gensler

@GaryGensler

4 months

The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

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Stuart Alderoty

@s_alderoty

10 months

Guess not...

Stuart Alderoty

@s_alderoty

3 years

Did someone drop their security?

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Stuart Alderoty

@s_alderoty

1 year

The SEC admits that FTX customer assets were used to bail out BlockFi. Were those customer assets funneled to the SEC to make payments on the $100 million SEC/BlockFi settlement? Did the SEC bother to conduct any due diligence on the source of those funds?

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Stuart Alderoty

@s_alderoty

2 years

My hot take - after two years of litigation, the SEC is unable to identify any contract for investment (that’s what the statute requires); and cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise.

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Stuart Alderoty

@s_alderoty

1 year

Missed all the excitement yesterday on the Gensler hearing. I am in London, spending time with our team focused on growing our business. Can't tell you how inept the SEC looks from this side of the pond.

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Stuart Alderoty

@s_alderoty

10 months

Maybe we can now start a rational conversation about crypto regulation in this country.

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Stuart Alderoty

@s_alderoty

3 years

Every litigator will tell you it’s always the defendant - never the plaintiff - asking to delay proceedings. Why would any plaintiff, let alone one with unlimited resources, play the delay card? 👀

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Stuart Alderoty

@s_alderoty

2 years

The fact that Ripple had the foresight to seek legal advice from a prominent firm in 2012 – in the absence of clear case law and 5 years before the SEC even started talking about digital assets – should be applauded. 2/2

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Stuart Alderoty

@s_alderoty

3 years

Reminder: The SEC complaint only "alleges." Nothing has been determined. That's what Courts are for. That's it. That's the tweet.

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Stuart Alderoty

@s_alderoty

7 months

A must watch. For hours Mr. Gensler smugly evaded question after question (even laughing about how rich he is) until Rep. Torres took him out with a command of the law and a touch of South Bronx street sense. Gensler didn’t know what hit him until it was too late.

Rep. Ritchie Torres

@RepRitchie

7 months

I cross-examined @SECGov Chair Gary Gensler about the term 'investment contract', which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are deafening and damning.

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Stuart Alderoty

@s_alderoty

9 months

The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

9 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”…

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Stuart Alderoty

@s_alderoty

10 months

My absolute gratitude to the teams that have been working tirelessly on this matter for over the years. The Judge’s decision affirms so much of what this industry is fighting for, and shows that the SEC does not have unbounded jurisdiction over crypto.

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Stuart Alderoty

@s_alderoty

2 years

Can I get a fact check on aisle 2, please? Rep Sherman, the US has not (in fact, no country has) determined XRP to be a security. When elected officials don’t understand that the mere filing of a case by the SEC doesn’t determine anything…it’s more than concerning.

The Block

@TheBlock__

2 years

US Rep. Brad Sherman urges SEC to ‘go after’ crypto exchanges that had traded in XRP

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Stuart Alderoty

@s_alderoty

8 months

Swung by @SCOTUS in between meetings in DC. While the industry waits for legislative clarity from Congress, we should always be able to count on checks and balances.

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Stuart Alderoty

@s_alderoty

10 months

A securities agency only has jurisdiction over securities. No security, no role for the SEC. Pretending to have jurisdiction when there is none, is simply a political power play. It helps no one; it hurts everyone.

Brad Garlinghouse

@bgarlinghouse

10 months

An important topic has come up about protecting retail. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences.

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Stuart Alderoty

@s_alderoty

8 months

The SEC is getting battered in the court. In our case it's been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses and now another distinguished court saying it’s "arbitrary and capricious" - that’s a really big deal.

CoinDesk

@CoinDesk

8 months

BREAKING: An appeals court has ordered the SEC to review its rejection of Grayscale's bitcoin ETF bid, potentially opening the door to an approval. @ledesmalyllah reports

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Stuart Alderoty

@s_alderoty

1 year

It's my Dad’s birthday today. 93. A son of immigrants. Proud Brooklyn native. Dropped out of high school to join the Army as the Korean war was breaking out. A retired Teamster who still believes in fairness. Every time we speak he asks: “Did you win your case yet?”

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Stuart Alderoty

@s_alderoty

5 months

A troubling pattern emerges: - Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.” SEC v Ripple, 7/12/22 - Court agrees that the SEC defaulted on its duty to respond in good faith to…

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Stuart Alderoty

@s_alderoty

1 year

Suddenly now saying that you haven’t prejudged every crypto (with the possible exception of BTC) as a security, after being called out for publicly prejudging every crypto as a security doesn’t unring the bell. Words have consequences, even for unelected senior bureaucrats.

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Stuart Alderoty

@s_alderoty

13 days

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing…

James K. Filan 🇺🇸🇮🇪

@FilanLaw

13 days

#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed its Opposition to the @SECGov 's Motion for Remedies and Entry of Final Judgment.

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Stuart Alderoty

@s_alderoty

1 year

Ripple’s reply brief is public. You can view it here👇

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 year

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple has filed its Redacted Reply to the SEC's Opposition to Ripple's Motion for Summary Judgment.

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Stuart Alderoty

@s_alderoty

1 year

Yesterday’s opinion from the Court on Ripple and the SEC’s proposed expert opinions – if you didn’t read all 57 pages, here’s the TLDR… 1/4

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Stuart Alderoty

@s_alderoty

2 years

The SEC is making it up as it goes. Using “strategic ambiguity” and enforcement—or the threat of it— to advance its own jurisdiction rather than collaborate with other regulators, policymakers and market participants. When will the tactics stop?

Roslyn Layton, PhD

@RoslynLayton

2 years

Who Will Protect Investors From The #SEC ? via @forbes #ripple #xrp #xprcommunity

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Stuart Alderoty

@s_alderoty

10 months

The only thing the Court found constitutes an investment contract is past direct XRP sales to institutional clients. There will be further court proceedings only on these institutional sales per the Court’s order.

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Stuart Alderoty

@s_alderoty

3 years

Today Ripple filed our answer to the SEC's amended complaint. Notably w/ full transparency to the SEC: XRP was listed on 200+ exchanges, billions of $ in XRP were bought/sold monthly, many market makers had daily XRP txns, & 3rd party products (not developed by Ripple) used XRP.

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Stuart Alderoty

@s_alderoty

11 months

The law requires SEC employees, like all federal employees, to act (and appear to act) impartially. The law asks: Would a reasonable person, knowing the facts, question the employee’s impartiality. You now know the facts. 5 CFR 2635.101(b)(14)

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Stuart Alderoty

@s_alderoty

1 year

To be clear: The SEC’s tag along complaint against SBF seeks to recover funds for FTX’s sophisticated equity investors, not the consumers who have been left holding the bag in bankruptcy court.

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Stuart Alderoty

@s_alderoty

2 months

Today a Federal Court sanctioned the SEC for abusing its unique status to present evidence that was false, mischaracterized, and/or misleading. If anyone thinks this conduct by this agency under this leadership is limited to this case, I have a bridge in Brooklyn to sell.

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Stuart Alderoty

@s_alderoty

6 months

The Binance resolution of anti-money laundering (etc.) violations is a necessary step to bring the crypto industry into compliance with these important laws and safeguards. Big banks all went through some version of this years ago.

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Stuart Alderoty

@s_alderoty

11 months

The allegations in these suits are just that – unproved. The SEC – despite what Chair Gensler pretends - does not have a magic regulatory wand that it can just wave and say tokens are securities. Looking forward to how the Courts and Congress will take this.

Brad Garlinghouse

@bgarlinghouse

11 months

If it wasn’t already clear, it should be now – Chair Gensler’s laughable “pro-innovation” stance (as he said today), is exactly the opposite. What this also tells me is that the SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle.

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Stuart Alderoty

@s_alderoty

6 months

Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.

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Stuart Alderoty

@s_alderoty

9 months

We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

9 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files it’s opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal.

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Stuart Alderoty

@s_alderoty

3 years

Did someone drop their security?

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Stuart Alderoty

@s_alderoty

6 months

While Mr. Gensler is making bad Halloween jokes on X, his agency is being shamed for ignoring the law that requires agency rules to be reviewed by Congress. Seems the SEC has become the lawless Wild West Gensler loves to talk about so much.

U.S. GAO (Legal)

@usgaolegal

6 months

Securities and Exchange Commission—Applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121

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Stuart Alderoty

@s_alderoty

6 months

The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler - admitting no fault - has become the insulate Col. Jessep.

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Stuart Alderoty

@s_alderoty

3 months

Who else would hire him? He’s politically toxic, he’s a serial loser in the courts, his staff has been caught lying to judges, his agency’s Twitter account was hacked in the most embarrassing way, and his sponsor at MIT quit because of close Epstein ties. Did I miss anything?

Eleanor Terrett

@EleanorTerrett

3 months

SEC Chair Gary Gensler said Wednesday he "absolutely" plans to stay on as Wall Street's top regulator should President Joe Biden win a second term in November. "I love this job," Gensler said in an interview from his office at the SEC's headquarters in Washington. - @declanharty …

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Stuart Alderoty

@s_alderoty

1 year

Update: The SEC has lost 5 of its last 6 cases in the Supreme Court. SEC v Cochran (4/14/23)

Stuart Alderoty

@s_alderoty

1 year

The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.

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Stuart Alderoty

@s_alderoty

1 year

The SEC’s $2.2B funding request includes $680M for 1,500 enforcement staff. So how much of this is for rulemaking to provide actual guidance vs more enforcement actions that stretch theories (and the SEC’s jurisdiction) far past any faithful allegiance to the law?

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Stuart Alderoty

@s_alderoty

1 year

The enemy of my enemy is my friend.

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Stuart Alderoty

@s_alderoty

2 years

A dozen independent voices - companies, developers, exchanges, public interest and trade assoc.’s, retail holders - all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Extend the Time to file all parties’ Reply Briefs until November 30, 2022 and asks the Court to Order that any additional Amicus Briefs be filed by November 11, 2022. Ripple consents. New dates in motion.

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Stuart Alderoty

@s_alderoty

2 years

To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay.

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas.

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Stuart Alderoty

@s_alderoty

1 year

Before other politicians join Sen. Warren’s anti-crypto army, remember her 2020 campaign for the Democratic presidential nomination failed so miserably she dropped out after being declared unelectable.

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Stuart Alderoty

@s_alderoty

2 years

The SEC argued in LBRY: "Even if a fraction of people" buy a token for "investment purposes, you’re in securities land." Does every jeweler now book a one way ticket to "securities land" because a "fraction" of their customers are “investing” in the oldest commodity - gold?! 1/3

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Stuart Alderoty

@s_alderoty

11 months

This week we saw the SEC bet on a strategy of shock and awe. My money remains all in on the rule of law.

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Stuart Alderoty

@s_alderoty

2 years

The day is finally here - our motion for summary judgment is public - you can view it here👇

James K. Filan 🇺🇸🇮🇪

@FilanLaw

2 years

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple Labs, Brad Garlinghouse and Chris Larsen file Motion for Summary Judgment seeking judgment as a matter of law.

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Stuart Alderoty

@s_alderoty

3 years

Seeing lots of tweets spreading misinformation (legal and otherwise). Here are some facts: 1. First line of the SEC complaint alleges: “From at least 2013…” (years before the DAO Report). Yet the complaint was not filed for 7 years and the day before the Chair leaves office?!

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Stuart Alderoty

@s_alderoty

2 years

In today’s Senate Banking Committee hearings, Chair Gensler misstated the Supreme Court test to determine what is and isn’t a security. Was it intentional or does he really not know the law? Which is worse?

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Stuart Alderoty

@s_alderoty

5 months

Biggest crypto story of 2023: Gary Gensler suffered his “worst loss” when Judge Torres ruled that XRP is not a security. “Judge Analisa Torres ruled that the asset [XRP] today no longer qualifies for securities regulation. This was SEC chair Gary Gensler's worst loss, coming on…

Axios

@axios

5 months

It was a brutal year for the cryptocurrency industry. From NFTs to XRP, here were the biggest crypto stories of 2023 👇🤑

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Stuart Alderoty

@s_alderoty

6 months

Remarkably, Gensler suggested that a crypto project retaining a lawyer is a security. That’s wrong as a matter of law, not to mention common sense. And it’s a not so subtle and outrageous threat to everyone’s right to consult with counsel.

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Stuart Alderoty

@s_alderoty

2 years

The SEC’s Office of Inspector General's (OIG) report is worth a read. Besides the embarrassingly bad performance review, the OIG concludes “there is uncertainty” whether the SEC has jurisdiction over crypto. This is the SEC’s own cop on the beat talking.

Opinion | Gary Gensler’s Bad Performance Review

The SEC Chair’s furious rule-making pace is damaging the agency.

www.wsj.com

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Stuart Alderoty

@s_alderoty

2 years

Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s “regulation by enforcement” approach.

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Stuart Alderoty

@s_alderoty

1 year

To be clear, the SEC hasn’t labeled XRP a security, nor does it have the power to do so. One Judge put it this way: the SEC can only ask the question and the court ultimately answers.

Jeff Roberts

@jeffjohnroberts

1 year

Fresh off its SBF puff piece, the NYT goes easy on Gary Gensler

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Stuart Alderoty

@s_alderoty

1 year

Re: yesterday’s CoinDesk op-ed – I’m glad even the detractors recognize that the SEC’s invitation to “come in and register” is like trying to take a “Ford Model T into space.” But if you are going to try to debunk Ripple’s legal positions, at least understand them first 🙄.

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Stuart Alderoty

@s_alderoty

5 months

So let me get this straight. Government lawyers lie to the Court to gain an unfair advantage in litigation and the SEC’s answer is to say that going forward those lawyers will now be taught to be honest when saying things to Judges. Gensler’s SEC has become a travesty.

David "JoelKatz" Schwartz

@JoelKatz

5 months

The SEC has filed its response to the Order to Show Cause in the Debt Box case.

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Stuart Alderoty

@s_alderoty

1 year

I laid out a few thoughts today in @FortuneMagazine on the need for congressional oversight of the SEC after the recent collapses of BlockFi and FTX (among others):

Ripple: ‘Congress must examine the SEC’s role in the recent crypto contagion’

For the last two years, Ripple has been arguing that the SEC is overreaching on crypto regulation. It's time for the new Congress to provide certainty.

fortune.com

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Stuart Alderoty

@s_alderoty

3 years

To all asking for updates on the SEC lawsuit: no surprise, the legal process takes time! We may be quiet but we are not idle. Our full legal team will announce themselves shortly and we’ll be filing our initial response to the SEC’s unproven allegations within weeks.

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Stuart Alderoty

@s_alderoty

8 months

What’s most concerning to me (and should be to you) in the full video clip is the shocking admission of an unelected bureaucrat that he won't respect the decisions of the Courts.

Gensler on New Disclosure Rules, Possible Shutdown

US Securities and Exchange Commission Chair Gary Gensler says a government shutdown would mean normal oversight of markets would be impossible. He also talks about regulating the crypto space and new...

www.bloomberg.com

Bloomberg Crypto

@crypto

8 months

SEC Chair Gary Gensler says having US securities laws apply to crypto would only benefit and protect investors from "fraud and manipulation"

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Stuart Alderoty

@s_alderoty

10 months

PSA for other crypto defendants-- check out footnote 20 where the Court makes it clear that the SEC’s theories (other than to Institutional Sales) are potentially very much subject to a Fair Notice defense. 👀

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Stuart Alderoty

@s_alderoty

9 months

Let me be clear about some confusion going around – the ruling in the Terra case changes NOTHING about the Ripple ruling that XRP is not a security. Also…

Bloomberg Crypto

@crypto

9 months

A federal judge in New York split with another judge who earlier this month ruled that a Ripple Labs token was not a security when sold to the public on secondary markets

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Stuart Alderoty

@s_alderoty

7 months

1/ The SEC Chair will go to Congress tomorrow and lie by stating that there is such a thing as a “crypto asset securities market” and tokens themselves are investment contracts.

Eleanor Terrett

@EleanorTerrett

7 months

🚨NEW: @SECGov Chairman @GaryGensler ’s testimony for tomorrow’s House Financial Services hearing has been released. Here are his comments on #crypto 👇🏼

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Stuart Alderoty

@s_alderoty

7 months

There is so much wrong with the SEC’s brief in the Coinbase case I don’t know where to begin. Let’s start with the SEC claiming, without citation or support, that digital assets have no innate or inherent value while collectible baseball cards do.

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Stuart Alderoty

@s_alderoty

11 months

If I remember correctly, the moral of the 19th century opus - - Prometheu[m] Unbound - - is that it's more heroic to actively support justice for all, and suffer the punishment, than strike a deal with a corrupt authority for the sake of personal comfort and gain.

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Stuart Alderoty

@s_alderoty

1 month

As you will see when the SEC’s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties. 1/4

James K. Filan 🇺🇸🇮🇪

@FilanLaw

1 month

#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.

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Stuart Alderoty

@s_alderoty

10 months

No question. Absolutely no question.

paulgrewal.eth

@iampaulgrewal

10 months

Don’t be misled that Judge Torres ruled that sometimes XRP is a security and sometimes it isn’t. That’s exactly the opposite of what she ruled: XRP itself is NEVER a security. “ Page 15: "XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’…

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@s_alderoty

24 days

The SEC continues to lose. The Second Circuit Court of Appeals refused to reconsider their decision in Govil which held that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller.

Stuart Alderoty

@s_alderoty

6 months

Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.

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Stuart Alderoty

@s_alderoty

2 years

4 years since the (in)famous Hinman speech, and we’re nowhere closer on knowing how to classify digital assets in the US – keeping every crypto, including ETH, in regulatory limbo. I penned some thoughts for @Fortune why enough is enough, @SECGov .

Ripple's general counsel: Hinman's 2018 speech 'muddied the crypto waters'

For Ripple, William Hinman’s 2018 speech affirmed the conclusion that the cryptocurrency XRP was not a security.

fortune.com

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Stuart Alderoty

@s_alderoty

11 months

14/ And finally, Hinman’s speech should never again be invoked in any serious discussion about whether a token is or is not a security. Unelected bureaucrats must faithfully apply the law within the constraints of their jurisdiction. They can’t - as Hinman tried - create new law.

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Stuart Alderoty

@s_alderoty

1 year

As we have said throughout, we have always felt confident about our case and with each ruling, even more so. 4/4

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Stuart Alderoty

@s_alderoty

3 years

In 2015, the US Government concluded XRP was a virtual currency. Last I checked the SEC is still part of the US Government. Here’s the plus side - the industry will finally get the clarity it deserves. Goodbye “Howey test,” hello “Ripple test.”

Brad Garlinghouse

@bgarlinghouse

3 years

Today, the SEC voted to attack crypto. Chairman Jay Clayton - in his final act - is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. (1/3)

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Stuart Alderoty

@s_alderoty

8 months

Another SEC filing, another hypocritical pivot… After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems."

James K. Filan 🇺🇸🇮🇪

@FilanLaw

8 months

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.

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Stuart Alderoty

@s_alderoty

1 year

Nothing was ever “registered” per the BlockFi/SEC deal. What about the first two payments on the $100M fine? If they were made, did the SEC confirm BlockFi’s ability to pay and/or the source of funds? FTX b/cy shows a $250M loan to BlockFi and now customer funds are blocked.

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Stuart Alderoty

@s_alderoty

13 days

In Gensler's first three years as SEC chair, the agency has been sued for abusing its rulemaking powers more times than the SEC was sued in the prior 10+ years (spanning the tenure of three long-serving chairs combined).

Blockchain Association

@BlockchainAssn

13 days

Today, BA and CFAT filed a suit against the SEC asking the court to strike down their arbitrarily applied and unclear Dealer Rule expansion. This rule stifles innovation, harms the burgeoning digital asset industry, and emboldens the SEC to lead by unwritten rules and guidance.…

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Stuart Alderoty

@s_alderoty

2 years

Thinking this morning about when first admitted to the bar, every lawyer has to swear an oath. Not to a desired goal, nor to a client. You swear an oath to a faithful allegiance to the law and to your duties as an officer of the court.

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Stuart Alderoty

@s_alderoty

2 years

. @GaryGensler 's latest WSJ commentary proves that the SEC's priority is to protect its turf at the expense of the 40M+ Americans in the crypto economy. I responded, explaining how his agency’s actions are actually leaving consumers holding the bag.

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Stuart Alderoty

@s_alderoty

11 months

2/ We now can all see Hinman ignored multiple warnings that his speech contained made-up analysis with no basis in law, was divorced from the Howey factors, exposed regulatory gaps, and would create not just confusion, but “greater confusion” in the market.

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Stuart Alderoty

@s_alderoty

1 year

No matter how you dissect it, the experts agree -- the outcome of the Ripple case will likely have a significant impact on crypto's future in the US.

Bloomberg Crypto

@crypto

1 year

An upcoming ruling could help determine the answer to an urgent question: Who should regulate the crypto industry?

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Stuart Alderoty

@s_alderoty

1 year

Government action that has the consequence of depriving legitimate businesses their rights to bank accounts is a violation of constitutional due process – Community Financial Services Association of America v. FDIC, Federal Reserve, OCC (District of D.C. 2015)

CoinDesk

@CoinDesk

1 year

Prospective buyers of Signature Bank will reportedly have to agree to drop all crypto business at the bank. @cheyenneligon reports

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Stuart Alderoty

@s_alderoty

2 years

Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation. In my latest op-ed, I outline the urgent need for sensible crypto legislation from Washington.

Halting the SEC's Regulatory Attack On Crypto

Last week, a House Financial Services Subcommittee held an oversight hearing focused on the Securities and Exchange Commission's (SEC) enforcement division. Despite the norm that ongoin

www.realclearmarkets.com

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