1. It’s virtually impossible to appreciate the full ramification of the New Testament without recourse to the legal construct undergirding it. The New Testament is resolutely mounted on a tripod of commercial law, criminal law and constitutional law. #Illuminare
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1/ After a good night's sleep, I have a few thoughts on the impending Ripple lawsuit.
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
2/ First of all, the USG is going to lose.
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their
3/ Second, the USG should lose.
The SEC restrictions on non-accredited investors; the ridiculous Howey test; 80 year old securities law like the "40 Act" all need to die in fire. They are un-American and completely outdated.
I hope Ripple wins. (WUT?)
4/ Third, it's incumbent upon industry to self-police and hold the moral high ground.
I give certain individuals A's and others F's, but as a whole, the most powerful people and companies generally take a Swiss neutrality stance on assets.
So we're effectively in this together.
5/ We're "in this together" to draw lines of regulatory demarcation.
XRP as a "security" further hurts the U.S. businesses while global comps will continue to make these markets.
XRP as a security also means other assets will meet the same fate. At least Ripple has $ to fight.
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
BREAKING: The @SEC_News intends to sue @ripple over its sale of XRP, alleging the cryptocurrency is an unregistered security according to @bgarlinghouse.@nikhileshde reportshttps://t.co/7Z3KSWk7dn
— CoinDesk (@CoinDesk) December 22, 2020
2/ First of all, the USG is going to lose.
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their
3/ Second, the USG should lose.
The SEC restrictions on non-accredited investors; the ridiculous Howey test; 80 year old securities law like the "40 Act" all need to die in fire. They are un-American and completely outdated.
I hope Ripple wins. (WUT?)
4/ Third, it's incumbent upon industry to self-police and hold the moral high ground.
I give certain individuals A's and others F's, but as a whole, the most powerful people and companies generally take a Swiss neutrality stance on assets.
So we're effectively in this together.
5/ We're "in this together" to draw lines of regulatory demarcation.
XRP as a "security" further hurts the U.S. businesses while global comps will continue to make these markets.
XRP as a security also means other assets will meet the same fate. At least Ripple has $ to fight.
There is a now-relevant parallel here to the difference here between matters before a judge & matters before a jury. Judges are far more reluctant to strike testimony or evidence if they are the only recipients of it, with the theory being that they are really smart about ...
law stuff & will know what they can & can't consider. For instance, there is a long-held rule that a fact witness can't make legal arguments, only a lawyer. So what will happen in a motion for summary judgment, where the entire proceeding is on paper, will play out like this:
1) Defendant makes a motion for summary judgment. It includes a sworn declaration from some fact witness.
2) The declaration includes all sorts of legal arguments about why the defendant should win. Often the declaration includes arguments the brief didn't even make.
Defendants (especially DOJ-represented ones) often do this to get around the word or page-limits placed on briefs.
3) Plaintiff moves to strike the declaration for its inclusion of inadmissible legal arguments.
4) Judge denies the motion to strike, on the grounds that a ...
judge is a sophisticated consumer of evidence & can choose what to consider & what to ignore, unlike a jury.
The legal fiction behind this impeachment exception is that Senators are also smart enough to know what to listen to & what to ignore. Now, that may not be ACCURATE, ...
To the extent that precedents matter in this trial, when hearsay has been challenged in past trials, it's been admitted if it's probative. And it's been noted that senators aren't *regular* jurors, but rather people of learning who can figure on their own how to weigh evidence.
— Ira Goldman \U0001f986\U0001f986\U0001f986 (@KDbyProxy) January 24, 2020
law stuff & will know what they can & can't consider. For instance, there is a long-held rule that a fact witness can't make legal arguments, only a lawyer. So what will happen in a motion for summary judgment, where the entire proceeding is on paper, will play out like this:
1) Defendant makes a motion for summary judgment. It includes a sworn declaration from some fact witness.
2) The declaration includes all sorts of legal arguments about why the defendant should win. Often the declaration includes arguments the brief didn't even make.
Defendants (especially DOJ-represented ones) often do this to get around the word or page-limits placed on briefs.
3) Plaintiff moves to strike the declaration for its inclusion of inadmissible legal arguments.
4) Judge denies the motion to strike, on the grounds that a ...
judge is a sophisticated consumer of evidence & can choose what to consider & what to ignore, unlike a jury.
The legal fiction behind this impeachment exception is that Senators are also smart enough to know what to listen to & what to ignore. Now, that may not be ACCURATE, ...