🚨🚨🚨 Antrim audit protective order hearing live now:
Asset AG claiming he hasn't had enough time to review so is asking for heavy redactions because "he can't be sure"
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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 They are un-American and completely outdated.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 They are un-American and completely outdated.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.
Hot take: Courts might be able to review the legality of this impeachment, even under current political-question doctrine. Here’s why and how the issue might arise:
Suppose Senate convicts and disqualifies Trump from ever holding federal office. Trump files paperwork to run anyway, but state officials deny his application, citing his Senate impeachment judgment. Trump sues, arguing that the judgment is void.
Normally a legal dispute about a prospective candidates eligibility to run would certainly present a justiciable case or controversy. But are courts bound to accept the Senate impeachment judgment as valid? Maybe not. Here’s why:
According to Article I, “The Senate shall have the sole Power to try all Impeachments.” This is a small amount of judicial power vested in Congress. When trying impeachments, the Senate sits as a court.
The Senate’s judicial power includes the power to decide relevant legal questions that arise, such as what procedures are sufficient to constitute a “trial” w/in the Constitution’s meaning. Such legal determinations are conclusive, as SCOTUS held in Nixon v. United States (1993).
Honest Q: Some people argue in good faith that an impeachment trial after POTUS leaves office is unconstitutional. I think they\u2019re wrong. But let\u2019s say they\u2019re right, yet senate does it anyway. Does anyone seriously think SCOTUS reverses verdict (or even can)?
— Jonah Goldberg (@JonahDispatch) January 17, 2021
Suppose Senate convicts and disqualifies Trump from ever holding federal office. Trump files paperwork to run anyway, but state officials deny his application, citing his Senate impeachment judgment. Trump sues, arguing that the judgment is void.
Normally a legal dispute about a prospective candidates eligibility to run would certainly present a justiciable case or controversy. But are courts bound to accept the Senate impeachment judgment as valid? Maybe not. Here’s why:
According to Article I, “The Senate shall have the sole Power to try all Impeachments.” This is a small amount of judicial power vested in Congress. When trying impeachments, the Senate sits as a court.
The Senate’s judicial power includes the power to decide relevant legal questions that arise, such as what procedures are sufficient to constitute a “trial” w/in the Constitution’s meaning. Such legal determinations are conclusive, as SCOTUS held in Nixon v. United States (1993).
