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 $$$.
https://t.co/MsA9X58lAx
1/ After a good night's sleep, I have a few thoughts on the impending Ripple lawsuit.
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
BREAKING: The @SEC_News intends to sue @ripple over its sale of XRP, alleging the cryptocurrency is an unregistered security according to @bgarlinghouse.@nikhileshde reportshttps://t.co/7Z3KSWk7dn
— CoinDesk (@CoinDesk) December 22, 2020
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their $$$.
https://t.co/MsA9X58lAx
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 They are un-American and completely outdated.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?)
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.
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.
More from Law
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, ...
One of the judges this story mentions is William Cassidy, who was promoted from an Atlanta IJ position to a BIA member position in 2019 by the Trump DOJ. Cassidy has an awful history that has been well-documented, but I'm still enraged reading this reporting.
The story notes that the EOIR Director served as an ICE attorney in Atlanta and practiced before Cassidy for years. And it points to FOIA records unearthed by Bryan Johnson showing they remain friendly.
A trove of complaints against Cassidy was published by AILA in 2019 after FOIA litigation. They generally show misconduct, substantiated in the record, followed by "written counseling" etc.
One way Cassidy could avoid discipline is by turning off the recording device during the hearing. If he made a lewd or offensive comment off the record, all the EOIR would do is listen to the recording. If it's not there, the complaint is "unsubstantiated" https://t.co/wUeBPEEbpV
In that case, Cassidy joked about a detained immigrant saying he missed his wife. The complaint was dismissed because the ACIJ found "no levity or joking" in the comment.
\U0001f6a8New investigation: \U0001f6a8
— Tal Kopan (@TalKopan) January 22, 2021
How sexual harassment and misconduct has been allowed to flourish in the immigration courts, a system intended to give immigrants a fair chance to stay in the U.S.:https://t.co/Lw8hpK5jSe
The story notes that the EOIR Director served as an ICE attorney in Atlanta and practiced before Cassidy for years. And it points to FOIA records unearthed by Bryan Johnson showing they remain friendly.
A trove of complaints against Cassidy was published by AILA in 2019 after FOIA litigation. They generally show misconduct, substantiated in the record, followed by "written counseling" etc.
One way Cassidy could avoid discipline is by turning off the recording device during the hearing. If he made a lewd or offensive comment off the record, all the EOIR would do is listen to the recording. If it's not there, the complaint is "unsubstantiated" https://t.co/wUeBPEEbpV
In that case, Cassidy joked about a detained immigrant saying he missed his wife. The complaint was dismissed because the ACIJ found "no levity or joking" in the comment.
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
