XRP Lawsuit ‘Gross Overreach’ of SEC Amid Failure To Provide Regulatory Clarity: Ripple CEO Brad Garlinghouse
The SEC's purposefully vague stance on crypto, making the rules up as they go, is finally coming to bite them in the ass.
SEC vs Ripple: Two-year crypto beef could soon be settled
Ripple denies that XRP qualifies as a security, claiming that sales of the token never included an investment contract.
“The SEC’s untethered position would convert the sale of all types of ordinary assets — diamonds, gold, soybeans, cars, and even works of art — into sales of securities,” says its filing for a summary judgment.
Investors typically regard diamonds, gold, and soybeans as commodities — something the CFTC would normally regulate.
There will be no settlement.
Ripple is going for the throat. They are so far ahead at this point it's crazy.
Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute
Judge Torres’ decision overruled SEC objections to releasing the documents following District Court Judge Sarah Netburn's order declaring that the emails and drafts of the speech were not protected by deliberative process privilege, as the SEC has claimed. The SEC then claimed attorney-client privilege over the documents, which was overruled by Netburn in July. Judge Torres’ ruling overruled the SEC’s objections to that decision.
LOL WTF!?!
Yes... you read that correctly...
Judge Torres’ ruling overruled the SEC’s objections to that decision.
Imagine you are Judge Netburn... presiding over this case... and the SEC brings in ANOTHER judge to try and overrule a decision you made in the case... lol... lol I just can't right now. Imagine having the Securities Exchange Commission try to go over your head like this. Wow they are so fucked.
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The case is a relatively rare example of an SEC action that goes to trial, thus potentially leading to a precedent-setting decision rather than ending in a settlement.
Yeah...
The implications of all these events are huge. The SEC is LYING. That is the reason these documents have been hidden from the court for so long. They prove the SEC is lying.
Basically the SEC tried to rollback their claims that BTC and ETH were not under their jurisdiction. Ripple has been trying to use these claims to show that legally, XRP is not so different from BTC and ETH, which are not under the umbrella of the SEC. This is why the SEC denies this was ever their position in the first place. These documents prove they are lying and that BTC and ETH are indeed outside their jurisdiction. Gonna be wild when these documents are finally presented to the court.
Talk about the most decisive upset ever...
Who would have ever thought in a million years that Ripple could not only win this lawsuit, but also just crush the SEC under their boot and flat out embarrass them like this. Seriously... this is crazy.
Is the perfect storm coming?
- Ripple wins the case.
- Bitcoin continues to outperform while fiat tumbles.
- Bitcoin decouples from stonks.
- FED forced to reverse course because they fucked up the entire world economy with their bullshit.
- Bitcoin becomes the hedge against inflation that we all know.
Seriously... look at what is going on right now...
It's crazy. People are talking about building a system that already exists... over and over again... across the board. Dozens of people are talking about this. People in high places. That system is called Hive... lol. Crazy. These people can't magically poof a decentralized blockchain into existence. We are so so so far ahead of the game here.
Seriously look at that message... Elon Musk's brother wants to create a worse version of Hive? lol. What? Wants to "charge people a tiny fee" to make Tweets. So... resource credits... only worse. Again. Wild. All I can say is that the world is in an insane place right now. Look around. This situation is kicking into high gear.
Conclusion
There's a lot of energy floating out there on the horizon.
Big moves are coming.
Guaranteed.
I won't say we aren't in for some more pain but, meh, who cares at this point? We all know crypto is the future; just a matter of time before that future is a reality.
What we are seeing here is the power of community. The XRP Army is fucking furious right now, and all that energy is just being focus-fired on the SEC from every direction, completely obliterating their claims of "we're here to protect investors". It's truly wild to see it all going down like this. The stars are aligning. Prepare for fireworks.
Edit:
https://financefeeds.com/ripple-stands-by-as-judge-crushes-sec-at-xrp-lawsuit-hearing/
As expected, Judge Netburn exposed the several and contradictory takes by the SEC in regard to the speech as the plaintiff now argues the notes and emails are protected by attorney-client privilege, after being denied the deliberative process privilege argument.
Judge Netburn then pointed to a tension in the SEC’s position and reasoning as the SEC’s legal staff works for the SEC, which makes the agency the client, but that the SEC distanced itself from Mr. Hinman’s speech. “I’m having a hard time reconciling attorney-client privilege with something that the SEC said is not official guidance […] I can’t be sure what legal advice could be given in the development of a speech that is personal opinion.”
Wow, listen to the tone of this case... the judge is making sarcastic comments to a 3-letter regulatory body like they are some kind of common thug? It's fucking insane! Think about this interaction and how inappropriate it is! Wow... and it's entirely the SEC's fault, and everyone knows it.
The somewhat frustrated Judge doesn’t “understand the caveat” as if the speech is guidance from the CorpFin division, then anyone could have given the speech. However, Hinman gave it and it was his personal views. “Every time I ask you if it’s CorpFin’s views, you say it was his.”
The SEC, however, maintained its position that Hinman sought advice that he could only get as Director of CorpFin, which makes him the client and so the notes and emails would be protected by attorney-client privilege. At the same time, the speech reflects Hinman’s personal views and can not be used by Ripple to further its case on the fair notice defence and over whether XRP is a security.
lol wtf...
RIPPLE ACCUSES SEC OF WANTING TO HAVE IT BOTH WAYS HERE
lol... no shit?
Matthew Solomon, Ripple’s lead attorney, agreed with Judge Netburn’s view that the SEC has changed positions to suit their interests in the case.
“And you don’t think that your statement that the speech was to provide guidance to the market is an inconsistent position from positions you’ve taken previously?”, Judge Netburn asked, reminding that, in August 2021, the SEC stated the speech “was not to provide guidance to the market”. The SEC attorney denied its position is inconsistent, without providing an argument.
lol they are so fucked...
The SEC attorney said the opposite, that “it’s very clear that these are legal issues being analyzed and the advice being given is legal advice, not about policy or business or anything else.”
Judge Netburn ended the hearing at that point and promised to review all the documents and get to a ruling as soon as possible.
All of this happened before the order to release the documents. Good luck, SEC... ya gonna need it.
Return from Ripple Lawsuit Update: The Judge is FUCKING PISSED! to edicted's Web3 Blog
