Sherrie 🌸
@CherryEmpress21
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I focus heavily on facts and never shy away from a good debate. Engage with me at your own risk 😉.
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Hopefully this clears up some confusion for those wondering why September 2023 is the cutoff of Judge Torres to make a decision in order to avoid going on a shaming-induced list. Below is a screenshot in which should make things VERY simple:
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@FilanLaw
Ripple points out exactly what the SEC is doing to twist Howey Test in this case.
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The 60-day clock has officially begun for either, or both, parties to appeal. The first thing we should be looking for is a press release from the SEC. If the SEC is planning to appeal, then it is unlikely there will be one.
#XRPArmy
#XRPHolders
#XRPCommunity
#SECGov
v.
#Ripple
#XRP
BREAKING: Judge Torres has issued the Final Judgment in SEC v. Ripple.
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@Ashcryptoreal
Wrong! SEC’s reply is due by 11:59 pm today. Judge Torres will not be ruling until later. Shame on you.
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@IOV_OWL
I’m actually hoping that no lawyer that has been following the case agrees to appear on Fox Business any longer. Gasparino has been unprofessional, rude, and a failure to be impartial to information. I’m pleased Garlinghouse hadn’t given any interviews to the news station
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@FilanLaw
Judge Wiles accused the SEC further that their argument is based on a “false analogy and false label…”
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@Cryptosirius67
@FilanLaw
It means the judge needs to decide if Summary Judgement is appropriate or if the case moves to trial because there isn’t a clear winner based on what has been submitted 😉
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@FilanLaw
Wow! I really like this one! Use case argued well and it differs strongly from the other amici filings
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@FilanLaw
Beginning portion is history and a lot of info that has been beautifully argued by Ripple’s experts on how value does not correlate with the business’s activities. “The Securities Act does not define ‘investment contract’. Ripple cites Pre-1933 Blue Sky Cases. 1/3
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@CryptoLawUS
@JohnEDeaton1
@SECGov
Well said! John did well in pointing out the difference between a sale and the fact that the underlying asset would remain a separate issue in appearance
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@iLoveJaneAdams
Thankfully someone more qualified than you decided that XRP isn’t a security. Being ignorant to facts isn’t a good look and I’d strongly suggest you put your biases aside and look at Judge Torres’s ruling objectively. There’s a reason she was appointed to be a federal judge.
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@ArjanBeer77
@FilanLaw
The most ridiculous of this whole thing is that the SEC is only walking away with $111614 after having spent MILLIONS destroying the company and harming investors
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@FilanLaw
This was a big one! The biggest hit seems to be to the SEC in that none are permitted to speak on the investors intentions; however, all have been recognized to be reliable in their respective fields. Each can offer to the court, and jury relevant information.
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@BenArmstrongsX
On behalf of the XRP community, we fully support you being turned over to the Solana soldiers and hereby ban future association within our community. Would a representative for Solana care to formally welcome Ben?
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SEC sues Richard Heart, Hex, PulseChain, and Pulsex. Included in securities violations is a Section 17- which is FRAUD. The allegations are vastly different than what was alleged in the Ripple case. Ultimately things could go very differently for RH.
#XRPArmy
#XRPCommunity
#HEX
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@FilanLaw
To summarize: the SEC is not asking for a “mini trial” since they believe post complaint sales, and future sales, cannot escape a court issued injunction. Apparently Ripple told the SEC that they plan to restructure their ODL contracts moving forward and the SEC won’t accept that
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@FilanLaw
Use case is evident and the company pointed out that no “marketing efforts of RippleLabs or its employees” played any role in the voting system in which Reaper uses.
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Now is your chance to donate to John Deaton for all of his time and out-of-pocket expenses he’s put into taking on the SEC. He’s fought diligently to give all of us a voice in the various lawsuits. Time to return the favor because this fight is NOT over!
First, it was schoolyard bullies, then it was greedy corporations and the SEC, and now I am taking on the Washington elites.
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@BCBacker
More like the SEC cannot appeal XRP’s non-security status. Judge Torres executed what is called “obiter dictum”. Simply put she used outside reason not directly relevant to what was being litigated to help her find reasoning to what was needed to lead her to a conclusion 😉
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@FilanLaw
My favorite argument as to the use case for XRP falls under the second point they’ve made. Seamless currency exchange without the cumbersome pesky fees associated.
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@FilanLaw
Ripple makes to argumentative points: first is on the sealing of the SEC’s expert witnesses and their expertise in their field. The second is on the fact that the SEC believes that the Hinman emails cannot be judicial docs- SEC plans a future argument on docs being privileged
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@SenWarren
@SECGov
How about pushing the SEC to provide market guidance for digital assets first BEFORE more aggressive enforcement?
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Fantastic article that is a must read! Interestingly, there is a quote from Rep. Brad Sherman in there….but I won’t spoil the surprise!
#XRP
#XRPCommunity
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@FilanLaw
Found this amusing as XRP is stated to be more popular to use than ETH by Cryptillian cardholders 😏
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@WhaleChart
You REALLY should delete your tweet. Firstly, Judge Netburn decided this, I believe, in January 2022. Secondly, there is absolutely NO allegations of fraud. The SEC has accused Ripple of a illegally selling securities. Thirdly, it was determined that the documents helped the FND
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@FilanLaw
I am super excited 😆!! Okay, now to add some realism for the possible options… This next area is a bit grey on whether or not the SEC can file for reconsideration. Second option: petition for certification. Third: hand over the blasted emails. Fourth: starts with an ‘S’
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@SenWarren
@POTUS
For anyone that is tired of Elizabeth Warren’s failure as a Senator, there is officially a challenger that DESERVES the chance to make a positive difference:
First, it was schoolyard bullies, then it was greedy corporations and the SEC, and now I am taking on the Washington elites.
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@GaryGensler
I highly doubt YOU want to hear anyone’s thoughts. The general consensus seems to be that you’re a tyrant and a straight-up bully
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#XRP
#XRPCommunity
Time to cover the worst case scenario in regards to the unsealing order of the Hinman documents posted yesterday.
There are three types of objections:
-Motion for Reconsideration
-Interlocutory Appeal
-Writ of Mandamus
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@FilanLaw
@bgarlinghouse
@chrislarsensf
Had to read this twice: “Remarkably, the SEC suggests it might abandon its aiding and abetting claim against the Individual Defendants if it prevails on appeal” 😳
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@FilanLaw
Really?! Really!!!! Now Hinman has been delegated to “acting as client” because he, as primary official, met with SEC attorneys when drafting a speech.
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@FilanLaw
Translation: Although the SEC has to file its opening brief by March 22nd, it will be under seal and we won’t see a redacted version until March 26. It will happens twice this way.
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@Leerzeit
That’s not how things would work. There is something in the law referred to as the ‘Grandfather Clause’. This law protects businesses that could be harmed by new activity. So, if XRP is deemed a currency by the courts, no legislation can turn back what has already passed.
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@Heinric18240962
@FilanLaw
The main issue of difference between two cases is that LBRY did violate common enterprise law. I do not see Ripple having done the same, and I’m honestly looking at it objectively. The XRPL existed and none of the money from XRP went into developing the product.
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@FilanLaw
Ripple points out that the “vast majority of statements that the SEC cites were in 2017” and that the SEC has relied on generalized allegations rather than individual transactions. 2/3
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@FilanLaw
Okay, there’s a lot in here and I’m gonna be jumping around a bit. First a huge chuckle that the SEC is accusing Ripple of taking something out of context.
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Want to know my thoughts on the topic of a settlement? Read on…
#XRPCommunity
Let’s start by keeping things simple, shall we? SEC believes XRP to be a security. Ripple does not. What would a settlement look like that would have both parties walking away (relatively) happy? 1/5
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@attorneyjeremy1
I am literally sporting the stupidest smile ever right now, lol! Apparently your request for the judge was heard and she rewarded us all 😁
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@FilanLaw
Secondly, the SEC is actually arguing that the Howey test is “flexible and adaptable”then turning around and saying Ripple is misreading the Howey text
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@FilanLaw
I’m sorry, but the SEC has to actually PROVE this. Last time I checked, my investment has not been tied to the “fortunes” of Ripple. The value of my XRP has been controlled by market movement
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@JohnEDeaton1
If I may lead my very small voice: I strongly encourage the support in this. Deaton has denied any monetary gain from supporting the space. This means the cost to him is from his OWN pocket. We are talking about tens of thousands of dollars. Set aside personal feelings- sign it
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@FilanLaw
Now THIS!!!! Both parts that I highlighted get MAJOR credit points. Secondary markets were mentioned that is relevant to the very thing Ripple mentions in their SJ. The second part talks about the EXPENSE they encounter from using the reaping mechanism paid by XRP
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Important takes from
@coinbase
response to the SEC’s complaint.
Crypto assets identified as “computer code”.
Fun fact: did you know that computer code is legally protected by the first amendment (referring to free speech)?
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@TheDigitalDodo
@FilanLaw
I will admit to being surprised that they twisted the DPP this way. The problem with their argument is that it contradicts Hinman’s official statement. Besides, he cannot be afforded a “client” status when he’s on official duty. This filing is just manipulative
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@RailroadedMI
@FilanLaw
It means the SEC needs to be more specific in their responses rather than vague/repetitive 😉
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@FilanLaw
@Ripple
@SECGov
Alrighty then. Ripple reasserts their initial financial position and the argued relevancy that the SEC believes the information to be. The second point is a correction of exactly what the new contracts involve regarding the ODL- which includes no discounts of XRP and such
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@WallStreetSilv
Should be marketed as “airy with access to lots of sunlight; doors not included”
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@FilanLaw
Smart move! And they hadn’t even needed to win on appeal (Ripple case) to recognize that going after Garlinghouse and Larsen on A & A would be legal suicide 😏
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@FilanLaw
This was good! The SEC has laid out their cards and argued very heavily on the application of the Howey test. “Ripple labs should be extremely careful promoting and selling XRP”. Examples were given and some major nitpicking was given as what SHOULD have been said (pg 44) 1/2
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@CryptoLawUS
I’m super disappointed that she didn’t just rule from the bench. On this issue, there was no need to wait
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@FilanLaw
Well no dip that it doesn’t have historical existence. Therefore it cannot be classified as an “ordinary asset”. Guess what? BTC is also computer code
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@FilanLaw
SEC has got a supporter! First thing I’d like to point out is the “opinionated” wording. In a court case, a person doesn’t have good standing if they argue that material information takes a back step.
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@SenLummis
@RonwHammond
@SenGillibrand
Upholds the Howey Test governing presence of crypto? NO! It is clear you have no comprehension that there is NOT nor has there been any investment contract made. The Howey Test and crypto do NOT fit together. Shame on you
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@FilanLaw
I’m not surprised the SEC withdrew their request for disgorgement. LBRY, Inc was completely drained financially - Kauffman told the truth. Very sad 😞
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@FilanLaw
A bit dramatic wording accusing Ripple of “threatening to bury the Court of Appeals in factual issues on cross-appeal”. This is after an earlier statement claiming that Ripple was seeking to delay the process 🙄
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@Leerzeit
With the Chamber, the SEC took no position. With I-Remit and TapJets, they already submitted their response (objection) and it was denied. So, technically, 7 remain 😉
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@FilanLaw
Wow! A new spin! “Software itself, transferred without any legal rights at all, is not that investment contract”
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@mark_pywell
@FilanLaw
The attorney-client privilege was a very interesting angle the SEC used. Ripple’s response must be a good one. Anything we’ll-written takes time, I would imagine
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@attorneyjeremy1
The biggest takeaway for me is now I have TWO cases to refer to in regards to interlocutory appeals. Rio Tinto took 26 days and now Ripple at 28 days 😁. I swear it seems like SEC aims to be dramatic with these last minute filings 😑
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@FilanLaw
I don’t agree that the SEC has good standing to use the Fife lawsuit when they are “picking” the Fair Notice Defense dismissal, when Fife sold their stocks in the US. Ripple never held an ICO. I honestly don’t see the similarities between the two cases
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@WarrenDavidson
You are in a position to make a difference for the people you represent. Given what the SEC has done to harm investors, you should have thought more carefully about your (wrongful) comments in regards to XRP. When you’re properly informed, you’ll realize you made a mistake
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@attorneyjeremy1
I was just telling Marc that making Fox an Expert Witness might make things more complicated. If it is discovered that she is a Summary Witness, then no harm. By allowing the deposition, she protects the record on appeal. This way neither party can claim prejudice 🤷🏼♀️
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@Leerzeit
The SEC should have been focused on fraudulent cases this whole dang time instead of going after legit companies like LBRY and Ripple
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@prosperity_fund
Sunshine Act Meetings are regularly occurring every few weeks of every single month. These meetings are walk-ins and NOT exclusive to any settlement talks. Should the parties decide to settle, it could happen during any day/hour of the week outside of the Sunshine Meeting
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@attorneyjeremy1
@FilanLaw
Wouldn’t a settlement mean that XRP is a security and therefore broke the securities law? Otherwise, if XRP is a currency, then technically no securities law was broken, right? How would a settlement be possible with the end result as XRP is a currency thereby negating lawsuit
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@CGasparino
Deflection won’t save you from your deserved humiliation at failing to recognize what an honorable man should do. The difference between you and I is that I’d never be on the losing end of a bet and lean on a rather pathetic excuse to try and recover my failing dignity.
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@FilanLaw
Just a reminder: it’s on the schedule! Non-parties must file what they want to be redacted by the end of today.
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@UniverseTwenty
Seriously?! What is wrong with you and lying for the pure sake of engagement farming? You are not honorable in the slightest. Why would it be bad to report on the truth? On quality information?
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@FilanLaw
“Undoubtedly” but not found is not an argument I would ever lead with if I wanted to win on this issue.
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@CGasparino
@JohnEDeaton1
@Ripple
That was NOT a condition that you specified prior to your agreement. You do NOT have the right to change things to include a case or outside party that has absolutely NOTHING to do with Ripple. You agreed buy Deaton a steak dinner should XRP be determined not to be a security.
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@Ashcryptoreal
Not true. There is no settlement wording anywhere.
#XRPCommunity
#SECGov
v.
#Ripple
#XRP
The parties have filed a joint sealing proposal “to govern sealing issues relating to the upcoming remedies-related briefing to be filed in this case.”
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@attorneyjeremy1
One might think the SEC is rushing to get control quickly considering things hadn’t panned out with LBRY. Could there be some concern as to how things might turn out in the Ripple case? 🤔😏
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@ewarren
You’ve harmed investors by colluding with Gensler when it is your job to be critical of him. Deaton is promising to do the job of Senator correctly without harming people.
@SenWarren
@POTUS
For anyone that is tired of Elizabeth Warren’s failure as a Senator, there is officially a challenger that DESERVES the chance to make a positive difference:
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@FilanLaw
Much of this reply is repetitive to their 20 page objection motion. No new information caught my attention. Now we wait for Torres to make her decision whether to overrule or sustain. Hopefully we aren’t held waiting for months. Fingers crossed 🤞
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@attorneyjeremy1
That they do! Such as disproving the SEC’s claims of there being no use case for XRP 😏
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@FilanLaw
@bgarlinghouse
What this means: Attorney Tatz is human and life happens. Better job opportunity, hates her job, stress, medical issues, etc. The list goes on forever
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