Ripple Lawsuit Update: The Judge is FUCKING PISSED!

in #hive-1679222 months ago

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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.

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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.

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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.

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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.

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lol classic.
obviously no one should buy xrp
financial advice confirmed

Let them re-invent the wheel, while we speed by in our flying cars.

As I am not a fan of Ripple, I say HELL YEAH! Fuck Goblin Gensler!

This so sounds like some fun to watch..

That perfect storm needs to come 👌

And what's with Elon's brother..
Sometimes I think people just want power, a centre, a controller, a president and they don't find it on Hive..(which is perfect).

The decentralized web idea is still difficult for people to grasp.. it might be the disability of the next decade.

Thanks for this update.


The rewards earned on this comment will go directly to the people( @rzc24-nftbbg ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

The liar is the thief's brother. 😆

I think that comment is very relevant to a comment you made 22 days ago. 😆😅 !PIZZA !CTP

Yes indeed. Very relevant to the parasitical class. 😆

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On first read, I thought you said "practical class". 😆

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That's right too. Parasites are very "practical". 🤣

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As I suspected – someone has been adding soil to my garden.
The plot thickens.

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At least, you would still learn something from them. 🤣

Anyway, let's continue our conversation on another post. 😅

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The Ripple case is looking very promising now, and could shoot XRP to the moon with this positive outcome.

And I agree that bitcoin can be seen as the safe haven from fiat that is always was meant to be. Then de-couple from legacy markets and also head to the moon.

I don't know why Hive is being overlooked when it is the ideal blockchain already with fast tps and zero fees. When will Hive be discovered by the masses and gain its true value? Surely it's only a matter of time.

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I wouldn't bet on XRP.

If they win every single crypto will go up.
I mean it could be a fun gamble purely on speculation but... small bets only honestly.
Bitcoin will go into a bull market if they win.
ETH will get an even bigger run because of the regulatory scrutiny they've been facing from the merge.

I have some friends not in Hive who would enjoy this update. Sharing this one far and wide 👍

I‘m still baffled by that fact that they didn’t create a new government agency for Blockchain related tech. Usually they never miss the chance to expand their overhead.

A contradiction in a lawsuit is a sentence of death, persisting in that contradiction and denying to provide the required documents by the judge is just funny. They're digging their own grave.

this is pretty exciting stuff.
Are you suggesting that this is some sort of titanic one-off and that it will set a solid precedent for a long time after?
Exciting times if so...
to what extent do you think this will let the reigns off of crypto? (not in terms of price primarily, more in terms of adoption and public opinion and passage for utility etc)

Looking at the regulatory uncertainty... this case FORCES the government to come up with actual rules that people can build around rather than just trying to make it up on the fly. That kind of clarity is bullish alone, because devs will be able to program around the rules in crazy ways that were never considered, being shielded from the law the entire time.

On the flip side, so much money has been sidelined because of all this... so many people assume that the government will just "ban Bitcoin" or whatever. When the SEC loses their case against RIPPLE, everyone's previous mindset gets flipped on its ear... "well if Ripple can't even be regulated then certainly Bitcoin/ETH can't." This kind of thing is going to create massive shockwaves. It's hard to speculate exactly how it will turn out.

pretty freakin exciting!

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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.

Ultimately it all boils down to the above statement. When someone buys something, either the thing they are buying itself has value (commodity) or the thing they are buying merely represents ownership in a separate enterprise (security). Most every crypto I am aware of is clearly the former - i.e. they have no investment contract or ownership of anything, and the token itself is valuable for how it can be used. Sure many tokens trade for a lot higher price than their actual utility would suggest, but the same can be said for many commodities as well like gold and diamonds.

If the courts find that XRP is a security, then that would mean pretty much every commodity is all of a sudden a security. I saw a great analogy on Twitter a while back that the forever stamps sold by the US post office are the first "utility token" and work nearly identically to many of the cryptos that the SEC says are securities.

The post office sold the forever stamps to fund its operations, and they were guaranteed to be able to be used for a specific utility (mail a letter) for which the price would increase over time. So people could "invest" in the stamps now and be guaranteed a profit over time as the cost of mailing a letter increased. In fact, many people did purchase large quantities of forever stamps with the purpose of reselling them at higher prices later.

The post office sold the forever stamps to fund its operations, and they were guaranteed to be able to be used for a specific utility (mail a letter) for which the price would increase over time. So people could "invest" in the stamps now and be guaranteed a profit over time as the cost of mailing a letter increased. In fact, many people did purchase large quantities of forever stamps with the purpose of reselling them at higher prices later.

Wow that is a very insightful analogy.

Makes sense.

SEC now is like that self acclaimed bully that’s finally reprimanded. Things we love to see in the cryptosphere!

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Just remember that when Canada could not rely on the funding aggregator to seize the funds donated to the Freedom Convoy, they just seized the bank accounts of the providers of funds. If the SEC can't kill Ripple through regulation, they can get the internet providers to cut the access of users. CBDCs are coming, and they don't want us to have any alternatives.

Thanks!

SEC are gonna had a hard times dealing with the care this time, Ripple is about to reclaim their position

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The SEC is obviously scared releasing the William Hinman-related documents will further put it at greater risk of losing the case. Regardless, I guess they have no other option than to obey both Judge Netburn and Judge Analisa Torres.

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