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rom

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  1. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Haven't posted in two days and honestly nothing really has changed - Bitcoin is still in the $30k-$40k range, Bitcoin's price made a go at the trend line on Sunday but backed off before touching it.  A price of $42,900 will break the trend line today.  Again I expect Bitcoin's price to break through the trend line on high volume and I wouldn't expect that over the weekend so I'm not surprised it didn't go on Sunday. 
     
    Settlement is always on the table and theoretically the longer the case lasts the closer it is to a settlement, but that's really a nothing answer.  I doubt a settlement will happen until at least discovery is completed also although Summary Judgment Motions will be filed, I doubt this case will be decided by Summary Judgment.  Personally, If I were running the show for Ripple I would want a decisive win at trial which I believe they can get.  Ripple would do the entire Crypto space a huge service by crushing the SEC at trial.   
    I like Jeremy Hogan, Esq.'s videos, but the one he did on Settlement I thought was completely off the mark.  I see no reason why Ripple should give any concessions at all.  As far as I can see Ripple has their foot on the neck of the SEC.
    SEC v. Ripple,et al., isn't really the type of case you want to end by Settlement or Summary Judgment, this case will set precedent for the entire industry - Ripple is the best financed company in the crypto space - they essentially have unlimited funds- this is the best opportunity to create a pro-crypto legal decision that the industry will ever have and that decision will help every other crypto.
     

  2. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Has everyone marked themselves safe from the crash???  Gonna give a pep talk today - seems like it's needed. 
    The Bull Run is not over.  Nothing has changed.  Liquidity is low - There are not a lot of Bitcoin available to trade, conversely there is a lot of money out there.  Wild swings are to be expected. 
    My price target for Bitcoin is still $400k in this run.
    Look at the 2017 bull run. There were 5 drops over 30% during that run.
    Jan 4 high 1,139- Jan 7 low 751-  Price drop 35%
    March 10 high 1,350 - March 25 low 891 - Price drop 34%
    May 25 high 2,760 - May 17 low 1,850 - Price drop 33%
    June 11 high 2,967 - July 16 low $1,830 - Price drop 39%
    Sept 2 high 4,488 - Sept 15 low 2,972 - Price drop 34%
    This is why I've been writing that Bull Markets are much more stressful than Bear Markets.  You go from feeling like - I'm gonna be rich I never have to work again - to a week later thinking - I'm ruined I need to get a second job.  Many people get shaken out along the way and end up losing money.   
    When this run is over if you held -  people will tell you how lucky you were to get Bitcoin at $30k or XRP at $1 as if, if they would have bought at those prices - they would have held till the high -  when the truth is they would have gotten shaken out a dozen times before the high. 
    Buy low - hold - sell high - simple right?  Simple but not easy - like saying - all you have to do is swing the club (bat) and hit the ball.  Few people can actually do it.  
    The advice I give to my friends is this-  Buy the Dips - Don't use Margin - Don't use stop losses - Don't sell.
  3. Like
    rom got a reaction from Seoulite in Epic Pennant on BTC Chart   
    Strictly speaking, during last month or so EM was moving only BTC + DOGE and only secondarily XRP + other alts. Of the big factors, XRP price is impacted by two: – SEC (short-to-medium term) and – Ripple (long term)*. SEC is responsible. for the current depression of XRP price. Ripple is responsible for creating these conditions of extreme XRP volatility.
    My point on XRP volatility – example from yesterday, 17.05.2021: H=1,30 Eur, L=1,08 Eur (as per Bitstamp), intraday delta > 20 Eurocents. This is bad for hodlers, but also a veritable profit machine for traders. I am wondering, if we can speak of two types of XRP utility now: one – THE transfer asset, the other – THE speculation vehicle.
    * — I exclude "whales" from this analysis, for they are jumping from asset to asset (like pumping XRP two days ago and then pumping ADA yesterday), and their impact is spread out more or less evenly.
  4. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Bitcoin's price has been stuck in the same price range for weeks.  When the price is at the bottom of the range (like we are now) the crowd becomes despondent, when we are at the top of the range (like a week ago) the crowd becomes euphoric - so basically everything is normal for Bitcoin. Still waiting to break out of the range which it will - to the upside.
     
     
    Maybe all I know is I don't own them and I looked up their price action because of your message and now I'm depressed that I don't own them.  I wouldn't be chasing their price action.
    I think he did.  I"ve been a bit annoyed for a while now, (not just with Musk but) with the whole Electricity for cars = Good, Electricity for Bitcoin = Bad, dichotomy.  Someone even mentioned to me that TESLA was a green company, what ever that means and I almost went into the whole lithium mining thing, where the plastics for the car come from thing and where the energy for the electricity comes from thing, etc.  Suffice it to say, it's not as simplistic of an argument as people make it out to be.  I didn't plan it this was but after Bitcoin my two largest crypto holdings are not POW.  They are XRP - consensus and NEO - dBFT .  Curious that they went down while DOGE - which is POW went up.  Anyway at least we have a lively debate going. (for whatever that is worth)
    I agree with the commentators about where bitcoin's price is going but I think Bitcoin will overshoot to around $100k in the medium term.
     
    I agree with this.  LIke I wrote above I wouldn't be chasing ADA's or DOT's price.

  5. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Bitcoin's price is bumping up against the Down trend line which is acting as resistance.  Like I said yesterday in a day or two it will flip to support. Bitcoin's hashrate continues to recover and looks like it will retake it's ATH level by the end of the week.
     

  6. Like
    rom reacted to Nat99 in Epic Pennant on BTC Chart   
    this piece of FUD is the one that makes me shake my head the most. Anybody using the term "intrinsic value" needs to get their head checked.
    "intrinsic" attributes are objectively observable, e.g. boiling temperature of a liquid or melting point of a metal.
    "value" is subjective, otherwise markets would have zero volatility. I might find something valuable but somebody else doesn't, or the prices we both are willing to pay might differ significantly.
    In that sense, "intrinsic value" is an oxymoron. People using that term are morons.
  7. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Last night (I was sleeping) or Now is when you buy.
  8. Like
    rom reacted to jMusic in Epic Pennant on BTC Chart   
    I used to read his twitter posts religiously, but these days you have to wade through masses of (self) promotional rubbish to find the one nugget of information. I gave up
  9. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Bitcoin has broken above the short term down trend line, touched the top of the bollinger bands then backed off a little.  The price is still well above the trendline.  The MACD will be bullish tomorrow.  Still waiting on our break out which will lead to 2-3 week run which I think will put the price at or near $100k.
    XRP at 1.16 and hit 1.18 - This run isn't over.  I suspect relisting of XRP on US exchanges will be announced soon.  It will be interesting to see where the price hits in the run up to that.  I'm pretty confident the price hits around $2 but I'm hoping for over $3.
     
     


  10. Thanks
    rom got a reaction from Rty-Quilla in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  11. Like
    rom reacted to ManBearPig in Epic Pennant on BTC Chart   
    There are increasing ways to make money in crypto markets besides trading on massive volatility... becoming a liquidity provider on decentralized exchanges, yield farming, helium miners, holoports, gas tokens, staking, or simply holding in accounts with high APR’s. 
     
    The bitcoin driven bull run continues!
     
  12. Like
    rom got a reaction from dtpace in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  13. Thanks
    rom got a reaction from Caracappa in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  14. Thanks
    rom got a reaction from Neurotoxin in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  15. Thanks
    rom got a reaction from BillyOckham in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  16. Thanks
    rom got a reaction from Shime in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  17. Like
    rom got a reaction from xrp_is_love_xrp_is_life in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  18. Thanks
    rom got a reaction from Eric123 in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  19. Like
    rom got a reaction from DannyRipple in Epic Pennant on BTC Chart   
    rom: Sorry to garbage-up this pristine thread with some more politics! I thought you may want to read this short informative article from Forbes magaz. Heavy shelling back at the SEC. Obtained via Reddit/Ripple from CryptoRookieX and Liagala, thanks to you!
    Liagala: "I had to jump through a few hoops to get the article to display without "X of 4 free articles" pop-ups, hidden text, and all that garbage. If you're having the same problem, here you go:
    Forbes article: Some agency chairs find an ambiguous statute hard to resist. They overinterpret their authority to regulate, and Congress too often goes along. The backstop of this excess is the courts, provided that the aggrieved have the wherewithal to defend themselves against the gargantuan administrative state. This familiar story is playing out in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency innovator Ripple, but the buck stops with Magistrate Judge Sarah Netburn whose discovery hearing in U.S. District Court for the Southern District of New York on Tuesday exposed the SEC’s unfounded and flawed arguments and some inconvenient truths for former SEC Chair Jay Clayton and former SEC Corporation Finance Division head William Hinman.
    The hearing showed that the case the San Francisco fintech was based on an illogical premise. It alleged that XRP, the digital currency that Ripple uses for cross-border payments, has been an unregistered security since 2013 and that the SEC was just getting around to saying so on the last day of Clayton’s tenure last December. With this late in the game regulatory determination, the SEC now deems that every Ripple sale for seven years was an illegal securities trade. And that Ripple, its two top executives named in the suit, along with millions of retail holders, should have known this all along, even though the agency never did. Due process and fair notice were thrown out the window to get the case across the transom on the day that Clayton walked out the door.
    The hearing detailed the many vague, contradictory statements regulators made on cryptocurrency over the years. In 2018 Clayton told CNBC that bitcoin is not a security, and Hinman gave a widely covered speech which laid out how ether was not a security, despite debuting in an initial coin offering (ICO) in 2014. With XRP they said its status had “not been determined.” Trading platforms asked the SEC if XRP was a security before listing the token, and the agency refused to clarify. When asked whether XRP was a security, the then-chairman of the Commodity Futures Trading Commission Heath Tarbert in a 2020 interview declared, “It's unclear. Stay tuned. We're working closely with the SEC to figure out what falls into what box.”
    If these regulators were honest, they would admit that nothing in the 1933 Securities Act refers to cryptocurrency and then would request Congress to clarify the statue. Instead, the SEC made an unfounded determination with no warning or process.
    Back to Judge Netburn’s courtroom. Ripple requested the internal documentation to explain how and why the SEC arrived at their pronouncements as well as silence on these various coins. The SEC responded that nothing that was ever said by Clayton, Hinman or any SEC official about bitcoin or ether was that was an “official determination” on whether they are securities. It appears that Netburn is not buying the SEC’s argument that their many statements were not material. In a March 22 hearing, she told the SEC her understanding of XRP: “. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.” This rejects the SEC’s story that XRP has never had utility. 
    Netburn ordered the SEC to produce all communications related to XRP, bitcoin, and ether where a third party was involved, and any formal internal documents “expressing the agency's interpretation or views” on cryptocurrency, and to deliver them to Ripple. She granted most of Ripple’s motion, which means that the discovery could be a treasure trove of embarrassing information for the SEC. This could mean game over for the SEC’s case against Ripple and more largely, a serious blow to the agency’s credibility. Other defendants will cite the SEC’s arbitrary and capricious nature.
    These disclosures could bring new headaches to scandal-plagued Apollo Capital Management which Clayton joined upon leaving the SEC, ostensibly to clean up the mess left by founder Leon Black and his links to Jeffrey Epstein. The timing of the lawsuit on Clayton’s last day and his subsequent hiring by a crypto-focused hedge fund are very curious coincidences. Conflict of interest concerns could also intensify for Hinman, now back at his old firm Simpson Thacher, which paid him a $1.6 million annual pension while he worked at the SEC. Hinman’s influence to the determination that ether is not a security keeps the SEC’s regulatory paws off Ethereum, the blockchain platform which Simpson Thacher supports as a member of the Ethereum Enterprise Alliance. Simpson Thatcher also handled the $100 million IPO of Canaan, the Chinese maker of machines used to mine cryptocurrency. Netburn’s order should bring much-needed transparency to the case.
    Gary Gensler, slated to be confirmed as the next SEC chairman, will take the helm when China is racing ahead with a closed-ledger digital currency threatening to unseat the dollar a leading medium of global exchange. It was extremely shortsighted of the SEC to handicap Ripple at a time when the US needs every American crypto leader on board to compete with China. Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true."
    rom: Some may remember my text back in Dec2020, that the SEC case very much resembles a (business) war of control over some lucrative resource. Well, I've been finding more and more evidence, that SEC was indeed both a weapon and a mercenary in the case of Ripple. Beginning with Jay Claytonz and his vices carrier moves immediately after leaving SEC, there appears new evidence by the week. It will not take years to gather the big pic. 
  20. Like
    rom got a reaction from Eric123 in Epic Pennant on BTC Chart   
    That was very strategic from you. Quite a few folks hearts could have stopped. Nevertheless, this is the la futura I intend for myself – cash out at  XRP=10.
  21. Like
    rom got a reaction from Nat99 in Epic Pennant on BTC Chart   
    That was very strategic from you. Quite a few folks hearts could have stopped. Nevertheless, this is the la futura I intend for myself – cash out at  XRP=10.
  22. Like
    rom got a reaction from Eric123 in Epic Pennant on BTC Chart   
    I did. I filled that form today. Whatever mistakes Ripple did to XRP, those just pale in comparison to SEC attack.
  23. Like
    rom reacted to Eric123 in Epic Pennant on BTC Chart   
    Bitcoin broke $60k!!! Price is now up through the top bollinger band.  
    What I think is going to happen -  price continues to climb to 90-100k over the next couple weeks.  Bitcoin pulls back and starts to form what looks to be a head and shoulders pattern with the second shoulder around $65k, then bitcoin breaks bullish through the second shoulder and sets another ATH at around $120-130k.
     
    XRP is even moving up today MACD is maybe a day or two from moving bullish.  This is a good article for those of you that haven't seen it.  If you were feeling shaky about Ripple's chances against the SEC this should go a long way to putting your mind at ease.    Don't get caught up because the SEC is a government agency.  When a government agency goes against an individual the Government has a huge advantage, but when a government agency has to go against a Billion dollar company the playing field is more than even. Ripple's legal team is superior to the SEC's and the law is on their side.  
    https://www.forbes.com/sites/roslynlayton/2021/03/11/sec-stumbles-in-ripple-case-lost-in-a-maze-of-its-own-making/?sh=42f1bd972e9b


  24. Like
    rom reacted to Ripley in SEC lawsuit blindsided XRP investors? No, I really don't think so.   
    Personally, I fully knew the risks of getting into XRP. I was (and I still am) confident of decision. Most investors who got into XRP I'm sure at some point thought - surely they won't start an enforcement after close to a decade. 
    That said, the SEC had plenty of opportunities to communicate potential risk either directly or indirectly. Could they not have explicitly said that they haven't made a determination with a "be careful" message ? Or simply warn the exchanges ? Or disallow exchanges from listing unless a determination has been made? Or that tokens should be considered securities unless deemed otherwise ? Or if not determine tokens, at least point out characteristics of a possibly risky behavior - concentration of tokens, centralized consensus, concentration of development efforts, etc. and let the investors understand what they are clearly getting into.
    It took, what, one month after the GME melt up for the SEC to warn investors ? 
     
    Edit: From the Supreme Court (U.S.) -

    https://www.wiley.law/newsletter-4349
  25. Like
    rom reacted to Eric123 in What if the SEC wins...?   
    None of that would happen.
    Owning XRP will not give you shares in Ripple or anything else, ever.  The SEC is not asking for a declaration that XRP be deemed a security.  At the end of the Complaint is a section called "Prayer for Relief"  which I think is a stupid name a lot of times it's called "Demand for Judgment" (which I think is better)  anyway it's what the SEC wants.
    There are 5 things:   
    WHEREFORE, the Commission respectfully requests that the Court enter a Final Judgment: Case 1:20-cv-10832 Document 4 Filed 12/22/20 Page 69 of 71 70 I. Permanently enjoining Defendants, and each of their respective agents, servants, employees, attorneys and other persons in active concert or participation with any of them, from violating, directly or indirectly, Sections 5(a) and 5(c) of the Securities Act [15 U.S.C. § 77e(a), 77e(c)], including by delivering XRP to any persons or taking any other steps to effect any unregistered offer or sale of XRP;
    This one is basically asking that Ripple no longer sell or even transfer XRP i guess.
    II. Ordering Defendants to disgorge all ill-gotten gains obtained within the statute of limitations, with prejudgment interest thereon, pursuant to Section 21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)];
    This one is asking that they pay money
    III. Prohibiting Defendants from participating in any offering of digital asset securities pursuant to Section 21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)];
    This one is basically nothing because the sale of digital asset securities (if that's even a thing) is already prohibited  (sale of all securities are prohibited unless registered). 
    IV. Ordering Defendants to pay civil money penalties pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)]; and
    This one is again asking for money.
    V. Granting any other and further relief this Court may deem just and proper for the benefit of investors.
    This one is a big nothing that you just throw in at the end of every complaint.
    So basically if the SEC gets everything they ask for, Ripple will no longer be able to transfer XRP (so no more sales of XRP) I'm not entirely sure if this would completely stop ODL in the US but maybe and they are asking for money.
    Even if Ripple is found to have sold XRP as an unregistered security, that would not give XRP holders any rights as security holders.  XRP would not give you shares in anything and certainly not shares in Ripple.  Also it wouldn't mean that XRP is now a security.  The SEC is not asking that XRP presently be classified as a security.
    So if the SEC wins after a jury trial (which will take years) I guess the following happen - Ripple probably goes bankrupt along with Brad and Chris.  XRP will continue as a coin outside of the US. 
    -Now the reality of the situation is Ripple is politically connected and the SEC is really just interested in a Pay off anyway, there is no way this doesn't settle.
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