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SEC and escrow


musclehog

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I am starting to get exasperated here.

@musclehog @Caracappa - The SEC does not issue rulings.  Full stop.  There will be no "ruling" on XRP provided by the SEC.   They may offer an opinion or "guidance" in the form of a letter that describes their position on XRP, but any declarations or opinions offered do not constitute law.   I repeat,  the SEC does not make the law.  Whether or not XRP is a security will be decided IN COURT,  not by the SEC.

 

I understand most people here don't have a legal background, but in my opinion it is vital to take the time to fully understand how the SEC actually functions and the enforcement powers granted to it, as well as US legal procedures with respect to securities law.

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Thnx for the clearing! I'm from Holland, so not following the US rules ;)

My point was more that by talking to the SEC they can advise Ripple to do what is necessary to make sure the law comes out right, right? Or will the running case in court in where Ripple is sued for 'selling' securities by an investor do the trick?

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15 minutes ago, Caracappa said:

Thnx for the clearing! I'm from Holland, so not following the US rules ;)

My point was more that by talking to the SEC they can advise Ripple to do what is necessary to make sure the law comes out right, right? Or will the running case in court in where Ripple is sued for 'selling' securities by an investor do the trick?

I'd love to know the answer to this...

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15 minutes ago, Caracappa said:

Thnx for the clearing! I'm from Holland, so not following the US rules ;)

My point was more that by talking to the SEC they can advise Ripple to do what is necessary to make sure the law comes out right, right? Or will the running case in court in where Ripple is sued for 'selling' securities by an investor do the trick?

Ripple can talk to the SEC to avoid future enforcement actions by the SEC, but this will have little to no impact on "what the law comes out as", because that will depend on the ruling of the court. 

Technically, the SEC can still attempt to bring an enforcement action against Ripple even after a court rules XRP to not be a security, but that scenario is unlikely.  (1) it would be very expensive for the SEC, which has limited resources and has so far directed them towards obvious scams/frauds and (2) the initial Federal court case would establish a precedent for XRP's status as a non-security under US law, and statistically judges are unlikely to overturn a clearly established precedent when dealing with cases involving identical or highly-similar issues.

Edit: Tagging @itcdominic 

Edited by Paradox
Tag @itcdominic
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5 hours ago, Paradox said:

I am starting to get exasperated here.

@musclehog @Caracappa - The SEC does not issue rulings.  Full stop.  There will be no "ruling" on XRP provided by the SEC.   They may offer an opinion or "guidance" in the form of a letter that describes their position on XRP, but any declarations or opinions offered do not constitute law.   I repeat,  the SEC does not make the law.  Whether or not XRP is a security will be decided IN COURT,  not by the SEC.

 

I understand most people here don't have a legal background, but in my opinion it is vital to take the time to fully understand how the SEC actually functions and the enforcement powers granted to it, as well as US legal procedures with respect to securities law.

FUD!!!!

 

Oh wait, that's pretty good actually!

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12 hours ago, Paradox said:

I am starting to get exasperated here.

@musclehog @Caracappa - The SEC does not issue rulings.  Full stop.  There will be no "ruling" on XRP provided by the SEC.   They may offer an opinion or "guidance" in the form of a letter that describes their position on XRP, but any declarations or opinions offered do not constitute law.   I repeat,  the SEC does not make the law.  Whether or not XRP is a security will be decided IN COURT,  not by the SEC.

 

I understand most people here don't have a legal background, but in my opinion it is vital to take the time to fully understand how the SEC actually functions and the enforcement powers granted to it, as well as US legal procedures with respect to securities law.

Do you know if the extended amount of time the lawyers are taking is seen as a benefit in some way? With my non legal background it it would seem to open the door to spurious charges being filed to deliberately affect the market.

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3 minutes ago, elias said:

Do you know if the extended amount of time the lawyers are taking is seen as a benefit in some way? With my non legal background it it would seem to open the door to spurious charges being filed to deliberately affect the market.

I know it may seem like a long time to you and me, but the speed this process is moving at is fairly typical of the US court system.  In terms of this speed being beneficial, it is hard to say.   On one hand, the longer the case takes, the more time the general public (and any presiding judges) has to become aware and learn about this technology and its uses outside of the Silk Road-esque use cases that have been typically associated with Crypto, which IMO is a net positive.   On the other hand, I’m sure Ripple would like to resolve this case quickly so that the company can have one less thing to worry about/explain.

An additional factor that I think gets overlooked are the optics of the case (I know some people may argue optics shouldn’t matter in court but I live in the real world).  One of the main plaintiffs is spending tens of thousands of dollars chasing a ~$500 loss on XRP by suing numerous respected individuals from both the business world and academia (including Susan Athey, who is a John Bates Clark medal recipient).  Time will tell what the outcome will be, but I will tell you this - I don’t lose one wink of sleep over this lawsuit.

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2 hours ago, Paradox said:

An additional factor that I think gets overlooked are the optics of the case (I know some people may argue optics shouldn’t matter in court but I live in the real world).  One of the main plaintiffs is spending tens of thousands of dollars chasing a ~$500 loss on XRP by suing numerous respected individuals from both the business world and academia (including Susan Athey, who is a John Bates Clark medal recipient).  Time will tell what the outcome will be, but I will tell you this - I don’t lose one wink of sleep over this lawsuit.

Such a good point!  

Ironically, it might be popular belief that I am quick to the trigger to call out "fud" when I see an exhausted headline and a brand new member posting.... 

I am going to turn a new leaf... and even if this plaintiff joins XRPchat and opens a topic about the SEC or the Escrow, or the amount of coins.......

I am going to look at it objectively and hear what he has to say....

thank you everybody for helping me see that I might just be uptight and nervous about my investment.

From here on out, a new me will be present.... 

You guys are the best!

 

 

Edited by EcneitapLatnem
Yeah, I might fly off the handle if I have a few too many!
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On ‎4‎/‎24‎/‎2019 at 3:18 PM, EcneitapLatnem said:

Such a good point!  

Ironically, it might be popular belief that I am quick to the trigger to call out "fud" when I see an exhausted headline and a brand new member posting....  

I am going to turn a new leaf... and even if this plaintiff joins XRPchat and opens a topic about the SEC or the Escrow, or the amount of coins....... 

I am going to look at it objectively and hear what he has to say....

thank you everybody for helping me see that I might just be uptight and nervous about my investment.

From here on out, a new me will be present.... 

You guys are the best!

 

 

yeah bruh, ya boi musclehog loves XRP and Ripple. Shout out to that G Brad Garlinghouse and his hitter David Schwartz.

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On ‎4‎/‎23‎/‎2019 at 11:10 PM, Paradox said:

I am starting to get exasperated here.

@musclehog @Caracappa - The SEC does not issue rulings.  Full stop.  There will be no "ruling" on XRP provided by the SEC.   They may offer an opinion or "guidance" in the form of a letter that describes their position on XRP, but any declarations or opinions offered do not constitute law.   I repeat,  the SEC does not make the law.  Whether or not XRP is a security will be decided IN COURT,  not by the SEC.

 

I understand most people here don't have a legal background, but in my opinion it is vital to take the time to fully understand how the SEC actually functions and the enforcement powers granted to it, as well as US legal procedures with respect to securities law.

Ya boi musclehog is Australian my dude so im not fully grasping my SEC fellas. No need to get exasperated my dude.

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  • 4 weeks later...
On 4/21/2019 at 1:52 PM, Phintech said:

User Age:  brand new

Attempt to Spin News or Topic as Concern:  10/10

Troll Transparency Score: 10/10.  

Bitcoin Maximalist (or paid by one) Fear Factor: 10/10

Effectiveness Score: weak as F

Suggestions:  Rechannel your fear and protectionism to fixing your antiquated tech, living off first mover advantage.  Find it’s first use case.  Find a way to get it past 4 TPS.  Fix it’s horrific governance.  Buy some XRP.

I see why you went hammer dude. There are so many fud acocunts on here posting trying to trash ripple and spread fud. I fully get it now. 

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What's worse and so gross is that they work in teams... believe it or not, they will have one person open a subject that is typically a "talking point" and smile and dance like they really care knowing damn well that their little (yes small genitals) buddies will show up a bit later and be the true bad guy... so see-through that it's actually embarrassing knowing humans like that exist.... the funniest part is, as you know, it won't matter..... BTC will age like an old withered man while they hold it's coughing, trembling, dying body.... while another, newer, faster, more handsome coin will flourish!!!! 

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