SEC Acting Enforcement Director Marc P. Berger to Depart the Commission

[kanaas 3,903]

https://www.sec.gov/news/press-release/2021-5

Quote

Combating unregistered initial coin offerings

The Commission brought significant enforcement actions under Mr. Berger's leadership involving unregistered initial coin offerings that deprived investors of key long-standing protections important to our public market system. These included an action against Telegram Group Inc., which agreed to return more than $1.2 billion to investors. They also include an ongoing action against Ripple Labs Inc. and two of its executives. Enforcement staff has also pursued issuers for conducting fraudulent ICOs.

 

[KarmaCoverage 4,180]

Wow! I'm not sure how to interrupt the SEC's actions. I used to think of them as having a much higher quality grasp on how to run the SEC.

Step 1: Engage with Ripple for 7 years openly.

Step 2: File suit against Ripple and have the Chairman quit the next day. 

Step 3: At the dawn of the Ripple case have the Enforcement Director quit.

... and deliver all of this uncertainty dead square in the middle of a Presidential transition. 

Edited Tuesday at 07:48 PM by KarmaCoverage

[kanaas 3,903]

11 minutes ago, KarmaCoverage said:

Wow! I'm not sure how to interrupt the SEC's actions. I used to think of them as having a much higher quality grasp on how to run the SEC.

Step 1: Engage with Ripple for 7 years openly.

Step 2: File suit against Ripple and have the Chairman quit the next day. 

Step 3: At the dawn of the Ripple case have the Enforcement Director quit.

... and deliver all of this uncertainty dead square in the middle of a Presidential transition. 

Quote

was named Deputy Director of the Division of Enforcement in August 2020

 

 

 

[VanGogh 1,475]

18 minutes ago, KarmaCoverage said:

Wow! I'm not sure how to interrupt the SEC's actions. I used to think of them as having a much higher quality grasp on how to run the SEC.

It appears like the made a mistake on this one and do not wish to be part of it. 

[RipMcGillicuddy 20]

More importantly maybe, look who is stepping in. 

https://www.cnbc.com/2021/01/12/president-elect-joe-biden-to-name-gary-gensler-as-us-sec-chair-sources-say-.html

[kanaas 3,903]

11 minutes ago, RipMcGillicuddy said:

More importantly maybe, look who is stepping in. 

https://www.cnbc.com/2021/01/12/president-elect-joe-biden-to-name-gary-gensler-as-us-sec-chair-sources-say-.html

that's more bad news for ripple indeed ....

[RipMcGillicuddy 20]

Just now, kanaas said:

that's more bad news for ripple indeed ....

Definitely takes some wind out of my sails. Gensler has clearly stated that his opinions on XRP are just that, and that any designation of what it is or is not will be decided by courts. 

But anyway, more good news for BTC of course. 

[HenrySeldom 683]

2 minutes ago, RipMcGillicuddy said:

Definitely takes some wind out of my sails. Gensler has clearly stated that his opinions on XRP are just that, and that any designation of what it is or is not will be decided by courts. 

But anyway, more good news for BTC of course. 

He stated that opinion over 3 years ago. It was an off-the-cuff comment. I guess that won't stop people from trying to read tea leaves though. 

[Panopticon 512]

8 minutes ago, kanaas said:

that's more bad news for ripple indeed ....

 

Not really...

 

Edited Tuesday at 08:30 PM by Panopticon

[RipMcGillicuddy 20]

1 minute ago, HenrySeldom said:

He stated that opinion over 3 years ago. It was an off-the-cuff comment. I guess that won't stop people from trying to read tea leaves though. 

Well, he made some comments backed by enough understanding and research to be more than off-the-cuff. And his comments happened to reflect just what the charges from Clayton's SEC do, 3 years later.  

But still, I do believe that smart people are always open to the idea that their opinions can change. 

[HenrySeldom 683]

2 minutes ago, RipMcGillicuddy said:

Well, he made some comments backed by enough understanding and research to be more than off-the-cuff. And his comments happened to reflect just what the charges from Clayton's SEC do, 3 years later.  

But still, I do believe that smart people are always open to the idea that their opinions can change. 

If you watch the video above his thoughts are quite nuanced and he understand Ripple's business model exactly. I don't think you know enough of his views, my friend. 

[RipMcGillicuddy 20]

2 minutes ago, HenrySeldom said:

If you watch the video above his thoughts are quite nuanced and he understand Ripple's business model exactly. I don't think you know enough of his views, my friend. 

And you're the one who describes his opinions that could be perceived as negative towards Ripple/XRP as "off-the-cuff" and his opinions that could be perceived as postive as "nuanced." I don't think you know enough about nuance, my friend. 

All this is just to say that the new head of the SEC is on the record stating he believes XRP is a security (however long ago). That's not a great thing. Also, within the nuance of his different opinions, one could come to the conclusion that he both understands what Ripple/XRP are intended for (good thing), and understands how Ripple used XRP in ways that resemble securities (bad thing). Based on what I know of his opinions (relatively little), it would be a surprise if he backed off of or took this case any lighter than the ones who filed it. It may change my personal idea of a best case scenario slightly.

Now, I can come to terms with the fact that Ripple, BG and CL are going to be absolutely dragged through the mud and made to look like scammers. But maybe this is a person who understands the importance of making the distinction between those things and XRP and will help to provide that clarity on the back end. 

[HenrySeldom 683]

7 minutes ago, RipMcGillicuddy said:

And you're the one who describes his opinions that could be perceived as negative towards Ripple/XRP as "off-the-cuff" and his opinions that could be perceived as postive as "nuanced." I don't think you know enough about nuance, my friend. 

All this is just to say that the new head of the SEC is on the record stating he believes XRP is a security (however long ago). That's not a great thing. Also, within the nuance of his different opinions, one could come to the conclusion that he both understands what Ripple/XRP are intended for (good thing), and understands how Ripple used XRP in ways that resemble securities (bad thing). Based on what I know of his opinions (relatively little), it would be a surprise if he backed off of or took this case any lighter than the ones who filed it. It may change my personal idea of a best case scenario slightly.

Now, I can come to terms with the fact that Ripple, BG and CL are going to be absolutely dragged through the mud and made to look like scammers. But maybe this is a person who understands the importance of making the distinction between those things and XRP and will help to provide that clarity on the back end. 

Let's see if you're smart enough to understand why I'm sharing this picture with you:

[RipMcGillicuddy 20]

Just now, HenrySeldom said:

Let's see if you're smart enough to understand why I'm sharing this picture with you:

Oh, you're testing intelligence now? Yeesh. 

[Panopticon 512]

10 minutes ago, RipMcGillicuddy said:

All this is just to say that the new head of the SEC is on the record stating he believes XRP is a security (however long ago).

 Not exactly, he said that cryptos like ETH and XRP could potentially been seen as securities, not that he believes they are.