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SEC responds to Garlinghouse and Larsen letters, 10th March 2021


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I highly recommend Jeremy Hogan's breakdown of the SEC response, I got a lot out of it, and learned a bunch too.  https://www.youtube.com/watch?v=kmguf5uWmUI  

The SEC remains true to its line and continues to deliver allegations without facts or legal basis. So the SEC claims that as a private seller from the USA on a foreign exchange I have to ensure

I was thinking more retaliatory. SEC, "Oh you want to see our communication about BTC & ETH not being securities?" "Well then we want to see all your personal bank starements"... because

The SEC remains true to its line and continues to deliver allegations without facts or legal basis.

So the SEC claims that as a private seller from the USA on a foreign exchange I have to ensure that no US citizen acquires my item? Even if I am abroad?

Did I understand that correctly?

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  • PunishmentOfLuxury changed the title to SEC responds to Garlinghouse and Larsen letters, 10th March 2021
Posted (edited)

Individual defendants’ letter requesting conference concerning personal financial records:

Seems the SEC is demanding to see all of the financial records of Chris and Brad for the last 8 years. Chris and Brad have already agreed to disclose those records relating to the sales of XRP, but the SEC wants everything, which the Defendants say is overreach. At an impasse, so they have asked the Court to intervene.

Edited by PunishmentOfLuxury
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Lawyers are always extremely one sided. It's literally their job. Time rounds off their sharp edges. Then things, move more with less friction.

Liquidity wants the least amount of friction to flow freely... and friction free liquidity is actually the most economically significant innovation achievable by Crypto.  It's the Classic, "better, faster, cheaper"... flow through a network. 

Edited by KarmaCoverage
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5 hours ago, Rutski said:

Seems like an overreach to want their personal information. They already disclosed the money assets regarding sales of XRP. They are trying to embarrass the defendants. Gross  

I was thinking more retaliatory.

SEC, "Oh you want to see our communication about BTC & ETH not being securities?" "Well then we want to see all your personal bank starements"...

because B&Gs personal bank statements are part of the Howey test, or somehow prove XRP is a security?

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19 hours ago, KarmaCoverage said:

I was thinking more retaliatory.

SEC, "Oh you want to see our communication about BTC & ETH not being securities?" "Well then we want to see all your personal bank starements"...

because B&Gs personal bank statements are part of the Howey test, or somehow prove XRP is a security?

This whole ordeal is looking more and more like an episode of Suits.  Play the game in grey area's during discovery, until either one of the parties caves and accepts the worse end of the settlement.

Edited by Gepster
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19 hours ago, KarmaCoverage said:

I was thinking more retaliatory.

SEC, "Oh you want to see our communication about BTC & ETH not being securities?" "Well then we want to see all your personal bank starements"...

because B&Gs personal bank statements are part of the Howey test, or somehow prove XRP is a security?

I really hope the SEC loses this case. They are an embarrassment to our country. 

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On 12.3.2021 at 17:51, KarmaCoverage said:

Ich dachte mehr Vergeltung.

SEC: "Oh, Sie möchten, dass unsere Mitteilung darüber, dass BTC & ETH keine Wertpapiere sind?

That's why the Ripple lawyers are demanding disclosure.
The SEC withholds exculpatory evidence.

https://www.crypto-news-flash.com/sec-withholds-exculpatory-evidence-ripple-lawyers-demand-disclosure/

The thing is, Ripple knows those documents exist. They have former SEC staff on their team.

https://en.m.wikipedia.org/wiki/Mary_Jo_White

 

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SEC tries to justify wanting to see all of BG and CL's personal financial records:

Letter from SEC to Hon. Sarah Netburn 17th March

Quote

The SEC seeks financial records for at least three relevant reasons. First, because XRP transactions appear as pseudonymous transactions on a blockchain, Individual Defendants’ bank records are the only reliable way to de-anonymize their movements of XRP and determine exactly how much they raised from their XRP sales to the public. Second, the SEC anticipates that financial records will show whether Individual Defendants personally funded efforts to increase the value of XRP, which is relevant to the “efforts of others” prong of the Howey test. Finally, financial records will show how much Defendants—who insist they had no idea their conduct was wrongful—enriched themselves relative to other income, which bears on the powerful, personal financial motivation they had to look the other way when confronted with the legal consequences of their conduct. The SEC is not seeking records of how much money is “spen[t] at the grocery store every week,” Letter at 2, and is willing to have Individual Defendants redact transactions of less than $1,000. Nor is this a “fishing expedition.” Id. at 3.

 

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32 minutes ago, PunishmentOfLuxury said:

SEC tries to justify wanting to see all of BG and CL's personal financial records:

Letter from SEC to Hon. Sarah Netburn 17th March

 

Thank you for sharing! The SEC could also look at the exchanges used if they truly wanted this information. It doesn't have to come from their private bank accounts. The SEC strategy is very vindictive. 

It's bait and switch tactics. Since this isn't a fraud case, I'm not sure they will get this information. 

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