SEC trying to prevent XRP holders from involving in Ripple vs SEC lawsuit

[fxcryptonews]

https://fxcryptonews.com/sec-trying-to-prevent-xrp-holders-from-involving-in-ripple-vs-sec-lawsuit/

[NightJanitor]

https://www.crypto-law.us/wp-content/uploads/2021/05/SEC_Memorandum-of-Law_Opposing-Motion-to-Intervene-050321.pdf

Page 30 - the SEC's own words - neatly sums up:

Quote

Movants claim they must intervene to convince the Court that XRP is not “per se” a security. (Movant Br. at 8–9.) But this case presents no such question.

One sentence later, they're back to this shit:

Quote

The XRP traded, even in the secondary market, is the embodiment of those facts, circumstances, promises, and expectations, and today represents that investment contract.

Beginning to see why Musk said that he had no respect for SEC.

[peanut56]

“Movants are essentially seeking to compel the SEC to bring an enforcement action against individual secondary market XRP investors.”

They're threatening to come after us because they keep slapping themselves in the face? With all due respect if the SEC is watching this forum. Have respect for yourself and the public office you represent. The SEC is powerful and there is little to no reason to go after small time folks that have done nothing more than invest in a product they believed would be successful knowing full well all projects involved with the xrp ledger could fail. 

[RipMcGillicuddy]

Gensler doesn't want this smoke. 

[RobertHarpool]

@NightJanitor ... thank you ... I now have a touch stone to stroke victims. 

Confusion, shock, angst, inability to finish a thought, thousand-mile stare, frustration, even some slack-jawed drool due to utter bewilderment ... 

@peanut56 Without a second of hesitation, I understand that to be a direct threat. This is completely intolerable >.<

@RipMcGillicuddy As previously highlighted, time is now proving Gensler to be far more of a spineless bureaucrat than intellectually honest academic. Just 1 iota of conviction toward his previous statements ('XRP is a currency' 6 times in 2 minutes!) would have demanded some review of Tenreiro's silliness prior to submission. How sad. 

Edited May 4, 2021 by RobertHarpool

[BarnBuilder]

It's ironic that the SEC isnt just ignoring the reason they exist, they are threatening those they are supposed to protect.  It appears XRP holders seeking refuge through John Deaton's work are also the enemy.  More reason for the judge to understand the coinholder's predicament and reason to plead for a voice.  It amazes me how they demonize Deaton as one who just wants to increase his web presence.  I'm starting to have dreams of picketing the SEC with my sign "FREE RIPPLE".  I dont have Twitter but maybe the equivalent would be #FreeXRP (or however you do a hashtag  )

No...I'm serious.  The decentralization of assets was born out of a revolution seeking to do a technical end around the fat cats that use "everyone else" to feed the good old boys clubs.  It's threatening their way of life.  It's threatening their banking, their regulators, their exchanges, their fiat monetary policy, their gold stores, their control over the arts, real estate, and insurance just to name a few.  I read this whole lawsuit as testament to throwing one hook into the whale to slow it down.  You hope for good people, and I'm sure they exist at the SEC and elsewhere, but the good old boys clubs need to eat (in abundance).  It's ironic that Hester Pierce is the only voice that seems to have both feet on the ground yet she appears to have to sit at the kids table where the good old boys don't need to hear the commotion.

The thing that stinks the absolute worst is that they dont make a public statement  encouraging the relisting of XRP.  The  issue of crypto trading needs to be dealt with using a broader and more acceptable approach.  Its really immature and reckless to expect to regulate crypto trading through this lawsuit so why wouldnt they choose to make a more narrow point.  They seem to want to say that anything with an XRP logo on it worldwide is illegal while they figure out what they are doing.  Again, reckless is the best word.

I dont think the SEC can satisfactorily answer this loaded question:  "Why XRP, why this moment, what do you hope to achieve?  I follow the case and I don't see where they are going other than just trying to buy time.

[peanut56]

3 hours ago, RobertHarpool said:

@peanut56 Without a second of hesitation, I understand that to be a direct threat. This is completely intolerable >.<

I'm assuming you mean the SEC is threatening you, me, and every other person who invested in xrp. I take it as a threat as well, and yes it causes fear, nervousness, and anger about the situation. There is little we can do and I'm sure this is on the radar of the judge presiding over the case at this point. Maybe deaton will bring this up as the SEC is pivoting form Ripple to investors. 

If by any chance that you thought I was threatening you or anyone else please know that I am not and if it came across as such please explain so that I can be more careful in the future. 

[Seoulite]

6 hours ago, peanut56 said:

The SEC is powerful and there is little to no reason to go after small time folks that have done nothing more than invest in a product they believed would be successful knowing full well all projects involved with the xrp ledger could fail.

I know it sounds crazy or too cynical or whatever but it is time for our American friends to seriously consider that this could be true: it's worse than them not caring about you, they are actively trying to hurt you.

[RobertHarpool]

@peanut56 Good to cover all bases .. hhhhh ... I was referring to the SEC threatening XRP users .. 

[peanut56]

I always look at politicians as aspiring dictators not because all of them are aspiring to be a dictator, but in order preserve what freedom is left. It seems the desire of some is to inflict harm as for one reason or another that is what brings some people joy. So yes, there are people within the U.S. power structure that actively seek to harm civilians. Seoulite I do not find you're comments crazy nor cynical. I remember two weeks before my skull was shattered in sixteen places with a maglite, by a gangster, there was a cop sitting on a bench starring me down slapping a maglite in his hand. A few years later he was shot, but lived. It seems that corruption and active harm to the civilians are both local, national, and international. Protection can only come from the people actively seeking to preserve both freedom and peace. In order to do so it would be wise to look at the current two party system as a system that is being gamed to divide the people so they are to busy fighting each other to look at what is truly in jeopardy. 

[PunishmentOfLuxury]

A contrary view from Jesse Hynes:

 

[HAL1000]

 

[Alluvial]

On 5/4/2021 at 11:34 AM, peanut56 said:

“Movants are essentially seeking to compel the SEC to bring an enforcement action against individual secondary market XRP investors.”

They're threatening to come after us because they keep slapping themselves in the face? With all due respect if the SEC is watching this forum. Have respect for yourself and the public office you represent. The SEC is powerful and there is little to no reason to go after small time folks that have done nothing more than invest in a product they believed would be successful knowing full well all projects involved with the xrp ledger could fail. 

My reading of it is that the SEC is claiming that the Intervenors  are seeking to be named as defendants in the case.  The SEC says it is in its prosecutorial discretion as to whom it will sue.  The SEC says that this case is about Ripple, BG and CL only, and no one can constitutionally force the SEC to litigate other cases (i.e. against Intervenors).  The SEC is not threatening, with the above statement, to bring an enforcement action against secondary market xrp investors. 

Intervenors want to come into the case, in part, so that the SEC is forced to answer the question of whether it is the SEC's position that secondary market activity in xrp is or is not a violation of securities laws.  There's a huge difference between saying that only Ripple's sales violated securities laws compared to everyone in the secondary market is violating securities laws.  If it's only the former, then xrp can be adopted by businesses to run ODL, and exchanges can list xrp again without fear of being sued by the SEC for facilitating non-registered securities transactions.  

Instead of just letting the xrp and crypto community know its position (so we can all get on with life and the adoption of ODL, etc), the SEC just wants us to wait in limbo - not wanting to answer the question at all (about secondary market trades).  It's no wonder that US businesses hate working with government regulators.  This guidance should have come out a long time ago.  It is unconscionable (even if probably legally correct) that the SEC's position is that it doesn't have to answer this question, and can give an answer when it feels like, which could technically be never.    

[VanGogh]

13 minutes ago, Alluvial said:

It's no wonder that US businesses hate working with government regulators.  This guidance should have come out a long time ago.  It is unconscionable (even if probably legally correct) that the SEC's position is that it doesn't have to answer this question, and can give an answer when it feels like, which could technically be never. 

 

[Wolfaolyth]

19 hours ago, peanut56 said:

I always look at politicians as aspiring dictators not because all of them are aspiring to be a dictator, but in order preserve what freedom is left. 

That was my first thought after reading 1984 (G.Orwell).

I question myself not about the story but i tried to imagine how the society falled into it. And i could imagine a scenario in which such society could be set up with good intent at the first place (to protect people from themself). Such thought came to me after realizing the guy tormenting the "heroe" is firmly convinced to act for the good..and perhap's it s had been the case...at least at the beginning... 

Hell is paved with good intentions

Edited May 5, 2021 by Wolfaolyth