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Jeremy Hogan: Will Ripple's Fair Notice defense survive?


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Hogan seems to frame the fair notice defense as significant not just to Ripple, but to the broader crypto space. If this is his contention, I disagree. Newer cryptos like ICP or FLR will still be subject to SEC entanglements ... only older ones would be able to use the shade of Ripple's fair notice umbrella. 

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Hmm, this one is very interesting.

So if my understanding is good, a Ripple win on the fair notice would be very very bad for the Sec's future against crypto.

The real question now, will they take the risk to have a judgement on this or would it be better for them to stop and attempt a settlement and avoid a lose on this particular point.

A lost now but potentials others victories, against not more victory ? Great dilemma !

Will Ripple accept a settlement ?

I think SEC is tring to settle but Ripple refuse, that could explain why SEC now is going rogue  and is threatning about an extension of the discovery period. They also declared they want to investigate about potential "lobbying action". 

https://cryptonews.com/news/sec-asks-court-to-let-it-see-evidence-of-ripple-s-xrp-lobbyi-10496.htm

This last attack, on lobbying action is full retard for the SEC as it implies to be relevant that XRP IS a security, and that s whole point of the lawsuit : proving it is a security (for the SEC). This attack is annoying as it involves people around Ripple  and that's not good for business...

Bulffe  to pressurize Ripple to accept settlement ?

Well, we will have the answer really soon.

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Well, I sure as hell hope it does. Ripple being granted fair notice defence (the lads over at UK know that is the correct spelling for the word :) I prefer the UK version of defence as opposed to defense Idk, just seems more intuitive to me) would not only be the fair thing (IMO) but it would also be extremely bullish news. 

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It might be better for the SEC's future income streams to settle out of court, so allowing them to go after other cryptos in the future without the potential hassle of having to deal with the fair notice defence. The SEC Self Enriching Criminals bringing orderly markets through massive disruption and random suits, with no fair warning, the CRYPTO industry needs to consolidate to fight off these modern day privateers.

I have said it before, the SEC are seeing crypto as their new piggy bank :(

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Just to be clear, I’m not mocking the UK in any way. I was being genuine with my post. I prefer a lot of their versions of words like defence, jewellery, armour, etc. Idk, it just looks nice. Plus, I love their accent. For the record, I am not from the United States. :) 

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8 hours ago, Neurotoxin said:

Just to be clear, I’m not mocking the UK in any way. I was being genuine with my post. I prefer a lot of their versions of words like defence, jewellery, armour, etc. Idk, it just looks nice. Plus, I love their accent. For the record, I am not from the United States. :) 

😉 still makes me laugh that USA thinks that we have (By that I mean UK) have different versions of their words 😆 The language is English, by definition that means alternate words are taken from the original, being English lol. 

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On 5/29/2021 at 12:48 AM, RobertHarpool said:

Hogan seems to frame the fair notice defense as significant not just to Ripple, but to the broader crypto space. If this is his contention, I disagree. Newer cryptos like ICP or FLR will still be subject to SEC entanglements ... only older ones would be able to use the shade of Ripple's fair notice umbrella. 

I think you kind of hit the nail on the head here. I'm not an atty, but grew up in a family full of them.

The only caveat is that with BTC there is no entity or humans for the SEC to pursue. Which means that they (govts) will have to use other economic means, like taxes, and regulating the on/off ramp providers like Exchanges, to bring legitimacy to the asset class.

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Does anyone remember reading the SEC complaint? Ripple made every effort to avoid getting legal clarity.

==============================================

The October 2012 Legal Memo also advised Ripple and Larsen to contact the SEC
to obtain clarity as to whether XRP was a security under the federal securities laws.
56. By at least 2013, Larsen was aware of the contents of the Legal Memos.
57. On May 26, 2014, Larsen explained in an email to an individual formerly associated
with Ripple that the international law firm that wrote the Legal Memos advised “that investors and
employees could not receive XRP” because that “could risk SEC designation [as] a security.” Larsen
also explained that the XRP he received upon Ripple’s founding was “comp[ensation] for . . .
personally assuming th[e] risk” of being deemed the issuers of securities—namely, XRP.
58. In other words, as Larsen himself explained, he was paid at the outset in an asset
(potentially worth hundreds of millions of dollars) to assume a risk he knew existed—that the sale of
the asset could constitute an offering of securities for which he would be held responsible.
Case 1:20-cv-10832 Document 4 Filed 12/22/20
59. Despite this knowledge and Larsen’s familiarity with Section 5 from the SEC
enforcement action that his previous company had settled in 2008 while Larsen was its CEO, Ripple
and Larsen failed to heed some of the legal advice and warnings in the Legal Memos. Neither
contacted the SEC to obtain clarity about the legal status of XRP before engaging in a large-scale
distribution. Moreover, as described in more detail below, Ripple and Larsen (and later
Garlinghouse) offered, sold and promoted XRP as an investment—precisely the type of conduct the
Legal Memos had warned could lead to a determination that XRP was a security

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8 minutes ago, xerxesramesepolybius said:

I know, I know, it is far better to get advice watching  the Ambulance Chaser than reading real evidence

Hmm, I’ve never said this before, and I even remember other members complaining about you being a FUDster as you buzzed on with whatever it was you were saying cuz I seldom paid attention to you, but you always seem to pop up when people are happy just to make sure you can try and get somebody sour. Hadn’t heard from you in a while and after the big drop and everybody shitting the bed and the forum being VERY quiet for quite a while... and boom.
 

Suddenly the narrative switches around, things are starting to look nice, positive news about the case and other things are coming out and POP! There spawns Xerxes here to remind everybody that he sold his bags at a loss and that this pump and good news and general picking up of the mood on the forum is all in vein. Get outta here dude. Quit being so sour and please, when you post things like these, could you AT LEAST be so kind as to post the source of the claims so everybody can go and read it for themselves since you already took the time to google it once again and copy and paste your favorite parts of the article in question? Or maybe you have it in your notepad without a source because it’s just a section of notes full of collections of negative things to say to us.

Now I’m not gonna go out and say you’re spreading FUD, cuz I do remember reading that before somewhere but can’t recall where, and many times things can sound VERY different depending on who’s stating the “facts” and what their intentions and personal agenda are. I won’t call you a FUDster, but I will call you a sourpuss, cuz you’re an excellent example of the word in person :)

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