And more from FIlan Law and Hogan

[HAL1000]

From Filan - Parties tee up deliberative process privilege dispute with respect to documents withheld by the SEC based on the SEC's assertion of the privilege; file joint request for 8 page letters addressing issue.

J Hogan's input on the above and my previous post:-

The request for "Slack" messages goes to issue #1 - whether XRP is a security - and now we see a major part of the SEC's strategy! It is attacking from the flank and arguing Ripple marketed and treated XRP like a security and therefore it is. See footnotes on pg.4. The SEC has had some success with this argument in the past and it makes sense as a strategy since in all substantive ways XRP is NOT like a security. We will need to see Ripple's response before taking a gander as to whether the court will order production of the documents. In this litigation 8 pages is a large brief so seems like some complicated privilege issues have arisen. I am interested to see what they might be. Cutting it close: this needs approval, then filing, then a reply, then obtain a hearing date - all before the 31st!

James K. Filan

Ripple files a request for extension of time, until Monday, August 16, 2021, to respond to the SEC's emergency motion regarding the Slack communications discovery dispute.

So to sum up, I don't get paid enough, for all this work, this has been one very busy news day. So please leave a like and subscribe below and sign up for my non-existent Patreon service, why should you, because it pisses off the noisy negativist's on here (hi B088IN, if this annoys you then go get a life and stop reading my stuff) LOL.

[B088IN]

9 hours ago, HAL1000 said:

From Filan - Parties tee up deliberative process privilege dispute with respect to documents withheld by the SEC based on the SEC's assertion of the privilege; file joint request for 8 page letters addressing issue.

J Hogan's input on the above and my previous post:-

The request for "Slack" messages goes to issue #1 - whether XRP is a security - and now we see a major part of the SEC's strategy! It is attacking from the flank and arguing Ripple marketed and treated XRP like a security and therefore it is. See footnotes on pg.4. The SEC has had some success with this argument in the past and it makes sense as a strategy since in all substantive ways XRP is NOT like a security. We will need to see Ripple's response before taking a gander as to whether the court will order production of the documents. In this litigation 8 pages is a large brief so seems like some complicated privilege issues have arisen. I am interested to see what they might be. Cutting it close: this needs approval, then filing, then a reply, then obtain a hearing date - all before the 31st!

James K. Filan

Ripple files a request for extension of time, until Monday, August 16, 2021, to respond to the SEC's emergency motion regarding the Slack communications discovery dispute.

So to sum up, I don't get paid enough, for all this work, this has been one very busy news day. So please leave a like and subscribe below and sign up for my non-existent Patreon service, why should you, because it pisses off the noisy negativist's on here (hi B088IN, if this annoys you then go get a life and stop reading my stuff) LOL.

Nothing to do with being negative, and acting like a small child in your response to my previous comments isn’t very mature. Don’t make assumptions about others you know nothing about. 

Reading your posts is fine, there wasn’t anything bad about them, simply mentioned that your constant request for likes as though someone is forcing you to do this is annoying and degrades your posts.

So in response to your comment as you have to mine, if you don’t like my comments, stop reading them 😎👌

[HAL1000]

1 minute ago, B088IN said:

Nothing to do with being negative, and acting like a small child in your response to my previous comments isn’t very mature. Don’t make assumptions about others you know nothing about. 

Reading your posts is fine, there wasn’t anything bad about them, simply mentioned that your constant request for likes as though someone is forcing you to do this is annoying and degrades your posts.

So in response to your comment as you have to mine, if you don’t like my comments, stop reading them 😎👌

I don't read your threads, I find them to be like statements from the SEC.

[B088IN]

Just now, HAL1000 said:

I don't read your threads, I find them to be like statements from the SEC.

Your choice, but you obviously have to be able to comment. 
I’ve no intention of derailing your initial post in a bickering match so you do yours and I’ll do mine. 
 

[HAL1000]

I really don't care, I'm just here to share what I learn and have a laugh, as for "like's" how else am I going to get to fulfill my lifetime ambition, to get to become a bronze member here, LOL.

So in that vain, keep the likes coming fellow XRP fans and I will keep sharing what I learn, despite the hecklers.

P.s. I am only kidding about the likes, people with a sense of humour, can pick up on these things, but you need to be a bit more mature to understand these kinda things I guess, but I also guess children often take offence, over silly things and find themselves speaking out before thinking it through in a mature way

Edited August 10, 2021 by HAL1000

[B088IN]

Once again you have the insistence to bite back and go on the offensive, making snide comments and then try to take the moral high ground. Your choice, but make no mistake, you know nothing about me. Mentioning once about requesting likes is one thing and can be seen as a joke, but you constantly now sign off your posts requesting them, no longer a joke but a subtle grab at attention and the need to see validation in your posts from others. 

Either way, your posts are informative and useful so thank you for your time, I’ll leave it there. 
 

[HAL1000]

"no longer a joke but a subtle grab at attention and the need to see validation in your posts from others. "

You're judging me, via your own way of seeing the world, I don't see it that way at all, we are very different kinds of people Bo88in, I am a dysfunctional human being, I care about everything and nothing at the same time, I have found it the best way to get through life, especially at my age (old).

If I was seeking attention and validation, I would use my real name and have .coin at the end of it, LOL.

[B088IN]

👍

[HAL1000]

BREAKING: Defendants file motion challenging the SEC’s improper assertion of the Deliberative Process Privilege.

https://www.dropbox.com/s/8v9wbxqlaifoyd0/Letter Motion Challenging SEC assertion of Deliberative Process Privilege .pdf?dl=0

It's only 21 pages long, but it's only the first 7 that are needed, the rest is just case law examples etc.

[HAL1000]

Jeremy Hogan

OMG @ SEC v. Ripple case. I am such a law geek. The thought of some of the best securities lawyers in the country being given leave to file a 15 page Brief... it's going to be an absolute MONSTER. I seriously cannot wait to see this thing.

Ripple and the individual Defendants are filing documents, some under seal so we won't see them. The documents will be exhibits in their 15 PAGE MONSTER BRIEF that's coming soon!

[HAL1000]

James K. Filan

Replying to @wgmicrypto and @XRPYaadMan

The short answer is Judge ordered documents produced “subject to a privilege assertion” and said “documents withheld on the basis of privilege must be identified on a privilege log.” The SEC submitted privilege logs claiming EVERYTHING is privileged and Ripple is “calling B.S.”

[HAL1000]

James K. Filan

#XRPCommunity #SECGov v. #Ripple #XRP

@GaryGensler

says “Certain rules related to crypto assets are well-settled. The test to determine whether a crypto asset is a security is clear. The SEC has taken and will continue to take our authorities as far as they go.”

Chair Gensler’s response to Sen. Warren is now public. Last week Gensler mentioned he was putting together legislative proposals for Congress. In this letter he states “the legislative priority should center on crypto trading, lending, and DeFi platforms.

GG response (copied from this PDF)

August 5, 2021

The Honorable Elizabeth Warren United States Senate 309 Hart Senate Office Building Washington, DC 20510 Dear Senator Warren: Thank you for your July 7, 2021, letter regarding the sufficiency of the Securities and Exchange Commission’s authority to regulate crypto platforms. I appreciate and share your interest in ensuring investors are protected on these platforms. I recently spoke about these issues publicly.

1 Right now, I believe investors using these platforms are not adequately protected. The world of crypto finance now has platforms where people can trade tokens and other venues where people can lend tokens. The American public is buying, selling, and lending crypto on these venues, both centralized and decentralized finance (“DeFi”) platforms. I believe these various platforms not only can implicate the securities laws; some platforms can also implicate the commodities laws and the banking laws. This raises a number of issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability.

A typical trading platform has more than 50 tokens on it. In fact, many have well in excess of 100 tokens. While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50 or 100 tokens, any given platform has zero securities. I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.

Certain rules related to crypto assets are well-settled. The test to determine whether a crypto asset is a security is clear. The SEC has taken and will continue to take our authorities as far as they go. Over the years, the SEC has brought dozens of actions in this area,2 prioritizing token- related cases involving fraud or other significant harm to investors. We haven’t yet lost a case. 1 See Gary Gensler, “Remarks Before the Aspen Security Forum” (Aug. 3, 2021), available at
https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03.

2 See Cornerstone Research, “Cornerstone Research Report Shows SEC Establishes Itself as a Key U.S.
Cryptocurrency Regulator” (May 11, 2021), available at https://www.cornerstone.com/Publications/Press-
Releases/Cornerstone-Research-Report-Shows-SEC-Establishes-Itself-as-a-Key-U-S-Cryptocurrency-Regulator. The Honorable Elizabeth Warren

Page 2
To the extent that there are securities on these trading platforms, under our laws they have to register with the Commission unless they meet an exemption. If a lending platform is offering securities, it also falls into SEC jurisdiction. Moreover, there are initiatives by a number of platforms to offer crypto tokens or other products that are priced off of the value of securities and operate like derivatives. It doesn’t matter whether it’s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These products are subject to the securities laws and must work within our securities regime. I’ve urged staff to continue to protect investors in the case of unregistered sales of securities.

Another issue has to do with stablecoins, which are crypto tokens pegged or linked to the value of fiat currencies. There is an existing stablecoin market worth $113 billion, 3 including four large stablecoins — some of which have been around for seven years. These stablecoins are embedded in crypto trading and lending platforms. To trade crypto-to-crypto, usually, somebody uses stablecoins. In July, nearly three-quarters of trading on all crypto trading platforms occurred between a stablecoin and some other token.

4 The use of stablecoins on these platforms may facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, tax compliance, sanctions, and the like. Further, while many overseas platforms state they don’t allow U.S. investors, there are allegations that some unregulated foreign exchanges facilitate trading by U.S. traders who are using virtual private networks, or VPNs.

5 Further, you asked how assets traded on these platforms differ from those of assets traded on traditional securities exchanges, and which investor and consumer protections are warranted. Unlike other trading markets, where investors go through an intermediary, people can trade on crypto trading platforms without a broker — 24 hours a day, 7 days a week, from around the globe. I believe we need additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.

Some links and WAFFLE, then:-

In my view, the legislative priority should center on crypto trading, lending, and DeFi platforms. Regulators would benefit from additional plenary authority to write rules for and attach guardrails to crypto trading and lending. We stand ready to work closely with Congress, the Administration, our fellow regulators, and our partners around the world to close some of these gaps.

Please do not hesitate to contact me or have a member of your staff contact Kevin Burris, Director of the Office of Legislative and Intergovernmental Affairs, at (202) 551-2010, if we can be of further assistance. Sincerely, Gary Gensler Chair

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

James K. Filan

“A typical trading platform has more than 50 tokens on it. In fact, many have well in excess of 100 tokens. While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50 or 100 tokens, any given platform has zero securities.” It should now be clear that

@GaryGensler

wants to rule over the entire crypto asset space. Thanks

@RonwHammond

for providing

@GaryGensler

’s response to

@SenWarren

 

Gary Gensler also said, “We haven’t yet lost a case.”

Well yeah, most companies just pay up when highway robbers turn up with guns drawn or come to some kind of settlement. The SEC Scumbag Enforcement Agency - what the hell, so you cause 15 billion dollar loss to XRP investors and then say hey congress, we need more guns. FU GG get your head out of Goldman Sachs arse and go help China. JC 2.0 indeed, that's not something you should be proud of, hate mail incoming, he's on Twitter boys n girls.

Oh, and please leave a like and subscribe, because as you can see from this thread, me and B088IN have settled our dispute, with no damage or loss to investors, LOL.

Edited August 11, 2021 by HAL1000

[B088IN]

😎👍

[brianwalden]

I've actually come to see how uninformed a lot of people are and how many get burnt in crypto. I think there is a real need for legislation that actually protects the people. 

But I also think there should be a test or something for people who want to opt out and go it alone. Just something that shows that they have a basic knowledge and that they know they're operating without legal protections of traditional finance.

I've also come to really hate how much of our laws are about hampering the 99% of people who obey the law to stop the 1% who break it. Moving money freely isn't a crime, stop treating it like one. Catch the criminals for doing criminal things.

[NMNR]

30 minutes ago, brianwalden said:

I've actually come to see how uninformed a lot of people are and how many get burnt in crypto. I think there is a real need for legislation that actually protects the people. 

But I also think there should be a test or something for people who want to opt out and go it alone. Just something that shows that they have a basic knowledge and that they know they're operating without legal protections of traditional finance.

I've also come to really hate how much of our laws are about hampering the 99% of people who obey the law to stop the 1% who break it. Moving money freely isn't a crime, stop treating it like one. Catch the criminals for doing criminal things.

Basically this. Ripple have been fighting for clarity from the get go and are basically being smitten for it. However, were they doing it to cover up some dubious sales?