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John Rambo Deaton - Amicus Brief


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After 2 years of silence during which Deaton was begging for the industry to unite behind him, it is at last actually happening.  At its heart this scandal is about Gensler and his corruption on behalf of his criminal friends in the financial legacy business, but many of our fellow travellers would like to cover up that side of ETHgate and restrict discussion to getting clarity for themselves.  

Ripple hold many aces and are the only ones who can deliver both clarity for Ripple at the same time as some face-saving exit for Gensler.  Now is the time for Gensler to offer compromise and save his skin.

Edited by Julian_Williams
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Great brief!  Well written and very persuasive, especially regarding secondary market transactions.  The SEC's position that secondary market transactions of xrp constitute securities transactions is truly outrageous.  The SEC could have clarified that secondary market transactions were not securities transactions, but it wanted to put added pressure on Ripple to settle, even if it hurt the investors that it is mandated to protect.  (That's also why the SEC named Larsen and Garlinghouse, even though no fraud was alleged - more pressure.) 

It's an unfortunate tactic, especially when the SEC is fully aware of the damage being caused to innocent xrp holders, like us.  Hopefully, the court will make it clear in its ruling that xrp itself is not a security, and that xrp trading in the secondary market is likewise not a securities transaction (technically, I don't believe the court is required to address that specific issue).  I think that even if the court were to rule that Ripple's sales were securities transactions, if we can get clarification that secondary market transactions are not securities transactions, then the price of xrp will still go up significantly (I hope) because then banks, exchanges, businesses, ODL in general, etc can use xrp without fear of those transactions being considered securities transactions.  (Of course, we're rooting for Ripple, Larsen and Garlinghouse to win as well).

Thanks to John Deaton for all his hard work in fighting for the cause of xrp holders!

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