@jchervinsky - Jake Chervinsky
It's rare in the world of SEC enforcement to see public outcry register on a federal court docket in the way we've seen from XRP holders since December 2020, and @JohnEDeaton1 deserves a lot of credit for that, and for this brief. 👏 I look forward to reading the SEC's reply.
@MattCorva - Matt Corva
@jchervinsky @JohnEDeaton1 Odd choice to cheer for people who drive unfounded conspiracy theories that lead to financially motivated mobs terrorizing private citizens with unfounded accusations including calling private numbers to tell people they are coming after them, but to each their own.
@jchervinsky - Jake Chervinsky
@MattCorva @JohnEDeaton1 Hopefully it's obvious I'm not cheering for those things and don't support them.
@MattCorva - Matt Corva
@jchervinsky @JohnEDeaton1 I know you're not cheering for that behavior but hard to separate the two. Hard to support their cause when that nonsense is going on.
@gsglobalpro - GeeLovingLife.DLT
@MattCorva @jchervinsky @JohnEDeaton1 JAIL TIME FOR ALL THE ETHGATE FOLKS 📣📣📣📣🙌🙌
@BrukerikkenavnJ - StaaalStaalesen.xrp☀🇳🇴
@MattCorva @jchervinsky @JohnEDeaton1 #ETHGATE #TheyAllBelongInJail
@dancraw23373570 - XRP.HODL
@MattCorva @jchervinsky @JohnEDeaton1
@Kirby_Knows - Kirby
@MattCorva @jchervinsky @JohnEDeaton1 There are plenty of personalities that would probably host you to discuss, if you can back this up. Plenty of terrible people breathe air, I don’t see anyone accusing air of supporting terrorism. Grow up.
@jchervinsky - Jake Chervinsky
1/ SEC Chair Gary Gensler has wrongly prejudged that all digital assets are securities. As a result, federal law requires that he recuse himself from all enforcement decisions related to digital assets. @MTCoppel and I wrote a paper explaining why 👇 https://theblockchainassociation.org/chair-gensler-must-recuse-himself/
@jchervinsky - Jake Chervinsky
2/ Every SEC enforcement action must follow the “Wells process.” In that process, the SEC Commissioners are meant to act as neutral arbiters, impartially weighing the evidence and arguments presented by SEC staff (the prosecutors) and the enforcement target (the defendant).
@jchervinsky - Jake Chervinsky
3/ When it comes to digital assets, Chair Gensler is far from a neutral arbiter. Since his appointment, he has repeatedly stated his view that all digital assets other than bitcoin are securities, end of story. We list many of these statements in our paper.
@jchervinsky - Jake Chervinsky
4/ For example, in February 2023, he said: “Everything other than bitcoin, you can find a website, you can find a group of entrepreneurs . . . . But at the core, these tokens are securities because there's a group in the middle . . . ." https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html
@jchervinsky - Jake Chervinsky
5/ Chair Gensler is wrong. It is well-settled that determining if a particular transaction falls within the scope of the securities laws requires careful analysis of the “facts and circumstances” surrounding that transaction. Chair Gensler refuses to engage in that analysis.
@jchervinsky - Jake Chervinsky
6/ When an SEC Commissioner “has in some measure adjudged the facts as well as the law of a particular case in advance of hearing it,” the law demands recusal. Chair Gensler has clearly prejudged the facts and law in every case involving digital assets. He must recuse himself.
@jchervinsky - Jake Chervinsky
7/ Without recusal, his bias taints the entire enforcement action. The law says “[l]itigants are entitled to an impartial tribunal whether it consists of one man or twenty and there is no way [to] know [how] the influence of one upon the others can be quantitatively measured.”
@jchervinsky - Jake Chervinsky
8/ Chair Gensler has already voted on many enforcement actions involving digital assets. He should have recused himself then. Since he didn’t, those enforcement actions should be invalidated now, and he should be disqualified from voting on any more in the future.
@jchervinsky - Jake Chervinsky
9/ Our paper is not and should not be considered legal advice, but anyone dealing with an SEC investigation or enforcement action may want to discuss this with their counsel. We outline several ways to raise the issue of Chair Gensler’s recusal with the SEC or a federal court.
@jchervinsky - Jake Chervinsky
10/ Preserving the fairness and impartiality of the SEC’s enforcement function is crucial to the agency’s mission and to the protections afforded by the Wells process. We hope this paper helps to achieve the just and equitable administration of the securities laws. [end]
@jchervinsky - Jake Chervinsky
1/ SEC Chair Gary Gensler has wrongly prejudged that all digital assets are securities. As a result, federal law requires that he recuse himself from all enforcement decisions related to digital assets. @MTCoppel and I wrote a paper explaining why 👇 https://theblockchainassociation.org/chair-gensler-must-recuse-himself/
@Zer0LM - ZeroLatencyManifestation ☀️
@jchervinsky @MTCoppel This should have happened when @JohnEDeaton1 & 75,000+ #XRPHolders worldwide entered the @SECGov v @Ripple case & warned the rest of the crypto community they were next. Instead, Wangxiang-funded #DisguisedETHWhales & their crony associations kept quiet. #ETHGate