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This video features a whistleblower who retweeted a tweet by the speaker, gaining significant views. The speaker introduces Lowell Ness, an attorney for Andres and Horowitz, who wrote a safe harbor memo that became the basis for the Hinman speech. The Hinman speech suggests that decentralization can remove Bitcoin and Ether from being classified as securities. The speaker believes that these individuals manipulated the situation to create a theory that justifies not labeling cryptocurrencies as securities.

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In June 2018, the then SCC Director of Corporation Finance, William Hinman, gave a speech declaring that a token is not a security when it becomes sufficiently decentralized. However, internal emails and documents reveal that senior SEC officials warned Hinman that his speech was not in line with the law and would cause more confusion in the markets. Despite these warnings, Hinman ignored them and included factors beyond those identified by the Supreme Court in the Howey case. The SEC's own general counsel also disagreed with Hinman's beliefs. Despite knowing that the speech didn't follow the law and would create confusion, the SEC still promoted it. The reasons behind this and the SEC's policy of regulation by enforcement remain unclear.

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The speaker expresses concern about the judge's choice of labels for different categories of buyers and sellers in a securities law case. They argue that the labels have caused confusion, as people mistakenly believe that institutional buyers have more protections than retail buyers. The speaker questions the judge's understanding of securities laws and suggests that the focus should be on the intent of the seller and the information they provide to the buyer. They use the example of selling corn to illustrate their point. The speaker agrees with the judge's ruling but believes that the labels should have been about the manner of sale to institutional buyers and programmatic buyers, rather than specific buyer categories.

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The speaker is asked about the SEC's action against Ripple Labs and the accusations made by Ripple's CEO and general counsel. The speaker declines to comment on the ongoing investigation and emphasizes that people have the right to defend themselves and express their opinions. The conversation then shifts to a broader discussion about crypto and Gary Gensler's focus on regulating the space.

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The SEC is currently grappling with a significant decision regarding Ethereum. While it may take some time to reach a conclusion, my intuition suggests that they will determine that Ethereum was initially considered a security during its ICO but has now transitioned into a utility token. As a result, they are likely to let it go.

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As I walk out of court, I’m forever grateful to Elon Musk for funding my legal fight; without his support, I’d probably be in jail. Today, free speech won in our fight back. The judge issued a damning verdict against them and their unlawful, targeted harassment. Personal thanks to Elon.

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The Hinman speech supports full decentralization, aligning with my memo. It states that Bitcoin and ether can be exempted from being classified as securities if they are fully decentralized. This is a straightforward case, like a book, where there is no central issuer. Testing for full decentralization is relatively simple when there is no real issuer involved.

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The Hinman emails have been released, leading to calls for an investigation. The SEC has filed a lawsuit against Coinbase and charges against Binance for selling unlicensed securities, specifically XRP. The speaker, who has experience in the private sector, mentions the riskiness of discussing certain topics. They also state that there is no need for more digital currency as it already exists. Lastly, they briefly touch on the topic of dinosaurs.

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The speaker claims that Dominion didn't suffer any financial losses and may have even gained money from lawsuits. They criticize the judge for making errors, such as declaring the election fair despite disagreement from millions of Americans. The speaker argues that the judge should have allowed the plaintiffs to inspect Dominion machines for potential hacking. They suggest that the judgment to settle the case was not based on a financial analysis but possibly due to fear of exposing embarrassing information about Fox. The chief counsel initially advised against the settlement, citing a good chance of winning on appeal, but their advice was not followed.

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Dominion settled its suit against Fox for $750 million. The speaker expresses confusion over the settlement, as they believe Dominion suffered no damages and doubts they could even approve $10 worth of damages. They mention that at trial, Dominion came out favorably and the only damages suffered were by Fox due to the disclosure of emails by some of its employees. The speaker disagrees with the judge's finding that Dominion did nothing wrong and believes it was solely Fox's fault. They argue that this issue should have been decided by a jury, as the 7th Amendment of the constitution states that all issues tried at common law by a jury must be allowed to be tried by a jury again.

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Brad Garlinghouse, CEO of Ripple, discusses the unsealing of documents related to the SEC's case against Ripple. The documents reveal internal SEC disagreements and potential conflicts of interest. Garlinghouse emphasizes that Ripple had proactively engaged with the SEC and had been transparent about their operations. He criticizes the SEC for pursuing enforcement actions while claiming to provide guidance. Garlinghouse accuses the SEC of trying to stifle crypto innovation and exert control over the industry. He expresses gratitude for the support received and calls for continued clarity in the regulatory landscape.

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Brad Garlinghouse, CEO of Ripple, discusses the unsealing of documents related to the SEC's case against Ripple. The documents reveal internal SEC disagreements and potential conflicts of interest. Garlinghouse emphasizes that Ripple had proactively engaged with the SEC and had been transparent about their operations. He criticizes the SEC for pursuing enforcement actions while claiming to provide guidance. Garlinghouse accuses the SEC of trying to stifle crypto innovation and exert control over the industry. He expresses gratitude for the support received and calls for continued clarity in regulations.

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The speaker expresses regret for not speaking up earlier about the lack of enforcement from the SEC and the negative impact it had on Ethereum's reputation. They believed the government would punish wrongdoers in the field of securities fraud, but that didn't happen. The speaker criticizes the Ethereum organization for not taking a stronger stance against illegal activities like ICOs, which they consider securities fraud. They believe that if the organization had shown more backbone and either condemned or challenged the law, they could have avoided the fraud and lack of leadership they currently face.

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The SEC has been successful in all capital raising cases, including the ripple case, where the initial issuance was deemed a securities transaction. However, the question remains whether secondary trading qualifies as a securities transaction. There have been similar cases where the SEC has won on this matter. The need for clear rules regarding trading with the expectation of financial return, whether it's a security or a commodity, is emphasized. Despite one case being appealed, the SEC's track record stands at 95 wins and only one loss, which is considered impressive.

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Ripple, a cryptocurrency, recently won a significant legal battle against the SEC, resulting in a surge in its value. The speaker expresses skepticism towards the SEC's actions, suggesting they plant press stories and file lawsuits to create hype. The speaker refrains from discussing specific matters but emphasizes that Ripple and others were compromised. The video concludes by mentioning that Ripple's success has positively impacted other cryptocurrencies, with the coin reaching its highest level since December 2021.

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The speaker discusses the uncertainty surrounding court cases involving XRP and Ripple. They mention that the SEC seems to be leaving the decisions to the courts, which will determine whether these tokens are considered securities or commodities. The speaker highlights the importance of clarifying the status of utility tokens and suggests that the SEC should have provided clearer guidelines. They acknowledge that the court system may be the most appropriate way to resolve these issues. The speaker also raises questions about investment contracts in the crypto space and the challenges of determining what information is material to token holders. Overall, the speaker emphasizes the complexity of transitioning investment contracts to non-security transactions.

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The speaker discusses the battle between crypto and the government, particularly the SEC. They explain that the US government is interested in slowing or killing crypto due to their preference for intermediaries and centralized control. However, they believe that the ecosystem can continue to operate globally and in the US with more focus on decentralization. They mention that the Ripple XRP ruling was favorable to centralized exchanges and wallets. The speaker also talks about the clash between centralized and decentralized trust and the need for both to coexist. They advocate for regulating use cases rather than stifling tech innovation.

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During an interview, Brad Garlinghouse, the CEO of Ripple, discussed the recent SEC case ruling in favor of Ripple and the implications for the cryptocurrency industry. He expressed his belief that the SEC lost on the things that mattered most and questioned whether they would appeal the decision. Garlinghouse also highlighted the need for a constructive dialogue between regulators and the industry, emphasizing the importance of regulatory clarity and legislative solutions. He mentioned that Ripple has seen significant growth outside of the US due to more constructive engagement with regulators in other countries. Garlinghouse expressed optimism about the long-term potential of blockchain technology and called for bipartisan support and regulatory collaboration to ensure the US remains a leader in the crypto space.

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The documents reveal that senior SEC officials disagreed on the law and advised Bill Hinman that he would further confuse the public regarding crypto regulations. It is possible that Hinman intentionally disregarded the law and attempted to establish new laws, a power reserved for Congress. Additionally, Hinman received significant payments from his law firm, which had a vested interest in his speech. This issue goes beyond specific tokens or blockchains; it exposes the SEC's aggressive enforcement actions against crypto players while pretending to be open and encouraging registration, all while providing misleading guidance. Ripple had actively engaged with the SEC for years.

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The interlocutory appeal was denied because it only gets granted when the appellate court doesn't need to consider the facts, just the law. The judge applied the facts, including the XRP affidavits, and made her ruling. This ruling solidifies her previous one and proves that XRP is not a security, unlike Bitcoin.

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The Hinman documents have been released, leading to calls for an investigation. The SEC has filed a lawsuit against Coinbase and charges against Binance for selling unlicensed securities, specifically XRP. The speaker, who has experience in the private sector, mentions the riskiness of discussing certain topics. They also express the opinion that we don't need more digital currency as it already exists. Lastly, they briefly mention dinosaurs.

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The SEC's current thinking on recent court decisions regarding XRP by Ripple Labs is unclear. Judge Torres in the Southern District of New York considered XRP sales to institutional investors as securities because they were directly negotiated with the understanding of reinvesting proceeds. However, sales to the public over crypto exchanges were not considered securities as investors did not buy from Ripple and were not influenced by marketing campaigns. On the other hand, Judge Rakoff argued that there should be no distinction based on the type of investor. The SEC considers factors like the Howey test to determine if something is a security in the crypto space. The label given to an investment does not determine its security status.

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I believe the judge will rule that secondary market sales of XRP are not securities and that the token itself is not a security. This is supported by the amicus briefs from XRP holders, Coinbase, Blockchain Association, Digital Chamber of Commerce, and others. There is a lot of attention on this case, and I think the judge will feel morally obligated to address these issues, even though she may try to avoid them. Overall, I have confidence in our judge and look forward to seeing the outcome.

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The speaker expresses concern about the judge's choice of labels for different categories of buyers and sellers in securities law. They argue that the labels have caused confusion, as people mistakenly believe that institutional buyers have more protections than retail buyers. The speaker questions the judge's understanding of public policy and securities laws. They explain that the distinction should be based on the intent of the seller and the information provided to the buyer. The speaker suggests that the labels should have been about the manner of sale to institutional buyers and programmatic buyers, rather than institutional purchases and programmatic purchases. They emphasize that it is important to inform buyers about additional promises and warranties associated with the sale.

PBD Podcast

PBD Podcast | EP 108 | Special Guest: John E. Deaton | XRP Ripple Lawyer

Guests: John E. Deaton

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John E. Deaton, a former Marine and lawyer, is representing 62,000 XRP holders in the ongoing SEC lawsuit against Ripple, which began in December 2020. The case centers on whether XRP is classified as a security. Currently, the court is awaiting significant rulings, particularly regarding Ripple's fair notice defense and the SEC's internal documents related to Bitcoin and Ethereum. Deaton argues that if the SEC wins, it could set a precedent that threatens the entire cryptocurrency market, potentially targeting Ethereum and other altcoins. Deaton became interested in cryptocurrency after reading the Bitcoin white paper and viewing it as a hedge against inflation. He emphasizes that the SEC's lawsuit is unprecedented, as it attacks the token itself rather than specific transactions, which could have dire implications for all cryptocurrency holders. He highlights the SEC's inconsistent treatment of XRP compared to Ethereum, which received a pass from the SEC in 2018, and questions the motivations behind the lawsuit, suggesting conflicts of interest among SEC officials. Ripple's legal team includes prominent figures, such as former SEC chair Mary Jo White, which strengthens their defense. Deaton notes that the SEC's actions have harmed innocent XRP holders, many of whom were unaware of Ripple's involvement when they purchased XRP. He argues that the SEC's approach could discourage innovation and investment in the cryptocurrency space. The discussion also touches on the broader implications of regulation in the cryptocurrency market, with Deaton asserting that the SEC's actions could lead to overregulation and stifle growth. He believes that the SEC is targeting Ripple as a "soft target" to set a precedent for regulating the entire crypto industry. Deaton also addresses the potential outcomes of the lawsuit, including the possibility of a settlement, which could be beneficial for XRP holders. He emphasizes the importance of public engagement and encourages individuals to contact their representatives to advocate for an independent investigation into the SEC's actions. The conversation concludes with reflections on the future of cryptocurrency, the potential for market corrections, and the need for clarity in regulation. Deaton remains optimistic about the long-term viability of XRP and the cryptocurrency market, urging continued advocacy and awareness among investors.