Lawyer John E Deaton commented on another SEC remark about XRP.
Lawyer John E Deaton commented on twitter on another SEC remark about XRP. He wrote:
IMPORTANT NOTE REGARDING SECONDARY MARKET SALES OF #XRP:
A lot of people were understandably confused by the SEC’s footnote in its last response wherein it implied secondary market sales weren’t at issue in the case. Bull shit!
Some believed exchanges would re-list #XRP.
He also added:
Not true. I addressed this issue in the reply letter I filed today: «During the very first substantive hearing, Judge Netburn questioned the SEC’s implausible theory that “every individual in the world who is selling XRP [is] committing a Section 5 violation».
@Ripple lawyers summarized the SEC’s response to Judge Netburn’s comment perfectly: «The SEC did not dispute the premise of [Judge Netburn’s] question, responding ambiguously that… non-parties’ XRP transactions would likely be exempt under Section 4…which only applies to a “security” subject to registration under Section 5, the SEC essentially confirmed that – regardless of the seller or circumstances of the sale – XRP is in its view, per se, an investment contract and therefore a security per se. That premise – if accepted – would empower the SEC to regulate vast numbers of non-parties, including digital asset exchanges, vendors, and retail holders.” Thus, if the SEC’s theory were accepted by the Court, the SEC could regulate exchanges AND retail holders. What did we just witness?
The SEC filed the suit against a former@coinbase product manager for insider trading of selling securities. They list 9 tokens as securities being sold on Coinbase w/o suing Coinbase. We are at war. The war started on December 22, 2020 when the SEC called #XRP itself a security