David @JoelKatz is 100% on 🎯
Previous to the @Ripple lawsuit by the @SECGov, Jay Calyton was interviewed with Joe Grundfest. Jay Clayton stated that sometimes it’s smart to sue the individual executives of a company, even in non-fraud enforcement actions.
Grundfest stated that doing so is risky because it increases the burden of proof on the government. Clayton literally stated that it’s worth the risk because it gives the government settlement leverage over the company.
In other words, it’s an intimidation tactic. Intimidate and scare the individual executives and it will likely force a quicker settlement.
I realize @bgarlinghouse and @chrislarsensf are wealthy individuals but when the full weight and force of the United States Government comes after you, I don’t care who you are - it can be quite intimidating.
And that’s why Clayton did it. I have no doubt that it wasn’t a great experience for Garlinghouse and Larsen to sit down and inform their kids that the U.S. Government was suing Dad. As a dad myself, I can only imagine.
Don’t forget, despite the government not alleging fraud in the Ripple case, the prosecutors wrote the complaint in a fraud-like manner to cause even more pressure and to try and control the narrative.
Let’s also remember, in the early stages of the case, the ethically-challenged prosecutors (e.g., Jorge Tenreiro) attempted to subpoena every credit card and bank statement of Brad Garlinghouse, Chris Larsen, including their wives and family members, despite Ripple, Brad and Chris, having already turned over EVERY XRP transaction EVER made.
The judge, rightfully so, shut that intimidation tactic down.
Also, don’t forget, these were the same ethically-challenged SEC lawyers who an appellate court described as arbitrary and capricious as well as sanctioned SEC lawyers in the Debt Box case for perpetuating a fraud upon the court.
It was the same ethically-challenged SEC enforcement lawyers who lied, claiming I threatened to beat up SEC staff and asked the Court to bar me from participating as amicus counsel on behalf of 75K XRP Holders - who they also attacked.
Great thing Garlinghouse and Larsen gave the SEC 🖕 and didn’t give in to the intimidation tactics, essentially winning the case, with a little help from 75K XRP Holders. 🫡
🚨LLOYD'S OF LONDON IS BACKING ROBINHOOD'S NEW DEFI LENDING PRODUCT
The insurer is covering losses on Robinhood Earn as the brokerage offers 7% APY on USDG deposits made directly from the main app.
Funds sit in a self-custody wallet with lending running on Morpho.
The rate moves with loan demand so it stays steady over time.
🚨𝗝𝗨𝗦𝗧 𝗜𝗡: 🇯🇵 Japan’s Finance Minister Satsuki Katayama says
“We would like to proceed with considerations toward legalizing cryptocurrency ETFs in Japan as well.”
SBI is working with Ripple on RLUSD, bringing the dollar stablecoin into one of Japan's largest financial groups. RLUSD reserve assets are required to be high-quality, high-liquidity, and segregated from other pools, per the standards stablecoin issuers operate under.
MASSIVE: Ripple just hired the former CEO of DTCC, the financial giant processing over $1,600,000,000,000,000 every year.
Donald Donahue helped navigate the 2008 financial crisis and later joined Ripple as an advisor.
Trump did this right over Mandami’s head as the dirty little communist was sitting at George Washington’s desk backwards bitching about not having sharia law in America surrounded by crying women in hijabs.
Generational power move 🇺🇸💥
🚨🇺🇸 CLARITY IS TOMORROW 🇺🇸🚨
Senator Cynthia Lummis says the CLARITY Act is expected tomorrow, July 4.
A major step toward clear digital asset regulation in the United States.
The countdown is almost over. 👀
Chris Larsen just backed a $30M startup founded by Sen. Gillibrand's son. Gillibrand is currently negotiating the ethics language in the CLARITY Act. The same bill that shapes the regulatory future of $XRP and the entire crypto industry.
https://t.co/wbjuYEUFbs