Krypto Lawyer

Crypto law & lawsuits

[Brad Garlinghouse @bgarlinghouse]

The SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer but it seems the Court just told the SEC: You asked me to apply the “Howey” test, I did, and like it or not, you lost.

[Robert F. Kennedy Jr @RobertKennedyJr]

“Ultimately, @elonmusk's lawsuit, while self-interested, has profoundly positive implications for all U.S. citizens and their First Amendment rights by calling out a malign foreign influence operation masquerading as a 'non profit' research agency, funded and supported largely by UK-based NGOs with government and legacy media ties, and whose multi-year long focus has been attacking both private individuals and entities with defamation resulting in profound reputational and financial damage.” @sayerjigmi

https://t.co/SgwuuGXMrt

[MetaLawMan @MetaLawMan]

Yesterday, Judge Rakoff disagreed with Judge Torres' Ripple decision.

This is NOT a surprise.

Seven months ago, I identified Rakoff by name as the judge most eager to disagree with a fellow judge from the same court.

Watch this (via @DigPerspectives) 👇

[ZeroToTom @zerototom]

in no particular order.

8 of the most applicable, informative & giga brain threads from the prior week.👇

[Delphi Digital @Delphi_Digital]

1/ Yesterday, several @CurveFinance pools were exploited.

Curve founder, Michael Egorov, currently has a ~$100M loan backed by 427.5m $CRV (about 47% of the entire CRV circulating supply).

With $CRV down 10% over the past 24 hours, the health of Curve is in jeopardy. 🧵⬇️

[NNova | DeFi @NNovaDefi]

There is a strategy in Web3 that people are using to make consistently 3 to 5k a month.

And almost anyone can do it.

This concept is so radical and simple that many people are missing out.

Are you ready to learn what this strategy is?

Let's dive in. ↓

[CryptoTaxGuy @CryptoTaxGuyETH]

IRS: "STAKING REWARDS ARE INCOME"

Today the IRS issued Revenue Ruling 2023-14 confirming its view that consensus-layer staking rewards are taxed at FMV when the staker has dominion and control over them (i.e., the ability to sell them). A brief🧵...

[Brad Garlinghouse @bgarlinghouse]

A man of many talents, our @s_alderoty – looking forward to the next installment of After Hours with Stu!

[Robert F. Kennedy Jr @RobertKennedyJr]

President Biden’s illegal refusal to release the JFK assassination records and his reckless escalations in Ukraine remind us of New Orleans DA Jim Garrison’s singularly insightful quote from his book, Heritage of Stone:

“Until the work of the Kennedy assassins is undone, Presidents will come and go but the warfare machine and its extensive intelligence tentacles, domestic as well as foreign, will remain in control. The assassination reduced the President of the United States to a transient official, a servant of the warfare conglomerate. His assignment is to speak as often as possible about the nation’s desire for peace, while he serves as a business agent with Congress for the military and their hardware manufacturers.”

[Cointelegraph @Cointelegraph]

Ripple and the US Faster Payments Council collaborated on a report surveying 300 payment leaders across 45 different countries. It was predicted that global cross-border payments will hit $156 trillion by 2030. https://t.co/U9HL1jh9fn

[MetaLawMan @MetaLawMan]

A 3 judge panel of the D.C. Circuit just invalidated an SEC order on the grounds it was "arbitrary and capricious."

Two of those 3 judges are now considering Grayscale's case--which seeks to invalidate the SEC's denial of Grayscale's bid to convert GBTC to a spot Bitcoin ETF.

[Jeremy Hogan @attorneyjeremy1]

Love (or hate) the Ripple decision, it has absolutely demolished Chair Gensler's position that no crypto legislation is necessary.

Great thread by Mr. Hammond.

[Forbes @Forbes]

The Ripple Becomes A Wave: Why XRP’s Victory Lifts All Boats https://t.co/DXzvgI1unS

[Jeremy Hogan @attorneyjeremy1]

Coinbase. Relisting. XRP.

[George Mack @george__mack]

What is ignored or neglected by the media -- but will be studied by historians?

Here's the full list of 25 examples:

[Paul Grewal @iampaulgrewal]

Don’t be misled that Judge Torres ruled that sometimes XRP is a security and sometimes it isn’t. That’s exactly the opposite of what she ruled:  XRP itself is NEVER a security. “ Page 15:  "XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’ that embodies the Howey requirements of an investment contract."

[MetaLawMan @MetaLawMan]

SEC v. @Coinbase update

We now have the transcript of the pre-motion conference held on Thursday.

Things went worse for the SEC than was initially reported.

The Judge explicitly aligned herself with Coinbase on a key argument.

That is unusual for a first appearance.

More...

[Brad Garlinghouse @bgarlinghouse]

Hoping yesterday’s decision is the wake-up call that Congress needs. This ruling directly undercuts the SEC’s claims that nearly all tokens are inherently securities – likely to set a positive precedent for other digital tokens in the US.

[Jeremy Hogan @attorneyjeremy1]

New and FINAL FINAL Video!

You didn't think I'd let this beautiful Summary Judgment Order go by without comment? Even on vacation...

https://t.co/OgEbYjcuCt

I had a blast - thanks y'all!

[Brad Garlinghouse @bgarlinghouse]

The most important part of this ruling:

“XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract.”

This is a now a matter of law (not up for trial.)