WEB3=Tokenization + DEFI + SEC Ethereum Free Pass
The SEC and those involved must be held accountable for the events that led to the 6/14/18 Bill Hinman Ethereum Free Pass Speech. We have the timeline. We have the Video. RETWEET to Congress.
If I hit 46k followers today weโll give away $1000 in #XRP to somebody!
These are the 3 steps:
1. Follow @dustybc
2. Retweet this
3. Comment something (so the comment picker will be able to pick you)
No fake accounts!
6. Lack of clarity gives it optionality and protection. Its argument can be whatever it needs it to be to win. Its policy can become whatever emerges as the winner from court. Its vagueness protects from being wrong.
5. This whole case hinges on SEC refusal to provide clarity. It's pleadings ad RFA answered carefully avoid clarity. Having failed to publish meaningful guidance, it doesn't want an effectively binding "Howey vs crypto" framework to emerge implicitly from its sworn pleadings.
4. So, the moment SEC clarifies it claims, its claims can be neutered. And if b) then there must be a way Ripple can sell XRP without it being part of a security, secondary sales are not securities, and xrp should be relisted and used in the US.
3. E.g: if Ripple owns too much xrp it can own less. If Ripple runs too many validators it can run less. If Ripple has too much control of the dunl, the xrplf dunl can be used. if Ripple contributes too much development, the xrplf can be staffed and funded to do more.
Picking up this loose thread...
1. Either a) XRP is a security per se, or b) the *way* XRP was sold was a security.
2. If a) then there must be a way that it ceases to be a security because the SEC has said this is possible, through sufficient decentralisation or otherwise.
The logjam is the SEC's failure/refusal to properly plead why #XRP is a security. It either doesn't know or doesn't want industry to know. That failure enlivens the fair notice defence, prevents settlement, and prevents the XRPL community from ensuring #XRP isn't a security. 4/4
3. The SEC losing its fight to strike the fair notice defence - because I don't think it wants to risk a precedent that effectively says regulation by enforcement in this space is a breach of its fair notice obligations. But that only drives the SEC back to point 1 and 2. 3/4
2. The SEC properly particularising its claim to detail exactly what it claims makes #xrp a security - because the #XRPCommunity can then ensure the #XRPL meets that standard and then 1 above applies. 2/4