John Deaton Interview – SEC Ripple XRP Lawsuit Latest Updates & News – Plumbers Majestic - John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview – SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

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So stay the link in adescription and go check it out. If you sign up with my tie, you get a hundred dollar funding bonus. So once again, check thelink in the description. Welcome back to thethinking crypto podcast, your home for cryptocurrencynews and interviews.With me today is Attorney John Deaton. John, great to have you back on the demo. – Thanks, Tony. Thanks for having me. I appreciate it, worker. And I wanna say thank you to you because I is a well-known fact that you haveJoseph Grundfest coming up as well as others. And so retain doing whatyou’re doing, brother. You’re doing a very good job. – Likewise, John. Obviously, you’re representingmyself and other holders. So thank you so much. And I know you have a regular errand, you have a business to run, so this is on the side on top of what you have to do every day. – Yeah, well, it’s veryimportant what we’re doing, so. – For sure.- Thank you for having me. – So John, apparently there’sbeen a lot of updates and there’s a lot to go through. Let’s start with what’s thelatest on the SEC as far as updates onwhat are we waiting for.- All right, big question. I was hoping that wewould have a little bit of divulging information for my interrogation here today, because I guess any date now, and I’m a little surprisedthat it hasn’t come down would be the Judge Netburn verdicts, but this is where we’re at in the instances, to wreak everybody up to speed. Fact, discovery is concluded and expert detection has concluded. What that intends is that all the fact depos and professional depositionsthat are gonna take place before a trouble, has already been taken place.And I know that there were, you know, 14 or 16, actually 16 professionals, you know, eight for the SEC and eight for Ripple, and all of those expertshave been deposed. Now , ordinarily, Tony, what happens at the endof the expert discovery, according to Judge Torres’s regional principles, within 2 weeks, there would be mostly arequest to have a hearing, which is a conference wherethey would named a scheduling for what’s called, Daubert Motions, which would be a motion to challenge an expert witness’ indication, or summary conviction flows, which everybody’s more familiar with, and that normally makes lieu in, I would normally at expect to see that within 2 weeks from now, nonetheless, “were having” these discovery issues that we’re waiting on from Judge Netburn. And basically we’re waitingon two things from her. We’re waiting on her motion to reconsider her decision that the Hinman emails, which are 63 emails that havea draft of the Hinman’s speech contained in the email. She had declared that those were in fact not covered by thedeliberate process privilege and must be turned over.The SEC filed a motion to reconsider, and she’s now reviewing that info, and she’s either goingto affirm her decision or she’s going to alter her rank. But in addition to that, there was a meetingbetween Brad Garlinghouse and Elad Roisman when hewas an SEC commissioner, that congregate took placein September of 2018. And mostly Elad’s attorneyis a fellow worded Estabrook. He wrote indicates of that assemble. And when he left on his day of reckoning, he found the notes andhe advised the SEC, who advised Ripple, and mostly the SEC claims that those indicates are privileged.And so Brad Garlinghouse, his solicitors had moved for the reviewer to either say they’re not privileged, or unless they are privileged, to thrust the privilegeand turn over the observes. Now what’s interesting about that is that the SEC has turned over gathers between , memoranda of meetingsbetween Brad Garlinghouse and Jake Clayton or , because they think there’ssome helpful stuff in those, but these Estabrook greenbacks, they’re not, which distributed according to Brad Garlinghouse and his attorneys and me, we argued that those notations demonstrate Brad Garlinghouse’s testament. And that indication is that, and what everybody needs to know is that, so we had Hinman’s speechon June 14 th, 2018, Bitcoin and Eth, good to go. Brad Garlinghouse and David Schwartz, they go to meet Clayton andHinman in August of’ 18, and that’s the find where Garlinghouse speaks out and says, Ripple is living in purgatorybecause of lack of clarity. They don’t tell’ em it’s not a certificate, or it is a security.They say, oh, well, keeptalking to the staff and we’ll deal with that another epoch. Tell us about your technology, right? And so apparently, a month last-minute, Brad Garlinghouse met with Elad Roisman. And distributed according to Brad Garlinghouse, he left that meetingfeeling very confident that is not a security, right? In fact, I believe there was testimony that Elad Roisman said, I’m sorry you even haveto come to this meeting, that we even have to deal with.So they believe thatthose memoranda from Estabrook is supportive Brad Garlinghouse’s witnes that not only was henot told by Elad Roisman that is a security, he was given the impressionthat it’s not a security, and that it’s not viewed as a security. So those are very importantpieces of indication. How’s that are affecting the instance? Well, Tony, how do you writea summary sense action if you don’t know what attest “youve had” or you don’t have, right? Those join indicates, the email, for example, in those 63 emails, Tony, what are the lucks thatone person typed a few cases oaths? What about XRP? One being. Did one person in these 63 emails say, well, how does this impact XRP or why wouldn’t XRP be included? Are you including XRP? What is the analysis of XRP? Maybe someone wrote, XRP isas decentralized as Ether. Maybe someone wrote XRP is a security, I don’t know, but what are the chancesthat it was brought up? And if it was brought up andit’s favorable to Ripple, they would need to beable to read those things, speak the emails, read the comments, compare all the different draft speeches.What was changed? Was XRP in it before? Was it taken out, was it not? And then write yoursummary belief flow. And so we have to have these rulings. In addition to being able to Judge Netburn, we have Judge Torres’sdecision on the SEC’s motion to strike the fair notice defense and the motion to dismiss the case on behalf of BradGarlinghouse and Chris Larson. Now, everyone wants to knowwhen are they gonna come down? Here’s what I think is good news. I mull for sure it comesdown this month, right? I considered that the Judge Netburnrulings are gonna be any day, and I suppose Judge Torres’s decisions could be any day as well, but there’s a rule in federal courtroom, Tony, and it’s called the six month list.And twice a year, the federalcourts report to Congress, any gestures that have beenpending longer than six months, a gues will have to declare, yeah, this motion has been participating in my table for nine months, a year, 10 months, six months, seven months. And a lot of times, guess don’twant to report that, right? They really wanna have to saythat they don’t have anything pending longer than six months. And so that inventory, that six month schedule, is issued at the end of this month. So there is a chance that Judge Torres would not want to reportthat she has these motions that have been pending forlike nine months or 10 months, and therefore, thatcould be another reason for her to issue a ruling. So I’m very confident that, you are familiar with, worst case scenario, we’ll get these decisionsnear the end of this month, and then in April, we would likely have aconference for scheduling for summary judgments and other gestures, and then beings willhave a little bit more kind of a certainty ofhow things are proceeding.- Wow. Man, there’s so muchhappening in this case. And, you are familiar with, youtalked about Elad Roisman and he kind of hurriedly stepped down at the end of February, Ibelieve it was, or January, which is interesting. Do you think he kind of removedhimself from this situation, held what’s might be upcoming with him and Brad Garlinghouse meeting? – Well, I intend, I think thatthere’s a really good chance.Commissioners don’t, for them to testify at atrial would be very unusual and very exceptional. In fact, there could be evena rule that I’m not aware of, that they’re not allowed, because, obviously, it’s likea husband and wife privilege, it’s like an attorney-client privilege. The SEC could actually objectto one of their commissioners certifying in such cases, and they could invokeattorney client privilege, they could invoke executive privilege, there could be all kinds of issues. So I don’t think that him leaving “re going to have to” do specifically with the contingency. You know, I certainly can’tspeculate about why he left. I would imagine it’s a frustrating job.I know that him and Hester Peirce has sort of been on thisisland, if you are able to, even with Jay Clayton, even with Jay Clayton who apparently elected with the two Democratsto bring this lawsuit, but likewise both Elad and Hester supported the Safe Harbor provision and Jay Clayton apparently didn’t. When we look back in time, as bad as Gary Gensler is, and I don’t think there’sanyone worse, very frankly, as far as being anti crypto, Jay Clayton had the majority of members, right? You had Hester Peirce andElad Roisman and Jay Clayton, under Donald Trump, werethe three Republicans, and Jay Clayton is chair. And the president mayonly get one vote, Tony, but the president prescribes the policy, the president prescribes the agenda. And if Jay Clayton should have been able easily … Think about this for a minute, if we could go back in time, and three Republican, Elad, Hester and Jay, they vote for the Safe Harbor provision, and they say to these signs, person like Ripple even, you have these matrix that you must, these markers that you need to meet in the next three to five years.If you assemble these markers inthe next three to 5 year, your clue, is progressing, will be consideredsufficiently decentralized or whatever the terminology would be used, but you’re not gonna beconsidered a security. And that could have beendone for, at least, you are familiar with, the major grocery ceiling coins, but instead that wasn’t done and look at what we left with today. But just imagine that. If there was an issue withRipple, if it was the escrow, whatever it was, how about you sit down, you talk about innovation in this country, you wanna foster it, but you wanna make sure that particular statutes are or be adhered to, and you sitting here and say, listen, we think this and we think that, and you need to do thisand you need to do that, utter some guidance, we wouldn’t be in this position today.So I’m always gonna probably look back at the Jay Clayton term, and is not simply be frustratedabout the conflicts and the looks and the gaffes and going on CNBC andLion and all those things, I’m gonna “ve been thinking about” the lost opportunity that it was when he was there. Anyways, I know I gota little bit of a rant. I defend. – No , no. You have a great perspective and certainly understandthe legal workings of what’s happening overall. This is a tough question to ask and may not be a fair question to ask, but, and it is speculating, you know, do you receive a resolution this year, and as far as outcomes, do you examine a accommodation or something different? – I participate a agreement. It’s hard for me to imaginethat it’s not gonna be settled.You know, everybody wants is in a rush, and I get that. Do I imagine the settlementis going to be soon? If your definition of soonis 30 to 60 daylights, then no, I don’t believe that it will be. I could be proven wrong. I hope I’m establisheds wrong, but I don’t see that. I don’t … I stay where you are what I’ve always said which is, Tony, until the SEC has to settle, they have to have somethingthat they’re risking.It’s very similar, and Jeremy Hogan andother lawyers who litigate will tell you this, my patrons, right? I represent mesothelioma patrons. That’s the asbestos cancer. Tony 95% of those cases settle without ever hearing a courtroom or a jury. Of the 5% that start, 90% ofthem settle during the trial. But a company doesn’t settlewith me until they have to. I have to get a trial dateand the court has to hold it. When they have this hammer where they gotta startpaying a entire assortment of fund to advocates to representthem and attack them, and now there’s a jurythat’s gonna come in and who knows what a jury could do? A jury could back’ em forfive to 10 million, right? When they have that kindof indecision or gamble, they settle.Same thing applies to the SEC. The SEC has not yet hadto turn over those emails, has not yet had to turnover the Estabrook mentions or any other kind of documentsthat have been contentious. So if Judge Netburn rulesthat the 63 Hinman emails and the Estabrook notesare going to be produced, I speculate the SEC willappeal it to Judge Torres, and that’ll take various weeks. It’ll be another thereseveral week retardation , no doubt. And then if Judge Torres powers that those documents must be turned over, it’s possible the securities and exchange commission could think of like a writ of mandamusto the second circuit or some kind of appeal thatcould add another 30 dates or another six weeks delay. But at some target, if they’refaced with the reality, we have to turn over these documents or the judge is going tocome down with a decision and we feel, the SEC feels, that there’s a really good chance she’s gonna find in favor ofRipple on the exhibition notice, and now they have something to lose because every alt copper, if that decision comes down, it’s going to impact GaryGensler and the SEC’s ability to regulate crypto.Every existing alt cointhat’s been in existence for the last five, seven, eight, 10 years, would have a blueprint ofvictory against the SEC. XLM, Algo, all of them. Pick whatever one you wanna pick. They would say, hey, all those argumentsthat Ripple went on, they are applicable to us very, hence, you’re out of the crypto regulating business, Gary Gensler. That will cause him and the SEC to say, well, wait a minute. Do we want to be out of thecrypto regulating business? No. Let’s settle. And until there’s thatkind of impetus, right? That kind of catalyst, that kind of risk for them, I only don’t think thatthey’re inclined to settle, but I think that once they are experiencing that, and that clocks ticking where settling could becoming down from the evaluate on fair notice, or the briefs are writtenand there’s an oral polemic and the SEC advocates goto Gary Gensler and say, based on the judge’s questioning, based on what XRP owners brief says, based on this, based on such a, we think we’re gonna lose, Gary, then Mary Jo White gets a phone call.And that phone call’s like, okay, let’s talk. I need 50 million punishment paid. You guys admit to some early years where XRP was a security in 2013 and existing and future auctions. Good to go. You guys, can IPO within sixmonths after this settlement. Yes, I think that at that point in time, it genuinely would only take 15 minutes to negotiate a carnival agreement, you know what I necessitate? – Wow. There was a report fromEleanor Terrett Fox Business earlier today, clearly, this is not fullyverified, it’s a dollop. As she put under, that the SECofficials are not confident in the SEC winning this lawsuit. And even Hester Peircehas made some comments that the SEC may not get theoutcome it’s looking for. This seems to be along thelines of what you’re discussing. Any guess on what Eleanorput out there this morning? – Yeah, I repute when you take what Ellie put out this morning, and you combine that withGary Gensler’s comments to John Stewart a few days ago, where all of a suddenhe is like, you are familiar with, you gotta be willing totake some losses, all right? Which symbolizes it’s become awareness, right? They’re aware thatthings aren’t going well, they’re aware that theycould lose the case outright.Here’s the thing, they’renot gonna win that XRP itself is a token is a per se security, they’re not gonna win that, all right? And the question is, can they triumph a victory by proving that specific marketings made by Ripple on these specific eras, to these specific entities or beings, whether those wereunregistered certificates, perhaps they are unable, maybe they can’t. And so I think that what’s happening, it’s like, you sort ofbelieve in your client at first as a advocate, right? You’re digging it, you registered a complaint.When they entered the complaint, they felt immense, right? Well, it’s a complaint. You get to put in all thatself-serving shit, right? You get to say, oh, BradGarlinghouse said this. He was wrong even though he sold some XRP and they write it up likeit’s a fraud complaint, but they don’t allege impostor. You know, they believein their case, perhaps. And then formerly you start litigating it and you start seeing thoseweaknesses came to see you, then a realization begins in, which is, hey, you are familiar with, this isn’t going well.I mean, this realization, Tony, should have set in back in March of 2020 “When Judge Netburnsaid to Jorge Tenreiro, well, according to you, what you just said, every person in the world selling XRP is violating section fiveof security rights law.” I don’t know if you be borne in mind that, but the justice called them out. And at that moment in time, you think that the lightbulbs should have went off. They said, hey, maybe ourcomplaint is overbroad, perhaps our allegationsare channel more far fetched and far reaching, and maybe Ripple has ussome good points now. We did tell it publicly tradefor seven and a half times, we did allow them to buy 9% of MoneyGram where they told us they weregonna hand MoneyGram XRP, and we allowed it, we stood Coinbase to roll it in 2019, we earmarked this, we gave that.I think that this realizationthat’s setting in right now is starting to happen. Prosecutors are airing it, brother. All right? I’ve been a prosecutor in my life. I’ve been a federal prosecutor. And I’m telling you, you’re used to winning. And look at the SEC, they’re used to winning. They’re be applicable to companionships tapping out. It’s like a rear nakedchoke, mortal, in the UFC, you’re bleeding coin andyou’re bleeding attorney’s rewards, and you really tap out like, okay, I’ll take the distribute, and they picked the wrong crusade. They picked the wrong crusade’ cause they picked, Ithink, the wrong companionship, and I believed they picked thewrong society to go after. – Sure. And John, this is perhaps my innocence, and maybe, I don’t know, it’s my mood and the highway I look at the world, but I look at the SEC and I’m like, how could an busines like this, which is supposed to represent fairness and protect retail investorsand do the right thing and they’re money our charge dollars, and now it seems likeit’s rotten at its core.And once again, it may be because I’m a bit young and I haven’t paidattention to these things for a long time and I don’t, you know, I haven’t been involved inanything with the SEC before, I didn’t care, but nowit feigns me immediately, and I’m like, how isthis a government agency how is it operating like this with the potential conflicts of interest in these things that are happening? – Well, listen, I’m older than you, but I think that I’m withyou in the sense that, I think what’s happened, Tony, is that at the SEC, there’s been this revolving door that everybody knows, right? And it’s also happensin the other agencies. You go work for the FDA, youget hired by Pfizer, right? You go work for the SEC, youget hired by BlockFi, right? And so there’s been this revolving door and everyone kind of acquires it, but they became too brazen.It got to the point where they didn’t care about the conflicts or they downplayed existing conflicts. And, you know, I know that we’re gonna talk about your interview withJoseph Hall from the SEC and, you are familiar with, this whole thing. Well, that’s just a conspiracy theory. It’s almost like they don’twant to be questioned. No, this isn’t. This doesn’t pass the smelltest or the slew assessment or the taste test, right? Simply like XRP doesn’t pass the Howey Test.I mean, it’s insane thatthey just gonna minimize it. The humankind obtained 15 million from a house that is a member of theEnterprise Ethereum Alliance. It’s purpose is to promote all project on the Ethereum blockchain. Don’t understate that. Okay, say, you didn’t dedicate international crimes. Fine. Say, you didn’t consent abribe if you crave, penalty, but don’t, oh, that’s not a big deal. That’s a huge deal. And when we speak about it, I’ll you an email that Empower unveiled that goes to show how big-hearted of a agreement this is. When Jay Clayton, his firmis Sullivan& Cromwell, the Ripple solicitors, in thequestioning of Hinman, they say, and so did chair Claytondirect you to contact Joe Lubin? And the answer is, I don’t remember that.But really thought about it. Jay Clayton from Sullivan& Cromwell, Sullivan& Cromwell representsJoe Lubin and consensus, and is there thiscommunication of, you know, take this meeting. So now you have Sullivan& Cromwell advocates, and that’s Jay Clayton’s firm, his patient, one of his farm’s consumers, are vested in consensus in Ethereum. And we have Hinman vested with the EthereumEnterprise Alliance. Okay, that’s not tiny conflicts. When the Ethereum investorshelp write your pronunciation that grants a free pass to Ethereum, and then you leave the SEC and you become a partner with them, that’s not a small thing, that’s not somethingthat you only belittle, that you minimise, thatyou time dismiss say, oh, that’s just a conspiracy theory.Bullshit, it’s not, adult. That gazes horrendous. And look what has happened to the public. Does the investing publichave faith in the SEC? No.- No. – Absolutely not, okay? And they’re never gonna regenerate it if they impede minimizing these issues, is what I’m getting at. But I think that it’snever been called upon, it’s been so admitted, that it exactly preserves getting worse and worse and they become a little more shameless, they become a littlemore obvious to the point where it’s just, theydon’t give a shit, husband. It’s like, hey, this iswhat it is, it is what is. You know what I make? Until they get called out, and so that’s what we’re doing. – Well, they’re getting calledout in a big way right now.Obviously, before socialmedia and the internet, it would’ve been hard to do this, but now beings are rallying together. They can do it onlineand, of course, in person, and apparently the onlinecan feed the in-person. But speaking of theinterview with Joseph Hall, I know he was against this lawsuit saying it doesn’t make sense and so forth, but, yes, did dismissedthe conflicts of interests as conspiracy philosophies, and I was actually surprised to hear that. And in a way, you know, I thought about itafter I interviewed him, as far as what could he have said, and then I realized his communications, well, he said it on the interview that he’s representingthe tribes at Grayscale and they’re trying to geta Bitcoin ETF approved. So I mull, I don’t think he should have said that these things are scheme possibilities’ cause they’re not clearly. I think he was also weaving thinly, it seems, from my perspective.- Listen, I considered that, I think it’s fair if Joe would’ve said, listen, you know, and it’s okay. If he wants to throw in the, I know I’ve met and I filled Jay and they seem like goodguys and, you are familiar with, and he wants to give himthe benefit of the doubt, there’s nothing wrong with that either, but don’t dismiss somethingthat does not pass any essentials moralities measure or question, right? In fact, what I’d liketo do is, respectfully, I’d expect that Mr. Hall comeback on with you and me and let’s discuss this very civilly, and because I don’t thinkhe can stand by that. If he said that because hedoesn’t wanna burn aqueducts, punishment, you don’t have to be critical, but don’t rejects it like that. Don’t dismiss us as thesewild conspiracy theory people who are unhinged, who are trying connect todots that can’t be connected, that’s not what this is, all right? I’ve spoken with moralities people.They look at this and they believe that there’s an investigation, that there could be serious repercussions. So, you know, to give you an example, I know that you and I spoke beforehand. Could we bring up a couple of the emails, and just so your public knows, I wanna give ascribe to the right people. Jason Foster of EmpowerOversight, you know, in his litigation with the SEC, he was able to eventuallyget over a thousand emails between and Simpson Thacher. And so here’s one. And as you can see here, I just wanna … We’re gonna go througha couple real quick. But mostly, it says, you find where it says, it would be great if we could each buy ourselveslunch together sometimes. You see that? What that saying is that hecan’t buy Bill Hinman a lunch, he can’t pay for it because of what? Because of a conflict issue. It gazes bad. It looks like he’s favoringdecisions or something by Bill Hinman.So something as basic as eating lunch, if you go down, scroll down so you cansee Bill Hinman’s reply, he says, basically, yes, it’d be great for ourselvesto buy lunch sometimes. Interesting, Bill Hinman talksabout this one year aspect, this first time. We don’t know what they’re talking about, but they’re talkingabout something specific that was before Bill Hinman. But let’s move on to the second one. And I wanna go down to wherehe talks about his tenure. And you see here, I have itcircled where Bill Hinman says, the key things for histenure approximately threw up when I predict the word transparency.But it says increased collaboration. Well, we know that happened. We know that happened, right? He certainly collaboratedwith a group of investors, but other than pointing that out, I want to go to the next one because it’s where theconflict interest stuff starts demo up. You see here, now, this fellow named Joshua Bonnie who is a partner at Simpson Thacher, he hurls out that there’sgonna be an ad hoc group meeting of Wall st. insiders, and they’re gonna meet previously a month.And he requires Hinman tocome to that meet, that dinner of insiders in Wall st.. What principle conglomerates are there? I don’t know. What ministerials fromWall Street are there? I don’t know, we can imagine. And as “youre seeing”, BillHinman responds to him and he says, “Both Jay and I would liketo go to that ad hoc dinner.” So, these are things thatneed to be reddened out. Who are at these dinners? We know they terminated up goingto a dinner of insiders in April, but let’s move on’ motive I wanna indicate your focus now where this Bonnie fellowsays to Bill Hinman, “Is there a headache for youcoming to the ad hoc next month if tribes from Simpson are there? ” We can sit out a month ifit procreates their own lives easier. Think about that, Tony. It’s just dinner. It’s just one meeting.It’s one find. And what does Bill Hinman say? This is what I wouldsay to your friend there from the SEC, that youinterviewed, Joseph Hall, when he understates these conflict questions. What’s Bill Hinman said? He says, “Our morals folkswere standing my attending if Simpson Thatcher wasgoing to be present.” “I don’t like the idea of Simpson Thatcher having to dismiss themeeting because of me, but we can talk about it.” It’s just a meeting, yet the morals office is concerned about the expression of impropriety, the illusion of favoritism. Now, so when we say youcollected 15 million from your law firm that’s a member of theEnterprise Ethereum Alliance, while at the SEC, and you committed Eth a free pass, that is not a plot presumption, Tony, “thats really not” a mad accusation from an unhinged Twitterlawyer such as myself, right? That’s not what that is. That is what their moralities agency. Let’s ask their moralities person who said, don’t go to dinner together. I’d like to come thatperson on Thinking Crypto.Let’s ask that person a question or two. What do you think aboutthe 15 million, right? So I just wanted to point that out because when I understand the interrogation you did, and I throw Joseph Hall recognition, but I would say to him, you said to Tony in the interrogation, you said you were baffled on the reasons why the SEC fetched this case. Well, they won’t tellus why they returned it.You are from the SEC, Mr. Hall, and “youre ever” amazed. XRP holders are offering you a reason why that might unperplex you, right? This might explain it. And therefore, we need tomake some investigations about it, we don’t rejects it, is wild scheme assumptions. And so that would be my response. But “thats one” big example. I be expected that if youreach out to Mr. Hall, I obviously would be veryprofessional and civil and all of those things, but I would love to havethis discussion with him. – Yeah, perfectly. I will work on positioning that up so we can certainly go through it. And to your point, the latter are happenings, these are not stuff parties made up. And clearly, like you said, their moralities party here is flagging this as a possible question. So something was happening here. Apparently, we don’t haveall the full details, but clearly, he got paid $15 million while at the SEC, applied Ethereum the free pass. And now the SEC is saying, nah, he was the wino uncle. Don’t listen to him. He wasn’t talking for all of us. It’s ridiculous at this point.- No, you got that, but let’s not forget you have Jay Clayton in his confirmation hearingwith Senator Elizabeth Warren, he is of the opinion that he should be recused if an enforcement actioninvolves one of his purchasers. Senator Warren was concerned that Jay Clayton would vote not to have an action againstone of his Purchasers, right? Well, the opposite is alsoimportant to consider.If your law firm represents consensus, and that ordinance house is a member of the Enterprise Ethereum Alliance, and your law firm is brokering the spate between consensus and J.P. Morgan and the Quorum acquisition and the J.P. Morgan Coin, which is a direct competitionto Ripple and XRP, then maybe you shouldn’t vote. You shouldn’t vote foran enforcement action against your client’s challenger. That’s another conflict, right? Massive, big conflictthat can’t really be, you know, thrown under the carpet. Oh, that’s nothing. That’s no big cheese, right? If dinner is a big deal, if having dinner is a big deal, then this is a big deal. Matter of information, in one ofthose other emails, Tony, they talk about, well, we don’t have to sitat the same table, right? – Wow. – They’re gonna avoided each other. I’m just saying you have togo through it all, brother. I’m just saying that it’s, I would encourage people to read’ em.They’re all in the … By the channel, they’re on CryptoLaw site. So if people wanna review’ em themselves, they can find’ em on the CryptoLaw site. – So this is it right here, right? – Yeah. Buy yourself lunch while you were sitting at the same table as me alsobuying myself lunch, right? – All this for lunch. John, humanity, I’ve been doinglunch wrong all “peoples lives”. – I symbolize, but that’sthe whole moment, right? Like, I’m not gonna, you are familiar with, I’ll sit at the same table, but you gotta pay for your own lunch because I don’t want someone alleging me of crying and diningyou at an expensive lunch when one of my patients is going to have some kind ofregulatory issue with the SEC.If there’s some kind of, if they’re seeking some kindof approval from the SEC and they’re congregate, well, I’m not gonna buy youlunch because it’ll look bad. All privilege? Well, there’s a lot that looksa lot worse than bad now. Like I said, these conflicts of interest and these gaffes, these forms, are so gross and they’re so massive that a basic ethics instructorin ordinance school would tell you, this is way , no , no, there’s something wrong here. You don’t do this. You don’t do this. That glances awful. And there’s a famoussupreme court justice, I forget the appointed, but he said that when theappearance of impropriety rises so high that it destroysthe public’s confidence in the agency, then actual gaffe hasactually resulted, right? Because if the public’sconfidence is destroyed, does it genuinely matter whether or not there’s this smoking gunand we can prove a bribery? If everyone thinksthere’s bribery going on, even if you can’t prove it, is that good for the SEC? And so what I would say toMr.Hall and everyone else, what I’m saying to Congressman Davidson and I’m saying to senators, is that, let’s have an investigation, right? Let’s just let anindependent U.S. lawyer investigate these conflictsand these improprieties, and whatever happens, happens. And if ultimately, it’sdetermined that no principle was broken, okay , no constitution was broken. We can have confidence now because it’s been investigated properly. There’s no doubt in my psyche that even if there’s nocriminal law that was broken, I guarantee you in therecommendation section of the investigate report, is gonna say, this should have been avoided. If Gary Gensler, Tony, and Jay Clayton and Bill Hinman and Hester Peirce, and everyone else at the SEC says, we don’t comment on individual signs, we don’t comment on specific projects, and Bill Hinman’s communication washis personal belief simply, then why did he give the speech? – And why didn’t anyone stop him? Why didn’t Jason– Why he utter it? – He’s superior, stop him.- Right. Why did you present it, right? No one will talk, why’d you talk about Ether that day? And until person says, this is why I talked about Ether that day, and this is why I gaveEther free pass the working day, until person explains it and proposals an alternate member, logical, acceptable rationale, those conflicts and those figures appear to be the reason. – Yeah.- Prove us otherwise. – Now, you mentioned Empower Oversight and Jason Foster and thework they’ve been doing, I experienced it interesting thatthe SEC couldn’t find anything until a lawsuit was handed to them. It wasn’t that opportune. – Yeah, it’s just anotherexample where, you are familiar with, Hinman’s email talked about opennes, Jay Clayton talked about opennes, Gary Gensler talks about it, but no one practises it.You know, what is the harm? Like, Tony, shouldn’t the truth matter? Like, listen, I’m a lawyer, I litigate instances, I’ve been trying casesfor two decades, serviceman. And, you are familiar with, but at some extent, the truth should come out, the truth should substance. So for example, if the Estabrook observes, if Elad Roisman told Brad Garlinghouse, I don’t think XRP is a security and I don’t think that theSEC can prove it’s a insurance, then that’s what he said. let it come out, right? If Ripple sold unregisteredsecurity in 2013 to 2015, hold’ em accountable. That doesn’t pique me. Hold’ em accountable. If Eth harboured an ICO, which theydid, hampered’ em accountable. But this nonsense of, well, we’re gonna attack the token, we’re going to throw XRPholders under the bus, we’re going to completelydestroy individual investors and come up with some concocted theory that the token itselfand the secondary market, that’s also an investmentcontract with Ripple retroactive eight years.And you’re just gonnadestroy people’s lives and their investmentsand their support? It’s disgusting, subject. It’s one of these things that, you are familiar with, people ask questions what motivates me? Each time I talk about this, I don’t lose any of thisbecause it upsets me. I’m from welfare and food stamps, serviceman. I’m the American dream. I genuinely am. I’m in its own position now, I manipulate my ass off, you know what I convey? And I believe that if you have talent and you couple it with workethic, you will be successful, whether you’re a plumber, whether you’re a advocate, whether you’re YouTuber, but they threaten thatsystem by these shenanigans, these indecencies, these dishonesty, whatever you want to call it, they warn that, they menace the Americandream, in my opinion. And so it’s what drives me because I’m sitting here talking to you and it’s like, I’m back in theday I’ve read the number of complaints, coming pissed off again.You know what I symbolize? And I think they underestimated that there’s a lot of people that feel the room Tony feels and the channel that Johnfeels, you know what I necessitate? And a lot of XRP owners, God bless you guys, soul, You guys motivate me. People say that, what causes me? You guys motivate me. – And now, the multitude, perhaps you can give usthe up to date number. It’s over 65,000 at this spot? – It may punch 66. It’ll probably touched 66,000 this weekend or the coming week. So it it’s steadily, you know, at least a few hundred every week now. So this case leads another time. It certainly would probablyhit 75,000, if not a hundred. – Now, tomorrow, in fact, I’ll be interviewingformer SEC commissioner, , and “hes the one who” senta letter addressed to Jay Clayton and the commissionersnot to file this lawsuit because all the things that you mentioned, it would look very bad. The optics, gaffe, and all these things. Is there anything that youwould like me to ask him? And I know I’m asking this off the cuff, clearly, I have myquestions and a lot of it will be around the ethics and so forth, but if you were to speak to him, what would you ask him? – I would … Well, one would be a kindof a personal question, which I’m not saying you have to ask this, but I am a bit strange how he been thinking about the factthat I got the letter, right? And that I fought for it, I got it, I published it on CryptoLaw, it’s become this big thing.When he expressed the view that, I’m sure he didn’t anticipatethat 65,000 XRP holders would read it, or that somelawyer would get up there. And so I am a bit strange if, you are familiar with, what he mulls of that, precisely in general, is his take on it, hisinterpretation of that. Does it bother him at all that his oaths are being paraphrased so much or how he “ve been thinking about” it? But I would say to him, I would lend asked about, what I would do if I were to ask him, I probably, I’m sure hehas read it, but, you are familiar with, on page 24 of the SEC’s opposition to us, I know you have that, if you could pull that up, and there’s that oneline that’s on page 24, and I’ve quoted a great deal on Twitter, but if you go down to likethree quarterss of the mode down and you’ll view a convict right there, it’s after an ID.It says, “The XRP transactions evenin the secondary market, ” right there, “is theembodiment of those facts, situations, promises, and expectation, and today represents thatinvestment contract.” Right then and there, I would wants to see you him, what does he think about this claim?’ reason you could tell him John Deaton representing the 65,000 XRP purchasers, induced it absurd. That secondary, he even, it’s right there, secondary market auctions. It’s like the SEC isgoing with the conjecture of, but for Ripple, was involved with XRP and facilitated create a secondary market, therefore, all tokensare forever protections. It’s akin to the oranges being defences, and it’s akin to sayingthat that all Bitcoin is an investment contractwith Satoshi Nakamoto, because Satoshi Nakamoto invented Bitcoin, he quarried the first millionBitcoins and he started, but for him, there used to be no Bitcoin. So therefore, all Bitcoin … It’s the functional equivalent of that. And I just, I’d be … done a lot smarter than me.He’s very scholastic being. I would just be curious oflike what he conceives from that from a legal attitude. I’m not suggesting that you ask it because it might be too muchin the weeds with the viewers, but it annoys me intellectually, I suspect, is what I’m saying. – Yeah, absolutely.- Right? And also, you are familiar with, I would probably talk to him about, what Hester Peirce told us to you. She told us to you the firsttime you interviewed her that she invests age tryingto do her collaborators at the SEC to not looktoken as the security, but the method it’s offeredand boxed and sold. And I would ask him, you know, does he think that theydo look at the sign,’ lawsuit that surprises me because I think that’s been, the law has always beenthe sales and the give and the marketing and the package and the nature you, the promises you perform to investors , not the underlying asset, right? And so those are probablythe things that I would ask.Might even ask him about, you know, according to Steven Nerayoff, who was the lawyer for Eth, for Eth’s ICO, he said that he workedwith and professor Grundfest was in a liaison between the SEC and him as Ether. And I believe that hewas a consultant for Eth, just like he’s a consultant for Ripple. And I think that, that’swhy his character is so great because it’s not me or you, it’s someone who helped Eth investors, saying, hey, you are familiar with, he’s got nothing againstEthereum and he’s saying, yeah, I helped Ether, and I don’t think todayis Eth’s a certificate, but I don’t think XRPis a security either, and you can’t treat one one road and discus the other another.So those are some of the probably things that I’d be curious to think about. And of course what you said, does he concur, you know, in his word, he saidthat making this case the direction they did begun then question the commission’s discretion. The style he said it was, compelling the question the use of discretion by the commission. And then he also said the massexodus of Berger and Clayton and Hinman and the tradingmarkets guy, director, that everything of them leaving, that had never happened before.And it heightened excerpt, “obvious concerns.” I perform self-evident concerns and calling into question discretion as, this looks like yougot an ulterior motive. – Right. – And then I probably would ask him, would he agreed to accept us thatit’s in the SEC’s best interest to have an investigationinto the conflicts and into the impressions sothat faith can be restored? You know what I make? Like, I’d be curious if he substantiates that. And, you are familiar with, listen, I’m sure that he mulls JayClayton is an honorable guy, and I’m sure that heprobably imagines Bill Hinman, he’s worked with them, you know, but listen, what I say to people and I’d say this to Joe Hall, I guarantee you, therewas someone who said, Bernie Madoff is a great guy.How many times does the people surprise that the neighbor is the murderer, right? Oh, he is such a great guy. He facilitated me trim my grassand he cures me do the … You don’t know people, human, and you don’t know what they’re capable of or they’re not have been able to. And so, but good for you, boy, I think that you’re doing an amazing job that you get these parties. And, you know, I wannasay something else that, I know you know how Twitter is, Tony.We can never please everybody, right? – Oh no.- We can’t. You know, and beings, like, I verified a duo tweets about, that you didn’t go after, that’s not your job togo after Joe Hall, right? Now your job might be to invite Deaton( both laughable) on with Joe Hall. But no, like, you’re given a platform and good responsibility for you you’re getting these beings. That’s assemble bulletin, adult. And I look forward to listeningto all your interrogations. – Appreciate it, John. Thank you so much. And yeah, you are familiar with, I can’targue or fight with them on an interview.It is just not members of the forum. I can try to ask as much as I can, but, clearly, could sendthings off the railway if I … – Well, you’re not thereto cross examine them. – Yeah.- You know what I necessitate? That’s not your character. It’s just like … And like you said, you are familiar with, your stage … Listen, if you were tryingto like cross examine every person about yourown personal feelings, I are aware of, you feel as passionateabout these conflicts and impropriety as I do.You and I have talked about it on camera, you and I have talked about it off camera, but that’s not your job, is to inflict your own personalopinion and start, you know, spans examining people orchallenging their sentiment. You know what I entail? Your job is to say, okay, that’s what he says. Let me get Deaton on and seewhat Deaton says about that. – Exactly. Bring all the perspectives to the table and tell beings make theirjudgment from there. And I remember the factswill come out we’ll meet, a lot of things are gonnacome to light, I foresee, and they’re already startingto with Empower Oversight, John, the labor you’re doing.So expressed appreciation for as well. – No, perfectly. We’re all playing our portion, husband. We’re all playing our area. Decentralized justice, brother. – For sure. And that’s a great way to employ it. It’s just crazy what’shappening in the world. Many things are getting stopped because of decentralization. And like you said, right as well, the legal characteristic to it. – Absolutely. Who knew a assortment of Twittersleuths and YouTubers and mix that with a little, someone who has a law degree, and there’s a lot ofthings we can accomplish. – For sure. I wanna ask you a final question here and get your thoughts.There’s rumors, and actually, there was a report today, a scoop, that the Bidenexecutive order is coming soon. I spoke to the kinfolks at Blockchain Caucus, they’re saying they don’t, it is not anticipated tobe something negative, but rather Biden tellingthe different agencies to come together. Now, this may haveimplications for the SEC because, potentially, theCFTC and the folks there who have been not inagreement with Gary Gensler and the SEC’s enforcement by, I lost my train of thought, regulation by prosecution. Do you think this could be a way where the SEC get settled guardrails it and determines some of the issuesthat we’re seeing now? – Oh, absolutely.I think that what weneed now is, you are familiar with, with Biden saying thatthere needs to be this … I’m anticipating this, you know, perhaps I’m wrong, but I’m anticipating this director say to be kind of late, like, being one of those was like, hey, you know, roughly, get together, caution me “what were doing”, various kinds of exec dictate , not so much better of dabble inthe details right now. I think that this should havecome down a couple years ago of, let’s unionize this, let’s digit it out. But I think that that’s reallywhat it is is that, you are familiar with, it’s gotten to the pointwhere it’s not a fad, it’s not going away, you’ve got, you know, for the first time, real parties like billionairestalking about the potential, Bitcoin becoming areserve asset for commonwealths not only firms, and becoming legal tender in countries and things of that mood, then you’d get intosanctions and whether or not they can be avoided through crypto or not. I think that they just needto understand the industry and the technology better.But now is where I feel the CFTC can go with their jurisdictional grab. Gary Gensler has madehis jurisdictional grasp through the courtroom, through what you just said, regulation by enforcement, right? He’s gonna raise these cases to kind of like brushing to the courthouse, to establish jurisdiction. Now, behind the scenes, hopefully the CFTC, hopefully other corporations and influential beings, congressmen, are all saying, senators saying, listen, this needs to be, these cryptocurrencies, except for ICOs or exceptfor excessively unified, whatever type of technology they have, those are in the purview of the SEC. If someone’s gonna start a sign and they’re gonna crowdfund, yes, the SEC has jurisdiction, but existing cryptocurrencies that have been trading for 10 years are more akin to a merchandise today or a currency or commodityand less as a certificate, with certain exceptions now or there, and that there is that kind of approach.And so hopefully, that’s happening. And I think it really is gonna require congressman and senators, you know, parties like SenatorToomey, Warren Davidson, Darren Soto, Tom Emmer, you know, beings that understand this technology a little more than others. I think that they needto be push forward that to be a CFTC controlledor regulated industry. – Yeah, absolutely. John, ever a pleasure chatting with you. Thank you again for all you’re doing on behalf of XRP purchasers and, you are familiar with, I gottahave you back on soon. Maybe we get the news from thejudge next week or something, we’ll schedule it.- I hope we get word soon, but there’s gonna be, you are familiar with, what’s gonna happen in case is, just so you know is that, there’s gonna be this long waiting period like we’ve been going through, and then at some top, whether that is April or May or July, I don’t know what it’s gonna be, but there’s gonna be a lotof task all at once. And the dawns at the end of the tunnel. I know that there’s peoplewatching disheartened, but keep the faith.I think that the lightsat the end of the tunnel, we’re gonna get there. – Awesome, John, thank you so much. – Thank you, husband. I appreciate it. Keep do a very good job .( soothing upbeat music ).

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

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John Deaton Interview - SEC Ripple XRP Lawsuit Latest Updates & News

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