One year ago, SEC Head Jay Clayton and the SEC filed a lawsuit against Ripple, ruining Christmas and harming tens of thousands of XRP inve...
One year ago, SEC Head Jay Clayton and the SEC filed a lawsuit against Ripple, ruining Christmas and harming tens of thousands of XRP investors, the people the agency is supposed to protect.
In September, The Gateway Pundit discovered that it was former SEC Chairman Jay Clayton who had directed the venture capital firm Andreesen Horowitz and their gang of attorneys from Perkins Coie, Cooley, and McDermott Will and Emery to write a “memo” and secretly meet with the SEC to approve what became known as the “Ethereum Free Pass”.
This was socialized in the now-infamous June 14, 2018 speech by Bill Hinman, then the powerful Director of Corporate Finance for the SEC. This speech effectively provided a regulatory “Free Pass” to Bitcoin, Ethereum, and issuances based on the Ethereum blockchain, to the exclusion of all other digital assets, including Ethereum’s main rival and competitor, Ripple Labs and its related digital asset, XRP.
The Hinman speech, based on information we found in a video that we shared in the article above showing Perkins Coie attorney Lowell Ness explaining the background that “tracked his memo pretty well”. The video had only 95 views when we uncovered it. That video and clips from it have now been viewed hundreds of thousands of times and shared with all 435 sitting representatives and all 100 US Senators!
Attorney John E. Deaton of CryptoLaw.US has filed suit against the SEC on behalf of over 62,000 XRP holders who purchased XRP in open markets over the last 8 years until SEC filed its lawsuit against Ripple Labs and two of its executives, CEO Brad Garlinghouse, and Chairman Chris Larsen, for selling “unregistered securities” supposedly in violation of Securities Law.
Attorney Deaton recently appeared on a podcast with popular host Patrick Bet David explaining the SEC/XRP holders’ situation in great detail, highlighting the alleged conflicts of interest of then-Chairman Clayton and Director Hinman.
Empower Oversight, a non-profit investigation firm has sued the SEC over its rejection of FOIA requests for documents in the alleged conflicts of interest of Clayton, Hinman, and former SEC Acting Director of Enforcement Marc Berger who have all taken positions with firms having significant interests in Ripple’s competitors.
Since The Gateway Pundit first broke the story in June of opportunists at the SEC ceding the crypto-currency industry to China by Trump-appointed SEC Chairman Clayton filing the SEC case against Ripple on his last day in office (and siding with the two Democrats on the Commission), mainstream media has mostly ignored what we called the Financial Story of the Century in a July followup.
Charles Gasparino and Eleanor Terrett at Fox Business have been the lone “mainstream” TV news journalists on the case, though Roslyn Layton at Forbes has done a number of articles on the case.
Current SEC Chairman Gary Gensler, appointed by President Joe Biden and supported by Senator Elizabeth Warren and the progressive left, have stepped a full-scale war against crypto, see the video below:
For the best way to get a handle on the case, and to let your voice be heard in Congress, Attorney Deaton has created a library and timeline of the facts that he says “are not in dispute” here:
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