Let’s do a quick review: In 2013, @chrislarsensf meets with the @USTreasury, @CFTC, @SECGov and others and informs them of a new decentralized payment system called Ripple using a virtual currency called XRP. In 2014, the @USGAO describes XRP as a virtual currency utilized in a decentralized payment network called Ripple. In 2015, FinCEN settles with @Ripple (over AML/KYC issues related to an XRP transaction with @rogerkver). Ripple agrees to have an auditor, approved by the DOJ, audit all XRP transactions for 5 years. The SEC is privy to these audits through a FinCEN - SEC info-sharing agreement. Coincidentally, @katie_haun is the Assistant U.S. Attorney at DOJ who signs off on the Ripple/FinCEN settlement. Also in 2015, the CFTC declared: “Bitcoin and OTHER virtual currencies are... properly defined as commodities." Before becoming Chair and expanding the SEC's power beyond constitutional norms, Gensler agreed with the GAO Report and described XRP as a "bridge currency." By 2019, XRP had become so well-known to the Government, it was highlighted again, except this time in the FSOC 2019 Annual Report to the U.S.: "The market capitalization of digital assets, such as Bitcoin, Ethereum, XRP, and Litecoin, has increased in recent years.” Because XRP was never offered in an ICO, was created 5 years before the ICO Craze, declared a virtual currency and commodity by the U.S. Government, it is not surprising that XRP was not one of the 57 cryptocurrencies introduced to Howey via an SEC enforcement action during the ICO craze prosecutions. XRP was not involved in any of those prosecutions because, for almost a decade before Ripple was sued, market participants generally accepted that three cryptocurrencies were not securities: Bitcoin, Ether, and XRP. See Bailard Code of Ethics, January 4, 2021: “Bailard has decided to allow investments in three cryptocurrencies - Bitcoin, Ethereum, and XRP - that are generally accepted to be currencies and not currently subject to regulation by the SEC." On June 14, 2018, via the Hinman speech, it was also established that the SEC does not consider Ether and other equally “sufficiently decentralized” networks, securities. In 2018, some argued XRP was equally or more decentralized than ETH. Here are lawyers who helped write Hinman’s speech discussing it. https://x.com/digitalassetbuy/status/1443162434156511232?s=46 After the Hinman Speech, the SEC's next form of guidance also strongly suggested XRP was not a security. See Framework for "Investment Contract" Analysis of Digital Assets stating Howey is unlikely met when "a virtual currency...can immediately be used to make payments...or acts as a substitute for real (or fiat) currency." Thousands of businesses including @TapJets was accepting XRP as a substitute for fiat payments. Also, until January 16, 2018, "the SEC had no trading policy regarding digital assets." Around this time, XRP had regained the title of second largest cryptocurrency in the world. In fact, Bitcoin, Ether and XRP combined, represented well over 60% of the entire cryptocurrency market capitalization. XRP was listed and began trading on the Coinbase platform on February 26, 2019. In January 2019, Coinbase met with the SEC and informed the SEC of Coinbase's determination that XRP was not a security and intended to list XRP immediately, unless the SEC disagreed. The SEC offered no disagreement because Coinbase listed XRP the next month and arguably began promoting XRP and XRP's unique utility on a much greater scale than Ripple ever did. In June 2019, an Agreement between MoneyGram and Ripple was filed with the SEC. This SEC form indicated MG would be utilizing XRP in its cross-border payment process." The SEC was aware MG would sell XRP to the public. Despite all this, and after XRP was traded in the U.S. for over 7 years, this bullshit lawsuit was filed. Today on @LizClaman’s show, I discuss the final resolution of the @Ripple XRP case with @CGasparino and @cherylcasone. Tune in 3PM EST