Let’s do an XRP/Coinbase recap: In January 2019, the @coinbase team went to the @SECGov and informed the SEC that Coinbase had run XRP through its digital asset Framework and determined XRP NOT a security. The Coinbase team was made up of some of the most experienced securities lawyers in America. But being a good corporate citizen, Coinbase went to the SEC to make sure its own analysis of XRP was consistent with the SEC’s analysis of XRP. Coinbase wanted to make sure the SEC agreed with Coinbase BEFORE Coinbase listed XRP on its platform. Before Coinbase met with the SEC, in January of 2019, SEC enforcement lawyers were VERY knowledgeable regarding XRP and its relationship to @Ripple. First, XRP had settled with FinCEN in 2015 and FinCEN shared the terms of the settlement with the SEC. In fact, the two agencies were provided audits of ALL XRP sales between 2015-2020. Even more significant, SEC Enforcement lawyers authored an XRP Howey Analysis Memo 📝, dated June 13, 2018 - Yes, the day before Hinman gave his June 14, 2018 - ETH is no longer a security - speech. Like the experienced securities lawyers at Coinbase, its clear SEC Enforcement lawyers, in 2018, also did NOT conclude XRP a security, because the lawyers who wrote the XRP Memo, did NOT recommend enforcement, nor did they recommend a cease and desist to stop selling XRP to @Ripple @bgarlinghouse or @chrislarsensf. At the January 2019 meeting, Coinbase informed the SEC that unless the SEC disagreed with its analysis, Coinbase would be listing XRP on the Coinbase platform for the general public to buy. The SEC did NOT disagree nor did they dissuade Coinbase from listing XRP. One month later, on February 26, 2019, XRP was listed on Coinbase. Immediately after listing XRP, Coinbase aggressively marketed the utility of XRP, along with USDC, for sending money internationally for free. See👇 Slightly less than 2 years later, on December 22, 2020, and AFTER 7 1/2 years of being publicly traded in the United States, the SEC suddenly claimed XRP was a security and sued Ripple and its two executives. But the SEC even went further than that - in bad faith, it unethically claimed, regardless of how it was acquired, and regardless of whether it was sold by Ripple or its executives, ALL XRP were securities. 75K XRP holders joined the case as amici, and Judge Torres, citing thousands of XRP holder Affidavits, agreed with Ripple, Coinbase and the 75K holders, and ruled XRP itself NOT a security. Within hours of that decision, Coinbase (and others) re-listed XRP. And today Coinbase announced this. Imagine the massive waste of money, resources and time. But we won.