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hey guys and welcome to the working money channel so let me just paint you guys a picture this coming from the bearable bull institutions are showing that they don't give an about the sec lawsuit brad said there have been 15 new partnerships since the lawsuit imagine what happens when we clear this hurdle and we get the clarity we get more utility more partners and i think most importantly for xrp investors a higher price follow the smart money and i couldn't agree more there have been a lot of distractions in this space over the last month or so uh namely with the sec lawsuit there are a lot of investors that got spooked out of the market uh of course uh xrp price has suffered because of that and you know when alts were pumping uh we did see a bit of a recovery in and around january 5th and 6th uh but now since the market is tumbling a little bit uh xrp is also uh kind of moving downward slightly downwards but mostly sideways here trading right now at about 25 3.253 now this kind of pattern doesn't have anything to do with xrp specifically as i've mentioned uh bitcoin is also coming down right now trading at about 30 700. and since the crypto market has been pumping uh for the last several months we needed this inevitable break ultimately sellers are taking their profits off the table and we could see this happen for a while uh but what bearable bullets suggesting is uh you know i know some people will get rattled because they're seeing xrp price go down they're not realizing the rest of the crypto market is going down let's focus on the price here 15 new partnerships since the lawsuit and think of what we'll get when we get the clarity now this from dj peter vass ripple expands in asia pacific despite legal uncertainty so more to that point here this article talks about how xrp's value has been declining of course since the lawsuit however there has been more growth in the asian markets so let me just cover uh just basically what uh this is all about the key takeaways here xrp is down more than 67 since the ussec filed an action against ripple but despite the massive sell-off xrp remains one of the most popular digital assets in the asian pacific region and so uh this article just details some of that for you guys if you're interested i know it might not seem like there's much excitement surrounding xrp right now if you do live in the united states but uh rest assured the rest of the world is still trading xrp and you know we even saw it here okay boom after the lawsuit occurred of course uh there was that initial sell-off and then we found support down here around 22 cents uh but then we saw some excitement in the altcoin market and xrp rebounded despite the fact that the sec lawsuit basically decimated the price structure altogether so there still is hope for xrp to rally but we've got to trudge through this fudge so i saw this from james rule xrp ripple labs sued for xrp cryptocurrency securities violations in wake of the ftc suit so uh this has to do with a class action lawsuit that was just filed yesterday guys against ripple labs so it is another one ripple labs inc ripple xrp2 llc and ceo bradley garlinghouse uh in the middle district of florida by a purchaser of the defendant's xrp cryptocurrency over purported securities violations uh the plaintiff asserted that since 2013 the defendants sold more than 14.6 billion units of xrp which are considered securities under federal and florida state law in return for cash or other considerations worth 1.38 billion dollars so we know the details of the lawsuit here however according to the plaintiff the defendants did not register their offerings in sales with the sec or florida authorities as required by law uh the plaintiff averred that the defendants also did not provide investors with the necessary material information about the xrp offering as required by law consequently the plaintiff alleged that the defendants chose to disregard filing requirements and initiated a vast offering of xrp without registration and made affirmative representations to the investigating public that xrp is not a security when in fact it is so another lawsuit coming out of florida and this sounds like a class action lawsuit i don't know if this is a coincidence or not but i also saw this from michael at val 5 lynx this is utterly ridiculous a florida resident is taking on ripple after losing 50 dollars by investing in xrp last year wow you can't make this stuff up now uh this sounds like it's a completely different case because they named this plaintiff here this is tyler toomey a florida resident is taking on ripple after suffering damages from losing 50 dollars i kid you not payment processor and xrp issuer ripple was hit by a class action lawsuit in florida okay so this is a class action two this is probably the same thing on monday months after u.s regulators stoop down on the firm's business activities uh it was filed by a person claiming to have made a relatively small 100 investment in xrp last year losing 50 of it in the weeks afterward investor tyler toomey said he purchased 135 xrp in november last year as prices were shooting upward he then sold his holdings in december and took on a 48.50 loss on his initial capital that loss however was enough to incite to me he alleged in the class-action lawsuit on behalf of himself and other similar investors that ripple had unlawfully sold millions of dollars worth of its xrp tokens to other florida residents adding the firm's founders illegally profited off the sales uh you can't make this stuff up uh this is utterly ridiculous and i'm going to go on the record and say that uh you know for anybody who thinks that they can sue a company for losing fifty dollars when you should be knowing what you're getting into here you know getting into the crypto space uh is risky and whether it's xrp or something else there's always going to be the risk that you're going to lose money however they're seeing an opportunity to take ripple down of course ripple's case is already in court opportunity chasers to put it mildly is what i'd call people like this so it sounds to me like this lawsuit here uh with uh mr toomey tyler toomey and uh this class action lawsuit here which doesn't name tyler to me here are likely the same lawsuit if you guys have any clarification on that please do put it in the comment section nevertheless guys there's always a silver lining and i saw this from a few sources here this coming from xrp crypto wolf ripple token case highlights need for sec clarity on crypto this coming from joseph hall guys uh partner at davis polk and wardwell llp uh which is a law firm he specializes uh in cryptocurrency uh litigation specifically david goxteen also uh posted this on twitter as well uh so i want to give credit both to xrp cryptowolf and david here for posting this this is interesting i'm not going to read the full thing for you guys but i wanted to give you guys a bit of a heads up as to what joseph hall now thinks about the ripple sec lawsuit there have been a few lawyers now that have come out of the woodwork i suppose uh john deaton is one of them uh jeremy hogan has made videos on youtube about this as well and they're giving their insight as to what they think uh is going to happen based on uh what ripple was doing with xrp and how they think this lawsuit is going to go now spoiler alert uh they are very very confident both of them uh they have lots of reasons why they think that ripple will succeed in court and joseph hall i'm gonna add joseph hall to this list as well i just read this this morning and uh he also has a lot of interesting points here that he makes where he thinks ripple and xrp stand a very very good chance in court against the sec and he basically outlines it in this report ripple token case highlights need for sec clarity on crypto and uh you know that is his overarching sentiment i suppose with regards to this uh now he goes you know into the background here i'm not going to read these this first page and half of this second page because he basically just goes into the background talks about the howie test talks about how it was created at a different time down here he says imagine trying to explain what an iphone is in language your great grandfather would have understood just after world war ii that's how easy it is to predict which digital assets are securities under the post-war howie test the stakes are high for everyone wanting to build business on blockchain technology if in hindsight your digital asset is a security you can expect sec enforcement action along with fines restitution and liability that in a recent case against telegram group inc topped one billion dollars but i wanted to continue on here which brings us to the sec's case against ripple labs the securities law status of xrp a digital asset used to simplify cross-border payments was probably always going to be a tough call after clayton's sec first laid out its views on how to apply howie to crypto this came in a july 2017 report explaining why the agency declined to sue promoters of the dao a virtual organization embodied in computer code and executed on a distributed ledger or blockchain the sec concluded that the dao's promoters erd by not registering their digital asset with the agency before selling it to the public as any issuer of a security must do but recognizing the commission hadn't yet plainly articulated its views on digital asset the agency noted that it had uh declined not to bring charges in this instance but rather to caution the industry and market participants so very interesting what they decided to do with uh the dao token and decided not to bring charges in this instance uh so by the time the sec issued its dao report xrp had been trading in the crypto markets for several years and its creator ripple labs was a silicon valley wonderkind uh with a hefty private market valuation and a credible business model centered on disrupting an enormous market for interbank funds and transfers a year later when bill hinman then director of the sec's division of corporate finance said in a speech that the popular cryptocurrency ethereum might have been born a security but later morphed into a non-security it was a fair bet that xrp would get the same treatment so this is something else that i don't think we talk about enough the fact that ethereum uh could have been a security or was likely a security before but now we have clarity around bitcoin and ethereum and ethereum is not now considered a security so based on that precedent one would assume or at least at this time one would have assumed that xrp would get the same kind of treatment in other words maybe there are some issues with early sales of xrp but at this point shirley xrp itself was in the clear right it goes on to say the sec's decision to bring charges against ripple lamps for ongoing sales of xrp is thus remarkable on several levels first the timing the day before clayton stepped down suggests the possibility of a rift amongst the commissioners as opposed to a case everyone agreed had to be brought immediately in order to avert looming investor harm so possibly a personal vendetta and i know uh some of us in the space have already been speculating on this second whatever one's views on the merits before news of the sec's intentions broke xrp traded with a market cap in the 25 to 30 billion dollar range meaning that any precipitous action by the sec would surely result in heavy investor losses ending recently around 13 billion dollars and we can see that now on coin market cap here xrp obviously has slipped down to the number five spot uh and the market cap is now trading at about 11.5 billion you guys can see that over here so it has declined significantly since the suit even so far as you know coins like polka dot uh being able to overtake it by market cap uh polka dot trading at about 15.76 right now and its market cap is 14.3 billion but let me continue with this finally and perhaps more interestingly uh to the securities bar why on earth did the agency bring a case that was considerably less a slam dunk than its previous crypto enforcement actions barring a settlement the article 3 courts and not the sec will ultimately say whether xrp is a security there are plenty of digital assets with more tenuous use cases than xrp very interesting to note any of which might have better help the sec etched its views into federal case law before taking on a leviathan like ripple labs so joseph hall is saying you know none of this really adds up there's got to be a reason why they did this when they did why they did how they did based on you know previous um lawsuits like with the dao token they talked about telegram in here uh they talked about the precedent setting ethereum and how uh it was most certainly a security before but then regulators said no today it is not it is in the clear so very interesting to note and the commission does not have an unblemished record when it comes to defending its prerogatives in federal court it has lost cases uh centered on its authority to regulate hedge funds the reach of its regulation fair disclosure and its ability to prescribe corporate governance standards among others a loss on the merits in the xrp litigation could epically damage the sec's regulatory project when it comes to digital assets and i think that uh this is what it's going to come down to digital assets are going to have some sort of classification whether we have that now or whether they create it it is not going to be the sec's responsibility to classify these i think at a certain point right now they're looking at them because they're saying well they can be classified as securities because they were treated that way based on a test that we created 70 80 years ago the howie test uh but today we're looking at a very very different beast and so all this to say joseph hall uh also very very confident that ripple uh does have a case here you know adam to the list of lawyers that thinks xrp should be in the clear and that the sec overstepped their grounds so guys i will link this pdf in the description of this video there's only a little bit more here uh if you wanted to go over it further i wanted to just give you guys some background on joseph hall just so you know that he's got the credentials it takes uh to make this kind of judgment so mr hall is a partner in davis polk's corporate department and co-heads the firm's esg environmental social and corporate governance group his transactional practice includes advising companies and investment banks on initial public offerings so ipos block trades and investment grade high yield and convertible debt offerings as well as advising crypto asset managers on fund formation and distribution his advisory practice includes working with blockchain and crypto asset companies and sponsors on federal securities law matters as well as advise with respect to sensitive c-suite and board matters corporate governance matters generally uh public company reporting obligations securities law compliance and the regulation of credit rating agencies so he is a finance lawyer with some experience with crypto asset managers so uh he is in the know he does realize that uh stocks cryptos very different things also let's note down here that between 2003 and 2005 he served at the u.s securities and exchange commission and he's putting this out there for everybody to see like i said before add another lawyer to the list that does believe ripple does stand a chance in court and uh this from in-house counsel at ripple stuart aldoradi obviously reposting this david hall write-up quoting some of it like the trying to explain the iphone to your great grandfather uh the current approach is also not practical nor does it lead to good policies this stuart aldorati and he quotes channeling all secondary trading through regulated intermediaries cannot apply to many digital assets without wholly defeating their utility a real xrp boy says hell yeah gotta love it the doa created in 2016 gets a pass meanwhile xrp was already kicking butt for several years makes no sense especially now when the network is more decentralized than ever arguably more so than ethereum and even precious bitcoin so there you have it guys joseph hall's opinion on this piece i'm feeling super confident that we are going to see xrp price rebound once the rest of the market rebounds and just think when we get that clarity we've got the utility we've got more partners the last thing we're waiting for is price that's just my opinion but i want to hear what you guys think please subscribe to the channel if you haven't already like the video if you like the content i'm providing i always love hearing your comments see in the next one guys