Speaker 1: I've got breaking news for you all. The SEC has
Speaker 1: appealed the Judge Taurus ruling Indie Ripple lawsuit. I'll give
Speaker 1: you all the details and what the legal experts are saying.
Speaker 1: Plus the SEC's director of Enforcement is stepping down. What's
Speaker 1: happening here. Let's get into it. Hey, everybody, welcome into
Speaker 1: the Thinking Crypto podcast. You're home for cryptocurrency news and interviews.
Speaker 1: I'm your host, Tony Edward. On your way in. Please
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Speaker 1: a five star rating and review. Folks. The breaking news.
Speaker 1: The SEC has filed a notice of appeal of Judge
Speaker 1: Trus's ruling in the Ripple lawsuits. Now, remember Judge Torres
Speaker 1: rule that secondary market sales of XRP are not securities
Speaker 1: and that the token itself intrinsically is not as security. However,
Speaker 1: she said the institutional sales do count as securities transactions
Speaker 1: because there's a contract. However, the ruling that the token
Speaker 1: itself intrinsically is not a security and secondary market sales
Speaker 1: like on exchanges are not securities was the big line's
Speaker 1: share of the victory in this lawsuit for Ripple. Yes,
Speaker 1: the SEC won part of it, but that not so
Speaker 1: much because it didn't impact the broader markets. That was
Speaker 1: institutional sales. Well, the SEC is definitely trying to appeal
Speaker 1: Judge Taurus's ruling on the secondary market sales. Now we
Speaker 1: had an idea that this may happen. I've been covering
Speaker 1: it on the podcast, in my newsletter and so forth,
Speaker 1: and there's a lot to cover here. So let me
Speaker 1: share what different folks are saying. First up, Ripple CEO
Speaker 1: Brad Garlinghouse. He tweeted, if Genser and the SEC were rational,
Speaker 1: they would have moved on from this case long ago.
Speaker 1: It certainly hasn't protected investors and instead has damaged the
Speaker 1: credibility and reputation of the SEC. Somehow, they still haven't
Speaker 1: gotten the message. They lost. On everything that matters Ripple,
Speaker 1: the crypto industry and the rule of law have already prevailed.
Speaker 1: While we'll fight in court for as long as we
Speaker 1: need to, Let's be clear XRP status as a non
Speaker 1: security is the law the land, and that does not
Speaker 1: change even in the face of this misguided and infuriating appeal.
Speaker 1: Remember when the SEC tried unsuccessfully to file an interlocatory appeal,
Speaker 1: they made clear they had no intention of challenging XRP
Speaker 1: status as a non security. So, folks, despite this appeal,
Speaker 1: the law of the land today and until the court's
Speaker 1: rule again is that XRP is not a security. So
Speaker 1: I don't think this should cause any issues As far
Speaker 1: as exchanges delisting XRP, I think it's just going to
Speaker 1: remain as is because majority of the industry is in
Speaker 1: a legal battle already with the SEC right and many
Speaker 1: of the folks battling the SEC, like coinbase, crack and
Speaker 1: so forth, are using Judge Taurus's ruling to fight back
Speaker 1: the SEC. So I don't think we're going to see
Speaker 1: any delisting of XRP like we saw in twenty twenty.
Speaker 1: We are in a completely different environment. People are not
Speaker 1: scared anymore. They've already got their wells notices and lawsuits,
Speaker 1: and the industry is punching back countersuing as well as
Speaker 1: proactively suing even if they haven't gotten anything from the SEC.
Speaker 1: So very different environment, and I don't expect XRP to
Speaker 1: be delicted. I don't anticipate any major effects on the
Speaker 1: price unless once again there's some new ruling from the courts.
Speaker 1: But this thing looks like it's just going to continue
Speaker 1: on and on into another year or years. It could
Speaker 1: certainly be that way, and I'll give you some details here.
Speaker 1: Ripple's chief legal officers Stewart al Aarady said they are
Speaker 1: thinking about cross appealing. So he says the SEC's division
Speaker 1: to appeal is disappointing but not surprising. This just prolongs
Speaker 1: what's already a complete embarrassment for the agency. The court
Speaker 1: already rejected the sec suggestion that Ripple acted recklessly and
Speaker 1: there were no allegations of fraud, and of course there
Speaker 1: were no victims or losses. Instead of faithfully applying the law,
Speaker 1: the agency under this chair continues to engage in litigation
Speaker 1: warfare against the industry. We are evaluating whether to file
Speaker 1: as appealed either way, the SEC's lawsuit has been irrational
Speaker 1: and misguided from the start, and we're ready to prove
Speaker 1: that yet again in the appellate court, once again taking
Speaker 1: the lead for the industry. Number Three, he says coincidence
Speaker 1: that the SEC's enforcement director announced his resignation about an
Speaker 1: hour before this. I'll get to that later in the podcast.
Speaker 1: Let me highlight something else here. Eleanor Tarota Fox Business
Speaker 1: says Ripple is considering a cross appeal. This means Ripple
Speaker 1: could choose to file an appeal on Judge Taurus's ruling
Speaker 1: on institutional sales or on the penalty of one hundred
Speaker 1: and twenty five million dollars. Both appeals will stay wrapped
Speaker 1: up in one second circuit case. If Ripple does file
Speaker 1: an appeal, it has fourteen days to do it and
Speaker 1: the clock starts tomorrow. So the SEC wants to play
Speaker 1: these games. Ripple will play the game as well and
Speaker 1: appeal either the penalty amount or the institutional sales. So
Speaker 1: once again, this thing is not going to wrap up
Speaker 1: in a month. So this thing is going to go
Speaker 1: for a long haul again. But I think the SEC
Speaker 1: lost the majority of this. The optics are bad for
Speaker 1: Ginza in the SEC, with all these congressional hearings, all
Speaker 1: these lawsuits, and the election is right around the corner.
Speaker 1: So I am not concerned about this appeal because I
Speaker 1: anticipated it might happen. And as stated, we are in
Speaker 1: a very different environment than we were in twenty twenty.
Speaker 1: What is a cause for concern is that the SEC
Speaker 1: will most likely block the XRP ETF. Bit Wise, just
Speaker 1: yesterday we talked about it. They filed for an ETF
Speaker 1: that's then on arrival, just like the Salona ETF. Solana
Speaker 1: is mentioned in many of these lawsuits such as Coinbase
Speaker 1: cracking and so forth, and that's why it was withdrawn
Speaker 1: by the folks at van X. So one thing I
Speaker 1: wanted to highlight Eleanor Tarott to Fox Business found another
Speaker 1: ETF filing done by Canary Capital. I mentioned to you
Speaker 1: guys yesterday Canary Capital launch and Hbar Trust for institutional investors.
Speaker 1: So you're seeing these different institutional investors seated demand for XRP,
Speaker 1: and it was a great find by Eleanor. Another investment
Speaker 1: firm was trying to get this XRP ETF going. Now
Speaker 1: Attorney fred Rispoli, who I will have on the podcast
Speaker 1: tomorrow to talk about all this. He's obviously a legal
Speaker 1: experting and he can break all of this down better
Speaker 1: for all of us, He says, SEC appeals, Ripple will
Speaker 1: cross appeal SEC's company. Ending district court cases against Coinbase
Speaker 1: and Kraken continue. Life continues, don't freak out. But if
Speaker 1: you are a crypto single issue US voter, you absolutely
Speaker 1: cannot vote for the Harris Waalds ticket. There is no
Speaker 1: reset can argue with him there, folks, And once again
Speaker 1: I'll have him on tomorrow. Break down this appeal and
Speaker 1: what may happen next. Now, in a very surprising move,
Speaker 1: gerbier gro Wall, he's another scumbag against their crony director
Speaker 1: of the Division of Enforcement will depart the agency effective
Speaker 1: October eleven. That is very strange and it's akin to
Speaker 1: what Jay Clayton did. Make a scumbag move right, file
Speaker 1: this appeal and then run out the door. Jake Clayton
Speaker 1: filed the lawsuit next day, I'm out of the door,
Speaker 1: and that is what could be happening here. So he's
Speaker 1: probably trying to save himself and I don't know who's
Speaker 1: going to replace him and whatever it is. But actually
Speaker 1: they said here upon mister Growal's departure, san Jay Wadhua,
Speaker 1: the Division's deputy director, will serve as the acting director.
Speaker 1: So they don't really have anybody lined up here. So
Speaker 1: something is just strange. Once again, it's like the Jake
Speaker 1: Clayton situation. Tom Ember says SEC, Director of enforcement growall
Speaker 1: encourage lawlessness and chaos at Gary Gainster's SEC. He even
Speaker 1: admitted it to us on record in twenty twenty two.
Speaker 1: Good to see him packing his bags. Let's hope Gary
Speaker 1: Gainster will be out of there soon now. Jake Trawirski
Speaker 1: gave some great thoughts on the director leaving. He says,
Speaker 1: it's not normal for an SEC enforcement director to get
Speaker 1: disappeared like this, gone on nine days notice with no
Speaker 1: repat placement lined up. Perhaps the inevitable end to a
Speaker 1: campaign of unlawful harassment and misrepresentation resulting in many embarrassing
Speaker 1: defeats in court by peace. But look, I don't trust Gary.
Speaker 1: We got to wait and see. But this is very
Speaker 1: strange and maybe, like I said, it's a kin to
Speaker 1: Jay Clayton's move, Right, do do a scumbag move and
Speaker 1: then run out the door. Now, guys, I know a
Speaker 1: lot of negative news there right, not great news. But
Speaker 1: we got some positive things happening in Congress. More Democrat
Speaker 1: members of Congress are supporting crypto. Representative Rocanna, one of
Speaker 1: the top Democrats who I've had on the podcast. He's
Speaker 1: the first Democrat congressman to endorse a strategic bitcoin reserve.
Speaker 1: He says, bitcoin has been seized by the US government
Speaker 1: should be used as a strategic reserve asset given its
Speaker 1: potential for appreciation. And this is really great to see,
Speaker 1: but we need to hear it from who Kamala Harris,
Speaker 1: But things are not looking good for her from a
Speaker 1: cryptos stamp point. I'm happy you have folks in the
Speaker 1: House and the Senate that are embracing crypto and the
Speaker 1: Democrat side, But until the head of the snake says it,
Speaker 1: I don't. I can't you know fully support the Harris
Speaker 1: camp on this stuff because look, you're I mean, come on,
Speaker 1: You're attacking the hell out of crypto and trying to
Speaker 1: stifle innovations. So pretty crazy. But once again, guys, I'm
Speaker 1: optimistic that things are going to move into Congress where
Speaker 1: we can get legislation through Remember to fit twenty one
Speaker 1: bill move out of the House with the support of
Speaker 1: seventy one Democrats. Dennis Porter, who heads up the Satoshi
Speaker 1: Act Fund, tweeted out today big things coming for bitcoin
Speaker 1: in the USA this month is going to set the
Speaker 1: foundation for Americans to witness the true bipartisan and unifying
Speaker 1: nature of bitcoin. Bitcoin is winning in the United States,
Speaker 1: so we could see some legislation go through. I don't know.
Speaker 1: I'm going to try to get him on the podcast
Speaker 1: to get details. Now. Before we go further, be sure
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Speaker 1: in the description. Now, going back to the topic of
Speaker 1: crypto regulations, Tom Emmer tweeted out, the lame duck isn't
Speaker 1: out of play. What is he talking about. Well, he
Speaker 1: was recently interviewed by decrypt where he said the FIT
Speaker 1: twenty one bill could make it out of the Senate
Speaker 1: or get through the Senate during the lame duck session.
Speaker 1: Later here fingers crossed that happens, folks, that would be
Speaker 1: a big win because if you can get it out
Speaker 1: of the Senate, then it can make its way to
Speaker 1: a new president and be put into law. So let's
Speaker 1: hope this happens. This could really help in building momentum
Speaker 1: for the bullmarket guys. And here's another big win Calshi,
Speaker 1: which is a prediction market crypto based they won their
Speaker 1: appeal where US presidential election markets are legal. Remember polymarket
Speaker 1: is doing the same thing. So this is a big
Speaker 1: win and it's something Elizabeth Warren was trying to shut down.
Speaker 1: So you guys know what to do. If you're in
Speaker 1: the state of Massachusetts, vote for John Deaton, kick out
Speaker 1: Elizabeth Warren. If you're not in the state of Massachusetts,
Speaker 1: donate to John Deeton. Guys. That's the news, I know.
Speaker 1: The XRP news regarding the SEC's appeal really sucks. It's
Speaker 1: bad news, but I once again I'm not worried because
Speaker 1: it's a very different environment. I don't believe any companies
Speaker 1: are going to delist XRP, especially you had Grayscale just
Speaker 1: launch a trust of other companies trying to get et
Speaker 1: aps and so forth. But I do think the et
Speaker 1: apps are not going to make it on the sea
Speaker 1: because of what's happening. But this shouldn't affect XR feez
Speaker 1: trading unless there's some massy listing, which I don't think
Speaker 1: is going to happen. All right, guys, be sure to
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Speaker 1: so much. I appreciate you all, and I'll talk to
Speaker 1: you all later