The SEC Drops the Ripple Case: How Big A Deal Is This?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 21 October 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

NLW explains the latest moves from the SEC. Is their dropping of their case against Ripple Execs as bullish as it seems -- or is it just them gearing up for a different fight? Plus, NYAG sues Gemini, Genesis, DCG, Barry Silbert and Michael Moro. Today's Sponsor: Kraken Kraken: See what crypto can be - https://kraken.com/TheBreakdown Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Most of the crypto industry kind of is at the point of just a plague on all your houses,
0:05.1	burn it to the ground, and let something new be built in its stead. There is not a lot of sympathy
0:09.5	or compassion or patience left among regular crypto industry participants for all of these
0:14.9	people who ended up causing such catastrophic destruction. Welcome back to The Breakdown with me, NLW.
0:23.2	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:32.3	What's going on, guys? It is Friday, October 20th, and today we are talking about the SEC dropping the ripple case
0:39.6	and the New York Attorney General suing DCG. Before we get into that, however, if you are enjoying
0:44.8	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:48.5	deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show
0:52.5	notes or go to bit.ly slash breakdown
0:54.3	pod. Well friends, there is some serious excitement to close out this week. And no, I'm not even
1:00.0	talking about JPMorgan's report that an ETF is likely to be approved in the next few months,
1:04.7	or Bitcoin's morning rally up above $30,000. What I'm talking about, or at least where we want
1:10.2	to start, is with the SEC
1:11.6	dropping the Ripple case. Specifically, the SEC will no longer pursue allegations against Ripple
1:18.0	CEO Brad Garlinghouse and executive chairman Chris Larson. The pair had been named as additional
1:23.1	defendants in the Ripple lawsuit, with the SEC alleging that they had aided and abetted the company in violating securities laws. The issue was the sole outstanding matter in the Ripple lawsuit, with the SEC alleging that they had aided and abetted the company in
1:27.7	violating securities laws. The issue was the sole outstanding matter in the Ripple case
1:31.9	after the judge ruled that this part of the lawsuit should continue to a full trial due to
1:36.4	disputed facts. Other matters were decided back in July, with the judge finding that public
1:40.8	sales of XRP tokens on exchanges, as well as distributions to staff and subcontractors,
1:45.9	did not constitute the sale of unregistered securities. Now, the court did hold that sales of
	...

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