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Hello this is Matt on the moon family Sedan Channel Stuart aldratty who is Ripple's top in-house lawyer he is their Chief legal officer uh he shared Something on Twitter that attorney John Deaton called a quote brilliant move end Quote and as a result of what Stuart all The radius uncovered here and this is Kind of hilarious uh that ginser Apparently didn't think about this or Wasn't advised on this but uh apparently It makes it so that Gary ginsler is going to have to recuse Himself of every crypto uh you know Potential policy enforcement that comes His way assuming this is accurate Um but it seems to be the case that it Is according to attorneys uh within the Xrp community and I'll explain what I Mean by all of this but Um before going further I didn't be Clear I do not have a legal or financial Background of any kind I am not offering Legal or financial advice and you Definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun and so here's the tweet in Question this is from again Stuart Alderati Ripple's Chief legal officer And he caught something that would make It so that based on Gary ginsler's
Recent comments he's gonna have to Recuse himself of pretty much any crypto Enforcement action that that comes his Way frankly Um and I think everybody's aware of this At this point but just in case you Missed it all you need to know before Moving forward here just to properly set The table is that Gary ginser has now Publicly stated that his belief is that Everything That is not Bitcoin every cryptocurrency It's not Bitcoin is a security he has Prejudged that to be the case without Looking at the specific facts and Circumstances as all the 20 000 plus Cryptocurrencies that are in existence Today he just decided they all are he's Publicly stated that in New York Magazine which has something like 1.7 Million followers on Twitter and that Article's been heavily circulated and so Upon reading this Stuart alderaude had a Bit of a response and this is what um And I'll show you John Dean's tweet in a Minute or two here but this is what this Tweet is what attorney Dean said is a is A brilliant move so Stuart alderaude Wrote crypto lawyer personal service Announcement Um chair ginsler has again proclaimed That every cryptocurrency did I say Person I meant Public Service he wrote PSA I know that's Public Service
Announcement crypto lawyer Public Service Announcement let me start that Over sorry guys chair ginsler has again Proclaimed that every cryptocurrency Except Bitcoin is an unregistered Security he now must recuse himself from Voting on any enforcement case that Raises that issue since he prejudged the Outcome and then he cited a case from 1989 that put that into law and I'm not Sure to pronounce his name but it looks Like Antonio Antonio versus SEC and I'll Show you the case Um in a second but first let me show you A few comments from attorneys within the Community and then I'll get you uh some Of the specifics Um I'll share with my comment actually First I wrote I retweeted that and I Wrote Stuart ain't kitten ginsler as SEC Chairman is one of the five Commissioners that votes on whether or Not to bring legal action against any Cryptocurrency related business how can He be an impartial vote with his Bitcoin Only bias on full display if Gensler Votes on such matters it is a violation Of due process via Antonio versus SEC And I'm sure I'm butchering that name But I don't know how to say Um so take a look at this so you may Have heard many times that there are Five Commissioners that vote on whether Or not to bring legal action against any
Individual or business so on and so Forth and that's true but just in case You weren't aware one of those five Commissioners is the actual SEC chairman And here's the official SEC website in Fact listing all five Commissioners with Gary ginsner at the top who is of course The uh the chairman and they note the Following which is a fun interesting Factual little tidbit here about how This works and so this is from the sec's Website they wrote the Securities and Exchange Commission has five Commissioners who are appointed by the President of the United States with the Advice and consent of the Senate Terms last five years and are staggered So that one commissioner's term ends on June 5th of each year the chairman and Commissioners may continue to serve up To approximately 18 months after terms Expire if they are not replaced before Them to ensure that the commission Remains non-partisan no more than three Commissioners May belonged to the same Political party the President also Designates one of the Commissioners as Chairman the sec's top executive So think about this and again I'm going To get into the specifics of this this Case just because there's a nice Submission from LexisNexis which I'll Pull up in just a second here but just The The crucial part to understand here
Is that this is a guy that is voting on Stuff who has prejudged the outcome Before considering whether or not to Bring illegal action And so then attorney Deaton upon reading This from Stuart alderaude he simply Wrote brilliant move it's fair to say Ripple's general counsel wasn't always In-house counsel someone's tired of Playing defense yeah it looks like Stuart otter out here is like how can we You know do some research that helps us You know to go a little bit on the Attack here at least in terms of getting The word out here and also note that Stuart alderati Um he's now listing himself as Chief Legal officer until recently though he Was listed as general counsel so I don't Know if there's any sort of notable Distinction there I'm just citing that He changed what's listed on his Twitter Profile and so John D that's why when he Says general counsel that's because Until very recently Um that's that's what was written there I just thought I'd mention it uh there Here you have attorney Bill Morgan Member of the xrp community uh he Retweeted with Stuart aldradi shared and Here was his response he's got a laughy Face emoji which is kind of my response When I read this and recognized what the Point that Stuart aldorado is making I
Had a few lulls of my on my own on my Own here uh before recording but uh Attorney Morgan here wrote after the Little laugh Emoji this is actually Correct brilliant point he has prejudged Every crypto on this issue before Investigations have been conducted or Even convinced about uh coins What sort of Reckless legal advice would Conclude all cryptos are securities Without considering the facts of each Exactly but you know Kim Jong-un sir it Doesn't seem like he cares very much and Then we have attorney Jeremy Hogan which Responded to Stuart alderaudi and roach Chair ginsler was obviously speaking not As head of the SEC but in his capacity As a long-distance Runner and lover of Orange juice so it's okay See right he's obviously being facetious But of course the the people in the SEC It's never an official capacity although In this case um I will say and I know Attorney Hogan's joking but in this case I don't think it would matter because it It's showing the but he's already Prejudged Um and then there was this meme which I Just have to share for those of you that Can look at your screen I think it's Worth it this comes from uh the crypto Meme guy he's at xrp meme guy on Twitter And he wrote to Hogan he said you mean Unregistered security beverage obviously
A throwback to the 1946 uh SEC vwj Howiko with the oranges and the Orange Groves and look I've joked many times It's like what you go to the grocery Mart you pick up a bottle of orange Juice and and with the SEC jumps out From behind he's like hey you can't buy That security you're not registered I'm Like son of a I'm trying to buy Some goddamn orange juice get off my Back well here he has a picture of a Little uh little jugga Bottle of orange juice here and it's got The security it's got the SEC logo at The top and then uh it says unregistered Security beverage vitamin SEC added I Thought that was pretty damn good Ah good stuff there Um so as far as the case itself there's A there's a brief rundown here just a Little synopsis from LexisNexis And uh and here so here's the rule Um and this is the Antonio versus SEC This is from 1989 again I'm sure I Butcher the name but here's the rule Principles of due process apply to Administrative adjudications A fair trial in a fair tribunal is a Basic requirement of due process Fairness of course requires an absence Of actual bias in the trial of cases not Only is a fair proceeding required but Also Justice must satisfy the appearance Of Justice yeah and so again I'm not an
Attorney and I don't pretend to be so I Don't know if they could somehow wheeze A lot of this just even though they Obviously prejudged I don't think they Could weasel out of it because you know When you're talking about you know as a Commissioner voting that's pre-trial so I don't know if you could or couldn't Whiz a lot of that I'm not pretending It's just you know stuff them kind of Flowing through my little Moon family Sedan brain and then they wrote here so Here's the facts of the case this is Super short which is the reason I wanted To go through it here because it just Gives the full you can understand in Very short order why Stewart already Brought this up so here's the facts Surrounding this Respondent Securities and Exchange Commission barred petitioners stock Brokers Employments with a firm due to His violation of federal Securities laws The SEC instituted proceedings for the Stock broker's permanent bar of any Securities related employment while the Proceedings were pending an SEC Commissioner described the bar as Permanent the stock broker challenged The sec's orders and the commissioner's Delay in recusing himself the stock Broker argued that the SEC Commissioner's statements prior to the Adjudication of the disbarment
Proceedings and the commissioner's Participation in the proceedings biased The proceedings or impermissibly tainted The proceedings with the appearance of Impropriety and so uh what do you think Gary ginsler's statements are doing here All these statements everything's a Security And so then they write here what's the Issue well did the Commissioners Continued participation in the Disbarment proceedings violate due Process answer yes conclusion the Court Held that the stock Brokers bar from Employment with a particular firm was a Sanction within the discretion of the SEC however the court found that the Commissioner's statements regarding the Stock broker's permanent bar from Securities related employment while the Proceedings were pending revealed that The commissioner had prejudged the Matter even though the commissioner Recused himself prior to the filing of The sec's final decision there was no Way of knowing how the commissioner's Participation affected the sec's Deliberations the sec's continued Participation in the disparment Proceedings violated due process so Folks I don't know if there is because Again I'm not an attorney I don't know If there's a way for them to wheeze a Lot of it because we're talking about a
Pre-trial situation here but it's so Damn similar just from an into Intellectual and logical perspective You're talking about an individual who Says is to set it right up front I do not care what the facts and Circumstances of the case are all of Them need to go to trial so if there's a You know an enforcement action uh Brought by the enforcement division that The commission you know the Commissioners get to vote on The decisions already made well how is That fair how is that fair when the Commissioners are supposed to decide Okay did the enforcement decision uh Divorcement enforcement decision at the SEC in presenting this to us did they Come did they do proper homework does it Make sense are they going too far is Everything logical here and the Commissioners are supposed to figure That stuff out and here's Gary Gins are Saying I don't care if you enforcement Division bring something to my attention I will vote Yes I don't care about the Facts and circumstances send it to court That doesn't sound right does it Obviously from a logical perspective and What's reasonable of course it's not Of course he shouldn't be voting It's beyond bias and he's already said That my bias is what is Paramount in all Of these situations he's already
Articulated that publicly of course he Should recuse himself now will he is he Legally required well again I'm not an Attorney what would be the right thing Yeah absolutely I think he should just Resign he's so terrible but you know if We can't get that he should at least Recuse himself of anything crypto Related but I don't think he's going to Do that It doesn't it does it make me wonder if It opens the door down the road for any Sort of you know retort because things Don't go well could somebody bring this Up that's being sued could a defendant Bring that up Well we'll see I'll go ahead and wrap up here though I'm not a financial advisor you should Not buy yourself anything because of Anything I say or right that would be a Very very very bad idea until next time To the Moon family sedan