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This is Matt on the moon family said Dan Channel you know we've been warning About this for over two years and people In the eth community said it could never Happen but eth has been named as a Security in a new lawsuit here's the Headline from decrypt New York attorney General Sue's Q coin claims ethereum is A security now I don't want this to be The case I don't want eth to be attacked Ethereum is the first cryptocurrency I Ever purchased I still hold it to this Day been holding it since November 10th Of 2017. I don't like the attack to Spread but I got to tell you as an xrp Holder and I I know I'm not the only one That feels this way it's just so Frustrating because we've been sounding The alarm for over two years and what Have we gotten From the from the rest of the crypto Community at large not entirely there Have been there have been very nice Exceptions to this of course and I Acknowledge that as well but what if we Broadly gotten for most of the last two Years We've gotten a bunch of people gleeful That xrp holders have been financially Harmed by the SEC attack on Ripple and We've got people uh you know just just Making the most irrational Emotion-baked based ideological Arguments that don't they don't even
Make rational logical sense it's just Been an outright attack against so but What have we been saying with Attorney John Deaton in particular leading the Charge here frankly certainly from an Action-based perspective rather than Just speaking he has taken action here And Attorney John Deaton has said for The longest time that had it been Ethereum that the SEC went after rather Than Ripple and xrp holders had it been Ethereum he stated that he would have Been just as outraged and he would have Been defending the ethereum community Just like he ended up doing with the xrp Community if it were flipped he would Have done that and he certainly followed Through on his word here immediately Because it's news literally broke Yesterday it what happened yesterday Attorney John Dean same day it put Together a class action lawsuit he's in The Press so he's accepting I don't know Exactly where he's in terms of the Technical filing of it but he's doing it And he's uh he's seeking to represent All sorts of people I'm going to show You that in a second here too but this Is an outright attack and so I think It's reasonable for us to like feel the Frustration that we just feel from all These participants that were not helping Us in the xrp community gleeful about Our our terrible Financial you know
Situation because all financially harmed As a result the unless you see you still Have a surprised xrp price a suppressed Xrp price today so it's okay to be Frustrated with those people and we Warned them but in the end we still have To come around and we still have to Unite and so fine have a little C I Told You So moment because I mean it's kind Of hard not to in a way but we still Need to to get together rally together As a United crypto Community just in General sense stop the damn tribal and Just move forward because that is the Right thing to do so it's okay to feel Frustrated I do too I think most of you Probably do as well but in the end we Got to get over it and we still do just Have to move forward so I'm going to Share with you comments from Attorney John Deaton attorney Jeremy Hogan and Some others but uh before going further I do want to be clear I do not have a Legal or financial background of any Kind I'm 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 all right so Let's get into it the New York attorney General's office today filed a lawsuit Against cryptocurrency exchange Q coin
For allegedly violating Securities and Commodities laws in the state in the Complaint attorney general Leticia James Makes the startling claim that not only Are Terra Luna and Tara USD USD Securities as previously alleged by the United States Securities and Exchange Commission but also ethereum the second Largest cryptocurrency by market Capitalization This action is one of the first times a Regulator is claiming in court that eth One of the largest cryptocurrencies Available is a security today's Announcement read The petition argues that eth just like Luna and UST is a speculative asset that Relies on the efforts of third-party Developers in order to provide profit to The holders of eth And that's a quote so and so this is the Part that has always granted my gears One of the many parts frankly because if Something's going to have value it's Because humans value it why will humans Value a thing well probably because it's Doing stuff well how does a thing do Stuff after it's made like how does a Cryptocurrency do stuff oh well Developers building on top of the Project so what what do you want here a Cryptocurrency is made and then we we Have to just not know who makes it and Then we also have to have people not
Build any sort of Technology on top of That to use it in any sort of functional Way we just can't have developers Increasing utility for any Cryptocurrency because then you it would Lead to for expectations for to for to To be worth more It's just a bogus argument and that's Why for me when I look at long-term Viability of xrp you know pick any Cryptocurrency really I'm looking for a Healthy environment where there are Multiple parties multiple developers uh You know rallying around a particular Cryptocurrency increasing utility Because I think where there is utility The Money Follows and so if the argument Here is that there are people that are Building stuff that will make the money Follow that's a problem now it does go Deeper than that with eth because with Eth as I'm sure most of you are aware it Switched to proof of stake this past September and I made a video actually Just the day before this uh before this News broke I think it was anyway and I Noted that uh on on the day that Ethereum finally switched to proof of Stake Gary ginser just happened to on That very same day speak out against Proof of stake indicating that proof of Stake systems uh you know very good Chance that they're violating Securities Laws
What a coincidence happens to me on the Same day right anyway peace continues The nyag's lawsuit targets qcoin for Allegedly falsely representing itself as An exchange when really it is a Securities and commodities broker dealer It aims to block access to the exchange In New York by forcing qcoin to geofence Its website based on IP addresses and GPS location and so here we get to the Meat of just a little another paragraph Lower the lawsuit argues that eth is a Security because among other reasons Users can now earn Financial rewards by Holding the cryptocurrency Since transitioning to the Proof-of-stake consensus possession of Eth translates directly to profit Potential by earning staking rewards Reads the lawsuit Well we we saw this coming tomorrow Didn't we oh yes we absolutely did and So despite the fact that uh oh Billy boy Hinman on June 14th 2018 gave a speech To that Yahoo financial Summit saying That it's not a security all that was Was fake protection for eth that's Pretty much it that is absolutely it's To lead the market in a particular Direction uh it was understood that the Impact would be that uh the market at Large would take it as though it was Official decree uh from the SEC even Though there was the one-liner
Disclaimer these are just my my comments And mine alone what did we see on National television and in mainstream Press we saw headlines of many of them Anyway uh and some some did indicate That it was just but many uh did Indicate that it was it was officially Decreed from the SEC and so it resulted In a lot of confusion and why come out In such a public way like that in that Type of platform uh share those opinions And then when you saw that the market Was confused Bill Hinman why did you not Then go back and say you guys get away Ahead of yourself getting out of your Skis here this isn't the SEC saying that This is just my opinion how come that Didn't happen how come you didn't come Back out and correct that because he Never did look at this headline from June 15 2018 the day after Bill him and Gave that speech U.S SEC officials says Ether not a security price surges well There you go there's your fake ass Protection right there And so then you have this from Attorney John Deaton Uh East is not a security had the SEC Claimed eth was a security I would have Acted just as I did over xrp these Regulators are out of control retail Holders need to speak for themselves if You are an etholder and want to fight Back sign up below and and I shared I
Retweeted everything that I've seen from Him so far I've been retweeting from Them like oh I guess I didn't retweet This one I'll retweet that one too I Thought I had Um there's a separate one where he did Here and I did retweet that one that was From just right before I started Recording this video but that link there It leads to the eth class action lawsuit That attorney John Deaton is uh is is Going to be filing here if it hasn't Technically already been and then he Said we will seek to have our voices Heard in court and not let these career Bureaucrats pretend to protect us your Name slash email will not be shared with Anyone it is a Google form and if you Don't have a Google account you can Email all Dash Deaton deatonlawfirm.com And request to join so I just thought I'd spread the word that he is doing This and if you care to join you now Know how but Attorney John Deaton Continues to bring the fight against all Of these completely uh as Attorney John Dean from opponent out of control Regulators because that's what they are And if you think that you couldn't see Something like this also come from the SEC in the future specifically attacking Eth uh Uh think bigger because I think I mean And maybe it's the case that they're
Just waiting to see what the conclusion Of the Um you know the Ripple K Springs but if it's say there Is a slam dunk win for the SEC there do You not think that uh each you know Ethereum is going to get attacked and All the developers and that Eagles that You don't think it's going to happen you Do or you don't you tell me because I Think that it's highly likely that that Would be the next Target or one of the Next targets why wouldn't it be at this Point because all that protection you Know from Jay Clayton and Bill him and Those guys aren't at the top of the SEC Anymore and Gary ginsler feels Differently he Gary ginsler says Everything that is not Bitcoin is a Security Um and then there's also this from Attorney John Deaton etholder said I was Spreading fud when I said we must fight Together I'm an etholder because Until Congress acts one speech by a guy Who isn't at the SEC anymore doesn't Mean crap if you think there isn't Coordination Between the SEC and nyag you're not Paying attention yeah so that's why I'm Saying like I think John Dean's Absolutely correct this is a move where The nyag in a different situation the SEC able to move forward and make this
Bold Claim about uh each being a Security but if you think the SEC won't Follow you know if they're depending Depending again I think upon what Happens in the Ripple case got another Thing coming here Uh there then there was this from John Dean's crypto law organization he wrote For all those who spent the last two Years ignoring the Ripple case and Disparaging the warnings from the xrp Community welcome to the party friends Like that and then wrote uh so let's end The tribalism today and fight this war On crypto together yeah and that's my Position on this as well I think we're All pretty well gonna feel the same Because it's frustrating we've been Warning it was very clear obviously We're going to be right but these people They just thought that it was never Going to come back around to them they Actually believe that Okay well you were wrong obviously Everything that's not Bitcoin is being Attacked now And the only reason bitcoin's not Getting attacked is because Gary ginsler doesn't know who to sue he Doesn't know who made it so there we are And then there was this a attorney Jeremy Hogan shared this clip from one Of his videos from about a year ago and He was actually talking about exactly
This warning about what might happen to Eth when it switches to proof of stake Which It ultimately did in September of This past year and so attorney Hogan Shared this one minute 19 second clip Uh yesterday evening and he wrote we Warned about the Securities dangers Inherent in ethereum 2.0 a year ago that The lawsuit would come from the nyag Came out of left field it must have been A New York State of Mind The spot out in Haiti did call it And then there is also this from uh Crypto bowl on Twitter wrote just a few Days ago the xrp lawsuit is supposed to End I'm sorry just a few days before the Expert lawsuit is supposed to end Ethereum is called a security in lawsuit Am I glad I own xrp and isn't that Interesting the timing we warned all the Ethos and I am by the way I'm one of the Ethos again just to be super clear then Holding it again since November 10 2017. It's my first crypto I ever purchased And I I don't want to see this attack But still I'm looking back and I'm just Sitting here thinking my gosh we're Going to be going through this for two Years and now as this case looks like It's finally winding down and we're PR I'm still optimistic it'll be to the Positive for xrp holders xrp could be The only large cap coin in the world That has legal Clarity which not even
Bitcoin has by the way I mean yeah Gary ginsner said what he Said but there's no official decree from The SEC itself so you know take it for What it's worth Bill Hinman said stuff Too and now he's gone what's happening To eth you know that it looks like a Coordinated effort So it looks like xrp could have Clarity In a matter of days potentially we'll See what happens But this at the same time eth is now Becoming under assault So maybe it's got its own multi-year Journey of lawsuit ahead of it and again I don't want that but that's why it's Super clear that's why I so appreciate What Attorney John Deaton is doing to Charge this thing right out the gate hop On this and Filing a class-action lawsuit fighting Back against this and then there's this Comment from my fellow expert YouTuber The digital asset investor he wrote Nobody in crypto helped the xrp Army When the lawsuit was filed against Ripple over xrp we've been in the Trenches for over two years I do admit That it gives me some satisfaction to Watch these people finally get theirs That watch just suffer without lifting a Finger they don't deserve it but I will Do what uh but I will do what they Wouldn't do for us and fight for the
Industry as a whole right after I take a Few more Jabs winky face And I get where he's coming from I can't Help but feel I mean I don't feel Exactly the same as them but kind of Similar I I more so feel Frustrated it's not that I actually want These other people to be hard but I Can't help feel like oh come on But see given how they behaved and I Think it's only it's a purely natural Response especially with so many of the Attacks on the xrp community as a whole When you see those people who are Attacking us now getting attacked Doesn't it cause you to have less Sympathy than you otherwise would isn't That like a normal human response so I Totally get where he's coming from Um and then there's also this from uh Xrp Productions you know the parity Account of the xrp community big fan of The stuff he puts out but he's making a Good point here he writes just in Coinbase is not delisting eth for some Reason I responded that's strange but uh what's Up you know Coinbase eager you know within a I can't Remember if it was one two three days Whatever it was xrp news came out Hayward to listing xrp in January they Announced that in December of 2020 after The SEC sued Ripple uh where's the news
About eth getting the listed where is That coming out and I understand it was The SEC that made the claims against Ripple whereas here you have the nyag But still if it's a security I mean Don't you want to be safe out of Abundance abundance of caution right Don't you want to just be extra safe So anyway I'm just saying Hypocrisy on display Just realist xrp damn this is just Stupid at this point so that's where We're at I'm glad attorney's doing what He's doing uh I don't want this to Happen but again like I said I think Most of them probably feel pretty Similar it's like Right out the gate here it's just like I Feel in a little bit less sympathy than I otherwise would but then I realize Okay we got to get over this I'm getting I'm gonna get over it you gotta get over We should all get over it and then just Rally together that's the truth that is Still the adult thing to do Ah How stupid is this crypto's stupid today Like what is going on God damn it I'm Not financial advisor you should not buy Yourself anything because of anything I Say right that would be a very very very Bad idea until next time to the Moon Family sedan
