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Hello this is Matt on the moon family Sedan Channel I've got three topics to Share with you in this latest Moon Family sedan tepid gem I'll be starting With this one from the crypto basic Fox Businesses gasparino bets Deaton on SEC Win against Ripple and so this article Is based on a conversation on live Television on Fox Business between Attorney John Deaton and Fox Business Journalist Charles gasparino in which They uh they placed a bet on live Television which I thought was fun uh Because they kind of bet need each other Against each other in terms of how they Think the SEC lawsuits uh going to end And I also wanted to share with you my Thoughts in terms of the conclusion of The case because uh Charles gasparino Actually shared the very article that I'm going to run through here and uh and Then I responded to that with with my Thoughts uh then I have a very short Update having to do with the coinbase Lawsuit that has been brought by Attorney Fred rispoli I mentioned it in My very last video but I've got a quick It's just a true short update because There hadn't been much discussed within Our community about it recently anyway But it has to do with the fact that Coinbase has not handed over to Customers the sgb and the flare tokens That they are deserved and then there's
Also this headline from you today xrp Worth 93 million dollars owed by FTX to Customers but there's one problem Before going further I do want to 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 are Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun alright so into this first Piece Fox Business senior correspondent Charles gasparino Has bet Attorney John Deaton that the United States Securities Exchange Commission would win its K in its case Against Ripple this happened on an Episode of Clayman countdown taired Yesterday notably both parties bet a Stake dinner on the outcome of the Extended legal batter the batter legal Battle gasprino expressed that the General sentiment is that the regulator Would win the case in light of sand Bankman Freed's alleged fraud and the Collapse of his crypto Empire according To gasparino In light of the recent collapse it would Be bad optics for a judge to be on what Appears to be the side of crypto quote I Think the SEC is going to win and I tell You it's going to be a bad day for
Crypto end quote so that's a quote from Charles gasparino saying that he thinks The SEC is going to win and it's going To be a bad day for crypto now I can't Get into Um his head so I don't know exactly what He thinks on any you know Specific point that we could discuss on This topic but the fact that he says the SEC he thinks the SEC is going to win That in and of itself doesn't mean that He wants the SEC to win in fact Um he's been by and large pretty Sympathetic you know to what's been Going on within the xrp community just In a general sense I don't know not Everybody's thrilled with everything That he said and that's fine I respect Your your opinion for sure I do I really Do but um I'm not so convinced that he Wants the SEC to win I think he's just Given his open honest opinion that he Thinks the SEC is going to win and I'm Going to give you my perspective on this In just a minute but let me go through This a little bit further but I have Some stuff to say on this Uh anyway peace continues uh Deaton Responded quote okay we can bet dinner On that end quote On the other hand Deaton who represents Thousands of xrp holders maintains that He expects the SEC to lose at summary Judgment but still he does not expect an
Outright win for ripple quote I think The SEC is going to lose but that Doesn't mean Ripple's going to get an Outright win either end quote recall That attorney the attorney in a past Analysis had asserted that the only Victory the SEC would get in the Ripple Case is that the blockchain payments Company offered xrp as an unregistered Security From 2013 to 2017 expecting the Blockchain payments firm to pay a fine At most for this Um and so that's possible although those Were under strict parameters that aren't Cited within this article because I know What they're talking about right here And so you noted that that might be the Case but that's if a specific set of uh You know parameters unfolded in a Specific way it'd be outside the scope Of this video to go into that any Further I've covered it in previous Videos but Um but still Um it's an interesting bit will be Interesting to see who's correct here And I I wasn't surprised as soon as I I Saw that because I saw the clip um I Didn't see it live as it was being Discussed but I did see the clip later I Was like okay this is on National Television everybody in the xrp Community is paying attention and as
Soon as I heard Charles gasparino say The SEC is going to win I was like okay That's good that's that's gonna that's Gonna stir the pot a little bit that's Definitely gonna stir the pot a little Bit so I thought I'd jump in and share My perspective because um I actually in Terms of whether or not I whether I Think the SEC will win or Ripple will Win if you're talk it depends are you Talking about At the district court level are you Talking about if it goes all the way to The Supreme Court because if you're Talking about just on the district court Level which is what they're talking About I don't know what to predict honestly I Mean if I guess I if I had to I got I Guess I'd lean in favor of of Ripple But I'm I'm actually not convinced and That doesn't mean that I want the SEC to Win you know me xrp is my largest damn Crypto holding all right Um but uh here's where I I am willing to You know plant my flag down it's on the Long-term viability of xrp so this is The Tweet where Charles gasparino shared That story that I just ran through part Of with you from the crypto basic and Then um just several hours ago I I responded to uh Charles gasparino's Tweet there with some of my thoughts on This because I think it's a fun point of
Discussion for the community Um and I am not the least bit offended By the fact that he thinks the SEC is Going to win you know I think it's Pretty silly if he thinks that you know Like Like they should it's it's because again If he thinks that Ripple should win if He's if he's venomous towards that Okay that would be one thing I'd be kind Of I just haven't quite seen that from Him but anyway so I responded and I Wrote I hope the SEC doesn't win but it is Possible even if they do there could Still be a path forward for xrp just Like we saw in the library lawsuit so I Was paused to remind you guys uh Library Lost a complete and utter Devastation Library is going to cease to exist the Company anyway not not the LBC token That's going to continue to exist it's Decentralized good luck shutting that Down You don't want that to happen anyway but I'm just saying Um but anyway in the remedies portion of That suit the judge said hey we're not Talking about secondary transactions uh Here so of course by ruling here against Library has nothing to do with that so LBC token gets to continue to live so That's what I was saying even if we get A bad ruling which is not what I want
And I'm not and that's not what I think Is most likely but it could happen even If that happens There can still be a path forward for Xrp we've already seen that happen in a Separate case just that literally Happened in January the remedies portion Here And then I wrote If the SEC wins at the District court level I find it unlikely They'd be victorious if the case makes It to scotus which of course is Supreme Court of the United States I've talked about why and I noted in the Very next tweet I wrote I think attorney Deaton's perspective that the Supreme Court would rule against the SEC makes a Lot of sense the current makeup of Scotus has little tolerance for Government overreach the SEC is is time Trying novel theories that are outside The powers granted to them by Congress Specifically the embodiment Theory which Asserts that xrp itself essentially Represents an investment contract there Is no case law affirming such a thing at Any point in history The SEC is just making stuff up as it Goes and seeing what sticks Even so it is absolutely true That judge Torres could rule that Certain Ripple sales constituted illegal Unregistered Securities transactions if That happens I'd find such a ruling
Frustrating because the SEC has never Cited any specific transactions in French so let's pause to note and that's The thing because like If you think as as Charles gasparino Does that the SEC is going to win I mean my next question is on what Grounds what what do you believe judge Torres is going to argue that would make It so that Ripple deserves to lose like What would the argument even be And maybe there could be it could be a Number of things I suppose sure but the One that jumps out at me here is Ripple Oh because obviously what's at the heart Of this Ripple selling xrp Oh okay but all Ripple transactions Of Ripple's transactions like with xrp Rather Um not likely and that's why Attorney John Deaton was talking about perhaps You know transactions from 2013 to 2018 Uh could be cited but see that would Bother me Because the SEC is supposed to call out Specific transactions and so if the Judge rules on something that the SEC Isn't even specifically asked to be Ruled on I'd find that bothersome that Would make sense but this is also why You saw ripple at some point in whether I can't remember if it was 2019 or 2020 Now honestly I want to say 2019 uh Ripple stopped their programmatic sales
Of xrp and the only xrp that they sold Specifically had to do with on-demand Liquidity so you know for the Functioning of their product And I think that's because it would be So hard for the SEC to claim that those Satisfy the Howie test And I've talked about that in previous Videos as well so I don't want to really Break the concept down any further but I Think that's why they did what they did And I think that's also why you didn't See the SEC uh try to you know go for an Injunction against Ripple you know Attempting to prevent them from selling Xrp when the lawsuit came down back in 2020. Ripple has been allowed to sell Xrp this whole time and they're they're Not doing programmatic sales they're Doing under on demand liquidity related Sales and the SEC hasn't tried to stop Them I think for that reason And then I wrapped up my thoughts by Stating I don't know if Ripple are the Or the SEC will win but I am optimistic There will be a path forward for xrp Either way I also think the odds the Losing side appeal are quite High we all Find out soon enough All right a quick update on the next Topic and this is truly brief but I did Want to mention it here somebody wrote I mean Fred's this is a Fred rispoli Attorney
Um a member of the xrp community it's Fred raspoli who is bringing this Lawsuit against coinbase for not handing Over customers sgb and flare tokens just Harming xrp Community holders outright So this guy Lord David Roberts wrote I Mean Fred it's like a third of the way Through March and we haven't heard Anything what's the deal are you doing It or are you not so he's asking are you Going forward with this lawsuit or are You not well it's already been filed but Haven't heard anything in a while so What's going on that's effectively the Question and attorney rispoli responded And wrote We Are friend Just had some additional people that Wanted to join as named plaintiffs and That takes a bit to work through amended Complaint is incoming and first emailed To those that indicated interest in Joining the class will be sent out by End of day this Friday which would be March 10th so that's coming soon so That's the only update but I just wanted To mention it because there hadn't been Anything stated within our community Really on this topic in some time and Then there's this from you today xrp Worth 93 million dollars owed by FTX to Customers but there's one problem and so I'm not sure how many of you are aware Of the figures here but that's why I Thought I'd run through this
Um not so good and you know even Ripple Um Is owed some xrp Um from FTX since the Sam bankman free Cucumber loving son of a but Um the good news is with ripple it's Like a minuscule fraction of the total Value of their company I mean they've Got over a billion dollars in the bank Less they publicly stated anyway so it's Like a rounding error what they're Losing here but anyway peace reads is False as a result of the release of a Revised balance sheet for ftx's Liabilities It has been revealed that the infamous Exchange owes its customers 93 million Dollars in xrp among other things the Problem however is that FTX only has 12 Million dollars in xrp available on its Balance sheet yeah that's not exactly The best Gap in addition to tens of Millions of dollars in debt to xrp Investors FTX which was declared Insolvent in November of 2022 owes about 8.7 billion dollars in various other Assets the largest portion of this is in Cash 6.4 billion dollars and in Bitcoin 1.6 billion dollars The biggest biggest reaction from the Crypto Community has been over the Latter given that FTX only has one Million dollars worth of bitcoin on its Balance sheet
It is unclear how the repayment process Will work for clients and whether xrp in Particular will be refunded nevertheless It may be recalled that FTX Japan Announced earlier in late February that It had begun returning funds to Customers after a freeze of several Months So we'll see what happens here What a freaking train wreck here I I just I hope that he ends up in Prison for a very very long time and I'm Optimistic that will indeed be the case Sam bankman freed But uh Man it's it is interesting like when you See these bigger numbers for you know a Coin like Bitcoin 1.6 billion and then With xrp 93 million I mean it's I mean that look heart goes out to Everybody you know in in the community Or not who is harmed by this for sure But the only thing I was just thinking In this moment here is at least the Number wasn't bigger because if it's you Know 93 million versus 1 billion that uh Should be in the hands of xrp holders It's that much worse so the fact there Wasn't wasn't that much Odin in the First place compared to other coins I Mean still a lot of money I'm just saying I guess that I guess it Could have been I mean it's still awful
Don't get me wrong I'm not trying to Minimize this and already take me the Wrong way but You know in the end it just Sam Bateman freed Oh just rottnell what a terrible monster Of a human like what what else like what Else can you even say about that dude Little butt nugget with fro man I'm not a financial advisor you should Not buy or sell 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
