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Hello this is Matt on the moon family Sedan Channel let me ask you a very Important and highly consequential Question and I would love to hear your Actual answer in the comment section Below but what do you think is the most Important thing that the judge will be Considering in the secv Ripple case Well I'll tell you this year right at The outside of the video and then we'll Get into the mean things but Attorney John Deaton actually says that there's a Particular Amicus brief that was filed That's actually the most important Amicus brief to to the for the judge to Consider in his personal opinion and I Found that particularly interesting for A number of reasons not the least of Which is the fact that he filed his own Amicus on behalf of over 75 000 xrp Holders and I understand why he's saying What he's saying for for me and I'll Share this too at the outside of the Video my answer Or maybe I should hold off and I Shouldn't yeah whatever just pause right Now I'm going to tell you what my answer Is but if you don't want to influence You then just pause but Um I I personally I'm indecisive on this Well certainly in terms of which Amicus Brief would be the most important here And again I've literally covered all of Them on my channel in great detail I've
Read every single word of all of them And broken them down here And they were all incredible and highly Useful for various reasons they all kind Of varied you know for for attorney Deaton to get the voice of over 75 000 Extra people there's incredible for Spend the bits which he talks about here I found that one to be incredible and I I stated at the time that Um that particularly Amicus brief it was The one that I I found to be from a Technical perspective to be the most Informative for the judge and so they're All pros and cons so it's like okay so Out of all the attributes that each Amicus brief has which is the most Important for the judge Well let's get into that but 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 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 literally just yesterday I Shared a video where I talked at length About various things having to do with Spin the bits which is a platform that Makes it possible to spend Bitcoin use Bitcoin in the way that Satoshi Nakamoto
Envisioned as indicated in the white Paper the original Bitcoin white paper Uh back almost 15 years ago at this Point frankly I guess the white paper Came out in 2008 and the Bitcoin Launched early 2009 so it's it's been a While uh but Bitcoin hasn't lived up to You know what the vision was initially And so spin the bits their uh their Platform that actually uses X The xrp Ledger is layer 2 technology to make That possible because you can issue ious You know AKA tokens on on The xrp Ledger And and as a result if you have a token That's representative of Bitcoin and the Bitcoin is actually held there has to be Real Bitcoin but it's it's held then you Can have that represent a representation Of Bitcoin move on The xrp Ledger and Then spend that in real time and the Fact that Bitcoin exists is the reason That's possible in conjunction with The Xrp Ledger being blazing fast really Cool stuff right and so I was making a Video I was talking about that and some Of the stuff in terms of adoption and How Merchants are now in the pilot phase Of adopting the technology and uh Perhaps expanding to El Salvador which Which I anticipate they're gonna have Great success with especially given that The president of El Salvador is uh like Mega Bitcoin guy obviously And so um attorney Deaton shared a
Something from an xrp Community member Sharing that story about uh you know Spin the bits and El Salvador and he Wrote The Following he says attorney Dean says during this threat I shared The interview I did with Jay that's and He's the founder of spin the bits uh Well over a year ago when I was Researching The xrp Ledger and Independent developers who have no Connection to Ripple or its Executives Spin the bits is a perfect example of What's wrong with the SEC lawsuit in Fact there have been 15 amicus briefs Filed in the Ripple case and if judge Torres were to inform me that she was Only going to read one Amicus brief but Was going to allow me to pick the one She reads I would tell her to carefully Read the spend the bits Amicus brief The spin the bits brief may be the best At demonstrating how flawed the sec's All-encompassing xrp theory is Like most in crypto Jay read the Bitcoin White paper and bought Bitcoin he knew Bitcoin was going to be part of the Future and decided to develop a payments App Jay saw that Bitcoin was too slow However even the newly designated Congressman assigned to lead the Congress in providing digital asset Regulatory Clarity which is at rep French hill so there you go french hill
That's his Twitter account for those You're looking a recently stated that no One can wait 10 minutes or longer to pay For their coffee Uh since 2019 Jay has been working to Solve the Bitcoin dilemma Jay looked at The lightning Network and decided it was Too flawed because it didn't eliminate The pre-funding of accounts and it Required both parties to be online Simultaneously and safety was an issue Jay had acquired a small amount of xrp And noticed that it settled within three To five seconds Even as a software engineer when Jay First acquired xrp he had never heard of A company called Ripple when he first Acquired xrp Jay had no clue who Brad Garlinghouse or Chris Larson were Because the xrp Ledger is open source Software Jay decided he would build his Payment app utilizing The xrp Ledger as A layer 2 solution to the Bitcoin Dilemma and let's pause and that's Something that I find kind of comical But it I get it it makes sense but it's Still kind of funny to me in a way it's The fact that You don't need Bitcoin to exist at all In order to have this peer-to-peer uh Satoshi Nakamoto envisioned you know the Peer-to-peer cash system because xrp Just does it and you don't need to Attack on any sort of Band-Aids in order
For it to work it already just works you Could just use xrp that would be fine But we're at this point where Bitcoin Did come first and I am still a fan of It I'm very fond of it actually I just I Mean xrp still my favorite Cryptocurrency but I am fond of Bitcoin For sure for real for real and I Understand it's already been adopted It's you know there's a store of value Arguments on and so forth and there's The first mover advantage and so people Do as a result of that and some people Have heavy Bitcoin bags that's a fair Reason too to point out uh they want to You know patch whatever Band-Aid is Necessary on it to get it to just work a Satoshi Nakamoto initially envisioned And so that's why it's so funny that You're using Um a layer one technology that doesn't Need a Layer Two for the purpose of this Use case to Band-Aid a layer one that Can't do that you know you're slapping The xrp Ledger on top of Bitcoin because It can't do that but you don't need to Do that technically because you can just Use xrp but again I get it I get it I Get it Bitcoins it's the one that's got The brand cache 81 more well known and So on and so forth so it's fine I'm not Saying it shouldn't happen I it should Happen and I like that it's happening So even though I like that it's
Happening it doesn't mean that I can't Have this this thought that In a way it's kind of silly like it it Is in a way kind of silly that you don't Just move to something that just works But I get it I get it I get it I still Want Bitcoin to just be widely adopted And it is being widely adopted I I don't Suppose that it's ever going to cease to Exist I'll just say that but anyway Attorney Deaton continues Since Jay didn't even know about Ripple He didn't ask Ripple or David Schwartz For permission to build his xrp Ledger-based app Jay received nothing From Ripple no money no advice no Technical assistance nothing After he built his app the only Connection to Ripple is that Jay Recently last year won the Central Bank Digital currency interoperability Contest that was sponsored by Ripple Beating out 500 contestants A year before winning the Central Bank Digital currency contest Jay Demonstrated his spend the bit apps to Me on crypto law us TV Last year he left when I asked about Ripple and he said John I'm pretty sure They don't know who I am or that spend The bits even exists Clearly between the Amicus brief and the Cbdc interoperability contest Ripple knows about him now in the spin
The bits Amicus brief Jay explains how Spinda bits actually serves as a smaller Alternative to Ripple's on-demand Liquidity product slash service in other Words Is spin the bits were to scale and Become wildly successful it would be a Competitor to Ripple This is possible and this is and I Pointed this out literally the video Yesterday I was tweeting about today but It's like the the SEC is Literally arguing that two firms who who Can be they can be actual competitors Can still be in a common Enterprise Think about that because this isn't the Common Enterprise supposed to be not Just yeah I mean there's common interest But not just that but it's that you're All working towards a perceived goal but Here They could be working to compete against Each other and destroy each other but It's still a common Enterprise The ever-loving hell is that oh my God These asshat Pricks the freaking SEC my God they're the worst Anyway attorneys isn't that the beauty Of an open source software technology Existing in a free market Yet according to the SEC Jay and spin The bits must have relied on Ripple an Absurd position it's absurd because Jay Relied on his talent work ethic and his
Efforts and skill to develop spin the Bits the xrp that Jay and spin the bits Utilize as the native currency of The Xrp Ledger to spend Bitcoin could never Be credibly considered an investment Contract with a ripple AKA a security Jay and spin the bits are certainly not In a common Enterprise with the same Company that Jay hopes to take low end Market share from J is also not in a common Enterprise With every other xrp holder in the world As the SEC asserts in its complaint in Summary judgment motion Spin the bits allows you to spend your Bitcoin think of it this way the SEC Agrees that Bitcoin that is being spent On spin the bits app is not a security But claims that the point zero zero zero Zero five xrp a fraction of one penny That's burned to make the transaction on The xrp Ledger is a security The sec's Absurd theory is that each and Every sale of xrp from anywhere in the World offered by anyone is always has Been and always will be the offer and Sale of a security In the sec's motion for summary judgment It writes quote a purchase of xrp was an Investment of money into a common Enterprise with other xrp and investors And with ripple end quote Thus every past sale of xrp is covered And the sales were securities
The sec's motion isn't limited to past Sales of xrp are limited to only Ripple Sales of xrp the motion argues quote a Purchase of xrp is is an investment in a Common Enterprise with other xrp holders And with ripple end quote Thus the SEC claims present sales of xrp Are also securities The SEC even asserts secondary sales Independent of Ripple are securities This means no matter who sales xrp Regardless of Ripple it means who sells Xrp regardless of Ripple let's quote the SEC Quote the xrp traded even in the Secondary market today represents that Investment contract end quote The SEC doesn't even stop there the Sec's allegations regarding xrp status Even travels into the future I must have a damn flux capacitor Attached you know Doc Brown man read This quote and this is what John Dennis Is sharing from the SEC quote from the SEC Even if some country were to recognize Xrp as fiat currency at some point in The future That would result from Ripple's Significant entrepreneurial and Managerial efforts to date and likely in The future on which public investors Expecting profit relied when making an Investment of money into defendants
Common Enterprise end quote folks this Is these are wild wacky assertions like Sometimes when I read some of this crap From these ASAP Pricks at the SEC it's Hard to believe that this is real life But pinch yourself you're not dreaming This is real life it's just that Ridiculous attorney Dean continues thus The sec's theory is so absurd that it Claims that even if a Sovereign Nation Like El Salvador decides to make xrp Legal tender like Bitcoin it doesn't Matter xrp will still be a security so If spin the bits goes to El Salvador and Uses xrp it's a security Foreign Regulators in Japan Switzerland Singapore the United Kingdom and the UAE Have all declared xrp a non-security if Spin the bits goes to these countries The sec's sweeping Theory would still Classify xrp a security The sec's theory is mind-boggling you Can hate Ripple think xrp is a s word Coin and truly believe Ripple marketed Offered and sold xrp as a security but Also recognize that the SEC is out of Line and has gone way too far stretching The Howie case and its analysis beyond Recognition We must educate the legislators to stop Viewing the token itself as a security Any asset or commodity can be marketed Packaged offered and sold as a security Beavers condos orange groves and even
Bitcoin have all been offered and sold As a security Those sales didn't turn the beaver or The orange into a security Even if Ripple sold xrp as a security Those sales didn't turn xrp itself into One Under no circumstance is the point zero Zero zero zero five xrp that spin the Bits uses to move or spend Bitcoin a Security the sec's theory is outrageous Golf club for attorney he always Freaking kills it you know he I just I Admire that agree to which he brings the Fire consistently it's like every single Day Truly admirable and on behalf of tens of Thousands of people What a Force for good John's eating the Man like he just is hey come on man like I don't know where he didn't have to do Any of this but he does and he's got the Gust of well he has the genuine interest The real passion the real fire to do This and see it through And it's working he is having such a Huge impact on one of the most Consequential cases in modern times Having to do with anything touching the World of Finance And I'm I'm very optimistic I'm very Optimistic so Um and I understand we're just coming Like I still honestly I can't pick a
Favorite Amicus brief But I actually am I say what you're saying But uh and it's been the big screen oh My God I will love that amethyst brief I Really enjoyed reading through that and Sharing it on my YouTube channel But uh I know I guess you guys just tell Me there's no right or wrong answers It's really subjective anyway like if You have a Amicus brief that you think Is most important if there's a most Important thing to consider let me know Because I really would love to hear About I think it's a very interesting Topic to discuss because there's so many Moving parts of this for the judge to Consider but I'll go ahead and wrap up Here I'm not a financial advisor you Should not buy yourself anything because Of anything I say it right that would be A very very very bad idea until next Time to the Moon family sedan
