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Hello this is Matt on the moon Lambo Channel consensus which is an Organization devoted to building out all Things ethereum all things eth which was Founded by Joe Luben who is the Co-founder of ethereum itself well that Organization consensus has sued the SEC And they sued all five SEC Commissioners Including Kim Jeong ginzler how about That now let me just say for for from a Six-year plus holder of xrp that's me Six plus year holder of xrp let me just Say from me to the entire eth Community I told you so I told you So I told you the SEC was a threat Specifically to ethereum despite the 2018 Billy boy Henman ethereum free P Speech the most prolific ethereum Developers on the planet now clearly Agree with me but you see the thing is I Was saying this three years ago and I'm Not the only one in the xrp community But I was saying it and it looks like They're just now playing catch-up Consensuses because the here's the deal The people that gave eth a free pass are No longer in power at the SEC and the People in power today at the SEC don't Care what J Clayton and Billy boy Henman Put in motion several years ago the Entire industry the entire asset class Has always been at risk from well since Before the the Ripple lawsuit but uh That's when it became crystal clear that
The SEC was going on going on like a Full frontal assault here but while a Lot of the eth holders were were gleeful About this the gleeful about the attack On us us xrp Holders um we were warning we were Warning as a whole our community is Absolutely warning no this isn't just About xrp this isn't just about Ripple They're coming next for you you little Idiots little idiot sticks and here we Are but before going further I do want To be clear I do not have a financial Background of any kind I am not offering 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 now Just as a reminder I'm not going to read This article here but here's an article This is actually from April 18th and the Title is from coindesk uh it can be said With confidence the SEC is investigating Ethereum consensuses Bill Hughes talks Crypto law now um we knew that because Actually in the uh later half of March This year uh the the story had broken I Covered it on the channel at the time That there was a a Wells notice issued To the ethereum foundation which is of Course separate from consensus and so That news had broke and of course if
There's a Wells notice issued it's a Virtual certainty there's going to be a Lawsuit because clearly the five Commissioners the votes are there for Something like that and if it gets that Far I mean it's just a foregone Conclusion that you know it's it's going To happen so there's going to be some Lawsuits and there were also other Entities that uh that that received Wells notice Wells notices and now Because of the story breaking uh that That consensus is uh they're being Proactive they're suing the SEC now we Know that they are one of the Organizations that received a Wells Notice so so check this out here's the Headline from coin Telegraph consensus Files lawsuit against SEC and Commissioners over ether regulation and Folks as I'm going as I read through This and get you the L just I want you To to bask in the in the glory that is The conclusion of regulatory Clarity for Xrp because we got it we are like we my God we got the sh last Market cycle but Now going into another Mega Bull Run xrp Is the only large cap coin in existence That has legal Clarity in the United States there's just one just one it's Xrp now eth number two in market cap Under assault now just be clear I'm not Gleeful about that I own eth I've been Holding that's the first crypto I ever
Bought in my entire life on November 10th 2017 I own it I've owned it since That day I do not want this to happen I'm just I'm just doing what I think is Reasonable and noting that you know the Tribalism in crypto it's not helpful and By highlighting this I'm hoping that Moving forward we could recognize this Is kind of stupid act like this maybe Let's not do that which is what our xrp Community was screaming the whole damn Time but anyway Um pach reads as follows software Development company consensus filed a Lawsuit against the United States Securities and Exchange Commission and Its five commissioners over claims they Plan to regulate eth as a security in an April 25th filing in the US District Court for the Northern District of Texas Consensus alleged the SEC had Orchestrated a campaign to seize control Over the future of cryptocurrency with Enforcement actions aimed at regulating Ether as a security the company cited The sec's record also referring to chair Gary guinsler statements of declaring Eth was not a security as early as 2018 Warning of the potential ramifications Of the commission changing its position After firms had built businesses based On regulatory Preston and folks that is True um I had a post from uh I got one Here oh somewhere around here I think I
Do anyway there's a post that that Shared um or maybe I don't have that one Pulled up but but um there was a it is The case that when when Kim Jean ginzer In 2019 was a professor at MIT um he Literally stated that e not a security Now he's in charge of the SEC and he Wants to light the the whole thing on Fire basically taking the stance that no Nope Securities Violations and it's extra hilarious in Fact I'll pause to pull this up too There was this post from um Fox Business Uh Network journalist ellar terret and She shared this post highlighting a Video clip of Joe Luben who again is the Co-founder of ethereum and and also the Founder of Consensus and uh and and she wrote this Aged like milk which is close to what I Say frequently say when things AR age so AG like a fine milk but and she she Wrote here in 2019 consensus founder Joe Luben said they are quote big friends And fans end quote of the SEC explaining That the agency views Bitcoin and ether As decentralized and that no Transactions involving those particular Assets are considered to be Securities Well guess that didn't plan out it play Out so well did it you know what just Popped in my head too oh my God I forgot He said this this is like he should be So embarrassed of saying this even if
There were no litigation but he called Gary ginzer is either exactly this or Something very close he called Gary Giner within the last year or two like a Like a a shiny Knight of or something Like a shining White Knight or something Like that in the world of crypto do you Guys remember what I'm talking about it Was so I covered at the time and I was Just you got to be kidding me you should Be so embarrassed publicly saying Calling Kim Jean ginzler like a knight Of any capacity the Savior out there Protecting the little guy no but that's Because at the time I guess he still was Under the false impression that no the Eth people we we we bought and paid for Our safety right uh well that didn't Really pan out here anyway back to the Article though from coin Telegraph it Reads as Follows um and they're covering this is A quote so this is from the violing here From consensus the sec's unlawful Seizure of authority over eth would Spell disaster for the ethereum network And for consensus every holder of eth Including consensus would fear violating The Securities laws if he or she were to Transfer eth on the network and the Ability of anyone uh anyone new to Acquire eth to use ethereum's repository Of decentralized applications and Services would be
Extinguished this would bring use of the Ethereum block chain in the United States to a halt crippling one of the Internet's greatest Innovations end Quote and you know what if you idiots Over there had rallied together with Ripple and the xrp community and Everybody else out there you perhaps Could have gotten enough uh you know Made enough of an impact that maybe we Could have gotten some some bigger Things in motion and sooner with Congress to squash this crap Now how you going to act because it's Right on your doorstep you Idiots bunch of damn fools and I don't Want this to happen to Them but my God it it's it's very clear that people In these organizations felt like the xrp Community was the enemy I mean blocking All sorts of people on social media this Or that just you know you guys were here For the last few years you know the Whole thing here and so no I don't want That to H I don't want anything bad to Happen to eth and know of course eth Itself is not a security because no Asset itself is a security nothing it's In and of itself for the sake of Existing is a security unless it's in The actual definition of what a security Is like for instance a stock that is Literally uh within the definition of
What a security is quite literal so a Stock by definition can only be a Security right but if it's not listed in The long definition because there's like A there's like 50 freaking things listed In that that definition if it's not Listed there it is not by the nature of Existing a security E's not listed Digital assets aren't listed Cryptocurrencies aren't listed and so They're not obviously so I'm on their Side in terms of I don't want this to Happen but I I just I can't give him a Pass on some of the behavior and Overlooking the importance of what Happened to the xrp community all those Holders out there I can't you know turn A blind eye to them just pretend like They didn't ignore us for all those Years they could have been fighting Alongside us but they didn't do it they Were tribal but of course they thought That they paid the money necessary to uh Uh did whatever they had the connections They had Whatever Whatever Happened Behind the scenes that we don't know About uh they they did enough so that They thought that they were safe which Again I think is stupid because there's Turnover even at the highest levels at The SEC why would you think that you're Actually good for for all time I mean Yeah and and I said too like I didn't Think it was probable that that uh you
Know you know anybody building anything On top of E are the founders of ethereum I I didn't think it was probable they'd Get attacked but I did warn years ago There are multiple instances on this Channel of me warning don't think it Can't happen to you and I even said There's turnover at the SEC I warned About this and again I know I'm not the Only one but gez how could these guys be So dimwitted as to not recognize that They were never safe not with a Guaranteed like there's no rubber stamp On that completely Ridiculous anyway peace continues Consensus alleged that the SEC had Trained its sites on the firm's metamask Wallet software which allows users to Self- custody eth and other Cryptocurrencies the company said in the Filing that they received a Wells notice From the SEC on April 10th warning of Potential enforcement actions related to Its metamask swaps and metamask staking Products it added that the SEC said in a Phone conference that consensus was Operating as an unregistered broker Dealer though the lawsuit specifically Named all five SEC commissioners In their official capacity it also Targeted guinsler inconsistent Statements on ether the SEC chair ducked Questions on whether eth was under the Commission's regulatory reach in April
In April 2023 hearing despite saying in 2018 when he was a university Professor That ether was not a security according To consensus The Firm received three Subpoenas in 2023 regarding requests for Information related to Acquisitions Holdings and sales of eth the company re Iterated that the sec's ongoing efforts To classify ether as a security pull the Rug from firms attempting to operate in Good faith with regulatory guidelines it Requested official Relief by having a Court declaring eth is not a security Under the Securities act and that Consensuses sales of eth are not sales Of Securities folks does that sound Strikingly similar to the perspective That we and the X Community have had and The perspective that Ripple has had and I just I I I imagine that they should be Feeling jealous right now that they Would be feeling jealous right now Because what they're asking the Court to Declare about eth is what the court Declared about xrp that is not a Security so eth is behind xrp now in This capacity well how about That consensus filed the lawsuit in Texas where the company maintains a Headquarters in Fort Worth the state's Federal districts have been a bit of a Hot spot for crypto related legal Matters on April 23rd the blockchain Association and crypto Freedom Alliance
Of Texas sued the SEC over expansion Efforts to its dealer rule in February The Texas blockchain council and Riot Platforms filed a lawsuit over Information on energy usage from crypto Miners though the SEC had not filed a Lawsuit against consensus at the time of Publication a Wells notice can sometimes Be a signed that the commission plans to Bring an enforcement action so pause uh They're going to and so I know it's not Technically 100% certain but they're Going to Yes that is what that means because you Look at the you understand what three of The five Commissioners believe about Crypto they will attack it consistently That's all you need is the three out of The five they got it then they wrap up By stating the SEC has ongoing civil Cases against coinbase binance and Ripple and recently wrapped up a trial In an action against terraform labs in Doan so there we are we were warning for Years we were saying hey as a community Maybe you should play some ball with That maybe work with us try and squash This SEC nonsense it's tremendous Jurisdictional overreach they're going To crap on everything it's not they're Not going to just stop at xrp but No this is why we can't have nice things Folks but here we are obviously we were Correct so I do like that consensus is
Getting aggressive about this and moving Forward with this legal action uh before They even technically get sued by the SEC which is just a matter of time um You know as as far as whether or not the Court's going to just be like yeah we're Just going to declare exactly what how Want well this is going to this is going To play out over a span of years in all Likelihood and this is happening during The bull run so I don't know if the Market's going to care as much as like So like it ruined xrp last Market cycle But I think there's more confidence that The it's very clear the SEC is Overreaching and so people might be less Timid that's Possible but and well we'll have to see Though because technically the SEC Hasn't come out and and actually sued Uh consensus or the ethereum foundation Yet so wait for that ball to drop and We'll see how the market behaves but it Might just be the case that especially Since Ripple got the win xrp Community Got the win maybe there's going to be uh Less concern about stuff like this Moving forward because it's just like oh Another day another lawsuit maybe maybe That'll be the attitude moving forward We'll see and plus we already saw that Coins can get get the victory that the SEC thought was impossible because xrp Was declared to not be security so I
Think that that would do a lot to Provide additional confidence so we'll See what happens for the bull but either Way I'm just glad that xrp is clear We'll see what happens I'm not a Financial adviser 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 Lambo
