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Hello this is Matt on the moon Lambo Channel this morning Ripple CEO brag Garlinghouse said and I quote watching This clip makes my blood boil and what Was he referencing he was referencing a Video clip over the summer from a former SEC chair and current ass hat a Jay Clayton that damn snake And I'll tell you this Brad Garland House has a perfectly reasonable Response and it seems that now that the Suit against him is completely over he's Certainly not concerned about being Vocal about uh certain figures that put Him in a certain situation you know be Mean of course all of those Pricks over At the SEC in the battle that went on For over two and a half freaking years I've got a couple comments from Attorney John Deon and also a comment from Stuart Aldera who of course is Ripple's Chief Legal officer having to do with a Comments from SEC commissioner Hester Pur she's of course one of the five Commissioners that gets to vote on Whether or not to sue an entity or an Individual so on and so forth um she I Tell She is one of the only individuals Pushing back against the current Approach that the SEC has been taking Towards crypto and not everybody's happy With how much she's been doing but um She only has so much power so from my
Perspective on the whole I'm broadly Happy with what she's articulating Because she doesn't have special powers To actually change anything um there are Certain instances where I've thought Okay you could say a little bit more on This or that so there are certain Instances where even if you're harsh on Hester I'd probably agree with you but Uh it's nice to have a voice like that At a minimum but uh before going further I do 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 or Right I'm just an Enthusiast who enjoys Making YouTube videos videos about Crypto related topics but just as a Hobby and just for fun all right so Here's a a post from June 28th and this Is from Cameron winkl Vos one of the Winkl vi Twins and of course the uh you Know one of the you know a co-founder of A Gemini crypto currency exchange and he Shared this clip of Jay Clayton speaking On cnbc's squawkbox program and during This clip which went for 55 seconds and I didn't bother transcribing it or or I'm not going to play it's it doesn't Need to you just all here's all you need To know what Jay Clayton was saying in This clip is is he was he was being Critical of the SEC now that he's not in
Charge he's being critical of of the SEC Even though the SEC today is broadly Beag engaging in similar Behavior to What it was under J Clayton it's just Been more intense it's been way worse in Terms of magnitude but directionally the Same damn thing in many ways anyway and So Jay Clayton in this clip was saying Uh that The Stance of the SC sec's BAS Basically if we're not losing cases if We're not losing lawsuits then we aren't Suing enough businesses and Cameron Winlos notes you know this is a total Abuse of power and and Jay Clayton was Saying the same thing like it's it's a Total abuse of power and that's correct But again that's what was happening Under him so it is so rich hearing this And it really set off Ripple CEO Brad Garling house so this morning today uh Brad Garing house watched this clip and He wrote The Following Watching this clip makes my blood boil The hypocrisy is shocking CNBC squawkbox Should be calling him out for the BS and I'm censoring that in case there's ch's Is in the background and then he says as A reminder Jay Clayton brought the case Against Ripple me and Chris lson and Left the building the next day right and So he had to have known that this was to Put to put it politely would have would Be to say that was uh you know trying Out a novel Theory but that's garbage
They were trying out something that they Knew were outside of legal precedent Outside the confines of the law they Didn't care the embodiment Theory all This crap that's more than just a novel Theory that's an attack Vector that's Exactly what this was and he knew it and If not for the case that there is an Administrative change you know with with The Biden Administration coming in he Would not have been leaving that day Which means that Ripple wouldn't have Been sued in they were probably still Getting their ducks in a row but he Realized that he was leaving the time Was up he wanted to make sure it Happened he wanted that attack against Ripple harming the xrp community so he Did it so it is Rich to see years later Him sitting There saying on National Television on CNBC oh look at this SEC oh my God what An abuse of power what an abuse of power If we're not losing cases we're not Suing enough businesses and then he says That may be be okay in private Litigation but when you have the power Of the entire federal government behind You it's not so fine and and so I would Agree that it's not fine but what were You doing when you were at the head of The damn Agency and So I responded to brag Garland house and I wrote yep it's all
Repulsive the good news is that despite Jay Clayton's best efforts to destroy You Chris and ripple he failed but CNBC Is protecting Clayton completely Unacceptable and so I my understanding Is that Jay Clayton is still a paid Contributor for CNBC so he's just you Know he's not going to receive Friendly Fire there that's what's happening here But what a disgrace over at CNBC right Absolutely Disgusting here's what Attorney John Deon had to say about this the amount of Restraint that Brad garlinghouse is Showing here has to make Stuart aldera Very pleased with his CEO it also demonstrates that I probably Lack the temperament required to lead a Top fintech company in today's world you Have to remember Clayton Henman and Mark Berger were the driving forces behind Filing the case against Ripple Clayton Was clearly the one who pushed to sue Brad Garing house and Chris Larsson as He is on video with Joe grun saying that Uh even in non-fr fraud cases even in Nonf fraud cases he likes to sue the Executives because it changes the Dynamics of the lawsuit I.E it's a Bullying intimidation tactic gruntfest However warns against engaging in such Tactics because it raises the burden on The government so folks think about this There's that video clip where J Clayton
Now that he's not in charge he says hey Uh it's an abuse of power you know you Shouldn't be suing so much that you know You're you you expect to lose uh you Know you you shouldn't you shouldn't be Doing that yet you have a separate video Clip of Jay Clayton and I think it was While he was SEC chair I think it was Just early on while he was SEC chair he Says that he likes to go after Executives because it changes the Dynamic so there you have the power of The the federal government coming at you And it's a bullying tactic he's Acknowledging It what what a gross human so now he's Pretending like that type of behavior is Disgusting but he was all for it on Video Before it's it's I mean it's Conceptually quite similar is it not of Course it Is and then attorney Deon continues and He says speaking of Gruntfest here is his pruit letter to Clayton pleading with Clayton not to sue Ripple alleging xrp was a security while Giving eth a free pass he warned it Would destroy the lives of innocent Holders with no connection to Ripple Remember G gruntfest acted as liaison to The SEC for Steven narof balic berrin And Joseph lubben gunfest himself called Into question the truth the true motives
Behind filing the lawsuit I guess thus Making him eth Gate's first conspiracy Theorist finally when you consider the Hypocrisy of Clayton's remarks remember He filed a lawsuit claiming all xrp from The beginning of time until the end of The world was is and always will be Securities even though the SEC couldn't Cite a single case in history to support This absurd Claim the SEC actually Tim traveled and Went into the future and said that even If a foreign country one day adopts xrp As legal currency it won't matter xrp Would still be a security and anyone Owning it would be in a common Enterprise with ripple that's right Clayton and his cronies went so far as To usurp or void the sovereign powers of Foreign Nations anyone who supports or Minimizes this kind of behavior from Regulators just because you don't like The target is part of the problem and Okay now he's hitting the nail on the Head well he always is but it made me Think of uh Bitcoin maximalist Max Kaiser he's he's he's allegedly against The these types of government behaviors Except for when it's against a competing Coin because he's a toxic Bitcoin Maximus and these all four oh no's Fantastic now absolutely Fantastic here's a headline from the Crypt basic Ripple clo reacts to Hester
Pur criticism of SEC enforcement action Against Library Ripple clo Stuart Alder suggests That SEC commissioner Hester Pur needs To speak out louder and sooner when Injustice prevails in non-fraud cases Steuart aldera the chief legal officer At Ripple Labs has reacted to a recent Dissenting opinion issued by SEC Commissioner Hester Pur regarding the Regulator's enforcement actions against Library a blockchainbased content Sharing program a platform rather in a Statement issued yesterday Pur disclosed That she has been unsettled by the sec's Enforcement actions against Library Which was introduced in March 2021 Notably a federal judge ruled in November 22 that Library violated the Law by selling unregistered Securities In the form of Library credit or LBC for Short although Library appealed the Decision earlier this year the Blockchain company voluntarily withdrew The case citing heavy debts due to high Legal costs the company also announced That it will wind down and its assets Placed in receivership to settle debts Commenting on the development purse Noted that the demise of Library Illustrates the consequences of the Sec's misguided enforcement actions she Described the case as puzzling adding That both the SEC and the court did not
Indicate that Library committed any Fraud quote why go after a company that Sold a token for a functioning Blockchain with an established use when We could have pursued plenty of other Projects that were outright frauds and Did not attempt to comply with the Securities laws and that was a quote Directly from here from her excuse me Folks and here's what Stuart Alder had To say thank you commissioner when you See injustices like this continue in Non-fraud cases while consumers wait for Recourse from actual frauds perhaps it's Time to let ordinary rules of protocol Go by the wayside and speak out louder And sooner question mark perhaps even With an amicus brief question mark and So yes I I would love to see I would Have loved to have seen more who Wouldn't um I I not that steuart alate Is going unreasonably hard on her not Even close obviously and I don't either Some people do and that's everybody's Entitled to their own subjective opinion That's that's perfectly fine I I just I Mean she's she's infinitely more vocal Than anyone else that works at the SEC And she happens to be a commissioner so She's already way outside the the Realms Of whatever the Norms are over there She's far outside and what I like more Of that yes so I'm not I'm not Disagreeing with Stuart ald that it
Would be great And um even going outside of what the Norms you know protocol would call for I Wouldn't be against that so I don't know What the consequences for her would be Necessarily on a personal level or what That might look like but obviously Having had my net worth substantially Hared as a as a xrp holder with that Being my largest individual crypto Holder by the SEC like they I'm telling You they since they substantially harmed My financial Well-being uh you know to a greater Degree than any any bare Market Cod of Because I I I missed and and so did all Of you in 2021 as long as you were here Anyway we all we all missed xrp hitting A new alltime high I missed my Opportunity for my life-changing wealth In that moment anyway not that not that It won't happen in the future but I Missed that opportunity like this would Have been done I would have been Preparing for another Market cycle with Xrp I would have sold and bought a bunch More in all likelihood and have a way Higher net worth right now than Otherwise and then the the compounding Effects because of the time value of Money you know compound interest I Missed on that so because of the time Value of money I believe that the SEC Has harmed me more than any bare Market
Ever could have cuz bare markets you Expect this is something outside of what Would have been expected here and so yes Don't Che me wrong I would Lov to see Even stronger words and actions from From Hester Pur but there's no one else like her That's even talking like this really at The SEC especially in such a high high Position I it's not all I'm saying is It's not nothing that's it Attorney John Deon said the following he reposted That um comment from Hester Pur you know Her entire post because she linked to it On X and John Deon wrote The Following Let me be less polite in my remarks any Commissioner who voted to sue Library Should be ashamed of Themselves but not just the Commissioners SEC enforcement lawyers Who threatened to bankrupt library and Jeremy Kaufman during the investigative Stage by running up defense costs and Legal fees are an absolute disgrace the SEC conceded that most LBC token holders Did not make an investment and only Acquired LBC as a utility token to Access the platform my client Naomi Brockwell never purchased or sold a Single LBC token she didn't even meet The first hoe Factor let alone the other Factors yet the SEC refused to provide No action letters or guidance making it Clear that secondary Market users were
Not subject to SEC jurisdiction when Asked by the judge why wouldn't the SEC Make it clear since they acknowledged so Many folks didn't own unregistered Securities SEC lawyers stated quote we Don't do that end quote but the real Reason was because the SEC wanted to Pursue its anti-crypto agenda a total Disgrace absolutely spoton and then There was this from attorney Bill Morgan The library decision is the most unjust Non-criminal decision decision I can Recall in my legal career the conduct of The SEC and the decision of the Court Were a disgrace you asked the question And he's saying that this is what Hester Pur Pur asked and this is a quote now From Hester Pur why go after a company That sold a token for a functioning Blockchain with an established use case When we could have pursued plenty of Other projects that were outright frauds And did not attempt to comply with the Securities laws to make matters worse The commission took an extremely Hardline approach in this case and then Attorney Moran continues and says you Know the answer and you gave it a Technology that enables descent had to Be stopped by a federal agency in the Modern version of the land of the free Great entrepreneurs had to abandon what They built We Salute Jeremy Kaufman and Library for fighting all the way spoton
Attorney Morgan I'm not a financial Adviser 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 Lambo Oh
