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Hello this is Matt on the moon Lambo Channel the SEC filed a brand new Lawsuit today against cryptocurrency Exchange Kraken claiming a number of Things including co-mingling of funds Yes customer funds that's a rather Rather big claim after especially after What we saw happen with FTX a year ago With that when that Ponzi collapsed uh Also claiming that specific Cryptocurrencies are themselves Securities didn't we just deal with this In the secv Ripple case and they list uh If I counted correctly I want to say 16 Different cryptocurrencies that are Securities just by the nature of them Existing but you know what Cryptocurrency isn't listed you want you Want to take a guess in the comment Section below go ahead go ahead go ahead Take the guess all right I'll tell you What it is it's xrp xrp is absolutely And noticeably not listed well how about That so I'm going to share with you P I'll get you up to date on everything That's happen here but I also want to Share with you perspective uh from a few Attorneys within the xrp community Including attorney John Deon attorney Jeremy Hogan and Attorney Fred RIS poy But 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 about crypto related topics but Just as a hobby and just for fun now you Might be wondering are you having Deja Vu because uh isn't this something that Was settled earlier this year uh yes so It's a whole new whole new slew of Claims this time but look at this Headline from February 99th of this year From CNBC crypto exchange Kraken settles With SEC for $30 million will close us Staking operation and so that whole case I don't want to I was just using this as A little table set I want to go through The the past stuff any further but I'm Just noting yeah they paid the SEC $30 Million to get them off their backs only To get sued again later in the year Maybe instead of settling they should Have attacked back they should have Fought back Because playing nice with the SEC trying To appease them even with $30 million Which is Undeserved even that is not enough to Get him off your back you have to push Back and so here's the headline from Today SEC sues Kraken alleging its Unregistered Exchange uh I'm sorry alleging its an Unregistered exchange mixes user funds So from coin Telegraph the United States
Securities and Exchange Commission has Sued Kraken alleging that co-mingled Customer f and failed to register with The regulator as a Securities Exchange Broker dealer and clearing agency in a November 20th complaint filed in San Francisco Federal Court the SEC claimed That since 2018 Kraken had operated as a Platform that unlawfully facilitated the Buying and selling of cryptocurrencies Now folks think about this they they Knew that they wanted to come after Kraken for separate charges they that They could have had everything in one Suit cuz there are all sorts of Allegations they wanted the opportunity To come back for a second round think About that These people are disgusting and devious My God peace continues a kraken Spokesperson told coin Telegraph had Disagrees with the sec's complaint and Plans to defend itself in court the Lawsuit marks the latest push from the Gary guinsler Le agency to bring crypto Under its purview claiming that crypto Assets are securities contracts under us Law quote without registering with the Secc in any capacity Kraken has Simultaneously acted as a broker dealer Exchange and clearing agency with Respect to these crypto asset Securities End quote there you go they're making up
A new category crypto asset Securities Man now of course that's not in the Definition of of what a security is or What an investment contract is you know Cry crypto is nowhere to be seen there You know stocks are listed but digital Assets aren't cryptocurrencies aren't They just made up a thing here and then They're just trying to have a court Enforce it and seeing if they can get Away with That peace continues additionally the SEC alleged kraken's business practices And deficient internal inter control saw The exchange co-mingle up to $33 billion Worth of customer assets with its own The SEC said this resulted in a Significant risk of loss for its clients The complaint claimed Kraken paid for Operational expenses directly from Accounts containing customer assets Citing the exchange's independent Auditor we alleged that Kraken made a Business decision to reap hundreds of Millions of dollars from investors Rather than compiling into compliance Coming into compliance rather with the Ities laws SEC enforcement direct Division director Gerber GRL said in a Statement that decision resulted in a Business model rif with conflicts of Interest that placed investors funds at Risk Now kraken pushed back against the Sec's accusations with a spokesperson
Saying the exchange never listed Unregistered Securities quote we Disagree with the sec's complaint Against Kraken stand in firm in our view That we do not list Securities and plan To vigorously defend our position end Quote Um and then there here they wrote uh it It is uh disappointing to see the SEC Continue down its path of Regulation by Enforcement which harms American Consumers stunts Innovation and damages Us competitiveness globally the Spokesperson said and here's the part Where they do address the co-mingling of Funds in a November of in a follow-up November 20th blog post Kraken addressed The co-mingling accusations by saying That the SEC cannot claim that any Customer funds are missing adding that The so-called co-mingling is no more Than cracken spending fees it has Already earned end quote so I wouldn't Be surprised if it's a completely bogus Accusation from the SEC because it's the SEC and they're ass hats they're Complete Pricks they are spawns of Satan Winged spawns of Satan um then we have this from Dave Ripley this is the CEO of Kraken he Wrote We strongly disagree with the SEC Claims stand firm in our view that we do Not list Securities in plan to Vigorously defend our position as we
Have seen before the SEC argues that Kraken should come in and register with The agency when there is no clear path To Registration its allegations are Factually incorrect contrary to law and The wrong way to create policy in the United States as an industry leader we Will stand up to these allegations and Defend the crypto industry's right to Exist in the United States We Believe Congressional action is the most Appropriate path to resolving the lack Of regulatory Clarity in the United States and will continue to support These efforts to bring Clarity and Certainty to the chaotic environment That has been created in the US so I Just kind of make you wonder are they Going to push back this time are they Going to like really fight back or or Acquas further and see what happen like We're going to find out I mean I'm Hoping that they learn their lesson at This point and I'm very sympathetic to Him I hope it doesn't come across you Know too harsh or in a way that I I Don't intend because I get it like even If you have you Know the the fortitude the mental Fortitude necessary to to wage a multier Battle against the SEC the question is Can you afford to so hopefully for them The answer is yes but anyway attorney
Deon re posted that and said tomorrow I Will post a Google form for Kraken Customers users who are sick and tired Of the SEC pretending to protect a Digital asset holders from legitimate Good businesses like Kraken we will Fight to have our own voes heard and not Let the SEC speak for us and so folks Deon is doing the same thing he did in The secv Ripple case which had an Incredible impact uh he's doing that Also in the coinbase case right now and He plans to do it here for Kraken Starting tomorrow and I'm sure a lot of You are going to want to sign up for That um and then there was also this Attorney Deon wrote make no mistake About it the SEC is worried about the Coinbase motion to dismiss pending in The southern district of New York this Case is filed in the Northern District Of California actually you know what I've got a a separate post from him Talking about that as well he wrote the SEC filed this is Deon again the SEC Filed against library in the first Circuit filed against Ripple and Coinbase in the second circuit filed Against Dragon chain and Kraken in the Ninth circuit Gary guinsler is hedging His bets he will ultimately lose because You see the strategy here they're filing All over the place Broad exposure to Various aspects of uh you know whatever
He perceives would be coming in these Particular circuits and he's he's just Counting on you know different judges in Different areas acting differently he's Just kind of spreading out the risk That's what he's doing here and so That's why he's filed this in California This this latest cracking case is filed In California um and then there was also This from attorney Jeremy Hogan Apparently the $30 million the SEC got From Kraken back in February wasn't Enough it had to sue them again for more Everyone feel protected again See that's that's one of the most Disgusting things about this like this Is harming people that they're sworn to Protect who who out there feels Protected by any of this Behavior you would struggle to find one Person one person that would be like oh Yeah I feel way safer genuinely good Luck even finding one person and then Attorney Hogan also shared this post Here guess which crypto is not included On the list of alleged Securities and if You guessed xrp right now fine Technically there's over 20,000 coins And they list 16 but you know what he's Getting at Here um and so here's the list I'm not Going to read them all but there's I Think if I counted correct correctly
Earlier I think there's 16 of them but Xrp not listed and it's so ridiculous Because if you think back to the SEC V Rle case even the SEC filed a document To judge torus and said we are not going To appeal the decision that ex itself is Not a security and they went out of the Way to make it sound silly the concept Would be silly to to appeal that because It's just computer code it's just Computer code with no inherent value That's what they that's what they said Yet here they're calling these specific Assets crypto asset Securities these people are disgusting Liars they don't believe the crap They're arguing they're just trying to Get away with it because that's what They want because of Reasons somebody wrote to attorney Hogan Named takekoshi And wrote they bent over too easy the First time now an easy target attorney Hogan responded and said complete Agree the staking lawsuit from February Wasn't that strong either so look Kraken Probably would have done great in courts They settled they paid the fine and now They get to do it all over again it's Just gross here's a post from Attorney Fred rispoli much like the first thing One should do when seeking seeing a Misbehaving child is blame the parents You got to wonder what kraken's lawyer
Was thinking when he agreed to SEC Stupid fake penalty the first time Around Around I would love to know too and Again I'm trying to not be too harsh on Cracking they like they are the victims Here but they're also harming like They're harming the business model which Means the livelihood of the people that Work there and certainly obviously the Customers But you got you do kind of got to go Wonder did did they literally not think They had the money to to fight this or Were they just a bit limp Wristed it's it's got to be one of the Other right so here we are but xrp's in The clear and hopefully the whole Coinbase thing just gets thrown out I Don't know I mean that that would be Wild that would be such can you imagine We get that news the stunning Defeat All I Want For Christmas man all I want for Christmas we already got our Xrp legal Clarity so that's all I want For Christmas that and $25 xrp 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