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Hello this is Matt on the moon Lambo Channel and I have glorious breaking News for you the SEC has dismissed its Case against Ripple Executives Brad Garlinghouse and Chris Larsson that's Right they have thrown in the towel they Have given up this is embarrassing Defeat they knew that they didn't have a Damn chance if this went to trial uh as Was scheduled for April of 2024 it's Over folks ain't happening here this News just broke uh let's see it was Broke by U xrp Community member and Attorney James K filin at 3:42 p.m. Central Time that's my time zone and It's at the time I'm recording this it's 4:23 p.m. so 41 minutes ago so uh I'm Going to get you the initial response And the specifics of what's going on Here and get this out as quick as Possible so that the rest of the world Can celebrate on YouTube but this is Absolutely fantastic news and just think About this whole journey that we've all Been on dating Back to December of 2020 and the fact that the SEC you know in addition to suing Ripple Actually sued Garling house and lson in Addition to this you know making the Claims that they made in a non-f fraud Case there was no precedent for this it Was clear overcharging and it was a very Clear bullying tactic and the SEC has Just it's just utter disgrace and defeat
For them now so I'll share with you all The specifics 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 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 oh uh by the way uh the Price of xrp did pop on this news um it Was up uh it's up 4.32% within the last Hour uh the highest I saw it was up 6.25% or so a little bit before I Started recording this video don't know What's going to happen I wouldn't expect This news although it is fantastic I Wouldn't expect this to impact the price Of xrp given that you know the fact that Xrp getting legal Clarity I mean it I Mean fine that did result in the price Of xrp nearly doubling in a matter of Hours but I'm just saying don't expect It to go to no new alltime high as a Result of this U but still fantastic to See all of this uh so shout out and Credit to Attorney James K filin for Breaking this news which is quickly uh Being shared throughout the xrp Community and really throughout crypto As well and so here's the letter and This was filed to judge Torres by uh SEC Attorney Jorge rero reads as follows
Dear judge Torres plaintiff Securities And Exchange Commission respectfully Notifies the court of the stipulated Dismissal of the sec's pending claims Against defendants Christian Larsson and Bradley gar garlinghouse this Court's July 13 2023 order set for trial the Sec's claim that the individual Defendants aided and Abed Ripple's Violations of section five of the Securities Act of the 19 of 1933 With Ripple's institutional sales of Xrp uh pursur to rule I don't need to Read what the rule is y yada y of the Federal rules of civil procedure the Parties have stipulated to the dismissal With prejudice of this claim this Voluntary dismissal obviates the need For the scheduled trial on this claim And moots the October 3rd 2023 Scheduling order and I just pause to Note here this is an outright dismissal This is not a settlement this is an Outright dismissal the SE has thrown in The towel they have given up they Overcharged their bullies they shouldn't Have done this in the first place things Have not gone so well for them this Entire uh legal process has just been an Utter train wreck for the SEC because They're on the wrong side of history and They're disgusting monsters and then They wrote here uh the SEC and ripple Intend to meet and confer on a potential
Briefing schedule with respect to the Pending issue in the case what remedies Are proper against Ripple for its Section five violations with respect to Its institutional sales of XR r p and Respectfully request until November 9th 2023 to propose such schedule to the Court or if the parties cannot agree to Seek a briefing schedule from the court On a contested basis and so folks what We have here is a situation where all That's left here is to decide what the Remedies would be for that specific Portion uh that Ripple lost which Frankly doesn't matter to us as xrp Holders uh because xrp itself was declar To not be a security a secondary Market Transactions are are are okay I mean you Guys know the whole thing I don't need Rehash all that but a couple things Could happen either they actually do Come to an agreement here and this Thing's actually wrapped up or uh Ultimately the SEC could still appeal This so it's possible but understand Even if the SEC appeals the final Decision uh it only pertains to uh Transactions that have to do with ripple It wouldn't change the fact that xrp is Not a security it wouldn't change Secondary Market transactions or or Anything of the sort so even if the SEC Appealed and even if they appealed in One which I think is a fancy SE land
Thing it ain't happening but even if They did just hypothetically it wouldn't Matter to us it would matter to Ripple's Transactions specifically we already won Folks like this is we're good to go here I mean I just I can't imagine what Disastrous thing would have to happen For for this to be undone like we're in The clear here um now take a look at This from Ripple's uh Ripple's Chief Legal officer uh steuart Al der uh he Shared this news and wrote The Following On social media platform X the SEC made A serious mistake going after Brad and Chris personally and now they've Capitulated dismissing all charges Against our Executives this is not a Settlement this is a Surrender by the SEC that's three consecutive wins for Ripple including the July 13th decision Ruling that as a matter of law xrp is Not a security the October 3rd decision Denying the sec's bid for an Interlocutory appeal and now this Absolutely it's just it's delightful to See I love to see these assat Pricks Losing and and I understand that they're The ones that decided to dismiss this But that's because they knew they had Nothing they're on the losing end of This they knew It oh this is just it's Hallelujah you Gotta love this stuff folks you got to Love this Attorney John deon's initial
Response is right here on your screen he Reposted the news from attorney Fon John Wrote as I said the SEC was never going To take this to trial spot on attorney Deon attorney Bill Morgan wrote great News for Brad and Chris that the SEC Case against them has been dismissed With prejudice no trial for them next April Now we move on to the penalties Phase of the case then we can see who Appeals what spot on and so just as a Reminder uh here is an article this is From June 14th before we had legal Clarity for xrp this is from from you Today SEC bullies Ripple CEO and Chris Larsson John Deon says here's their Response and I'm not going to read the Article but just as a reminder to see Just how ridiculous this is and you can Only imagine I mean the fact that Brad Garlinghouse and Chris Larson they they Decided they were going to see this Through that that speaks to their Character and their their own emotional And mental fortitude because they did Have an opportunity for settlement Before the uh the suit was actually Filed and I don't know what that would Have looked like that hasn't been Disclosed publicly but it wouldn't have Been good for the xrp Community Presumably and certainly wouldn't have Been good for ripple so they were trying To strong arm Brad and Chris and since
They weren't playing ball uh because the Terms obviously wouldn't have been Agreeable Brad said nope we're going to Stick this thing out despite these Outrageous claims so you know kudos to Brad gin house for actually sticking This out and same to Chris Larson here And so here's what Brad Garin house had To say on June 13th the month before xrp Had legal Clarity it's absolutely Unconscionable that a regulator when Presented with so much push back on what He was about to say/ how we compiled This fake test in the first place and by The way he's referencing the bill Henman Ethereum for p speech uh and then BR House says decided to move forward Anyway and throw an entire industry into Chaos for the SEC to sue Chris Larson And me personally for allegedly selling Unregistered Securities when their own Division had deliberately created Confusion about this well I don't have a Single polite word to describe this Deplorable politically motivated Overreach seeing the depth to which the Has essentially weaponized the lack of Regulatory clarity through enforcement Actions since the speech was given it's No surprise that we can call Bluff on Their claims to just come in and Register as nothing but in bad faith Well obviously that's correct and so Attorney Deon reposted that and this is
On June 14th of this year he writes in My opinion Ripple CEO is showing great Restraint here after a 2 and A2 year Investigation he was personally sued in A non-fraud case where it was alleged That he was reckless in not knowing xrp Was a security in 2015 when SEC Enforcement lawyers themselves couldn't Determine if xrp was a security in 2018 When they wrote the xrp memo while also Considering that those same enforcement Lawyers were allowed to own slash trade Xrp up until 2019 but he was Reckless and let's not Forget that despite the fact that he and Chris Larson uh provided the SEC with Evidence documenting every single xrp Sale they've ever made the SEC still Attempted to bully and intimidate them By seeking every bank and credit/debit Card transaction they've made for the Last decade judge neper of course shut That gross overreach down but I'm not Sure I could be so politely Stern and so Folks and I actually had forgotten about That until I read this from attorney de Do you remember this I remember covering At the time they they were literally Trying the SEC was seeking this oh my God talk about overreach has nothing to Do with xrp they were trying to get um Every credit card statement and every Debit card statement that Garling house And Larson had made going back for the
Last decade that has nothing to do with Xrp they want to look at the groceries He bought what in the ever loving hell Is that what a Despicable disgusting Agency these these people should be Ashamed of themselves they are absolute Pricks they they are just disgusting Despicable Humans in fact in that sentence I'm Using the the term human Loosely so it's it's fantastic to see How this has now come to an end xrp Declared not a security the executives You know off the hook obviously finally Uh they never should have been charged In the first place it was clearly Nothing but a bullying tactic but you Know what's what should be done has been Done to this point we'll see if the SEC End ends up appealing the Ripple case But it might end up being that they just End up finding agreeable terms for the Settlement and that's that because I Think the SEC knows that they're screwed Here they are not going they can appeal This all they want and by the time it Gets anywhere if it does and that's a Question mark if it does Gary ginzler Isn't even going to be in charge of the SEC anymore in all likelihood so anyway You can do another little victory dance Little happy dance now if you want let Me know what you think but that's it Just a quick little video I wasn't
Planning to make another video today but With this news oh yes absolutely this is Fantastic to see you got to love it I'm Not a financial adviser you should not Buy your 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
