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Hello this is Matt on the moon family Said Dan Channel I'm just going to cover Two things in this latest tepid Jam Including this headline from the crypto Basic Ripple CTO shares email that led To his entry in Ripple and folks I Thought this would make for a fun little Sunday night video because this is Something that I don't think has ever Been seen before I'm not aware of him Ever having shared this in the past but David Schwartz shares information that You know had this not happened xrp Itself uh wouldn't exist or certainly Not in the form that it is in today Um and then also I have an update on a Part of a store that I was covering just The other day in case you hadn't heard Uh Kim Jeong ginsler he went from just Saying well I'm not going to comment on The status of any individual coin to Then stating that his personal belief is That bitcoin's not a security but not Gonna comment on the status of any Individual coin even though he already Did with Bitcoin uh he went from that to That to this uh with this being that he Now is stating his position that Everything that's not Bitcoin is a Security and thus Paul falls under the The jurisdiction of the sec everything's Illegal I kid you not and this was a a Story that broke in New York Magazine And I'll just note to you uh 1.7 million
Followers on Twitter widely circulated Everybody in crypto has been talking About this well there's this headline From cointelegraph titled crypto lawyers Flame ginsler over claims that all Crypto R Securities and so I'm going to Share with you perspective from a few Different attorneys in the world of Crypto on this and uh let's just say That Nobody agrees with Kinsler it's like Almost zero humans on the planet at Least outside of the SEC things that He's making a damn innocence Uh but oh and also I wanted to mention This as well you know it's uh it's it's Tough you know defending ginsler's Position if you're ginser but it's also Tough if you're anyone else like a Bitcoin Maximus because and I'll just Tell you this I'm gonna and I'm gonna Show you how Bitcoin maximalism Bitcoin Bitcoin maximums I mean it just my Opinion like it just makes people look Stupid You know especially when Bitcoin maximum Just in a general sense leads to people Saying stuff about you know the security Status of cryptocurrencies and they end Up siding with ginsler without knowing What they're talking about or they're Just lying 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 into this first piece here Because xrp frankly would not exist had This not happen at least not in the form That it exists in and I'm sure that many Of you are aware that Jed McCaleb one of The founders of Ripple is the guy that Kind of had this idea of a new form of Bitcoin so that's kind of where it Started and David Schwartz is obviously A major player in the development of xrp But check this out here's some Interesting history I've never seen this Before having been in the xrp community Over half a decade so I found it Endlessly fascinating but check this out According to a shot shared by Schwartz So they say that three times the Application email was directed to Jed McCaleb co-founder of Ripple David Schwartz Chief technology officer at Ripple recently shared the email Exchange between him and ripple Co-founder Jed McCaleb that ultimately Landed him his job at Ripple the Conversation shares more insight into The early days of the American Technology Company
And and by the way so this is dated September 17th Uh a 2011. so this is a piece of history At this point frankly and it's so Interesting to see Um how he characterize himself as part Of the member of the Bitcoin Community Uh At this point the toxic maximalists out There They would not like to hear this they Would they would not like this fact and They would just despise this in general But I find it very cool and very Fascinating Um and so anyway here's a an email that David Schwartz shared on Twitter From himself to Jed McCaleb September 17 2011 and I'll just remind you it wasn't Until June early in June it might have Been June 2nd I want to say uh it was Definitely 2012. uh that that xrp was Actually created like where it was first Coded and it when it was first coded and You can see it on GitHub it was uh it Was actually called xns and then it was Later renamed to xrp But Um so this is well before it was Actually created and then it wasn't Launched until you know roughly another Half another half year after it was Technically created in June of 2012. so Anyway David Schwartz emailed Jen
McCaleb and he said I found you on stack Overflow you can find my profile at and Then he provided a link I'm interested In the lead software engineer position I Currently have the highest reputation on Bitcoin's stack Overflow site I'm also An active participant in the Bitcoin Forums and a respected member of the Bitcoin community pool folks I'm telling You I I bet most Bitcoin Maxis out there Who don't like xrp at all even if They're aware of them they probably have No idea that that is true David Schwartz Is one of the earliest Bitcoin Developers right up his alley obviously And he always had a fondness for Bitcoin But he recognized very early on a number Of the shortcomings and thought that There was a way to do things better and He was right as evidenced by the Adoption of xrp and uh fine Bitcoin is Still the most well-known and adopted Cryptocurrency in terms of even if you Just talk about speculation fine but uh From a technological perspective come on Xrp is obviously the best cryptocurrency On the entire damn Planet when it comes To payments just broadly speaking that's It just works folks yeah Try using layer one Bitcoin to pay for Anything not exactly a user-friendly or Fun experience It's costly too Anyway and then David Schwartz wrote
I've been working on a Bitcoin successor Myself after seeing what has worked well And what has not worked well you can Find some of my public writings on the Subject at these locations let me shared Some links and then he says I think I'm An exceptionally good fit because of my Specialized knowledge in Cryptocurrencies in my Decades of C plus Plus development experience sincerely David Schwartz and look at how early it Was like back then he typed because There was no right way because Cryptocurrency wasn't even technically a Word at that point not it wasn't in a Dictionary he wrote crypto Dash Currencies that's how early it is now You now nobody does that I just think It's kind of an interesting note now That it matters one way or another it Just kind of find it faster it's just Kind of like a sign of how early days This was you know and then Jed McCaleb Responded we can all see we can see the Email here at the bottom and this is Pretty much the end of it but Jed McHale Did respond and wrote hi David yes I've Seen your posts on the Forum your resume Looks perfect for the job we'd like to Meet you to talk about it more do you Ever come over to the Bay Area and folks As they say the rest is history although History of course unfortunately Continues to develop not always in
Positive ways which is the perfect segue To the next story again in the headline From cointelegraph crypto lawyers flame Give Windsor over claims that all crypto Are securities Cryptocurrency lawyers have rebuffed Comments made by the head of the United States Securities regulator excuse me Who claimed in a recent interview that Every cryptocurrency except Bitcoin is a Security that falls under its Jurisdiction in a wide-ranging February 23rd New York Magazine interview Discussing crypto Securities and Exchange Commission chair Gary ginsler Claimed quote everything other than Bitcoin end quote falls under the Agency's remit He added other crypto projects quote our Securities because there's a group in The middle and the public is Anticipating profits based on that group End quote which he said is not the case With Bitcoin so again as I stated in That last video and I don't want to Rehash everything that I said in that Video because I just did my best to tear The damn concept of shreds and Everything that he said but obviously The only reason that he's saying this About Bitcoin is because he doesn't know Who to sue he doesn't know who made it I Mean yeah in theory you could go after Minors and this and that but he doesn't
Know who made it And it's so widely adopted maybe he's Just like ah that one might be too hard So apparently the path forward if you Want to create a cryptocurrency is just Don't get caught as the Creator and then It's not a security there you go you got The road map right there good job Kim Jong-inser but uh It's it's just It's it's so laughable I mean because Look if you've been following the case As long as I have and I assume that Probably most of you are at this point You're pretty well informed of what's Going on here the typical person who's Not a lawyer doesn't know the things That we know about Securities Law and I'm not pretending to be a lawyer I just Play one on the YouTubes I know I'm not Pretending to be but I know more than I Ever thought I would about Securities Laws and so the average person doesn't Understand that Kim jong-ginza is Flagrantly lying and and in terms of What he's stating is important when it Comes to these considerations in that Interview even it's a bunch of bogus Nonsense And so it's laughable here but the good News is Attorneys who are following this and you Would expect them to know or at least Have some sort of idea even if they're
Not Securities attorneys Uh they're chiming in and they're not Really buying what he's selling here now That shouldn't be surprising at all Which is just another thing that makes Me think when this is all said and done History is going to show that we're on The right side here So there's an attorney named Alexander Grieve who wrote Gins are in New York Magazine on crypto And then he's got three bullet points Number one Everything is a security except Bitcoin Two every company out there is in Violation three crypto is pointless but Blockchain is kinda neat and then he Says hard to argue you're acting in good Faith if admittedly trying to stamp out An entire industry And talk about having a test O anymore he's not talking about Applying the highway test he just says They all are there's over 20 000 damn Cryptocurrencies on the existence He didn't even analyze all of them but He says they are he's trying to destroy This an attorney Alexander grief here is Like yeah obviously hard to argue you're Operating a good faith when that's what You're doing True words my friends then there's Attorney Jake schervinsky And he tweeted
Chair ginsler may have prejudged that Every digital asset aside from Bitcoin As a security But his opinion is not the law the SEC Lacks authority to regulate any of them Until and unless it proves its case in Court for each asset every single one Individually one at a time so folks That's a very fair point and I am glad That is indeed true I know that's true You probably knew that was true as well But it doesn't change the fact that this Has a freezing effect over the entire Industry because people don't know if They're the next to get attacked by Kim Jong-ginsler they don't know it's Absolutely having a material negative Financial impact on people not just in The United States but actually it's Rippled out throughout the world frankly And certainly at a minimum in terms of Price action that's bad enough Uh but in terms of entrepreneurialism And adoption and what would have been Occurring and developed here in the United States it's a There's some of it but almost none it's Almost all outside of the United States Here and so a fair enough point for him Cervincing I'm not pushing back into I Agree that Kim jong-ins is going to have To make that argument again and again And again But if they do get a win
You know in in any sort of material way You know say there's a new say there's Even a new test You know in terms of what determines What would be security when it comes to Cryptocurrencies which is possible by The way and I'll expand upon that in a Second because another lawyer brought That up You know if that happens Well everything's dead anyway So again not that I think that that is What is likely to occur but I'm just Thinking out loud here and I'm not the Only one that's talking about this stuff Uh and then there is also attorney Logan Bollinger Who shared the following friendly Reminder that ginsler's opinions on what Is or isn't a security are not legally Dispositive In this country judges not SEC chairs Ultimately determine what the law means And how it applies Doesn't mean his thoughts are irrelevant They're just not just positive which is To say the SEC can bring enforcement Actions and get settlements but those Aren't legal precedent companies slash Individuals can choose to go to trial Where sec would have to prove to a judge That something was a security if that's An element of the allegation The federal court then decides yeah we
Agree with uscc these are securities or No SEC we don't agree with you that These are securities The Howie test itself is Judge made law An SEC chair didn't make that up Judges interpreted the Securities Act And the definition of an investment Contract under the ACT Now folks and I'll just pause to note I Made a video that happened to be talking About this within the last few days or So because there is a a fun debate going On I love fun debates about whether or Not there could ever be a ripple test And my position is of course there could And I don't want to rehash that whole Video either but there are a number of Reasons for that but one of the things I Did point out is that the Howie test Became law because of the decision in The Supreme Court case and so I did end Up ultimately pointing out that should You know the secv Ripple case make it to The Supreme Court which I hope doesn't Happen I don't think it's likely but I Acknowledge it absolutely Could Happen Well if there's some sort of Determination there then of course there Would be a ripple test there and it's Not like the Howie test was called the Howie test in that case anyway in the in The you know the WJ Howie case you know This it just was informally known as That after the fact in fact there was
Never four prongs literally written out Here's one two three four they described What should be considered and then People look counted the things that they Said was important and that informally Became known as the how it just well That could become known as the uh a Ripple test if it's you know if it Should get to that point Um and then he also pointed out that uh It doesn't mean that the Howie test is Going to be around here forever so check This out attorney Logan Bollinger also Wrote important to keep in mind that in Theory Howie test could also be Subsequently overruled Alternatively the Securities Act of 1933 Could be amended new laws could get Written Etc yeah and so folks the most Obvious example of that is what happened With the Roe v Wade case and I'm not Making a political commentary on that One way or the other I have no interest In that I'm just pointing out uh that Was as a result of the Supreme Court uh Overruling stuff like that can happen so It doesn't mean that Howie test is here Forever it doesn't mean that there can't Be a subsequent test that could be Applied in addition to this that's more Crypto specific all those things could Happen And then this attorney also writes but Gensler saying yeah I think XYZ our
Securities does not legally mean that They are in fact Securities and so They're certainly not to this point and As it stands today xrp is not a security And that's not just opinion it's not Been declared to security it would have To actually be declared to security Which I don't think is going to happen But we'll see and then Oh my God Bitcoin Maxis oh my God debate Of my existence why are these real Humans I don't get it why did nature Make these humans it has to be some sort Of mistake I can't explain it any other Way so you got Max Kaiser here How many people thought 509 000 Followers this guy's a piece of work So he he shared this and he wrote Ginsler is Right everything not Bitcoin Is a security okay Quoting ginser he's the guy that's all About smaller government this is oh yeah Except for when it suits him and his Heavy Bitcoin bags apparently isn't that Convenient And so attorney Deaton wrote when you Quote ginsler you immediately lose the Argument the underlying tokens are not Securities per se any asset can be Packaged marketed offered and sold as a Security it's the circumstances Surrounding the offer and sale of an Asset that triggers U.S security zones So folks Max Kaiser could be ignorant or
He could be lying either way it's bad And he's spewing this nonsense out on Twitter To over 500 000 people On your financial Fortune that's just The the best you got it just you gotta Love it no except no So toxic Bitcoin maximalism is certainly Gross and it makes people look stupid no Matter what but if you've been fine and Learning about Securities Law as a Result of the Ripple case you know just How stupid what he said is there and That's what he's putting out into the World My gosh He's gonna be on the wrong side of History though I'll tell you that that's My belief I'm not a financial advisor you should Not buy or sell anything because of Anything I say are right that would be a Very very very bad idea until next time To the Moon family sedan
