Glad @bgarlinghouse is a witness for Market Structure. No better example than Ripple & XRP regarding both lack of clarity and confusion between agencies. FACTS: 2013: @Ripple co-founder @chrislarsensf meets w/ @federalreserve @SECGov @USTreasury, etc., explaining XRP & XRPL. 2014: @USGAO describes XRP as “virtual currency utilized in a decentralized payment system called Ripple.” 2015: Over a sale to @rogerkver, FinCEN fines Ripple 700K citing AML/KYC (even though Roger was an investor in Ripple 🤦‍♂️). Ripple agrees to comply w/banking laws. FinCEN was in an info-sharing agreement w/SEC. Hence, SEC was privy to all info, collected by FinCEN. Furthermore, Ripple hired a 3rd-party auditor, approved by DOJ, to provide accounting of XRP sales for 5 years - up to 2020 - the year Clayton filed the case on his last day (he filed it after speaking to Gensler the day prior).🤔 June 13, 2018: SEC lawyers ✍️ a 📝 analyzing if XRP satisfies Howey. The Judge, overseeing Ripple case, made note that SEC enforcement lawyers DID NOT recommend an enforcement action or even a cease & desist 🆚 Ripple. Had the legal 📝 concluded XRP was offered or sold as a security, the SEC wouldn’t have turned a blind eye. June 14, 2018: Hinman’s speech declaring BTC & ETH non-securities, claiming the networks are sufficiently decentralized (although he doesn’t define what that means). But remember, 4 YEARS EARLIER, @USGAO described XRP as virtual currency (ie NOT a security) utilized in a DECENTRALIZED payment system. August 2018: @bgarlinghouse & @JoelKatz visit Clayton & Hinman. Garlinghouse speaks up, pointing out the SEC gave BTC & ETH a FREE PASS and that Ripple was in Purgatory over the lack of clarity regarding XRP. At no point does Clayton/Hinman inform Garlinghouse it’s b/c XRP was being sold as a security. Remember: 2 months before this meeting, Clayton & Hinman received the Legal 📝 analyzing if XRP sales satisfied Howey. If sales had been determined by SEC enforcement to have violated the law, they would’ve said so and said: “STOP SELLING XRP.” Remember also, the SEC had knowledge of every XRP transaction since 2015 pursuant to FinCEN deal. 2019: FSOC annual report signed by CLAYTON, CFTC Chair, Treasury Secretary & Fed Chair, states VIRTUAL CURRENCIES (ie NOT securities) BTC, ETH, XRP & LTC increased in market cap. January 2019: @coinbase goes to Clayton, Hinman & Valerie S. informing them Coinbase securities lawyers (some of the most experienced) ran XRP through its framework and determined XRP NOT a security and planned to list XRP the following month. Coinbase informed the SEC that if it objected or thought differently about XRP, Coinbase would not list XRP and risk running afoul of the SEC’s position. The SEC DID NOT object or disagree. Coinbase listed XRP February, 2019. Coinbase immediately began marketing the utility of XRP, along w/USDC, to move money cross border. Objectively, Coinbase marketed XRP more than Ripple. It was part of the app.👇 2019: SEC’s Hinman & Valerie Szczepanik ✍️: “Framework for ‘Investment Contract’ Analysis of Digital Assets.” In this, it states a virtual currency used as substitute for fiat or utilized in a decentralized payment system “likely DOES NOT satisfy Howey” (ie not a security). REMEMBER: the GAO described XRP as “virtual currency utilized in a decentralized payment network” and thousands of businesses, @TapJets, accepted XRP as a substitute for fiat. June 2019: @MoneyGram files w/SEC informing SEC it will be utilizing XRP in its cross border payments business (much like Coinbase was doing). The SEC knows MoneyGram will sell XRP on the secondary market to retail holders. 2013-2020: XRP’s openly traded in the U.S. and on over 200 exchanges worldwide, w/nations declaring it not a security. Dec. 2020: Despite the above, SEC files suit alleging ALL XRP, from the beginning of time, until the end of the world, regardless if purchased from Ripple, are unlawful. 🤬 I’ll be there in spirit, Brad.