Katherine Wu, a senior blockchain legal expert and manager of Notation Capital, drew these key points in a 70-page SEC prosecution document against Ripple.
Author: Katherine Wu, Manager of Investment Fund Notation Capital Author: Lu Jiangfei
Katherine Wu, manager of investment fund Notation Capital, is a senior blockchain and cryptocurrency legal expert. Every time the U.S. Securities and Exchange Commission (SEC) strikes heavily on the cryptocurrency industry, the U.S. cryptocurrency investment circle will turn its attention to Katherine Wu and look forward to her comments.
She especially likes to mark the PDF files of SEC prosecution documents with pens of various colors, write down notes and some of her own opinions. These legal documents with her colorful labels spread widely in the U.S. currency circle and became a sight.
In response to the U.S. Securities and Exchange Commission’s prosecution of Ripple, Katherine Wu drew the key points in a 70-page SEC prosecution document and wrote down his own notes and opinions:
You can click on the link to download this document with key points and notes with her.
Before publishing this note, Katherine Wu also shared some preliminary thoughts on the SEC v. Ripple case, as follows:
The U.S. Securities and Exchange Commission (SEC) sued Ripple is different from some other prosecution cases we have seen in the cryptocurrency industry. For example, it is different from the Block.one lawsuit. From the perspective of the prosecution process, Ripple suffered from U.S. Securities. The trading commission’s lawsuit should be more similar to the previous Kik lawsuit, and the same is a bit ugly.
More importantly, I personally think that in terms of Ripple being sued by the US Securities and Exchange Commission, the real crazy thing is that the regulator actually named the founder and chief operating officer in their personal capacity-which means that they have a relationship with the company. All bear joint and several liability. I have never seen anything like this in the cryptocurrency industry (in terms of legal proceedings)… which leads to my next point:
If you have been in the cryptocurrency industry for several years, you may not be too surprised by the US Securities and Exchange Commission’s prosecution of crypto projects, but to an absolute degree, Chris Larson (the founder of Ripple) ) And Brad Garlinghouse (COO of Ripple) did create a market for Ripple (XRP), and did not design a use case for Ripple from the beginning and did not promote token adoption (according to the lawsuit, Ripple has already admitted this), but the two of them rely on Ripple to earn more than 700 million US dollars in cash. All I can say is that Chris Larson and Brad Garlinghouse have been creating this “snake oil” product in all aspects of marketing, promotion, public relations, and other aspects (I don’t often use the term , Really) is indeed… amazing.
Side note: Come to think of it, even institutional investors should be aware that Ripple has some red flags: 20% of the total supply of Ripple is immediately transferred to the executives after the token supply is established, and there is no token distribution/lock Warehouse schedule-this is really crazy to me. Ripple’s gameplay is likely to never be accepted by “traditional” institutions, but I think in the cryptocurrency industry, all of this happened, and it was seen by everyone.
Finally (please note that I am not a lawyer!)-I think the US Securities and Exchange Commission will almost overwhelm this lawsuit. All the preparatory work in this prosecution case has been done very well (to be honest, Ripple owns a lot of its own things!), which may well explain why Ripple’s reaction is so radical. According to the complaint, the fee agreement was actually signed in April 2019. My guess is that the previous negotiations and settlement discussions between Ripple and the US Securities and Exchange Commission failed.
Another very important thing is that the only accusation here is about Ripple selling unregistered securities-this means that there are no criminal charges involved in this case, so the defendant may not go to jail, so this case may not be as dramatic as people think. , This may disappoint many people who eat melon. However, although some people think that Ripple is not guilty or responsible in this case, there are still many people who hope that Ripple will be taught and accepted legal punishment, and I think there are actually many aspects of the whole matter worth discussing/studying, for example, some The details are still very unclear, for example, the discussion about currency/securities classification.
Anyway, I just wrote down some of my impromptu thoughts and really tried to avoid too many personal opinions during the analysis. For the indictment in this case, I also made comments and analysis, hoping that my thoughts will not conflict with the relevant comments and analysis I made before.
Of course, there is another thing that is very important. Prosecuting Ripple does not mean putting an end to this matter. Some facts also need to be on the defendant side (ie Ripple / Chris Larson / Brad Garlinghouse) Consider and choose carefully.
I hope the work I have done will help you review the case of the US Securities and Exchange Commission suing Ripple. As always, I will encourage everyone to understand all the points of view and do some research on your own as much as possible.
The following is the core page of Katherine Wu, selected by Lianwen, who drew key points on more than 70 pages of SEC prosecution documents, and downloaded all the files of her notes.
Source link: www.katherinewu.me
