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My name is Ben.
I need that wrapped.
My name is Ben.
And today we're going to be talking about XRP.
Now, I know what you're wondering.
"He just did a livestream. He was supposed to talk about XRP."
Well, we had some problems with the YouTubes. Okay?
And we had some streaming problems.
Some people were saying that multiple streamers on YouTube
were having the same issues and things like that.
So I want to take this time to talk about XRP and what is going on with the Ripple case
because this is so big.
Now, if you want to follow some experts that,
you know, this is primarily what they've been focused on recently,
you can go check out John Deaton.
You can check out Jeremy Hogan.
Check out Eleanor Terrett or Ellie Terrett.
Or Terrett.
I'm not sure how to pronounce her last name.
But those are some great people that talk about this case a lot.
Obviously, Stuart Alderoty, who's the counsel for Ripple as well.
A lot of people that have some really great things to say about it.
Fred Rispoli, another good one.
But here's the thing.
This is what's so big.
Now, I watched this video Legal Briefs from Jeremy Hogan this morning.
And he was talking about what just happened with the XRP case.
And this is why the price of XRP, in my opinion, is exploding.
That does not mean it's going to continue to explode.
This does not mean we're going to see Ripple bust through some walls of resistance
and we're going to be at new all-time highs before you know it.
That's not what this means.
Definitely the next bull run, we are going to see new all-time highs, in my opinion, for XRP.
But the issue is this.
We just had the two sides of the Ripple lawsuit.
We had the XRP side, the Ripple side, and also the SEC put in their final summary judgments.
And this is kind of the things that they're going after,
the main defense for Ripple
and then, of course, the main thing that the SEC is going to go after.
Now, everybody thought the main thing the SEC was going to go after
was going--
this is very key--
was going to be calling XRP a security.
That was nowhere in what they were saying in this final summary judgment from the SEC side.
Basically, for all intents and purposes,
it looks as if Ripple--
or excuse me, it looks as if the SEC has given up tagging XRP as security.
That's why you're seeing the price go up.
What they're trying to go after now
is they are trying to go after the marketing practices.
We told you all last year that was going to be what the settlement would be about.
I don't even know if we're going to get a settlement anymore.
Ripple might win this thing out right now at this point.
We have gotten information they turned down a settlement in the past from the SEC,
which is probably why the SEC has really turned up the heat,
you know, throwing every trick in the book at this case.
But they're not going after it as a security.
They're going after the marketing practices.
Anytime that Ripple has ever mentioned the price,
or anybody who works at Ripple has mentioned the price,
that's what they're going after.
Now, what is Ripple going after?
What is their main defense here?
Well, a lot of people thought that the main defense for Ripple was going to be
basically surrounding the fact of the fair notice defense.
Now, the fair notice defense was actually nowhere in the summary judgment.
A lot of people think that's surprising
because the fair notice defense said that we were not given--
that basically the SEC had ample opportunity to tell us
that this was going to be an illegal token sale before we did it
and they never mentioned it to us before,
implying that, "Hey, there shouldn't be anything wrong with your doing
or with what you're doing on this token sale."
Well, they did not go after that.
Instead, they pulled a dirty little trick here. Okay?
So what Ripple has done is they have isolated down on the idea
that part of what makes an investment contract is that the company behind it
or the entity behind it has a legal responsibility to make the price go up.
Now, that does not fit this at all.
And that's precedent.
Now, Jeremy mentioned in his video that he did-- great video!
I really suggest you guys go watch it.
It's got, like, 200,000 views on it as of right now.
Phenomenal! Those are big numbers during a bear market.
But what Jeremy said
is he found so--
or is that maybe the SEC is going to be able to get on their horse
and find some other precedents,
some other case
where
it was not necessarily--
I'm sorry. I really lost my train of thought there.
But to find some other case that basically said
that not having a legal responsibility to increase the price of the investment
to basically make it to where there's another case that says
that that's not part of an investment contract.
But, as of so far, what we know,
and I know Ripple's done their homework.
I'm sure on this.
I'm sure they isolated down on this specific thing because they knew that they could win this.
And this is big for the entire crypto industry because, as Jeremy says,
what project out there would you say has a legal responsibility
to make the price go up?
Jeremy said, "Look. Ripple Labs could get rid of the XRP token tomorrow,
wipe it off what they're doing,
and you won't have any legal recourse.
You won't have any legal recourse against that if you're an XRP holder.
Because when you bought XRP,
there's not a legal responsibility for Ripple to make the price go up
or even to continue using the token."
So quite interesting that's what they're going after here.
And like I said, I'm sure they've done their homework.
And there probably is not another case
where the precedent will counteract what they're going after.
So very interesting when we break down what these two things,
what these two entities, Ripple and the SEC, are going after in this case.
But ultimately, the big thing you've got to take away here is,
why is the price going up with XRP?
The SEC has pretty much given up on calling it a security.
That's what the summary judgment says.
Now, they may still try to say something in court that implies that,
but the fact is,
that is not what they're going after.
They're going after the marketing practices.
And so if you're an XRP holder,
you can really rest solid tonight knowing that, most likely,
there's almost virtually no chance XRP is going to be considered a security by the SEC.
This has huge implications for the rest of the crypto space
and any other case that the SEC may go after in the future.
And I think it's really, really interesting that much of what we're going to see in this case,
as we've seen so far, is redacted.
The SEC is trying to keep there from being any precedent from this case
that might flow over to any other asset.
They don't want anything from this case
to be able to help out any other crypto project down the road
because they want to enforce everything.
Well, my God.
If this is true,
if Ripple ends up winning this case,
and they're able to show that since they didn't have a legal responsibility for the token price,
that means that they're not a security.
And that fits almost every crypto project out there.
So this is why people need to understand,
this case between Ripple and the SEC,
it is not just about Ripple.
It's not just about XRP holders.
This is about every single crypto project that exists out there,
what precedent are they going to be able to pull.
Because I can tell you,
if Ripple is able to prove this fact and is able to win on this point,
then that means SEC enforcement of crypto projects down the road
is not only going to be very difficult,
but they're not going to be able to redact the result of the case,
which what will provide the evidence for precedent going forward for crypto projects.
Gary Gensler, you, sir, are a failure.
I can't wait to see Ripple wipe the floor with you when this thing is done.
It's going to be sooner rather than later.
Hey.
SEC's already about half given up.
Not going after XRP as a security anymore is what it appears.
That's why I believe you see the price pumping.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.