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, Author: Katherine Wu, manager of investment fund Notation Capital, translation: Lu Jiangfei, published with authorization.

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The administrator, Katherine Wu, is a senior blockchain and cryptocurrency legal expert. Every time the U.S. Securities and Exchange Commission (SEC) strikes hard at the cryptocurrency industry, the cryptocurrency investment circle in the United States will look to Katherine Wu and look forward to her comments.She especially enjoys annotating the PDFs of the SEC's prosecution filings with various colored pens, writing down notes and thoughts of her own. These legal documents with her colorful labels have been widely spread in the American currency circle and become a landscape.。

In response to the U.S. Securities and Exchange Commission’s prosecution of Ripple, Katherine Wu drew the key points on a more than 70-page SEC prosecution document, and wrote her own notes and opinions:

This focused document with her notes can be clicked

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Before publishing this note, Katherine Wu also shared some of her initial thoughts on the SEC v. Ripple case, as follows:

The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple is different from some other lawsuits we have seen in the cryptocurrency industry before. For example, unlike the Block. The transaction commission's prosecution should be more similar to the previous Kik lawsuit, and it is also a bit ugly.

What's more, I personally think that the really crazy thing about Ripple being sued by the SEC is that the regulator actually named the founder and COO personally - meaning they have nothing to do with the company. are jointly and severally liable. I have never seen anything like this in the cryptocurrency industry (in terms of legal action)...which leads me to my next point:

If you've been in the cryptocurrency industry for a few years, you probably won't be too surprised that the SEC is suing crypto projects, but in absolute terms, Chris Larson (Ripple founder) ) and Brad Garlinghouse (COO of Ripple) did create a market for Ripple (XRP) and never designed a use case for Ripple in the first place, nor did they drive adoption of the token (according to the suit, Ripple has admitted as much), but the two of them made more than $700 million in cash on Ripple. All I can say is that Chris Larson and Brad Garlinghouse are the duo who did the marketing, promotions, PR, and other aspects of this "snake oil" product (I don't use that term very often. , really) is indeed...remarkable.

Sidenote: Come to think of it, even institutional investors should be aware of some red flags in Ripple: 20% of the total supply of Ripple is transferred to executives immediately after the token supply is established, with no token distribution/lockup Bin schedule - this is really crazy to me. Ripple's play will probably never be accepted by "traditional" institutions, but I think in the cryptocurrency industry, this is how it happens, and everyone sees it.

Finally (note that I'm not a lawyer!) - I think the SEC will almost win this lawsuit by a landslide. All the preparatory work in this prosecution case has been done so well (and let’s be honest, Ripple has a lot of its own stuff!), which may well explain why Ripple’s reaction has been so aggressive. According to the complaint, the fee agreement was actually signed in April 2019, and my guess is that the previous negotiations and settlement discussions between Ripple and the SEC were very unsuccessful.

Also extremely important thing is that the only charges here are about Ripple selling unregistered securities - which means there are no criminal charges involved in this case, so the defendant probably won't go to jail, so this case may not be as dramatic as people think , which may disappoint many people who eat melons. However, although some people feel that Ripple is innocent in this case, there are still many people who hope that Ripple will be taught a lesson and accept legal punishment. Details are still unclear, for example, discussions on currency/securities classification.

I hope the work I've done helps you reflect on the SEC's lawsuit against Ripple, and as always I encourage you to be aware of all perspectives and do some research yourself if you can.download。

Source link:www.katherinewu.me