In the latest development of the lawsuit against the SEC, Library, a decentralized platform, has picked up a small win that could impact the case against Ripple (XRP). Despite losing the case, Library’s secondary market sales were deemed not to constitute securities. This suggests that the token itself may also not be considered a security. However, Library will still face fines for selling tokens as securities during its initial coin offering (ICO). This development provides some hope for Ripple and its ongoing legal battle.
Does this new lawsuit development guarantee that xrp is going to be okay in its case against the SEC? Today there were some massive breaking news that you’re not going to want to miss. What is up, I am Krypto Mason and welcome back to the Crypto Mason YouTube channel. Shout out to the gold Squad, we look for gold in every single aspect of our lives and we always find it.
Now today we are back and today is a massive win for all of crypto, for Library, and for xrp as well. We are going to talk about how Library just came out because Library lost against the SEC, but they have just picked up a small win that actually might make the difference in the xrp case. We’re going to talk about it and why it’s important.
Last video I did say that we would give away 100 xrp if the video hit a thousand likes. You guys crushed that and we’re at 1.3 so at the end of today’s video, we’re actually going to use a random comment picker that’s going to choose a comment from the YouTube comments. We’re actually going to award the 100 xrp to them. So if you’d like to win today 100 xrp, if you like the video and comment because your comment will be put into the comment picker, make sure you also join the Discord, the gold Squad Discord. Free to join, we’re at 16,300 members right now growing every single day.
So let’s get into the market, gonna give a brief overview of what’s happening in the Glo in the total market and then we’ll dive into this SEC stuff which is just probably the most important thing you’ll watch today in all of your YouTube viewing. So make sure you watch until the end.
DYDX continues its push up a little bit right there. DYDX, I am bullish on DOYDX, very, very cool decentralized exchange. You can do leverage trading, I believe on DYDX. They have continued to pump up and then as for Bitcoin, man 23,000, 1.6 on ETH, everything just consistently ranging in the same ranges that we always have.
So let’s get into the Library thing right here, 34 up in a day. Okay, and if we go to the month or let’s go to the three months or one year right here you can see that this right here is when they announced that they lost the SEC case. So this absolutely dumped like crazy. They were at basically two cents, went all the way and bottomed out at below one cent. And that is exactly when they tweeted out, “We lost, sorry everyone.” That tweet went crazy, almost 10,000 likes. They said, “We lost, sorry everyone,” and then they put the memorandum and order on Odyssey. My channel is actually on Odyssey if you go and type in Krypto Mason, you will see my channel on Odyssey because my content is synced up on here and it just automatically uploads. So this is Library’s platform and I’ve been using it for a very, very long time. In fact, there’s actually an exclusive Krypto Mason video on here, Ripple decoded. If you type that in, you will see that episode six, I believe, of Ripple decoded is only available on Odyssey. It was banned off YouTube and I believe it’s right here, Ripple decoded part six was actually banned off YouTube for medical misinformation. Okay, and this is an Odyssey exclusive, it’s only on Library’s platform. So I’ve been using them since the start of my channel. You can earn passive income if you’re already a YouTuber, just sync up your channel to Odyssey and you will make passive income on their platform because it just automatically posts your videos.
But they lost the case to the SEC, Odyssey was deemed a security, but only the tokens that they did in the ICO were deemed a security and we’re finding that out today. This coin Telegraph posts some very good stuff in the recent few months here. Like basically since the SPF thing happened, it kind of looks like they embossed up their journalism a little bit because they have these exclusive articles that are very, very good and they’re not afraid to use community members or anything either. They’re quoting Jeremy Hogan, John Deaton, xrp crypto Wolff, everybody.
But what happened in the Library remedies hearing, I believe it was called. Let’s let John Deaton explain. He is one of the lawyers covering the xrp lawsuit. Let’s take a look at what he says and what happened with the summary judgment arguments. Here we go.
“And so the clarity is not as it was or should have been,” he goes. “Not enough to survive, you know, to win on fair notice.” But it’s not lost on me. It looks like a fine like that and then discouragement there’s going to be some kind of discovery of whether or not there is a net profit or not a net profit. It appears there isn’t a net profit, then there would be no discouragement. If there is, there could be a little. And the injunction he said that he’s not inclined to do that. Then he looked at me and said, “Amicus,” he goes. “I’m gonna make it clear that my order does not apply the Second Diary Mark itself,” he goes. “So that should satisfy you, right?” And I stood up and I said, “Great, I go if you would consider some language about how the token itself is not a security.” And he smiled and said, “Well, I’m a minimalist.” And so he left it open there. But when you think about it, if he’s saying that secondary market sales aren’t a play, then the token itself can’t be a security. If the token itself is a security, then that means whenever it’s sold, it would be a security. And so we don’t know. And here’s the end result, the devil’s in the details. When we see his decision, we’ll know how successful this has been or not successful. So he says right there that the judge looked over at him and said, “Amicus,” which is the Amicus brief that was filed, I guess for this so that he could actually participate. And he said to the judge, or sorry, the judge said that the secondary sales, secondary market sales of Library are not constituting securities. So basically when I sell you Library on the secondary market or if I buy Library from anybody on the secondary market, those are not securities. And then John Deaton asked the judge to, “Can you just directly say that Library, the token itself is not a security?” And the judge said he’s a minimalist and smiled at him. So even just that, right, is showing you they’re still so hesitant to provide real clarity on what the heck is a security and what’s not in crypto. He said he’s a minimalist and then John goes on to explain how just the fact that he said the secondary token sales are not a security means that the token itself is not a security. But they will still get fined. Library still lost and they will still get fined for the ICO that they held where those tokens in the beginning were sold as securities.
So what this is all about is if something was sold as securities. Now Ripple, xrp, Brad, and Chris, they’re all being sued for essentially the same thing, which is that they sold in the beginning tokens, the xrp token or the xrp coin as a security. The ideal pretty ideal is that they prove that it’s not a security or they’ve given enough clarity, enough notice that they can’t be sued for selling something that’s not a security. And the secondary market arguments, they already won that. The Ethereum and other securities lawsuits that were before this set that precedent. That’s why they’re settled or lost outright. It’s not being appealed because they’ve already proven that and they want to prove that in the Cardano case and in the Ripple case as well that once it is a security, it’s always a security, that’s done. Like selling it after that would also be illegal. That’s been debunked, that’s been proven time and time again. It doesn’t even make sense but they want to try to make it a thing. That’s not going to happen and I think that’s what Ripple’s plan is. And it looks like we have proof, the fact that the judge in the Library case already gave that verdict in the libraries. It’s a big deal. This is a much bigger deal really than a lot of cases out here and I don’t think the judge is ignorant to that. I think the judge is very educated, very intellectual and he knows exactly what he’s doing here. That’s why you saw the smile when John Deaton asked for the clarity on the token being a security. So we’ll see how it plays out but ultimately guys, like this is just a massive win. It gives everything Ripple everything they need. They’re going to have the argument already made for them and they’ll just here’s the cache of cases that have already been decided just like this. Let’s just reference them. They’re all been from the same time. This has all been researched. What a rabbit hole of securities reading the same damn thing over and over again. Like just because you sold X, Y, or Z as a security, more or less and this is why the SEC doesn’t want to define anything. More people would be in jail for selling securities than ones that were scammed in the ICO hands down. 300 companies at least would not exist in Ethereum. It would be gone. Ethereum would be gone, okay because they all sold securities to the very best that they could be private placements. And then we wouldn’t be able to invest privately in anything. Think about that for a second. If your grandma wanted to invest in some company and they could only take money from licensed brokers, every company needs to have a million dollars at least to put together an S-1 registration for an IPO. Your grandma, good luck. Try opening a bank account. Try getting approved for a credit card. Try getting approved for anything when you tell them your grandma invested in the last company, the public company even and didn’t lose money. She just held onto her shares and sold them to somebody else. Things that the SEC uses as a reason you should be guilty of selling a security could be anything. They could be like, “Well, somebody bought it.” And then they usually like, “Well, they bought it to get richer from it in the end.” And the hedge funds are always the smart money, right? And then you think about venture capital, private equity. Those guys are not regulated the same way and you openly admit it. You openly admit it. That when you buy into like a hedge fund or like a mutual fund or whatever that you understand that you are not liquid and you’re subjecting yourself to a higher level of risk. They have lockups in these kind of funds. No different than if I invested in a private company call it do not buy I know my money’s not going to be liquid for 10 years. I know that do not buy says it’s either going to go out of business or it’s going to get sold in 10 years. And if it gets sold I’m going to get a net of this 3%, but if it doesn’t you lose all your money.
So guys, it’s very clear that there is a double standard when it comes to cryptocurrency and traditional finance. The SEC is struggling to define what constitutes a security and it’s causing confusion and uncertainty in the market. This recent win by Library may have provided a glimmer of hope for xrp in its case against the SEC. While Library still faced fines for its ICO, the judge’s ruling on the secondary market sales being non-securities could be pivotal for Ripple’s argument. However, we will have to wait and see the judge’s final decision to determine the full impact of this development.
In the meantime, it’s important for investors to stay informed about the ongoing legal battles in the crypto space. The outcome of these cases could have a significant impact on the future of cryptocurrencies and their regulation. So make sure to keep up with the latest news and analysis to make well-informed investment decisions.
As always, thank you for watching. Don’t forget to like and comment on this video for a chance to win 100 xrp. And if you haven’t already, join the Gold Squad Discord to connect with other crypto