🚨WARNING! SEC APPEALS RIPPLE XRP CASE RULING & ENFORCEMENT DIRECTOR QUITS!

button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star rating and review. Folks. The breaking news. The SEC has filed a notice of appeal of Judge Trus's ruling in the Ripple lawsuits. Now, remember Judge Torres rule that secondary market sales of XRP are not securities and that the token itself intrinsically is not as security. However, she said the institutional sales do count as securities transactions

because there's a contract. However, the ruling that the token itself intrinsically is not a security and secondary market sales like on exchanges are not securities was the big line's share of the victory in this lawsuit for Ripple. Yes, the SEC won part of it, but that not so much because it didn't impact the broader markets. That was institutional sales. Well, the SEC is definitely trying to appeal Judge Taurus's ruling on the secondary market sales. Now we

had an idea that this may happen. I've been covering it on the podcast, in my newsletter and so forth, and there's a lot to cover here. So let me share what different folks are saying. First up, Ripple CEO Brad Garlinghouse. He tweeted, if Genser and the SEC were rational, they would have moved on from this case long ago. It certainly hasn't protected investors and instead has damaged the credibility and reputation of the SEC. Somehow, they still haven't

gotten the message. They lost. On everything that matters Ripple, the crypto industry and the rule of law have already prevailed. While we'll fight in court for as long as we need to, Let's be clear XRP status as a non security is the law the land, and that does not change even in the face of this misguided and infuriating appeal. Remember when the SEC tried unsuccessfully to file an interlocatory appeal, they made clear they had no intention of challenging XRP

status as a non security. So, folks, despite this appeal, the law of the land today and until the court's rule again is that XRP is not a security. So I don't think this should cause any issues As far as exchanges delisting XRP, I think it's just going to remain as is because majority of the industry is in a legal battle already with the SEC right and many of the folks battling the SEC, like coinbase, crack and so forth, are using Judge Taurus's ruling to fight back

the SEC. So I don't think we're going to see any delisting of XRP like we saw in twenty twenty. We are in a completely different environment. People are not scared anymore. They've already got their wells notices and lawsuits, and the industry is punching back countersuing as well as proactively suing even if they haven't gotten anything from the SEC. So very different environment, and I don't expect XRP to

be delicted. I don't anticipate any major effects on the price unless once again there's some new ruling from the courts. But this thing looks like it's just going to continue on and on into another year or years. It could certainly be that way, and I'll give you some details here. Ripple's chief legal officers Stewart al Aarady said they are thinking about cross appealing. So he says the SEC's division to appeal is disappointing but not surprising. This just prolongs

what's already a complete embarrassment for the agency. The court already rejected the sec suggestion that Ripple acted recklessly and there were no allegations of fraud, and of course there were no victims or losses. Instead of faithfully applying the law, the agency under this chair continues to engage in litigation

warfare against the industry. We are evaluating whether to file as appealed either way, the SEC's lawsuit has been irrational and misguided from the start, and we're ready to prove that yet again in the appellate court, once again taking the lead for the industry. Number Three, he says coincidence that the SEC's enforcement director announced his resignation about an hour before this. I'll get to that later in the podcast. Let me highlight something else here. Eleanor Tarota Fox Business

says Ripple is considering a cross appeal. This means Ripple could choose to file an appeal on Judge Taurus's ruling on institutional sales or on the penalty of one hundred and twenty five million dollars. Both appeals will stay wrapped up in one second circuit case. If Ripple does file an appeal, it has fourteen days to do it and the clock starts tomorrow. So the SEC wants to play these games. Ripple will play the game as well and

appeal either the penalty amount or the institutional sales. So once again, this thing is not going to wrap up in a month. So this thing is going to go for a long haul again. But I think the SEC lost the majority of this. The optics are bad for Ginza in the SEC, with all these congressional hearings, all these lawsuits, and the election is right around the corner. So I am not concerned about this appeal because I

anticipated it might happen. And as stated, we are in a very different environment than we were in twenty twenty. What is a cause for concern is that the SEC will most likely block the XRP ETF. Bit Wise, just yesterday we talked about it. They filed for an ETF

that's then on arrival, just like the Salona ETF. Solana is mentioned in many of these lawsuits such as Coinbase cracking and so forth, and that's why it was withdrawn by the folks at van X. So one thing I wanted to highlight Eleanor Tarott to Fox Business found another ETF filing done by Canary Capital. I mentioned to you guys yesterday Canary Capital launch and Hbar Trust for institutional investors. So you're seeing these different institutional investors seated demand for XRP,

and it was a great find by Eleanor. Another investment firm was trying to get this XRP ETF going. Now Attorney fred Rispoli, who I will have on the podcast tomorrow to talk about all this. He's obviously a legal experting and he can break all of this down better for all of us, He says, SEC appeals, Ripple will cross appeal SEC's company. Ending district court cases against Coinbase and Kraken continue. Life continues, don't freak out. But if you are a crypto single issue US voter, you absolutely

cannot vote for the Harris Waalds ticket. There is no reset can argue with him there, folks, And once again I'll have him on tomorrow. Break down this appeal and what may happen next. Now, in a very surprising move, gerbier gro Wall, he's another scumbag against their crony director of the Division of Enforcement will depart the agency effective October eleven. That is very strange and it's akin to what Jay Clayton did. Make a scumbag move right, file

this appeal and then run out the door. Jake Clayton filed the lawsuit next day, I'm out of the door, and that is what could be happening here. So he's probably trying to save himself and I don't know who's going to replace him and whatever it is. But actually they said here upon mister Growal's departure, san Jay Wadhua, the Division's deputy director, will serve as the acting director. So they don't really have anybody lined up here. So something is just strange. Once again, it's like the Jake

Clayton situation. Tom Ember says SEC, Director of enforcement growall encourage lawlessness and chaos at Gary Gainster's SEC. He even admitted it to us on record in twenty twenty two. Good to see him packing his bags. Let's hope Gary Gainster will be out of there soon now. Jake Trawirski gave some great thoughts on the director leaving. He says, it's not normal for an SEC enforcement director to get disappeared like this, gone on nine days notice with no

repat placement lined up. Perhaps the inevitable end to a campaign of unlawful harassment and misrepresentation resulting in many embarrassing defeats in court by peace. But look, I don't trust Gary. We got to wait and see. But this is very strange and maybe, like I said, it's a kin to Jay Clayton's move, Right, do do a scumbag move and then run out the door. Now, guys, I know a lot of negative news there right, not great news. But we got some positive things happening in Congress. More Democrat

members of Congress are supporting crypto. Representative Rocanna, one of the top Democrats who I've had on the podcast. He's the first Democrat congressman to endorse a strategic bitcoin reserve. He says, bitcoin has been seized by the US government should be used as a strategic reserve asset given its potential for appreciation. And this is really great to see, but we need to hear it from who Kamala Harris, But things are not looking good for her from a

cryptos stamp point. I'm happy you have folks in the House and the Senate that are embracing crypto and the Democrat side, But until the head of the snake says it, I don't. I can't you know fully support the Harris camp on this stuff because look, you're I mean, come on, You're attacking the hell out of crypto and trying to

stifle innovations. So pretty crazy. But once again, guys, I'm optimistic that things are going to move into Congress where we can get legislation through Remember to fit twenty one bill move out of the House with the support of seventy one Democrats. Dennis Porter, who heads up the Satoshi Act Fund, tweeted out today big things coming for bitcoin in the USA this month is going to set the foundation for Americans to witness the true bipartisan and unifying

nature of bitcoin. Bitcoin is winning in the United States, so we could see some legislation go through. I don't know. I'm going to try to get him on the podcast to get details. Now. Before we go further, be sure to check out our sponsor, bitgo, which is one of the top tier crypto custodians and the market guys. Bitco is headed up by Mike Belshie, who's a web one

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out of play. What is he talking about. Well, he was recently interviewed by decrypt where he said the FIT twenty one bill could make it out of the Senate or get through the Senate during the lame duck session. Later here fingers crossed that happens, folks, that would be a big win because if you can get it out of the Senate, then it can make its way to a new president and be put into law. So let's hope this happens. This could really help in building momentum

for the bullmarket guys. And here's another big win Calshi, which is a prediction market crypto based they won their appeal where US presidential election markets are legal. Remember polymarket is doing the same thing. So this is a big win and it's something Elizabeth Warren was trying to shut down. So you guys know what to do. If you're in the state of Massachusetts, vote for John Deaton, kick out Elizabeth Warren. If you're not in the state of Massachusetts,

donate to John Deeton. Guys. That's the news, I know. The XRP news regarding the SEC's appeal really sucks. It's bad news, but I once again I'm not worried because it's a very different environment. I don't believe any companies are going to delist XRP, especially you had Grayscale just launch a trust of other companies trying to get et aps and so forth. But I do think the et apps are not going to make it on the sea

because of what's happening. But this shouldn't affect XR feez trading unless there's some massy listing, which I don't think is going to happen. All right, guys, be sure to leave your comments below hit the thumbs up button. Be sure to sign up for my free email newsletter one percent free, includes crypto insights and knowledge. Also grab a copy of my book Rethinking Crypto and Amazon. If you bought a copy ready, please leave a five star rating and review. It will really help me out. Thank you

so much. I appreciate you all, and I'll talk to you all later