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The Largest Corruption & Financial Scandal Of The 21st Century
January 05, 2024
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📜 Dive into an enlightening thread outlining the ethgate timeline, thanks to @Leerzeit on "X." The 21st century's most significant corruption and financial scandal is ripe for journalistic exploration—a Pulitzer Prize opportunity awaits! No additional research required; the XRP Community has already done the legwork. Check out this provided timeline, with a spotlight on JPMorgan's ties to the scandal. Just follow the links for an exclusive look at verifiable FACTS! 🌐

 
February 2017 JPMorgan and Ripple competitor ConsenSys found the Enterprise Ethereum Alliance. https://reuters.com/article/us-ethereum-enterprises-consortium-idUSKBN1662K7
 
April 2017 JPMorgan leaves the @inside_r3 consortium with Ripple as a member. https://reuters.com/article/us-jpmorgan-r3-idUSKBN17T2T4
 
July 2017 The SEC publishes the only official guidance on cryptocurrencies to date. It ignores the Ethereum ICO and gives the Ethereum DAO a first free pass. https://sec.gov/files/litigation/investreport/34-81207.pdf
 
December 2017 JPMorgan Senior executives visit Ripple the day before the escrow was enabled. https://xrpchat.com/topic/12763-there-were-15-senior-executives-from-jp-morgan-in-ripples-office-this-afternoon/
 
January 2018 SEC Director @billhinmanDC is reminded repeatedly to no longer violate corruption rules with his criminal financial conflicts with the Enterprise Ethereum Alliance Member Simpson Thacher. https://financefeeds.com/breaking-ripple-scores-win-as-secs-damning-emails-revealed/
 
Early 2018 JPMorgan holds secret meetings with Coinbase. https://decrypt.co/29832/jp-morgans-ceo-held-secret-meetings-with-the-coinbase-ceo
 
March 2018 Coinbase already announces Ethereum was given regulatory clarity by the SEC. https://coinbase.com/blog/coinbases-written-testimony-for-the-subcommittee-on-capital-markets-securities-and-investment
 
April 2018 Hinman is having meetings with Ripple Competitor ConsenSys and Joseph Lubin which he "greatly enjoed" https://empowr.us/empower-oversight-litigation-forces-sec-to-release-additional-documents-on-cryptocurrency-conflicts/
 
June 2018 After the DAO Hinman is giving Ethereum, its founders and investors the second Freepass speech giving it unique regulatory advantages, while according to his calendar he has a meeting with Ripple. https://sec.gov/enforce/william-hinman-calendar
 
August 2020 JPMorgan sells Ethereum Quorum to Joseph Lubin and Ripple Competitor ConsenSys. https://reuters.com/article/us-jpmorgan-consensys-quorum-idUSKBN25L1MR
 
December 2020 SEC files lawsuit against Ripple. The same time all senior officials filing the lawsuit are leaving the SEC. https://sec.gov/news/press-release/2020-338
 
April 2021 JPMorgan becomes the main investor in Ripple competitor ConsenSys. https://reuters.com/technology/blockchain-firm-consensys-raises-65-million-jp-morgan-others-2021-04-13/
 
May 2021 SEC Commissioner @HesterPeirce and Joseph Lubin are talking at the BIS Panel about how "Everything of high value" should be issued on Ethereum. https://twitter.com/BIS_org/status/1375467331304964104?s=20
 
December 2021 JPMorgan pays 135 million dollars for widespread recordkeeping failures between January 2018 until November 2020 https://sec.gov/news/press-release/2021-262 March 2022 JPMorgan invests another several hundret Million Dollars into Ripple Competitor ConsenSys https://consensys.net/blog/press-release/consensys-raises-450m-series-d-funding/
 
April 2022 @AshleyPROSPER1 files a FIOA request to the SEC about communication with JPMorgan about Ripple https://ustoday.news/secs-ripple-lawsuit-influenced-by-jp-morgan-foia-request-further-delayed/
 
October 2022 Empower Oversight files lawsuit against the SEC for disguising documents about their staff and connection to the Enterprise Ethereum Alliance https://crypto-law.us/empower-oversight-exposes-secs-bad-faith-foia-tactics-in-crypto-conflicts-lawsuit-filing/
 
May 2023 @EMPOWR_us files the second lawsuit against the SEC for covering up documents about Ethereum and ConsenSys May 2023 The SEC admits that there is a subtantial amount of communication from the SEC with JPMorgan about Ripple while delaying the FOIA further. https://twitter.com/AshleyPROSPER1/status/1663571495757512706
 
June 2023 JPMorgan's email provider accidentally deletes almost 50 million emails between January 2018 and November 2020 (exact same timefrime where they failed with record keeping) https://cnbc.com/2023/06/22/sec-fines-jpmorgan-chase-broker-deleted-emails.html
 
Ripples General Counsel calls for an investigation into Hinmans criminal financial conflicts. https://decrypt.co/144543/ripple-legal-chief-calls-investigation-former-sec-director-hinman
 
To this day, the SEC's General Counsel ignores it all. Is it because this is now the SEC's fourth General Counsel in just under 3 years? In the end, everything boils down to a single question: Why has Ethereum received unprecedented regulatory privileges from the SEC?
 
Link to original tweet
 

 

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The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

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The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

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“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

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Dubai regulator VARA classifies RWA issuance as licensed activity
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~ Not a whitepaper fantasy.

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It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

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This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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