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Motion to Vacate Alleging Fraud Upon the Court in SEC v Reggie Middleton et al
thedinarian
March 17, 2025
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Will the SEC Defend Its Alleged Fraud?

Motion to Vacate Puts Crypto Oversight on Trial

On March 13, 2025, Reginald Middleton, founder of Veritaseum, filed a Motion to Vacate the Consent Order and Judgment in SEC v. Reggie Middleton et al., alleging fraud upon the court by the SEC. A letter from his attorney, Franklin Jason Seibert, requested a delay in the SEC’s briefing schedule—originally set for opposition papers by March 14 and replies by March 21—until after the motion’s ruling, with new deadlines two weeks and one week post-disposition, respectively.
 
The modified schedule order (DOC-106) required filings as follows:
  • March 14, 2025: opposition papers, if any, are served on the SEC
  • March 21, 2025: reply papers, if any, must be served by the SEC
The revised scheduling order, as stipulated, would be as follows:
  • Two weeks after disposition of Defendants’ FRCP 60(d)3 motion to vacate Consent Order and Judgment (DOC-61) for Fraud Upon the Court: opposition papers, if any, are served on the SEC;
  • One week later: reply papers, if any, must be served by the SEC

The question now becomes, will the SEC defend "Fraud Upon the Court?"

Digital Asset Securities

The SEC “regrets any confusion” caused by its characterization of these tokens as “crypto asset securities” and “no longer uses the shorthand term,” according to the Sept. 12 filing. Yet, this term was used to claim jurisdiction over the crypto industry raising questions over past cases, including that of Reggie Middleton.

"...by using imprecise language we've been able to suggest the token itself is a security, apart from that investment contract, which has implications for Secondary Sales, it has implications for who can list it...We've fallen down on our duty as a regulator not to be precise. So, tucking into a footnote that yes we admit that now that the TOKEN ITSELF IS NOT A SECURITY..." ~ SEC Commissioner @HesterPeirce

Tom Emmer @GOPMajorityWhip would later introduce the "Security Clarity Act" further questioning the SEC's jurisdiction over some cases.
 
What's even more suspicious, is the VERI token was mentioned about 150 times in the SEC's original complaint but the VERI Token was not mentioned once in the Final Judgment, which begs the question. Is the SEC deliberately hiding any reference to the VERI Token, just as they hid "The SEC is not referring to the crypto asset itself as a security" in a footnote of the Binance case? This becomes a little more questionable when the SEC refused to issue a written reply to the No Action Letter submitted by Jeremy Hogan and the VeriDAO.
 

The SEC's Smoking Guns: Fraud on the Court Allegations

1 - Falsely Claimed Patents were "not novel", "stalled" and would never be granted, claiming Reggie "misled investors about the status of Veritaseum’s IP". A total of 7 patents have since been granted with 3 in the US (US11196566B2, US11895246B2, US12231579) and 4 in Japan (JP6813477B2, JP7204231B2, JP7533974B2, JP7533983B2). These patents titled "Devices, systems, and methods for facilitating low trust and zero trust value transfers" are foundational to DeFi, Tokenized Assets, NFT's, Stablecoins, Proof of Stake and Proof of Work.

Coinbase filed a IPR2023-00751 in an attempt in invalidate these patents. The USPTO upheld the patents denying the IPR challenge based on "lack of merit" further strengthening the validity of the patents
 
2 -VeADIR Platform Functionality - a live demonstration was performed in front of SEC staff and days later Reggie was told to shut it down, Tenreiro then claimed the platform was not functional. VeTest Channel on YouTube has videos that prove the functionality but as shown in his affidavit, the owner was threatened by Tenreiro "...the line of questioning quickly turned aggressive, abusive and threatening" and told to cease making videos "...through threats of multiple felony charges against me for supporting Mr. Middleton, testing his software and publicizing the results through my YouTube Channel".
 
3 - Misrepresented Ownership of Kraken Corporate Account as Personal - Jorge Tenreiro failed to correct the record after expert witness Patrick Doody corrected his statements "I understand now that the account is titled in the name of Veritaseum LLC", found on the last page of his 2nd declaration. Also detailed on page 20 of the SEC RICO Dossier
 
Reggie Middleton a NY resident points out that Kraken is not licensed to do business in NY making it impossible for him to have a personal Kraken account as found on Krakens Support page under Geographic Restrictions.
 
4 - Misrepresentation of Asset Flow - by falsely alleged vast sums of money were flowing into Middleton’s personal account, misleading the court about asset misappropriation of funds. This point becomes moot as the account is proven to be a Corporate account as evidenced in point #3 and also in a 423 page reply to the TRO.
 
5 - False Allegation Regarding Agreements - alleging the defendants were merely negotiating deals with the Jamaican Stock Exchange (Memorandum of Understanding) and Nigerian Stock Exchange(Joint Venture Agreement), when signed agreements were already in place. The SEC's aggressive and actions caused the cancellations of these agreements. FOIA request have been submitted seeking communications between the SEC and the JSE.
 
6 - Misrepresenting Trading Activity on Etherdelta - as manipulation when it was publicly announced prior as a liquidity test of the new platform also found on page 49 Veritaseum's reply to the TRO “Testing EtherDelta as a method of distributing post-Offering Veritas tokens. Anyone interested in buy VERI please visit https://etherdelta.github.io and let me know”
 
7 - Misrepresentation of CEO Payments - falsely misrepresented that $1.7 million in periodic payments to Middleton over 27 months (about 2 and a half years), was dissipation of assets, misleading the court about CEO compensation. this is detailed on page 55 of the SEC RICO Dossier.
 
8 - Nature of International Payments -The SEC's TRO action misrepresented payments to overseas contractors as asset dissipation. Daneillo would later correct her findings to show they were in fact payments to overseas contractors. The SEC continued to imply that the payments were part of an effort to hide assets to thwart judgment relief, which is clearly a disingenuous characterization (SEC Memo of Law in Further Support of TRO).
 
9 - Unethical Conduct in No-Action Letter Request - Involved himself unethically in a No Action Letter (NAL) request meeting, breaching the SEC’s ethical separation as found in the Bar Complaint against Jorge Tenreiro.
 
10 - Harassment of VERI Token Holders - aggressively pursued VERI token holders to coerce them into giving evidence against Middleton, despite them stating they were not victims of Fraud. Victims of harassment have either come forth with notarized affidavits (Lloyd Cupp, John Doe) explicitly and verbosely describing the coercion, or have indicated fear of retaliation due to their treatment after interaction with Mr.Tenreiro.
 
11 - The sanctions against the SEC for lying to the Court to issue a Temporary Restraining Order in the Debtbox case further exemplifies the SEC's tactics in issuing TRO's. Quoted from a letter by Senator at the time JD Vance to Gary Gensler “It is difficult to maintain confidence that other cases are not predicated upon dubious evidence, obfuscations, or outright misrepresentations”. Parallels of the TRO issued in the Debtbox and that of Veritaseum.
 

Timeline of Events

Aug 19, 2019: All allegations against Reggie were addressed and rebutted in a strong
423 page reply to the SEC emergency TRO but days later the SEC would ignore the evidence provided and the TRO was granted regardless forcing a Consent Order and Final Judgment
 
March 10, 2021: Jorge Tenreiro argued the SEC's case against Ripple’s Christian Larsen for aiding and abetting unregistered securities sales was valid, highlighting Tenreiro's aggressive enforcement approach.
 
Oct 13, 2022: SEC v Middleton Case Information claiming he harmed investors yet no token holders came forth as witnesses for the SEC.
 
March 2024: “Gross Abuse of Power” US Court SEC for Misrepresenting Evidence to obtain a TRO against Debtbox. US Court Memorandum Decision and Order. An analysis comparing this to the SEC's TRO against Veritaseum can be found on page 42 of the SEC RICO Dossier.
 
Sept 2024 - SEC v Binance - Footnote states Token itself is not a security.
 
Oct 4, 2024: A Bar Complaint was filed against Jorge Tenreiro by the VERI Community.
 
Oct 31, 2024: A 96 page SEC RICO Dossier supported by over 1800 pages of evidence was also released by the VERI Community.
 
Dec 6, 2024: The Attorney Grievance Committee forwarded the Bar Complaint back to the SEC OGC. The VERI Community issues a letter to the AGC asking it to reconsider investigating the complaint.
 
Jan 2025: SEC admits in a footnote "that a token itself is not a security" revealing that "Digital Asset Securities" is a made up term used to claim jurisdiction over digital assets https://x.com/SovereignRiz/status/1881316167987388904
 
March 9, 2025 - Tom Emmer introduces the "Securities Clarity Act" stating Tokens are separate from an investment contract.
 
Feb 5, 2025: Tenreiro has since been reassigned to the IT Dept. WSJ Article "SEC Ousts Top Litigator Who Battled with Crypto Giants"
 
 
 

Other Articles exploring this topic in more detail

 
 
 

Source links:

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Finally, any statements regarding individuals, entities, or organizations are not intended to malign, defame, or harm the reputation of those mentioned. Any resemblance to real individuals or incidents is purely coincidental, unless otherwise explicitly stated, and the authors urge readers to exercise caution and discernment when interpreting the information presented.
 
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Op: Realallincrypto

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thedinarian@thedinarian
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‼️JUST IN JULY 2025 REPORT REVEALS PUBLICLY TRADED COMPANY IMMUTABLE HOLDINGS WILL BEGIN STRATEGICALLY ACCUMULATING HBAR TOKENS‼️

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“HBAR = a compelling candidate for long-term digital asset treasury management.”✅

Documented below.📝👇

Op: Smqkedqg

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thedinarian@thedinarian
July 28, 2025
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PYTH: We'll Always Have Coldplay

Welcome back to The Epicenter, where crypto chaos meets corporate cringe.

But surprisingly, crypto has not been the most chaotic corner of the internet as of late.

That honor goes to the startup Astronomer, whose CEO’s cheating scandal broke the web in a glorious meme-fueled media frenzy. The company’s damage control? Hiring Gwyneth Paltrow as a “temporary spokesperson.” Do we think they’re grasping at straws or setting a new standard for PR?

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From meme-fueled PR stunts to Bitcoin-backed money-market funds, this week reminded us that markets move fast—and headlines move faster. With Wall Street automating itself, fintechs beefing with banks, and even your smartphone becoming a miner, anything is possible. Stay curious, stay cynical, and as always—stay sharp and stay liquid. We’ll see you back here in two weeks.

— The Epicenter, powered by Pyth Network

 

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thedinarian@thedinarian
July 27, 2025
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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

  1.  Alina Invest - The AI Wealth Manager for GenZ Women

Alina is aimed at women under 25 who identify as beginner investors. They're an SEC-registered investment advisor that charges $120/year for membership. The service "buys and sells for you" and gives up notification updates of recent transactions like a wealth manager would.

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2. Blue layer - The Carbon project funding platform

Bluelayer allows Carbon project developers to take from feasibility studies to issuing credits, tracking inventory, and managing orders. Developers of reforestation, conservation, direct air capture, and other projects can also directly report to industry registries. 

👉 Carbon investing and tax credits are heavily incentivized but need transparent data. By focusing on the developers, Bluelayer can ensure the data, reporting, and credits lifecycle is all managed at the source. This is smart.

3. Akirolabs - Modern Procurement for enterprise

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👉 Procurement is a great wedge for multinational corporate transformation. Buying anything in an enterprise that uses large-scale ERPs is a nightmare of committees and spreadsheets. Turning an oil tanker-sized organization around is difficult, but the right suppliers can have a meaningful impact in the short term. That only works if you can buy from them. Getting people on the same page with a single platform is a great start.

4. NeoTax - Automated Tax R&D Credits

NeoTax allows companies to connect their engineering tools to calculate available tax advantages automatically. Once calculated, the tax fillings are clearly labeled with supporting evidence for the IRS.

👉 AWS and GCP log files and data are a goldmine. Last week, I covered Bilanc, which uses log files to figure out per-account unit economics. Now, we calculate R&D tax credits. The unlock here is LLM's ability to understand unstructured data. The hard part is understanding the moat, but time will tell.

In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

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Adyen reported 22% revenue growth and an EBITDA margin of 46% for the full year. Adyen's total revenues were $1.75bn for the full year. The margin was down from 55% the previous year, impacted by hiring ahead of growth.

🤔 PayPal’s Braintree (unbranded) is losing market share in the US, while Adyen is winning it. eCommerce is growing ~9 to 10% YoY, and PayPal’s transaction revenue grew by 6.7%. The higher interest rate environment meant interest on balances dragged up the total revenue figure. Their core business is losing market share. Adyen is outgrowing the market by ~12%.

🤔 The PayPal button (branded) is losing to SHOP Pay and Apple Pay. The branded experience from Apple and Shopify is delightful for users; it’s fast and helps with small details like delivery tracking. That experience translates to higher conversion (and more revenue) for merchants.

🤔 The lack of a single global platform hurts PayPal, but it helps Adyen. In the earnings call, the new CEO admitted their mix of platforms like Venmo, PayPal, and Braintree are holding them back. They aim to combine and simplify, but that’s easier said than done.

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The two banks provided accounts to UK front companies secretly owned by an Iranian petrochemicals company. PCC has used these entities to receive funds from Iranian entities in China, concealed with trustee agreements and nominee directors. 

🤔 This is the headline every bank CEO fears. Oof. Shares of both banks have been down since the news broke, but this will no doubt involve crisis calls, committees, appearing in front of the regulator, and, finally, some sort of fine.

🤔 The "risk-based approach" has been arbitraged. A UK company with relatively low annual revenue would look "low risk" at onboarding. One business the FT covered looked like a small company at a residential address to compliance staff. They'd likely apply branch-level controls instead of the enterprise-grade controls you'd see for a large corporation. 

🤔 Hiring more staff won't fix this problem; it's a mindset and technology challenge. In theory, all of the skill and technology that exists to manage risks with large corporate customers (in the transaction banking divisions) are available to the other parts of a bank. In practice, they're not. Most banks lack a single data set and the ability for compliance officers in one team to see data from another part of the org. Getting the basics right with data and tooling is incredibly hard and will involve a multi-year effort. 

🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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thedinarian@thedinarian
July 27, 2025
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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments. 
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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