So Dominion sued Rudy for defamation. How are they ever going to allege actual malice?
More from Akiva Cohen
\U0001f6a8BREAKING: Trump files new federal court lawsuit in Wisconsin challenging the results of the election.https://t.co/LfKb2PUIkq
— Marc E. Elias (@marceelias) December 3, 2020
Not, I hope, Seth Abramson long. But will see.
I apologize in advance to my wife, who would very much prefer I be billing time (today's a light day, though) and to my assistant, to whom I owe some administrative stuff this will likely keep me from 😃
First, some background. Trump's suit essentially tries to Federalize the Wisconsin Supreme Court complaint his campaign filed, which we discussed here.
OK, #squidigation fans. This is a new Wisconsin case not filed by the Krake[n/d] team of Powell and Wood and NOT focusing on wild conspiracy theories. It's a competent and professional filing that raises things that would be real issues ... if you don't understand why they aren't https://t.co/ETvUiWV5du
— Akiva Cohen (@AkivaMCohen) December 1, 2020
If you haven't already, go read that thread. I'm not going to be re-doing the same analysis, and I'm not going to be cross-linking to that discussion as we go. (Sorry, I like you guys, and I see this as public service, but there are limits)
Also, @5DollarFeminist has a good stand-alone thread analyzing the new Federal complaint - it's worth reading as well, though some of the analysis will overlap.
Every one of these Trump election suits is the same gobbledygook garbage barge:
— Liz Dye (@5DollarFeminist) December 3, 2020
FRAUD!
It coulda happened.
Well, no, we can't prove it.
But just to be safe, best let the gerrymandered legislature give us all the electoral votes!https://t.co/Z926668H05 pic.twitter.com/xGZsJKIO7Y
Hi, #Squidigation fans. New developments in the Michigan tentacle. Driving little man to school this morning, but we can talk about it when I get back https://t.co/m6GxK7g5T1
— Akiva Cohen (@AkivaMCohen) December 7, 2020
First: 11th Amendment Immunity. Basically, states (and their officials) have sovereign immunity; you can't sue them in Federal Court except to the extent that they agree to be sued there. Quick thumbnail of the doctrine here
There are only 3 exceptions to this: 1) Congress says "you can sue your state for this"; 2) the state agrees to be sued; 3) Younger, a case that said "you can sue your state if you are just seeking an order saying 'stop violating my rights'"
In other words, if the state passes a law that says "no talking politics in public" you can sue for an order saying "that's unconstitutional and can't be enforced" but not for damages from having your 1A rights violated in the past
I'm sure you can see where this is going: Exceptions 1 and 2 don't apply; Congress didn't say "no sovereign immunity" when it passed 42 USC 1983 (the civil rights statute the plaintiffs sued under) and Michigan hasn't waived it. That leave Younger as the only remaining option
More from Law
Less schadenfreude, more "what now?" https://t.co/a0oTwblBHB
BREAKING: The @SEC_News intends to sue @ripple over its sale of XRP, alleging the cryptocurrency is an unregistered security according to @bgarlinghouse.@nikhileshde reportshttps://t.co/7Z3KSWk7dn
— CoinDesk (@CoinDesk) December 22, 2020
2/ First of all, the USG is going to lose.
I don't even need to read the complaint. They might force a settlement, but they're outclassed on legal.
Remember Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their
3/ Second, the USG should lose.
The SEC restrictions on non-accredited investors; the ridiculous Howey test; 80 year old securities law like the "40 Act" all need to die in fire. They are un-American and completely outdated.
I hope Ripple wins. (WUT?)
4/ Third, it's incumbent upon industry to self-police and hold the moral high ground.
I give certain individuals A's and others F's, but as a whole, the most powerful people and companies generally take a Swiss neutrality stance on assets.
So we're effectively in this together.
5/ We're "in this together" to draw lines of regulatory demarcation.
XRP as a "security" further hurts the U.S. businesses while global comps will continue to make these markets.
XRP as a security also means other assets will meet the same fate. At least Ripple has $ to fight.
Long one. TL:DR very little at the moment but has potential
/1
Lots of stuff on technical barriers and customs cooperation. See @AnnaJerzewska for more on the latter. pic.twitter.com/3sC5xHD3Z8
— Steve Peers (@StevePeers) December 26, 2020
Borders
When compared to no deal the deal changes very little in terms of border procedures. All formalities and checks will still be required.
Reminder - we're not starting from 0 here – both our container ports and our ro-ro ports are already congested
/2
On top of that, all the issues related to border readiness: lack of capacity and space, IT systems not ready, shortages of customs agents, treader readiness – have not been solved.
The deal doesn’t help with that.
/3
Here is where we are:
☑️The UK will phase-in border formalities over 6 months (customs and SPS)
☑️The EU will introduce full formalities in 3 days (customs + SPS)
☑️Irish Sea border also fully operational in 3 days with some short-term SPS easements
/4
Pre-notifications (safety & security declarations) not initially required on the UK side, needed for imports into the EU.
So what's in the deal?
/5
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If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.