LAL Live: Crypto Update! SEC v. Ripple Labs & Jimmy Vallee (NPS July 19)

Norm opens the show by asking listeners to opine on the possibility that disgraced Bridgeport, Connecticut, Mayor might make a comeback in the realm of law and politics. And listeners called in in resounding fashion.  Joe Ganim served 7 years in a federal prison for a myriad convictions including extortion and wire fraud, but not before being elected as the Mayor of Bridgeport from 1991 to 2003. He won election again in 2015 and is currently serving his 7th term as Mayor of Bridgeport.  But there is another investigation ongoing. Should Ganim be allowed to continue holding public office? And should he be granted his law license back? The entree of today's show is the return of one of LAL's favorite guests, Jimmy Vallee of Valhil Capital. Norm and Jimmy dive deep into the ongoing litigation between the Securities and Exchange Commission and Ripple Labs, the blockchain technology company that promulgated popular crytocurrency XRP.  $100MM in legal fees? Is XRP a security? And who regulates the regulator? Jimmy unpacks many of the very obvious conflicts between private companies competing with Ripple, the transition of key figures from those private entities into the public service at the SEC, and the SEC's subsequent behavior with respect to XRP's rather arbitrary designation as a security.  The notion of 'regulatory capture' is a concept that LAL routinely indulges. And the Ripple case is a complicated one.  For all of our listeners, please visit cryptolaw.us (run by a former guest, John Deaton) to find all of the information related to this case. There is even a button that will pre-fill an email to your local representative.  The SEC has some 'splainin' to do. And the outcome of midterm elections may portend a fiery future, perhaps by way of congressional committee or other investigative means.  Norm updates on the Twitter v. Elon Musk matter. The Delaware Chancery Court has granted Twitter's motion to expedite trial, and has set the date for October 2022. Rocket docket, here we come! Like, share, and subscribe! Norm is live every weekday from 12pm ET to 2pm ET on WICC 600AM/107.3FM. Stream Norm live at https://www.wicc600.com/. Follow @PattisPodcast on Twitter.