Ryan Devereaux

You know, we're doing a lot of speculating here because obviously it's a grand jury.

It's super secret.

That's the nature of a grand jury.

We don't know what the substance of this investigation is, but I think that it is fair to conclude that this is an indication that the administration and federal law enforcement under this administration is taking this...

of federal law enforcement epidemic, as they describe it, really seriously.

They're going beyond the administrative subpoenas, which an agent at ICE can whip up pretty quick.

They don't need a judge's approval to request this data.

they're seeing pushback in federal courts as they did in Northern District of California.

They're seeing some of these knocked down.

So instead of backing away from this project of going after these accountants, they're taking it to the next level and they've convened a grand jury and they're seeking evidence and they're hauling the companies themselves in and asking them to turn over data.

And that's a pretty significant turn.

We'll have to wait and see whether

an indictment comes down out of this grand jury or not.

But the fact of a federal grand jury in this kind of case is significant.

For listeners who might not know, a grand jury is not like you hear jury and you're thinking an adversarial kind of trial, the defense attorney making arguments.

That's not what a grand jury is.

A grand jury exists for the purpose of allowing a prosecutor to

present evidence in order to bring charges.

Everything is under seal.

So all of this is happening behind closed doors right now.