The one thing the majority of cryptocurrency enthusiast agree on in the industry needs regulation to go mainstream, thrive, and give everyday Americans and everyone around the world control of their personal finanances. The last thing Big Banks and Politicians want is to give more power to the people. Believe it, don’t believe it, personally I don’t give a flying flip. “Only a fool argues with Facts”, and yes I understand cognitive dissonance.
I personally believe the best place to start to understand what has really been going on in the financial markets for years, is to watch the movie INSIDE JOB.
From Milkroad, my favorite crypto newsletter
“ETH IS NOT A SECURITY” – GARY GENSLER, 2018
All eyes have been on Gary Gensler. You might know him asthe Chairman of the U.S. Securities and Exchange Commission. Slayer of Exchanges. President of the Crypto Haters Club.
But what you might not know is that ol’ Gary G used to be a professor at MIT. And recently, a Twitter user (@ZK_shark) took a trip down memory land and found a clip of Gary teaching back in 2018.
The below clip is from a Fall 2018 Graduate MIT course called “Blockchain and Money”Gary Gensler – the current President of the SEC, was the professor. The Hypocrisy speaks for itself “So we already know in the US and in many other jurisdictions that 3/4 of the market…
The course was called Blockchain and Money. And although Gary is singing about how bad crypto is today, he was like T-Pain on autotune singing a whole different song 5 years ago…
Here are some of our favorite lyrics:
“The Securities and Exchange Commission has said regardless of what it might have been in 2014, [ETH] is now sufficiently decentralized that we’ll consider it not a security.””So we already know in the US and in many other jurisdictions that 3/4 of the market are not ICOs or NOT what would be called securities. 3/4 of the market is non-securities. It’s just a commodity, a cash crypto.”
Crazy, I know. The same guy that is coming after crypto claiming most are securities was once teaching his students that 3/4 of the market (including ETH) isn’t a security…
The teacher has turned into the attacker.
|COINBASE FIRES BACK
|Another day, another Coinbase headline.
|This time? Coinbase is suing the SEC. shots = fired
|Here’s a quick recap:
|Last year Coinbase filed a petition with the agency on if existing securities laws could apply to cryptoThe SEC left Coinbase on “Read” but then sent over a Wells Notice last monthSo Coinbase followed up with a lawsuit saying that they want a response to their petition and long list of unanswered questions
|It’s like when your friend has been giving you the silent treatment, and your other friend has to become the messenger.
|But there’s a lot more at stake here than just friendship bracelets
|Why does this matter? Two reasons:
|1/ Coinbase might be the strongest challenger to the SEC. They have a top-tier legal team and a history of complying with U.S. regulation.
|They’ve been a crypto pioneer since 2012, too. And other notable folks in the space will probably voice their support for the company’s move.
|2/ The SEC really is making things up as it goes along. The agency has been throwing lawsuits around like hot cakes. Pair that with all the times Gary’s put his foot in his mouth, and there could be a happy ending for Coinbase.
|And if there isn’t, there’s always Bermuda…
SUNDAY 4-23 UPDATE
I got the email today. I do not necessarily agree this level of panic is necessary, but I believe that now is the time for people to get exposed to crypto for control and protection, as I shared in this video.
From Academy Award® nominated filmmaker, Charles Ferguson (“No End In Sight”), comes INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia. Narrated by Academy Award® winner Matt Damon, INSIDE JOB was made on location in the United States, Iceland, England, France, Singapore, and China.
This movie is not a cryptocurrency movie, but it will give you a behind the curtain look, and why cryptocurrency scares politicians and big banks. The last thing they want is for finanical power to be with citizens. That will be abuntantly clear if you have the guts to watch this movie!
As we have been trying to communicate since we took the crypto dive. Cryptocurrency takes the control of our personal currency out of the hands of politicians which are contolled by big banks and puts control in the hands of all people around the world.
Big Banks know the toothpaste is out of the tube and they are not going to be able to get it back. They are doing everything they can to tryo to maintain control. In the meantime American Citizens and Cryptocurrency companies have had all they can take of Gensler and the SEC.
Other countries are making decisions that are in the best interest of their citizens and they will flourish and the USA because of the bad decisions being made at this time and place in history by politicians will suffer in the near future.
Update 4 -21
COINBASE GOES TO BERMUDA
Welp, looks like the SEC has officially started pushing crypto players out.
And the first one is Coinbase. It just secured a Bermuda license to launch a perpetual futures exchange.
What are perpetuals? They let traders bet on the future price of an asset indefinitely. They’re kinda like an everlasting Gobstopper
And Coinbase is moving fast. It’s rumored that the exchange could launch as soon as next week.
Why does this matter? 3 reasons:
1/ There’s a HUGE market for a hot sector like perpetuals
They’re offered on most major tokens, but there was over $25B of volume on BTC perpetuals alone yesterday.
2/ Coinbase is makin’ moves to bring the next billion users to crypto
Coinbase just launched BASE, its new L2 blockchain.
But perpetuals will appeal to a much different crowd. Coinbase is tryna be the one-stop crypto shop.
3/ Others could follow Coinbase’s suit and move overseas
Coinbase isn’t the only one fed up with regulatory confusion in the U.S. A bunch of others have announced plans to expand across the pond.
Way to go, Gary…
UPDATE 4 -18
UPDATE APRIL 18th 2023
Tuesday, April 18 – Oversight of the Securities and Exchange Commission
This will cover the regulatory developments, rulemaking, and activities that the SEC has made since October 2021. (AKA – it’s gonna be a long ass meeting)
But there’s one specific topic we’re interested in: the SEC’s attempt to change the definition of “exchange”.
With the proposed change, the SEC is trying to expand “exchanges” to include things like decentralized crypto trading platforms and other DeFi services.
Why this matters? If this ends up happening, the SEC would gain oversight over a lot of decentralized services. And they’re known for one thing… making it rain regulations.
Gary Gensler (the head of the SEC) will be the star witness at Tuesday’s hearing and all eyes will be on him as he defends the proposed rule change.
Btw – the SEC and Gary G remind me a lot of my little cousin playing basketball – they want easy dunks, and when he can’t they change up the rules and lower the rim. *tsk tsk tsk*
Cryptocurrency helps all people around the world fight inflation and puts investing on an even playing field. It gives everyone the opportunity to invest in advancing technologies.
The older I become the more of a conspiracy theorist I have become. What is really mind-blowing today is that most politicians aren’t even trying to hide their bias. They sincerely believe that most Americans are not smart enough to look behind the curtain and understand where their motivations come from.
I believe common sense tells us that while governments around the world continue to print money creating massive debt for future generations and the inflation we are experiencing now – there concern is not for people.
Their loyalty is to traditional banking systems, and the Ultra Rich. When I run across articles, videos, or post that reveal the truth around what government officials and politicians are doing and saying. I will post them here to keep our readers in the loop.
Gary Gensler is Corrupt
GARY GENSLER is the CRYPTO DEVIL !
|Gary Gensler’s SEC has a clearly-articulated mission: Protect investorsMaintain fair, orderly, and efficient marketsFacilitate capital formation
Nowhere in the mission of the SEC is there a mandate to “Bully, harangue, and threaten legitimate businesses.” Nowhere does it say “Drive innovation offshore and ensure the United States becomes a financial pariah.”
Nowhere does it say “Use arbitrary and capricious interpretations to punish the innocent, while failing to stop calamitous threats and acting long after the fact.”
Gensler’s SEC is an abject failure. Investors have not been protected by its actions. They have been harmed. Repeatedly. Both by his actions, and by his inactions. Fair and orderly markets are now deeply reactive to the actions of the very agency charged with maintaining them.
|(Spot the SEC investor protection action that wiped $40 billion off the market cap of crypto!)
For years, every SAFT or SAFE agreement has contained a list of proscribed jurisdictions — countries where entrepreneurs simply can’t, or won’t, engage with potential investors. It usually reads: North Korea, Syria, Iran, China, and the United States.
Gensler’s crusade will not kill crypto.
It will simply isolate American investors, entrepreneurs, financial institutions and ordinary people who wish to participate in the inevitable, and desirable, future of information and value exchange. This is not just misguided. This is sabotage. And Gensler’s actions will not be fondly-remembered when their true cost is counted in the future.
Many of us have noted that technology is not a partisan issue. Yet those who enable or tolerate Gensler increasingly appear to be on one side of the aisle, which I predict will prove to be a catastrophic error.
Whether his political critics on the right will be more friendly when they have the power to act, rather than simply posture, is yet to be seen. But as a reminder to both political parties in the United States:
The crypto industry is full of motivated, ambitious, talented, young people. People who build things. People who change things. People who will not forget those who enable Gensler’s ill-conceived attacks on crypto. And people who are very, very well-funded. Very. Well. Funded.—Jon Rice
|Number of the Week
|1,203Days until Gary Gensler’s term ends.