Crypto’s Biggest Enemy Gets Grilled in Congress Today…

So let me be clear I do not want to be The first chairman of this committee To issue a subpoena to the secures Exchange Commission And you should not want to be the first SEC chair To receive a congressional subpoena Gary Gensler head of the SEC just got grilled In Congress today here are the hottest Clips and just understand the Frustration by both Democrats and Republicans alike both sides the Frustration that Gary gensler's lack of Clarity on how to regulate crypto in the U.S is stifling the United States is Stifling crypto adoption and in this First clip of five Gary Gensler can't Even answer simple questions you've made Comments on this you believe Bitcoin is Is not a security is that true well I Think the staff the SEC have also uh and The prior just asking you this question And this is not a gotcha I thought There's going to be an easy softball Into harder questions do you think Bitcoin is a security No I think I've said this in the past That I think that I'm asking you now Answer my question now this is not Supposed to be hard I know I said it Does not meet the Howie test which is The okay all the land about being so it Doesn't mean the highway tests so Therefore it's a commodity is that fair

I I I would say it's not a security and Then the test is otherwise for other Laws and did you notice someone Photobombed Gary with the coinbase stand With crypto Shield sort of the 2023 Version of the viral moment we saw back In 2017 of buy Bitcoin Behind The Honorable Janet Yellen and most of you Have seen already this viral clip of Gary Gensler back in 2018 when he was a Teacher at MIT sang ethereum and others Are not Securities Bitcoin ether Litecoin Bitcoin cash Why did I name those four they're not Securities well which Gary Gensler Should the public believe I'm confused Gary Gensler the American public should Believe the the academic version who Spoke glowingly about the power of Technology to help more investors Participate in U.S and capital Global Capital markets or the SEC version Apparently thinks all use of any Technology by broker dealers and Investment advisors is inherently Conflicted and firms should just stop Using technology altogether sure again Sir you know could you please briefly Explain this change in your views I thank you for the question a clever Question it's the same Gary genser it's Not my identical twin brother Rob or Anything it's me and how about this if I Were to purchase a tokenized Pokemon

Card which they have now that's real on A digital exchange via blockchain is That a security transaction suppose I Would have purchased a Pokemon card Would doing so constitute a security Transaction You could purchase a Pokemon card it's I I don't know what the context is but if You're just purchasing a Pokemon card if I purchase a Pokemon card is that a Security transfer or that's not as Secure okay if I were to purchase a Tokenized Pokemon card on a digital Exchange via a blockchain is that a Security transaction I'd have to know More Okay so so for you the process of Tokenization is what transforms a Non-duty transaction into a security Transaction look it if if they invest I Thought you were technology neutral if The investing public is anticipating Profits based upon the efforts of others And they're exchanging funds that's the And it started so much worse Gary Gensler can't name a Court ruling that Supports his entire theory on the case On crypto in August there were six law Professors from law schools as Preeminent as Yale who came to the Following conclusion quote no decision Of the Supreme Court has ever found that A scheme that does not involve a Contract could qualify as an investment

Contract and so do you disagree with That statement and if so could you Please cite a decision of the Supreme Court that has found an investment Contract in the absence of an actual Contract I The SEC has been in front of multiple Courts and investment contract has been Uh what's the name of the case Mr Gensler I'm the Supreme Court case that has Found an investment contract in the Absence of an actual contract do you Have the can you cite a case the the SEC Over the decades whether it's you cite a Case whether it's whiskey caskets Whether it's crypto if the public is Investing based upon the efforts of Others I I find it telling that you Cannot cite a single case that's a Security not a single how about a second Circuit case can you cite a single Second circuit case I have found an Investment contract in the absence I Understand where you're trying to go and I'm going to leave that to the very fine Attorneys at the SEC in front of Courts But I'm saying the core principle this Is a this is this is let me finish let Me finish this is the this is a question To which you should know the answer Because the definition of an investment Contract is the central issue that's

What determines the extent of your Authority that's what determines the Applicability of federal Securities Law To crypto transactions and you're in Ability to answer that question is Baffling to me and of course a brand new Clip of U.S congressman Tom emmer not to Be confused with the clip we shared with You a few days ago but in this new clip U.S congressman slams the SEC chair Gary Gansler for attacking crypto do you Believe the vast majority of digital Assets meet the investment contract test And are therefore Securities operating Illegally outside of the U.S regulatory Umbrella As I've said many of these assets are Basically the public is anticipating Service on the efforts of others is the Answer then yes again without prejudging Anyone I do think that the signal Claiming my attorney I'll take it and to Be clear sir this perspective has Nothing to do with a concern you noted In a speech last year where you said Quote over the past year several Bank Executives have shared their concerns With me about the sheer number of Depositors who have moved money from Their bank accounts into crypto related Exchanges and wallets end quote right The concern that those Bank Executives Raised was that there's again I Reclaimed sometimes we're getting hurt

I've asked you to answer the questions As short as I can so I can use the time I have and it's clear that you would Like to avoid answering the questions in My opinion and Obama appointed judge in The southern district of New York a bank Friendly jurisdiction where you bring Most of your cases recently found that Decentralized Financial technology quote Not only removes the so-called middlemen From these transactions but it also Allows users to interact through a Variety of methods in an easy and Efficient ancient manner end quote the Court also said Underwriters like the Ones at Banks where you work sir are Quote precisely precisely the types of Individual roles that decentralizes Exchanges were designed to eliminate end Quote Mr Gensler can you assure this Committee that your style of Regulation By harassment towards digital asset Innovation is the benefit of every American and not driven by your desires To protect industry incumbents this is a Field that's right with fraud and Manipulation and I'm I'm looking out for The American investors who've been hurt By the crypto I'll reclaim my time Mr Gensler despite your years of rhetoric Like today I'm convinced you are not an Impartial regulator instead it's clear That you are working to consolidate your Own power even though it means crushing

Opportunities for everyday Americans and Frankly the financial future of this Country even the federal courts are Highlighting the damage you sir are Doing to our constituents and they're Telling you that you don't have the Legal authority to accomplish your goal Of squashing competition in the Financial markets Congress has been Telling you that too now Mr Gensler I Believe our great financial system is The definition of freedom in this Country and Congressional policies must Provide room for the traditional Financial system to evolve alongside the Disruptive digital asset ecosystem that Said it cannot be understated that a Common theme throughout your career sir Is your Relentless loyalty to the Largest financial institutions at the Clear expense of innovation competition And everyday Americans I yield back I Suspect some large financial Institutions there's no question now sir And yes the SEC is responsible for the Spot Bitcoin ETF approval or delay we Just got another delay but in this final Clip that's possibly going the most Viral Congress pushes gear against their Hard on his FTX connections if you Receive should be transparent with Congress regarding your interactions With FTX and sandbankton freed that's The investigation we started last

Congress finally your lack of Responsiveness to this committee's Legitimate oversight continues to be Unacceptable and I want to finish here In February the committee made multiple Requests for documents to share his Exchange Commission this is normal Congressional oversight yet seven months Later the committee has not received a Single non-public document that was not Part of a foia production As I said our patience is wearing thin The SEC is not above the law nor is it Unique Other Financial Regulators have Routinely complied with congressional Oversight so let me be clear I do not Want to be the first chairman of this Committee To issue a subpoena to the secures Exchange Commission and you should not Want to be the first SEC chair To receive a congressional subpoena Either we find a path forward where the SEC recognizes Congress as a co-equal Branch of government and is responsive To our oversight duties or my option is To issue a subpoena It's time for you to consider the Lasting consequences of your action your Actions And what that means to the Securities Exchange commission's reputation long Term

While your time in this role may be Temporary the repercussions for your Actions may be permanent for the agency And it's so interesting because again It's not a democratic issue it's not a Republican issue it's a United States Issue that Gary Gensler is stifling Crypto innovation in this country to Democrat and two Republican members of The House Financial Services Committee Just told Gary Gensler to approve the Bitcoin ETFs there is no reason that the United States citizens shouldn't have Access to these Financial products and As if in response around the same time The SEC then delayed another spot Bitcoin ETF decision and what's crazy is They had until November to make that Decision usually they wait until the Final day at least the final week but Yesterday as if to send a message the SEC again delays their decision on the Arc Bitcoin ETF filing the SEC made the Call this week even though it wasn't Required to issue a decision until November 11th so all that said if you Were in the chair today would you have Approved it Well look I I I'm not there and I'm not Gonna Um have that kind of you know I do this He would do that what I would what I Have said is as this has developed it is Clear that Bitcoin is not a security

It is clear that Bitcoin is something That retail investors want access to That institutional investors want to ask To and importantly some of our most Trusted providers who are fiduciaries or Have duties of best interest want to Provide this product to the retail Public so I think as Anthony said an Approval isn't inevitable the dichotomy Between a Futures product and a cash Product can't go on forever and so I Think that's the path we're on so what's Your assessment then of of what chair Gensler is doing why why everybody in The industry saying it's inevitable and He's just going to look for for for ways To reject the applications when there's A Futures ETF already on the market What's the point here well let's let's Let me say this we'll give them time There's a 45 day roughly 45-day time Period Both in the DC circuit and and on the Deferral of these applications in the Relative scheme of things and I think Anthony was was uh he didn't say this Directly but in the relative scheme of Things 45 days is a short amount of time And I I do expect that we'll have Progress on this going forward this is An ongoing story for daily updates Keeping you informed about crypto click Subscribe you do not want to miss a Video


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