(1) Watch some of the comments from Sept 14th 2021 where SEC Chair Gary Gensler testifies before lawmakers on the plan to regulate crypto.
You and I need to understand the comments and lack of education coming from regulators.
#crypto #usa #regulation
You and I need to understand the comments and lack of education coming from regulators.
#crypto #usa #regulation
(2) Gary Gensler repeatedly focuses on "disclosures", protecting the public, making sure human capital is assessed for fair wages, etc.
All of this is a ruse to control organizations and decentralization where two things have changed.
- Capital Allocation
- Risk Allocation
All of this is a ruse to control organizations and decentralization where two things have changed.
- Capital Allocation
- Risk Allocation
(3) If governments, banks and financial institutions are not providing capital to crypto markets and are not taking risk where #defi takes place of legacy systems, controlling all of this..... Makes. No. Sense.
FACT: Gensler taught course "Blockchain & Money" at @MIT in 2016
FACT: Gensler taught course "Blockchain & Money" at @MIT in 2016
(4) Mr. Toomey in the video comments that the SEC is behind a deadline to file documentation on issues with @RobinhoodApp events from 2021.
He also brings in comments crushing the idea that stable coins cannot be securities.
He also brings in comments crushing the idea that stable coins cannot be securities.
(5) You and I need to understand the howey test before commenting on securities. So here it is for reference. A security is:
An investment of money
In a common enterprise
With the expectation of profit
To be derived from the efforts of others
An investment of money
In a common enterprise
With the expectation of profit
To be derived from the efforts of others
(6) From the perspective of the average person, stable coins are not purchased to gain profit from them and neither use the efforts of others. They are a tool which operates as a utility.
(7) The thread of comments implies that the SEC wants to chase "Best Execution" of exchange transactions for users through regulation.
(8) Does the SEC worry about "Best Execution", where the public trades the highest profitable asset in the last 10 years (Bitcoin & more) with little regulation & massive success?
The answer: They don't. The SEC wants a larger piece of the pie from exchanges and the public.
The answer: They don't. The SEC wants a larger piece of the pie from exchanges and the public.
(9) Mr. Hagerty pushes Gensler to the wall implying that corporations do in fact, pay taxes.
"As to the people and the companies that you regulate...do you consider yourself to be their daddy?"
lol. Well played.
"As to the people and the companies that you regulate...do you consider yourself to be their daddy?"
lol. Well played.
(10) Gensler is asked about why he imposes his culture onto corporations and the public.
He dodges it and implies that there is "environmental risk" and human capital to oversee in the blockchain industry.
The environment & employment has nothing to do with crypto regulation.
He dodges it and implies that there is "environmental risk" and human capital to oversee in the blockchain industry.
The environment & employment has nothing to do with crypto regulation.
(11) Reporting the SEC wants to see, includes security breaches, financial custody & management of data.
Our industry has had time to set these standards internally for a decade. Now governments are stepping in because it has not been done.
Who will lead this from our industry?
Our industry has had time to set these standards internally for a decade. Now governments are stepping in because it has not been done.
Who will lead this from our industry?
(12) I personally believe that anyone discussing regulation in the blockchain industry should have to pass a brief exam to prove they understand how the technology works.
(13) A good place to start for senator education to create regulation is cryptoconsortium.org created by @aantonop and others.
A CBP (Certified Bitcoin Professional) designation features a very high standard for understanding cryptocurrencies starting with #BTC.
A CBP (Certified Bitcoin Professional) designation features a very high standard for understanding cryptocurrencies starting with #BTC.
(14) Other topics covered:
Regulating Gamification / Behavioural Prompts
A.I. Marketing
Diversity Inclusion
Corporate Political Donations
SEC Remote Inspections
Jeopardized Financial Opportunity
Banning Payments for Order Flow
Regulating Gamification / Behavioural Prompts
A.I. Marketing
Diversity Inclusion
Corporate Political Donations
SEC Remote Inspections
Jeopardized Financial Opportunity
Banning Payments for Order Flow
(15) More topics:
Over Regulation
Registration over Regulation
Whistleblower Regimes
Disclosing Financials between China & Cayman Islands
Over Regulation
Registration over Regulation
Whistleblower Regimes
Disclosing Financials between China & Cayman Islands
(16) Best comments from the video:
Senator Tim Scott - Asked Gensler "How will you protect the average retail investor so that opportunity is not removed?"
Senator Tim Scott - Asked Gensler "How will you protect the average retail investor so that opportunity is not removed?"
(17) Worst comments from the video:
Senator Elizabeth Warren - She paints a picture where investors lose their money when the crypto market drops & a user panic sells. Also, Warren critiques a DEX as being extremely risky.
Doesn't address education or non-custodial wallets.
Senator Elizabeth Warren - She paints a picture where investors lose their money when the crypto market drops & a user panic sells. Also, Warren critiques a DEX as being extremely risky.
Doesn't address education or non-custodial wallets.
(18) What are your thoughts on the comments from this video? There are a lot of smoke and mirrors to be aware of here.
It would be beneficial for all of us in the blockchain industry to understand what was discussed at this senate session.
It would be beneficial for all of us in the blockchain industry to understand what was discussed at this senate session.
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