Welcome to BitBoy Crypto!
My name is Ben.
And today we're roasting Gary Gensler.
Alright, guys. So we're going to be roasting Gary Gensler today,
which it's not very difficult to do, to be honest with you.
I don't know.
My wife told me to roast a moose, it takes like 10 to 12 hours,
to roast a deer, it's like eight hours.
To roast Gary Gensler, it's only going to take us like 10 minutes.
So let's get into it.
This is John Kennedy.
I followed your career.
You've had a lot of career in public service.
You've made a lot of money on Wall Street.
I respect that.
A respected banker who's made a lot of money on Wall Street is now a regulator.
Hmmm?
I honor that.
But as to the people and the companies that you regulate as chairman of the SEC,
do you consider yourself to be their daddy?
No.
This question is hilarious
because it is the way that Gary Gensler comes off
that he's everybody's daddy.
But we all know there's only one person out there in politics
who he is called Daddy by,
and that's, of course, Pocahontas, Elizabeth Warren.
No, no.
Then why do you act like it?
I try to take the oath of office seriously
- that the SEC has set up to - He's such a fraud.
promote investor protection and facilitate capital formation
and that which is in the middle.
Yeah, but why do you impose your personal preferences
about cultural issues and social issues on companies?
And therefore their customers and their workers.
Like climate change and the so--
Did you see the way Gary Gensler was already, he was already like,
"Like what? Like what?"
Like, John Kennedy didn't come prepared with the receipts.
We always come with receipts, Gary.
You left too many strewn around.
I mean, I'm sure you have personal feelings about abortion.
Do you have plans to implement or impose those values on companies?
So I want to thank you for the compliment you gave me and I followed your career
and I have the deepest respect for you too, sir.
I think that I'm not doing that.
I think what I've been
You see how he butters him up before he says you're wrong?
- trying to do is say, - Typical of a lizard person.
if investors want information about climate risk,
and it looks like tens of trillions of dollars of assets under management are asking,
we at the SEC have a role to put something out to notice and comment,
do the economic analysis and really see what investors are saying.
It's really in that narrow set of chalk lines that
Interesting. He says chalk lines
because everything he does is foul, not fair, of course.
But if you really look what he's saying here, he's talking about investors.
Gary Gensler doesn't stand for investors at all.
He only stands for the banks.
Nothing he does is to protect investors.
He thinks you're an idiot.
And when he says investors,
he means aka retail investors,
aka dumb money,
aka you,
aka idiots.
That's what he's talking about.
Now, that, of course, was famous because it was where he asked,
you know, why are you trying to be everybody's daddy?
Now, let's go to the hearings the other day,
from the hearing for the House Finance Committee.
So let's go and see what McHenry had to say.
This is about Ethereum, of course.
- Is anticipating a profit based on the-- - I'm asking a specific question, Chair Gensler.
I said this in private.
When a man with a bow tie comes at you like this and you can't stand up to him,
you're weak AF.
It should be no shock to you I'm asking this question.
Is it an Eth--
is Ether a commodity or a security?
And again, it depends on the facts and the law
- and if there's a group of individuals in the-- - I'm asking about the facts and the law
sitting in your seat and the judgment you're making.
And so, Mr. Chair, I think you would not want me to pre-judge
- because I'm always-- - But you have pre-judged on this.
You've taken 50 enforcement actions.
We're finding out as we go, as you file suits,
as people get Wells Notices on what is a security in your view
and your agency's view.
I'm asking you a very simple question about the second largest digital asset.
What is your view?
And my view is, if there is a group of individuals in the middle
He can't answer the question!
Look, guys.
This is the first of many Gary Gensler videos we're going to do.
I'm sick of this guy.
I'm about to squash this lizard with my boot.
100%
I want the guts spewing everywhere.
You guys know that?
You stepped on a lizard on accident?
You see the guts?
We probably won't see anything but sacrifical children's blood
running out of Gary Gensler, of course.
That's the way he stays young.
But the point here is, is that he can't answer the most simple question.
He says there's so much clarity, everybody knows what Ethereum is,
the securities laws clearly laid it out,
but he can't answer the question.
And in a later video,
we're going to be taking a look at what he said at the MIT blockchain course
that he specifically said that
Ethereum was too decentralized to be considered a security.
He's already said it.
Now, he says there's clarity?
It doesn't make any sense.
- that the public is anticipating a profit based on those efforts. - Alright. So let me just ask a second.
Do you think it serves the market
for an object to be viewed by the commodities regulator as a commodity
and the securities regulator to be viewed as a security?
Do you think that provides safety and soundness for the product?
Do you think it provides consumer protection?
Do you think it serves the value of innovation?
I think "no" should be a very simple answer for you here.
Duh!
- I think-- - That uncertainty is bad, is it not?
And I think that Congress has said that there's one agency,
the Securities and Exchange Commission,
- under this committee-- - And you won't answer my question,
and you're the head of that agency,
so give me a break. Come on!
What a joke.
He can't answer the most simple of all questions.
It's so ridiculous that this is the guy that's in charge of this agency.
And when he says, you know, "Who should be making the decisions?"
He goes, "Obviously, the agency."
Why don't you just say, "Me, me, me, me, me!" Gary?
Why don't you say it?
Just say it.
I'm answering it in the generic
because you would not want me to speak about any one set of facts and circumstance.
Wait!
- Okay. - No, he's literally asking you about one set of facts and circumstances!
He's literally asking you that.
It's ridiculous.
But you've already spoken. Have you said anything about Bitcoin?
- My predecessors in the agency itself has spoken to that, yes. - Okay.
But you're not willing to do this--
His predecessors have already spoken about Ethereum as well.
William Hinman spoke about Bitcoin and Ethereum.
That's why it's so ridiculous.
That's why you can't trust anything that this guy has to say.
Alright. Let's check out what the majority whip has to say here.
Tom Emmer to Gary Gensler.
I think my public record shows two.
You met with FTX at least twice.
And arguably the second biggest crypto failure in history was Terra LUNA.
Who was the Chairman of the SEC when Terra LUNA collapsed, sir?
We had brought--
- You were, sir. - Answer the question!
Reclaiming my time. You were.
- There are five members on the Commission. - Boom! Boom!
Do you believe your speeches and interviews are to serve as the official position of the SEC?
There, I can only speak for myself when I'm speaking--
- Again, sir, - That's what he freaking said,
you bald-headed, cul-de-sac-face-looking idiot.
in a statement on the SEC website, you are quoted saying,
"The Kraken staking-as-a-service enforcement action should make clear to the marketplace
that staking-as-a-service providers must register."
But, again, you haven't provided any rules for how that can be done.
I must remind you,
your public statements are not regulations.
It's not responsible to expect the American people
to assume your statements are a substitute for rules.
Do you agree with this statement regarding the digital asset industry?
"The SEC needs additional congressional authorities
to prevent transactions, products and platforms from falling between the regulatory cracks."
- I think that it's a largely non-compliant field-- - Sir, again,
It's weird because he says in the MIT course
three-fourths of all crypto are already considered by the SEC to not be securities,
and now he says the majority are.
Absolutely makes no sense.
I asked you to comply with my questions.
And I'm asking you if you agree with that quote,
and I am going to tell you,
I'm quoting you from an August 3, 2021 article,
and I believe you told Congressman Hill earlier
that you need congressional authority to regulate stablecoins,
and stablecoins happen to be a significant percentage of the crypto market.
So, the question is,
- when were you telling the truth? - Oh, my gosh. If you look like Gary Gensler,
- To Mr. Hill or to me? - I'm sorry.
- You've got to start answering these questions in a more transparent manner, sir. - Brad Sherman.
- Does it concern you, by the way, - If he was transparent,
he'd have to tell the truth, which this man is not capable of.
that your approach to the digital asset industry
is actually driving this industry out of the United States?
We're trying to drive it to compliance and if they're not complying with the laws,
- then they shouldn't be offering their products-- - Reclaiming my time.
Madam Chair, I would like to enter into the record
this Wall Street Journal article from April 14, 2023,
detailing China's ploy to open its banking system to crypto firms
in an effort to seize an opportunity created by our hostile regulatory environment,
- which, Mr. Chair, you're a big part of. - Without objection.
Chair Gensler, FTX was domiciled abroad and so is Binance.
Yet, American consumers still had access to both.
You can't really think that pushing this industry abroad
is going to protect American consumers when it hasn't several times, in the past,
- on your watch. - Boom!
You say the crypto market is rife
He's incompetent.
There's no question about it.
He's either a crook or incompetent.
There's nothing in the middle.
with non-compliance.
However, existing SEC rules make no sense for blockchain-based companies,
and following them would actually kill these businesses.
Your regulatory style lacks flexibility and nuance,
and as a result,
you've been an incompetent cop on the beat.
Boom! There you go.
That's all that needs to be said.
"Incompetent cop on the beat."
Alright. Let's move on. Let's check out the very last one.
This is Byron Donalds, and probably my favorite one,
critiquing Gary Gensler as the CFO of Hillary Clinton's 2016 campaign.
So this is Byron Donalds.
This is my very favorite politician in Washington.
I love this guy. He's phenomenal.
He's out of Florida.
He might be a great Vice President pick for DeSantis or for Trump.
He's already said he supports Trump.
But let's see what he had to say to Gary Gensler about Gary Gensler usurping authority.
He also had some great comments on his role as CFO for the Hillary Clinton campaign back in 2016.
You can go check out those too. We might do those on another video.
You said earlier in another line of questioning
that the players in the digital asset space don't have a choice,
that they have to comply with the rules.
But once again, Congress has never given you a framework for regulating digital assets.
Where are you pulling that one from?
With all respect, sir, we disagree on this.
- Congress-- - I can see we disagree a lot, Chairman,
because we're not giving you authority.
You're just taking it.
- I think that's part of the issue right now. - No, no, no.
With all respect, Congress painted with
You see, he's usurping authority.
That's what he's doing.
He's taking whatever he wants, claiming it for his.
That's not the way the system works.
And Byron Donalds calls him out for it.
a broad brush when they set up the SEC,
and I quote Thurgood Marshall, which is one of the greatest--
- Congress painted with a broad brush in 1933 and 1934, not in 2023. - Boom!
We've not touched that. It's a new industry.
One last quick question.
Because I'm concerned about your agency.
You have some of the highest turnover amongst the agencies.
Do you think you have the manpower to actually regulate digital assets?
- Considering all the other rulemaking you're engaged in? - Yeah.
We actually have 6-7% turnover,
- which is consistent with the other federal-- - I would disagree.
- OPM would say otherwise, Chairman Gensler. - Liar!
- Real quick, last question. - He lied.
I think it might have came up.
- You were Hillary Clinton's CFO in a campaign, right? - Oh, here it is. He mentioned it. Look at this.
- It's part of my history. - Were you? Yes or no?
Let's go and do this.
In 2016.
Did you facilitate the payment for the Steele dossier
since you were CFO of the Hillary Clinton campaign?
- Sir-- - He can't answer.
Yes or no?
- Sir-- - Look at the stumbling.
Yes or no?
That-- that was--
- that was not-- - You're under oath,
That's a 16-year-old kid that just got caught smoking pot by his mom
and his mom asked him if he's been doing drugs.
"Oh, oh, Ma-- oh-- oh-- oh--"
This man's high on his own supply.
- Chairman Gensler. Yes or no? - I know.
It was not something I was aware of.
I yield back the rest of my time. Thank you, Chairman.
One word.
Boom!
There you go.
Go ahead and mix in some potatoes and some carrots
because this man's goose is getting cooked.
Roasted!