you said uh in that speech that this asset class is rife with fraud scams and abuse
and i want to understand exactly exactly what you would like to do welcome back everybody to
altcoin daily where you subscribe because you're interested in making money with cryptocurrency
and this channel keeps you informed my name's austin in today's video of course i want to
update you on the latest news involving altcoins but first our top story of the day sec chairman
gary gensler has issued an official warning for cryptocurrency investors in 2021 let me keep you
updated in a speech at the aspen security forum on Tuesday Gensler said he agreed with jay clayton
his predecessor at the sec who once famously said that in his view every ico i've seen is a security
which is most altcoins out there today even ethereum when it first launched had a token sale
in a direct quote generally folks buying these tokens are anticipating profits and there's a
small group of entrepreneurs and technologists standing up and nurturing the projects i believe
we have a crypto market now where many tokens may be unregistered securities without required
disclosures or market oversight and gary gensler wants that to change he wants to provide that
oversight luckily for us gary gensler went on cnbc this morning and gave a little bit more detail
let me play you three clips starting with this first one what does gary say needs to happen next
watch this so what has to happen do laws need to change do you have the authorities that you need
it's a great question we have robust authorities and in some places it's pretty clear many of
these tokens just given how they were issued and sold and so forth come under the securities laws
it's a facts and circumstances situation but then on the trading platforms as well as the lending
platforms uh many of those are standing astride uh regulation now if they're trading securities
they've got to come in and i'm encouraging them to come in and let's talk to them let's have a frank
discussion but many of them right now are trying to stay you know dealing with their lawyers and
trying to say we're well well we're not going to come in and that doesn't really make good
sense for the markets now congress we're going to also work with congress to see if we can fill
gaps in the authorities interesting so the two parties the sec is going after are one these
icos these token projects and that's nothing new they've been going after these token sales for the
last five plus years we expect this but two also these crypto platforms like exchanges that have
listed some of these said tokens he wants them to come in he says we'll work with you but you are
at fault any time in this video feel free to give me your thoughts down below in the comment section
i will play you two more clips then give you my final thoughts but next up what
exactly does he want to do with congress he mentioned congress what's the plan there
watch this but when you say you want to work with congress and fill in these gaps what
are the authorities that you don't think you have that you think you need to have in order
to ensure this idea of investor protection i think that the most critical thing is around where
we the public can go to trade or we the public might lend this crypto on a platform and if
the platform has both securities which many of these tokens are but also commodities on
the same platform how to deal with that how to deal with along with their sibling agency one
that i was honored to chair the commodity futures trading commission and stitching that a little bit
together because some of these platforms have both commodities and securities okay interesting gary
gensler wants to work with congress just to get some clarity in crypto-regulation that by itself
is fair i think we all want some aspect of that of course like always the devil is in the details on
whether this will be bullish or bearish regulation we don't know yet but let's just cut the bs let's
end the guessing game gary altcoin daily is a very simple channel you make the statement i
will report the news to my audience so when you say some altcoins may be in regulatory trouble
which altcoins specifically are you talking about watch this you just described some crypto
as securities um others have not um which ones do you think of as securities and which ones do you
think of more in either a commodity basket or some other kind of asset basket you know i i andrew i
hate for your viewers to uh keep going back to this but it's pretty clear and the supreme court
has actually spoken about this many times um if if somebody is raising money selling a token and
the buyer buyers is anticipating profits based on the efforts of that group the sponsor the seller
that fits into something that's a security and i'm not going to go token by token you can imagine why
i wouldn't do that but my predecessor jay clayton who you have won the show often jay said it best
about three years ago that he really hadn't seen many tokens that didn't meet that securities test
okay so gary doesn't really give us much in my opinion from what we've seen historically in
the few instances that this has happened the sec is willing to work with these
crypto projects for example they find eos they charged eos as being an unregistered security
and they find them a minuscule amount of money compared to what they raised at the ico and that
is because eos went to them and said hey let's let's talk about this let's work on this together
and of course on the other hand we've seen the sec completely go after and shut down a lot of lower
cap crappier altcoin projects and it had a lot to do with the language they used when they did their
ico meaning did they promise profits or how did they use the specific language when raising money
again for better or for worse it seems the devil is in the details but that brings us to our next
obvious question i get that gary can't talk about every altcoin but what's your view on
xrp surely you can give us some insight into that well watch this 15 second clip of gary not
giving us any insight watch this right i'm looking at a screen we have a screen of cryptocurrencies
on the list bitcoin ether would would ripple for for example yeah andrew i know you're going to try
that but that's we have we have an enforcement case and i'm going to leave it at that andrew
um ouch andrew of cnbc rejected now give me your thoughts down below i do wanna update you on the
latest altcoins making news but the last thing i'll say about this is the small silver lining
and all of this gary gensler does understand cryptocurrency before he was sec chair he used
to teach classes at mit on what is bitcoin what is ethereum why do cryptos potentially have value
meaning he's not coming from a place of ignorance when he speaks about cryptocurrencies
he is coming from a place of understanding which is very different than other heads of the sec that
we've had before now regulation can still ruin no matter how much understanding you have so i will
keep digging i will keep searching and i will keep you updated as more information comes out
watch this final clip of gary gensler comparing cryptocurrency regulation today to speed limits
or automobile regulation back in the day watch this i'm very pro innovation i think it helps
the economy grow i think more people get access to finance and access to good medicine access to
good jobs i think uh i wouldn't have gone to mit i've been a professor there for three years at the
intersection of finance and technology among some of the world's remarkable experts at mit
so i count myself as pro innovation but i think that we also need rules of the road
automobile came along 100 plus years ago and if we didn't have rules of the road detroit wouldn't
have been able to sell those automobiles those good factory jobs wouldn't have been created
those good union jobs wouldn't have been created right without rules of the road the people had
confidence and trust in the automobiles similarly we need trust in markets and trust and finance
this innovation satoshi nakamoto's investing if it's going to meet its potential needs to
come within public policy frameworks okay moving forward first piece of altcoin news nba top shot
to sell nfts in person at summer league games and this affects all flow altcoin holders as you know
nba top shot issues nfts on the flow blockchain it might be the nba off-season but dapper
labs has big plans for its nba top shot crypto collectibles platform for the rest of the summer
today dapper revealed that the service will offer exclusive nft moments that can only be purchased
at nba summer league games in las vegas so yes this will be big awareness for the flow altcoin
but also why this is significant this marks the first time that the service
which sells nba highlights packaged as a rare trading card like digital moments
has created nft collectibles that can only be purchased from a physical location it's also
the first time that nba shot moments will be available for the purchase at real nba games
even if these are off season games that will primarily feature newly drafted rookies and minor
league g-league players but for what it's worth still pretty cool especially if you hold flow the
altcoin next piece of news altcoin bsv suffers a 51 attack no more than 14 blocks were reorganized
so here are the details bsv suffered a 51 attack tuesday morning according to an analyst from the
crypto intelligence firm coinmetrics around 11 45 am some serious hashing power was unleashed on
the network says an analyst from coinmetrics and the intelligence firm later cooperated his report
tweeting that its blockchain security monitoring tool farum saw a 14 block reorg of the network
for those who don't know what a 51 attack is a 51 attack occurs when malicious miners
take control of more than 50 percent of a proof-of-work blockchain the attackers can
take advantage of block reorganization a feature meant to clear up instances when two miners have
mined the same block so miners mine the same block all the time usually isn't a problem
except when you have a weak network and somebody controls over 51 percent broadly speaking when
two versions of the same blocks are mined the system defaults to the longest chain
by mining faster than the honest miners during a 51 attack the assailants can create a longer chain
such that the system will render the honest miners blocks invalid so it's fine now but this
did happen the price obviously took a dip and we just don't know who did it there is no clear
indication of who the attacker was and coinmetrics is still looking into the attacker's chain
for traces of double spends targeting exchanges so we don't know we probably won't know and this
will probably happen again from what we've seen with ethereum classic they've been 51 attacked
several times and for some reason that coin still exists but give me your thoughts let's keep moving
hey by the way be sure to check out our latest interview dropped this morning with on-chain
bitcoin analyst we go over the hard data of what is happening on chain with bitcoin we have a clip
and then we have the full interview seek out this interview watch this interview great stuff
next piece of lower cup altcoin news for formation phi just as a reminder formation phi is aiming to
be the end of yield chasing welcome to the cross chain risk parity smart farming 2.0 quite the
mouthful but let's check out this update they're announcing the soft launch formation phy announces
soft launch part 1 the first ever dual vault cross chain stable swap pool for busd and usdt so
how this affects you why this may be significant to you is because at a one-to-one ratio this is
providing simple and practical swapping from usdt on eth to busd on binance smart chain
and vice versa with balancing fees dynamic rewards and up to 10 times cheaper transaction costs
and maybe this doesn't matter to you if you're just a casual crypto investor but if you're
a yield farmer if you're trying to find the best returns this may matter to you to make things more
practical for easy use both of the assets will be pegged to keep a one dollar ratio no matter the
market conditions this is not a traditional bridge or amm pool instead we decided to use vaults on
both sides of the chains to enable the ability to provide sweet stable apys and trading fees for our
liquidity providers these vaults will act as a backbone for the busd usdt cross chain swap pool
so if you're interested in learning more about the specific algorithm about all the
details check out their medium article in terms of when this is happening when is the soft launch
well the code is awaiting for final audit once complete date will be announced so stay tuned
i will keep you updated that is the video my name is austin like always see you
tomorrow