Welcome to BitBoy Crypto!
Now, I want to take the time this morning--
well, my name is Ben, by the way, if you didn't know.
Welcome to the channel.
I want to take this time to discuss some things that Gary Gensler said.
I just want to put a lot of stuff into perspective for you folks
because so many of you guys are looking at this stuff the absolute wrong way,
including Michael Saylor.
That's right. Michael Saylor tweeted over the weekend that
obviously Gary Gensler said that everything outside of Bitcoin is a security,
which is quite interesting because Michael Saylor has already said
he believes Litecoin is also not a security.
And the Bitcoin maximalists are having a heyday over this.
They're having--
man, they're celebrating.
You guys know I believe that Windex is a security.
I've talked about this a lot.
With Windex, people buy it at the dollar store for $1.
They go list it on Amazon.
Then they depend on the work of others,
which would be the Amazon website support and promotion and advertising team,
to make sure that their listing gets seen.
And then all the payment processing, also done by who?
Done by Amazon.
The shipping, most times, done by Amazon.
So you're depending on the work of others to get a return on investment,
which, when you sell $1 item for $1.50 or $2,
you're making a huge profit margin.
So, for that reason, I believe that Windex is a security
according to Gary Gensler's logic.
Now, that's really good because a lot of these Bitcoin maximalists,
well, they've sprayed Gary Gensler's pants with a lot of Windex
because they can see themselves right in them.
That was a good joke, guys.
But it's true!
It's true.
These guys wanting Gary's pants so bad.
Golly, I don't even want to think about what's down there.
But here's the thing, guys.
Remember this.
Gary Gensler-- I want to tell you guys how much power he has.
Gary Gensler has zero power.
He does nothing.
All he does is, he's a glorified ambulance chaser.
That's all Gary Gensler is.
A glorified ambulance chaser.
He sees something that could put him in the spotlight
and he can file a lawsuit on.
Guys, we--
okay, okay.
I want you guys to understand this.
Do you guys understand that you and I have as much power as Gary Gensler does?
We do. We literally do.
If you and I want to bring a class action lawsuit
against any crypto project out there for being a security,
did you know we can do that?
Do you know what Gary Gensler does?
He files a lawsuit against a crypto project for being a security.
And then do you guys--
look. Let's take this down two tracks here.
Let's say we do it.
- Let's say we file a class action. - I found this on the web.
Shut up, Siri!
I'm talking about Gary Gensler.
That hoe.
The fact is, is that let's go down the two tracks.
If we filed the lawsuit, okay?
Against a company for being a security,
what happens?
Well, we have to go to court.
We have to prove our case.
The project has to pay loft, you know, legal fees.
And it has to defend themselves and explain why they're not a security.
And then you know what will happen?
The judge will come in at the end.
And the judge will say,
"Yeah, actually, I do believe that's a security and I do believe you guys should win."
What will happen before that probably is a settlement.
Or the judge come back and say,
"Hi, you know, even though y'all have already spent millions of dollars on this,
we decided that going forward, you know, this isn't a security."
Okay?
The only difference in the SEC doing the same thing--
the SEC,
they file a lawsuit.
They go and they talk to these crypto projects.
They pick a project they want to sue.
They take them to court.
Let's say XRP or LBRY Credits.
And they go into a trial, a hearing,
a courtroom process that they've been going through for two years now.
Two and a half years with LBRY now, I believe.
And at the end of the day,
a judge has to say,
"Well, you know what? SEC, I think you're right. I think this one is a security."
Or "You know what, SEC? This is not a security, I've decided."
And that's the end of the case.
The only difference is,
if the judge in the SEC case decides that a project is a security,
then what happens is,
is it literally gets classified as a security,
and the punishment, well, that's a whole separate court case that's got to happen,
which is going on with LBRY Credits right now.
But in that proceeding already,
what has occurred is that the judge has already said
that while the LBRY token sale was a security,
the coins themselves on the secondary market are not.
That takes away all the leverage that Gary Gensler has!
Like, I don't even understand what he's doing!
It doesn't make any sense!
We already have precedent that even if the sales are securities
and the teams can get in trouble--
and you know what this proves?
This proves that 100% this is about Gary Gensler making money for the SEC
and I'm sure getting some kind of massive bonus,
whether it's from the banks that pay him or whether it's from the government that pays him.
From Goldman Sachs paying him. There's no doubt about that, guys.
There's no doubt Goldman Sachs is paying Gary Gensler to hunt these projects.
Guys, we've already got precedent these are not securities.
You shouldn't be scared that the project you're trading is all of a sudden going to go away
because we've already seen if they do get declared a security,
which takes minimum two and a half years at this point per project,
then the sales that are going on today are still not securities.
So, guys, this continues to be great news for crypto.
And people just aren't seeing it.
And you're giving this lizard man,
this, this man with nictitating membranes on his eyeballs, okay?
Too much power and too much credit.
Guys, he's just a lizard guy.
He can't do that much.
All he can do is complain.
And he can go through the same process that you or I could go through.
He's just a glorified ambulance chaser.
That's all I got.
Be blessed.
BitBoy out.