Why did they let this little lizard guy get the job?
Unbelievable.
Gary Gensler crypto litigation tactics challenged by ex-SEC Chair.
Former SEC Chairman Jay Clayton, who dropped off the XRP case with Gary Gensler,
has expressed discontentment with Gensler's regulatory approach.
In a recent CNBC interview, Clayton referred to Gensler's statement,
"If we're not losing cases, we aren't suing enough businesses,"
and interpreted it as a notable shift in the public's perception of the government's role.
Clayton firmly believes that Gensler's approach is misguided,
stating, "I don't want to see cases brought by the government when they anticipate losing."
In response to Jay Clayton's remarks,
multiple stakeholders within the crypto industry have rallied to support their positions.
John Deaton, everybody knows who he is,
highlighted the observations made by the judge in the Ripple case,
pointing out that the SEC lawyers did not consistently adhere to the law.
Tell you what, John Deaton, he's got to piss the SEC off.
- He has to. Right? - Yeah.
More than me, I think.
Analysts have questioned whether Gensler may exhibit favoritism toward BlackRock,
potentially granting them leniency.
Nevertheless, the extent to which the SEC will provide concessions
to major players in the traditional finance sector remains to be seen.
Do you think that BlackRock will get the first one approved?
- We-- yeah. - After all these other ones have been in for, you know,
VanEck and all these,
ProShares or whatever, been there for years.
2018 or 17, somewhere.
I think the Winklevoss ones have been since 2015.
Very early on, they put it on.
And then this one gets filed by Grayscale and goes through immediately?
That'd be insane.
Yeah, I mean, I think, at this point, what we were talking the other day is
it looks like ARK should be first in line.
And I do believe, I don't know we're covering the story today,
but I think that they just even reworded some of the details of their filing
to mimic what BlackRock had.
So, now, you got a real stickler point.
- We're going to have to see what Gary and the SEC does. - Yeah.
Because it would make sense that they're delaying, saying like,
"Oh, no, how do we--
how do we come up with a way to rationally deny ARK Invest,
and then accept BlackRock or somebody else that we like better?"
- Yeah. - But they're running out of ways. So,
I'm kind of the boat, I'm saying, like,
I would not be surprised to see them come up with some BS excuse
to deny ARK or delay ARK and approve someone else first.
But what ARK just did is going to make it a little bit more challenging to do that.
They're going to have to be more crafty.
Whoever gets the first one is going to win the biggest.
"A must watch.
Former SEC Chairman Jay Clayton describes the new and deeply
un-American ethos of the SEC under Gary Gensler---
if we're not losing cases, we aren't suing enough businesses."
Total abuse of power.
Let's see what he had to say about me.
Hear this.
I don't need it. I don't need to clip it.
Put it on.
Let's take this to a, you know, very high level on the regulatory side.
- He's got a nice liver spot. - What you hearing from
the leaders of the regulatory organizations is if we're not losing cases,
if we're not being pushed back on by the courts,
- we're not doing enough. - Whoa!
That--
think about that for a second.
That is a fundamental shift in how we, as Americans,
view the role of the government.
I don't want to be in a place where I know the government is going to bring cases
they think they're going to lose.
Imagine you're the person who is the subject of that case.
- Now, we're talking about corporations, but-- - Just to see if they-- yeah, see if they can,
and if they're not stopped, they're going to-- yeah.
- Right. But this is an ethos now, which is, - Yeah.
unless we're losing, we're not bringing enough cases.
You know, that may be fine for private litigants against each other and--
but when you have the power of the state,
and your--
you're supposed to only bring cases
and only make rules that you think are going to pass judicial muster.
Let's take this to a--
Wow.
Wow!
You--
my guy Robert Vermouth says,
"When Clayton is the voice of reason, you know the current SEC is in trouble."
That's for sure.
- Jay Clayton sounds like a good person. - Yeah.
In that clip.
Oooh!
That is scary stuff right there, boys and girls.
Hester Peirce: US crypto laws can't assume anything is a financial asset.
Let's see.
Giving a reminder that not all uses are financial.
On June 29, Commissioner Hester Peirce, dubbed "Crypto Mom,"
five years ago,
appeared remotely in Australian Blockchain Week
and was asked how she would regulate crypto, answering,
"I think we have to make sure that whatever regulatory framework you have
doesn't just assume that everything is a financial asset."
Peirce explained while crypto is thought of in financial, in very financial terms,
other uses exist,
such as enabling people to interact without requiring a centralized entity.
There's the use case for altcoins, guys.
There it was.
Hester Peirce just made it for you.
Let's see.
Asked about her crypto advocacy,
Peirce says--
- or "purse" as it's pronounced on her voicemail. - Uh-huh.
Peirce said--
- is it "purse"? - Well, on her vo--
- you said, on her voicemail that how she said it. - On her voicemail, it says "purse."
Yeah.
No, I've never heard another person say it like that though.
I would think she would be the leading expert on how to pronounce her name.
Yeah, we should ask her.
Peirce says she thinks the SEC can do better and believes if she can't speak freely,
"then I don’t know why I'm in that position."
Wow.
Do we think-- you put it in the chat, didn't you?
- A poll? - Yeah.
For what people have heard for next SEC Commissioner?
What do you think?
Will she be the one?
She should be.
I think she should.
I like what I'm hearing from her.
I mean, overall, like, this is the--
this is the story of the day.
- The title suggests. - Yeah.
The only coup wasn't in Russia the last couple of weeks.
We're seeing an SEC coup unfold in front of us.
- Gary Gensler is having it implode on him as we speak. - Yeah.
And I think,
I think Hester Peirce,
- "pierce," "pyers", - "pers"
however she wants to announce it,
I think she's in a good spot.
- I think that would be amazing. - Yeah.
Again, reading that article,
love her take on it.
I think she has a very common sense approach
to how she wants to lead the SEC's regulation.
- I would love to see it. - Yeah.
Yeah, I think I would too.
I mean, I would as well.
Here's my only problem with her.
Just a little bit of criticism
in a day where it's hard to attack someone that's pro-crypto compared to Gary Gensler,
but what I would say about Hester Peirce,
"purse-pierce-purse-pierce-pur-per-per,"
nobody knows what her name is,
is that
she's been there for five years.
I believe.
Right?
I remember making videos about her in 2018.
What has she been able to do as a pro-crypto Commissioner inside of a 5-person board?
What has she done?
Has she done anything positive?
I think one of the things that she did was they managed to get rid of floppy disks.
The SEC is no longer using floppy disks.
- Did you know that was a real story? - No, I did not know that.
Yeah. This year, that was one of the big decisions the SEC made.
- What an important decision. - Stop disk-- yeah.
They were stopping putting data on floppy disks.
Now you have to have it stored somewhere more secure.
It's true story, guys.
So, you see what I'm saying?
Like, how positive for crypto can she be
if she's been in the hen house there
and hasn't been able to really do anything?
I think that's a fair question.
- What do you think? - I mean--
We would fall in love with these crypto characters, you know?
We would fall in love with them
- and, you know, like, I'm-- - Yeah.
I want to caution people about RFK.
Like, look, I'm not saying anything bad about RFK.
But compared to anyone running against him that would be anti-crypto,
we vote for RFK for sure.
But, hey, look into what this man thinks about taxes.
I'm just saying it's not--
if he's only pro-crypto candidate, he's got my vote.
But--
I'm just saying, like, there's more to research
- to know about these-- - Yes.
all things being the same,
if they both are pro-crypto, - Yes.
then there's things that will make a big difference.
If one's anti-crypto, one's pro-crypto, then, of course, we go pro-crypto.
Yeah.
No, I think what I would love to--
maybe you know the answer to this.
What is Hester Peirce's experience of knowledge when it comes to the crypto space?
- How long has she really understood the dynamics of it? - Yeah.
And we know there's a lot of people in the government
who, a year ago, really had no idea what they're talking about whatsoever,
they're just reading a piece of paper,
versus I think some of the people in Washington and others places spread out,
they're starting to somewhat do their due diligence
- and research it. - Yeah.
- So I think my who-- - I know more than people think they do.
- Yeah. I wonder if Hester-- - For sure.
I mean, has she been crypto knowledgeable for five years and done nothing?
Or is she more recently crypto knowledgeable?
Oh, no, I mean, I remember her making pro-crypto statements in 2018.
- I did videos on it. - Okay.
- Then-- - There's a video where I have her dressed like Wonder Woman, I think.
Yeah, I think you're raising a very good question.
And as far as RFK, same thing, like, the more and more I watch RFK,
I'm liking it more and more,
but I've said, like, yeah, crypto to me, at this point, is the top issue I'm looking at,
but I do want to hear other issues as well.
- Yeah, I mean-- - I do want to make sure who I'm voting for
is going to be a well rounded decision maker for our country.
Yeah, I think so.
But at the same time, though, like I said,
all things being the same, one pro-crypto, one anti-crypto,
I don't care where they stand on the other issues.
So, we got a lot to talk about as a company too.
- I mean, I tell you what, - Right.
I come back from Dubai,
and it's looking mighty appealing over there.