why haven't you taken more aggressive action in terms of rule writing here
is it an issue of authority it seems to be that you feel that a lot of these are classified as
securities so what's really holding you back from acting now and what can i do
jennifer i i sort of uh if i might just not accept the
uh the premise we have rules in place for what it means to be an investment company
welcome back everybody to altcoin daily you subscribe for daily videos on everything going
on in the cryptocurrency market daily news opinion perspective that's exactly what we're doing today
there is a lot of news i want to share with you let's start right here
gary gensler the chairman of the sec just went on yahoo finance live and gave a really good
interview i'm going to share with you a couple clips one of the big takeaways is that the sec
considers exempting crypto companies from certain securities laws in brief the sec chair
gary gensler hinted that the sec might exempt the crypto market from certain securities laws
the reason for this is because gensler wants to engage with the cryptocurrency industry
and persuade them to work within the law so certain cryptocurrency projects might be exempt
from certain securities laws in the u.s the hope is that the exemption will persuade more crypto
companies to come into compliance with regulations in general either way the sec is thinking
of offering the cryptocurrency market a more customized set of laws which could benefit the
industry as a whole and surely this would benefit the industry obviously bitcoin is not a security
there's a lot of reason to think ethereum won't be classified as a security but what other tokens is
there any this seems to suggest that there is hope besides the obvious scams there's room for crypto
to thrive in the u.s that's what it sounds like to me now let me share with you a couple clips
clip number one well if you're not going to regulate it like securities what are other
you know what direction could you go i loved the interview or asks gary gensler do you think the
rules that apply to the equity disclosure regime could be applied to crypto chair ginseng given
that you've said that nearly all tokens with the exception of bitcoin and perhaps ethereum
would be classified as securities based on their use cases how do you feel about applying the
disclosure regime under current securities laws for equities to crypto so it's really an age-old
concept if you're raising money from the public and the public's anticipating profits
based on the efforts of that common enterprise that's a security it's kind of a logical thing
and we at the sec have a disclosure regime as you said i've said to the industry to the lending
platforms to the trading platforms come in talk to us we do have robust authorities from congress
also to use our exemptive authorities that we can tailor investor protection and in your specific
question about the tokens themselves even tailoring what the disclosures might be
uh because maybe not all of the disclosures for somebody issuing equity are the same as a
crypto token but i would know we don't have the same disclosures for an asset-backed security
that we do for a stock offering um so it's it's it's a thoughtful way to sort of tailor things
so so then just to be clear chairman you would be open to applying the rules that
apply to the equity disclosure regime to crypto rather than coming up with a whole new rulebook
no i'm i'm actually saying something a little different jennifer i think that
just as there's a difference between maybe asset-backed securities
and an equity offering there may be differences here as well and so
the public benefits by knowing full and fair disclosure and that somebody's not
lying to them you know basic protections and whether you're buying a crypto token
or you're buying a security such as equities or securities such as an asset-backed security
those basic disclosures because we in america let investors take risk you get to decide what
risk you want to take but the person raising the money and selling you those uh financial assets
ought to not defraud you ought to give you the information so you can make your decisions
so we're waiting and watching on that and then she asks gary gensler directly well what can
americans expect in the coming months tell us what kind of regulations are coming up clue us in
what can we expect from the sec in the coming months on the crypto regulatory front i know
that you've been working on a memorandum with the commodities futures trading commission to
essentially come up with a single rulebook so that you can both work more closely together whether
a token would be classified as a security or a commodity how is that going what can we expect
there what can we expect on the crypto regulatory front from you so so more broadly um the public
right now would benefit from investor protection around these various service providers if you wish
the exchanges the lending platforms and the broker dealers so we at the sec are working
in each of those three fields exchanges lending and the broker-dealers and talking
to industry participants about how to come into compliance or modify some of that compliance
we are also looking at the tokens the stable coins so to speak and the non-stable coins separately
we do have discussions with the bank regulators and with our our friends and colleagues at the
cftc because as you said uh and i've said publicly something like bitcoin is a non-security token and
and thus send information over there collaborate and coordinate as best we can so there is hope
for fair cryptocurrency regulations in the u.s i think there is hope particularly because the genie
is out of the bottle and a lot of people that gary gensler rubs elbows with financial institutions
and people who work for them they want clarity they want it to be okay for them to use crypto
in fact three quarters of financial institutions expect to use crypto more in the next year 76 of
financial institutions expect to use crypto their crypto use to increase within the next three years
70 also want to use blockchain technology for payments on the other side of the world putin
signs law prohibiting payments with digital assets in russia so while three quarters of financial
institutions 70 want to use crypto for payments russia and putin is saying this is illegal to use
bitcoin and crypto for payments president vladimir putin of russia has signed into law a bill banning
payments with digital financial assets the legislation obliges exchange operators to refuse
to process transactions facilitating the use of dfas a legal category this is digital financial
assets a legal category currently covering cryptocurrencies as monetary surrogates so this
is an l for russia perhaps eventually they'll pivot now jumping back to america and again
speaking of people who want to get paid in bitcoin nydig to provide the new york yankees with bitcoin
payroll services so the new york yankees can now get some of their paycheck in bitcoin if they want
on july 14 2022 the bitcoin company nydig a subsidiary of stone ridge announced
that the firm inked a multi-year deal with the major league baseball team the new york yankees
according to the partnership announcement nydig will be the professional baseball team's official
bitcoin payroll platform awesome for the yankees awesome for bitcoin awesome for america let's
talk about some altcoins what do you guys think of shib let me know in the comments below now i'm not
advocating investing in ship i own no shib it does carry a lot of baggage being known as one
of the biggest meme coins let's talk about it shiba inu first of all reclaims its spot as the
largest token holding among ethereum whales so the wallet addresses that hold the most ethereum the
ethereum whales for whatever reason they hold a lot of sheba too multiple whales do now shiba inu
obviously meme coin first but it was really trying to shake off that branding shiba inu's ecosystem
is expanding can it shed its meme coin status the dogecoin killer has plans to develop an extensive
crypto ecosystem but will it be enough for the meme coin to transcend its lighthearted image the
key takeaways are first of all shiba inu exploded in 2021 thanks to its strong memes and community
support now the ecosystem is looking to launch a layer 2 network metaverse play tour and game and
stablecoin with little information available it's still unclear whether shibuyunu can get
past its memecoin status but they want to build out the shibaino ecosystem and they can do that
since they are uh an ethereum based token unlike dogecoin which you know just like it's bitcoin or
litecoin you can only buy you know send or receive dogecoin but with chibi you know you can build out
nfts and define all that stuff in other news ethereum devs have set a
date for the merge ethereum is transitioning from proof of work to proof of stake this year
the date is september 19th september 19th mark that date in your calendars south park do you guys
see this south park slams matt damon's crypto ad in a pea drinking parody a new south park episode
takes aim at crypto endorsements by matt damon gwyneth paltrow rhys witherspoon larry david
that was funny you gotta see it i'm not gonna be able to play it here and apparently this was in a
i saw the clips apparently this was a whole movie they made and it's basically uh just making fun
of crypto the whole time are you bullish kind of makes me bullish let's finish up and talk about
the opportunity in crypto let's start with bitcoin bitcoin is still the best long-term store of value
on the planet show me anything else with a 10-year plus track record this good i'll wait now explain
to me why a fixed supply money with exponential growth potential in adoption would ever stop being
the best long-term store of value obviously this guy's a believer and i'm a believer too i think
you know for instance michael saylor some people make fun of him because the market's down i think
you know given enough time he's going to be seen as a freaking genius buying bitcoin at 11k
at 30k at 40k hopefully i mean that's the plan right and i know it doesn't seem like
the cryptocurrency market can go up because we've been going down as bear market fives for so long
you guys have severe recency bias think about it in the last two years we've onboarded institutions
became a cultural phenomenon got tim cook to become a coiner made nation states fomo in
etc etc stuff we go over all the time on this channel none of this was remotely imaginable
in 2018 and 2019. we're winning final piece of news guys and i'm really proud of this
after months and months of trying many of you participated with us tweeting with us
we finally got verified epic day thank you guys so much we're almost at 1.2 million followers on
twitter and now we're officially verified i do want to give a big shout out to the person who
nudged the right people to make this happen i just want to thank yusuf one more time for the help if
you're a notable person or project in this space i would recommend you follow this guy you hit him
up if you want to get verified on twitter i really recommend going through this guy and of course say
alt coin daily sent you and then he'll probably even answer your messages anyways thank you yousef
so much for the man we are now verified on twitter got that blue check mark but we're still the same
guys still staying humble stacking sats keep going my name is aaron at altcoin daily see you tomorrow