The Wolf Den #334 - Investors Beware: Gary Gensler Is Not Our Savior
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.“Most of these tokens are securities, while only some are commodities, and some have attributes of both.” - Gary Gensler Yesterday, the Washington Post interviewed SEC chair Gary Gensler. The topic was the current cryptocurrency landscape, along with his thoughts on regulating the crypto space. The interview opens with a discussion about the recent dip in crypto and the current threats in China related to the real estate market. Then they dove straight in. Below are the most important exchanges from the interview. Gensler: I do think this new technology is very interesting and whomever she was, Satoshi Nakamto, it led to change. It’s pushing at the side of central banks around the globe to reconsider to reconsider how to provide payment systems, pushing fintech. I wouldn't have dedicated years of my life to it if I didn't find it interesting and innovative but at the same time, I don't think technology's long last outside of a social and public policy framework and in this case we have to ensure for investor and consumer protection. I think it is better to bring it inside the public policy framework.Interviewer: What can you do now with the authority you have and what would you like to do additionally? Gensler: Broad security definitions give our agency a great deal of authority. Thousands of these tokens have attributes of an investment contract or a note or an equity or bond. There are trading platforms and lending platforms with thousands of tokens that are securities. These platforms should come in and figure out how to register. Not many have, and I really fear we will keep bringing these enforcement cases. There will be a problem with lending and trading platforms and a lot of people will get hurt.Interviewer: Do you need additional congressional authorization to do what in your judgment is required to bring these instruments under better scrutiny or do you have enough authority? Gensler: We have robust authorities, and we are going to continue to use them. In regard to stablecoins, I do believe we can work with congress on a report around stablecoins.This concluded the most significant questions. I found a few other quotes throughout the meeting that were worth mentioning, because they reveal Gensler's true feelings about the space.“This is a field ripe with fraud, abuse, hucksters.”“I don't think it's a good idea to wait until there is a spill in aisle 3 and those of us in the official sector have to rush in.” “Stablecoins are acting like poker chips at a casino, this space is still the wild west.”"Private monies usually don't last that long. So, I don't think there's a long-term viability for five- or six thousand private forms of money. History tells us otherwise. So, in the meantime, I think it's worthwhile to have an investor protection regime placed around this."Talk about a buzzkill. The crypto industry had high hopes for Gensler, a professor of blockchain technology at MIT, assumed to be one of the few bureaucrats who "gets it." Now every speech has a quick disclaimer that this new technology is “interesting and innovative” but primarily one big scam.There is no doubt that he is anxious to regulate, it just isn't clear the extent to which he is ready to drop the hammer. There are so many other avenues Gensler can take, yet he wants to operate under old definitions and put up barricades to our growth. The best thing we can do is expect the worst and hope for the best.If you missed the interview, you can watch it in full HERE.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormStream link: https://www.youtube.com/watch?v=S1RMXyR9ieEIf you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:Investors Beware: Gary Gensler Is Not Our SaviorDiving Into The Correction - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsBitcoin Successful In El SalvadorExtreme FearWhales Are BuyingCoinbase Proposing Crypto RegulationMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #334 - Investors Beware: Gary Gensler Is Not Our Savior
The Wolf Den #334 - Investors Beware: Gary…
The Wolf Den #334 - Investors Beware: Gary Gensler Is Not Our Savior
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.“Most of these tokens are securities, while only some are commodities, and some have attributes of both.” - Gary Gensler Yesterday, the Washington Post interviewed SEC chair Gary Gensler. The topic was the current cryptocurrency landscape, along with his thoughts on regulating the crypto space. The interview opens with a discussion about the recent dip in crypto and the current threats in China related to the real estate market. Then they dove straight in. Below are the most important exchanges from the interview. Gensler: I do think this new technology is very interesting and whomever she was, Satoshi Nakamto, it led to change. It’s pushing at the side of central banks around the globe to reconsider to reconsider how to provide payment systems, pushing fintech. I wouldn't have dedicated years of my life to it if I didn't find it interesting and innovative but at the same time, I don't think technology's long last outside of a social and public policy framework and in this case we have to ensure for investor and consumer protection. I think it is better to bring it inside the public policy framework.Interviewer: What can you do now with the authority you have and what would you like to do additionally? Gensler: Broad security definitions give our agency a great deal of authority. Thousands of these tokens have attributes of an investment contract or a note or an equity or bond. There are trading platforms and lending platforms with thousands of tokens that are securities. These platforms should come in and figure out how to register. Not many have, and I really fear we will keep bringing these enforcement cases. There will be a problem with lending and trading platforms and a lot of people will get hurt.Interviewer: Do you need additional congressional authorization to do what in your judgment is required to bring these instruments under better scrutiny or do you have enough authority? Gensler: We have robust authorities, and we are going to continue to use them. In regard to stablecoins, I do believe we can work with congress on a report around stablecoins.This concluded the most significant questions. I found a few other quotes throughout the meeting that were worth mentioning, because they reveal Gensler's true feelings about the space.“This is a field ripe with fraud, abuse, hucksters.”“I don't think it's a good idea to wait until there is a spill in aisle 3 and those of us in the official sector have to rush in.” “Stablecoins are acting like poker chips at a casino, this space is still the wild west.”"Private monies usually don't last that long. So, I don't think there's a long-term viability for five- or six thousand private forms of money. History tells us otherwise. So, in the meantime, I think it's worthwhile to have an investor protection regime placed around this."Talk about a buzzkill. The crypto industry had high hopes for Gensler, a professor of blockchain technology at MIT, assumed to be one of the few bureaucrats who "gets it." Now every speech has a quick disclaimer that this new technology is “interesting and innovative” but primarily one big scam.There is no doubt that he is anxious to regulate, it just isn't clear the extent to which he is ready to drop the hammer. There are so many other avenues Gensler can take, yet he wants to operate under old definitions and put up barricades to our growth. The best thing we can do is expect the worst and hope for the best.If you missed the interview, you can watch it in full HERE.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormStream link: https://www.youtube.com/watch?v=S1RMXyR9ieEIf you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:Investors Beware: Gary Gensler Is Not Our SaviorDiving Into The Correction - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsBitcoin Successful In El SalvadorExtreme FearWhales Are BuyingCoinbase Proposing Crypto RegulationMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO