gary gensler Archives - Top Crypto Game

This is WHEN Solana SOL Will cross $200

Altcoin Buzz — Thu, 18 Jul 2024 20:11:43 +0000

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TIMESTAMPS
00:00 Intro
0:59 ETH Spot ETF Approval this week?
3:15 Tectum partners with Travala
3:52 Solana surges past $170, new ATH’s Soon!
5:16 Landrocker launches their game and token soon!
6:50 Blackrock BTC ETF surprises investors
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Coinbase demands Gensler’s private emails in SEC battle over crypto rules

admin — Thu, 04 Jul 2024 13:20:56 +0000

Coinbase has criticized the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from Chair Gary Gensler in their ongoing legal battle.

Last month, the exchange requested the SEC Chairman to produce certain communications, including emails, reflecting his views on digital assets from 2017 to the present.

The SEC challenged this move, citing concerns over burden and privacy intrusion. The regulator argued that any subpoena should target the commission as an institution, not Gensler personally. The regulator stated:

“To the extent it is not, it is an improper intrusion into a public official’s private life, based on his decision to serve. Given also the utter lack of relevance of the requested documents, and the potential chilling effect on public service, the Court should quash the Subpoena and issue a protective order.”

Why Coinbase wants Gensler’s emails

In response, Coinbase described the SEC’s argument as unfounded, noting that its request was pertinent to understanding the Chairman’s views on digital assets and federal securities laws.

Coinbase also highlighted Gensler’s communications with market participants as crucial for gaining insight into the agency’s stance on digital asset regulation. It stated:

“What Mr. Gensler was saying in his private communications about the regulatory status of digital assets, and what market participants were saying to him about these matters, is probative of the objective understanding of the public and market participants regarding what conduct the securities laws prohibit.”

Furthermore, Coinbase referenced the Ripple case precedent, noting that the Court confirmed that an agency personnel’s internal communications can provide essential insights, even if not publicly disclosed.

“As the Ripple court confirmed, a document or communication need not be public to provide insight into the public’s objective understanding as to what regulators require of them.”

The Brian Armstrong-led exchange furthered that the Court should allow its request because Gensler, before his confirmation as SEC Chair, had “shaped and reflected the public’s understanding” of the commission’s regulatory efforts on digital assets.

Considering this, Coinbase stated that:

“It should hardly be surprising that he might be subject to discovery in an action brought by the SEC — especially where, as here, Mr. Gensler has been a key public voice on the regulatory status of the digital asset industry.”

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Posted In: Coinbase, US, Legal

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Ripple’s Garlinghouse says SEC Gensler’s actions could sink Biden in November

admin — Wed, 26 Jun 2024 12:13:55 +0000

Ripple CEO Brad Garlinghouse believes SEC chair Gary Gensler’s actions could jeopardize President Joe Biden’s chances in the upcoming November elections.

Garlinghouse made the statement via social media platform X in reaction to Gensler’s June 25 Bloomberg interview.

In the interview, Gensler reiterated his previous critiques of the crypto industry, describing it as highly centralized and largely non-compliant with current regulations. He noted that this lack of compliance has led to the conviction of several prominent figures in the industry.

Gensler stated:

“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”

Garlinghouse slams Gensler

Garlinghouse dismissed Gensler’s interview comments as “absolute nonsense,” asserting that the SEC Chair would have been dismissed long ago if he genuinely served the American people.

Garlinghouse further criticized Gensler’s statements about the crypto industry’s executives, calling them hypocritical given Gensler’s past association with convicted FTX founder Sam Bankman-Fried.

The Ripple CEO stated:

“And this slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”

Bankman-Fried was sentenced to 24 years in prison after being found guilty on seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Before FTX’s collapse in 2022, SBF reportedly had a significant relationship with the SEC Chair.

Electoral consequences

Considering the above, Garlinghouse expressed a deep conviction that “Gensler will cause Biden to lose the election.”

Garlinghouse’s comments align with the sentiments of other industry leaders who argue that Gensler’s strict regulations have stifled legitimate crypto ventures and harmed businesses.

Crypto has become a significant electoral issue for American voters during this election cycle, and many are expected to support former President Donald Trump due to the Biden administration’s stance on the industry.

The post Ripple’s Garlinghouse says SEC Gensler’s actions could sink Biden in November appeared first on CryptoSlate.

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Crypto Exchanges Closing Off-Ramps? Spritz to the RESCUE!! 💪

Altcoin Buzz — Wed, 19 Jun 2024 14:27:01 +0000

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0:00 SEC vs Binance and Coinbase
0:25 Spritz Finance
2:00 Intro to Stu
3:12 US Banking System
5:20 Spritz in a Nutshell
6:11 Target Audience
8:47 Other Benefits
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These Crypto AI Tokens Will Give You Biggest Returns

Altcoin Buzz — Tue, 11 Jun 2024 13:46:20 +0000

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TIMESTAMPS
00:00 Intro
0:53 Gary Gensler speaks on crypto
4:10 Render gets shown in new Apple Keynote
5:35 Aioz surges on new listing
6:42 Fetch Ai pumps amid renewed AI hype
7:48 Polygon launches Miden Testnet for Privacy apps
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Bipartisan push for Ethereum ETF gains momentum in Congress

admin — Thu, 23 May 2024 17:22:13 +0000

A bipartisan group of US lawmakers advised the Securities and Exchange Commission (SEC) in a May 22 letter to approve spot Ethereum exchange-traded funds (ETFs).

The letter signatories included Financial Committee Vice Chairman Rep. French Hill, House Majority Whip Tom Emmer, and Representatives Josh Gottheimer, Mike Flood, and Wiley Nickel.

Ethereum ETF

In the letter addressed to SEC Chair Gary Gensler, the lawmakers urged the regulator to apply the same principles it used for spot Bitcoin ETFs to Ethereum ETF applications. They argued that this would demonstrate regulatory consistency.

The letter noted that the launch of Bitcoin ETPs provided a regulated and transparent investment vehicle for American investors. It also highlighted the SEC’s commitment to investor protection and acceptance of modern financial markets — arguing that approving an Ethereum ETF would reinforce this commitment.

The lawmakers added:

“With the Commission’s actions earlier this year, it seems a natural progression that would not only demonstrate consistency in the Commission’s application of its standards but would also affirm the legal reasoning that facilitated the spot Bitcoin ETPs decision.”

The legislators also stated that the SEC’s market surveillance and enforcement measures would mitigate concerns about market manipulation and that transparency and reporting requirements would enable investors to make informed decisions.

The support for Ethereum ETFs comes amid a shifting regulatory landscape for crypto in the US. Recently, the industry has been at the center of conversations and debates, leading to the passage of bills to create regulatory clarity for the emerging industry.

‘Stay tuned’

The SEC Chair hinted that a decision on the pending ETH ETF applications is imminent, advising market observers to “stay tuned.”

Several industry experts anticipate the approval of these financial instruments later today, on May 23.

After weeks of minimal engagement, the SEC recently asked exchanges supporting the ETF applications to refile their 19b-4 forms with standardized language. Additionally, the SEC seems to be engaging directly with potential issuers, as companies like Grayscale have filed updated S-1 forms this week.

The post Bipartisan push for Ethereum ETF gains momentum in Congress appeared first on CryptoSlate.

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SEC Chair Gensler opposes today’s FIT21 vote yet White House calls no ‘veto’

admin — Wed, 22 May 2024 15:16:55 +0000

Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), issued a statement on May 22 expressing strong opposition to the Financial Innovation and Technology for the 21st Century (FIT21) Act.

The FIT21 Act is widely celebrated for offering regulatory clarity to the crypto industry. However, Gensler has criticized it, arguing that the bill would weaken current consumer protections in the crypto market.

The President Biden administration said it opposes the bill’s passage. However, the White House clarified that it was willing to work with the US Congress to “ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities.”

Notably, the US House of Representatives is scheduled to vote on the bill later today, May 22.

Gensler’s dissent

Gensler warned that the proposed bill would create significant regulatory gaps, undermining decades of precedent in overseeing investment contracts and putting investors and capital markets at substantial risk.

The SEC chair further highlighted that the regulation would prevent blockchain-based investment contracts from being classified as securities. This change would enable crypto investment contract issuers to self-certify their products as decentralized, effectively removing them from SEC oversight. He added:

“The SEC would only have 60 days to review and challenge the certification that a product is a digital commodity. Those that the SEC successfully challenges would be re-classified as restricted digital assets and subject to the bill’s lighter-touch SEC oversight regime that excludes many core protections. “

Moreover, Gensler criticized the bill for abandoning the Howey Test, a key method for determining if an investment qualifies as a security. He argued that this would lead to reduced protections for the few investment contracts that are considered securities. Additionally, he pointed out the risks posed by excluding crypto asset trading platforms from being classified as exchanges.

Gensler emphasized that the bill poses a significant threat to the American capital market and its investors. He stated that the legislation would undermine capital markets by allowing firms to evade enforcement actions more easily.

FIT21 enjoys support

Despite Gensler’s antagonism towards the bill, the proposed legislation enjoys strong support from the US Congress and the crypto community.

In a May 21 statement, Congressman French Hill, the Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, said the bill gives the SEC authority over digital assets that are not certified under the legislation and would provide adequate securities to protect against another FTX-like situation.

Several crypto companies, including Coinbase, Circle, Kraken, Gemini, and advocacy group Stand With Crypto, have urged US lawmakers to support the legislation. The Crypto Council for Innovation (CCI) stated:

“FIT 21 will introduce new compliance challenges for digital assets companies, but regulatory clarity is indisputably more responsible, safer for consumers, and preferable to the status quo.”

As the bill awaits today’s vote, the White House has confirmed that it will not attempt to veto it if it passes, even though it does “oppose” the bill. The vote will likely now be one of the most important pieces of crypto legislation to be voted on by Congress.

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Kraken spotlights SEC inability to identify ‘investments contract’ in digital assets

admin — Fri, 10 May 2024 12:28:50 +0000

Kraken has refuted the Securities and Exchange Commission’s (SEC) claims that its platform listed securities, pointing out that the financial regulator’s arguments attempt to restructure the US financial system beyond its regulatory scope, according to a May 9 court filing.

Investment contract

Kraken stated that the SEC could not pinpoint tradable investment contracts on its platform. Instead, the Gary Gensler-led commission was using terms like investment “concept” and “ecosystem” as substitutes for “investment contract” and “enterprise.”

Kraken lawyers wrote:

“Kraken does not trade, broker, or settle ‘concepts’ or ‘ecosystems.’ The SEC never plainly alleges that what actually is traded, brokered, and settled on Kraken is itself an investment contract. This failure spotlights the fundamental problem with the SEC’s case.”

The crypto-trading platform continued that the digital assets on its platform are not securities, adding that the SEC’s “argument could transform the sale of any digital asset (or any commodity) into an investment contract whenever the agency wishes it so—simply by claiming there is promotion of some surrounding ‘ecosystem.’”

Furthermore, Kraken argued that the SEC’s action could result in a “significant reordering of the US’s financial regulatory structure” and should be “debated in Congress, not in the courts.”

It added:

“The SEC’s assertion that it can regulate all ‘investment concepts’ and ‘ecosystems’ is the type of agency power grab that the Supreme Court has held runs afoul of the major questions doctrine.”

Securities battle

Kraken’s case is among the several lawsuits in which the SEC is currently embroiled, all revolving around the definition of securities.

The financial regulator has consistently argued that several digital assets meet the definition of securities under the Howey Test.

In a filing, the SEC lawyers contended that “crypto assets are not the first technological innovation to interest securities markets,” citing a recent Court rejection of Coinbase’s argument about how its operations did not violate federal securities law as evidence that the sectors “fall comfortably within the framework that courts have used to identify securities for nearly eighty years.”

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Coinbase legal chief challenges SEC chair Gensler’s claim that most crypto tokens are securities

admin — Tue, 07 May 2024 18:34:00 +0000

Coinbase chief legal officer Paul Grewal called on US SEC Chair Gary Gensler to stop misleading the market about the legal status of cryptocurrencies in a May 7 social media post.

Grewal made the statement in response to Gensler’s recent CNBC interview with Andrew Sorkin, where he asserted that numerous digital assets fall under the category of securities according to existing law.

However, Grewal countered that the SEC chair’s claims were false as the watchdog’s lawyers have previously acknowledged that cryptocurrencies do not fall under the definition of securities.

In his message to Gensler, Grewal stated unequivocally:

“Please stop misleading the market — tokens are NOT securities. Their pleadings notwithstanding, your own attorneys have admitted this in court.”

Inadequate crypto disclosure

Meanwhile, Gensler reiterated his known stance that most cryptocurrencies are securities tokens in his CNBC interview, adding that they often lack the necessary disclosures meant for assets in this class.

According to the SEC chair:

“Without prejudging any one of them, many of those tokens are securities under the law of the land, as interpreted by the US Supreme Court. So we follow that law, and you, the investors, are not getting the required or needed disclosures about those assets.”

Although Gensler did not specify which cryptocurrencies he considers securities, recent regulatory actions suggest that all major tokens, excluding Bitcoin, are under scrutiny.

Since assuming the role of SEC Chair, Gensler has prioritized bringing crypto within the commission’s regulatory purview, citing the Howey test as a benchmark for determining securities status.

Critics have lambasted Gensler’s enforcement-centric approach, advocating instead for legislative clarity from Congress. However, progress on crypto-related legislation has been sluggish, prolonging uncertainty in the industry.

Several crypto entities, including Binance, Coinbase, and Ripple, are entangled in legal battles with the Gensler-led commission. Furthermore, during the past month, the financial watchdog has issued Wells Notices to other major crypto firms, such as Uniswap, Consensys, and digital trading platform Robinhood.

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SEC issues Wells Notice against Robinhood, crypto community calls it ‘scare tactics’

admin — Tue, 07 May 2024 08:11:53 +0000

Robinhood’s crypto division received a Wells Notice from the US Securities and Exchange Commission (SEC) on May 4.

According to a filing, the Gary Gensler-led Commission staff has been investigating Robinhood’s “cryptocurrency listings, custody of cryptocurrencies, and platform operations” for some time before recommending an enforcement action against it.

Dan Gallagher, the chief legal officer at Robinhood Markets, said the firm was “disappointed” with the SEC after its failed attempts to register with the regulator. He added:

“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.”

Robinhood is a US-based digital trading app that previously delisted major cryptocurrencies like Cardano, Polygon, and Solana after the SEC classified them as securities in a lawsuit against Coinbase and Binance.

Wells Notice

The notice against Robinhood is the latest in the SEC’s ongoing scrutiny of crypto-related entities.

Last month, the SEC served Uniswap with a Wells Notice. The DEX’s founder, Hayden Adams, criticized the regulator’s approach, stating that it had attacked “established actors like Uniswap and Coinbase while overlooking the malpractices of entities like FTX.”

Similarly, Consensys received a Wells Notice from the SEC during the same period. In response, the crypto-focused firm opted to take legal action against the SEC, arguing that categorizing ETH as a security would hinder the growth and utilization of Ethereum and other blockchain technologies in the US.

‘Scare tactic’

Several crypto stakeholders have slammed the SEC for this latest regulatory action against Robinhood.

Jake Chervisnky, the chief legal officer at Variant Fund, said the SEC was abusing the Wells process as it seems to be adopting the tool as a “scare tactic now.”

According to him:

“If the SEC brings as many enforcement actions as it has sent Wells notices, it will be in flagrant violation of both the law and its Congressional mandate. If not, it’s clearly abusing the Wells process to get free discovery and terrorize upstanding US companies.”

Meanwhile, Adam Cochran argued that the SEC’s actions were being pushed to prevent new crypto startups.

He added that Gensler does not plan to win the cases as he is only focused on getting headlines to impress “[Elizabeth Warren] enough that under a Biden re-election, he gets Treasury seat, or is kicked out under a Trump win.”

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Crypto market unsure as Maxine Waters nominates Kristin Johnson for key Treasury position

admin — Fri, 03 May 2024 09:47:49 +0000

Rep. Maxine Waters, a ranking member in the US House Committee on Financial Services, has proposed the nomination of Ms. Kristin Johnson, a current Commissioner of the US Commodity Futures Trading Commission (CFTC), for the position of Assistant Secretary for Financial Institutions at the US Department of Treasury.

In a May 2 letter addressed to President Joe Biden, Rep. Waters cited Johnson’s extensive expertise in financial regulation and her commitment to upholding the integrity of financial markets during her tenure as a CFTC Commissioner.

According to Waters:

“In her role as a CFTC Commissioner, Commissioner Johnson has prioritized maintaining the integrity of our financial markets. She has pushed the Commission to adopt rigorous capital, collateral, and margin standards

Moreover, Waters highlighted Johnson’s advocacy for investor protection and her efforts to hold those who undermine consumer protection laws accountable. The lawmaker noted that Johnson’s leadership in regulating Artificial Intelligence (AI) within the CFTC further demonstrates her dedication to staying abreast of emerging financial technologies.

She added:

“Commissioner Johnson provided the Committee with important insights on a wide range of topics, like access to credit, credit underwriting, fair lending, AI, digital assets, data privacy, cybersecurity, and financial stability, as well as appropriate regulation of banks and fintechs.”

Win for crypto?

Waters’ nomination of Johnson has drawn varying reactions from the crypto community.

Some, like Consensys Lawyer Bill Hughes, view Johnson’s potential appointment as a significant boon for the crypto industry, citing her open-mindedness and productivity on blockchain matters.

Over the past year, Johnson has made several interventions within the crypto industry and has consistently advocated for a regulation-first approach for the emerging industry.

However, others within the community have expressed reservations, suggesting that Johnson’s nomination may not necessarily translate into direct benefits for the crypto industry, citing the example of SEC’s chair Gary Gensler.

Before assuming office in 2021, Gensler’s nomination was met with optimism from many in the community as they anticipated a regulatory environment favorable to the emerging industry.

However, the Gensler-led SEC has brought several enforcement actions against leading crypto firms like Coinbase and Binance and has consistently maintained that the industry operates outside of compliance.

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SEC suspected Ethereum was a security since 2018, new Consensys documents reveal

admin — Mon, 29 Apr 2024 17:01:56 +0000

The Gary Gensler-led Securities and Exchange Commission (SEC) began investigating Ethereum’s security status last year, according to an April 29 court filing by Consensys.

The filing disclosed that Gurbir Grewal, the Director of the Division of Enforcement, sanctioned the Formal Order of Investigation concerning ‘Ethereum 2.0’ in March 2023. This Formal Order conferred broader authority upon SEC staff to investigate and subpoena individuals and entities involved in ETH transactions.

It added:

“The Formal Order predicates this delegation on the SEC’s information showing possible offers and sales, since at least 2018, of ‘certain securities, including, but not limited to ETH, as to which no registration statement was or is in effect . . . and for which no exemption was or is available.’”

Subsequently, the SEC has issued subpoenas to numerous individuals and entities with investments in Ethereum, including Consensys.

Notably, this revelation emerged a few days after Consensys lodged a legal action against the SEC on April 25. The company contended that the SEC’s attempt to classify Ethereum as a security represented regulatory overreach, warning that such a designation could stifle innovation and adversely affect developers, investors, and entities utilizing Ethereum’s decentralized infrastructure.

Ethereum’s regulatory status

Ethereum’s regulatory status has been a persistent issue for the SEC in recent years.

In 2018, Gensler stated during a lecture at the Massachusetts Institute of Technology that ETH is not considered a security.

However, Gensler’s stance seems to have shifted, particularly following Ethereum’s transition to proof of stake. Despite this, he has refrained from definitively addressing ETH’s status, despite numerous inquiries from stakeholders, including members of Congress.

While Gensler has remained silent on the matter, proponents in the crypto community have cited remarks from former SEC officials like Bill Hinman, as well as legal filings from financial regulatory bodies such as the Commodities Futures Trading Commission, to argue that Ethereum does not meet the criteria for classification as a security.

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Did Elon Musk Just CRASH this Crypto!? MAJOR Crypto Whale Accumulation & Ripple CEO Lashes out….

Altcoin Buzz — Sat, 25 Nov 2023 02:07:23 +0000

Did Elon Musk just tank this altcoin’s price over the weekend? Crypto whales are accumulating this token, Ripple CEO Brad Garlinghouse goes off on the SEC along with Coinbase and Binance. Ethereum launches Ethscriptions protocol, and will Blackrocks new BTC ETF succeed?

Altcoin Buzz India

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TIMESTAMPS
00:00 Intro
0:25 Blackrock BTC ETF
1:21 Binance US court decision
2:49 Ethereum Ethscriptions protocol launches
4:21 Coinbase responds to the SEC’s court letter
5:25 Elon Musk tanks Altcoin this weekend
6:23 Ripple CEO goes off against the SEC!
8:19 Arbitrum sees whales buying!

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439% SURGE? Early signs of MASSIVE Crypto BULLRUN | BRC20 Outperforms All 🚀

Altcoin Buzz — Sun, 22 Oct 2023 00:29:55 +0000

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Elon Musk sends an altcoin soaring 439% in a day, BRC20’s are out performing the market, Binance US says to withdrawal all USD and TrueUSD is not effected by the Prime Trust pauses. Could BTC hit new All Time Highs this year and start a new bull run? Staked Ethereum hits a new all time high and Coinbase wants to build a Super App.

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TIMESTAMPS
00:00 Intro
0:39 ETH Staking hits 25 Million!
2:06 Binance US warns users to take out USD
2:55 True USD says it has no exposure to Prime Trust
4:06 Wanchain BTC XFlows now on Ethereum!
5:15 Could BTC hit new All Time High this year?!
6:38 Elon sends altcoin up 439%
7:14 BitKeep adds BRC-20 support
8:15 Brian Armstrong wants to turn Coinbase into a Super App

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The post 439% SURGE? Early signs of MASSIVE Crypto BULLRUN | BRC20 Outperforms All 🚀 appeared first on Top Crypto Game.

FINAL WARNING SEC's NEXT Target is… | 4 Crypto That Could 🚀?

Altcoin Buzz — Tue, 17 Oct 2023 00:04:03 +0000

The SEC may have its next targets in sight, Institutions are entering the BTC ETF space, Fidelity and Citadel launch crypto exchange EDX with 4 cryptos that could rally! BTC rallies past 30k, Polygon may move it’s POS chain to ZkEVM, and Gemini is moving operations overseas.

Altcoin Buzz India

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Read the Article:

TIMESTAMPS
00:00 Intro
0:23 BTC flies to 30k!
1:22 Two more massive institutions file for BTC ETFs
3:08 SEC is going after them next!
4:14 New Institutional Crypto Exchange EDX launches
5:38 Polygon moves POS to ZkEVM
7:06 Gemini moving offshore

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FREE WEEKLY MARKET & NFT UPDATE REPORTS

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ALTCOIN BUZZ CHAT
TOP CRYPTO NEWS
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#cryptonews #sec #bitcoin #btc

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gary gensler Archives - Top Crypto Game

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