Gary Gensler started the week firing off on Crypto. Monday the SEC chair announced 13 CIVIL but very Public charges against BINANCE US (The world’s largest Crypto exchange) . On Tuesday he levelled 4 charges against COINBASE (Largest Crypto exchange in USA). In a Squawkbox interview he may have given us a key to WHY — He said “We don’t need more digital currency…we already have digital currency, it’s called the U.S. dollar,” … Well how convenient (and false) Mr G! In July US will release a CDDC they are calling FEDNOW . Whatever you think of Crypto (I know what most of you think it is BS — it is NOT!) you have to admit this is an obvious case of the US doing exactly what China did in a slightly different manner (China outlawed crypto one day then started their own crypto coin CBDC the next!) As if this were not suspicious enough…. Gary Gensler the SEC Chair was just a few years ago a teacher at MIT who taught Blockchain and Crypto.
Gary was very much FOR CRYPTO before he came out against it!
In 2019 Gary said —
“Though literally thousands of projects have yet to land on broadly adopted use cases, I remain intrigued by Satoshi’s innovation’s potential to spur change – either directly or indirectly as a catalyst. The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs, and promote economic inclusion."
FYI Satoshi = Bitcoin a reference to the so called creator of BTC
He also said —
“Further, shared blockchain applications might help jumpstart multiparty network solutions in fields that historically have been fragmented or resilient to change. Even in this slightly less ambitious form – acting as an innovative irritant to incumbents and traditional technologies – cryptocurrencies and blockchain technology have already prompted real change and can continue to do so,"
Gary was positively jovial and dare I say motivating in his role as instructor of blockchain and crypto at MIT — It is on video!
And now a great revealing nugget of info — In 2019 Gary met with CZ in Japan and Offered to ADVISE BINANCE the company that he accused on Monday!!!
“Documents filed by the SEC on Wednesday indicate that attorneys from Gibson Dunn and Latham & Watkins, two of Binance’s law firms, allege that Gensler offered to serve as an advisor to the crypto exchange in several March 2019 conversations with Binance executives and Zhao. He eventually met Zhao in Japan for lunch later that month, the filing claims.”
Again, whatever you think about crypto and blockchain I hope you can see that this new technology is being bamboozled. The usual players have basically seen that there is value, they want to knock it down and erect their own platform which they can CONTROL and profit from. Crypto is an equaliser but the US Gov does NOT want an equal playing field which they cannot CONTROL. Why else would they declare a war on Crypto before ever even Defining it or setting up some rules?
You cannot cry foul if you do not define the diamond and set up a distance and rules!
Brian Armstrong the founder of COINBASE says it best and I will leave you with his vid.
BY THE NUMBERS
Read the article on Coinbase for more Gary flipflopaabbles….
