Gary Gensler's SEC sues Crypto Influncers and posts on his Twitter as propaganda

[rdbase]

Gary Gensler will go against the courts today this time for his own sake.

https://www.wsj.com/articles/sec-chair-gensler-to-defend-climate-crypto-plans-before-gop-led-panel-2e3a6ade
https://cryptoslate.com/congressman-advances-legislation-to-fire-gary-gensler-downgrade-position

United States Representative Warren Davidson has declared he would introduce legislation to fire the boss of SEC.
source: https://cointelegraph.com/news/rep-davidson-to-introduce-legislation-to-fire-sec-boss-gensler-for-crypto-overreach

FTX and his involvement in the now well known defunct cryptocurrency exchange and him knowing Bankman Fried and his parents with their past encounters and relations. This most definitely will be a talked about subject during his defense.

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[bbc.reporter]

@rdbase. There is also a video of Gary Gensler promoting Algorand. The link to the video is included in the article. Uncle Gary should sue himself and also pay for the fine himself hehehheheh. The is head scratching. The cryptospace has created clowns and hustlers out of many people.



The head of the Securities and Exchange Commission, Gary Gensler, has been caught promoting Algorand. Critics are calling him a hypocrite.

Footage has emerged of Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), promoting the cryptocurrency Algorand (ALGO). Gensler, SEC chair since 2021, is spearheading a regulatory crackdown on Bitcoin and other cryptocurrencies.

At one point in the clip, Gensler speaks highly of Italian computer scientist Silvio Micali, the project’s founder. “Silvio Micali’s Alogrand, he’s a Turing Award winner at MIT I work with… Silvio’s got a great technology, it has performance, you could create Uber on top of it.”

Source https://beincrypto.com/sec-chairman-gary-gensler-caught-shilling-algorand-now-deems-it-a-security/

[so98nn]

We should all observe one downside of this news, they are targeting crypto ads only. God only knows how many ads she might have done in the past which were not published publicly. That’s already insane to hear that they need info on advertisements also.

I am still wondering why Google is not behind the bars considering they kee running millions of such ads directly or indirectly?

You do not know if the project is scam or not until it’s exposed to scams.

Moreover, is it about the money? Imagine why Elon is still free and without charges. Lolz

[rdbase]

We should all observe one downside of this news, they are targeting crypto ads only. God only knows how many ads she might have done in the past which were not published publicly. That’s already insane to hear that they need info on advertisements also.

I am still wondering why Google is not behind the bars considering they kee running millions of such ads directly or indirectly?

You do not know if the project is scam or not until it’s exposed to scams.

Moreover, is it about the money? Imagine why Elon is still free and without charges. Lolz

Musk has gotten away with alot of things related to the shilling of doge coin on a publicly broadcasted show called Saturday night live in New York City last year to promoting it on his own globally used platform twitter.
So he will not be charged with any violations to do with them and it's use if he hadn't been so far in his past entangles with any cryptocurrencies.
On the other thread dedicated to Elon Musk's dealings into bitcoin with his Tesla Corporation, there is a two-day interview he did on Fox Business news released yesterday on youtube here:
https://bitcointalk.org/index.php?topic=5336007.msg62110887#msg62110887

@bbc.reporter Yes, I have seen that video along with someone stating since he promoted that coin he should be charged under his own law because they had invested into Algorand and lost a massive amount under that advice.
It was $2 and now it is $0.20 so a 10x loss while taking Gensler's own advisement into the project.

[bbc.reporter]

@rdbase. I speculate that uncle Gary might also be one of those who invested in Algorand and has lost 90% of his investment hehehe. This might be why he is cracking down on everything in the cryptospace, this might be personal for him hehehehe!

[moneystery]

The head of the Securities and Exchange Commission, Gary Gensler, has been caught promoting Algorand. Critics are calling him a hypocrite.

What a hypocrite. On the one hand he attacks the cryptospace, but on the other hand he promotes crypto projects. He was like spitting and licking his spit back, so disgusting.

[rdbase]

Alot of representatives during the hearing against what GG has done during his term as head of the SEC.
You can go to several media sites and view all the drilling they had put this gary guy through.
Eventually he will crack and say he doesn't know what he is doing.
You can clearly see with the questioning by Emmer had him rattled to the point his hands were shaking.
https://cryptoslate.com/us-congressman-emmer-says-sec-chair-gensler-is-incompetent

[bbc.reporter]

@rdbase. I am not arguing that there are no scams in the cryptospace but I very much agree. The rules and regulations they use are based on traditional finance and they try to use what the think might apply on the cryptospace. However, in reality, there is not any clear regulatory guidance on the cryptospace. Uncle Gary and the SEC only get the old rules and go on a witchhunt hehehe.

[nutildah]

Musk has gotten away with alot of things related to the shilling of doge coin on a publicly broadcasted show called Saturday night live in New York City last year to promoting it on his own globally used platform twitter.
So he will not be charged with any violations to do with them and it's use if he hadn't been so far in his past entangles with any cryptocurrencies.
On the other thread dedicated to Elon Musk's dealings into bitcoin with his Tesla Corporation, there is a two-day interview he did on Fox Business news released yesterday on youtube here:
https://bitcointalk.org/index.php?topic=5336007.msg62110887#msg62110887

It would appear the SEC isn't interested in going after Proof of Work currencies, at least for the time being. First and foremost tho is the question of whether or not there is an "expectation of profit" one can assume when purchasing a cryptocurrency. Musk never promised anything regarding Dogecoin. Second is whether or not there is a specific governing body that steers the direction of a coin's development -- neither BTC or DOGE have such things.

As someone who's been following his DOGE-related moves rather closely, Elon did say he was going to accept DOGE for SpaceX merch payments. That's the one thing he said that he hasn't followed through with yet.

[rdbase]

Musk has gotten away with alot of things related to the shilling of doge coin on a publicly broadcasted show called Saturday night live in New York City last year to promoting it on his own globally used platform twitter.
So he will not be charged with any violations to do with them and it's use if he hadn't been so far in his past entangles with any cryptocurrencies.
On the other thread dedicated to Elon Musk's dealings into bitcoin with his Tesla Corporation, there is a two-day interview he did on Fox Business news released yesterday on youtube here:
https://bitcointalk.org/index.php?topic=5336007.msg62110887#msg62110887

It would appear the SEC isn't interested in going after Proof of Work currencies, at least for the time being. First and foremost tho is the question of whether or not there is an "expectation of profit" one can assume when purchasing a cryptocurrency. Musk never promised anything regarding Dogecoin. Second is whether or not there is a specific governing body that steers the direction of a coin's development -- neither BTC or DOGE have such things.

As someone who's been following his DOGE-related moves rather closely, Elon did say he was going to accept DOGE for SpaceX merch payments. That's the one thing he said that he hasn't followed through with yet.

SEC are in their own little hell right now so they either don't have the time or the resources while the entire senate are grilling them during testimony which hasn't ended just yet.
You are correct, Musk never did promise anything. He is no fool to do so with everything that is widely seen in the public eye regarding to cryptocurreny regulations and with him owning several businesses he does not want to jeopardize them in anyway possible just for the memes, so to speak.

He is currently in a lawsuit which is why he changed the twitter logo a couple of weeks ago to the doge coin just so to show his defiance to the SEC & the ones who are involved in the suit.
But I digress, there is a thread dedicated to his farces located here for any further discussions about Mr. Musk:
https://bitcointalk.org/index.php?topic=5336007.msg62126720#msg62126720

[darkangel11]

It would appear the SEC isn't interested in going after Proof of Work currencies, at least for the time being. First and foremost tho is the question of whether or not there is an "expectation of profit" one can assume when purchasing a cryptocurrency. Musk never promised anything regarding Dogecoin. Second is whether or not there is a specific governing body that steers the direction of a coin's development -- neither BTC or DOGE have such things.

As someone who's been following his DOGE-related moves rather closely, Elon did say he was going to accept DOGE for SpaceX merch payments. That's the one thing he said that he hasn't followed through with yet.

I said it in another thread: the SEC is only interested in making a show as if they're doing something and going after the easiest targets. They'll either go after perpetrators who are clearly guilty, trying to flee, shutting down the business, cleaning accounts, or they go after people with money who the SEC know can pay the fine.

I don't like XRP but the SEC was so eager to shut them down and move on to another target, but Ripple lawyered up good and defended and now when Gensler was asked if it's a security he didn't answer.
Now he doesn't even know what is and what isn't a security. He's too scared of being sued by everyone.

Gensler said Coinbase allowed for trading of unregistered securities but he didn't sue Coinbase. He allowed FTX to scam people, but rejected Ark Investment and Grayscale bitcoin ETFs, that had all the proper paperwork. What a clown world this is.

[rdbase]

@darkangel11
Because Gary of the SEC is picking and choosing who this mob is going to hustle and since he was buddies with The Bankman Frieds Gensler turned a blind eye to the entire FTX maelstrom which resulted in an atom bomb to the cryptocurrency market.
With Coinbase, I am not entirely sure what his end game was with them. Maybe he likes a fellow bald guy in Brian Armstrong.
Thats the only thing I can see in why he let the whole security case go with insider trading.
https://www.bloomberg.com/news/articles/2022-07-21/ex-coinbase-manager-arrested-in-us-crypto-insider-trading-case
https://www.washingtonpost.com/business/2022/07/21/coinbase-insider-trading-arrest

[darkangel11]

Brian doesn't seem to be a big believer in Gary and his brotherly love. Coinbase is securing an escape route from the US and got a license to operate in Bermuda. They're also securing locations and licenses in Brazil, Singapore and Canada...
Brian knows that Gary is stubborn like a donkey and won't give him a license even if Coinbase wins that lawsuit with the SEC. The SEC is going to do what it always does, play the long game to suffocate the business, like they're doing with all the ETF proposals. If they can't win in court they'll delay you for years until you get it into your little head that you're losing money doing this and leave.

[rdbase]

Brian doesn't seem to be a big believer in Gary and his brotherly love. Coinbase is securing an escape route from the US and got a license to operate in Bermuda. They're also securing locations and licenses in Brazil, Singapore and Canada...
Brian knows that Gary is stubborn like a donkey and won't give him a license even if Coinbase wins that lawsuit with the SEC. The SEC is going to do what it always does, play the long game to suffocate the business, like they're doing with all the ETF proposals. If they can't win in court they'll delay you for years until you get it into your little head that you're losing money doing this and leave.

Well I guess the SEC took too long and now Coinbase decided to counter sue them instead:
https://blockworks.co/news/coinbase-sec-rulemaking-petition
This has stemmed back from July 2022 when the SEC were putting a case against them in deciding whether bitcoin and ethereum were deemed a security or a commodity.
They want clearer regulation rules when it comes to all cryptocurrenies so they can not keep suing other companies as the SEC had done to them last year on these undetermined rules.

[bbc.reporter]

Brian doesn't seem to be a big believer in Gary and his brotherly love. Coinbase is securing an escape route from the US and got a license to operate in Bermuda. They're also securing locations and licenses in Brazil, Singapore and Canada...
Brian knows that Gary is stubborn like a donkey and won't give him a license even if Coinbase wins that lawsuit with the SEC. The SEC is going to do what it always does, play the long game to suffocate the business, like they're doing with all the ETF proposals. If they can't win in court they'll delay you for years until you get it into your little head that you're losing money doing this and leave.

Well I guess the SEC took too long and now Coinbase decided to counter sue them instead:
https://blockworks.co/news/coinbase-sec-rulemaking-petition
This has stemmed back from July 2022 when the SEC were putting a case against them in deciding whether bitcoin and ethereum were deemed a security or a commodity.
They want clearer regulation rules when it comes to all cryptocurrenies so they can not keep suing other companies as the SEC had done to them last year on these undetermined rules.

I reckon that this might only be the first. If this lawsuit begins getting the attention of the community, the other exchanges and other crytospace services in America, we might witness the other founders like Jesse Powell and Cameron Winklevoss to join this war against Gensler.

I speculate Gensler might lose his job before the presidential elections on November 2024. He is becoming very unpopular. There are also people from the Republican party who appear to be using Gensler and the SEC as a storyline for their own agenda hehe.



Republicans blasted the SEC’s lawsuits against cryptocurrency firms under Gensler’s tenure and accused him of refusing to comply with congressional requests for documents.

Source https://thehill.com/business/3956812-republicans-rip-sec-chief-for-crypto-lawsuits-climate-rules/

[rdbase]

SEC is currently sueing the biggest exchange of cryptocurrency trading globally Binance over securities and wash trading:
https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules

[ndutndut]

SEC is currently sueing the biggest exchange of cryptocurrency trading globally Binance over securities and wash trading:
https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules

Despite the SEC's action against Binance, the BTC balance on Binance has increased to an all-time high of 703,000 BTC (~$18 billion), while the balance on Coinbase has fallen to just 462,000 BTC (~$11.8 billion).

https://studio.glassnode.com/metrics?a=BTC&category=Exchanges&m=distribution.BalanceExchanges

[rdbase]

SEC is currently sueing the biggest exchange of cryptocurrency trading globally Binance over securities and wash trading:
https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules

Despite the SEC's action against Binance, the BTC balance on Binance has increased to an all-time high of 703,000 BTC (~$18 billion), while the balance on Coinbase has fallen to just 462,000 BTC (~$11.8 billion).

https://studio.glassnode.com/metrics?a=BTC&category=Exchanges&m=distribution.BalanceExchanges

They are in a rush to get all the crypto exchanges to comply with the suit raised against Coinbase a day after.
I think binance's customers have moved nearly 7000 bitcoins off the exchange since yesterday's announcement. And since a few hours ago SEC had also put up a restraining order on having any withdrawals and deposits done on the US side of the site.
https://www.reuters.com/legal/sec-files-motion-restraining-order-freeze-binance-us-assets-2023-06-06/

Somebody created a mortal kombat style fighting game featuring Gary Gensler. Fight bad gary!
https://twitter.com/goodgensler/status/1666167520137719810

[ndutndut]

SEC is currently sueing the biggest exchange of cryptocurrency trading globally Binance over securities and wash trading:
https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules

Despite the SEC's action against Binance, the BTC balance on Binance has increased to an all-time high of 703,000 BTC (~$18 billion), while the balance on Coinbase has fallen to just 462,000 BTC (~$11.8 billion).

https://studio.glassnode.com/metrics?a=BTC&category=Exchanges&m=distribution.BalanceExchanges

They are in a rush to get all the crypto exchanges to comply with the suit raised against Coinbase a day after.
I think binance's customers have moved nearly 7000 bitcoins off the exchange since yesterday's announcement. And since a few hours ago SEC had also put up a restraining order on having any withdrawals and deposits done on the US side of the site.
https://www.reuters.com/legal/sec-files-motion-restraining-order-freeze-binance-us-assets-2023-06-06/

Somebody created a mortal kombat style fighting game featuring Gary Gensler. Fight bad gary!
https://twitter.com/goodgensler/status/1666167520137719810

SEC's strangest IMO, it says unregistered exchange. Shouldn't an IPO go through SEC due diligence first? If it's unregistered, why is it allowed for an IPO on the NASDAQ? Here you can see where the SEC is headed.
- In the end, the SEC will ask that the Coinbase account be blocked. Even though Coinbase users are 99% from America. This is not protecting, but troubling its own people.
- This SEC lawsuit has a bigger impact on Coinbase than it does on Binance. Because the Binance market is global.
- COIN share price fell 12%
- 2 Days ago Binance, Yesterday Coinbase, Maybe tonight Crypto(com), or Gemini

BinanceUS assets will be frozen by the SEC. Binance US & Binance are different entities. The trade volume is only 2% from Binance Global.

[Z390]

Gensler won't matter anymore, I am so sure of this, he didn't know what is coming for him, Binance exchange has the best lawyers like I've heard, they will go all lent to come out with flying colors, and if Binance win this fight, it's over for SEC and Gensler.

 I also believe that Coinbase won't sit back and watch themselves go down, they are smart people, if you are following their Twitter channel you should have seen some past relation with SEC Gensler and Coinbase, there was a time where Coinbase approach SEC and at that time, the SEC don't see any of those assets they tagged as security today back then, lol, I believe these two exchanges don't break any laws.

This whole issue will pass and they will come to a form of agreement.