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

[Reid]

Glad to see more bitcoiners are realizing Gensler is not a friend of Bitcoin or the industry in general. Just last year whenever I would point out on these forums that Gensler is very anti-Bitcoin I'd have several people jumping down my throat defending him and acting like he was some sort of hero of Bitcoin lol.

Though with ETFs approved now and with SEC losing court cases against the industry Gensler's anti-Bitcoin/Crypto crusade is becoming less important, thankfully.

Those individuals probably thought he was protecting the public from fraudsters and prevent them from getting scammed by those particular companies which do so.
The entire time he was the one who would be funneling inconsistencies with his arguments about bitcoin on the whole.

Yes and yes. It's an attack not a defense for the public. He just made it look like that so he can get the support of them but people isn't stupid anymore when it comes to this, the internet did a lot of help and those who are helping float his black propaganda.
We all saw how SEC lost to Grayscale which means they are just prolonging the process by using those propagandas and then XRP too with their partial win against them. If something or someone will fight until the end, it will certainly be a successful one because the SEC do not really have the proof to stop it, they are just halting the process.

But I won't say I hate the guy, it somehow helped filter the cryptocurrencies that are legitimate and trash all the scammy ones. The regulation somehow made those scammy projects to back away.

Gary Gensler clarifies crypto stance post-Bitcoin ETF approval
https://www.cryptonewsz.com/gary-gensler-clarifies-crypto-stance-post-bitcoin-etf-approval/

That may not be the case, as is evident from Gary’s media interaction. Gensler has put out that even though the Commission has approved 11 Bitcoin ETF applications, that does not necessarily reflect their support for the digital asset, Bitcoin. Approval of the Bitcoin ETF merely points out how the product can be traded. Cryptos remain under the radar since most of them are unregulated securities. Also, there is a high chance that approving their ETFs without a proper review could initiate a series of incidents pertaining to market manipulation and fraud.

Yes, he is really against Bitcoin.

[rdbase]

Glad to see more bitcoiners are realizing Gensler is not a friend of Bitcoin or the industry in general. Just last year whenever I would point out on these forums that Gensler is very anti-Bitcoin I'd have several people jumping down my throat defending him and acting like he was some sort of hero of Bitcoin lol.

Though with ETFs approved now and with SEC losing court cases against the industry Gensler's anti-Bitcoin/Crypto crusade is becoming less important, thankfully.

Those individuals probably thought he was protecting the public from fraudsters and prevent them from getting scammed by those particular companies which do so.
The entire time he was the one who would be funneling inconsistencies with his arguments about bitcoin on the whole.

Yes and yes. It's an attack not a defense for the public. He just made it look like that so he can get the support of them but people isn't stupid anymore when it comes to this, the internet did a lot of help and those who are helping float his black propaganda.
We all saw how SEC lost to Grayscale which means they are just prolonging the process by using those propagandas and then XRP too with their partial win against them. If something or someone will fight until the end, it will certainly be a successful one because the SEC do not really have the proof to stop it, they are just halting the process.

But I won't say I hate the guy, it somehow helped filter the cryptocurrencies that are legitimate and trash all the scammy ones. The regulation somehow made those scammy projects to back away.

Gary Gensler clarifies crypto stance post-Bitcoin ETF approval
https://www.cryptonewsz.com/gary-gensler-clarifies-crypto-stance-post-bitcoin-etf-approval/

That may not be the case, as is evident from Gary’s media interaction. Gensler has put out that even though the Commission has approved 11 Bitcoin ETF applications, that does not necessarily reflect their support for the digital asset, Bitcoin. Approval of the Bitcoin ETF merely points out how the product can be traded. Cryptos remain under the radar since most of them are unregulated securities. Also, there is a high chance that approving their ETFs without a proper review could initiate a series of incidents pertaining to market manipulation and fraud.

Yes, he is really against Bitcoin.

Yet the SEC still holds the power to end all of crypto and the big banks are still at war against it going forward with the battle of ETF approvals:
https://www.bloomberg.com/news/articles/2024-02-15/as-bitcoin-rallies-banks-push-sec-to-change-an-accounting-guideline-sab-121

Coinbase is at the forefront of battling the SEC as they are still seeking approval for another ETF held by Grayscale not with bitcoin but with an altcoin, Ethereum, the second largest cryptocurrency only to the grandfather of them all:
https://www.tradingview.com/news/coinedition:f2d5dd72f094b:0-coinbase-urges-sec-to-approve-grayscale-ethereum-etf-report
https://dailycoin.com/coinbase-vouches-for-grayscale-ethereum-etf-approval

[rdbase]

Remember when the SEC was blind to what FTX was doing ahead of the biggest collapse of this huge cryptocurrency exchange.
They held a large amount of Solana an altcoin which many toted as the one to replace ethereum.
Well recently they auctioned off their rather large bag of SOL at a fraction of the cost.
https://www.bloomberg.com/news/articles/2024-03-07/pantera-raising-money-to-buy-250-million-solana-holding-from-ftx-sol
Why is this so important?
The value of SOL has risen faster than both bitcoin and ethereum. Before the crypto rally it was priced at $18 after the collapse of FTX while they held a large amount of the tokens.
But now it is seen as the next ethereum since it can do everything that blockchain can do with smart contracts but at a fraction of the cost in the gas fees so to transfer along it's own blockchain.
Many of the projects related to NFTs, memecoins and WEB3 gaming have been migrating over to the Solana blockchain causing an enormous amount of traffic and thus causing the ecosystem to expand past even the Ethereum blockchain in usage.
Now the SOL altcoin is worth just over $180 as of this article below was published. That is a 10x increase within less than 7 months:


https://coinedition.com/solana-surpasses-ethereum-in-daily-stablecoin-volume

[Reid]

Some big news came out and it is said that SEC is winning against the Coinbase case.
https://www.cnbc.com/2024/03/27/sec-scores-big-win-in-lawsuit-against-crypto-exchange-coinbase.html
SEC scores big win in lawsuit against crypto exchange Coinbase

The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase
 on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial.

Chief Legal Officer of Coinbase Paul Grewal also shared this in his X account.
https://x.com/iampaulgrewal/status/1772993916146479193?s=20


This is also the reason for the 3 percent drop in Coinbase and I think there will be more coming up once this case starts again.

[rdbase]

That is the reason why they created their own chain called base so to avoid having the SEC come along and announce their own product are a security.
Seems it's Layer-2 base has become a success for those who trade altcoins such as solana had been for since the bullrun.
Also since there was a rather large transaction of solana yesterday to the platform there could be concern of an imminent dump of this coin soon:
https://www.bulbapp.io/p/e01e34b4-d490-4bbe-8b10-ed2d6e3876e4/over-158-million-in-solana-sol-mysteriously-moved-to-coinbase

[rdbase]

For the past couple of days Coinbase has been making the rounds when it comes to the lawsuit by the SEC.
They have filed an interlocutory appeal against the SEC in their courtcase about breaching laws of trading security assets on their platform.
https://www.coindesk.com/policy/2024/04/13/coinbase-seeks-to-take-core-question-in-us-sec-case-to-higher-court
And if this appeal is denied by the court.
https://coinpedia.org/news/sec-vs-coinbase-here-are-the-implications-of-coinbases-interlocutory-appeal-request-if-denied

[rdbase]

Two SEC lawyers leave one of their cases against the crypto company Debtbox citing abuse of power.
https://www.theblock.co/post/290213/sec-lawyers-resign-after-judge-blasts-agency-for-abuse-of-power-in-crypto-fraud-trial-bloomberg
This is the beginning of the end to Gary Gensler's suing companies anything cryptocurrency related.

[rdbase]

SEC gets sued by cryptocurrency firm Consensys citing on the long debate on whether ethereum should be viewed as a security.

https://www.dlnews.com/articles/regulation/consensys-sues-sec-to-block-action-on-ethereum-and-metamask

[Reid]

SEC gets sued by cryptocurrency firm Consensys citing on the long debate on whether ethereum should be viewed as a security.

https://www.dlnews.com/articles/regulation/consensys-sues-sec-to-block-action-on-ethereum-and-metamask

The number of companies that are against SEC are growing, I think there will be more as they keep on cornering every company that are adapting in the new technology in cryptocurencies.

US lawmakers urge SEC to approve Bitcoin options trading

Representatives Mike Flood and Wiley Nickel urged SEC Chair Gary Gensler to stop discriminating against Bitcoin funds in a letter

“We urge you, without delay, to approve options on spot Bitcoin ETPs or to provide an explanation for the Commission’s difference in treatment between options for Bitcoin futures ETFs — which are currently trading — and options for the spot Bitcoin ETPs,” reads the bipartisan letter.

This are now US lawmakers who are urging SEC. They kept on slowing down everything because of a different purpose and we know it because the SEC Chair Gary Gensler is really against Bitcoin and other cryptocurrencies.

The agency has been holding off on decisions on applications from the New York Stock Exchange, Nasdaq and Cboe Global Markets submitted in January.

Nasdaq filed to list and trade options on BlackRock's iShares Bitcoin Trust, while Cboe intends to offer options trading on various BTC funds. Similarly, the NYSE intends to trade options on Bitwise Bitcoin ETF, Grayscale Bitcoin Trusts and any other trusts holding Bitcoin.

https://cointelegraph.com/news/lawmakers-sec-bitcoin-options-trading

[YUriy1991]

If you want to go the rest of the way in privatizing your crypto transactions, join a private crypto club (is there such a thing?), or make a simple private club between yourself and whoever you are transacting with. Have the club in writing, so that you can show that it is private if the SEC asks about it. Use Private Membership Association (PMA) transacting.

I like this PMA idea but if at any time there is a report from one of the rigged communities and then report it to the authorities, be prepared because it will lead to further investigation. I admit that the investigators are smart all asked what the basis is and the legality of the law of its creation, if it is considered flawed and there are indications of fraud then layered articles are ready to wait for us and all will open.

I would rather agree if we trade normally and use an exchange that already has a trading license from the local government, meaning that all terms and conditions have been met by the exchange, it's just that all our important data is stored manually and not stored automatically.

[rdbase]

Gary is not backing down on cryptocurrency firms and has another case announced right on Monday against Robinhood. Which after the announcement had their stock tumble when the stockmarkets opened.
Here are several articles about it and it seems to have caused bitcoin and the entire cryptomarket to drop in it's wake:
https://www.wsj.com/finance/regulation/robinhood-gets-sec-notice-on-recommendation-of-enforcement-action-against-crypto-unit-9846e60c


https://arstechnica.com/tech-policy/2024/05/sec-crypto-crackdown-continues-with-robinhood-as-lawsuit-looms/

[YUriy1991]

There's just bad news when everyone gets ready to wait for the price to be applied. I think that the alleged violation is still not completely true, because before this came, Robinhood also had good faith and was pro-active in coordinating with the SEC for regulatory clarity. The hope is that we can quickly find common ground and the market will return to normal if not many more will come forward with the same problem.

[Reid]

^
Yes, I read about that. Robinhood seems to be abiding on every meeting. 16 meetings. CEO of Robinhood Vlad Tenev is frustrated with what SEC is doing to them.

And on other news about our topic guy.
SEC Chair Gary Gensler: ‘Crypto is a small piece of our market, BUT…’
https://ambcrypto.com/sec-chair-gary-gensler-crypto-is-a-small-piece-of-our-market-but/

“Crypto is a small piece of our overall markets. But, it’s an outsized piece of the scams and frauds and problems in the markets.”

“You have a whole central bank, and support for one currency, generally per economic region, which is not the case with Bitcoin.”

“Bitcoin has the leading market share in ransomware, and that’s publicly known. It’s the token of choice for ransomware.”

They are targetting big companies which is obvious from the names of the attacked ones. Coinbase, Kraken, Consensys, and now Robinhood. They do not even try to look at how they can protect the other investors who are victims of scams from tokens that are created literally for evil intentions.
Those big guys will always follow the rules to keep their companies intact while the small ones are the ones who are doing the hit and run and they don't even see it.

[rdbase]

There's just bad news when everyone gets ready to wait for the price to be applied. I think that the alleged violation is still not completely true, because before this came, Robinhood also had good faith and was pro-active in coordinating with the SEC for regulatory clarity. The hope is that we can quickly find common ground and the market will return to normal if not many more will come forward with the same problem.

That is the thing, there was no regulatory clarity at the time when it came to cryptocurrencies.
The SEC are capitalizing on this vulnerability from all these companies they are targeting.
Does it seem like Gensler is prosecuting them on a level playing field with these filings and cases against cryptocurrency?
I think not.

^
Yes, I read about that. Robinhood seems to be abiding on every meeting. 16 meetings. CEO of Robinhood Vlad Tenev is frustrated with what SEC is doing to them.

And on other news about our topic guy.
SEC Chair Gary Gensler: ‘Crypto is a small piece of our market, BUT…’
https://ambcrypto.com/sec-chair-gary-gensler-crypto-is-a-small-piece-of-our-market-but/

“Crypto is a small piece of our overall markets. But, it’s an outsized piece of the scams and frauds and problems in the markets.”

“You have a whole central bank, and support for one currency, generally per economic region, which is not the case with Bitcoin.”

“Bitcoin has the leading market share in ransomware, and that’s publicly known. It’s the token of choice for ransomware.”

They are targetting big companies which is obvious from the names of the attacked ones. Coinbase, Kraken, Consensys, and now Robinhood. They do not even try to look at how they can protect the other investors who are victims of scams from tokens that are created literally for evil intentions.
Those big guys will always follow the rules to keep their companies intact while the small ones are the ones who are doing the hit and run and they don't even see it.

Robinhood has abide by their rules from the very start yet they are still in Gensler's crosshairs.

“Crypto is a small piece of our overall markets. But, it’s an outsized piece of the scams and frauds and problems in the markets.”

That statement from the SEC's chairman tells you everything you need to know.
Nothing will change this guys mind no matter how narrow it is towards all cryptocurrencies.

[Reid]

^
I hate to say it but I do agree with you. There will be nothing to change the heart of the SEC Chairman. He is against Bitcoin and most of the cryptocurrencies but I doubt he will say that he supports one of them. Never, in my imagination.
The only thing we could do is support those who are trying to clear their names when they are attacked by them. It's too obvious, the only reason they keep on halting everything is because the chairman is against it.
But what if he is gone? I know that there is a need to an opposing team for a company to be better in terms of everything but when it's too one sided, something must also be done.

[btc78]

^
I hate to say it but I do agree with you. There will be nothing to change the heart of the SEC Chairman. He is against Bitcoin and most of the cryptocurrencies but I doubt he will say that he supports one of them. Never, in my imagination.
The only thing we could do is support those who are trying to clear their names when they are attacked by them. It's too obvious, the only reason they keep on halting everything is because the chairman is against it.

They really should cut the biases and keep an objective view since they are deciding for a lot of people, a country even and they shouldn’t let their personal opinion get in the way of making things better.

But what if he is gone? I know that there is a need to an opposing team for a company to be better in terms of everything but when it's too one sided, something must also be done.

First of all it is not a company but a government agency which means there are still people who are in a higher position that could remove or maintain the chairman. An opposition would need to work his or her way up to the position and prove that he or she is more capable than the one in charge.

[SickDayIn]

It's a step in the right direction for social media influencers being held accountable for shilling scams. The next part I will share is opinion, however it could be considered that these influencers and celebrities have been shilling scam products for decades, but because these are cryptocurrencies which the SEC considers securities, that is why the penalties and consequences apply.

[Casdinyard]

With the charging of social media influencer Kim Kardashian with promoting a crypto security to her many followers on all her socials, the SEC's head officer Gary Gensler has put a commercial comprising a couple of minutes as most cryptocurrency advocates would say a smear campaign against crypto as a whole with the likes of someone who looks like Jake Paul to prove a point.
With that point being they had successfully charged many celebrities in the past of doing the same thing Mrs. Kardashian had done on her twitter/facebook/instagram.
Those being Floyd Mayweather, DJ Khalid and Steven Segal.

source: https://www.coindesk.com/business/2022/10/03/us-sec-charges-kim-kardashian-for-promoting-ethereummax

Here is the link to this video posted on his twitter about four hours ago:
https://twitter.com/GaryGensler/status/1576897535427448832
The official tweet from SEC on this case against Kim Kardashian:
https://twitter.com/SECGov/status/1576904918413312001

source: https://www.washingtonpost.com/business/2022/10/03/sec-kardashian-crypto

Squawkbox from CNBC had been tweeting just this story several times within the last four hours (I counted 5 seperate tweets, why?!) but here is the first one that they show as "Breaking news!"
https://twitter.com/SquawkCNBC/status/1576900024201609217



Great news for all of cryptocurrencies about now, huh, wouldn't you agree?
This is going to drive away mainstream investors and have an affect for the rest of the Crypto Winter that we are all in right now.

I've beard about this, and honestly I am on SEC's side, the fact of the matter is that these celebrities advertise cryptocurrencies which are downright scams, ever remember Logan Paul's Crypto Zoo scam? The progression of events had it not been for the intervention of SEC this time, is eerily similar to these.

As SickDayIn has said this is a step in the right direction when it comes to holding these celebrities accountable for shilling scam projects, many a times in the past, these guys get away with the money they bagged from the sponsorship unscathed because they are picked out by the justice system, either because it don't deem them liable of anything given the fact that they do this for a service, or because they are powerful enough to withhold justice.

Couldn't bare to see these people using their influences and power to scam people anymore, and then go out on TV to blame poor people on why they are poor. We need more of this SEC honestly, and none of the bullshit you guys have been spewing out lately.

[rohang]

https://www.coindesk.com/policy/2024/05/23/gensler-says-stay-tuned-on-us-secs-decision-on-eth-etf/

Rumors are that after the ETH ETF decision today/tomorrow, gary will be fired

Expecting ETH to reach atleast 5k by monday 

[Ale88]

I've beard about this, and honestly I am on SEC's side, the fact of the matter is that these celebrities advertise cryptocurrencies which are downright scams, ever remember Logan Paul's Crypto Zoo scam? The progression of events had it not been for the intervention of SEC this time, is eerily similar to these.

As SickDayIn has said this is a step in the right direction when it comes to holding these celebrities accountable for shilling scam projects, many a times in the past, these guys get away with the money they bagged from the sponsorship unscathed because they are picked out by the justice system, either because it don't deem them liable of anything given the fact that they do this for a service, or because they are powerful enough to withhold justice.

Couldn't bare to see these people using their influences and power to scam people anymore, and then go out on TV to blame poor people on why they are poor. We need more of this SEC honestly, and none of the bullshit you guys have been spewing out lately.

I'm on SEC's side as well about this. But what I'm more worried about are the people who are buying some shitcoin just because someone like Kim Kardashian told them to. I just don't understand, if you are looking for an advice about investing your money, why would you even consider Kim Kardashian as an option? What type of financial knowledge is she supposed to have? Just because she's famous? And let's not forget that at the end of the day she's famous for being famous, that's it. She is the perfect example of how our society is falling apart.