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

[shield132]

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

Why? Ethereum ETFs are demanded from corporations like BlackRock, Grayscale and Bitwise. Since BlackRock is involved here, Ethereum ETFs are guaranteed. I think that Gary will be fired and even worse if he doesn't approve what BlackRock wants.

Expecting ETH to reach atleast 5k by monday 

Will it really reach 5K by Monday? Bitcoin ETFs got approved but nothing gamechanger happened after that. The whole price boosting moment was the time before SEC had to announced ETF approval, this was the moment when price was significantly going up, after the approval it stabilized. I believe that long-term, this will significantly help the price but because of Bitcoin ETF experience, I think that ETH will not reach 5K by Monday but slowly, in some weeks or months, that's guaranteed if SEC approves Ethereum ETFs.

[rdbase]

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.

Those who are social media influencers should surely be responsible in how they portrait any cryptocurrency they are promoting.

Just look what happened recently with the one known to be in a relationship with the Kardashian's what feels like a whole other lifetime ago:

Caitlyn Jenner falls victim to cryptocurrency exit scam

https://crypto.news/caitlyn-jenner-falls-victim-to-cryptocurrency-exit-scam

Seems that someone used them to launch a memecoin in their name without their consent on the Solana network:
https://decrypt.co/232565/crypto-promoter-who-launched-caitlyn-jenner-solana-meme-coin

[Reid]

~

This is also where I side with them. Keeping the cryptocurrency community clean not taking everything down.
Scams, rug pull projects, and more are happening in the crypto space and they are not seen because they are just small projects. Yet, these developers are still making a ton because they keep on pulling the plug whenever they got the money and then make another to do it over and over again.
In this case, a celebrity advertised it so it was seen. What about the victims with average investments that becomes victim of low key projects that ain't seen on the spotlight? I think SEC's actions should be on this matter and not trying to break down legitimate projects that already  made their roots in the industry.

[rdbase]

The SEC and Old Gary is looking at this post and setting their sites on another network other than ethereum now!

https://x.com/blknoiz06/status/1796371778673184814

Once you get larger and get a mass following such as solana has you will eventually get targeted for regulation.

[Dunamisx]

I don't know what the US government are trying to proof out with all these they are doing concerning crypto regulations and I don't see it all working, how can a person make promotions and the next you do is to issue a charge against her because she's not disclosing more informations concerning the deal she had with them to the public, now it's just simple to know that they have also collected their own share of the money since they make a charge against her, had it been she's not a celebrity, what could have happened.

[rdbase]

I don't know what the US government are trying to proof out with all these they are doing concerning crypto regulations and I don't see it all working, how can a person make promotions and the next you do is to issue a charge against her because she's not disclosing more informations concerning the deal she had with them to the public, now it's just simple to know that they have also collected their own share of the money since they make a charge against her, had it been she's not a celebrity, what could have happened.

If you are solely going on the first post then i imagine you are talking about that Kardashian case which is old by now.
They had settled and she paid the fines just so to get the case closed.

But if you are talking about the latest celebrity to get intangled with the SEC for promoting cryptocurrencies then you are probably referring to this one with Iggy Azalea who was at the NYSE earlier this week trying to promote her own rendition of a memecoin:
This is Iggy Azalea Rapper, mother, OF creator, turned crypto founder Here’s the untold story behind her $200M celebrity meme coin. Full story breakdowns in this post on X:
https://x.com/PixSorcerer/status/1799285580305662194

Another one who the SEC should be considering to look at is Andrew Tate who recently has become very vocal about bitcoin and has created his own memecoin which is the crosshairs of Gensler for possible Insider Trading charges:
Andrew Tate Crypto Scammer? Bitcoin Rebound and then Dump. $MOTHER Save Us. Iggy Azalea Coin dump Insider Trading
https://www.youtube.com/live/6QIPzqP8ZG4

https://cryptoslate.com/bubblemaps-alleges-insider-trading-in-memecoins-promoted-by-andrew-tate-iggy-azalea

[Reid]

I found this today. Mark Cuban might be right about this one.

Gary Gensler could ‘literally cost Joe Biden the election’ — Mark Cuban

The billionaire investor also intimated that any political aspirations Gensler had would amount to nothing due to the SEC chair’s stance against cryptocurrency.

At the time, he said that crypto voters “will be heard this election,” referring to the 2024 U.S. presidential election. He also warned that “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC.”

https://cointelegraph.com/news/gary-gensler-could-literally-cost-joe-biden-cryptocurrency-us-presidential-election-mark-cuban

Crypto voters will be heard. Yes, I am sure of that.
And while Gary Gensler is so busy attacking crypto influencers, big crypto trading companies, and other that have something to do with cryptocurrencies in the US it will get a bad vibes to Joe Biden.
But it is said that Biden is looking for a way to use cryptocurrencies as means for donation in his campaign. I doubt many will be offering their help.

[Reid]

Holy mother of everything!
Who Pushed the SEC to Drop the Ethereum Lawsuit, and Why Is Gary Gensler Still Targeting Ripple (XRP)?

The SEC has closed its investigation into Ethereum, deciding not to pursue charges that ETH sales were securities transactions.
The XRP community is outraged, accusing the SEC of double standards and biased treatment.

SEC Ends Ethereum 2.0 Investigation

Consensys announced on Tuesday that the SEC’s Enforcement Division has concluded its investigation into Ethereum 2.0 without bringing any charges. The company shared the news on Twitter, highlighting that the SEC would not pursue allegations that sales of ETH constituted securities transactions. This development follows the SEC’s approval of Ethereum spot ETFs last month, a move that Consensys argued underscored ETH’s status as a commodity rather than a security.

https://www.crypto-news-flash.com/who-pushed-the-sec-to-drop-the-ethereum-lawsuit-and-why-is-gary-gensler-still-targeting-ripple-xrp/
But it has not reflected with the value of Ethereum yet.

Ripple Labs is not happy though. They have been fighting against SEC for a long time and this probably hurts the feelings of those who are supporting them.
But I think this is still a great news. Perhaps the chance for SEC dropping the cases of XRP is near too and that will be the time to celebrate.
But who knows, if it's Gary Gensler, there's uncertainty with his decisions and if he really have a beef with XRP, it will take a long time unless someone fires that guy.

[gunhell16]

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.

Those who are social media influencers should surely be responsible in how they portrait any cryptocurrency they are promoting.

Just look what happened recently with the one known to be in a relationship with the Kardashian's what feels like a whole other lifetime ago:

Caitlyn Jenner falls victim to cryptocurrency exit scam

https://crypto.news/caitlyn-jenner-falls-victim-to-cryptocurrency-exit-scam

Seems that someone used them to launch a memecoin in their name without their consent on the Solana network:
https://decrypt.co/232565/crypto-promoter-who-launched-caitlyn-jenner-solana-meme-coin

That's why it's difficult when the name of a famous influencer is used with bad intentions just to cheat people and get funds from the victims. The worst part is that before the influencers found out that his name was used to scam people, millions of dollars were already obtained from various investors.

And what's worse is that his reputation and name were damaged and tarnished when he was not at all naive to what the scammers did. Your name has already been destroyed, and then there is anger among the people there because of the name that was used to scam.

[rdbase]

@gunhell16
That is how the SEC rolls and why one of their own resigned recently.
It is run crooked and by a crook called GG.

SEC has failed in their attempt to drag down Ripple Labs in their case that had lasted years:

https://x.com/s_alderoty/status/1802093640082133027

And recently had lost their case against the Ethereum Foundation on having it declared a security aswell.

Their days are numbered.

[Reid]

Chair of the U.S. Securities and Exchange Commission Gary Gensler sit with Bloomberg for 20 minutes to answer some deep questions.

https://www.youtube.com/watch?v=0KGpPmDJKfM
SEC’s Gensler on the 2024 Agenda

"We do everything within the law."
Alright, in your own point of view. There's obviously some attacks that doesn't look right because he keeps on digging against them even though it's clear that there's nothing harm that was done.

Like what one of the comments in that link said, it could've been better if the interviewer ask questions that's a bit hard hitting questions.

Annmarie: Does it feel political to you?
Gary: Well, (chuckle).

I don't know who he is looking at his left side but he takes a lot of time there. I think the helper is there whenever he pauses and can't think of an answer.

[NotATether]

"We do everything within the law."
Alright, in your own point of view. There's obviously some attacks that doesn't look right because he keeps on digging against them even though it's clear that there's nothing harm that was done.

Well duh. Of course talking smack about other cryptos is well within the law, but that doesn't mean we have to necessarily like it.

Gary strikes me as a chairman who can't really do anything but talk, though. The mostly-talk, less-action type. We still have a rampant problem with crypto scams, and exchanges are abandoning the US because the laws to operate legally there are too complicated.

[rdbase]

"We do everything within the law."
Alright, in your own point of view. There's obviously some attacks that doesn't look right because he keeps on digging against them even though it's clear that there's nothing harm that was done.

Well duh. Of course talking smack about other cryptos is well within the law, but that doesn't mean we have to necessarily like it.

Gary strikes me as a chairman who can't really do anything but talk, though. The mostly-talk, less-action type. We still have a rampant problem with crypto scams, and exchanges are abandoning the US because the laws to operate legally there are too complicated.

The video that showed him smacking down on mentioning about any cryptocurrency was amusing,
SEC Chair Gensler on Crypto and Elections

https://www.youtube.com/watch?v=KFPSP-ViZ8I

Ripple CEO Brad Garlinghouse who was one of those crypto companies Gensler was talking about they were one of the first to be hammered down hard by the SEC suing them in court spoke out about this interview:

https://cryptoslate.com/ripples-garlinghouse-says-sec-genslers-actions-could-sink-biden-in-november

Remember, today is the presidential debate and many are going to see if Trump will put crypto in a better light than the current administration who vetoed a bill against all cryptocurrency last month.

Have a thread about it here:
Bitcoin Election - Will Trump release Dread Pirate Roberts - Debate happening today!
https://bitcointalk.org/index.php?topic=5500995.msg64257322#msg64257322

[Reid]

^
Yeah, I heard that one a week ago that Biden's crash can be pointed to Gensler.

Coinbase on the move again against Gensler.
https://techreport.com/crypto-news/coinbase-fights-to-access-documents-related-to-genslers-private-communication/

US-based cryptocurrency exchange Coinbase has challenged the SEC’s refusal to grant access to its chairman, Gary Gensler, ‘s private emails.

In a letter addressed to District Court Judge Katherine Polk Failla, Coinbase contended that Gensler’s communications are crucial for building its defense in the lawsuit.

The crypto exchange argued that the documents are relevant in understanding the SEC’s stance on digital assets regulation.

Unethical but if you are a public servant then I think this can be done. I don't know what's Coinbase purpose on doing this but they said there's something in there that might prove something.

It also noted that the exchange’s move is an “improper intrusion” of Gensler’s private life

Yes, that's what I thought too.

Coinbase claims the SEC chair had made several public and private comments regarding digital assets’ regulatory status in his lectures, speeches, and emails.

In addition, Coinbase’s defense team says Gensler’s commentary on digital assets before and during his tenure as SEC chair are of equal importance in the case.

Is it? Why do I feel like Coinbase is getting desperate.
Yes, I don't like how Gensler attacks most of the cryptocurrency influencers as well as other big companies which had proven their reputation in the industry but still, digging the private e-mails is stepping out of the line.
If court agrees with this then our e-mails won't be at good security and privacy anymore. Everyone.

[rdbase]

Celebrities are in the Gensler's cross hairs again and this time it does seem to justified in some sense of the word.

https://www.ccn.com/news/crypto/iggy-azalea-sydney-sweeney-13m-crypto-heist

This Iggy Azalea launch of her new token MOTHER had caused controversy since the very start of it all. Where she was at the New York Stock Exchange sitting infront of their monitors and asking people on the floor if they wanted to buy her memecoin.
This sort of behavior from these celebrities who are essentially influencers due to their fans really should be banned from being able to launch these altcoins being shilled due to a connection to their name:
https://www.fxstreet.com/cryptocurrencies/news/celebrity-meme-coins-gain-attention-as-iggy-azalea-and-davido-join-the-train-with-respective-token-launches-202405300225

If people are getting scammed due to insider trading then that is at a whole other level. As we had seen it happen in the regular stock market trading days of Martha Stewart several years ago.
https://cryptonews.com/news/iggy-azaleas-mother-token-hit-with-insider-activity-claims-after-alleged-sahil-arora-scam.htm

[DaveF]

Good, I would like to see more things like this.
All of these altcoins & tokens have cost people a fortune while the influncers and promoters and creators walk away with the profits.

In a bubble it's fine since people who are stupid enough to invest in things like this are the same people that will pay a 200% premium for the rare gold coins that only they can buy that they saw advertised on TV
Or it's the same people who buy the 'trump bucks' and then go to the bank and try to redeem them to find out they are worthless.

BUT.....

As the great Agent K said "A person is smart. People are dumb, panicky, dangerous animals"

A PERSON knows that a scam coin or token is not BTC or even crypto in general.

PEOPLE dump all of that together and it hurts the legitimate crypto world.

So yeah, nail these people to the wall.

-Dave

[legiteum]

Good, I would like to see more things like this.

Great comment (always loved that quote from MIB).

In another thread I tried to explain now good, rational regulations that protect consumers is a good thing for the market. People need to remember what the FTX meltdown did to the price of Bitcoin before they scoff at regulations and crime enforcement like this. I don't think Bitcoin, as a popular mainstream investment, could even survive another FTX fiasco. It could turn investors away from all digital currencies for years.

And as a small business owner in the digital currency space (and at Haypenny we emphasize the small in small business ), I welcome rules that are written down that we can follow that will ensure consumers that we are on their side. I would be fine being a "licensed digital currency platform" for instance, that dictated we follow rules similar to what banks follow (we are preparing our company for ISO 27001 compliance for instance, which is what banks follow). We have gone to great lengths (and will go further still) to make sure our system is secure and our platform is fair to all participants. I wouldn't mind seeing some elements of our Promise put into regulations--they are common sense, if you ask me.

[DaveF]

Good, I would like to see more things like this.

Great comment (always loved that quote from MIB).

In another thread I tried to explain now good, rational regulations that protect consumers is a good thing for the market. People need to remember what the FTX meltdown did to the price of Bitcoin before they scoff at regulations and crime enforcement like this. I don't think Bitcoin, as a popular mainstream investment, could even survive another FTX fiasco. It could turn investors away from all digital currencies for years.

And as a small business owner in the digital currency space (and at Haypenny we emphasize the small in small business ), I welcome rules that are written down that we can follow that will ensure consumers that we are on their side. I would be fine being a "licensed digital currency platform" for instance, that dictated we follow rules similar to what banks follow (we are preparing our company for ISO 27001 compliance for instance, which is what banks follow). We have gone to great lengths (and will go further still) to make sure our system is secure and our platform is fair to all participants. I wouldn't mind seeing some elements of our Promise put into regulations--they are common sense, if you ask me.

Yup.

The thing is this thread seems to be going in 3 different directions too.

One is the discussion about influencers and promoters of coins & tokens
#2 is the coins & tokens themselves
The 3rd is the businesses that interact with them.

Since I just posted about #1 influencers and promoters I would like to comment on #3 1st

Coinbase & Gemini and all the other exchanges want it all and then complain when they have to follow some rules.

They take in my BTC and give me ETH and charge me a fee. That's great. They make a profit and hopefully I make a profit. Just about every other business that does that. Be it banks, stock brokers, commodities traders, and so on have an incredible amount of rules to follow.  And all these exchanges are complaining when they have to follow the rules. Yes the rules may be arbitrary and not have any logic to them. But neither do a bunch of them that everyone else has to follow. Put on your big boy pants and deal with it.

Would also like to point out then when FTX fell apart or these exchanges got hacked they went running to 'The Big Bad Regulating Government' for help.
Please Mr SEC get our funds back. And so on. When funds were hacked / stolen it was Please Mr FBI help me find the people that hacked us.
But following the rules no, we don't have to do that......

On the #2 point yeah I think on some things the SEC is going overboard, but with obvious shit / scam coins & tokens nail them to the wall.

The issue becomes that most people who are really into crypto see things like XRP as a scam. Others believe it is better then BTC that is where a lot of the screaming about 'why is my favorite coin being attacked' come from. If the SEC made XRP disappear tomorrow I would applaud. Others would see it as an attack on 'The One True Coin'

-Dave

[rdbase]

Good, I would like to see more things like this.
All of these altcoins & tokens have cost people a fortune while the influncers and promoters and creators walk away with the profits.

In a bubble it's fine since people who are stupid enough to invest in things like this are the same people that will pay a 200% premium for the rare gold coins that only they can buy that they saw advertised on TV
Or it's the same people who buy the 'trump bucks' and then go to the bank and try to redeem them to find out they are worthless.

BUT.....

As the great Agent K said "A person is smart. People are dumb, panicky, dangerous animals"
A PERSON knows that a scam coin or token is not BTC or even crypto in general.
PEOPLE dump all of that together and it hurts the legitimate crypto world.
So yeah, nail these people to the wall.

-Dave

Yet this guy seems to get away with spreading the FUD on CNBC all the time and gets nothing done to him by the SEC.

Imagine if he did pump up a memecoin such as pepe on his show then it immediately dumped the next day.
Gensler wouldn't do a damned thing to him since he is a corporate sockpuppet to the exact same organization:
The Government!

Luckily those who are smart enough have refrained from listening to such rubbish from a so called expert on the markets and use the Inverse Kramer algorithm instead:

https://twitter.com/legen_eth/status/1592186979420377088

[DaveF]

Good, I would like to see more things like this.
All of these altcoins & tokens have cost people a fortune while the influncers and promoters and creators walk away with the profits.

In a bubble it's fine since people who are stupid enough to invest in things like this are the same people that will pay a 200% premium for the rare gold coins that only they can buy that they saw advertised on TV
Or it's the same people who buy the 'trump bucks' and then go to the bank and try to redeem them to find out they are worthless.

BUT.....

As the great Agent K said "A person is smart. People are dumb, panicky, dangerous animals"
A PERSON knows that a scam coin or token is not BTC or even crypto in general.
PEOPLE dump all of that together and it hurts the legitimate crypto world.
So yeah, nail these people to the wall.

-Dave

Yet this guy seems to get away with spreading the FUD on CNBC all the time and gets nothing done to him by the SEC.

Imagine if he did pump up a memecoin such as pepe on his show then it immediately dumped the next day.
Gensler wouldn't do a damned thing to him since he is a corporate sockpuppet to the exact same organization:
The Government!

Luckily those who are smart enough have refrained from listening to such rubbish from a so called expert on the markets and use the Inverse Kramer algorithm instead:

https://twitter.com/legen_eth/status/1592186979420377088

Because before and after and I think in the middle you get this:

All opinions expressed by Jim Cramer on this website and on the show are solely Cramer’s opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL or their parent company or affiliates, and may have been previously disseminated by Cramer on television, radio, internet or another medium. You should not treat any opinion expressed by Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer’s opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Cramer, CNBC, its affiliates and/or subsidiaries are not under any obligation to update or correct any information provided on this website. Cramer’s statements and opinions are subject to change without notice. No part of Cramer’s compensation from CNBC is related to the specific opinions he expresses.

Past performance is not indicative of future results. Neither Cramer nor CNBC guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on this website or on the show. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned on this website or on the show may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned on this website or on the show. Before acting on information on this website or on the show, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

It's their get out of jail free card so to speak.

Kind of like when Fox News / Tucker Carlson said in court that what he was providing was entertainment not news or facts when he was sued:

https://www.findlaw.com/legalblogs/greedy-associates/tucker-carlson-successfully-argues-nobody-really-believes-tucker-carlson-is-reporting-facts/

Mad Money (and other shows) follow the same thing.

Where once again, (with some limitations) these Influencers are pushing the 'buy this and get rich' story. Add in with financial advice the quote above IS JUST ABOUT THE MINIMUM of what you have to say to get around the law. The 10 second thing some of them put in their videos is not even close.

As I said yesterday, things like this don't just hurt the people who invest in the scams that the influencers push, it hurts crypto in general. Unlike say stock pump and dumps where people don't lump all of them together. As a rule people get that Enron stock has nothing to do with IBM stock. But they can't wrap their heads around the fact that Dave's Itchy Left Testicle Coin has nothing to do with BTC

-Dave