Bitcoin & Ethereum *HUMILIATION* | *MASSIVE* SEC FAIL

well Gary Gensler the chairperson of the

SEC actually showed up in person to

something and testified before Congress

about well whether or not Bitcoin or

ethereum is a security or a commodity

and let's just say his answers were

quite dodging in fact that's pretty much

all he did he basically refused to

address whether or not Bitcoin or

ethereum was a commodity or security now

I have an explanation for exactly why

Gary Gensler is doing this and this is

by no means going to be a shill on

what's going on at the SEC or

Commodities future trading commission

it's actually what I think something

somewhat Sinister that's going on and

I'm going to give you an explanation but

first it's worth noting what the

interaction was like here's just a short

clip but this went on substantially

further there was even one individual in

Congress who went as far as asking if

Gary Gensler when he was the chief

Financial Officer for Hillary Clinton's

campaign if he authorized the payment

for the Steele dossier that really took

Gary Gensler off guard and he's like

well that's not what I'm here to talk

about it he's freaking out it was it was

musty TV but

we've got to actually address why we

think Gary Gensler did not answer the

following question so let's watch this

for a moment here it gets a little

redundant and repetitive so I'll stop it

when it does and then we'll get into uh

why uh this could be happening ready for

this here we go ready

or security and again it depends on the

facts and the law and if there's a group

of it I'm asking about the facts in a

law sitting in your seat and the

Judgment you are making and so uh Mr

chair I think you you would not want me

to prejudge because you have prejudged

on this you've taken you've taken 50

enforcement actions we're finding out as

we go as you file suit as people get

Wells notices on what is a security in

your view and your agency's view I'm

asking you a very simple question about

the second largest digital asset what is

your view and my view is if there's a

group of individuals in the middle

middle that the public isn't all right

so let me just ask a second question do

you think it service the market for an

object to be to be viewed by the

Commodities regulator is a commodity and

the Securities regulator to be viewed as

a security do you think that provides uh

safety and soundness for for for the

product do you think it provides

consumer protection do you see do you

think it serves the value of innovation

I think no should be a very simple

answer for you here I think that

uncertainty is bad is it not and I think

that Congress has said that there's one

agency that's secured as an Exchange

Commission under this committee you

won't answer my question and you're the

head of that agency so give me a break

come on I'm answering it in the generic

because you would not want me to speak

about any one set of facts and

Circumstance Okay so

but you've already spoken have you said

anything about Bitcoin

my predecessors and the agency itself

has spoken to them okay but you're not

willing to do the same about ether

okay so let me just step back there's a

lack of clarity here in the marketplace

can you at least agree to that I think

that the clarity is there the law is

clear right let me let me okay let's

stop right there because there's

absolutely no freaking Clarity at all on

whether or not BTC or ethereum should be

considered security commodity or what

but let me give you my explanation for

why I think Gary Gensler is being so

dodgy so first of all whether or not a

uh an asset is considered a a security

or a commodity all has to do with the

definition of a security and this is

what basically Gary Gensler keeps trying

to talk about this expectation from the

public ready for that here is the

definition of a security this is the

legal framework by which Gary Gensler is

bound because of Congress all right the

term security means an note stock

treasury stock security feature security

base blah blah blah security interest

and participation of profit sharing

agreement blah blah blah okay so it goes

on to all this crap right here

the specific part that it seems that

Gary Gensler is referring to here is the

following certificate of Interest or

participation in any profit sharing

agreement so in other words what he

keeps trying to say before he gets cut

off is that look the law right now says

if there is a group effort and therefore

then an expectation of profit out of

that group effort then it's a security

which is complicated because then you

wonder okay well is collectively mining

to create a yield a participation in a

group project and therefore making

ethereum a security

so and since Bitcoin doesn't potentially

have that pooling of of stakers then

maybe Bitcoin isn't a security maybe

bitcoin's a commodity and ethereum is a

security that's what he's trying to say

but he's completely failing

because he doesn't want and this is

where the Sinister part comes in he

doesn't actually want to say it's a

security or it's a commodity why because

both the commodity Futures Trading

commission and the Security and Exchange

Commission have dual enforcement actions

going against dozens of different

organizations and if one of them says

something to contradict the other one's

case well now you have the agencies are

going to be pissed at each other because

for example if the cftc guy over at the

Commodities place is like yo come on

Gary you can't call that a security it's

a commodity it kills their jurisdiction

if the Commodities guy goes these are

all Commodities then Gary's gonna be

like dude man now I don't have a lawsuit

and so what's actually happening here is

backwards regulation and this is where

I'll show you where the buck actually

stops and where the true failure lies

okay ready for this so this is what's

happening so what you have is you have

uncertainty in the marketplace right is

BTC or ethereum a commodity or a

security what is it there's uncertainty

I'll tell you why there's that

uncertainty in just a moment although it

should be clear but I will explain that

more clearly in just a moment so the

question there is uncertainty is it a

commodity or is it a security

so what do you get the SEC and the cftc

doing well you have these organizations

saying okay well we don't know exactly

so what we're going to do is we're going

to sue Sue and Sue and over here we're

going to sue Sue and Sue and eventually

what will happen is these lawsuits will

probably end up getting multiple

different decisions so you'll probably

have something like this happening

you'll have decision decision you know

maybe this will settle and then you'll

have a decision and then you'll have a

decision and then maybe that'll settle

right but these four decisions if

they're not conducted by the same judge

which it's unlikely that they're going

to be conducted by the same judge or

going to have different decisions and so

what will end up happening is these

decisions will have to go in front of

likely the Supreme Court so they could

make an ultimate ruling and then the

answer as to whether or not BTC or

ethereum is a commodity or a security

will be answered by the courts that is

what they are trying to do so Gary

Gensler is sitting here he's not looking

very good but he's sitting over here

going

um we really need the courts to decide

this and I don't want to bury our

potential cases by getting cornered into

saying something in Congress that's

going to ruin the case because if he

said it's a commodity guess what he

kills all of his cases if he said it's a

security he kills the cftc's cases

potentially right so he can't do that so

he Dodges now that makes him look scummy

but is that fair who is ultimately to

blame because this is the interesting

thing about media you ready for this

here's the really interesting thing

about media

in this exchange chairman McHenry seems

like Jesus and the Congress people seem

like Jesus coming in going why the hell

can't you answer the question and Gary

Gensler is looking at this going I can't

answer the question because guess what

guess what and he ain't gonna say it

because it's offensive but the reality

is Congress hasn't told us what it is

it's actually up to Congress which is

dictated by the people to decide what

the law is because here's how United

States government regulation works you

have a law then you have an enforcer and

then you have an arbiter

but because you do not have law that is

clear right now you actually have the

enforcer

trying to force the Arbiter to make

something known as case law so that way

you could do congress's job for it and

make the damn law

so the real issue here ironically is

that that guy is part to blame right

here chairman McHenry and all of the

people in Congress are part to blame for

the reason why this guy Gary Gensler

which I get it everybody hates Gary

Gensler where is he where is he trying

to find anything it doesn't really

matter I'm just trying to put up a

picture of him everybody hates this guy

and maybe he's not the best SEC

chairperson there are plenty of reasons

to hate Jerry against or whatever okay I

don't that doesn't matter why people

hate or like this guy it doesn't matter

what matters is this

that Gary dancer can't do jack sh9t

right now because of this on screen

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but anyway everybody's hating on Gary

against and again I get it I'm not here

to defend Gary Gensler trust me I'm not

defending Gary gensling I'm also not

defending Congress because the reality

here is Congress is to blame the reason

all of these enforcement actions are

occurring is because people want a judge

likely the Supreme Court to answer this

question now guess how you could solve

all of this okay you're ready for how

you could solve all of this I'll show

you how you can solve literally all of

this you ready for this here's how you

could solve it right here Congress

decides and they say something like

Bitcoin equals calm right ethereum

equals I don't know commodity some

people are like oh just call it a

digital asset that doesn't work people

say that on the internet they're like oh

just call it a digital asset an asset is

something an asset is either a commodity

it's a security it's a real estate real

estate is separate maybe you create a

new class but then guess what real

estate is regulated by the Department of

Housing so what you do what you have to

realize is no matter what you call it it

needs a regulator Securities get

regulated by the SEC Commodities get

regulated by the cftc real estate gets

regulated by the Department of Housing

and Urban Development so no matter what

you call it you could call it uh you

know call it defy World okay then guess

what you're gonna get you're gonna get

the defy Exchange Commission that's

going to come in and regulate it they

will make a regulator for it but the

point is you have to start with a law

because until then The Regulators can't

do jack sh19 so number one you start

with a law then you create an enforcer

number two this is how law should be

made you create an enforcer and then

when there are disputes you could go in

front of an Arbiter which is a judge a

court it's very simple but guess who is

too stupid Congress but then you can't

really blame Congress because Congress

can't get anything done why can't

Congress get anything done will Congress

get this okay this seriously goes back

to 1776 this goes back to like the

founding of the country okay why can't

Congress get anything done because our

two-party system in America rewards

guess what gridlock the two-party system

in America

basically forces gridlock that's America

for you gridlock so it's very difficult

for Congress to do anything which that

was actually the point the founding

fathers did not want the government to

be able to have too much overreach by

constantly doing whatever the hell they

want because if you had no two-party

system and instead you had a plurality

system a multi-party system like you end

up having in Germany what ends up having

what ends up happening is you end up

getting Coalition governments

so you end up getting Coalition

governments between let's say the

Liberals and the green party and they

stomp out conservatives uh and then all

of a sudden you get countries that are

much more heavily uh uh leaning towards

the left than people would potentially

like right you have a lot less freedoms

in Germany than you do in America

the way it is so what's the solution

here well the real solution is either

Congress passes a law or

a judge decides right and that has to

probably be the Supreme Court the

Supreme Court's got a lot of crap to

deal with though and I'm not making

excuses for the Supreme Court okay they

got their own problems let's just look

at you know Clarence Thomas you know you

got some real disasters going over there

at a huge PR nightmare for the Supreme

Court right now and now they got to

worry about abortion pills getting

banned and and challenges to courts all

over the country about uh Roe v Wade

it's there's a lot I'm not saying they

can't rule on this but they probably

don't know either so the reality is

nobody wants to rule on this because

really nobody knows nobody knows hey by

the way

um Jack has a question for you what do

you call someone without a nose

and without a body

and the answer is

nobody knows

so in case you're wondering who's to

blame is it Congress is it the SEC is it

the system

it's the system

the founding fathers designed our system

to make it really difficult to adopt new

laws therefore Congress ain't doing jack

crap the courts aren't doing anything

and The Regulators aren't doing anything

because nobody knows what the hell to do

with commodities and you know what they

don't really care to learn because they

don't really care about crypto and so

that's the Sinister bottom line security

commodity they don't just don't like

crypto so it didn't happen

[Music]

thank you