Topic: Gary Gensler's SEC sues Crypto Influncers and posts on his Twitter as propaganda - page 3. (Read 2912 times)

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'

The United States Securities and Exchange Commission (SEC) is no longer asking a court to decide and deem the tokens named in its lawsuit against crypto exchange Binance as securities.

On July 30, the SEC filed a response to the court’s minute order on July 9, 2024. In the filing, the SEC wrote that it seeks to amend its complaint regarding the “Third Party Crypto Asset Securities” defined in its opposition to Binance’s motion to dismiss.

According to the SEC, this removes the need to “issue a ruling as to the sufficiency of the allegations as to those tokens at this time.” This means the government agency no longer asks the court to decide whether the affected tokens are securities.

In its suit against Binance, the SEC claimed several tokens were securities.

These tokens are just part of a bigger list of tokens that the SEC believes to be securities. In June 2023, the SEC claimed at least 68 tokens were securities, affecting more than $100 billion worth of cryptocurrencies in the market.

This is from the coindesk article where it was sourced from when announced:
"The SEC is reconsidering its stance on third-party tokens like Solana's $SOL and Polygon's $MATIC, which were initially included in its lawsuit against Binance.

These tokens, issued by companies not named in the lawsuit, are alleged to be unregistered securities.

In a recent court filing, the SEC indicated plans to amend its complaint, potentially excluding these tokens from the case.

This comes after a clarification from Judge Amy Berman Jackson, who stated that her previous ruling did not intend to remove these tokens from the allegations.

The case revolves around the classification of ten specific tokens, including $SOL, $ADA, and $MATIC, as unregistered securities. Both the SEC and the defendants, Binance and its affiliates, are awaiting the judge's decision on the matter.

The defense has expressed a desire to review the amended complaint before proceeding with discovery."
https://x.com/JakeGagain/status/1818505670179930306

They are planning to amend so it is still early on in this legal progress.
If they did it for their filings against Binance then they must do it for Coinbase aswell.
Being the corporation who is the legal holders of the countries spot ETF bitcoins.

Did you READ what the SEC sent?

https://www.courtlistener.com/docket/67474542/253/securities-and-exchange-commission-v-binance-holdings-limited/

Can you show me where in a real documented location the SEC dropped it?

All I can find is them fighting about discovery.

-Dave

Isn't it weird that the SEC now has dropped their lawsuits against several well known tokens as being securities all the sudden after the speech saying he will fire the head of the SEC?

Gensler has done just that with lawsuits against over 80 tokens including Solana, Cardano and Polugon just to name the more high-profile ones named in the suit against Binance:
https://cointelegraph.com/news/sec-drops-ruling-request-security-token-claims-binance-lawsuit

Ironically, the Republican fixation on crypto is probably greatly diminishing their chances of winning in November because they are spending all of their time pandering to about 2,000 American voters who actually care enough about this issue that it overrides everything else they care about e.g. abortion.

Trump states in his speech during the Bitcoin Conference he will fire Gary Gensler from the SEC on his first day at office if elected as President of the United States in this year's election.
Well that alone should get all cryptocurrency user and bitcoiner's vote in the ballot box for him.

As cryptocurrency evolves, a significant legal event continues to spark debates and discussions in the crypto community. Three years ago, Jay Clayton, the then-chairman of the U.S. Securities and Exchange Commission (SEC), filed a lawsuit against Ripple, alleging that all XRP tokens constituted illegal securities.

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

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

The USA had the opportunity to take pole position in the global economy by allowing the use of cryptos on even terms in its capital markets – but Gensler et al. f$%#ed it all up.

Gary Gensler was totally ineffective as a regulator.

Like many things in the world of Joe Biden (don’t fool yourself – he really should not be called “President”) the SEC is wasting away into obscurity. We shouldn’t be surprised. Biden appointed an ex-Goldman banker in the middle of the pandemic, and Gensler has been every bit as impactful as “The President”.

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

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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

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.

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

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.

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

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.