SEC & Ethereum vs. Congress / Ripple / XRP / Crypto Innovation
We have a liftoff Music, hey everybody. This is the digital asset investor and today, im gon na have to break my video into two parts. Im going to do this one and then im going to do one and ill set it to release tomorrow morning at 6. 00. Am how about that theres? Just so much information and we havent heard from the official cool guy of the digital asset investor channel in a while and so im going to. Let you hear from him right now now now whats up fam whats up counselor deaton. I call him counselor wheaton because he represents we, the people we did it fam now remember a company or politicians arent going to make changes on their own, but we the people when we are together as one Music we are unstoppable, so lets keep it going were Close and the dai is a good guy. He just wants a level playing field. Keep him investigating, keep him researching. I want to see accountability, though i would like to see some justice and i would like to see some arrests, if necessary, or some public reconciliation on their knees crying telling us. They are sorry and telling us every single thing that happened, no lies so lets enjoy the day. Hey i i agree with everything he said there. I would love to see accountability too. The only reason ive been saying that the only reason ive been saying that that um, you know, even though some of these people probably deserve it, that i dont want.
That is but im ju im just concerned that, if, if, if, if it went down that road that it that it would create a whole big controversy and then um, it would slow the industry down thats my only concern. But what do i know? Does that mean that people shouldnt be held accountable? Probably not so i see, i see the official cool guys position and he sure is cool uh and we appreciate it. Okay, now, speaking of the official cool guy, he is one of the people who has been. I have seen pounding uphold the most in a nice way, hes been asking over and over about uphold supporting songbird. Well, this just came out delighted to announce that uphold will shortly introduce support for songbird the token of the flare test network. Our customers will be able to withdraw songbird tokens to a private to private external wallets later this month. We expect to introduce full trading support shortly there after folks, how about them. Apples now from what i can tell gary gensler wants to go after everybody, because today he announced – or this was announced on coindesk – that just in usdc backer circle, pay is cooperating with an sec investigation filings show not going to go into that just theres a lot On gary gutzler today and in the video tomorrow morning, because gary ginsler was in front of congress today and though its a lot of these congressmen are starting to get it here and theyre.
Starting to ask him the right questions and i think theyre going to get more and more heated as this goes along, because what hes doing deserves it. Now i showed you this earlier today um and i i wanted to show you the read the the tweet that i sent out. Patrick mchenry is turning out to be one of the heroes in congress for crypto, and i tweeted this out: hey patrick mchenry youre. Obviously, one of the good guys in congress – maybe you can find out more about this piece of paper in joseph lubins, the co founder of ethereum in his pocket before launching the ethereum token sale, and this is worth watching a thousand times. Folks, im just gon na play the part where he says that listen to this again hed be selling um unregistered securities to americans, and so so we we took a little pause. It was a seven month pause um. I drove lots of the legal work we um got a piece of paper in our pocket before we actually uh launched the token sale and uh um somewhere between. So he got a piece of paper in his pocket. I would love to know who gave him that piece of paper – maybe some of these congress people – can look into it and find out. Okay, xrp bart sent me this from zero hedge geo. Key gop lawmaker asks sec to clarify authority over crypto, gop representative mchenry says getzlers crypto remarks are inconsistent and this leads to this.
This is from john deatons law firm, just added to our document library letter from patrick mchenry to the sec, demanding clarity after a series of concerning and apparently self contradicting public statements on crypto. The letter from ranking member member comes before todays sec hearing and then heres. The letter this is on john deatons his website, for those of you that dont want to check it out. Hes got tons of great information, is crypto, dash, law.us and then um heres. The letter, and it says, lets go to the part that we really care about. Thats, stable coins, um heres a few questions to resolve the confusion that your comments created about the secs crypto asset agenda and to help the committee understand in your vid. In your view, does the sec need additional legislative authority to regulate crypto trading platforms? Does the sec determine whether individual crypto assets trading on platforms are security prior to bringing an action against a trading platform for operating as an unregistered securities exchange? If the commission has not made such determination anyway, hes got a whole list. These are all just common sense. Things that the sec has been unwilling to talk about, thus not providing clarity to the market, and now some of these congress people are starting to get angry and they need to be angry because in order to make these to stop these guys, theyre gon na have To be really angry now heres patrick mchenry, uh tweeting this out today, the u.
s should be a global leader, not a global follower when it comes to digital assets. My bill, which builds on the great work of sec, commissioner hester pierce, will help provide the necessary legal certainty to digital asset projects when they launch – and this is the new bill republican leader uh. This bill will help keep innovation in the us by providing much needed. Legal clarity and certainty for digital asset projects, all right so theres that then this is is a video i recorded where patrick mchenry asks gary gensler the question that everybody wants to know. The answer to this is the question now think about this. For a minute, the sec is suing ripple and theyre, saying that the that ripple should have known in 2013 that they were selling a security, but the the sec commissioner congress oversees the sec. The sec, commissioner, cannot will not he could if he wanted to will not answer the question to a congressman whos on the financial services committee. Im assuming who wants to know if bitcoin and ethereum are securities or not listen to this dont take my word for it. Watch this this is unbelievable to me, but is it your view now that the bitcoin and ether or are not securities? No, i i im not going to get into any one. If im a congressman, i say: oh yes, you are getting into it. Yes, you are getting into it, you are here, you are you.
We are here to oversee you, youre, going to tell me whether bitcoin and ethereum or securities, because in the past your sec has indicated that they that they are not, and the market wants to know all these companies that you want to come in and see you. So that you can turn around and sue them after you get information from them. They want to know if bitcoin and ethereum are secure securities or not answer the question chairman thats, what i do if im in congress, maybe i need again, maybe i need to run for congress, because i would light these these bureaucrats that are trying to parse words And do all this, they are not serving our country and i would light their asses up. If i was these guys, man im telling you godly it just pisses me off to watch this stuff because its not it is not in the best interest of our country or my childrens future for us to be dealing with this bs. It is not okay, but i think the securities laws are quite clear if youre raising money from somebody else and thats, something that the investing public believes that they anticipate or have a reasonable anticipation of profits. Based on the efforts of others, you mean, like the ethereum ico, fits within the securities law. Does everybody remember what mike novogratz said? He said that he couldnt leave joseph lubins office. He had to have ethereum because he didnt want his friend joe lubin, to be richer than he was now.
Does that sound like someone, whos speculating and wants to make a profit, sounds like it to me. Oh okay, along those same lines chairman against along those same lines, thats why i introduced the clarity for digital tokens, act uh with uh, representative davidson and bud uh based on commissioner purses digital token, safe harbor proposal. I asked about this before uh. Have you had a chance to review her her proposal uh commissioner purse and i talk actively about uh. These maps wont even answer the question as to whether hes reviewed her proposal and uh, but i have not yet reviewed, i think youre. You just uh introduced your bill this morning and i look forward to looking closely at that, but but the bill is based off of her proposal uh i was asking if you, if youve reviewed her proposal, uh uh commissioner person ive had a number of conversations about Her thoughts on these if im ripples attorneys. I use that video right there for my fair notice, defense and say this guy cant, this guy cant even tell a congressman who is who oversees his agency. He cant even tell a congressman whether bitcoin, ethereum or securities in 2021, but i was supposed to know what xrp was or was not in 2013. Are you freaking kidding me now um and then i tweeted this out in 20? Well, i made the point that i just made to you and then i wanted to show you what john deaton and jeremy hogan said.
John deaton said all of crypto, especially ethereum holders, should do everything in their power to flip the house next year. If you dont think gensler will come after you next then youre not paying attention. He wont even declare bitcoin to non security. This guy and he went after circle today and then uh jeremy hogan, said the sec doesnt answer to legislative branch see below. We know it. Doesnt answer to the judicial branch: all thats left is the exact executive branch. Can someone get the president united states on the phone please? This is crazy, folks whats going on in this country. This is crazy. Im the digital asset investor im, not an investment advisor. This is for entertainment purposes. Only please subscribe hit the like button and tell your friends and family that the chairman of the sec cannot even tell us whether bitcoin and ethereum cannot or will not tell a congressman or anybody in crypto or any companies executives. Anybody in crypto whether bitcoin and ethereum are securities. Meanwhile, joseph lubins running around telling everybody that well ethereums, not a security sec said so this is crazy.