This is a highly speculative asset class uh weve known this for uh a long time. The ups and downs of this speculative asset class, bitcoin and hundreds of other tokens and many of these tokens right now are trying to operate. Theyre, potentially non compliant were trying to make the markets a little better, hopefully a lot better for the retail investing public and to really move forward in the face of new technology like crypto, so that the investing public always getting to decide what risk they want to. Take but has that full and fair disclosure and we protect against fraud, manipulation the hucksters that come along as human nature as human nature. Welcome back everybody to altcoin daily the sec is on a mission to regulate the crypto industry. Sec chair gary gensler has just given us an update on where regulation stands its coming sooner rather than later. He shared a lot of insight im going to play you a couple clips from this recent interview. Only hours old before we get to that breaking news. Grayscale has partnered with trading firms jane street and virtue to convert their gbtc trust into a bitcoin etf, and this needs to be approved or declined by next week. If our application is approved by the sec grayscale rights, these firms would enable the simultaneous creation and redemption inherent to an etf. This would be a spot gbtc etf by the way, a spot, bitcoin etf, which would be a big deal.

Grayscales proposal to convert their gbtc trust to a spot etf is going through a public comment period with the deadline for the secs decision coming july. 6Th july 6th is the date theyre going through a comment period and guess what almost 12 000 letters have been submitted to the sec in support of grayscales bitcoin spot etf. Thus far, what do you think about this? I think this would be a hugely bullish catalyst for bitcoin, specifically and crypto in general, in the united states july 2020., we already have a spot bitcoin etf in canada and an ethereum one. We already have a spot bitcoin etf in australia and an ethereum one. Its only a matter of time before this happens in my opinion – and it could happen sooner rather than later in other news, sam bankman freeds ftx, is eyeing a purchase of robin hood. Sam bankman freed recently bought 7.6 of robin hood and shares jumped on todays news. What this tells me is that ftx wants to directly compete with brian armstrong and coinbase. Ftx wants to be bigger than coinbase in the united states, and i do want to remind you, sam bankman freed joe bidens, second biggest donor last election and a huge donor. This election, as well in other news before i share with you two major insights by the sec chair himself, really giving us the direction of clarity from the sec in the united states. Before we get to that wells, fargo just released a report stating that bitcoin and crypto is nearing an inflection point for the hyper adoption phase similar to the internet in the late 1990s.

This is in wells, fargos report. They say: cryptocurrency is here and theyre projecting cryptocurrency to do something like this, but lets get to it. Regulation for cryptocurrency in the united states is a mixed bag, its a trade off theres, a lot of good that comes with it, theres some bad. If youre more of the person who appreciates the wild wild west of crypto overall regulatory clarity will be great for cryptocurrency in the long run in the united states. Gary gensler today has given us an update on where the sec stands. With this, you have been adamant that there should be a some degree of coordination with the cftc and you about trying to make it so that we have a more clarity lets say on uh cryptocurrency, where wheres the state of play. Crypto right now. Look this! This is a highly speculative asset class uh weve known this for uh a long time. The ups and downs of this speculative asset class, bitcoin and hundreds of other tokens and many of these tokens offer the investing public or the investing public is hoping. I should say hoping for a return just like when they invest in in other uh financial assets. We cost securities and many of these financial assets. Crypto financial assets uh have the key attributes of the security, so some of them theyre under the securities and exchange commission. Some like bitcoin and thats, the only one jim im going to say because im not going to talk about any one of these tokens but sure uh, my predecessors and others have said: theyre theyre a commodity working together, theres two great market regulators in this country.

I have the honor to chair the cftc terrific agency of the honor now to chair the securities and exchange commission a little bit different remits, a little bit different approaches, but working together with the banking regulators as well, theres theres work to be done there around whats Called stable coins theres a lot of work to be done to really protect the investing public and many of these tokens right now. Um are trying to operate theyre, potentially non compliant and ill leave it at that jim and then jim cramer actually had a really good. Follow up for gary gensler talking about fidelity, saying fidelity is traditional finance theyre, one of the biggest asset managers in the world, one of the most well respected theyve started offering bitcoin to their clients in their 401k theyre doing stuff, with both bitcoin and ethereum isnt. This one of the biggest green flags for the crypto industry in general, one of the things that happened, and i sure hope that you that that clarity and transparency occur. But what are things that happen? At least in many of our lives? I ive had all my life had my money with fidelity and they came out and they said, look you put your bitcoin in 401k. It was a seminal moment because if 401k is made for securities, you put bitcoin in and suddenly that kind of endorsement makes us feel very comfortable. Mr chairman, with the asset that is bitcoin, are we too comfortable? Look theres theres a lot of risk in in crypto theres also risk in the classic securities markets.

What we have in the us is we have this concept that you have market regulators like the cftc and sec, to help protect the public against fraud and manipulation in the markets and when theres, a group of entrepreneurs that are selling something to the public. Who are saying to the public come here come together. Weve got this great idea that that, when you do that, youve got to have basic disclosures, full and fair disclosures thats. What the sec does thats thats, what we do really well its less. So you know in the oil markets or the wheat markets that the cftc has and and so thats what we have and right now you have hundreds, if not thousands, of these crypto tokens that have the basic attributes of raising money from the public and having a Group of entrepreneurs that you might have on your show saying come hither. Weve got weve, got a good idea for you and and thats okay in america. If you comply with the laws and weve got, unfortunately a lot of projects that are non compliant wow and by the way is crypto the secs top priority. I mean theyre, not just dealing with crypto theyre dealing with all markets in the u.s. How important is crypto to the sec? You know, mr chair one one question sort of an echo of a question: weve asked you before of all the pots that you have boiling at the sec spax china esg.

Can viewers be comfortable in thinking that crypto is the top priority? Is the is on the front burner and if so, when is there going to be palpable proof of the work youve done whens that going to happen? Well, i i you wouldnt, want me to pick amongst my three wonderful daughters and im not going to pick up amongst those projects either um. Look. We do its its a great honor to be in the in the role im in we oversee literally 100 trillion dollar capital markets. The projects you mentioned, uh the the operations of either the u.s treasury markets, which is a quarter of our capital markets literally so so we oversee a lot, were trying to make the markets a little better, hopefully a lot better for the retail investing public and to Really move forward uh in the face of new technology like crypto in the face of new technology, called artificial intelligence in the face of robo advising and the like, and move forward, so that the investing public always getting to decide what risk they want to take. But has that full and fair disclosure and we protect against fraud, manipulation the hucksters that come along, because human nature is human nature. One of my big takeaways from the three major very telling stories coming out of crypto today, one being grayscale spot etf, the other being ftx wanting to purchase robinhood and the third, of course, being sec. Chairmans comments on the current state of regulatory clarity.

One of my big takeaways from all three of these things is that bitcoin crypto the industry is a fast moving train. People are realizing its here to stay and everybodys trying to get their ducks in a row because they realize this is not going to be big. For a year or two, this is going to be big for a decade or for the rest of our lives like the internet is and more than that everybody always thinks theyre too late, every single time when the price was 30 10 years ago. Am i too late when the price was eight hundred and thirty three dollars eight years ago? Am i too late? The price was seven thousand dollars three years ago. Am i too late, and now the price is twenty thousand dollars a year ago? Is thirty thousand dollars? People continue to ask: am i too late either you understand the writings on the walls either. You understand that so many different bitcoin metrics, the fundamentals have just kept trending up, even though the prices have gone down because of macro factors in the world. You realize that theres tons of opportunity in crypto today make sure you watch our last two videos for the state of the market, either way guys subscribe to the channel.