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Biden SEC nominee Gary Gensler set for March 2 confirmation hearing


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I'll take a stab at these because they are important questions - I've numbered them to simplify things: Yes - I can see a scenario where only the sales of XRP by Ripple, Brad and Chris are treat

Aren't you a lawyer associated with the SEC who is also working with a potential competitor to Ripple? If the SEC would have given regulatory clarity, the XRP ecosystem would be further developed

A confirmation hearing is like a job interview. I expected nothing other than vague politically correct answers.  Fact is that Gensler is friendly with Peirce & Roisman, and has a deep knowle

And Jeremy Hogan's take:

It's not good news. There is no evidence from the hearing that Gensler will back off from prosecuting Ripple and, in due course, many other crypto projects. Hogan does not expect a settlement until at least after the end of discovery in August.

Edited by PunishmentOfLuxury
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FUD, FUD, FUD - WOW knock knock, who's there, it's Ripple once again knocking on the SEC's door... for years, every week, now we get this potential BS. The SEC's job it seems is not to provide regulatory clarity, just increasing amounts of FUD. If Gensler and the SEC play hard ball on Ripple, the one company that's been seeking and asking for regulatory clarity for years, then they are not helping anybody, but a small elite and certainly not the small investors. The super rich can afford to lose, small-time XRP holders have already been screwed by the SEC, so more FUD helps who?

 

 

Edited by HAL1000
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I personally feel like Jeremy is completely right. I watched all of Gensler's responses before watching this video from Jeremy, and I could not agree more with the videos sentiment. 

It's clear to me now that Gensler views XRP as a security and Ripple will have to contend with this in court, possibly until October of 2021.

I also think that the SEC makes and bends the rules, so it may be an uphill battle in which I think ultimately XRP will be deemed a "digital asset security." There's no way around it IMO.

My question now is, can XRP survive and thrive as a "digital asset security"? 

Can it still be used to create ODL?

Can it still be bought and sold on the secondary market? 

What new framework will allow XRP to survive and innovate even though it is a "digital asset security"? If this happens. 

If the answer is - it can not be used for ODL and it can not be sold to retail, then congratulations SEC - the remaining bag holders are seriously f$%&* and innovation will be hampered. All for what? That's my last question.

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3 hours ago, peanut56 said:

Gensler's comment of "not shooting the rabbit were it was." Seems an important. He hits that mark after the 1:45 time in closing.

That's freshman Senator Bill Hagerty of The Great State of Tennessee (he also happens to be the former US ambassador to Japan).

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1 hour ago, Cambridge said:

I personally feel like Jeremy is completely right. I watched all of Gensler's responses before watching this video from Jeremy, and I could not agree more with the videos sentiment. 

It's clear to me now that Gensler views XRP as a security and Ripple will have to contend with this in court, possibly until October of 2021.

I also think that the SEC makes and bends the rules, so it may be an uphill battle in which I think ultimately XRP will be deemed a "digital asset security." There's no way around it IMO.

My question now is, can XRP survive and thrive as a "digital asset security"? 

Can it still be used to create ODL?

Can it still be bought and sold on the secondary market? 

What new framework will allow XRP to survive and innovate even though it is a "digital asset security"? If this happens. 

If the answer is - it can not be used for ODL and it can not be sold to retail, then congratulations SEC - the remaining bag holders are seriously f$%&* and innovation will be hampered. All for what? That's my last question.

There will be different answers to each question depending whether transactions are in the USA or outside of the USA.  The rest of the world will move on. But inside the USA, there will be different rules.

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it seems very apparent that most people here are from the United States. The world is much larger than just you. You are not the center of earth, nor does what happens there matter. I thought Ripple the organization was quite clear about that. World Economics are shifting AWAY from the United States. Not that you won't be involved, but you certainly will not be able to retain the control that you currently have. I believe the entire point of crypto is exactly that, for people of all countries... that centralized anything, including regulators, will not have nearly as big of a play. 

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4 hours ago, Archbob said:

Did anyone really think that Gensler would magically just remove the case against Ripple?

There's no 'magic' about it. His vote is just one more among the five commissioners...2 of which are already of a broader mind. 

I would expect Mr Gensler to have the forbearance to recognize the hybrid-purpose of cryptocurrencies (part utility, commodity, currency, & security) and to recognize them as a new asset class. 

Instead, it's 1900 and he's throwing his lot in that crypto (read: the automobile) is more like a horse than a wagon or the bicycle. He is oblivious to the times. From my vantage point, he lacks education, context and vision. He'll make a great bureaucrat. 

Edited by RobertHarpool
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5 hours ago, PunishmentOfLuxury said:

And Jeremy Hogan's take:

It's not good news. There is no evidence from the hearing that Gensler will back off from prosecuting Ripple and, in due course, many other crypto projects. Hogan does not expect a settlement until at least after the end of discovery in August.

Who could have possibly thought that /s :D But let us search for another excuse how it'll be magically resolved in March, April, May, ...

I seriously doubt they'll get to a settlement. And I hope they don't. Let's hope they can make this case one that gives clarity on XRP and bring it to court. If it can't bring clarity this is all just a huge waste of time and I don't see why we would focus on it. I'm glad I already had reduced my stack severely so I don't have to be bothered by the constant good news.

Edited by SquaryBone
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John E Deaton's reaction: Gensler Hearing Wrap Up: Who is really being protected by SEC “investor protections”?

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One final observation: ultimately, I was disappointed in Gensler’s testimony. Some will say that I shouldn’t be because his goal, as a nominee, should be to do no harm and get through the confirmation hearing unscathed. I reject that thesis. His confirmation hearing was a formality. Gary Gensler is going to be confirmed as Chairman of the SEC. There is no doubt. He had the opportunity to make the bold statement that the SEC would be different under his leadership. He had an opportunity to embrace technological innovation. Instead, he said the SEC would be technology-neutral. He made it clear that the SEC would not be anti-tech, but I ask you, is being technology-neutral enough in 2021, when the U.S. is losing its leadership role to China, among others?

Gary Gensler is a very intelligent man. He taught blockchain technology at MIT. But today he sounded like a career politician who stuck to his talking points regardless of what was asked.

If Mr. Gensler’s goal was to do no harm to his confirmation today, he succeeded. But the SEC has inflicted catastrophic harm to individual investors and U.S. innovation. He said nothing today that gives me great hope that he intends to fix that or even try. I’d be pleased to be proven wrong after his confirmation.

 

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Let’s assume XRP will be a Digital Asset Security and exchanges need to comply in order to trade digital asset securities for US customers. Maybe 97/98% of the cryptos are digital asset securities. I would expect that exchanges want to comply with the new digital asset security regulations in order to serve US customers, or new exchanges will be set up who want to serve them. When all of that has been accomplished, which obviously may take a while, XRP can be traded 24/7 again and ODL can be used?

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