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Testimony of Gary Gensler Before the United States Senate Committee on Banking, Housing, and Urban Affairs Sept. 14, 2021 Washington, D.C.


peanut56
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The link below was obtained by Jeremy Hogan's twitter feed.

 

https://www.banking.senate.gov/imo/media/doc/Gensler Testimony 9-14-21.pdf

 

Link to prepared speech by Gary Gensler for tomorrow the 14th. Essentially what I got from it is that all crypto will in one way or another be considered a security without regulation, without law, but strictly by enforcement. This approach is Rubbish.

Edited by peanut56
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3 hours ago, brianwalden said:

Senators don't represent ordinary people. They represent the people with power.

If people with power were not holders, much of this space would already have been cleared out.

It just so happens we are also holders - which does not preclude us from being extraordinary.

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I expect that Gensler, who is a banker's creature, will deflect some hard questions by saying they are currently being reviewed by the Courts and he can give no clarity other than to ask for clarity from the Senate through more powers to the SEC.  The big question is "is ETH a security" to which he will reply it depends on the context and then throw mud in the water.  Even this answer will weaken SEC's case because SEC have got themselves into the strange position of telling the Courts that every XRP transaction is a security, even when conducted in a decentralised way between third parties unconnected to Ripple.

The big weakness that will be tested first by the Courts is Ripple's Fair Notice defence which is now won by Ripple if the judge allows (as expected) a summary judgement on this issue.  The fair notice defence drives a coach and horses through SEC's authority and is regarded some lawyers (Hogan Deaton) as nearly as good as clarity.

It is clear that the Senate will be passing legislation soon.  But it is also clear that the banks are putting/buying pressure on Senators to make crypto very hard to buy and sell in the US.  This will hurt all of crypto, but XRP is already very well established outside the US and US relevance to crypto will go on diminishing incrementally as the years go by.  XRP has already been tested and shown itself to be resilient in a world that excludes US participation.   

Edited by Julian_Williams
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It will be lots of yada yada yada with pre-prepared answers. Gensler can say in his speech that the U.S. have the world's most important financial system and that his commission works proactively with market participants. It's a ritual.

Should we really care about what he says? No. Internet brought the freer flow of information and could not be stopped. Now we witness the freer flow of value. Try stopping it. In the end you harm yourself.

The U.S. even have a president who hardly can speak a coherent sentence if not reading from the prompter. What U.S. leader? What U.S. values? The world moves on.

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