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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.


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2 hours ago, RipMcGillicuddy said:

Senator Warren is as slimeyyyyy as they come. Look at her stand up for her banking buddies. Kinda happy to see her throw shade at ethereum though, no matter how many holes can be poked in that scripted banter. 

Senator Warren speaks with forked tongue or unbridled stupidity!! This is the same lady who advocated for student loan forgiveness which is definitely not pro bank. She just shot down most of her supporters with her actions with Goldman Gary.  I hope whomever campaigns against her in the future is taking notes.

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I think when all these people talk about investor protection they aren't even talking about us. They mean protection for their investor friends who manage funds and want to get into this space. I legitimately think they frame it as caring about us, but they couldn't care less. They just want to know that when their money gets into it, there will be some insurance to back up the losses. 

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Just now, RipMcGillicuddy said:

I think when all these people talk about investor protection they aren't even talking about us. They mean protection for their investor friends who manage funds and want to get into this space. I legitimately think they frame it as caring about us, but they couldn't care less. They just want to know that when their money gets into it, there will be some insurance to back up the losses. 

...just like the Fed has backstopped stock market losses for a long time now. 

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40 minutes ago, Cambridge said:

Gary Gensler should really look into the dealings of Hinman and Clayton. How has this not been looked into? The conflict of interest is enormous. It's time for the Judges to provide the clarity the SEC has been unable and unwilling to provide.

Clearing up the conflicts of interest stories was GG first duty, before doing anything else he should have addressed this very serious issue that had already reached the public domain and social media sites. Seems to me that GG has left it too long and public interest will not let go now until after it has morphed into a criminal investigation.  GG own reputation is irreparably damaged.

Edited by Julian_Williams
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11 minutes ago, RipMcGillicuddy said:

Wow, Gasparino seems a bit crazy, but he works for Fox Business, has 100k+ twitter followers, and is now off and running with this ETH-SEC situation. This is about to grow new legs and take off. 

One of those moments when you sit back and applaud and feel proud to be in The XRP Army.

Well the story is a gift - big banks, Lubin and other whales using their influence and money to corrupt a US regulator into crashing a smaller company that is invested in my millions of small retail investors.  China and Russia being given help against US innovations.  Gary Gensler, ex Goldman Sachs, twisting in the wind. 

The XRP army, Hogan and Deaton fighting the good fight against barely concealed corruption.  This is a public interest story.

Edited by Julian_Williams
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4 minutes ago, Julian_Williams said:

Well the story is a gift - big banks, Lubin and other whales using their influence and money to corrupt a US regulator into crashing a smaller company that is invested in my millions of small retail investors.  China and Russia being given help against US innovations.  Gary Gensler, ex Goldman Sachs, twisting in the wind. 

The XRP army, Hogan and Deaton fighting the good fight against barely concealed corruption.  This is a public interest story.

It's oh soooo good! I could see the script writing itself before. But if Gasparino breathes even more life into it and gets the big media's attention, we are talking a much much better and juicier movie. Sometimes there is blood in these types of movies though. Yikes. 

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Nvm lol. Gasparino already broke the code (in a few hours) and has received clarity from the SEC. This is how the movie ends lol. 

Charles Gasparino on Twitter: "BREAKING (1/2): @SEC_Enforcement sources tell @FoxBusiness the logic of the agency's case v @Ripple is that the company's infrastructure is STILL being built out so XRP -- the token which was used to finance the thing -- is considered a security. @ethereum infrastructure is" / Twitter

Charles Gasparino on Twitter: "(2/2) totally built-out and has been for years thus it's clearly a commodity. @HesterPeirce argues that all may be the case, but as @SECGov splits hairs, crypto innovation is being stifled so what's needed is a "Safe Harbor" that pulls back all this enforcement action. Developing" / Twitter

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43 minutes ago, RipMcGillicuddy said:

Nvm lol. Gasparino already broke the code (in a few hours) and has received clarity from the SEC. This is how the movie ends lol. 

Charles Gasparino on Twitter: "BREAKING (1/2): @SEC_Enforcement sources tell @FoxBusiness the logic of the agency's case v @Ripple is that the company's infrastructure is STILL being built out so XRP -- the token which was used to finance the thing -- is considered a security. @ethereum infrastructure is" / Twitter

Charles Gasparino on Twitter: "(2/2) totally built-out and has been for years thus it's clearly a commodity. @HesterPeirce argues that all may be the case, but as @SECGov splits hairs, crypto innovation is being stifled so what's needed is a "Safe Harbor" that pulls back all this enforcement action. Developing" / Twitter

The logic being that if the code has a mechanism for being changed/updated, then it's "not built out?"  So Ethereum has never been updated - and isn't banking on switching away from PoW and to another consensus/validation mechanism, in 2-3 months?

Good to know.  This is the same stupid "logic" that SEC employed in its privilege motion - "well, we might, at some point in the future, bring some sort of action against *anyone* in crypto, so *all* documents are always "investigational"...

It's like saying "your totally functional iPhone has a SD card slot where you can add more memory in the future" or "your desktop has extra slots where you can add additional components or upgrade the components already in it, as new technology develops" - and then suing the hardware companies because the thing is "not built out, yet."  To jump to the network level, it's like saying Verizon can't upgrade their existing 4G network to 5G or else they'll open themselves up to lawsuits.  That's ridiculous...

Gasparino can't possibly buy that. :rolleyes:

Edited by NightJanitor
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1 minute ago, RipMcGillicuddy said:

To be fair, he does seem to chomp at any piece of bait thrown his way. 

He's a journo - he's just reporting what they said.  But he can't possibly, actually believe it.  There's a difference. :)

Hope he keeps digging... there's journalistic gold in this story.  He might as well write himself into the eventual film!

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