Brad G addresses the nation :)

[HAL1000]

They have preached (and demanded) transparency from those they regulate, but fight tooth and nail when held to the same standards.

And now Gensler point blank refuses to comment on specific projects (besides BTC) but indirectly and incorrectly labels tokens as securities in lawsuits, and in the next breath, says how “clear the rules are” while his agency tries to front-run Congress.

[HAL1000]

Former

@SEC_Enforcement

head Jay Clayton unknowingly threw the SEC UNDER THE BUS and explained why the SEC needs to change the registration rules for digital assets like crypto. Here is what he said “So what could cause that shift? Present utility versus future utility, Clayton said Clayton pointed to Broadway tickets as an example: If someone bought 1,000 tickets for $10 and told their friends and family they would be able to resell those tickets for $100 or $1,000, then it's a security, he said"But if you just buy the ticket 10 years later, it’s just a ticket “ How is this throwing the SEC under the bus ? Because he considers the tickets a security, the person buying and selling those tickets MUST GO TO THE SEC AND REGISTER THEM, somehow. So if this is some enterprising college kids who bought the tickets and were trying to resell them to their friends, they are breaking the law and risk an

@SEC_Enforcement

action if they either don’t go to http://sec.gov and learn securities law and figure out how to determine if they are eligible for an exemption from registration or hire a securities attorney to have them figure it out and then file all the paperwork, which would certainly cost them more than the possible profits available , and of course the play would be long over by the time they got the required approvals from the SEC ! This is the part

@garygensler

doesn’t understand about crypto and small businesses and start ups. While it may be a question of “regulatory arbitrage” for a some huge companies, 99 percent of crypto companies started small, 99 percent of those stayed small. Like their incorporation and tax IDs etc , they are NOT against registering with the SEC. IN FACT , I would bet almost all of them would LOVE to register with the SEC. The issue is not intent. The issue is that there are ZERO easy to follow guidelines for small crypto start ups to follow. I had someone who I work with call the SEC and ask them about how to register a token. Where could we find guidelines. They were very polite and gave us references to various cases to review and then effectively told us that we should probably get a securities lawyer to help It never crossed Jay Clayton or Gary Gensler’s minds that for start ups, the tens of thousands of dollars in legal fees , most of which is generated from the required back and forth with the sec and the months long delay as they go through the process is very very difficult for start ups. All the other licenses , from incorporation to payroll , whatever are fast and easy and relatively inexpensive for even the smallest Etsy artist. If the SEC really wants to protect investors, make it easy and relatively inexpensive to register. Then no one will say no to registration and you will have complete access to all the information you need and the ability to protect more investors If states can simplify rules and the irs can make it easy for new companies to get set up , why can’t the SEC ? This isn’t a crypto issue. This is an SEC principles issue.