Well i have to disagree on the part of he knows nothing about crypto. I would say he's the most intelligent sec chairman in relation to crypto so far. I think the mistake made is that these officials move in certain ways because they lack understanding. No, they move this way because they do understand it and are trying to stop it lol.
So let me shed some light and clarity here. I'm a licensed stockbroker worked for several wallstreet firms, junior economist. So i'm suppose to know what i'm talking about. i say suppose to. However let's see lol. So idk if you familar with Regulation D of the SEC.
It's many practical reasons i don't agree with Reg D. However whether you understand it or not isn't that important but just that it can appear like bureaucrats don't understand things when they don't. In Gensler's situation i would say he has a very good handle on all cryptocurrency.
So i'm going to keep it short because i don't wanna write a book many don't understand or care to understand because i already know why many of you are here. However i will say this i agree with Gary on Ethereum should have been a security. You can't get a little bit pregnant. Like you can't go raise money like Vitalik did over $18 million. Then pick and choose who's a security and who's not after the fact and excuse the event after the fact. It's like an illegal alien crossing the border and then going well i been working here for 20 years and i did the process wrong but i should be able to stay without any ramifications or consequences. No, that's not ethically how it should work. Yes you all are right the government interest is not always your interest. Nor do they same to care at points so we doubt they that eager about you wearing a seatbelt. The larger outcome is they don't wanna have to clean you up off the street if you get this analogy. Also that they want to preserve the system as is and not allow people to be free but service classes and functioning more like herded sheep are the main part of their playbook, evenso
On a deeper level i'm sometimes asked well who's side are you? It's simple i'm on the right side lol. I don't wanna get overly going on this. I'll just say it this way i'm all for economic prosperity, freedom and rights. I actually do believe to a certain extent everyone should be able to go out and participate in unregistered securities just like we're able to participate in state lotteries. if i wanna go give all my money and cash to state lotteries and can't pay bills to survive the state would not shut down the lottery or deny me access. I personally feel unregistered securities that follow a specific legal framework of reporting should be able to sell to whomever they want. We as citizens should be able to buy. It's just unrealistic though to believe we'll have neverending court cases of people in lawsuits.
We know this because even in crypto as soon as something happens people don't like. They ready to do what? Call authorities. So people want perfect conditions. They want freedom but they don't wanna be scammed lol. .They want to be able to invest in whatever investment they so choose but they don't wanna lose money lol. So Gary Gensler understands and i personally would like him to go after Ethereum simply because now he's set the precedence or the SEC has. if you're not going to go after ethereum don't go after anybody. I don't care that people feel ethereum is legit now..or that they like Vitalik.. if you go after one go after them all. If they broke the law they didn't somehow later unbreak the law. if you don't care about laws go to countries with lax laws. They out there. However i have a big pet peeve about consistency and fairness and things benefitting and working for most people not some people. NOt special people or special projects but the same projects and the same laws. If you going to have any of it.
As far as Gary take on failing cryptocurrencies and you mentioned Miami coin. i'm a native of Miami. I know the culture and the government well. When Gary says many won't survive i think he's talking about like the ico's and crypto company startups which i don't believe many will survive as well. I think a currency an actual true currency can survive. However in reality i think we have very few currencies in crypto and more of the business startups. For example what goal would a currency have? It has no goal its a medium of exchange. That's it's purpose lol. It's purpose is not to moon or make you money. So having a currency a local currency a community currency is perfectly legal. However that's not what many of you do here? Bitcoin myk and bbd coin is trying to be an actual currency that creates economic prosperity for people. Many of you guys projects are in fact just ways i believe to skirt around regulations.
Which can't happen because if it's allowed to happen yes you will have people laundering money and financing terrorist networks thats not a theory, lol. I agree the government can be the terrorist but thats neither here nor there in that this is why people topple governments. Anyway i've spoken too long lol.
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