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OP has provided the following link:
https://coingape.com/sec-gary-gensler-blames-crypto-silicon-valley-bank-collapse/
crypto -- Citadel & others...Wall Street is all into crypto...and they want to recreate the bullshit of wall street by transferring it to crypto.
crypto is also being used as a fulcrum -- "powers" are going after GG for his proposal to ban pfof.
\* powers being Citadel & friends
(my opinion is that a ban on pfof is the single greatest proposal by the SEC to level the playing field for Household Investors, in my lifetime)
I've got nothing to say about that. I issue is this demonization of crypto in front of Congress. This is his own testimony. What does crypto have to do with SVG'S uninsured deposits?
So you refuse to look at the total landscape of why what was proposed, was proposed, and still want your opinion heard on what was proposed? The big banks and financial institutions are using crypto to abuse the system and cheat the household investor, using the same cheating mechanics that the SEC was created to curtail, and you're saying "let them fuck us, just don't you dare even look at my crypto."?
I read SVB was providing fiat on ramp and off ramp to crypto and hence was targeted. They want to kill banks that provide ramps. Look up Operation Chokepoint.
this post, just like the tweet, seems misleading at best, and arguably downright false at worst. GG literally did not blame SVB collapse on crypto.
He says that the stablecoin, USDC, had $3b in fiat in SVB, and USDC briefly depegged from its $1 peg during the SVB crisis. If anything, the video clip supports the very opposite point purportedly represented by the tweet.
Without hearing the whole clip this is the only conclusion I could come to. SVB had $3b in fiat and was a risk to USDC, not the other way around as portrayed in the post.
This is likely the source of the tweet:
https://coingape.com/sec-gary-gensler-blames-crypto-silicon-valley-bank-collapse/
It looks like a crypto friendly site, but it might be a shill site written by AI or 3rd world contractors
idk
*"SVB, which was the 16th-largest bank in the country, was shut down after failing to fully insure against the rising interest rates. The turning point for the company occurred when SVB revealed that it had sold $21 billion worth of its securities at a loss of around $1.8 billion and that it needed to raise an additional $2.25 billion to fulfill the withdrawal needs of customers."*
And yet,
*"...while speaking on Silicon Valley bank’s abrupt collapse, the SEC chief pointed fingers at crypto, blaming it being the primary reason why the financial behemoth was forced to declare bankruptcy."*
*"When asked about his stance on the banking crisis faced by the country and the SEC’s incompetence in mishandling the crisis prior to happening, Gensler linked the banking debacle with their client partnerships involved in the crypto industry. In addition, he claimed that the banks suffering the [REDACTED] had exceptionally high exposure to cryptocurrencies, either through client funds or facilitating payments for crypto firms such as digital asset exchanges."*.
NOTE: (Automod removed first time for redacted word which is the same as a name of a certain hater sub)
I think he's probably not wrong about certain crypto. Let's say tether. Tether has been used to buy btc and the btc used to buy usd. Tether is probably backed by dreams and bottle caps, so they're effectively creating usd outside of the US with fake crypto.
[link to an interesting article about this theory](https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3)
I watched some of the people attacking Gary in this long hearing...you can really spot the ones who are bought and paid for by big money. That CFTC Mr. Lucas guy and the Mrs. Houchin...sus af
I think we should be concerned about his stance regarding crypto, as so much of GameStop's projects depend on it (web3, Blockchain, the NFT marketplace, de-fi, etc).
If he manages to demonize crypto and over-regulate it, that is NOT bullish for this investment.
The existence of *any* form of regulation whatsoever is not the same as a forced cefi exchange (I agree that would be horrible) but regulation forcing fin inst's to declare their crypto assets on their balance sheets instead of using it to cheat would help all of us. Think about the March 21' crash of gme where the hedgefucks combined a bunch of price manipulation tactics on nyse and rug pulled crypto to get the cash to finance all the crime. Individual investors *Do not* require a bunch of new regulations, but individuals and institutions capable of causing massive price swings by themselves need a set of rules the rest of us know they have to play by.
So in your opinion, how should it be regulated?
We know that self-regulation is a shit show.
I don't have a dog in the fight as I stay away from crypto, but there has to be regulation on any transactions that can easily be fraudulent.
My dog is GameStop, and web3. I'm also pretty hopeful about de-fi as I think CBDC is enslavement to the banking class, who have already bought and paid for the "regulators."
When RC was talking about the future of humanity, did you think he was talking about video games?
You're likely right about cbdc's, but you still didn't answer how crypto should be regulated. There have been and are still many people being taken advantage of.
You're literally asking some rando on the internet how to oversee the worlds financial markets? I get being a devil's advocate but this is something else, you're trying to discredit my opinions because I lace expertise. I don't need expertise to remember the CEOs remarks about how overregulation of nfts as securities would be bad for our business.
Maybe you should ask him? Try emailing him at [email protected]
He said "just calling something defi doesn't exempt it from our laws" not "defi doesn't exist". The hedgies and MMs and big banks have been cheating the whole stock market by manipulating *your crypto investmemts* in ways that have hurt all other investors in said crypto except the biggest first cheaters. Plain language reading of what he has said is that fin inst's need to treat all of their investments like they do the specifically regulated ones (if it is money controlled by this financial institution, which has requirements on how they must balance and hedge their funds, then any investment by this institution needs to be reported and calculated into legally stipulated equations to measure risk-this protects the whole economy). If he starts calling for forced cefi for all crypto I will delete my comments and send you both public and private apologies. Until then, I'll support attempts to make the criminals on Wallstreet stop robbing me, my parents pensions, and all of the American economy, with vim and vigor.
....thanks for coming to my Ted talk
Including defi? You do realise that all of crypto is centralized, with CEO offering ICOs to fund their ideas, it’s scammy and SEC needs to hammer down on it. The only crypto truly decentralised is bitcoin, the rest are just trying to capitalise on the invention of bitcoin by creating their own shit coin, GG knows this as do most of us. There’s a bunch of kids crying that it’s not fair, but that’s just because they didn’t do the DD.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: https://coingape.com/sec-gary-gensler-blames-crypto-silicon-valley-bank-collapse/
crypto -- Citadel & others...Wall Street is all into crypto...and they want to recreate the bullshit of wall street by transferring it to crypto. crypto is also being used as a fulcrum -- "powers" are going after GG for his proposal to ban pfof. \* powers being Citadel & friends (my opinion is that a ban on pfof is the single greatest proposal by the SEC to level the playing field for Household Investors, in my lifetime)
I've got nothing to say about that. I issue is this demonization of crypto in front of Congress. This is his own testimony. What does crypto have to do with SVG'S uninsured deposits?
maybe the depositors carried crypto as assets...and banks accepted crypto as collateral against which they lent dollars. i think that is it.
So you refuse to look at the total landscape of why what was proposed, was proposed, and still want your opinion heard on what was proposed? The big banks and financial institutions are using crypto to abuse the system and cheat the household investor, using the same cheating mechanics that the SEC was created to curtail, and you're saying "let them fuck us, just don't you dare even look at my crypto."?
I read SVB was providing fiat on ramp and off ramp to crypto and hence was targeted. They want to kill banks that provide ramps. Look up Operation Chokepoint.
this post, just like the tweet, seems misleading at best, and arguably downright false at worst. GG literally did not blame SVB collapse on crypto. He says that the stablecoin, USDC, had $3b in fiat in SVB, and USDC briefly depegged from its $1 peg during the SVB crisis. If anything, the video clip supports the very opposite point purportedly represented by the tweet.
Without hearing the whole clip this is the only conclusion I could come to. SVB had $3b in fiat and was a risk to USDC, not the other way around as portrayed in the post.
I agree! The title of this post is extremely misleading.
This is likely the source of the tweet: https://coingape.com/sec-gary-gensler-blames-crypto-silicon-valley-bank-collapse/ It looks like a crypto friendly site, but it might be a shill site written by AI or 3rd world contractors idk
So does just anyone get a "The Honorable" title before their name? I want that
It's yours. I hereby designate thee as Honorable!
*"SVB, which was the 16th-largest bank in the country, was shut down after failing to fully insure against the rising interest rates. The turning point for the company occurred when SVB revealed that it had sold $21 billion worth of its securities at a loss of around $1.8 billion and that it needed to raise an additional $2.25 billion to fulfill the withdrawal needs of customers."* And yet, *"...while speaking on Silicon Valley bank’s abrupt collapse, the SEC chief pointed fingers at crypto, blaming it being the primary reason why the financial behemoth was forced to declare bankruptcy."* *"When asked about his stance on the banking crisis faced by the country and the SEC’s incompetence in mishandling the crisis prior to happening, Gensler linked the banking debacle with their client partnerships involved in the crypto industry. In addition, he claimed that the banks suffering the [REDACTED] had exceptionally high exposure to cryptocurrencies, either through client funds or facilitating payments for crypto firms such as digital asset exchanges."*. NOTE: (Automod removed first time for redacted word which is the same as a name of a certain hater sub)
I think he's probably not wrong about certain crypto. Let's say tether. Tether has been used to buy btc and the btc used to buy usd. Tether is probably backed by dreams and bottle caps, so they're effectively creating usd outside of the US with fake crypto. [link to an interesting article about this theory](https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3)
Did we already delete this? Superstonk is actively shilling for GG lol
GG is making change, hedge funds want him gone, I personally want him to keep going
I watched some of the people attacking Gary in this long hearing...you can really spot the ones who are bought and paid for by big money. That CFTC Mr. Lucas guy and the Mrs. Houchin...sus af
I think we should be concerned about his stance regarding crypto, as so much of GameStop's projects depend on it (web3, Blockchain, the NFT marketplace, de-fi, etc). If he manages to demonize crypto and over-regulate it, that is NOT bullish for this investment.
The existence of *any* form of regulation whatsoever is not the same as a forced cefi exchange (I agree that would be horrible) but regulation forcing fin inst's to declare their crypto assets on their balance sheets instead of using it to cheat would help all of us. Think about the March 21' crash of gme where the hedgefucks combined a bunch of price manipulation tactics on nyse and rug pulled crypto to get the cash to finance all the crime. Individual investors *Do not* require a bunch of new regulations, but individuals and institutions capable of causing massive price swings by themselves need a set of rules the rest of us know they have to play by.
He's destroying crypto
Crypto is generally a guy or group of guys trying to ride bitcoins coattail and then scamming unsuspecting investors.
He believes that regulation of crypto markets, including de-fi, is the purview of the SEC.
So in your opinion, how should it be regulated? We know that self-regulation is a shit show. I don't have a dog in the fight as I stay away from crypto, but there has to be regulation on any transactions that can easily be fraudulent.
My dog is GameStop, and web3. I'm also pretty hopeful about de-fi as I think CBDC is enslavement to the banking class, who have already bought and paid for the "regulators." When RC was talking about the future of humanity, did you think he was talking about video games?
You're likely right about cbdc's, but you still didn't answer how crypto should be regulated. There have been and are still many people being taken advantage of.
You're literally asking some rando on the internet how to oversee the worlds financial markets? I get being a devil's advocate but this is something else, you're trying to discredit my opinions because I lace expertise. I don't need expertise to remember the CEOs remarks about how overregulation of nfts as securities would be bad for our business. Maybe you should ask him? Try emailing him at [email protected]
I don't know it that's his actual email, I was just following the corporate formula of [email protected]
He said "just calling something defi doesn't exempt it from our laws" not "defi doesn't exist". The hedgies and MMs and big banks have been cheating the whole stock market by manipulating *your crypto investmemts* in ways that have hurt all other investors in said crypto except the biggest first cheaters. Plain language reading of what he has said is that fin inst's need to treat all of their investments like they do the specifically regulated ones (if it is money controlled by this financial institution, which has requirements on how they must balance and hedge their funds, then any investment by this institution needs to be reported and calculated into legally stipulated equations to measure risk-this protects the whole economy). If he starts calling for forced cefi for all crypto I will delete my comments and send you both public and private apologies. Until then, I'll support attempts to make the criminals on Wallstreet stop robbing me, my parents pensions, and all of the American economy, with vim and vigor. ....thanks for coming to my Ted talk
Including defi? You do realise that all of crypto is centralized, with CEO offering ICOs to fund their ideas, it’s scammy and SEC needs to hammer down on it. The only crypto truly decentralised is bitcoin, the rest are just trying to capitalise on the invention of bitcoin by creating their own shit coin, GG knows this as do most of us. There’s a bunch of kids crying that it’s not fair, but that’s just because they didn’t do the DD.
What change? Gary the snail has been droning on with the same impotent “fairer capital markets” speech since 2009 . . .
I can't tell if it's up or not
That's what she said.