Back by popular demand Gary Gensler Roast Show! Let’s break down why you can’t trust this clown and who’s interests he’s protecting. I have a clue for you, not yours!
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0:00 Intro
0:40 Gensler at MIT
3:06 Gensler vs Bitcoin
6:03 Warren Davidson attacks
6:16 Stake
6:46 Warren Davidson attacks
11:25 Broad brush
13:02 Cancel Gary!
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Welcome to another episode of the Gary Kinsler roast this is part two let's go Ahead put an apple in this Pig's mouth All right version foremost I want to Shout out ZK shark here on Twitter it's At ZK underscore shark but you guys make Sure to go follow him he's incredible He's been breaking down Gary ginzer why He sucks and putting out all the Inconsistency so we got the sweet here The blow clip is from the fall 2018 Graduate MIT course called blockchain And money Gary ginsler the current President of the SEC or chairman of the SEC was a professor the hypocrisy speaks For itself let's check out the video so We already know in the U.S and in many Other jurisdictions that three-quarters Of the market are not icos or not what We could be called Securities even in The U.S Canada and Taiwan the three Jurisdictions that follow something Similar to the Howie tap okay so right Here you've seen the the weight that he Puts on the Howie test which later on he Says or he said stuff since then like oh The Howie test technically isn't the Only thing we can use and he also says Three quarters of crypto are not Securities he says it plain as day you Have to ask yourself a question why was He saying that and why why is he saying The opposite now today he literally said In a hearing a couple weeks ago they
Believe the majority of crypto is not in Compliance meaning they're all Securities it's all about personal Financial incentive he's getting paid by The big Banks to push this narrative This Gary ginsler that you're watching Now is the non-paid off by the Banks Gary Gensler three quarters of the Market Is Non-securities it's just a commodity There it is Yielded to the commodity Initial coin offerings and what's a Security and what's not a security Relevant relevant and important debate But for three quarters of the market It's not particularly relevant it looks Like he's juggling balls that's a big Balls Goldman Sachs balls but you got to Ask yourself the question you see Gary Is a wolf in sheep's clothing or in this Case a lizard under the guise of a Bald-headed cul-de-sac looking man but You have to ask yourself this question If he knows crypto so well why is he Trying to kill it the only possible Answer is incentive and it's got to be The financial incentive being provided To him by uh Goldman Sachs I I think What we're going to find is we're going To sniff out this money Trail and we're Going to find it there's a reason why This guy's worth nine I believe he's
Worth nine figures I kid you not a Banker who works in the government Worth nine figures do the math yourself Jokers this is um this is going to be Um Pat Toomey uh talking to Gary ginsler About the definition of Bitcoin here's My question briefly and without getting Deep into the Weeds on this and and I Acknowledge your belief that most tokens Have a large degree of central control But opposite of what you just saw him Say and only speaking is it fair to say That a significant factor for you and Whether or not a digital asset is a Security Is whether it is centrally controlled or Decentralized well I I look to the Supreme Court that's often written about This uh probably close to a dozen times In 50 years and it's amazing like he's Referring to the Supreme Court but I Thought you were the ultimate Authority Gary and it's whether the investing Public is anticipating profits and that Includes anticipating profits from Appreciation as well as from as you Mentioned rights based upon a common Enterprise but right yeah the average of Others what he's going to say that's Literally everything that makes money in The world Every business every product every Service fits that classification that's Why Gary user cannot be taken seriously
So so I guess another way to put my Question which you haven't answered is Is it possible to have a common Enterprise if it's something is Decentralized how could I have a common Enterprise I mean it doesn't centralize it isn't Centralization necessary to constitute a Common Enterprise Um it it you could have some things that Are uh uh quite open but still have if The public is anticipating a profit Based upon that common Enterprise so you Literally just said that that's Literally what you just said you're just Repeating your same talking point Overing it I'm being careful with my Words here uh to be accurate as best I Can the common Enterprise are you Relying on a group of individuals uh and Look these are not laundromat tokens They're there's a group of people that Are not answering my question though but You so let's put let me try it this way Unbelievable what is it about Bitcoin That causes you to conclude it is say it Okay so before you introduce like keep In mind the long-term goal is they want To make Bitcoin a security that's the Goal so let's hear what he says here There's it one is there's no group of Individuals in the mid right it's a Decent group of individuals in the Middle right that are basically and
You're not so in essence so the Investing Public's not betting he can't Answer the question because he knows It's a fallacy the the question is not Relevant because Bitcoin and a ton of Other cryptos out there are Decentralized already so he's trying to Dice words to separate what makes Bitcoin different than the rest but he Can't do it you can align somebody in The middle or six people so you're You're choosing not to worry use the Term decentralized but that's what You're describing it is the Decentralized nature of Bitcoin I think Is really what you're getting at Recently we just talked about uh Warren Davidson on my channel we actually Called his office uh let's see what Warren Davidson has to say uh about this Um from the same hearing let's check This out here we like Warren Davidson Foreign Fundamentally the SEC is here to help Protect the public from fraud and that's Why Congress painted with a broad brush Yeah thanks for the clarification and Unfortunately Congress didn't create the Howie test the courts did the same with The Reeves and frankly we're dependent On his Patchwork of Regulation by Enforcement obviously there are people That feel that a particular uh you know Token like ether is treated differently
Than one like xrp for example is Something a matter that's before you Right now because of the same thing is It centralized or is it decentralized Who has control and I think that really Gets to the issue Congress really should Clarify we've had a bipartisan Legislation called the token taxonomy Act drafted since 2018. we can't get a Hearing on it it would provide a bright Line test that would apply a 19 you know 50s case law uh Howie test two modern Digital assets and provide some of that Clarity there's a reason why they Haven't had a hearing on it there's a Reason why they had it at that point why Gary Ganser is standing in their way They're trying to prevent Congress from Creating regulatory Clarity because Gary Ginsler doesn't want Clarity nobody's Responsible for more people losing more Money in crypto than Gary ginzer by his Lack of diligence and his lack of effort At creating Clarity which is his very Job but could you generically speak you Can talk about the the shortcomings of Uh enforcement actions or even Threatened enforcement actions Um Versus the need for clarity maybe a Rule-making process that would Established a bright line because really What you referred to was well come talk To us in a one-on-one kind of third
World way where every individual firm Cuts their own deals but yet you can't Actually do that he says that but firms Who've tried to talk with him has said He will not book a meeting with them He's he's a liar which this is the whole Thing when it comes to care against Understanding he met was in Bateman Freed for six months before FTX failed And I made this point a lot he's got to Be either incompetent or a criminal guys The meter is way over here with criminal Why because he outright lies someone who Outright lies that's not something that That covers up incompetence it's Something that covers up criminality What the market really needs is Clarity Wouldn't that be better than threatened Enforcement well I actually think that The Securities laws are pretty clear on This Sarah You have to be kidding me What Gary cans are literally look do you Guys know that uh that thing that little Clown thing that has a little magnetic Uh it's like a glass case or plastic Case and it's got a clown face in it Then you can take the little black Shard Things and you can move them with Magnets under their hair that's what Gary Kinsler looks like and I think that Firms should just come in and somebody Draw that man some hair and register but What's happened over the last four or
Five years is they've they've either Chosen not to that or they've stood up In Singapore or Malta or Hong Kong or Other countries and offer their services Uh indirectly through a virtual private Networks not all of them some of them Are here in the U.S as well and I think That our Securities laws were written For a reason to protect the public they Investing public no that's wrong is Protect the elites and keep the common Person like you and me from becoming Rich that's why we have a credit Investing they don't want normal people Be being able to use the financial tools That the elite used to get rich and stay Rich yeah I think you're right we should Protect the public but we need to do it With Clarity and frankly we should do it In a way that doesn't destroy the market I mean you're talking about fintech Being the leading Innovation America has Led in market after market after market In field of Technology uh from the AG Revolution industrial on up through the Internet age why would we want to Destroy the fintech Revolution and push It outside the United States when we Could Foster it I refer to your Threatened enforcement action on yield Products for example we should go Through a rulemaking process or frankly Congress should act which is why I'm Drafting a bill that should be submitted
Shortly to clarify yield products and How they should be protected now you got To understand that right now at this Point uh the fact that we know Warren Davids is putting together a bill to Remove Gary ginsler that there has to be Some stuff that was that was highlighted In that individual Discourse between the two of them the Now is leading Warren Davidson to feel Like this guy's got to be removed I mean He's just a liar the fact is this is a Quote from Gary ginsler on a broad brush They don't just resemble Securities they Are securities they're a good martial And Supreme Court Justice wrote an Opinion I think it was in the 1970s that The congressman with a broad brush to Protect the public of course you know Byron Donald's in a hearing recently We'll play this clip here Byron Donald's Talking about the broad Rush we're not Giving you Authority you're just taking It I think that's the that's part of the Issue right now with all respect Congress painted with a broad brush when They set up the SEC and I quote Thurgood Marshall which is one of the great Congress paid it with a broad brush in 1933 in 1934 not in 2023 we've not Touched that it's a new industry see he Makes a point they had to paint with a Broad brush back then because they were Tackling such a large space
Now where things are very defined and we Know what securities are what they Aren't and it should apply to the world Of crypto but it doesn't we know we've Got to be more specific a broad brush Should not apply a hundred years later You should have been able to fine-tune And dial in what you think about assets By this point uh but he says the Congressman with a broad brush Protecting the public when somebody's Raising money from the public and the Public anticipates a profit that's kind Of the core and yes the service Providers if you wish the crew do Exchange is the crypto lending platforms Where they call them such centralized or Decentralized so-called D5 so-called D5 They're transacting and providing Services to the public and they're Providing those services around some Very small handful of non-security Tokens crypto non-security tokens but The vast majority of these thousands of Tokens exact opposite of what we saw in The first clip without pre-judging any Of them meet the standard of being a Security and that's the platforms have An obligation to come in and register Work with us and provide and find a path Forward faults faults more faults and Even more faults okay so let's go ahead And look at this last clip from Warren Davidson where he is embarrassing Gary
Kinsler what about ethereum is ethereum Now security Uh we had this I heard your Exchange They've been in place since 2015. you Say in your statements that there's Clarity in the market and the rules are Clear just come on in You can't even answer the question Unbelievable he's very irritating xrp is A security Well we're in uh Court an active Discussions and litigation on that what If I put a lizard tongue in this guy's Mouth maybe that's his problem he's got A lizard tongue down his throat you're In litigation because you do say it's a Security as you know Um Let's move on a little bit as you know Qualified custodian Banks uh would Effectively be unable to provide crypto Asset related custody as a result of Punitive Capital impact under accounting Provisions in staff counting Bolton 121. You agree that the Bolton should be Amended I think that the staff uh addressed an Accounting issue and uh appropriately Saw that crypto assets held in custody Today or not this guy says more us the Master P they are not segregated or not Uh bankruptcy remote and bankruptcy and Should be appropriately put on public Company financially I wish I had time to
Go into the ESG Rule and everything else But chairman ginsler your record of Failures To protect investors and abuses of power Make it clear that we need to Restructure the Securities in exchange The failures are many but let me cite Some of the abuses you average more than Two rules proposals a month you Inappropriately provide inappropriately Short comment periods you have Unworkable and unlawful ESG disclosure Mandates on the market you have Essentially a hotel California rule for Crypto where you can check in anytime You like but you can never leave you Have endless Discovery with no Resolution and no Clarity for the Captives in the market you have Unworkable proposals for overhauling Equity Market structure a de facto ban On crypto through proposed custody rule If High staff turning over unhappy People leaving your office in unhappy Companies and capital leaving our Country to correct a long series of Abuses I'm introducing legislation that Removes the chairman of the Securities And Exchange Commission and replaces the Role with an executive director that Reports to the board where all authority Would result former chairs of the SEC Will be ineligible under my proposed Bill and this isn't just my take it
Resonates across the political amen the American people want Democratic access To Capital Retail investor participation You can't just exclude retail investors From markets and claim it's for their Own good our markets need to function And flourish and I yield back boom I Don't think I got to say anything else Mic drop Gary out Foreign