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CONGRESS DEMANDS BITCOIN ETF APPROVAL - GENSLER GETS REKT | SIMPLY ORIGINALS · Simply Bitcoin

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  You refuse to be transparent with Congress regarding your
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  interactions with FTX and Sam Bank and Freed.
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  That's the investigation we started last Congress.
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  Finally, your lack of responsiveness to this
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  committee's legitimate oversight continues to be unacceptable,
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  and I want to finish here. In February, the Committee made
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  multiple requests for documents to the Security Exchange
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  Commission. This is normal congressional
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  oversight. Yet seven months later, the
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  committee has not received a single non public document that
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  was not part of a FOIA production.
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  As I said, our patience is wearing thin.
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  The SEC is not above the law, nor is it unique.
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  Other financial regulators have routinely complied with
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  Congressional oversight. So let me be clear.
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  I do not want to be the first Chairman of this committee to
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  issue a subpoena to the Security Exchange Commission, and you
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  should not want to be the first SEC chair to receive a
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  congressional subpoena. Either we find a path forward
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  where the SEC recognizes Congress as a coequal branch of
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  government and is responsive to our oversight duties, or my
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  option is to issue a subpoena. It's time for you to consider
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  the lasting consequences of your action, your actions, what that
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  means to the Security Exchange Commission's reputation long
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  term. While your time in this role may
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  be temporary, the repercussions for your actions may be
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  permanent for the agency I yield back.
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  What's up? And welcome back.
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  You know, they say when you're on the hot seat, the Burns can
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  last a lifetime. And the other night the hot seat
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  was in Congress and Gary Gensler was feeling the heat.
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  We got a lot to cover. Let's get it.
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  All right, let's get it started here.
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  Just in full letter to the SEC, and this was on September 26th
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  and addressed to Chairman Gensler.
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  It included Representatives Mike Flood, Tom Emmer, Richie Torres
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  and Wiley Nichol. And they claim the SEC
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  continuously is discriminated against spot Bitcoin ETF's.
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  And then we have this from Representative Warren Davidson.
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  Gary Gensler must be held accountable.
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  And then if you guys look at the tweet here, throughout his
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  tenure Gary Gensler has blatantly ignored Congress, be
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  it when considering rule makings or.
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  Responding to the lawmakers oversight requests, Republicans
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  continue to bring long overdue accountability to Gensler's SEC
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  Republicans are holding SEC Chair Gensler accountable and
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  they even went so far is to say, all right, let's bring in
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  subpoenas or maybe we should just fire this guy.
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  He went further. Gensler's failures are many.
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  That's why I introduced the SEC Stabilization Act to fire Gary
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  Gensler. He'll see you in the hearing and
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  we've got so much of the hearing to get to.
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  It was honestly out of line in some regards.
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  Hilarious, But let's get to. We're going to go ahead and get
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  it started here with the GOP Majority Whip Tom Emmer totally
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  crushes Gary Gensler. Here's one quote it cannot be
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  understated. A common theme throughout your
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  career, Sir, is your relentless loyalty to the largest financial
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  institutions at the clear expense of innovation,
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  competition, and everyday Americans.
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  Let's roll the clip. Check Ensler.
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  I have a series of questions that require yes or no answer,
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  and in the interest of my limited time, I'd appreciate it
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  if you would comply with it. Mr. Gensler, is it fair to say
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  generally that large institutions in any given
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  industry benefit more from regulatory uncertainty than
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  everyday market participants or smaller institutions who don't
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  have the scale or the capital to fund expensive compliance teams?
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  Large institutions could benefit from uncertainty.
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  Reclaiming my time, the answer is yes, Sir.
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  Mr. Gensler, you had an 18 year career at Goldman Sachs where
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  you were partner and Co head of finance, correct?
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  Yes, Sir. Thank you.
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  And is it correct to say that you made most of your personal
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  wealth directly through your employment at this back bank,
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  Goldman Sachs? I've done well since then, too,
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  Sir. I'll take that as a yes as well.
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  You describe the SEC under your leadership as the cop on the
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  beat watching out for our constituents.
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  Constituents correct. I think that's a mandate, the
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  Congress. And I think you've said that
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  reclaiming my time, The answer is yes, Sir.
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  If you could just comply with what I've asked, I'd appreciate
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  it. But given your 18 year career at
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  one of the biggest banks in the world and the personal financial
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  fortune you amassed there, do you think it's possible for you
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  to serve as an impartial regulator and not favor large
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  financial intermediaries? Absolutely, Sir.
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  Well, Mr. Gensler, do you believe the vast majority of
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  digital assets meet the investment contract test and
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  therefore securities operating illegally outside of the US
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  regulatory umbrella? As I've said, many of these
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  assets are basically the public is anticipating.
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  Service that yes. On the efforts of others.
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  Is the answer then yes? Again, without prejudging
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  anyone, I do think that the. Reclaiming might I'll take it as
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  a yes and to be clear, Sir. This perspective has nothing to
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  do with a concern you noted in the speech last year where you
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  said quote. Over the past year several bank
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  executives have shared their concerns with me about the sheer
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  number of depositors who have moved money from their bank
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  accounts into crypto related exchanges and wallets.
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  End Quote right. The concern that those bank
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  executives raised was that there's.
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  Again, I reclaim my parents. Were getting hurt.
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  I've asked you to answer the questions as short as I can, so
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  I can use the time I have and it's clear that you would like
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  to avoid answering the questions in my opinion.
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  And Obama appointed judge in the Southern District of New York, a
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  bank friendly jurisdiction where you bring most of your cases.
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  Recently found that decentralized financial
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  technology quote not only removes the socalled middle men
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  from these transactions, but it also allows users to interact
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  through a variety of methods in an easy and efficient manner.
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  End Quote. The court also said underwriters
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  like the ones at banks where you work, Sir, are quote precisely,
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  precisely the types of individual roles that
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  decentralizes exchanges were designed to eliminate.
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  End Quote, Mr. Gensler, can you assure this committee that your
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  style of regulation by harassment towards digital asset
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  innovation? Is the benefit of every American
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  and not driven by your desires to protect industry incumbents?
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  This is a field that's rife with fraud and manipulation, and I'm
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  I'm looking at for the American investors who've been hurt by
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  the crypto. I'll replay my time, Mr.
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  Gensler, despite your years of rhetoric.
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  Like today, I'm convinced you are not an impartial regulator.
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  Instead, it's clear that you are working to consolidate your own
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  power, even though it means crushing opportunities for
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  everyday Americans and, frankly, the financial future of this
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  country. Even the federal courts are
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  highlighting the damage you, Sir, are doing to our
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  constituents, and they're telling you that you don't have
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  the legal authority to accomplish your goal of
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  squashing competition in the financial markets.
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  Congress has been telling you that, too.
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  So, Mr. Gensler, I believe our great financial system is the
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  definition of freedom in this country, and congressional
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  policies must provide room for the traditional financial system
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  to evolve alongside the disruptive digital asset
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  ecosystem. That said, it cannot be
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  understated that a common theme throughout your career, Sir, is
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  your relentless loyalty to the largest financial institutions
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  at the clear expense of innovation, competition and
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  everyday Americans. Yield back.
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  I suspect some large financial institutions or not agree.
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  With there's no question now, Sir, I've yield back my time.
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  And you think after some of these fiery exchanges that and
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  after those burns, Gary might retreat.
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  But no, he's like a moth to the congressional flame.
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  Chairman Gensler, have you ever spoken to Senator Menendez about
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  the Security and Exchange Commission's Director of
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  enforcement? Gurbir grew all.
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  No. On May 20th, 2021, your public
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  calendar notes a call with Senator Menendez.
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  What was discussed during that call, if you can remember?
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  Two years ago, Sir, but if I recall, there was some
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  discussion about possible disclosure by public companies
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  and political contributions. Well, you hired Mr. Gural as the
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  SEC's Director of enforcement shortly after.
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  That May 20th call. Are you aware of the glowing
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  statement in support that was put out by Senator Menendez
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  praising your hire? I thank you for letting me know
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  that, but until you told me or until today.
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  Well, I'm deeply concerned about this and I'll be following up
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  with your office with additional questions and expect a written
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  response. Mr. Chairman, I really liked
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  your colorful testimony. And you're right.
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  We are blessed with the largest, most sophisticated, most
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  innovative capital markets in the world.
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  But we cannot take this for granted.
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  Even a gold medalist must keep training.
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  With all due respect, Mr. Chairman, if the US capital
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  markets are a gold medalist, you are the Tanya Harding of
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  Securities Regulation. Because you are.
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  Kneecapping the US capital markets with the avalanche of
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  red tape coming out of your Commission.
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  Oh man, the the Tonya Harding that That was hilarious.
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  I haven't heard that. Name it.
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  All right, we're not gonna age ourselves here, but we've got
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  another clip, and this is Representative Wiley Nickel
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  getting SEC Chairman Gensler's comments on the Grayscale
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  Bitcoin ETF court decision. And we've covered this a lot.
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  And let's see what he says about the court decision and the
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  approval of spot Bitcoin ETS. I want to move on to the our
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  grayscale letter. I sent a letter to you yesterday
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  along with my colleagues Congressman Flood Torres and
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  Emmer urging you to approve the listing of spot Bitcoin ETP's
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  after your recent loss in court to Grayscale.
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  Now that the SEC has the court's decision in hand rejecting your
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  rationale for denial, does the SEC plan to approve the current
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  pending spot Bitcoin ETF applications?
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  Thank you for your letter. I did read it last night.
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  Again, we're still taking this under advisement.
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  It's a recent court action and staff and commissioners will
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  take it up as appropriate. The court concluded the SEC's
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  denial of grayscale lacked quote a coherent explanation, and then
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  quote, UN quote, fall short of the standard for reasoned
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  decision making, and then was quote, UN quote arbitrary and
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  capricious. How do you explain the SEC's
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  actions there? We do that, which we do under
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  the law as best we can. Sometimes things go into court.
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  We're still considering that court decision.
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  I think it was a District Court. I'm sorry, it was appellate
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  court, appellate court, but we're still considering that
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  appellate court decision. And I don't want to get ahead of
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  the staff or my fellow commissioners.
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  And of course, in typical Gary fashion, he dodges the question.
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  Reminds me of you. New attempts at dodgeball back
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  in middle school. I could really rip the ball, so
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  if you're trying to dodge, probably equally as ineffective
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  as that. One time I broke this little
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  girl's glasses, though, and I felt like total shit.
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  If you're out there, I'm still. I'm still sorry for that to this
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  day. Actually threw the ball at a
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  friend. Dude.
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  Dodges. I see it.
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  Just go to the back of the chin drill, this little girl.
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  Glasses break. She starts crying.
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  I just walked out of P/E straight to the office, went to
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  the principal, was like, I'm sorry.
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  And he was like, shut the hell up, get back to Jim.
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  Jesus, what's wrong with you? And I was like, oh sweet.
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  I was so used to getting in trouble.
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  I thought it was trying to take the initiative that time.
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  But let's get back to the real shit that matters guys.
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  One thing the dollar is going to zero.
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  It's lost 90% of its purchasing power and beyond since the
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  Federal Reserve was created. If you guys checked out our
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  episode the other day involving a senator and bribes and.
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  Corruption. Check out this clip.
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  Rabenstein didn't put this together, but if you're looking
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  for any Bitcoin related gifts, things like that, be sure to
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  just go into gift type in Rabenstein and he's got all the
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  good stuff to fit what you need. But this is hilarious and it
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  fits so perfect, so I'm gonna let this play.
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  We are. Devaluing American money S
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  rapidly that in America today, you can't even bribe Democrat
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  senators with cash alone. You need to bring gold bars to
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  get the job done just so that the bribes hold valley.
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  It was. I'm a huge Seinfeld fan, so
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  whoever did that, you're incredible.
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  That was awesome. And we've got another great clip
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  for you guys. This from Thomas at Hey Apollo.
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  All Truth passes through three stages and we can see this with
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  Bitcoin. You know, first it was
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  ridiculed, now we have Congressman demanding a spot
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  Bitcoin ETF approval. I mean come on, shit's getting
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  crazy. But we have this cycle. 1st it's
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  ridiculed, second it's violently opposed, and 3rd it's it just is
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  accepted as being self-evident. Talking about back in the day,
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  from ridicule to acceptance, Bitcoins Journey kind of mirrors
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  some of our teenage years. But you know what's Gold's
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  excuse? Because guys, you know Edward
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  Snowden nails it here. He's going to be at the Bitcoin
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  Amsterdam conference. What?
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  At the end of the day, gold is just.
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  Bitcoin that can't be sent over the Internet.
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  They usually debate gold versus Bitcoin.
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  It's like asking which is heavier, a ton of bricks or a
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  ton of feathers. It's the same, but not really.
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  So where do we stand with the Bitcoin ETF's?
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  Let's take a look at a few of the headlines Bitcoin ETF
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  approval demanded and we saw what happened with Gensler
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  answering those questions, Sidestepping tap dancing and the
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  like. Crypto news, SEC still uncertain
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  on Bitcoin. ETF's.
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  Coin Telegraph, 5 low lights of Gary Gensler's evasive
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  testimony. And then of course, we have
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  David. It's in calling for the firing
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  of the SEC chair. Knock it off, Gensler.
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  Cease and desist now. I mean, people are done playing
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  games around here. We showed you gates earlier, you
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  can't even bribe with the dollar cuz inflation's hitting harder
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  than my grandma shoe when I broke a vase.
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  In short, these clowns continue to make a joke of themselves and
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  the dollar and centralized institutions.
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  And amidst the the Bitcoin brawl, it looks like a shutdown
• 15:14
  is looming. But hey, bitcoins open 24/7.
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  And just so you know, Ukrainians still get paid.
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  So the priorities are. Completely in line the shutdown.
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  U.S. government workers will not be paid, but Ukrainian workers
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  will be paid by the US taxpayer. There's nothing in the
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  Constitution that allows for spending like this to another
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  country. The Spending clause in our
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  Constitution says that the Congress can spend according to
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  its enumerated powers, the powers given to it by the
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  Constitution and also for the general welfare.
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  So it's illegal for the US government.
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  If they want to give $100 billion to my state of Kentucky,
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  they can't do it. That would violate the general
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  welfare clause. What do you think it violates to
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  send it to another country? Our framers never imagined in
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  their worst nightmare that we would send that much money
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  overseas. But it violates every precept of
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  the Constitution, and I'm going to do everything I can to stop
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  them from sending anymore. Some of the latest news is a
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  development Balchunis over at Bloomberg has reported that.
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  There is chatter that Gensler has taken an unusual step by
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  reaching out to the issuers of the spot Bitcoin ETF's, and this
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  development is being viewed as good news.
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  Positive sign. Let's see what happens.
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  If you ask me, this is what's going on.
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  Max nails it. They're shaking down BlackRock
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  for more bribes. Just send Gary whatever he
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  wants. Do it now, Larry.
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  Oh, the Bitcoin ETF. The great SEC?
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  Maybe. But guys, will we ever see a
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  Bitcoin ETF? Is Gensler the Sec's?
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  Tonya Harding. And can someone please tell
• 16:43
  Larry Fink to just pay? The bribe But hey, for now
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  folks, we're going to be watching, waiting, and always,
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  always huddling. And guys we know.
• 16:51
  The history of statism is rife with the theft of people's
• 16:54
  personal property. If you want to protect your
• 16:56
  generational wealth and make sure that you're doing it the
• 16:59
  right way, remember not your keys, not your cheese.
• 17:01
  The Bitcoin way is your IT team in the Bitcoin world, and you
• 17:05
  can schedule a 30 minute call with them using the link below.
• 17:08
  If you need help with wallet and nodes, no KYC purchases and just
• 17:12
  in general best practices, they can get you started.
• 17:14
  Your Bitcoin journey Hey, be sure to like, share, subscribe,
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  Spread the sound money, gospel and TuneIn to simply Bitcoin
• 17:21
  live Monday through Friday. Set those notifications because
• 17:24
  simply Bitcoin originals will be dropping every day as well.
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  Or highlights. We got content coming at you
• 17:30
  from every direction and we're also covering all the breaking
• 17:33
  news on Twitter, so come join us there, get on the mission and if
• 17:36
  you want to continue your journey down the rabbit hole, we
• 17:38
  got some more great content here for you.
• 17:40
  Man, it's been a wild week and we got a lot of fun stuff coming
• 17:43
  for you this weekend stay. Stay tuned.
• 17:45
  I'll catch you all tomorrow. Peace.