Latest / The Paul Barron Crypto Show / SEC Loses Historic Supreme Court Law!🔥Gary Gensler Fired?

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SEC Loses Historic Supreme Court Law!🔥Gary Gensler Fired? · The Paul Barron Crypto Show

• 0:07
  All right, so let's get into it today. There is a lot happening
• 0:10
  and it is coming into a very bullish position for crypto. We're going to
• 0:14
  break it all down for you. You guys do not want to miss this
• 0:17
  episode. It's going to impact you in a very big way. My name
• 0:20
  is Paul Baron, Welcome back into tech Path. Sponsoring an episode today,
• 0:24
  of course, is Coinbase. If you're looking at getting to crypto, which
• 0:26
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  to change in a very big way. In today's episode, You guys don't
• 0:50
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• 0:53
  our link, So make sure and do that, all right. The biggest
• 0:56
  news of the day is this right here at US. Well, technically US
• 1:00
  Supreme Court limits the SEC's authority. This came in yesterday. Authority for enforcing
• 1:03
  security laws basically This is the idea of the tribunal that was mostly done in
• 1:10
  fraud cases that of course got overturned. Now it pulled the strength of the
• 1:15
  sec back. And furthermore, the Chevron difference case got ruled on, or
• 1:19
  at least the opinion came out from the first judge today, and it pretty
• 1:23
  much sets the tone for what's about to happen with Chevron deference. Let me
• 1:26
  play this clip for you and what it means to Crypto Carl. That's right.
• 1:32
  This is a sweeping decision by the Supreme Court to overturn what's called the
• 1:34
  Chevron precedent. Here. This decision, which sounds technical, is a major,
• 1:41
  major, big deal and is going to change government as we know it.
• 1:45
  The reason it's significant is because it has enormous implications for the administrative state
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  in the United States of America and all federal agencies and their ability to interpret
• 1:53
  the law. What the Chevron precedent was was in nineteen eighty four case from
• 1:57
  the Supreme Court which held that in absence of other information, courts should give
• 2:05
  deference to administrative agencies interpretation of the law. That gave a huge area of
• 2:12
  wiggle room for federal agencies to interpret what Congress meant when it passed given laws
• 2:16
  if there was any gray area in those laws. What the Supreme Court is
• 2:20
  now saying this morning in a six to three decision, is that courts may
• 2:23
  not defer to an agency interpretation of the law simply because a statute is a
• 2:29
  ambiguous chevron. They say, is overruled the way that the Securities in Exchange
• 2:34
  Commission actually interprets securities law, which of course is almost one hundred years old
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  at this point. It has to be applicable to new developments in the financial
• 2:40
  system. It really limits the ability of regulators to do their own interpretations.
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  And of course this is the second day in a row we have seen a
• 2:49
  blow to regulators. The Court also ruled yesterday against the SEC's in house judges,
• 2:53
  which will limit not only the SEC but other agencies and how they try,
• 2:57
  say fraud cases internally. Remember, existing secure law has been on the
• 3:00
  books since the mid nineteen hundreds, and they apply it to say things like
• 3:04
  digital assets, saying that those laws don't need to change or be rewritten.
• 3:07
  It could limit the ability to do that. In less Congress writes more clear
• 3:12
  laws that can be interpreted directly. It will now be up to the Court's
• 3:15
  discretion and amen. Is the idea that they would have to continually check back
• 3:19
  with Congress or is it just up to Congress to kind of micro legislate all
• 3:23
  of these elements. Yeah. Look, we're going through this this decision here
• 3:29
  this morning, and we're going to see if the Supreme Court is giving any
• 3:30
  guidance here. But I mean, one option would be that the Congress has
• 3:35
  to go in a detailed way and detail all the stuff that regulatory agencies have
• 3:38
  been doing between nineteen eighty four and until today. This is probably the biggest
• 3:46
  announcement that we've seen in the crypto space because it means that the SEC,
• 3:51
  the CFTC, the FTC, pretty much every government agency out there that has
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  used the Chevron deference position to kind of determine and also assess what Congress means
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  by their rulings into their own interpretation that is gone. All of that is
• 4:08
  gone, So any regulatory especially from the bureaucrats. This is really what we're
• 4:11
  talking about. People who are not necessarily voted into a position of power has
• 4:15
  changed. And what that means for Congress is a big deal because it's going
• 4:19
  to put a lot back onto Congress, and this hasn't really happened since the
• 4:24
  nineteen eighties, So this is going to be forty years of how Congress is
• 4:28
  going to have to look at pretty much restructuring how it actually works and presents
• 4:32
  these bills and laws into action to where the Supreme Court can actually ruin these
• 4:38
  things. So while ruling creates a new standard for the executive branch, it
• 4:43
  also requires a shift in how Congress rights laws and resources it requires to do
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  so so, and I guess in one way, I mean I'm concerned about
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  this in a sense because I think of one element that could happen, and
• 4:56
  that is gridlock when you look at today's Congress versus what was for years ago,
• 5:00
  when the reagular administration, when this was really started to move out.
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  The good thing is is that it pulls it back to at least a regulatory
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  body that can issue laws, which means you can lobby, you can present
• 5:12
  your case, you can go in front of government, and start to really
• 5:16
  get hopefully at least a little bit of alignment on different issues all around,
• 5:23
  different categories, including crypto. I think crypto is going to be the biggest
• 5:26
  one that will be affected for sure. Eleanor Tarrat of course comes in two
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  noble quotes from Scotus's major majority opinion on overturning Chevron. Under Chevron statutory ambiguity,
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  no matter where it is, there becomes a license authorizing the agency to
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  change his position as much as it likes, an unexplained inconsistency being at most
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  a reason for holding an interpretation to be interesting terms here arbitrary and capricious.
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  So this is something, ironically that puts it right back in the hands of
• 5:58
  or I should say, back in the base of the SEC. So a
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  lot of happening. Here's some things too, if you compare examples of the
• 6:04
  SEC's conflicting statements. This gets back into the whole issue of trying to interpret
• 6:10
  these kinds of situation. This came in from Coinbase, and this is the
• 6:14
  problem that is being represented. I think now the Supreme Court has come in
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  and said no longer, we need more clarity from Congress, which means we're
• 6:23
  going to see a lot of these cases most likely get dropped here. Of
• 6:26
  course, with Scott Melcher, huge Coinbase case should effectively be clear of any
• 6:30
  threat from the SEC after shoving overturn secs patertionion interpretation of the Howie tests just
• 6:35
  rendered irrelevant in court. That is huge, So a lot changing, and
• 6:43
  government in general, I think is about to change in a very big way.
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  Could slow things down though, be aware of that, but it also
• 6:48
  i think will speed up because there won't be a regulation scenario that's being assessed
• 6:55
  by an agency that just says, nope, that's the way we're going to
• 6:58
  go out and find you and of course take you to court and hamming you
• 7:00
  out of business. The other thing that comes in on this right here,
• 7:03
  because this is kind of interesting that this case is still moving. Sec has
• 7:08
  formally charged Consensus with violating securities law. This is in reference to the broker
• 7:11
  dealer and engaging in the offer of sale of securities through its meta mass platform.
• 7:15
  Remember though, down there at the bottom you'll see something. This is
• 7:18
  in reference to the staking programs that are involved here. So I'm surprised that
• 7:24
  they haven't adjusted this, but it's timing of when this was probably already in
• 7:28
  motion before the Supreme Court's ruling. Is the assessment right here here. Stuart
• 7:33
  Alderatti kind of talks about it also that it's spreading outside of this industry meaning
• 7:39
  crypto industry that we follow, but it's everywhere. Another court slams the SEC.
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  This is another case, this time unlawfully rescinding a rule on proxy advisory
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  forms without adhering to Administration Procedure Act. This is the thing that was like
• 7:51
  SAB one one, remember when that went through and then got veto by Biden.
• 7:56
  So this is a big deal because it's coming from not even the crypto
• 8:00
  industry, the National Association of Manufacturers versus the SEC. Ripple xrp's CEO says,
• 8:05
  us SEC chair Gensler will cause Biden, Joe Biden to lose the election.
• 8:11
  I totally agree with this. I think right now Gensler with especially with
• 8:16
  deference with Chevron being overturned, this is a no win for mister Gensler.
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  I think at this point, right now, prediction is most likely you've got
• 8:26
  the roundtable coming up with Mark Cuban Rocanna going into the White House. Could
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  that be the timing this is in mid July, I think it's eleventh.
• 8:37
  Could that be the timing where maybe Biden says, you know, we need
• 8:41
  to go ahead and take action now and ask mister Gensler, thank you very
• 8:46
  much, it's been an honor. We looked at it and said, hey,
• 8:48
  maybe it's seven hundred days out before Gensler gets fired. Maybe that's much
• 8:52
  closer now, because remember this was his full term. This would give him
• 8:56
  another seven hundred and six days. I just don't think he lasts that long.
• 9:00
  Nate Garassi comes in and says, hey, we have one other good
• 9:03
  thing for crypto happening, and that is another spot ETF for Salana. This
• 9:07
  is coming over from twenty one shares. I think the rains are off.
• 9:13
  The investments houses are starting to look at this as an opportunity and they understand
• 9:18
  now that the position for getting into not only new ETFs for innovation coming into
• 9:24
  the market will start to unleash on what we think will be a huge growth
• 9:28
  sector. This could be one of the productivity spurs also that starts to lead
• 9:33
  us into a recovery and not into a recession. Now. Granted, we
• 9:37
  could still see that with macro data and of course the problems that we have
• 9:43
  in terms of everything from jobs to inflation. But this is all good news.
• 9:46
  So I think it's going to take some time for it to seep into
• 9:50
  the markets, especially crypto markets, to really understand what this means. So
• 9:54
  you probably won't see much movement, but I do anticipate going to start to
• 10:00
  see key points from different projects starting to talk about this a little bit more.
• 10:05
  And if you have not liked our videos, that's the one thing you
• 10:09
  can do to help help others learn more about crypto, learn more about blockchain,
• 10:13
  understand how this innovation could be the future of their own finance. So
• 10:16
  make sure and check that out and hit that like butN right now. It's
• 10:20
  a great place. If you're not in the diamond circle, get in there
• 10:24
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• 10:26
  additional content over there, more podcasts. All of that I have to do
• 10:30
  is hit the link down below, follow me out there on x at Paul
• 10:33
  Baron. We'll catch you next time right here on tech that