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SEC CHAIR GARY GENSLER WARNS OF CRYPTO CRACKDOWN IN 2021 | IS ETHEREUM IN TROUBLE? - YouTube

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you said uh in that speech that this asset class is rife with fraud scams and abuse

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and i want to understand exactly exactly what you would like to do welcome back everybody to

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altcoin daily where you subscribe because you're interested in making money with cryptocurrency

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and this channel keeps you informed my name's austin in today's video of course i want to

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update you on the latest news involving altcoins but first our top story of the day sec chairman

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gary gensler has issued an official warning for cryptocurrency investors in 2021 let me keep you

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updated in a speech at the aspen security forum on Tuesday Gensler said he agreed with jay clayton

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his predecessor at the sec who once famously said that in his view every ico i've seen is a security

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which is most altcoins out there today even ethereum when it first launched had a token sale

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in a direct quote generally folks buying these tokens are anticipating profits and there's a

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small group of entrepreneurs and technologists standing up and nurturing the projects i believe

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we have a crypto market now where many tokens may be unregistered securities without required

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disclosures or market oversight and gary gensler wants that to change he wants to provide that

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oversight luckily for us gary gensler went on cnbc this morning and gave a little bit more detail

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let me play you three clips starting with this first one what does gary say needs to happen next

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watch this so what has to happen do laws need to change do you have the authorities that you need

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it's a great question we have robust authorities and in some places it's pretty clear many of

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these tokens just given how they were issued and sold and so forth come under the securities laws

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it's a facts and circumstances situation but then on the trading platforms as well as the lending

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platforms uh many of those are standing astride uh regulation now if they're trading securities

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they've got to come in and i'm encouraging them to come in and let's talk to them let's have a frank

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discussion but many of them right now are trying to stay you know dealing with their lawyers and

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trying to say we're well well we're not going to come in and that doesn't really make good

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sense for the markets now congress we're going to also work with congress to see if we can fill

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gaps in the authorities interesting so the two parties the sec is going after are one these

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icos these token projects and that's nothing new they've been going after these token sales for the

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last five plus years we expect this but two also these crypto platforms like exchanges that have

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listed some of these said tokens he wants them to come in he says we'll work with you but you are

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at fault any time in this video feel free to give me your thoughts down below in the comment section

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i will play you two more clips then give you my final thoughts but next up what

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exactly does he want to do with congress he mentioned congress what's the plan there

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watch this but when you say you want to work with congress and fill in these gaps what

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are the authorities that you don't think you have that you think you need to have in order

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to ensure this idea of investor protection i think that the most critical thing is around where

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we the public can go to trade or we the public might lend this crypto on a platform and if

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the platform has both securities which many of these tokens are but also commodities on

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the same platform how to deal with that how to deal with along with their sibling agency one

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that i was honored to chair the commodity futures trading commission and stitching that a little bit

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together because some of these platforms have both commodities and securities okay interesting gary

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gensler wants to work with congress just to get some clarity in crypto-regulation that by itself

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is fair i think we all want some aspect of that of course like always the devil is in the details on

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whether this will be bullish or bearish regulation we don't know yet but let's just cut the bs let's

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end the guessing game gary altcoin daily is a very simple channel you make the statement i

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will report the news to my audience so when you say some altcoins may be in regulatory trouble

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which altcoins specifically are you talking about watch this you just described some crypto

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as securities um others have not um which ones do you think of as securities and which ones do you

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think of more in either a commodity basket or some other kind of asset basket you know i i andrew i

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hate for your viewers to uh keep going back to this but it's pretty clear and the supreme court

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has actually spoken about this many times um if if somebody is raising money selling a token and

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the buyer buyers is anticipating profits based on the efforts of that group the sponsor the seller

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that fits into something that's a security and i'm not going to go token by token you can imagine why

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i wouldn't do that but my predecessor jay clayton who you have won the show often jay said it best

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about three years ago that he really hadn't seen many tokens that didn't meet that securities test

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okay so gary doesn't really give us much in my opinion from what we've seen historically in

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the few instances that this has happened the sec is willing to work with these

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crypto projects for example they find eos they charged eos as being an unregistered security

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and they find them a minuscule amount of money compared to what they raised at the ico and that

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is because eos went to them and said hey let's let's talk about this let's work on this together

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and of course on the other hand we've seen the sec completely go after and shut down a lot of lower

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cap crappier altcoin projects and it had a lot to do with the language they used when they did their

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ico meaning did they promise profits or how did they use the specific language when raising money

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again for better or for worse it seems the devil is in the details but that brings us to our next

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obvious question i get that gary can't talk about every altcoin but what's your view on

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xrp surely you can give us some insight into that well watch this 15 second clip of gary not

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giving us any insight watch this right i'm looking at a screen we have a screen of cryptocurrencies

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on the list bitcoin ether would would ripple for for example yeah andrew i know you're going to try

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that but that's we have we have an enforcement case and i'm going to leave it at that andrew

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um ouch andrew of cnbc rejected now give me your thoughts down below i do wanna update you on the

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latest altcoins making news but the last thing i'll say about this is the small silver lining

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and all of this gary gensler does understand cryptocurrency before he was sec chair he used

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to teach classes at mit on what is bitcoin what is ethereum why do cryptos potentially have value

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meaning he's not coming from a place of ignorance when he speaks about cryptocurrencies

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he is coming from a place of understanding which is very different than other heads of the sec that

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we've had before now regulation can still ruin no matter how much understanding you have so i will

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keep digging i will keep searching and i will keep you updated as more information comes out

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watch this final clip of gary gensler comparing cryptocurrency regulation today to speed limits

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or automobile regulation back in the day watch this i'm very pro innovation i think it helps

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the economy grow i think more people get access to finance and access to good medicine access to

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good jobs i think uh i wouldn't have gone to mit i've been a professor there for three years at the

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intersection of finance and technology among some of the world's remarkable experts at mit

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so i count myself as pro innovation but i think that we also need rules of the road

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automobile came along 100 plus years ago and if we didn't have rules of the road detroit wouldn't

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have been able to sell those automobiles those good factory jobs wouldn't have been created

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those good union jobs wouldn't have been created right without rules of the road the people had

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confidence and trust in the automobiles similarly we need trust in markets and trust and finance

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this innovation satoshi nakamoto's investing if it's going to meet its potential needs to

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come within public policy frameworks okay moving forward first piece of altcoin news nba top shot

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to sell nfts in person at summer league games and this affects all flow altcoin holders as you know

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nba top shot issues nfts on the flow blockchain it might be the nba off-season but dapper

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labs has big plans for its nba top shot crypto collectibles platform for the rest of the summer

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today dapper revealed that the service will offer exclusive nft moments that can only be purchased

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at nba summer league games in las vegas so yes this will be big awareness for the flow altcoin

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but also why this is significant this marks the first time that the service

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which sells nba highlights packaged as a rare trading card like digital moments

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has created nft collectibles that can only be purchased from a physical location it's also

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the first time that nba shot moments will be available for the purchase at real nba games

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even if these are off season games that will primarily feature newly drafted rookies and minor

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league g-league players but for what it's worth still pretty cool especially if you hold flow the

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altcoin next piece of news altcoin bsv suffers a 51 attack no more than 14 blocks were reorganized

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so here are the details bsv suffered a 51 attack tuesday morning according to an analyst from the

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crypto intelligence firm coinmetrics around 11 45 am some serious hashing power was unleashed on

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the network says an analyst from coinmetrics and the intelligence firm later cooperated his report

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tweeting that its blockchain security monitoring tool farum saw a 14 block reorg of the network

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for those who don't know what a 51 attack is a 51 attack occurs when malicious miners

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take control of more than 50 percent of a proof-of-work blockchain the attackers can

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take advantage of block reorganization a feature meant to clear up instances when two miners have

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mined the same block so miners mine the same block all the time usually isn't a problem

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except when you have a weak network and somebody controls over 51 percent broadly speaking when

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two versions of the same blocks are mined the system defaults to the longest chain

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by mining faster than the honest miners during a 51 attack the assailants can create a longer chain

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such that the system will render the honest miners blocks invalid so it's fine now but this

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did happen the price obviously took a dip and we just don't know who did it there is no clear

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indication of who the attacker was and coinmetrics is still looking into the attacker's chain

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for traces of double spends targeting exchanges so we don't know we probably won't know and this

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will probably happen again from what we've seen with ethereum classic they've been 51 attacked

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several times and for some reason that coin still exists but give me your thoughts let's keep moving

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hey by the way be sure to check out our latest interview dropped this morning with on-chain

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bitcoin analyst we go over the hard data of what is happening on chain with bitcoin we have a clip

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and then we have the full interview seek out this interview watch this interview great stuff

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next piece of lower cup altcoin news for formation phi just as a reminder formation phi is aiming to

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be the end of yield chasing welcome to the cross chain risk parity smart farming 2.0 quite the

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mouthful but let's check out this update they're announcing the soft launch formation phy announces

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soft launch part 1 the first ever dual vault cross chain stable swap pool for busd and usdt so

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how this affects you why this may be significant to you is because at a one-to-one ratio this is

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providing simple and practical swapping from usdt on eth to busd on binance smart chain

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and vice versa with balancing fees dynamic rewards and up to 10 times cheaper transaction costs

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and maybe this doesn't matter to you if you're just a casual crypto investor but if you're

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a yield farmer if you're trying to find the best returns this may matter to you to make things more

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practical for easy use both of the assets will be pegged to keep a one dollar ratio no matter the

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market conditions this is not a traditional bridge or amm pool instead we decided to use vaults on

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both sides of the chains to enable the ability to provide sweet stable apys and trading fees for our

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liquidity providers these vaults will act as a backbone for the busd usdt cross chain swap pool

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so if you're interested in learning more about the specific algorithm about all the

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details check out their medium article in terms of when this is happening when is the soft launch

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well the code is awaiting for final audit once complete date will be announced so stay tuned

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i will keep you updated that is the video my name is austin like always see you

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tomorrow

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