@molly0xfff@hachyderm.io
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molly0xfff

@molly0xfff@hachyderm.io

crypto researcher & critic, software engineer, wikipedian • https://indieweb.social/@web3isgreat creator • subscribe to my newsletter at http://citationneeded.news/
she/her • :QueerCat_Bisexual:

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molly0xfff, to random
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Emmer: "You say the crypto market is rife with noncompliance, however existing SEC rules make no sense for blockchain-based companies, and following them would actually kill these businesses."

molly0xfff,
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I think he was talking about the Consolidated Audit Trail, but uhh

molly0xfff,
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Rep. Meeks (D-NY) speaks of the NYDFS BitLicense regime for crypto. He asks Gensler for his thoughts on the repeated claims that crypto businesses will just go offshore.

Gensler: "If they're compliant with laws and doing right by investors, they can be here."

molly0xfff,
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Rep. Torres (D-NY, member of the blockchain 8) is trying to draw a distinction between "high-risk... offshore, deregulated, over-leveraged companies ... like FTX" and other parts of the crypto industry.

Torres bashes SEC for what he views as targeting Coinbase not Binance, and Paxos not Tether. Accuses him of not learning from the FTX failure.

molly0xfff,
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Gensler agrees that US investors are accessing crypto markets via on- and off-shore exchanges, and that the SEC has jurisdiction over any company serving US investors.

Gensler on offshore crypto companies: "It takes longer to build the investigative files, sometimes in cooperation with offshore enforcement authorities to pursue that, and it is frankly more challenging to actually get subpoenas complied with and so it takes longer in time."

molly0xfff,
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Rep. Davidson (R-OH, member of the blockchain 8): "Chairman Gensler, in advance of today's hearing, did you coordinate acceptable responses with Senator Elizabeth Warren?"
Gensler: "No, I'm speaking on my own behalf."
Davidson: "Did you coordinate with Democratic staff? And I ask because it's happened before, and I want to be clear whether you operate of your own accord or whether there's some sort of coordinated approach to the damage you're inflicting on America's capital markets."

molly0xfff,
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Davidson is pressing on SEC's claims that EthereumMax is an unregistered security, which he seems to be suggesting is listed on Coinbase (and thus Coinbase is offering unregistered securities). Did Coinbase list EMAX or is he confusing EMAX and Ethereum? :🧐:

molly0xfff,
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Davidson describes SAB 121 as "punitive", asks if Gensler believes it should be amended.

Davidson: "Your record of failures to protect investors and abuses of power make it clear we need to restructure the SEC."

molly0xfff,
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Rep. Rose (R-TN) wants to know how Gensler "went a whole year" without testifying in front of the Committee. Rose asks if the Dems never reached out to him to testify, or if he refused. Gensler says "I stand ready to be here".

molly0xfff,
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Rep. Steil (R-WI) is doing "but his emails" for Gensler. Gensler says he's not used personal emails to conduct SEC business. Steil asks if he has multiple emails, Gensler says he has two, both publicly listed.

molly0xfff,
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Steil asks if Gensler has a crypto wallet, or if he or his staff own crypto. He says ethics rules prohibit it. Steil is suggesting they are "in the business of making rules and regulations" despite never having personally owned crypto. :🙄:

molly0xfff,
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Insider trading is good actually – Rep. Steil, I guess

molly0xfff,
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Rep. Pettersen (D-CO) asks about AI regulation. "It's much more transformative than anything we've discussed about crypto", says Gensler. "I really think it's going to bring great progress for the country", says SEC is focused on possible conflicts in roboadvising.

molly0xfff,
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Rep. Timmons (R-SC) references a 2014 NYT op-ed by Jared Bernstein, where he claims Bernstein (Biden nominee for economic advisory council) advocated for the US to actively take steps to remove the USD as global reserve currency.

molly0xfff,
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Asks if Gensler thinks the US govt should take steps to actively remove USD as global reserve currency, and says he's concerned that he feels he can't predict how Gensler will answer. Gensler says he's not familiar with the op-ed.

Gensler says that the SEC's responsibility is to support capital markets, and strong capital markets support USD dominance.

Timmons soapboxes about how terrible he feels Biden's nomination is, how devastating the loss of USD dominance would be.

molly0xfff,
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This is op-ed Timmons was referencing: https://www.nytimes.com/2014/08/28/opinion/dethrone-king-dollar.html

molly0xfff,
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Rep. Meuser (R-PA) is arguing that various SEC individuals (Gensler, someone married to a former FBI agent, and SEC general counsel who worked on Trump impeachments) should've recused from the Trump-tied SPAC merger issue.

molly0xfff,
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Gensler: "With all respect, there's no conflicts here. This is just a matter of making sure that filings with the SEC have the full, fair, and truthful disclosures in those documents."
Meuser: "Of course. Will the SEC ever approve the DWAC/TMTG merger?"
Gensler: "We don't have a role in approving or disapproving mergers. We do have a role in overseeing the disclosures with regard to those mergers."

molly0xfff,
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A vote's been called on the House floor, so they're going to get through a few more people, then recess for the votes and restart the hearing when they have bipartisan attendance.

molly0xfff,
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Rep. Vargas (D-CA) wins the award today for best tie.

molly0xfff,
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Gensler states that he thinks AI will be "as transformative as the Internet".

"Even this hearing right now might be being fed into a sentiment analysis to analyze... and the markets go up or down based on what the Chair said."

molly0xfff,
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Gensler states that he thinks AI will be "as transformative as the Internet".

"Even this hearing right now might be being fed into a sentiment analysis to analyze... and the markets go up or down based on what the Chair said."

molly0xfff,
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Rep. Kim (R-CA) is the most up-front so far today about the fact that she is speaking on behalf of industry actors who want the SEC to back off.

molly0xfff,
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They're going to recess now.

molly0xfff,
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Aaaand we're back! Rep. Garbarino (R-NY) is up now, asking if the SEC has coordinated with CISA or other agencies on drafting regulations. Gensler says yes.

molly0xfff,
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Rep. Flood (R-NE) is asking why Gensler has not responded to the letter he sent 2–3 weeks ago, then didn't let him reply. Flood is strongly suggesting that Gensler ignored his letter because Gensler thinks Flood is low in the pecking order lol

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