Well, Gary Gensler The chairperson of the SEC actually showed up in person to something and testified before Congress about well, whether or not Bitcoin or Ethereum is a security or a commodity and let's just say his answers were quite dodging. In fact, that's pretty much all he did. He basically refused to address whether or not Bitcoin or Ethereum was a commodity or security. Now I have an explanation for exactly why Gary Gensler is doing this and this is by no means going to be a shill on what's going on at the SEC or Commodities future trading commission.

It's actually what I think something somewhat Sinister that's going on and I'm going to give you an explanation. But first, it's worth noting what the interaction was like. Here's just a short clip, but this went on substantially further. There was even one individual in Congress who went as far as asking if Gary Gensler when he was the chief Financial Officer for Hillary Clinton's campaign if he authorized the payment for the Steele dossier that really took Gary Gensler off guard and he's like, well, that's not what I'm here to talk about it, he's freaking out it was.

it was musty TV But we've got to actually address why we think Gary Gensler did not answer the following question. So let's watch this for a moment here. It gets a little redundant and repetitive, so I'll stop it when it does, and then we'll get into uh, why uh, this could be happening. Ready for this? Here we go ready or security.

And again. it depends on the facts and the law and if there's a group of it I'm asking about the facts in a law sitting in your seat and the Judgment you are making and so uh Mr chair I Think you you would not want me to prejudge because you have prejudged on this you've taken, you've taken 50 enforcement actions we're finding out as we go. As you file suit as people get Wells notices on what is a security in your view and your agency's view. I'm asking you a very simple question about the second largest digital asset, what is your view and my view is if there's a group of individuals in the middle middle that the public isn't all right.

So let me just ask a second question. Do you think it service the market for an object to be to be viewed by the Commodities regulator is a commodity and the Securities regulator to be viewed as a security? Do you think that provides uh, safety and soundness for for for the product? Do you think it provides consumer protection? Do you see? do you think it serves the value of innovation? I Think no should be a very simple answer for you here. I Think that uncertainty is bad is it not and I think that Congress has said that there's one agency that's secured as an Exchange Commission under this committee. You won't answer my question and you're the head of that agency.

So give me a break. Come on, I'm answering it in the generic because you would not want me to speak about any one set of facts. and Circumstance Okay So, but you've already spoken. Have you said anything about Bitcoin My predecessors and the agency itself has spoken to them.

Okay, but you're not willing to do the same about Ether. Okay, so let me just step back. There's a lack of clarity here in the marketplace. Can you at least agree to that? I Think that the clarity is there.

The law is clear, right? Let me let me. Okay, let's stop right there, because there's absolutely no freaking Clarity at all on whether or not BTC or Ethereum should be considered security, commodity or what. But let me give you my explanation for why I think Gary Gensler is being so dodgy. So first of all, whether or not a, uh, an asset is considered a a security or a commodity, all has to do with the definition of a security.

And this is what. basically Gary Gensler keeps trying to talk about this expectation from the public. Ready for that. Here is the definition of a security.

This is the legal framework by which Gary Gensler is bound because of Congress. All right, the term security means an note: Stock, Treasury Stock Security Feature Security Base Blah blah blah Security Interest and participation of Profit Sharing Agreement blah blah blah Okay, so it goes on to all this crap right here. The specific part that it seems that Gary Gensler is referring to here is the following: certificate of Interest or participation in any profit sharing agreement. So in other words, what he keeps trying to say before he gets cut off is that: look, the law right now says if there is a group effort and therefore then an expectation of profit out of that group effort, then it's a security.

Which is complicated because then you wonder okay, well, is collectively mining to create a yield, a participation in a group project and therefore making Ethereum a security? So and since Bitcoin doesn't potentially have that pooling of of stakers, then maybe Bitcoin isn't a security. Maybe Bitcoin's a commodity, and Ethereum is a security. That's what he's trying to say, but he's completely failing because he doesn't want and this is where the Sinister part comes in. He doesn't actually want to say it's a security, or it's a commodity.

Why? Because both the commodity Futures Trading commission and the Security and Exchange Commission have dual enforcement actions going against dozens of different organizations and if one of them says something to contradict the other one's case, Well, now you have. The agencies are going to be pissed at each other. because for example, if the Cftc guy over at the Commodities place is like yo, come on, Gary You can't call that a security. It's a commodity.

It kills their jurisdiction. If the Commodities guy goes, these are all Commodities then Gary's gonna be like dude man. Now I don't have a lawsuit and so what's actually happening here is backwards regulation and this is where I'll show you where the buck actually stops and where the true failure lies. Okay, ready for this.

So this is what's happening. So what you have is you have uncertainty in the marketplace, right? Is BTC or Ethereum a commodity or a security? What is it? There's uncertainty. I'll tell you why. There's that uncertainty in just a moment.

although it should be clear, but I will explain that more clearly in just a moment. So the question there is uncertainty. Is it a commodity or is it a security? So what do you get the SEC and the Cftc doing well? You have these organizations saying Okay, well we don't know exactly. So what we're going to do is we're going to sue Sue and Sue and over here we're going to sue Sue and Sue and eventually what will happen is these lawsuits will probably end up getting multiple different decisions, so you'll probably have something like this happening.

You'll have decision decision. You know? Maybe this will settle and then you'll have a decision and then you'll have a decision and then maybe that'll settle, right? But these four decisions if they're not conducted by the same judge, which it's unlikely that they're going to be conducted by the same judge or going to have different decisions. And so what will end up happening is these decisions will have to go in front of likely the Supreme Court so they could make an ultimate ruling and then the answer as to whether or not BTC or Ethereum is a commodity or a security will be answered by the courts. That is what they are trying to do.

So Gary Gensler is sitting here. He's not looking very good, but he's sitting over here going. Um, we really need the courts to decide this and I don't want to bury our potential cases by getting cornered into saying something in Congress That's going to ruin the case because if he said it's a commodity, guess what? He kills all of his cases. If he said it's a security, he kills the Cftc's cases potentially, right? So he can't do that.

So he Dodges Now that makes him look scummy, but is that fair? Who is ultimately to blame? Because this is the interesting thing about media. You ready for this? Here's the really interesting thing about media in this exchange: Chairman: McHenry seems like Jesus and the Congress people seem like Jesus coming in going why the hell can't you answer the question and Gary Gensler is looking at this going I can't answer the question because guess what? Guess what? and he ain't gonna say it because it's offensive. But the reality is Congress hasn't told us what it is. It's actually up to Congress which is dictated by the people to decide what the law is.

Because here's how United States Government regulation works. You have a law, then you have an enforcer, and then you have an arbiter. But because you do not have law, that is clear right now, you actually have the enforcer trying to force the Arbiter to make something known as case law. So that way you could do Congress's job for it and make the damn law.

So the real issue here ironically is that that guy is part to blame right here. Chairman McHenry and all of the people in Congress are part to blame for the reason why this guy. Gary Gensler which I Get it, everybody hates Gary Gensler Where is he? Where is he trying to find anything? It doesn't really matter I'm just trying to put up a picture of him. Everybody hates this guy and maybe he's not the best.

SEC Chairperson: There are plenty of reasons to hate Jerry against or whatever. Okay, I don't That doesn't matter why people hate or like this guy, it doesn't matter what matters. Is this that Gary Dancer can't do Jack Sh9t right now because of this on screen right here. This is, by the way, the kind of perspective that you want to learn on your way to.

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Check them out. link down below. But anyway, everybody's hating on Gary Against and again. I Get it.

I'm not here to defend Gary Gensler Trust me. I'm not defending Gary Gensling I'm also not defending Congress because the reality here is Congress is to blame. The reason all of these enforcement actions are occurring is because people want a judge. likely the Supreme Court to answer this question.

Now guess how you could solve all of this? Okay, you're ready for how you could solve all of this. I'll show you how you can solve literally all of this. You ready for this. Here's how you could solve it right here: Congress decides and they say something like Bitcoin equals calm, right? Ethereum equals I Don't know commodity.

Some people are like, oh, just call it a digital asset that doesn't work. People say that on the Internet they're like, oh, just call it a digital asset An asset is something. An asset is either a commodity, it's a security. It's a real estate.

Real estate is separate. Maybe you create a new class. But then guess what? Real estate is regulated by the Department of Housing. So what you do.

What you have to realize is, no matter what you call it, it needs a regulator. Securities Get regulated by the SEC Commodities Get regulated by the Cftc. Real estate gets regulated by the Department of Housing and Urban Development. So no matter what you call it, you could call it uh, you know, call it defy.

World Okay, then guess what you're gonna get. You're gonna get the defy. Exchange Commission That's going to come in and regulate it. They will make a regulator for it.

But the point is, you have to start with a law because until then The Regulators can't do Jack sh19. So number one, you start with a law, then you create an enforcer. Number two, This is how law should be made. You create an enforcer and then when there are disputes, you could go in front of an Arbiter which is a judge a court.

It's very simple, but guess who is too stupid? Congress But then you can't really blame Congress because Congress can't get anything done. Why can't Congress get anything done? Will Congress get this? Okay, this seriously goes back to 1776. This goes back to like the founding of the country. Okay, why can't Congress get anything done? Because our two-party system in America rewards.

Guess what? Gridlock. The two-party system in America basically forces gridlock. That's America for you gridlock. So it's very difficult for Congress to do anything.

which that was actually the point. The founding fathers did not want the government to be able to have too much overreach by constantly doing whatever the hell they want because if you had no two-party system and instead you had a plurality system, a multi-party system like you end up having in Germany what ends up having what ends up happening is you end up getting Coalition governments. So you end up getting Coalition governments between let's say, the Liberals and the green party and they stomp out conservatives. Uh, and then all of a sudden you get countries that are much more heavily uh, uh, leaning towards the left than people would potentially like.

right? You have a lot less freedoms in Germany than you do in America the way it is. So what's the solution here? Well, the real solution is either Congress passes a law or a judge decides right and that has to probably be the Supreme Court the Supreme Court's got a lot of crap to deal with though. and I'm not making excuses for the Supreme Court Okay, they got their own problems. Let's just look at, you know.

Clarence Thomas You know you got some real disasters going over there at a huge PR nightmare for the Supreme Court Right now and now, they got to worry about abortion pills getting banned and and challenges to courts all over the country about. uh Roe V Wade it's there's a lot. I'm not saying they can't rule on this, but they probably don't know either. So the reality is, nobody wants to rule on this because really, nobody knows.

nobody knows. Hey, by the way, Um, Jack has a question for you. What do you call someone without a nose and without a body And the answer is, nobody knows. So in case you're wondering, who's to blame, Is it Congress Is it the SEC Is it the system? It's the system.

The founding fathers designed our system to make it really difficult to adopt new laws. Therefore, Congress ain't doing jack crap. The courts aren't doing anything, and The Regulators aren't doing anything because nobody knows what the hell to do with commodities. And you know what? They don't really care to learn because they don't really care about crypto.

And so that's the Sinister Bottom Line: Security commodity. They don't just don't like crypto. So it didn't happen. Thank you.