Hey guys, it's Sasha Crypto Bros are about to get destroyed. We're talking prison terms, confiscation of money, and the worst thing that can possibly happen to a crypto bro eviction from their mom's basement. A few days ago, the U.S House Financial Services committee announced that they will be holding a hearing in December to investigate the collapse of FDX and they said that they expect Sam Bankman free the representatives of Alameda Research Binance FTX and others to be there. Maxine Waters The chair of the Financial Services Committee said the fall of FTX has posed tremendous harm to over 1 million users, many of whom were everyday people who invested their hard-earned savings into the FDX cryptocurrency exchange only to watch it all disappear within a matter of seconds. And here is what this means: The Lawless deranged Wild West scam Fest that is Crypto is about to get smashed to Pieces Good luck to all the crypto Bros Shilling their pathetic jpegs of monkeys wearing funny hats and get rich quick Ponzi Crypto tokens. Things are about to turn very, very ugly and I'm here here to watch it now. Crypto turned up on the global Finance scene like a drunk teenager stumbling into a three-star Michelin restaurant. They loudly announced that they absolutely belong there. Nobody can do anything to stop them. they're Above the Law and at first everyone looked at the drunk idiot and almost felt sorry for them because it was so patently clear they have absolutely no clue about anything. But then the drunk crypto degenerate bro climbed onto the big table right in the middle of the restaurant. crouched down and did a big giant turd. That's what happened with FTX 10 days ago they won the first bunch of crypto DeGeneres to steal money, defraud people, or go bankrupt. but people let the kids play their stupid games somewhere out of sight in the corner, watching the imbeciles down Jaeger Bombs and then puke all night. But then the crypto Bros aren't with apparent immunity and absolutely nobody doing anything about them scamming people for millions of dollars. decided that now it was time to up the stakes and they he started scamming people for billions of dollars. And it appears that the grown-ups have now had enough and the kids are about to find out the hard way that being a complete comes with the unfortunate consequence of having people tell you that you're a complete and going to prison. and boy is it going to be glorious. At the hearing at the end of last week, the U.S Senate ripped the U.S Regulators a new one John Kennedy A senator from Louisiana asked can you tell me who in our Federal Financial Services Regulatory Administrative state was watching the FTX to make sure no one there stole people's money. was anyone watching this? He didn't get much of an answer, but it sounds like people are now pretty pissed off At the same exact time as the house Financial Services committee announced their December hearing, Janet Yellen this U.S Secretary of Treasury released a statement. The recent failure of a major cryptocurrency exchange and the unfortunate impact that has resulted for holders and investors of crypto assets demonstrate the need for more effective oversight of cryptocurrency markets. Translation: FTX Really up and this time the Crypto Bros Just went way too far over the past year through the President's Working Group on Financial Markets and in response to the President's Executive Order on Digital Assets, the Treasury Department worked with its Regulatory Partners to identify risks in crypto markets. Some of the risks we identified in these reports, including commingling of customer assets, lack of transparency in conflicts of interest were at the center of the crypto. Market Stresses observed over the past week. This paragraph basically says we formed a working group and sat around twiddling our thumbs for a year, doing absolutely nothing. letting these scumbags do whatever they want. blah blah blah identify risks, blah blah blah. Worked with his regulatory Partners We kind of knew that these are stealing people's money and not following any laws, but we did exactly nothing to stop it. We have very strong investor in consumer protection laws for most of our financial products and markets that are designed to address these risks. Where existing regulations apply, they must be enforced rigorously so that the same protections and principles apply to crypto assets and services. And here is the fun part. There is existing regulation that absolutely applies to Crypto. and boy are people going to get hit hard in their smug crypto is beyond regulation faces. I will tell you exactly what this regulation is in a second and how screwed the crypto Bros are. The federal government including Congress also needs to move quickly to fill the regulatory gaps about an Administration has identified in terms of financial stability. Spillovers from the events in crypto markets have been limited, but a recent report by the Financial Stability Oversight Council with Treasury chairs warned that further interconnections of the traditional Financial system and crypto markets could raise broader Financial stability concerns. Translation: Up to now, all the stupidity wasn't really impacting the financial system very much because it was just kids pretending to be investors scamming each other. But now airline has been crossed and these morons have gone way too far going forward. It's vital we do what is necessary to address these concerning risks and act to protect consumers and promote Financial stability. So Janet Yellen is saying enough is enough. Now we are going to these guys. Over the time has come and the problem is that until now Gary Gensler and other Us Regulators have basically ignored crypto because they were too lazy to actually do their job and stop people from getting scammed by these Financial Ponzi schemes and other scam products. But it looks like everyone has woken up Suddenly and Gary is going to have to actually do something and start sending people to prison because up until now Gary seemed to agree with the crypto bro saying that crypto is not really regulated because it's not really covered by any existing Financial legislation. It is beyond the law except it turns out that he was full of in the Securities Act of 1933 the term Securities defined as any notes, stock, treasury stock, security, future security base swap Bond blah blah blah blah blah blah blah. And because it was written in 1933, it doesn't happen to include things like jpegs of monkeys wearing funny hats or crypto tokens named after fluffy dogs. And the common excuse up to now was that crypto is not really a stock in the traditional sense. Hence, it's not apparently covered by the 1933 Securities act or the 1934 Securities Exchange act. But in 1946, the SEC sued the Howie company that grew citrus fruit in Florida So that company sold paper tokens to their farm that came with a service contract. It basically let people invest in money into these weird pieces of paper and expect to get rich as those pieces of paper appreciate. and the SEC won their case, saying that these tokens were in fact investment contracts. and investment contracts are defined as Securities under the 1933 Securities act. This ruling came down from the Supreme Court and the reason that this sort of thing is classified as an investment contract is because it is a contract transaction or scheme whereby a person invests his money in a common Enterprise and has led to expect profits solely from the efforts of the promoter or a third party. It being a material, whether the shares in the Enterprise are evidenced by foremost difficult or by nominal interest in the physical assets employed in the Enterprise, this case has led to the Howie test as a way to determine if something is a security and if you go and invest money in some kind of financial note or a token or anything where the future value of that thing is dependent solely on the efforts of the promoter of third party, it is immaterial whether the Enterprise is speculative or non-speculative or whether there is a sale of property with or without intrinsic value. The thing you just bought is a security under U.S law. So when a company like FTX goes and sells you the Ftt token, where the future value of this token is going to be based solely on the actions and promotion of the third party and promoter who sold it because they literally owned the code, they own almost all of the tokens, they are the only party that initially can sell them. They get to control what happens with the token in the future, unilaterally do whatever they want. The purpose of the purchase in this case is financial investment and enrichment. So the token is a security and so is the BMB token. the binance issues, and so is this cro token, the crypto.com issues, and so is Ethereum, and so is every piece of crypto token that lives on all of these blockchains. And because they are securities, we now have a big problem because the dimwits who sold these Securities did not follow any Securities laws. They are not registered with the SEC. They do not account to anyone, they have no audits, they are just there selling people the dream of getting rich quick and stealing their money in the process. And now this industry of scamming people by selling them Ponzi schemes has crossed the line. and now maybe The Regulators will actually do their job and start putting people in prison. starting with some Embankment freed who for whatever weird reason is still apparently at large in the Bahamas and has not been arrested. although he is expected to attend this meeting in December I Wonder if he's going to hop on the next plane over in the grown-up world of actual Securities If you make up if you lie about what your company is doing, if you lie about your securities, you go to prison Three days ago Elizabeth Holmes was jailed for 11 years for defrauding investors because she was making up a few weeks ago Trevor Milton was found guilty of fraud because he also made up about Nicola the company that he was CEO of. and every day we have Crypto Bros creating the latest junk token or Nft spouting verbal diarrhea about the amazing projects that they are working on. How Gambia is going to start using Safe Moon as their currency I you not? this was an actual Claim by John Caroni, the degenerate safe Moon clown. Most of them promise crap that appeals to 12 year olds, usually some kind of indecipherable gobble Valhalla Nft Metaverse game whatever the that means I Guess if you use enough buzzwords, impressionable young investors think it's super cool and line up in an orderly queue to hand over their money. And here is the fun part. Making up is all fun in games until the grown-ups turn up and tell you that you messed with the wrong people because you were Shilling Securities and you are now in deep and it sounds like FTX was the trigger where the crypto Bros just went too far I Look forward to seeing the dweebs emerge from their mum's basement wearing handcuffs and I also look forward to seeing the influencers who took money from these garbage. Ponzi Scheme Cryptos find out that promoting the security in exchange for implicit payment is illegal under the 1934 Securities Exchange act punishable by serious prison time I Am going to need to invest in a big ass popcorn machine for this one because the next few months are promising to be very spicy in a good way. Oh man, Crypto Bros Are in some deep doo-doo.