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5 lowlights of Gary Gensler’s evasive testimony before Congress

September 28, 2023 Coin Telegraph

Andy Barr

The United States Securities and Exchange Commission chief was asked whether the purchase of Pokemon trading cards is a security transaction and whether Bitcoin is a commodity.

Blamed for “kneecapping” the U.S. capital markets and slammed for dodging questions around Bitcoin and Pokemon cards, Gary Gensler appears to have had one hell of a grilling from Congress this week.

On Sept. 27, the United States Securities and Exchange Commission chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency’s oversight of the markets.

Here are some of the highlights and lowlights of the hearing.

“You are the Tonya Harding of securities regulations.”

One of the more colorful analogies came from United States Representative Andy Barr, who accused Gensler of “kneecapping” the U.S. capital markets with regulatory red tape.

Barr referred to an old testimony from Gensler, where Gensler argued that the U.S. is the largest, most sophisticated and innovative capital market in the world and that it shouldn’t be taken for granted as “even gold medalists must keep training.”

“With all due respect Mr. Chairman, if the U.S. capital markets are a gold medalist, you are the Tonya Harding of securities regulations,” said Barr.

“You are kneecapping the U.S. capital markets with the avalanche of red tape coming out of your Commission.”

Barr is presumably referring to a scandal where U.S. ice skater Tonya Harding hired an assailant to attack her rival, Nancy Kerrigan, in the lead-up to the 1994 United States Figure Skating Championships and the Winter Olympics. Kerrigan ended up not competing in the U.S. championships.

Mr. Barr to Gensler:

“If the US capital markets are a gold medalist, you are the Tonya Harding of securities regulation because you are kneecapping the US capital markets…”

pic.twitter.com/D9VOxtXAGC
— John Dickens (@johnLdickens) September 27, 2023

“I wish the Biden administration would say you're fired.”

Meanwhile, U.S. Representative Warren Davidson also ripped into Gensler, saying he hoped that the Biden administration would fire him.

“I wish the Biden administration would say you're fired,” said Davidson.

Davidson accused Gensler of pushing a “woke” political and social agenda and abusing his role as the SEC’s Chair.

Gary Gensler’s tenure at the SEC highlights two key problems.

1) @GaryGensler problem
2) @SECGov structural problem

That’s why I introduced the SEC Stabilization Act to #FireGaryGensler and restructure the SEC. pic.twitter.com/Ud3giejKfZ
— Warren Davidson (@WarrenDavidson) September 27, 2023

The U.S. representative added that he hopes the SEC Stabilization Act he introduced with U.S. Representative Tom Emmer could make that happen.

“You’re making the case for this bill [SEC Stabilization Act] every day you’re acting as the Chairman,” he concluded.

Gensler wasn’t given the chance to respond.

Gensler reiterates Bitcoin isn’t a security

Asked by U.S. House Committee on Financial Services chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented, stating that Bitcoin didn’t meet the Howey Test.

“It does not meet the Howey test which is the law of the land,” Gensler said, implying that Bitcoin isn't a security.

McHenry then suggested Bitcoin must be a commodity, which Gensler avoided answering, saying the test for that is outside the scope of U.S. securities laws.

Gary Gensler says that #Bitcoin is NOT a security, but he refuses to say that it’s a commodity.

He’s running out of time. When a powerhouse like BlackRock asks for a Bitcoin ETF you MUST deliver. pic.twitter.com/yhKcMzfzx6
— The ₿itcoin Therapist (@TheBTCTherapist) September 27, 2023

Henry also suggested Gensler tried to “choke off the digital asset ecosystem” and refused to be transparent with Congress about the SEC’s connections with FTX and its former CEO Sam Bankman-Fried.

Gensler also wasn’t given the chance to respond to the claims made by McHenry.

Are Pokemon trading cards securities? It depends.

U.S. Representative Ritchie Torres used his time to quiz Gensler about his interpretation of what constitutes an investment contract.

Torres put Gensler to the test by asking whether purchasing a physical Pokemon trading card constitutes a securities transaction.

I cross-examined @SECGov Chair Gary Gensler about the term 'investment contract', which is key to determining his authority over crypto.

Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are deafening and damning. pic.twitter.com/EJcZEHiKGL
— Rep. Ritchie Torres (@RepRitchie) September 27, 2023

“Suppose I was to purchase a Pokemon card. Would doing so constitute a security transaction?”

Gensler responded — “I don’t know what the context is” — before eventually concluding it isn’t a security if it is purchased in a store. Torres then asked:

“If I were to purchase a tokenized Pokemon card on a digital exchange via a blockchain, is that a security transaction?”

“I’d have to know more,” replied Gensler.

Gensler then explained that it’s when the investing public can anticipate profits based upon the efforts of others — that’s the core of the Howey Test. Representative Torres called Gensler's "evasions" as "deafening and damning."

A sign of defiance

Meanwhile, among the back-and-forth cross-examinations between Gensler and U.S. Representatives, eagle-eyed observers noticed a Coinbase “Stand With Crypto” logo behind the SEC Chair.

BREAKING: Coinbase Stand with Crypto logo displayed at Gary Gensler hearing pic.twitter.com/IAwqyDEQea
— Miss Teen Crypto (@missteencrypto) September 27, 2023

The Coinbase-led initiative is a 14-month-long campaign that launched in August. It aims to push for cryptocurrency legislation in the U.S.

Coinbase also ran a “Stand with Crypto Day,” which took place in Washington, D.C. on Sept. 27 to advocate for better cryptocurrency innovation and policy.

Magazine: Binance, Coinbase head to court, and the SEC labels 67 crypto-securities: Hodler’s Digest, June 4-10

US voters across 4 swing states oppose anti-crypto pres candidates: Coinbase

September 20, 2023 Coin Telegraph

campaign

A poll of voters in New Hampshire, Nevada, Ohio and Pennsylvania found 55% would be less likely to vote for anti-web3 presidential candidate, said Coinbase.

Crypto exchange Coinbase says it will focus its "Stand with Crypto" campaign on nine states in the U.S., including four “swing states” with voters polled as less likely to choose anti-crypto presidential candidates.

The four “swing states” include New Hampshire, Nevada, Ohio, and Pennsylvania, which are just some of the states the crypto exchange is set to focus its “Stand with Crypto” campaign, it said in a Sept. 19 blog.

“Polling in the fall of 2022 showed that in the key states of NH, NV, OH, and PA, over half (55%) of voters stated that they would be less likely to vote for candidates who oppose crypto and Web3,” said Coinbase, citing survey data collected in a Morning Consult poll a year prior.

52M Americans own crypto. They’re younger & more diverse than the US population in total. But their voices aren’t being heard by Congress.

That’s about to change.

Here’s what we’re doing—and what you can do to help mobilize 1M people to #StandWithCrypto: https://t.co/stmH0WVUhO
— Coinbase ️ (@coinbase) September 19, 2023

The October-published poll included 800 likely voters across the four states. Between 13-19% of respondents in the four states claimed to own cryptocurrency at the time of the polling.

*Percentage of voters in the four swing states that own cryptocurrencies or nonfungible tokens. Source: Morning Consult*

Coinbase also cited that in Nevada, Ohio and Pennsylvania in particular, more than 40% of crypto owners use blockchain to remit money overseas to help family members pay for food, housing and health care for far less than what banks typically charge with international wire transfers.

Coinbase attempts to mobilize crypto users

The highlighted research comes amid an ongoing “Stand With Crypto” campaign, a 14-month-long campaign launched by Coinbase in August, pushing for crypto legislation in the country.

Coinbase said the campaign will focus on the four “swing states” but will also include an intense focus on Arizona, California, Georgia, Illinois, and Wisconsin, which have an “over-index” when it comes to crypto owners, it said.

“While a growing number of elected officials in Congress are advocating for legislation to regulate crypto and drive progress in the financial system, others are simply choosing to protect the status quo.

Coinbase is also set to organize a “Stand with Crypto Day” will take place in Washington D.C. on Sept. 27 to advocate for better cryptocurrency innovation and policy.

The campaign is also encouraging crypto owners and supporters to take a moment to call their members of Congress and ask them to pass clear, sensible legislation.

“Today we kick off this effort by rallying the collective energy of the community, and taking the fight off X (formerly known as Twitter) and on to the phones."

“The campaign will encourage crypto owners and supporters to take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation,” it added.

Magazine: Binance, Coinbase head to court, and the SEC labels 67 crypto-securities: Hodler’s Digest, June 4-10

Crypto community split on Coinbase NFT’s push for ‘sensible crypto policy’

April 25, 2023 Coin Telegraph

Coin Telegraph

A Twitter user expressed uncertainty over NFTs having any impact but admitted that it makes them feel like they did something.

As crypto exchange Coinbase makes a push toward a sensible regulatory environment for the crypto space, the exchange launched a nonfungible token (NFT) collection to gain the community’s support. However, not everyone is excited about the move, with some not even sure if it will have any impact at all.

On April 25, Coinbase launched an NFT campaign dubbed “Stand With Crypto” after filing a court action that aims to compel the United States Securities and Exchange Commission (SEC) to answer its rulemaking petition. According to Coinbase, the NFTs represent the community’s stand to protect and promote crypto’s potential and become the symbol for seeking “sensible crypto policy.”

I just minted Stand with Crypto https://t.co/4T0OWbpCCf
— Brian Armstrong (@brian_armstrong) April 25, 2023

Despite the cause looking like a noble act working in the interest of the crypto community, the reactions to the NFT drop were not all positive. While others praised the move and minted their NFTs, others were a bit critical.

I don't change my profile often, but I added a️ to show support for Coinbase and their crypto policy advocacy. Please, stake from home, but trust @coinbase as an ecosystem-aligned exchange and policy advocate. #standwithcrypto #stakefromhome https://t.co/opsP3owN9G
— superphiz.eth ️ (@superphiz) April 25, 2023

According to crypto influencer Wendy O, the Digital Currency Traders Alliance “did the same thing,” referring to the push for more crypto-friendly regulation, before Coinbase. The Bitcoin YouTuber urged the exchange to band together instead of being fragmented and include fighting for retail instead of pushing them out.

Meanwhile, a community member expressed their uncertainty about the NFTs having an impact but admitted that it makes them feel like they did something. They tweeted:

I don't know if this will have any impact but it's practically a free NFT and it does relax me a bit since at least it *feels* like I did something https://t.co/LezNgFN1pH
— KaijuKing779 (@kaijuking779) April 25, 2023

Crypto Coin Show host Ashton Addison also criticized the campaign for instructing community members to add a shield emoji next to their Twitter display name while not having one on their own.

At the time of writing, Coinbase’s Stand With Crypto NFTs have gotten considerable support, with over 15,000 mints with more than 7,000 owners according to NFT marketplace OpenSea.

The crypto exchange has constantly been on the move to push pro-crypto policy in the US. On Feb. 28, Coinbase launched a grassroots campaign to push policy creation that supports the advancement of crypto and Web3. The exchange provided a link for voters to register and view information on the crypto policies of local politicians.

Magazine: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win

Stand with crypto