Gensler's SEC Coming Under Fire And The Illusion Of Cryptocurrency
The fallout from FTX continues. Now we are seeing some headlines that are starting to point to the SEC as having a hand in the failure due to their lack of stepping in.
In this video I discuss how regulation and a lot of what is taking place is an illusion. In fact, what we though was a part of the crypto industry really was not. Instead, we were looking at more Wall Street/VC bullcrap and calling it crypto.
Fortnatunately, the true reality marches on, albetit smaller than we thought it was.
▶️ 3Speak
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https://twitter.com/1480840258828779521/status/1597006379365330944
https://twitter.com/1415155663131402240/status/1597259442101571584
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With even the biggest media institutions try to cover for SBF, I am not surprised there is also an inside job within the SEC. In a way, I suspected it because SBF was also working on the regulation framework for crypto.
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Summary:
In this video, Task discusses a headline questioning the oversight of Chairman Gensler of the Security and Exchange Commission (SEC) regarding the crypto industry, especially after the FTX incident. He emphasizes that the crypto industry is small and mostly intertwined with Wall Street and traditional financial systems. Task argues that decentralized systems like Bitcoin and Hive are true cryptocurrencies, while many projects are illusions or part of the traditional financial system. He concludes by stating that Gensler's actions don't impact true cryptocurrencies and wishes everyone a great day.
Detailed Analysis:
Task starts by addressing a headline questioning Chairman Gensler's oversight of the crypto industry following the FTX incident, suggesting that the SEC's failure could be viewed as a major factor in the situation. He highlights the perception that the majority of the cryptocurrency industry is intertwined with venture capital money and Wall Street, forming a centralized mess that is not true cryptocurrency but rather an illusion.
Task argues that cryptocurrencies rooted in decentralized systems like Bitcoin and Hive are the only true representatives. He mentions the significance of proof of work and the decentralized nature of these systems compared to others that are more centralized. Task emphasizes that despite Gensler's actions, they don't affect true cryptocurrencies like Bitcoin and Hive, stating that what he does is an illusion that doesn't align with the essence of cryptocurrency.
Furthermore, Task touches upon the limited impact regulations on traditional financial systems have on true cryptocurrencies, likening it to discussing trucking regulations within the context of cryptocurrency, highlighting their unrelated nature. He acknowledges the small scale of the cryptocurrency industry, identifying Bitcoin and Hive as primary players in the true cryptocurrency space due to their decentralized structure.
In conclusion, Task reflects on how Hive's uniqueness stems from an incident involving Justin Sun attacking the platform years ago, which set it apart from other projects in the crypto space. He signs off by expressing well wishes and hints at future discussions in upcoming videos.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.