Hello this is Matt on the moon with Family said Dan Channel Attorney John Deaton has shared what should absolutely Scare everyone that's in crypto and he Stated perhaps the greatest proof yet That every cryptocurrency is under Attack And I'm actually transcribed something From him Um which I'm going to share at the Beginning part of the video here but Um you know basically he was Communicating that uh you know Absolutely this should scare the Absolute Expletive out of everyone in crypto what Happened yesterday so where does it Still stem from uh the hearing the other Day uh with uh with Gensler and now that There's been a little bit of time that Has passed in there's been a a bit of Digestion of all the stuff that's Unfolded Um I got actually opinion from I think Four different attorneys and I always Appreciate their actual legal taste Because because look it's fun for all of Us in the HP Community just like share Thoughts and ideas but um I always do Put on but you guys but I always put Extra weight on those who have an actual Legal background in terms of what are The the real world implications of all This
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But uh but before going further I do Want to be clear I do not have a legal Or financial background of any kind I'm Not offering legal or financial advice And you definitely should not buy or Sell anything because of anything I Share right I'm just an Enthusiast who Enjoys making YouTube videos about Crypto related topics but just as a Hobby in just for fun and so here's a Headline from you today Attorney John Deaton shares scary takeaways from SEC Chairs testimony to Congress and so There was a clip from uh John Dean's Crypto Law YouTube channel which was Shared by Dai and I transcribed a Portion of this and check this out John Deaton said the following quote the Number one thing that I took away from This hearing on specific questions that Should absolutely scare the living S-word out of everyone in crypto is the Following It was an open-ended question by Maxine Waters where she just played the Bipartisan hack that she played in Today's hearing where she said questions Like do you have authority to regulate The crypto markets as possible think About that now for those of you that saw Any any of the clips you might recognize That um that's like the greatest Softball of softball questions you could Possibly ask him do you have the
Authority to regulate what the hell do You think he's gonna say that is not Useful at all and then you know you Compare that to like Patrick McHenry was Saying and then rep Warren Davidson and Who by the way specifically brought up Xrp And it's just it's it's fascinating the Different approaches here but you know Obviously there's a lot of partisan Behavior here is what it is so of course Again he said yes and then attorney Dean Says But she said I want you to follow up Your answer about what is a crypto and In this is what Gary ginsler said If there is a website that's an Indication If it is software that needs to be Upgraded that is an indication of a Security If there are lawyers who have been hired To come in and meet with us That is an indication of a security Because there is a small group of Entrepreneurs involved just think about That for a second the man has been Saying for two years come in and talk to Us come in and talk to us Now he's saying if you come in and talk To him and you hired lawyers to do it That indicates that you have a security He literally said that today in the Hearing and then he also threw out if
There's Twitter accounts end quote now Folks this is an astonishing statement So if if there's a website That's an indication of security there's A Twitter handle that's indication it's A security If if there's an upgrade You know to the uh to the blockchain That that means that the coin attached To the blockchain that that means it's a Security because it can evolve over time And it's it's just the wackiest nonsense Stuff because Of course for instance The xrp Ledger Which is decentralized We just had the XLS 20 amendment pass Right not not that long ago they're They're pretty regularly a Minimates get Past so they're up uh you know updates And changes to The xrp Ledger which is The case with pretty much any blockchain Including Bitcoin what you think Bitcoins never of course Bitcoin has Gone through changes over the years Like that cannot be but see that cannot Be a reason that something could be Secure it absolutely should not be the Case that has nothing to do without with Whether you know Well the actual law an actual legal President has nothing to do with whether Or not there's an investment contract You know that has nothing to do with That
Now if there were okay so then does it Pass the Howie test that's what you Should really be talking about but he's Talking about Lawyers that were hired by a firm but Think about this though it's always Going to be the case in any for any Distributed Ledger technology if there's A coin attached Uh if it's widely adopted you may you're Going to end up with instances where There's all sorts of various developers A building on top of the blockchain and So if they hire lawyers for any reason Having to do with that that's an Indication it's a security and if they Talk to the SEC or the the uh SEC you Know the attorneys do on behalf of Whatever the developer is like that's an Indication Do you see how dangerous this is and That's what attorney Deaton's getting at That's how bad this is which Again it's an indication that Everything is a security now finally Ginsler actually came out and said that Just just within the last couple months Or so Gary gunzer actually said Everything and I'm paraphrasing but he Did say this everything that's not Bitcoin looks like a security So here he is at least in that regard He's being consistent but my God the the Cajones on this guy
And um and here's another Ridiculous You know example of Gary ginzer's Behavior because look before he was SEC Chair you know he said certain things That he will no longer say as SEC chair Which shows you that he's just not being Intellectually honest in terms of what He thinks and the actions that are being Taken here and and um you know I brought Up actually the other day I think I'm Always worried xrp my largest crypto Holding under attack and I've many times Said for over two years now Um I'm very concerned about the rest of My roughly 30 different cryptocurrencies I hold I wonder what Gary ginser is Going to want to attack next And it turns out one of the answers is Algorand cryptocurrency algo And what's offensive about this well There's so many things but in particular Back in I think it was 2019 as Gary Ginsler's working at uh At MIT he was Shilling algorand I kill You not he was actually Shilling Algorian talking about how it's Fantastic technology and uh that God Created it you know co-workers And in my team and he said that you know You could just you could actually build Uber on top of it effectively and just Do this in a decent way he was literally Just chilling out around
Now fast forward to 2023 You have the SEC Uh suing bittrex which by the way Announced weeks prior that it was Leaving the United States due to a lack Of regulatory Clarity and you know the SEC is not directly suing Al Graham Foundation But in this lawsuit lawsuit against Bittrex which again is leaving the United States they claim that I think it Was six coins that were traded on there And it wasn't meant to be an exhaustive Lift by the SEC but they decided to Name Six specifically said uh these coins are Securities that's that's the message and One of them was algorithm it's like oh Okay got this one of my larger crypto Holdings by the way it just happens to Be Gary ginsler is ruining my opportunity For life-changing wealth that was that Is what Gary ginsler is doing to me Personally and you he's doing it to all Of us everything is at risk here and so You had um Fox Business journalist Eleanor tarrett uh wrote The Following She she said uh new CEO of algorithm Foundation Stacy Warden has issued this Statement in response to the SEC naming Algo a security in its lawsuit against Bittrex And you know if you're wondering why are They weren't they just going after the
Developers well you know of the Cryptocurrencies why they don't have to Exchangeable the choke that's the choke Point if you if you make life absolutely Awful miserable untenable for Cryptocurrency exchanges you don't have To worry about the cryptocurrencies not As much anyway Because look there are over 20 000 Different cryptocurrencies the SEC can Never actually attack all of them but if You create an environment where crypto Just can't thrive in general and you can Do that by shutting down your stage There you go that's the that's the goal But here's the quote from Stacy Warden CEO of algorithm Foundation The ussec recently sued bittrex for Purported Securities Law violations the Complaint alleges that Algos are an Example of Securities available for Trading on bittrex we are not a party to The lawsuit and do not intend to address Each allegation made in the complaint However we want to be clear the algorand Foundation believes that Algos are not Securities under U.S law as a leader in The blockchain industry we welcome clear Regulatory guidelines for the Advancement and growth of the entire Ecosystem our priority is to act in the Best interests of our community And we will continue to do so We look forward to seeing what this
Dynamic Community will build next on Algorand end quote Yeah It's just I just and again I can't help But Wonder What gets attacked next what is and for Me personally and you guys probably Asking yourself the same damn question What do you hold that's going to next Get attacked Then there is this uh somebody named Ripple Van Winkle tweeted out it still Blows my mind how these exchanges Delisted xrp right away but yet Algo is still allowed to trade after the SEC announced it was a security doesn't Make any sense and look I think that we Can all respect where Ripple van wiegel Is coming from on that but even though That's the case it's it still is true as Pointed out here by xrp Community member And attorney Bill Morgan that it's not Quite a perfect comparison and I Acknowledge that while being just as Furious as Ripple Van Winkle and Everybody else like this should not be Happening but here's what attorney Morgan said to be a true apples with Apple's comparison the algorand Foundation would need to be sued but the Basket of tokens listed by coinbase on Its exchange that the SEC in various Lawsuits alleges our Securities Continues to grow it's not a coincidence
So Ripple was sued as it pertains to xrp Ripple was sued as it pertains to algo And exchange was sued bittrex So not quite the same thing but again That's part of the sec's current Strategy So as a result of that since you know Those aren't I get it I get it sounds Pretty damning claiming how it goes the Security and yeah sure But is that going to cause exchanges in The United States and plus at this point If you're an exchange and you see that Everything's in flames and every coin is A target Then at some point they're just going to Scratch and go like but what's the point Of de-listing at this point like what The hell is even the damn point Because it's not like the SEC going to Not sue them To them you know any Exchange in the Future like It's either it's either the exchanges Winner they lose You know it if anything it seems like a Tacit admission if you de-list something Like oh yeah I guess we got it wrong Yeah I guess this is piss bar oh yeah Foreign I'm not saying I firmly believe that but It just kind of just I'm frustrated you Know And it just makes you kind of wonder
There's also this uh from attorney Bill Morgan nine years on for ethereum and With a trading volume of over USD 9 Billion dollars per day And the chair of the SEC will not Publicly answer Congress whether Ethereum is a security but repeatedly Says there is Clarity you have to pinch Yourself to know it's happening and not A bad dream of course he's referencing The same ginsler hearing here now Somebody named Mark responded to Attorney Morgan and has a different Perspective Um and which I don't agree with but I Love diversity of thought and sharing Concepts and I love Lively debates so in That in vain let's talk about this uh Mark responded to attorney Morgan and Said sorry But legally and ethically he's right not To answer the question so this guy's Saying ginsler's right to not answer Whether or not uh you know eth is or is Not a security and then Mark says the SEC chair should not be suggesting that A particular entity or product is in Violation of the law without Investigation and authorization he can Talk about crypto generally but not Specific tokens and of course I firmly Disagree with that for the reasons Actually pretty well articulated by Attorney Bill Morgan here and then by
Attorney Fred rispoli so I'll share with You both of those perspectives attorney Morgan says okay but after almost a Decade he could legitimately be asked Has there been an investigation or is There an ongoing investigation and if Not why not If he said there is an investigation Then we can understand the no comment He was asked that in context of security V commodity yeah and actually I think That's a rather good point if Gary Ginzer were publicly stating that There's some sort of Investigation Regarding that uh that would be a Circumstance where I'd say okay actually Yeah it's it's fine fine Don't say a damn thing about her now Because it's a volatile moving situation I got it But if that's not the case there's still There's absolutely no excuse now Attorney respoli came uh it came up and Shared his perspective responding to Attorney Morgan and uh he seems to think The same thing he said exactly There is a big difference between not Stating a position because you don't yet Know and the issue is new versus the Issue is 10 years old you had multiple Departments research the legality of the Issue and you have a policy position you Are deliberately hiding from the public Spot on folks
It has been almost a decade Difficult to give a yes or no answer for This so I respectfully disagree with Mark there and that's fine everybody's Entitled their opinion that's fine but Uh No not at this point for something as Obvious as this Like what is the United States dollar What is gold what is bitcoin what is he It should be equally easy for him to Answer all of those questions You just won't And then there's this from Attorney James Murphy who goes by the name meta Lawman and he has some really insightful Stuff quite regularly and so I've been More closely following metal law man and I want to share with you his take uh Specifically having to do this exact Topic And he wrote The Following The opposite of regulatory clarity The Curious Case of Gary ginsler at Yesterday's hearing before the house Financial Services committee SEC Chairman Gary ginsler repeatedly refused To answer one simple question Do you believe the digital asset eth is A security The question was repeatedly put to Chairman ginsler by Patrick McKinney McHenry Republican North Carolina who is The chairman of the house Financial
Services committee which is the Committee specifically charged with Oversight of the SEC Ginsler's refusal to answer has serious Implications If ethereum qualifies as a security it Would be illegal to buy or sell ethereum In the United States because it has not Been registered with the SEC This is not a hypothetical risk the nyag New York attorney general Has taken the position in recent Litigation that ethereum is a security Under New York law The chairman of the SEC Is known as the Top Cop for the United States Securities markets can you Imagine any other chief law enforcement Officer flatly refusing to inform those Within his jurisdiction what is legal And what is not The idea that citizens must be informed In advance of what is prohibited by law Before they can be charged with Violating the law is a fundamental part Of our concept of due process This simple principle traces its roots Back at least one thousand years to the Magna Carta But chairman genzer will let you know What law you broke when he sues you for Breaking that law And there's nothing you or anybody else Including Congress can do about it the
Chairman's Bazaar hide the ball strategy Has serious ramifications for us all Yeah I'll pause the note Congress I mean Well they can't stop Gary ginsler from Acting unethically there's that but Congress certainly does have the power To make it clear who is in charge of What sort of things Congress could do But with the current makeup of Congress Uh no not happen anytime soon probably Years away from that which is why his Attorney detona said many times uh you Know the closest thing we're gonna get To Clarity is going to come from the Result of these legal enforcements that We've even seen pop up at rapid Pace Especially this year there's been all Sorts of new lawsuits popping up but Anyway attorney Murphy continues Without Clarity on ethereum retail Holders of eth cannot be sure whether They are in possession of a worthless Unregistered security U.S crypto exchanges cannot be sure Whether they will be charged by the SEC For illegally listing ethereum for Trading and perhaps worst of all Development teams That have worked for years to build Innovative projects on the ethereum Blockchain cannot be sure whether they Might be shut down one day because Ginsler decides that transactions in Ethereum are all illegal
Genslers hide the ball tactics have Damaged The credibility of the Institution of the SEC a once proud Agency respected throughout the world For its sound judgment and integrity no I'm not kidding this was once true Once lost such credibility is not easily Recovered Tragically some of our most brilliant Young people engineers and entrepreneurs Are now forced to contemplate the Heartbreaking decision to leave the United States in order to pursue their Dreams in another country where Innovation and opportunity are still Welcome It didn't have to be this way Ginsler's intransigent position stands In stark contrast to that of the New York Department of Financial Services The nydfs the nydfs publishes a green List of approved crypto assets that may Be listed on any exchange with a bit License the nydfs green list of approved Crypto assets includes ethereum of Course And Adrian Harris superintendent of the Nydfs Put out a press release last September Proactively addressing the regulatory Impact of ethereum's transition from Proof of work to proof of stake That nydfs press release informed all New York crypto Market participants that
Quote following ethereum's upcoming Protocol changed to a proof-of-stake Consensus mechanism the nydfs will Continue to recognize ether under its Green listed coin slash tokens into that Sounds positive right and then he wraps It by stating That is what regulatory Clarity looks Like it's really not that hard to do Gary ginser should take note it's Getting late now that is a fantastic Thread and so it's not impossible it's Not outrageous it's more like why do you Have the motives that you have like what Are you doing Gary ginsler And so he just feels like bringing a Hammer down on the whole thing is what's Going to be best for him it certainly Looks like that you can't know for sure What's in the heart and mind of that guy Actually I should even say that because I'm not convinced that he has a physical Heart in his body I'm not even convinced he's human he's Just some sort of creature that nature Accidentally made so that I don't know But again there is a path forward here And so that's why this idea that Garriganza shouldn't be expected to Articulate what eth is after almost a Decade is completely absurd to me that's Just my personal opinion I'm not a financial advisor you should Not buy yourself anything because of
Anything I share right that would be a Very very very bad idea until next time To the Moon family sedan
