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Ignition sequence start 6 5 4 3 2 1 zero Lift off we have a lifp [Music] Off hey everybody this is the digital Asset investor and and uh I decided to Do something since the SRP Unleashed Documentary is going to be coming out Soon I decided that I would do go back And look go back for to some of the Video that we uncovered back during this Whole thing the uncovering of eth gate And do not necessarily in any particular Order but do a recap on some of the more Interesting clips that uh that were Uncovered during that time just to kind Of refresh your memory on what all went Down during eth gate and to refresh my Memory just so I can kind of be up to Date on everything so here we go here's Bill Henman June 14th 2018 this is from The speech that started at all when he Was talking on stage uh the chairman and The SEC has been following this area Carefully they've been watching Developments um I think we've been Careful not to react too quickly or to Overreact to things uh and we in the Case of ether as we see it develop as we Interact with Market participants who Are engaged um in ether transactions you Know we keep gathering information and At some point we say to ourselves well This is something that we should make Clearer uh in its current state we don't
See value regulating that so we're Trying to be uh transparent and Practical as we uh provide more gun Right so what's important there is Remember when they sued Ripple they Spent the Le at least a year while Ripples paying money in court to be in Court and and try to defend themselves They SP the SEC spent a a I think it was At least a year lying and saying that This was just bill henman's personal Opinion I mean lying every which way They could look at this this is from the Same day same stage you mentioned um Ethereum as well and and so is the Takeaway that these are not securities Then right I think the takeaway and Maybe the news uh is more on The Ether Side mhm so they made it very clear that Ethereum's not a security they have not Been willing to say anything about it Ever since because that's not what that Speech was designed for it was designed To intentionally give this vague non Clarity but give it Clarity for Bitcoin And ethereum make the markets feel like It was Clarity but not really clarity That's what they wanted to do because They knew that they could not get this Done in in a court ruling and they Didn't want to issue any rulings Themselves they just flat lied about What went on there this was later the Same day Joseph Luben gets on stage now
Keep in mind this guy was behind the Scenes meeting with them leading up Until this day and he's sitting here Playing d like he doesn't know he hasn't Really been paying attention he just Showed up at the conference and acts Like oh I didn't I didn't know much About what was said what do you think's Going to happen to Ripple with this new Uh Ruling uh I don't know the answer to That I I wasn't able to read through um Um Bill's entire um speech does that Mean he got a copy of it before the Event read through it I wasn't here uh I Don't know if he rep uh if he the hands On the arm yeah spoke about xrps at all Um he didn't specifically mention Anything about it that's interesting see Yeah the fact that he named two other Things didn't name that one certainly Something for up years to give you some Background back when we first started Looking into all this I didn't even know Who Joseph Luben was folks until this All started breaking I didn't even know Who this clown was I just knew that he Gave me a terrible gut feeling as I Watched these Kind of clips and that's what got me Going looking for more Clips because I Could smell that this guy was no damn Good I could smell it you can see it a Mile away so then remember they were
Tell in court lying in court the SEC was Saying this was Bill henman's personal Opinion so the other thing we did is we Started going and looking for video of Anybody from the commission who would Have known otherwise because we knew it Was wasn't his opinion but we went out And set about trying to prove it this Guy was my favorite guy we were able to Find his name was Robert uh what is it Jackson he is by far the favorite my Favorite find of uncovering eth gate I've had many folks come to me since I Took office at the SEC and say Commissioner Jackson you should adopt a Rule um uh uh regarding icos regarding Crypto and I say to them every time I See them what would that rule look like Today and they describe it and I say Okay in the very best case I can get From start to finish on that Ru in 14 15 Months can you assure me that in 14 Months this will be the right rule can You assure me that in 14 weeks it will Be the right Rule and the answer is No that means that from time to time the SEC does its best work not through the Cumbersome and formal rule making Process but instead by talking to the Marketplace um it's a dirty word in Washington right now but we do this Thing that I as a practicing lawyer when I was at watel Li for some time always Valued very much which was the ability
To get guidance from the staff about What their expectations are and why that That process enables us to talk to the Market hear from solid practitioners who Are developing the most cuttingedge Solutions to um to business problems and Give them feedback about the questions That might arise under the secuity laws As consequence of those choices I think That um so far it is fair to say our Efforts in the um uh in the Cryptocurrency in the Ico space and the Most Cutting Edge challenges we Face Have been by going this wayout a case by Casee careful determination uh through Communications with industry about what We're comfortable with and where we Would have questions and I actually Think think it has so far been one of The finest moments um uh under uh my T My terrific chairman Jake Layon because We have taken a measured balanced Careful approach that reflects what we Do well which is to talk to the market About what's happening um I don't yet Have the sense that the market is in a Position where we could pursue a Cumbersome rule making and be confident That we would be making a rule that Would so this was their their plan he Says it he also says it here nothing in The nature of a cryptocurrency the Nature of the asset itself that gives You pause it's the structure of the
Markets those assets are traded in Rather than features of the asset itself Is well that's exactly right that's very Fair Rob and let me add one more about Crypto in particular the other question We face that is very challenging is is This a security and to what degree is it A security under the Securities laws and I think I'll be honest I think my Colleagues have done a great job about This um the director of our division of Corporation Finance is a man named Bill Hinman who did an ex he he gave us Speech where he laid out here's how we Think about this um and gave a set of Principles that the market can follow in Understanding here's how you know if you Have and remember that was just that was His personal opinion they just flat lied For all that time then this I'll never Forget this is Charles gasparino I dug This up this was from May of 2018 and Everybody had missed it I remember Getting on the phone with John Deon it Was either a Saturday or a Sunday Morning um and I played this for John Deon on speaker phone on my phone and he Literally heard it and he said got Him this was what nobody knew it's Somewhat dispersed what we can tell you Now because I've been spending a lot of Time talking to Major players in the Cryptocurrency in the blockchain Industry is that they are starting to
Come together with a consensus starting To build together in organizational root Where Roots where they can deal with the Growing regulation which is coming from The SEC mainly where they consider Anything that's traded inside a Blockchain to be a currency under their Oversight so what we do know and I've Been like I said been doing a lot of Reporting about this blockchain and Cryptocurrency Industry is looking to Establish a self-regulatory or Organization along the lines of like NASDAQ and the NYC Legacy give it Legitimacy and to give it set of Parameters and best practices and also To deal with The Regulators the top Regulators the SEC um obviously this Comes amid increased scrutiny by the SEC Uh and the SEC launched a massive Crackdown on everything blockchain Crypto oriented there's going to be a Lot of cases coming out of here but Here's what we we understand which is Hisory this self- regulatory agency Could be put through and I think this is The biggest effort yet where they have Major white shoe law firms they've hired Something known as the Brooklyn project Uh they're going to they're going to Published best practices and seek Government regulation at some point as An Sr o as something along the lines of The New York Stock Exchange and NASDAQ
And it's created by two I would say Industry leaders a guy named Joe Luben Andrew keys they they're part of Something known as ethereum and Consensus These are big cryptocurrency Blockchain companies they are working on This through this thing known as the Brooklyn project they have a lot of Sources and friends on Wall Street this To me will be the way that Cryptocurrency and blockchain the Technology gets it gets beyond the Sewage rationale they are going to lead The effort to essentially systematize And rationalize and create a Consumer Protection Organization through BR with Blockchain and cryptocurrency and get And this is the key thing because they Are working from what I understand with The SEC the cftc on this a Self-regulatory organization which will Differentiate between stuff that can be Regulated by as Securities like Bitcoin And other stuff that you have through Blockchain like computer te so Andrew Keys apparently he met with Andrew keys Because later Andrew Keys tried to tried To downplay this on Twitter and Charles Gasperin says no that's what you told me Is that this was SEC and cftc they were Signing off on this that's what you told Me then we got this so so once you know That Joseph Luben was behind the scenes Working with these guys it it really
Then you start to see stuff like this we Were finding all this stuff and we're Very confident uh that we understand how To do that without they were allowing This guy to he literally had a token Foundry the whole purpose of all of this Was to create a Bitcoin and and an Ethereum to to give those a free pass And create a monopoly so that you had Bitcoin and you had ethereum where they Could issue tokens at will money printer Think money printer and have a monopoly Then slam the door on everything else Bodies uh considering those kinds of Token securities so you're of the Opinion that today there's no chance That ethereum can be deemed a security Oh so so with respect to Ether now we Did our we did our legal homework a long Time ago we delayed our token launch for About seven months um ether is was never Considered a cryptocurrency we always Considered it a fuel one of the first Crypto Commodities yeah something like That uh and essentially because people Are donating their resources it uh Started out uh quite C if you if you Haven't realized it by now what you're Hearing is just Complete okay sorry for the Sorry for the bad language it was in a Context in which there were no I nobody Had heard the term Ico it wasn't an Ico Steven nof later said that ethereum was
The first Ico and he designed it he he He came up with the idea for crypto Fuel And calling it a product called it token Launch it uh it was sold uh very Explicitly uh to software developers to People who intended to use the system That's a lie because he had the Disguised whales video where he's Talking to a room full of investors and Telling them if you want to buy a bunch And you want to get a deal you can get Multiple Identities for speculative purposes um We're very confident that it's started Haven't sold any for speculative Purposes think Mike Novogratz ized and people bought it for Those reasons and that it has grown uh Radically decentralized and and he even Said it was like created it was Decentralized when it was created there Was the security and certainly isn't Now so for the audience that are Non-technical people right no and they Remember he just said that they've never Sold it as an Investment to invest into Ethereum how can uh first of all how Does that work I mean when when they you Guys we're going to uh launch in February and now it's been put put forth You know so we so it's not the launch That we have so we are going to start The Ether pre-sale in a couple of weeks
So The Ether pre-sale will be an Opportunity for anyone to purchase ether For ether is the internal currency Inside of the ethereum system sort of Like the xrp and rebel now is there a Big window opportunity for people to get In or is there just like a one day Opportunity it's something we're Thinking of it might be might be 45 days It might be 30 it might be 60 days okay Have sort of an incremental thing so the Earlier you go in the earlier you get In okay so I'm GNA I'm going to save Some of these for for the group I'll go I'm going to go through some more in the Group and some stuff I was never able to Cover or wasn't never did want to cover During eth gating it was like but I'll Show some of that here in a second I'm The digital asset investor I'm not an Investment advisor this is for Entertainment purposes only Please Subscribe hit the like button tell your Friends and family go in dip.com we'll Talk about this eth gate stuff a little [Music] Further [Music]
