Gary Gensler's Terrible, Horrible, No Good Very Bad Month

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 20 July 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

SEC Chair Gensler is being assailed on all sides from Democrats and Republicans alike -- and not just about his crypto policies! NLW breaks down the news and asks what it means as we move into election season. Today's Episode Sponsored By: In Wolf's Clothing -- The first startup accelerator exclusively for Bitcoin and Lightning startups -- Applications for Cohort 3 open NOW -- https://wolfnyc.com/apply ** Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Thursday, July 20th, and today we are talking about Gary Gensler's
0:23.9	terrible, horrible, no good, very bad month. Before we dive into that, however, if you are enjoying
0:29.4	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:33.4	deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show
0:37.6	notes or go to bit.ly slash breakdown pod. Hello friends, welcome back to the breakdown.
0:43.5	Just briefly before we dive into today's topic, I want to tell you about our sponsor.
0:48.4	Today's episode is sponsored by In Wolf's Clothing. Wolf is the first startup accelerator
0:52.9	that is 100% and I mean 100%
0:55.6	focused on Bitcoin and Lightning companies. If you've listened to Bitcoin Builders at all,
0:59.8	you've heard about some of the really cool companies that have gone through their first cohorts,
1:04.0	and right now they have just opened up applications for their third program, which will take
1:08.4	place in New York City this fall. Companies that participate
1:11.6	will get access to mentorship, a guaranteed $250,000, and the chance to raise more money as well.
1:18.0	If you have a Bitcoin startup and you're interested in that, go to wolf-Nyc.com to learn more about
1:23.3	the program. Thanks again to Wolf for sponsoring the breakdown. Now, it has been a bit of a rough
1:29.5	stretch for everyone's favorite SEC chair, Gary Gensler. It started in many ways with the self-inflicted
1:36.0	wound of having Prometheum testifying before Congress on June 13th. Nominally, the point of that was to
1:42.6	show off how a firm could be registered with the SEC,
1:46.2	thus nullifying all the complaints of the crypto industry. However, when push came to shove,
1:51.3	it seemed pretty clear that all was not what it seemed. First of all, Prometheum admitted that they
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