SEC Commissioners Are Fed Up with Gensler and SEC Policies

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 8 March 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hester Peirce and Mark Uyeda have written their most scathing and snarky dissent ever, lambasting the SEC for its intentionally obfuscating policies. Today's Show Brought To You By Kraken - Go to https://kraken.com/thebreakdown and see what crypto can be Ledger - 5% to Bitcoin Developers When You Buy https://shop.ledger.com/pages/bitcoin-hardware-wallet Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to 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.
0:08.3	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, March 7, and today we are not talking about Bitcoin's price.
0:24.4	Before we don't get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:28.7	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:32.1	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly.
0:35.9	All right, friends, well, like I said, we are rotating around 67,000. Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:43.8	All right, friends. Well, like I said, we are rotating around $67,000 Bitcoin today, which I got to say ain't the worst place to be range bound, but the lack of volatility in action means we get
0:49.0	a breather to talk about non-price stuff. And that non-price stuff that we're going to talk about
0:53.9	comes in the form
0:54.8	of a scathing dissent from SEC Commissioner Hester Perce and Mark Ueda after the SEC's latest
1:00.7	enforcement policy action. Commissioner's Personueta have called the settlement with Shapeshift as,
1:05.6	quote, the latest installment in the serial drama of the commission's poorly conceived
1:10.1	crypto policy.
1:11.9	So what's going on? Well, on Tuesday, the SEC announced their settlement with crypto-swapping
1:15.7	platform, ShapeShift. Shapeshift has paid a $275 million fine and agreed to stop offering services
1:21.2	in the U.S. via their company. The major problem was that Shapeshift had already ceased operations
1:25.4	as a company way back in 2021. That year, Shapeshift decentralized its service, no longer acting as a direct counterparty in swaps.
1:32.3	They also decentralized governance to a Dow.
1:34.3	In the settlement, the SEC took no issue with anything that has happened since the Dow had been formed.
1:39.3	The key allegation was that Shapeshift had operated as an unregistered securities dealer, but, as you might expect,
1:44.3	the SEC failed to name a single crypto token on the platform that they consider to be a security.
	...

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