The SEC Becomes FRIENDLY to CRYPTOCURRENCY!


Crypto investors celebrate shake up at
the SEC. Hey guys, thanks for watching G4B TV. To stay up to date with the latest on
cryptocurrency, don’t forget to hit the Subscribe button and follow me on
Twitter at G4B_TV. Okay, so this could be just a shake-up that
cryptocurrency investors were waiting for, from the SEC in regards to the whole
ETF story. That’s because Trump’s newest
appointment to the SEC appears to lean on the positive side of regulating
cryptocurrency. The Trump Administration’s fourth appointment for
Commissioner at the SEC is a Elad Roisman, who is a Republican from Maine. So for a
peek into how a Elad might vote in regards to a Bitcoin ETF, we go back to
his comments from a hearing before the Senate Banking Committee in July. In
which, he said, and this is paraphrased a bit but, “The SEC must examine and
re-examine its rules, regulations and guidelines to ensure that they are still
working as intended to accomplish the SE C’s mission. This is most recently
manifested in areas such as Initial Coin Offerings and blockchain. It is essential
that the SEC approach these new challenges in a fair and transparent
manner, provide clarity and certainty to the markets and investors, and enforce
the laws and regulations that hold market participants accountable.” In
addition, from my research, I found that Roisman had also formerly served as
counsel to Daniel Gallagher, a former SEC Commissioner who fortuitously is known
as an advocate for FinTech innovation. In fact, back in 2016, he split off from the
SEC and has since joined as a member to the board of a blockchain company called
symbiont. So clearly, Gallagher can be seen as a past mentor to Roisman, who
likely has influenced his way of thinking on such matters. So with the new
addition, the Securities and Exchange Commission is for the time being,
complete. With all five spots accounted for, however, as I mentioned
in my video regarding Hester Peirce, Democratic Commissioner Kara Stein, is
the last Obama-Era appointee and is serving past her expired term. Meaning, that she’ll ultimately face eviction come January.
This meaning the official line-up being, Independent Chairman, Jay Clayton, who sits
atop the Commission. With the three Commissioners being Democrat Robert
Jackson jr. and Republicans Hester M. Peirce and “newbie” Elad Roisman
rounding us off. And so, moving forward, the Commission will be made up of
effectively three Republicans who’ve made positive statements regarding
cryptocurrency regulation in the past, and one Democratic Commissioner who’s
consistently opposed the approval of cryptocurrency related products but
whose value won’t be enough to impact the final decision. As well as another
vacant spot open for the Trump Administration to fill.
However, the ill-prepared Trump Administration is nearly two years into
office and is still yet to fill and retain many key governmental positions.
With the SEC Commission just being the latest clear example. Now the “Rumor Mill” has produced talks that Trump may appoint Democrat Allison Lee as Stein’s
replacement. But as of this recording, no official announcements have been made. Of
course, Trump can always forego the final nomination and so granted additional
delays through December on the rulings over pending ETF applications, the
ultimate decisions will foreseeably be made by an overwhelmingly Republican
Commission. And so this changes the entire equation and dynamic of the
Commission. As stronger ETF applications continue to come down the pipeline,
Republicans now have control over the SEC and so can avoid gridlocked decisions
by simply voting alongside party lines. This removes a lot of the politics
involved with narrow decisions in the past that head honcho Jay Clayton was
perhaps, confronted with while voting down past ETF applications such as the
“Winklevi” one. In the past he’s made positive public statements regarding
cryptocurrencies. For example, he reiterated that, “We at the SEC are
committed to promoting capital formation.” And going on to say that, “the technology on which cryptocurrencies and ICOs are based may prove to be
disruptive, transformative, and efficiency enhancing. I am confident that
developments in fintech will help facilitate capital formation, and provide
promising investment opportunities for institutional and Main Street investors
alike. I encourage Main Street investors to be
open to these opportunities but to ask good questions, demand clear answers, and
apply good common sense when doing so.” His deregulatory style also made
headlines recently as he announced that he would like to open doors for smaller
retail investors to be able to invest in private companies. An action that
currently is restricted to accredited investors only. He’s also been mulling
over the idea of scaling back quarterly reporting requirements for public
companies to reduce harmful pressure from Wall Street placed on companies to
meet short-term analyst earnings expectations. Of course, back to the ETF
issue, I should mention that the SEC has delegated initial ETF decisions as a
task for the lower Division of Trading and Markets. But naturally, they’re
influenced by leaders at the top, and any rejection can be appealed, and any
appeal is taken up and reviewed by the Commission. Of course, in reality the
cryptocurrency market doesn’t necessarily need to rely on the approval
for a Bitcoin ETF. That was proven last year during the large speculative run-up.
But it may be the long-awaited spark strong enough to reignite investor
optimism and lift the cryptocurrency market out of its funk by putting an end
to the current destructive bear market. Naturally, I invite your thoughts in the
comment section below, and if you enjoyed this video enough to watch to the end,
don’t forget to hit the SUBSCRIBE button to help support this channel. And with
that, I’ll see you next time.

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