A highlight from JPMORGAN CHASE BLOCKS CRYPTO IN UK! SEC GARY GENSLER DELAYS BITCOIN SPOT ETF & HEARING!
Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, tomorrow's scumbag regulator, Gary Gensler, will be testifying before the House Financial Services Committee at 10 a .m. Eastern. So I definitely will be watching that. I'm hoping that he gets grilled, that he comes down on this clown because he has not been abiding by the law. He has made the SEC political. And there's many different topics that I hope the members of the financial committee go after him on. First, of course, the loss to Ripple in the XRP lawsuit, right where XRP was declared intrinsically not a security. So that is a total contrast to what Gary has been saying, that the rules are clear in 1933 -34 how we test for stocks and bonds. But it's like you buffoon digital assets exist on decentralized blockchains distributed globally. This is not a U .S. market. This thing is global and it's decentralized. So we need updated rules for this. And I'm not saying that every crypto asset is not a security. There are some that are. But how do we differentiate? That's the need for the updated rules. So the other aspect is Gary and the SEC took a big loss in the grayscale lawsuit. And the three judges went against the SEC and they said the denial of the grayscale Bitcoin's bond ETF was arbitrary and capricious. Gary's taking big losses in court here. Right. And obviously, Gary, going after the Coinbase folks is really bad, given that they greenlighted Coinbase to go public. The other aspect is Promethean, because since Gary was before this committee, a lot of stuff came out of a Promethean that they had they got the license, but they weren't even selling crypto and that this guy is clearly a plant by Gary Gensler and Elizabeth Warren. So I'm hoping they bring the heat on this buffoon and expose him. Last time they did a great job, but they got to keep the pressure on and expose him. Now, ahead of the hearing, Gary released his testimony. But it's the same old bullshit. Right. There's nothing new here. I don't even want to read anything. He just brings up the securities laws of 1933 and so on and so forth. Now, what also happened was a bunch of letters were sent to Gary Gensler and some other folks as well. So the first is a bipartisan letter was sent to Gary Gensler by GOP members and Democrats. So this is really great that it's bipartisan and they're urging the SEC to approve a Bitcoin spot ETF. The GOP members included Tom Emmer and Representative Mike Flood. The Democrats included Ritchie Torres and Representative Wiley Nickel. So this is really good. You know, they highlighted the grayscale lawsuit and how the court of appeals sided with grayscale. So I'm hoping that these folks bring the heat on Gary tomorrow. In addition, there was a letter sent to Gary Gensler and FINRA from Congressman Blaine stating his concern over the SEC's insufficient scrutiny of registered broker dealers with ties to the Chinese Communist Party, such as Prometheum, Webull and Moomoo app. Honestly, never heard of Moomoo app, but certainly Prometheum. We know, guys, that is a shady business and we will see what happens tomorrow. So they got to bring the heat and they got to keep putting the pressure. We have to use social media to our advantage. Folks, I want you all to be tweeting, sending emails to your representatives, making phone calls. We got to use the hashtag fire Gary Gensler. That stuff matters because I've said many times, optics play a big part in politics. I know we're not there in the capital, you know, forcing these folks to sign the bill or to fire Gary Gensler, but we can make our voices heard and we can amplify the facts and the truth and expose Gary Gensler for the corrupt scumbag that he is. And here, folks, the SEC has delayed the ARK Invest slash 21 shares Bitcoin spot ETF filing. They also delayed the global ex ETF application, which was due October 7th. So, you know, James Seyford is essentially saying, you know, will this mean that BlackRock, Bitwise, VanEck, all these folks are going to be delayed, too? You know, it wouldn't surprise me, Gary, I don't know what he's up to, but I hope the members call tomorrow him out on this. What are you doing? The courts clearly are saying you're not doing the right thing and they're siding with the crypto industry. So we once again, guys, are dealing with a corrupt scumbag regulator. He's a puppet on strings doing the bidding of his tradfi buddies and trying to slow this industry down, trying to kill crypto startups. So let's see what happens tomorrow. Now, speaking of Gary Gensler's tradfi puppet masters, Chase UK, yes, JP Morgan, Chase in the UK to block crypto payments, citing fraud and scams. Unbelievable, unbelievable, folks. And I'm going to give you the context of this. But let me give you the details of what they're trying to block. Banking giant Chase is banning crypto linked payments via debit card or by outgoing bank transfer for UK clients starting October 16th, according to an email to customers. If we think you're making a payment related to crypto assets will decline it, the email said, adding that the customers are free to use a different bank or provider to invest in crypto. However, finding a crypto friendly bank in the country may not be the easiest thing as UK credit institutions have a history of blocking or limited limiting customer access to crypto. The local financial watchdog, the Financial Conduct Authority, recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry. The fact that JP Morgan Chase is doing this is despicable. Why? Just today, just today, folks, JP Morgan agrees to pay seventy five million dollars settlement over ties to who? Jeffrey Epstein. Do I even need to say anything else about that name? Right, folks? These banks themselves are participating in a whole bunch of criminal scumbag activity, right? We've seen over the years. How many fines has JP Morgan gotten here? Kyle Schnapps, he highlighted this. He said JP Morgan Chase has paid nearly 40 billion dollars in fines for financial fraud and predatory practices since 2000.