BitBoy Crypto discusses the recent Senate Committee hearing where Gary Gensler, Chairman of the SEC, was questioned regarding Ethereum and the SEC’s regulatory style. Gensler refused to answer if he believed ETH was a security and was criticized for his lack of nuance and flexibility. Warren Davidson introduced a bill to remove Gensler and restructure the entire SEC. BitBoy Crypto also highlights the divide between Republicans and Democrats on the issue of crypto and encourages voters to support pro-crypto candidates regardless of party affiliation. The video also includes updates on BitBoy’s activities during a cruise in the Bahamas.
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The Biggest Crypto Failures in History
In recent years, crypto has become a major talking point in the business world. However, with any new technology, there are bound to be failures. Here are two of the biggest:
FTX: The $9 Billion Failure
According to reports, FTX is one of the biggest crypto failures in history. But what caused it? The SEC chairman at the time, Gary Gensler, met with FTX twice before their collapse.
Terra LUNA
This is the second biggest crypto failure in history, and Gary Gensler was also the chairman of the SEC when it collapsed. It is said that Gensler’s regulatory style lacked flexibility and nuance, which contributed to the failure.
Is Gary Gensler Out of a Job?
Recently, the Senate Committee led by Patrick McHenry and Tom Emmer, grilled Gary Gensler on his regulatory style. Warren Davidson went one step further and introduced a bill to remove Gensler and restructure the SEC.
The SEC’s Jig is Up
BitBoy Crypto, Ben, talks about how many employees at the SEC disagree with Gensler’s approach to crypto. What’s more, crypto is becoming a Republican versus Democrat issue.
Conclusion
As the crypto world continues to grow and evolve, it is likely that there will be more failures along the way. However, as long as we can learn from them, we can continue to move forward and build a stronger crypto world.
