ALERT! New SEC Chairman Is Coming For XRP & ALTCOINs!

Shake it up Biden now…shake it up Biden? Ya the SEC has a new chairman… kicking the
acting chairman to the curb soon. Is this new guy, good or bad for crypto & what
does this mean for quarter 1 of 2021!? Coinbase IPO still a go? XRP is it a Security!? Well let’s find out in about 10 minutes,
because it’s time for Chico Crypto! So, who did the Bidster pick to lead his SEC
commission presumably for the next 4 years!? Well it wasn’t one of the acting democratic
commissioners, Alission Lee or Caroline Crenshaw. It was a newboi, Gary Gensler… So who, what, where, and why is Gary Gensler!? Well Gary is actually a former banker for
goldman Socks…then turned financial regulator for the Obama administration.

Serving as chairman of the CFTC, from 2009
to 2014. But he started with ole bill clinton, serving
in smaller financial government positions from 1997 to 2001. So, Gary is back in the driver's seat as a
chairman with Biden who he worked with before. But this time it’s with the SEC. What is Gary’s mission going to be?? Well, we have to go back in Time and see what
Gary has been doing since leaving the CFTC.

Did he turn pro-crypto? Did he get involved with cryptocurrency!? Pro-crypto maybe…but he did get involved
with the industry. January 2018, it was announced by the MIT
Digital currency initiative, that Gary was joining them as a Senior Advisor & even as
a senior lecturer aka professor. That is pretty damn involved… Which we can confirm, some of his courses
are online for free, links for those are in the description if you wan’t his full thoughts
on crypto, 24- hour long sessions.

AKA a full day of gary. Can’t handle that, well luckily you have
chico to break his thoughts down. So obviously by joining MIT and the digital
currency initiative he is pro-bitcoin as they are pro-bitcoin. Most of their initiatives are bitcoin focused,
including bitcoin core development, but they also dabble in zks & cbdcs. Wall St. Journal covered his like for bitcoin
and blockchain technology in 2018, in an article titled “Former CFTC Chair Has Bitcoin on
the Brain” And this is evident from his courses, in an
introductory course: Money, Ledgers & Bitcoin…you can see the enthusiasm in his eyes, pushing
his students and viewers to read Satoshi Nakamoto’s whitepaper…..

So, that is a good sign out the gate. He understands the technology & agrees that
bitcoin is not a security. Bitcoin gets a nod and a green check from
Gary. So what about the others? Ethereum, XRP, the thousands of other ICOs. What are his thoughts beyond just BTC?? Let’s begin with Ether…besides BTC, Ether
is the only other digital currency the CFTC has publicly stated is a commodity. And this view by Gary's former division was
just reinforced in December, when CME, the chicago mercantile exchange confirmed Ether
futures would launch in February of 2021. Aka next month So what’s Gary’s own views? Well he gave a lecture, called Smart contracts
and dapps, which of course included ethereum, but also his thoughts on if he thinks its
a security. Let’s listen in…. So, he does personally think the Ethereum ICO, was
a securities offering back in 2014, but there are ruling’s that it's sufficiently decentralized. Moving out of the securities basket.

And again CME launching futures in a month
confirms that. So ether gets a green check, but with a tisk
tisk from Gare Bear. So now the big questions that need answered
are XRP…as I’m sure their Army have been holding their breath regarding the new chairman. Well sorry to burst your XRP bubble, but it
isn’t the best of news. Let’s hear it… He has strong views that yes it's a security,
but it’s not up to him…it’s up to the courts.

Which as we know, Ripple is in the middle
of right now. Defending that XRP is not a security. And thanks to Leonidas on Twitter for putting
this together, but the lawyers have been set for both the SEC and Ripple, and it’s a
long list of lawyers on the XRP side, as they are obviously going to need it with the SEC
confirmed to be aiming to be moving full steam ahead with the security ruling.

So the court battle will rage on… Which methinks why, Flare…their Plan F,
is moving full steam ahead with their network launch, planned for quarter 2 of this year. Even now integrating with Litecoin and aidropping
to their holders…pushing them away from fully airdrop dependent, on just the possible
security XRP. But regarding Flare, it's one of thousands
of other cryptocurrency and blockchain projects trading in some form, centralized exchange
like binance or coinbase or decentralized through something like uniswap. So what are Gary’s thoughts on those? ICOs, Airdrops, NFTs, IEOs?? The altcoin you may be holding!? Well before we get into just that, it’s
time for a sponsored segment of this video supported by the team at Shopping.io & like
always, if you're watching gare bear, I do it right…the full details of our agreement
are below. What do I like about shopping.io? Simplicity….it’s a gateway to make purchases
from ecommerce sites with cryptocurrency from sites like Walmart, Amazon, Ebay & more….

Easy signup, with tiered plans based on staking
their token SPI, which we will get into in a second. Once signed up, and then into orders, you
can browse for products to buy through the major retailers. Per example searching for an iphone, you can
see the results from each retailer, amazon, ebay, walmart and even aliexpress. Now we aint ordering an iphone, let’s order
some cat food for kitty wayne. Putting in an order is simple, just like any
online checkout & shopping.io has integrated with Coinpayments for payments, who is hands
down the most trusted crypto payments provider in the world to date, serving the needs of
the big dogs. At the coinpayments checkout page, you have
to option to pay in bitcoin, and over 70 other cryptocurrencies A free account with them is nice, you get
spend your crypto easily and you get the bonus of free shipping in the USA, but your limited
to 20 orders per month…Although they too have 2 other plans, for fulfilling mega shopper
needs, the starter and pro plans. And these require their tokens SPI tokens
to be held in an Ethereum wallet. As we can see for the starter plan, 1000 SPI
is required to be held and with the pro plan, 2000 SPI is required to be held in your meta
mask wallet.

And each gives some their one bonus. Starter, 5 percent discount on all items from
amazon, walmart and ebay, free USA shipping, international shipping option and access to
VIP telegram group, and bumps limit of orders to 50 per month. Pro, 10 percent discount, all the other bonuses
as starter, plus it increases the number of orders to 100 per month. And remember, access to these plans you aren’t
spending the SPI tokens, but just holding them with the option to remove at any time. So, you may be asking about the tokenomics
of SPI? Well there was a 1 million hard cap supply
created on Ethereum, and this entire supply was put into a Uniswap liquidity Pool. There was no ICO, presale, or team token allocation. Now you may say, what about rugpulls with
Liquidity from Uniswap, well the shopping.io team has locked up over 83 percent of the
liquidity, uniswap liquidity tokens with Trustswap.

Now you may be asking yourself, what happens
to the trading fees from the liquidity held? Well the entire Uniswap trading fee pool is
distributed every 7 days to stakers of SPI which if we see the trading volume on the
swap, over 2 million 24 hours. Not a bad return for the stakers which this
week its estimated to be 55 thousand dollars going to them…and this staking happens through
their ownstaking platform found at www.spi.club…of course links for everything is down in the
description. So, those who are just holding your crypto
& dont’ want to get back into fiat.

There are options, and shopping.io, provides
free ones, just holding SPI options, and staking options. Now back to Gary Gensler and his thoughts
on ICOs and altcoins. Well sorry to burst the altcoin bubble, it’s
not good. April 2018, out of MITs own technology review
blog, they posted this article. “Former regulator under Obama says more
than 1,000 ICOs are not following the law” In the article it stated Gesler has said “More
than $10 billion has been raised via ICOs, a blockchain-based fund-raising method. But a significant fraction of these are fraudulent,
and many were launched in a way that is not compliant with US securities laws established
in the 1930s. To reach its full potential “blockchain
technology will need to come within the public policy framework and We’re not in very good
shape right now.” Which is confirmed by his words on Bloomberg
in 2018. Let’s listen in. So in Gary’s eye’s if your project Ran
an ICO, and raised funds, you may just be a security. So if you hold an ALTCOIN, that raises funds
within the United States, there may be questions from Gary’s department down the road.

But it's a specific case by case matter. Just raising funds does not directly put you
into the securities basket. It all comes down to decentralization folks. Is your project sufficiently decentralized. You can confirm this from this 2018 bloomberg
article titled “Former CFTC Head Says Big Cryptocurrencies Could Be Classified as Securities” And in it Gensler said this to Bloomberg regarding
classifying tokens as securities. ““There’s a strong case, particularly
for Ripple,” as Ether is more decentralized”. Now for the altcoin hodlrs. It’s time to take a big introspective look
into what you are hodling. Did it run an ICO, did they take investors
where they weren’t supposed to, is there even a freaking product, and is that freaking
product sufficiently decentralized? If more than a few are those are checked,
especially no product.

All I have to say is yikes. But what about those that raised no funds,
like an airdrop!? Well luckily the gare bear has also has talked
on this in 2018 as well, just a clip, but let’s watch now. Wuh oh….Airdrop’s do not get you off the
hook!? What does he mean!? Well it all comes down to once again, decentralization
and product, and token airdrop distribution. Did the runners of the airdrop…enrich themselves? Did they pull of a seriously unfair distribution?? Gary doesn’t like that…as seen from his
thoughts on the reason for XRP being a security and Ripples token distribution..

Unfair distribution, continually enriching
themselves. If the Airdrop did that, it just might be
a security. So those thinking of dropping. Make sure you have a product, its decentralized
& don’t get greedy. But what about those NFTs…non fungible tokens!? Gary has also spoke on these specifically
crypto kitties and those hold a special place in his heart for some reason. Let’s listen in. His thoughts on NFTS are good, as it comes
down to seat license and special ownership… So my friends, changes… They are coming to the crypto industry led
by the SEC. These last words from the Gare the bear on
Bloomberg sum it up…to the extent they can, what extent
they will go is to be seen. Cheers I’ll see you next time!.

You May Also Like