Gary Gensler’s SEC is playing a game, but not the one you think
A refreshingly insightful piece compared to most spin-cycled crypto press releases and tweets.
Gary the Goosehandler enjoys a bit of sleight of mind.
Gensler is a magician, and his crypto crackdown taking place under the guise of investor protection is the misdirection part of the trick.
“Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection,” Gensler said.
It’s not about investor protection. It’s about keeping the public’s and the media’s eyes on the “cryptocurrency as securities” story while Gensler dupes us into forgetting that he met with Bankman-Fried in the months leading up to the FTX catastrophe — yet failed to prevent it.
Goosehandler is not a condom, but a morning-after pill.
It’s been reported, but little investigated, that Gensler met with Bankman-Fried prior to the FTX collapse. In March 2022, the SEC chair had a 45-minute Zoom call — which was characterized as “unusual” — where they discussed, among other things, a new trading platform.
So, fraud and money laundering on a huge scale occurred not just on Gensler’s watch but right under his nose. And right now, he should be under an incredible amount of scrutiny, explaining how he missed the impending implosion of FTX, wire fraud, campaign finance violations and conspiracy to commit money laundering that Bankman-Fried has since been charged with.
When will the Goose meet his handlers? The whole chain of scamsters protect each other - not investors, retail or otherwise.
The Goose has friends in dark places.
You can hear them laughing.