Correspondents
Reps. Ritchie Torres and Maxine Waters Correspond with Guilty Parties
U.S. Congressman Ritchie Torres — who reps the Boogie Down — put into a letter the type of words about SEC Chair Gary Gensler that I’ve been waiting for a representative from our government to share.
Below is the letter Rep. Torres published on Tuesday.
My favorite excerpt from the letter is as follows:
“Chair Gary Gensler, by the logic of his own public pronouncements, is singularly responsible for the regulatory failures surrounding the collapse of FTX and its affiliate FTX US. Chair Gensler has said on countless occasions that there is no need for authorizing legislation from Congress: the SEC presently possess the authority it needs to regulate crypto exchanges.”
How validating it feels to have someone from the US government that I respect say the type of things I — and many others — have been saying about Gensler for the better part of two years.
Gensler has failed US investors time and time again.
It’s time for him to go… especially if the following is true.
I also shared my thoughts how Gensler has regulated in an unjust manner in an article that was published in The Street this week.
Below is an excerpt of my commentary featured in the piece:
Frank Corva, senior analyst for digital assets at Finder, said Nexo's actions were hardly surprising as Securities and Exchange Commission and its Chair Gary Gensler "have developed a reputation for 'ruling by enforcement' and not by providing a proper framework for crypto startups to work within."
"In other words, the SEC hasn’t provided proper guidance to crypto startups on what sorts of financial products are allowed and not allowed, and certain crypto companies have found themselves guilty of violating rules that weren’t entirely clear in the first place," he said.
Gensler has also stated that the SEC’s door is open if startups have questions, Corva added, "but few founders who’ve gone to the SEC with questions have received answers that they’ve found suitable.”
Enough about Goldman Gary, though. Let’s move on to Auntie Maxine.
U.S. Congresswoman and House Financial Services Chair Maxine Waters hasn’t written a formal letter — or subpoena — to Sam Bankman-Fried (SBF), the former second largest donor to the Democrats, just yet, but the two have corresponded via Twitter.
Rep. Waters wasn’t satisfied with SBF’s response, though.
We’ll have to wait and see if Rep. Waters creates any real pressure for SBF to show up and testify.
One thing is for sure, though… It looks like the days of her blowing SBF kisses are likely long gone.
Also about SBF…
Was he behind the TerraLUNA ecosystem collapse in May? I shared what I know so far in the video below.
Better Things
Ledger collaborated with the builder of the iPod — Tony Fadell — to create its newest crypto hardware wallet, the Ledger Stax.
I wrote one of the first reviews of the device ON THE INTERNET at the following link: “Ledger Stax review 2022” (Finder)
Link in the tweet below, as well.
If you’re not using a hardware wallet to store the private keys to your digital assets, please start doing so.
That being said, you don’t need to start with something as expensive as the Ledger Stax.
The Ledger Nano S Plus is also a great device — and it’s much cheaper.
Gemini Earn Redemption Update(s)
Gemini has created a web page to keep Earn users up to date about what’s happening regarding customer redemptions.
Here’s the link to the page: “Gemini Earn Updates”
It seems like the platform is making some sort of a legitimate effort to return the $900 million worth of digital assets that it owes its customers.
Much of what happens from here with Gemini depends on what happens with Genesis, though.
Why Bitcoin?
“Iran set to freeze bank accounts of women who refuse to wear a hijab” (CoinTelegraph)
That’s why.
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And now it’s time for Frank to go.
Hope everyone is happy and healthy out there. I’m finally and thankfully breaking free of the grasp that COVID had on me.
Best,
Frank
Twitter: @frankcorva
Currently reading: The Law, by Frédéric Bastiat
