🚨 Gary Gensler Made a HUGE MISTAKE Coinbase Lawsuit

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In the SEC’s lawsuit against Coinbase, they have overlooked some CRITICAL pieces of evidence that could potentially bring the SEC’s case to the ground! Here’s what you need to know. Hinman Documents i...

In the SEC’s lawsuit against Coinbase, they have overlooked some CRITICAL pieces of evidence that could potentially bring the SEC’s case to the ground! Here’s what you need to know. Hinman Documents indicate that the former SEC director claim that Ethereum is NOT a security. Gary Gensler can have personal agenda as he was previously declined a role as an advisor for Binance Exchange. ●▬▬▬▬▬▬▬▬▬▬▬Chapters▬▬▬▬▬▬▬▬▬▬▬● 0:00 SEC Has No Power to Regulate Crypto Exchanges 2:17 SEC Civil War 3:14 Gensler’s MISTAKE #2 5:04 Gensler Ignores Congress Draft Bill 6:55 Hinman Documents (Secret Weapon vs SEC) 8:29 Conclusion 🌼 GET $30,000 in rewards on Bybit: https://partner.bybit.com/b/boxyt ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📲Binance Exchange: http://boxmining.co/binance 📖 Guides, tutorials and insights: https://boxmining.com/ 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Group: https://t.me/BoxminingFam ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬DISCLAIMER▬▬▬▬▬▬▬▬● Boxmining, including its employees, are not affiliated with and do not endorse or sponsor any token sales, initial coin offerings, initial exchange offerings and/or airdrops (the “token sales”) unless clearly disclosed. The contents of these videos are for information purposes only. Boxmining and its employees do not provide investment advice and do not take one’s personal circumstances into consideration when providing information about token sales and cryptocurrency exchanges or platforms. In light of the above, Boxmining and its employees may hold the cryptocurrencies mentioned in the videos. Please note that there are legal requirements in various countries that may restrict token sales, and furthermore, the access to, and products and services provided by any of the cryptocurrency exchanges or platforms mentioned in these videos. Consequently, the contents of this video are not directed at or intended to be accessible by persons in any jurisdiction where the extension of the availability of the materials to which you are seeking access would breach any applicable law or regulation. Decisions to participate in token sales or to buy, sell or hold cryptocurrencies, as well as the access to and use of any cryptocurrency exchange or platform involves risk. You are also responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to any such token sale, or the access to and use of any cryptocurrency exchange or platform. You must use your own judgment or consult a professional for advice on such matters.

AI Analysis

The SEC is really going all out, first suing Binance and now Coinbase, but it seems like their case has some serious cracks, mainly thanks to SEC Chairman Gary Gensler's past statements and inconsistent actions. The core issue revolves around whether the SEC even has the authority to regulate crypto exchanges and if specific crypto assets are truly securities or commodities, something the SEC seems to be intentionally muddling. This whole situation feels like a desperate play by Gensler to force a win, despite a lack of clear legal definitions and internal disagreement within the SEC itself.

Here's why the SEC's case against Coinbase (and broadly, its approach to crypto) seems to be on shaky ground:

Gensler's Own Contradictory Testimony: Back in 2021, Gary Gensler, as the newly appointed SEC Chairman, explicitly told Congress that the SEC did not* have the authority to regulate crypto exchanges. He stated that only Congress could provide such a framework. This is a massive problem for the SEC's current lawsuits, as they are now attempting to do precisely what Gensler said they couldn't. This prior testimony is a huge piece of evidence that Coinbase's legal team will surely use to argue against the SEC's jurisdiction.
* Internal Disagreement within the SEC: It appears Gensler is fighting this battle pretty much alone. There's a consensus within the SEC that they lack the legal authority to regulate crypto exchanges, and many staff members disagree with Gensler's aggressive stance. This internal "civil war" means that communications like emails, meeting notes, and memos within the SEC leading up to Gensler's 2021 testimony will be crucial. Imagine the internal conversations where staff members questioned Gensler claiming an authority they previously said they didn't have – it's an embarrassing contradiction that Coinbase can expose.
* Lack of Clear Definitions for Crypto Assets: The biggest challenge for the SEC is its claim that "all crypto assets are securities." However, there's no official, legally defined list or framework that differentiates between a crypto security and a crypto commodity.
* Securities are typically investment contracts that derive value from an underlying asset, like stocks, futures, or derivatives, and are mainly for trading.
* Commodities are assets that have intrinsic utility. Many major crypto tokens are argued to be more like commodities because they have direct uses, such as paying transaction fees or for staking. Staking, where users lock up tokens to secure a blockchain network, is seen as a utility that reinforces the network's security and decentralization.
* Gensler's Evasiveness on Crypto Definitions: Gensler has repeatedly failed to provide clear legal guidance on what constitutes a security versus a commodity in the crypto space. When directly asked by Congress if Ethereum is a commodity or a security, he dodged the question, giving a roundabout answer. Similarly, he made a baffling comment about not needing more digital currency because the US dollar, Euro, and Yen are "on digital right now." This lack of a straightforward stance makes it incredibly difficult for the SEC to build a coherent legal argument in court. How can you provide evidence that crypto assets are securities if you can't even define what makes them one?
The Power of the Hinman Documents: These documents, written by a former SEC Director named William Hinman, explicitly state that Ethereum is not* a security. This is a critical "secret weapon" that has been used by companies like Ripple and Binance, and it will undoubtedly be a major asset for Coinbase. The fact that Gensler seems to be trying hard to hide these documents and has delayed their release (now set for June 13) is incredibly suspicious and suggests he knows they undermine his case.
* Gensler's Perceived Motivation: Buying Time and Forcing Classification: It feels like Gary Gensler isn't trying to prove that crypto assets are securities with solid evidence. Instead, he seems to be "buying time" and suing these major crypto exchanges in the hope of winning cases that would, by default, force these crypto assets to be classified as securities. This is seen as a "low blow" and a "desperate attempt" to secure a win, especially given that the SEC is reportedly losing its case against Ripple. The presenter suggests it would be much more logical for Gensler to wait for Congress to draft a bill that clearly defines what constitutes a crypto security or commodity before launching these massive lawsuits. He's just "wasting time" and grabbing attention, driven by a desire for a win.
* Congress is Already Working on It: Republican lawmakers have already begun drafting a bill with the CFTC and SEC to establish definitions for crypto assets as either securities or commodities. This highlights that the proper path for regulation lies with legislative action from Congress, not through aggressive, undefined enforcement actions by the SEC.

In summary, the SEC's case against Coinbase, largely driven by Gary Gensler, seems fundamentally flawed. Between Gensler's past contradictory testimony, significant internal dissent within the SEC, a complete lack of clear legal definitions for crypto assets (which Gensler himself can't articulate), and the damning Hinman documents, the SEC faces an uphill battle. It appears Gensler is acting as a "one-man army tyrant," pushing lawsuits without a solid legal framework, possibly out of desperation to force a classification rather than waiting for proper legislative guidance.

Transcript

The SEC has gone absolutely mental. After suing Binance, they're now going after Coinbase. However, the SEC's case has a fatal flaw that would definitely cause them to lose. And it's entirely of Gary Gensler's own making. Let us tell you why in this video. Let's rewind back to 2021, when Gary Gensler was first appointed as the chairman of the SEC. During that time, he testified to Congress, saying that the SEC does not have authority to regulate any crypto exchanges. Here's a clip of him saying...

The SEC has gone absolutely mental. After suing Binance, they're now going after Coinbase. However, the SEC's case has a fatal flaw that would definitely cause them to lose. And it's entirely of Gary Gensler's own making. Let us tell you why in this video. Let's rewind back to 2021, when Gary Gensler was first appointed as the chairman of the SEC. During that time, he testified to Congress, saying that the SEC does not have authority to regulate any crypto exchanges. Here's a clip of him saying that in an interview with CNBC. I do think that working with Congress, and I think it's only Congress that could really address it, it'd be good to consider, if you would ask my thoughts, to consider whether to bring greater investor protection to the crypto exchanges. And I think if that were the case, because right now the exchanges trading in these crypto assets do not have a regulatory framework, either at the SEC or our sister agency, the Commodity Futures Trading Commission. The problem for the SEC is that Gensler's testimony was entirely correct and agreed by Congress. Which agency may be given authority to regulate crypto exchanges is a major question that can only be answered by Congress and not the SEC. The SEC alone cannot exercise its legal authority into existence without the approval by Congress. To put it simply, there is a consensus within the SEC that they lack legal authority from Congress to regulate crypto exchanges. From what we're seeing, Gensler is fighting this war alone because there are members within the SEC that do not agree with what he's doing. Before we explain even further, this video is brought to you by Bybit. Bybit is a top cryptocurrency exchange with the most volume in derivatives trading, which is pretty insane if you want to get in on that crypto action. If you want to join the Bybit exchange, sign up with our link down below and you'll automatically get 20 USDT in your derivatives account. But it's only for the first 100 people. So what are you waiting for? Now that the SEC is doing Coinbase, the Coinbase legal team will definitely zero in on the communication within the SEC leading up to Gensler's testimony in 2021. So there'll be emails, meeting notes, memos, text messages within the SEC staff. Just imagine what these SEC staff have been saying about Gensler. What is he talking about? We're suddenly claiming this authority that we told the Congress and the American people that we do not have in the first place? The SEC's legal team will have the impossible task of explaining away their own chairman's testimony to Congress and all the documents and discussions that proceeded internally within the SEC. Honestly, this is very embarrassing for the SEC. There is a lot of confusion and contradiction within the SEC. If they can't even handle that internally, how can they handle the case with Coinbase? All right, let's take a step back. Now, it is true that Gary Gensler's testimony is enough to bring the SEC's case to the ground. But if that's not enough, there's another critical mistake that they have made. You see, the core issue right now is that the SEC is classifying all crypto assets as securities. All right, so let's rewind back a little bit. In short, securities are basically assets that have a security contract. So anything that has to do with derivatives, futures, or anything that derives value from a certain asset, that is classified as a security. It has no utility whatsoever. It's only used for trading. So stocks are a very common example of securities, whereas commodities are assets that have utility. So now you see where the problem is, right? So a lot of the big tokens that we have are more in line with commodities because they have utilities. Paying transaction fees using that token is actually part of that utility. Staking is also a utility. Because by staking, you are essentially reinforcing the security of the blockchain network, right? More staking means more users on the network, more decentralized, and more for the validators to work off of. But even then, there is still no official list of what defines which crypto assets are either a security or a commodity. Not until last weekend, when Republican lawmakers have finally begun to draft a bill with the CFTC and SEC over what determines which crypto assets are securities or commodities. But what we're seeing right now is that Gary Gensler has gone rogue. He's gone mental. He's jumped the gun and he's just targeting these crypto exchanges under the pretense that these crypto assets are securities. And the biggest blunder of them all is that Gary Gensler himself has failed to provide adequate legal guidance on what differentiates a security from a commodity. He cannot even give a straight answer. Is Ethereum a security or a commodity? Remember that clip? How would you categorize these or them? I think that the general sweep of what Congress did, not just in the 30s, but as amended in years... I'm asking you, sitting in your chair now to make an assessment under the laws as exist, is Ether a commodity or a security? Okay. I'm asking you a specific question, Chair Gensler. I said this in private. This should be no shock to you I'm asking this question. You've taken 50 enforcement actions. We're finding out as we go, as you file suit, as people get Wells notices on what is the security in your view. I'm asking you a very simple question about the second largest digital asset. What is your view? And my view is if there's a group of individuals in the middle that the public is... All right. And just yesterday, in an interview with Bloomberg TV, he didn't even give a straightforward answer to what a digital currency is. Check out this one. We don't need more digital currency. We already have digital currency. It's called the US dollar. It's called the euro. It's called the yen. They're on digital right now. I mean, come on. If you don't have a legal framework to work off of, how are you going to provide evidence to the court that these crypto assets are indeed securities? Right? What's even worse is the Hinman documents. So the Hinman documents is basically written by a former director in the SEC claiming that Ethereum is not a security. Right? So this is the biggest weapon that Ripple has been using and for sure for Binance as well and very likely, also another weapon for Coinbase. And the fact that Gary Gensler is trying his hardest to hide the evidence that there is a Hinman documents is just very suspicious. So we'll have to wait for the Hinman documents to be made available as well. It's supposed to be released yesterday, but the deadline has been extended to June 13. To be honest, what I think Gary Gensler is playing at right now is that he is buying time. All right? Instead of proving that crypto assets are securities, he is just going after these crypto exchanges in hopes of winning that case. And by winning that case, inadvertently, these crypto assets would be forced to be classified as security. This is honestly such a low blow for Gary Gensler. Why don't you just wait out for a bill that states out the definitions of which crypto assets are securities and commodities, then you can make your stupid lawsuits. Right? He's just wasting time right now. He's just getting all of the attention around the world. Because he is losing his case right now with Ripple, right now, it's just a desperate attempt to get a win. That's why he's suing Binance. That's why he's suing Coinbase. God knows who is he gonna sue tomorrow. All right? So in conclusion, there are two critical mistakes that the SEC have made. Firstly, the testimony that Gensler made in 2021, saying that the SEC has no authority to regulate any crypto exchanges, will definitely backfire and give the SEC legal team a very hard time and build a case. And secondly, there is no legal framework of what defines which crypto assets are security or commodity. We're just seeing Gary Gensler being a one-man army tyrant right now, going after these exchanges with no solid concrete evidence to support his argument. If you've made it this far into the video, we want to thank you so much for watching. It would mean a lot for us if you'd like, comment, and subscribe to the channel so we can continue creating awesome content for you guys. My name is Airdrop Ron. I'm Naan. Bye!