🥛Gensler vs. Congress: 6 things to know⚔️

PLUS: Air Force 1s come to the blockchain 👟                                                                                                                                                                                                                                                                                                                                                                                                                 April 19, 2023 | [Read Online]( GM. This is Milk Road. We’re like a big city cocktail that costs under $15 - refreshing, affordable, & extremely rare. Here’s what we’re serving up today: - Congress grills Gensler ⚔️ - Web3 Job Openings 📝 - Nike’s First “Dot Swoosh” Release 🍪 Prices as of 9:30 AM ET. Today's edition is brought to you by [Hoxul](, a first of its kind integration of blockchain and luxury real estate. CONGRESS VS. GARY G. ⚔️ We had ourselves an ultimate showdown yesterday, ladies and gents. It was Gary Gensler (SEC Chair, crypto public enemy No. 1, etc.) vs. Congress. The reason for the brawl? How the SEC regulates the crypto industry. The whole thing lasted ~3 hours, and since ain’t nobody got time for that (except us!) we rounded up the highlights for you. Here ya go: 1/ Gensler couldn’t (wouldn’t?) answer if ETH was a security Listen, dodging questions has a time & a place. I’m an expert myself when my mom calls to ask if I’m flossing regularly. But Gary took it to the next level. Senators asked him at least a half dozen times if ETH was a security, and Gary just pulled a: He said things like “it depends on the facts and the law” and “Mr. Chair, you would not want me to prejudge…” (Reminder that Gensler said in February that all tokens [except Bitcoin are securities.]() So why does this matter? Because Gensler said over and over Tuesday that the space has all the clarity it needs to comply. But he couldn’t give a clear answer on how ETH should be regulated. [tw profile: sassal.eth 🦇🔊] sassal.eth 🦇🔊 @sassal0x [tw] Gary Gensler getting grilled on whether he thinks ETH is a security or commodity Enjoy Apr 18, 2023 17.6K Likes 4.47K Retweets 1.44K Replies 2/ He thinks crypto laws are clear. Everyone else says otherwise. Gensler thinks existing TradFi rules can work in regulating crypto. So in his mind, the rules are clear - crypto is just choosing to be non-compliant. But: - The existing laws don’t mesh perfectly with crypto platforms. He’s even acknowledged that, as lawmakers pointed out in an open [letter](. - He still urges the industry to register with the SEC. Even though he hasn’t specifically explained to crypto firms how to comply. That’s why some are worried the U.S. could fall behind in crypto innovation. Crypto companies [could]( leave since it’s all so confusing. Gary referenced that in the hearing: "We're trying to drive it to compliance, and if they're not complying with the laws, then they should not be offering their products to U.S. investors.” 3/ He’s all for a new regulatory framework for stablecoins though One senator asked if he’d support Congress in drafting that up. He said yes… only if the SEC/CFTC could still crack down on fraud. 4/ One congressman is trying to oust Gary from the SEC Rep. Warren Davidson intro-ed a bill last week that would remove Gary as SEC chairman. Homeboy’s not playin’ around… And he brought it up at the hearing, too: “Chairman Gensler, your record of failures to protect investors and abuses of power make it clear that we need to restructure” the SEC, Davidson said. [tw profile: Warren Davidson 🇺🇸] Warren Davidson 🇺🇸 @WarrenDavidson [tw] Replying to @WarrenDavidson Statement: “To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board, where all authority resides. Former Chairs of the SEC will… twitter.com/i/web/status/1… Apr 18, 2023 2.52K Likes 357 Retweets 104 Replies 5/ Gensler said he doesn’t own any crypto, including Bitcoin Neither does his staff - SEC ethics rules prohibit it. Crypto Twitter pointed out that that’s kinda like being a lifeguard without knowing how to swim though. Especially because he taught a Blockchain and Money course at MIT before joining the SEC. [tw profile: Justin Slaughter] Justin Slaughter @JBSDC [tw] Replying to @JBSDC Much of Chair Gensler's pitch to other policymakers is that he understands crypto because he taught a course on it. But how was he competent to teach a course about something he's never actually touched? Apr 18, 2023 355 Likes 10 Retweets 21 Replies 6/ Gensler said it’s AI that’s the most transformative tech of our time, not crypto Did an AI bot force him to say that? Blink if you can hear us, Gary. The Milk Road Take: The hearing did not make our boy Gary look good. Keep in mind, these things are always gonna be total political theater. But critics think the SEC is regulating crypto by enforcement. He didn’t do much to reassure them otherwise Tuesday. Gary, you might want to stay off Twitter for a while… [tw profile: The Wolf Of All Streets] The Wolf Of All Streets @scottmelker [tw] Someone needs to send Gary Gensler a Get Wells Soon Notice after today. Apr 18, 2023 1.09K Likes 94 Retweets 118 Replies [tw profile: Ryan Selkis 🪳] Ryan Selkis 🪳 @twobitidiot [tw] The "come in & register" line is so tired @GaryGensler. No one believes you anymore. The SEC has *never* issued comprehensive guidance about *how* to register. Only one firm who has gone in is still operating in the US in a meaningful way. No more lies! policy.paradigm.xyz/writing/secs-p… Due to SEC Inaction, Registration is Not a Viable Path for Crypto Projects | Paradigm Policy Paradigm Policy Apr 18, 2023 1.3K Likes 233 Retweets 49 Replies [tw profile: Hsaka] Hsaka @HsakaTrades [tw] Posey: Did you direct staff to look into FTX? Gary: I directed the staff to look into crypto intermediaries, yes. We filed a number of actions on FTX and SBF in December/January. FTX collapsed in November. Thanks for your protection Gary. Apr 18, 2023 1.3K Likes 144 Retweets 54 Replies [Diversify Your Portfolio With Hoxul]( What do you get when you combine pristine beaches, top-tier golf courses and amazing food? Riviera Maya, Mexico: where our partner [Hoxul]( is taking an innovative approach to real estate investing. [Hoxul]( is utilizing the blockchain to revolutionize one of the hottest tourist destinations in Mexico, backed by a team with a track record of success in marketing, real estate and tech. Their upcoming real estate project offers: - A Blockchain-Based Membership System: Ensuring Hoxul's clients a higher level of satisfaction through increased security and protection of their information. - Heavenly Amenities: Including a rooftop, pools, bars and restaurants, and access to the renowned Gran Coyote golf course. - Multiple Revenue Streams: Not only are the members able to rent their property. At the end of the validity period, they will receive a percentage of the sales of the apartments. Read everything about Hoxul [here](! WEB3 WEDNESDAY 📝 Welcome back to Web3 Wednesday - where we save you time tracking down the coolest jobs in Web3. Time to polish off those resumes, cover letters, and Twitter profiles. Here are some openings we found this week for all you Roadies: - [Marketing Lead at Monad Labs]( - Remote - [Community Manager at MagmaByte]( - Remote or Seoul - [Senior Full Stack Web3 Engineer at Ondo Finance]( - Remote - [Head of Copy at Status]( - Remote - [Web3 Product Manager at Starboard Networks]( - Remote - [Web3 Investment Analyst at RockTree Capital]( - Remote (US) - [Cryptoasset Data Analyst Intern at Coin Metrics]( - Boston, MA P.S. - Are you trying to hire in Web3? Learn how to get your open jobs in front of 250k+ crypto enthusiasts [here](. MILK & COOKIES 🍪 [Total crypto market cap increased by ~50% in Q1, from 829B to 1.2T.]( Bad quarter to be a Bitcoin bear. 🐻 [Nike’s digital collectible initiative, Dot Swoosh, announces its first release.]( Bringing the infamous Air Force 1 to the blockchain. [ETH daily staked volume exceeds withdrawals for the first time.]( Within a week of the Shapella upgrade. Things are looking bright for Vitalik and Co. [Microstrategy converts company emails to BTC lightning network](. Michael Saylor eats, sleeps, and talks emails Bitcoin. [Safemoon exploiter made a deal with developers to return $7.1M.]( Adding to a positive trend of returned funds to hacked protocols in 2023. MILKY MEMES 🤣 That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories [(@MilkRoadDaily)]( Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: [ HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] GM, let's have a day Apr 19, 2023 8 Likes 0 Retweets 3 Replies DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( [in]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006 Dallas, Texas 75202, United States [[beehiiv logo]Powered by beehiiv](