Gary Genslers Nasty Plan for Cryptocurrency
The largest Banks collapse.
The three banks held a combined total of $532 billion in assets, which – according to the New York Times and when adjusted for inflation – is more than the $526 billion held by all the US banks that collapsed in 2008 at the peak of the financial crisis.
On March 26, 2020 We Went From Fractional Reserve Banking To Zero Reserve Banking
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
https://www.frbservices.org/resources/central-bank/faq/reserve-account-admin-app.html
As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
The following content explains the Board’s authority to impose reserve requirements and how reserve requirements were administered prior to the change in reserve requirement ratios to zero.
Additional detail on this reserve requirement regime can be found in the archived Reserve Maintenance Manual: HTML | PDF. https://www.federalreserve.gov/monetarypolicy/reservereq.htm
GARY GENSLER
GARY GENSLER WORKS FOR THE WALL STREET BANKS and the POLITICIANS /REGULATORS WHO ARE ALSO PAID TO PROTECT BANKERS.
Gary Gensler will continue to throttle the American cryptocurrency industry until his term is over in 2024, then turn around and go work for JPMorgan once again.
POLITICIANS ARE ONLY INTERESTED IN MAKING SURE WALL STREET BANKS HAVE A MONOPOLY ON CRYPTOCURRENCY, be that through transaction fees or laws that shut out smaller players.
The Banks will enable 24/7 surveillance and front run free market competition.
STARTING 1/1/25
Wall Street Banks will Buy, Own, Sell and control Cryptocurrency with 100% surveillance assured, earning all the money off every transaction.
JAN 1 2025 Central banks will be allowed to hold up to 2% of cryptocurrencies in their reserves under a new standard approved by the Group of Central Bank Governors and Heads of Supervision (GHOS) of the Bank for International Settlements (BIS).
The implementation of the standard will start on 1 January 2025.
https://www.cointime.com/news/breaking-banks-will-be-allowed-to-hold-up-to-2-in-cryptocurrencies-in-their-reserves-from-2025-14042
The report, titled “Prudential treatment of cryptoasset exposures,” introduces the final standard structure for banks on exposure to digital assets, including traditional assets, fixed currencies, and unsupported cryptocurrencies , as well as feedback from stakeholders following a consultation launched in June.
Summary: The Basel Committee has published a final standard on the prudential treatment of banks’ exposures to cryptoassets, including tokenised traditional assets, stablecoins, and unbacked cryptoassets. The standard is in the form of a new chapter of the consolidated Basel Framework (SCO60: Cryptoasset exposures) that the Committee has agreed to implement by 1 January 2025. Banks’ exposures to Group 2 cryptoassets should generally not exceed 1% of their Tier 1 capital, and any such increase will result in Group 2b capital treatment applying to the amount by which the limit is exceeded. Where exposure reaches 2%, all Group 2 exposures will be subject to Group 2b capital treatment. The standard provides that unbacked cryptoassets and stablecoins with ineffective stabilisation mechanisms will be subject to a conservative prudential treatment.1
CRYPTOCURRENCY WILL SURVIVE IN AMERICA WITH THE POWER OF THE U.S. CHAMBER OF COMMERCE
The U.S. Chamber of Commerce has just filed a brief in the @Coinbase v. SEC case, calling out the SEC for acting “unlawfully” in the digital asset space.
This is The U.S. Chamber of Commerce
— not the Chamber of Digital Commerce.
@MetaLawMan “This is a Big Deal. The U.S. Chamber is a highly influential organization representing companies in all industries across the U.S.–not just crypto.”
The brief opens with: “As it stands today, nobody knows for certain which digital assets, if any, are ‘securities’ under federal law.”
Exactly!
The Chamber makes 3 arguments.
1. Regulatory uncertainty is killing innovation in the U.S.
2. The SEC is destabilizing the digital assets regulatory environment.
3. The SEC is violating Constitutional Due Process and Fair Notice rights.
The Chamber declares:
“The SEC’s actions are not just harmful policy; they are unlawful…”
And the topper is…
Bottom line: The Court will give these arguments advanced by the U.S. Chamber of Commerce serious attention. And The largest, most influential, business organization in the U.S. has just declared it stands with crypto.”
“Amici curiae respectfully submit this brief
because if the SEC is successful in its claims against XRP, the SEC would have the authority to regulate a vast number of non-parties, including digital asset exchanges, developers, vendors, and ordinary users and holders of XRP. @JohnEDeaton1 @CryptoLawUS
Corporate Lobbies: How Big Money Rigged the Rules in Washington
“The public be damned!”
~ William H. Vanderbilt,
railroad magnate, 1882
LEWIS POWELL Was RESPONSIBLE FOR LEGITIMIZING CORPORATE GREED
How Big Money Rigged the Rules in Washington
The Treason of the Senate: Aldrich, The Head of It All
by David Graham Phillips – Cosmopolitan – March 1906
Supreme Court Justice Lewis Powell is no genius he just took a page out of Senator Aldrich‘s old school playbook on how to rig the rules of the game.
Supreme Court Justice Lewis Powell, Jr. was a member of the The Sigma Society was founded at Washington and Lee in 1880 that remains in existence today. He is one of the group’s most prominent members. The organization is often referred to as the “Washington Society”.
Powell was known for drafting the Powell Memorandum
a confidential memorandum for the US Chamber of Commerce that described a road map to defend and further the Chamber of Commerce’s concept of free-enterprise capitalism against perceived socialist, communist, and fascist cultural trends. Written confidentially for Eugene Syndor at the Chamber of Commerce, it was discovered by Washington Post columnist Jack Anderson, who reported on its content a year later (after Powell had joined the Supreme Court). Anderson focused on the efforts of Powell to undermine the democratic process power of the 1% threatened by Ralph Nader’s success in protecting the 99% !!!
Ralph Nader and other Corporate Reformers in the 1970’s wanted to protect the commons and our commonwealth and THAT scared Corporate America to death so they circled the wagons. They followed the prescription written by insider Supreme Court Justice Lewis Powell.
FOLLOWED BY JUSTICE SCALIA WHO WAS WORTH BILLIONS TO INDUSTRY.
All the Powells
Jerome Powell investment was born on February 4, 1953, in Washington, D.C., nominated by Trump.
Lewis Franklin Powell Jr. (September 19, 1907 – August 25, 1998) A lawyer and jurist who served as an associate justice of the Supreme Court of the United States from 1972 to 1987. Nominated by Nixon.
SEE COMMENT BELOW TO EXPLAIN
