This is about centralized Finance Defy is the point that's when this thing came apart and it's really a failure it appears of Gary Gensler to actually deal with the bad guys.
you got to ask yourself Charles where was he on Celsius where was he on Voyager where was he on Terra Luna and now where where was Gary Gensler on FTX
The FTX collapse is not a crypto failure says Minnesota representative Tom emmer and in this clip I'm about to share with you congressperson Tom emmer destroys absolutely destroys Gary Gensler for not protecting the people like he should have for his near complicitness in the FTX collapse you see why was Gary Gensler so close to Sam bangman freed why did the SEC go after other companies like Library which weren't hurting the public but then gives so much leeway to FTX which ended up destroying the public you see it's not defy which failed us it's C5 centralized Finance Tom emmer explains this is about a three minute clip and then after the FED meeting just happened today they reveal their minutes and if you hold Bitcoin this affects us all we'll go over this after the clip this this literally is not just a failure of FTX it's a failure of C5 that's uh known as centralized Finance it is not a failure of crypto this is a failure of it's a failure of Sam bankman freed.
it's a failure of business ethics and it's a failure of the government oversight and Regulatory uh procedures and I wanted to bring that up because you've always been a champion of Technology the role that it's planning the prosperity of Americans and you've been a very strong critic of Gary ginsler you've urged accountability uh what's going on there why I mean what's why what do you think what are they telling you about the the inability to add clarification into this issue making it worse we've got major questions Charles I mean look Gary Gensler and the SEC apparently they had meetings last March with Sam bankman freed and Executives from FTX and a trading firm here in the U.S and they were working apparently with Sam bagman freed and others to give them special treatment from the SEC that others aren't getting and they announced a partnership with this trading firm last April we kept trying to find out what exactly the partnership is all about we didn't get those answers and obviously Sam bagman freed then was pushing special treatment legislation through Congress.
when it was finally revealed what it was and the the industry actually started raising red flags all over the place that's when this thing came apart and it's really a failure it appears of Gary Gensler to actually deal with the uh the bad guys you got to ask yourself Charles where was he uh on Celsius where was he on Voyager where was he on Terra Luna and now where where was Gary Gensler on uh on FTX this is exactly what he's supposed to be doing and Terry was talking about that what is the regulator responsible for this doing going after good actors in the community and working back room deals it appears with people who are doing nefarious things represent we've got less than a minute ago about 30 seconds um Sam bankman Freud's supposed to be at a New York Times Dill book conference uh last I looked yesterday he was still on the program but they also added Ben Affleck I don't know what that's all about but I mean he's still being FedEd by parts of the industry as some sort of Wonder kind I mean what the heck has gone on uh Charles the New York Times is not the industry I I I've stopped trying to understand the New York Times.
They wrote a puff piece on them within the last week for some reason here's a guy who mismanaged funds that appears uh there's uh what a million uh investors out there there's uh 10 billion dollars at 8 to 10 billion dollars we need to get to the bottom of this we need to understand why Gary Gensler and the SEC were not doing their job we need to understand how this was allowed to get to the point where uh people uh and their savings are getting hurt that's exactly what the regulator is supposed to be taking care of and by the way it's not about crypto remember this is about centralized Finance Defy is the point they're going after uh a decentralized finance uh this is not what it's about it's not about the crypto industry this is about sambachman freed it's about the regulator uh Gary Gensler and it's about centralized Finance which needs to be brought under our regulatory umbrella and Gary Gensler has done nothing nice to see conversations like this happening in real time this is an ongoing story so make sure you click subscribe stay up to date and as of this morning Bitcoin clings to 16k ahead and actually now behind the FED minutes they've already happened Bitcoin rallying a bit on the news so it must have been positive in some sense and the significance of the FED minutes it just gives us an Insight on how the Federal Reserve is seeing current inflation if they suggest that inflation is still bad that would be bearish we would expect them to raise rates continue raising rates just as aggressively yet if they say hey inflation is looking better that's bullish and of course nothing is conclusive until the next meeting these are all just sort of hints they're giving us but here were the results a little bearish to start fed minutes saying participants agreed that there were few signs of inflation pressures easing essentially meaning don't expect a full pivot inflation is not done yet in fact several fed officials predicted that interest rates would Peak at higher levels so they still think I mean they're still saying they're going to have to raise rates essentially continue to raise rates yet it wasn't all bearish some of the Insight was bullish for example the minutes of the November 1st 2nd fed policy meeting show that a substantial majority of participants thought a slowing in the pace of interest rate hikes would be appropriate soon so while they do not want to stop they do think hey it might be a good idea if we slow instead of whoops they've had basically three three or four in a row of 0.75 or 75 basis point rate hikes Ultra aggressive they're saying they can't keep that up forever and actually after getting more updates to me it's sort of appears that they're definitely going to increase rates like they've been doing at their next meeting and honestly looks like they're either gonna maybe they'll take it down to just a 50-point basis rate hike or possibly keep the 75 which is still maintaining their aggression for example participants in the minutes meeting observed that the labor market remained tight meaning.
The economy is remaining strong so it can afford they can afford to keep raising rates if the labor market is still good as well as all participants agreed that a 75 basis point increase was necessary and a next step towards making monetary policy sufficiently restrictive so Bitcoin did jump briefly after the FED minutes came out showing officials favor slower rate hikes again this is an ongoing story so the minute.
