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There is a question about whether there will be a limit on the amount that someone can invest in Ethereum.

Gary Gensler and the SEC are driving projects to decentralize themselves. The SEC's involvement creates a context of concern and encourages projects to be regulatory compliant. The SEC has stated that Ether is not a security and has focused on consumer utility tokens. Despite this, the SEC is still vigilant and aware. Ethereum is seen as a highly decentralized network, making the application of securities laws unnecessary. The SEC would now shut down a sale structure like the EOS sale before it even starts. Overall, the video emphasizes the importance of regulatory compliance and the SEC's role in the ecosystem.

JPMorgan has been involved in the Ethereum ecosystem since the beginning, even before the public launch. They believe in the concept of building a financial plumbing layer that can scale with their plans and initiatives. They acknowledge that Ethereum wasn't initially scalable, but they question how others would know.

JPMorgan has been a prominent part of the Ethereum ecosystem since its inception, even before the public main net was launched.

The SEC is currently grappling with a significant decision regarding Ethereum. While it may take some time to reach a conclusion, my intuition suggests that they will determine that Ethereum was initially considered a security during its ICO but has now transitioned into a utility token. As a result, they are likely to let it go.

We were present when ETH was available for purchase during the ICO at a price of 19¢ per token. Initially, I considered it a security, but the correctness of that belief is not significant. The individuals involved in the project achieved great success by creating impressive projects and products. However, believing in regulation from the start may have caused us to overlook certain opportunities.

There is a growing interest in using technology like Ethereum among corporations. With over 200,000 developers and tens of thousands of companies already involved, the technology is being adopted in various industries such as journalism, music, and supply chain. Companies are easily drawn to Ethereum and fabric technology for their private implementations. While the EO's project attracts some attention, the Ethereum ecosystem is far more popular and influential.

I've always been against crypto, especially Bitcoin, because it is mainly used by criminals for activities like drug trafficking, money laundering, and tax evasion. Its anonymity and instant money transfers allow it to bypass systems like know your customers, sanctions, and OFAC. If I were in power, I would shut it down. On September 12th, Jamie Dimon called Bitcoin a fraud and threatened to fire any trader buying it. This caused a 24% drop in Bitcoin's value. Interestingly, Morgan Stanley and JPMorgan, companies led by Dimon, were the largest buyers of a Bitcoin fund in Europe. It's unethical for Dimon to criticize Bitcoin while his own company is investing in it.

Speaker 0 expresses opposition to cryptocurrency. Speaker 1 mentions that Jamie, who supports blockchain, helped launch JPMorganCoin. They explain that JPMorgan created its own blockchain protocol based on Ethereum, allowing private transactions. Speaker 0 suggests that the only use case for blockchain is criminal activity. Speaker 2 states that JPMorgan was involved in Ethereum from the beginning and played a major role in the Enterprise Ethereum Alliance. Speaker 0 comments on shutting down blockchain if they were the government. Speaker 3 compares the Mt. Gox scandal to Bernie Madoff's Ponzi scheme, where JPMorgan was involved. JPMorgan account holders sued the bank and recovered over $2 billion, but no executives went to jail.

Commercial banks may not be enthusiastic about the idea, but there is a possibility that ownership may need to be shared with 20 banks. JPMorgan has been involved with Ethereum since its inception. There might be limits on the amount individuals can invest in Ethereum, but they can buy from different identities to maintain privacy. The SEC is now well-prepared and would shut down sales structures like BEO sale before they even start.

There will not be an ETF, but those who are interested in it will use this opportunity to sell. It cannot be killed, even though Charlie Munger was blind to its potential. Some may argue that it will eventually fail, but it is a reality and a technological marvel. People need to accept that it is here to stay, despite the SEC's opposition. This unexpected comeback proves the bulls right. Genstler has done a lot of work on it, but it didn't succeed.

Nereof's revelations have sparked doubts about the SEC's credibility, hinting at possible corruption and difficulties in identifying true Ethereum ICO buyers. Comparisons to former SEC chair Joe Grundfist have raised concerns about the agency's integrity. Nirov also suggested that some investors in the Ethereum ICO may be hiding their true positions, casting doubt on the transparency of the process and its impact on Ethereum.

The speaker is asked if the SEC will review Ethereum's ICO and if there is a double standard. The speaker responds that they cannot discuss potential investigations or rumors. They are then asked if they are aware of anything at the SEC that they could be a whistleblower for, to which they reply that they cannot comment on that question.

George Stigler, the Nobel Prize winner in economics, famously said that regulation is often acquired by industries and designed for their benefit. Regulatory capture occurs when special interests are prioritized over the general public, resulting in a net loss for society. Limited market entry, price protection, and influence through money, exposure, and revolving doors are common mechanisms used in regulatory capture. The SEC is closely monitoring token projects and considers the highly decentralized nature of Ethereum as a factor in determining its compliance with securities laws. Despite being friends with the SEC, there is concern among bankers that they may lose market share if they don't adapt to changing client needs.

Warren Buffett doesn't actually own any stocks, and neither do individual investors. All stocks are owned by the Depository Trust Company (DTC), a central private company. The DTC holds shares of publicly traded companies through its subsidiary, Seed and Company. Investors are given security entitlements by their brokers, but they are just beneficial owners, not actual owners. If a bank or brokerage fails, the secured creditors, like JPMorgan, have priority over the entitlement holders. Investors can directly register their shares to own them, but this option is not widely known. The GameStop community discovered this and started directly registering shares. However, GameStop faced restrictions in reporting this information, possibly due to being cut off from the transfer agent. Dark pool trading and suspicious market activities have also been observed.

A person can buy from various identities. We limit the size of the sale to make it easier to disguise. For example, if you're a whale and want a lower price, you can buy 50,000 units to avoid scarcity.

Nobody had advanced knowledge of the launch. I mean, that's what insider trading is. Nobody, absolutely nobody besides myself and Andrew, knew that J Proof was even a thing until after the launch, thereby negating any claims of insider wallets. Anybody can buy these things immediately when they hit the blockchain.

Ethereum allows individuals to purchase units using various identities. To ensure privacy, the size of the sale can be limited. For instance, if someone wants to maintain anonymity, they can buy 50,000 units. This approach helps to disguise their intentions effectively.

The SEC has sent Wells notices to PayPal and Coinbase, warning that the cryptocurrencies they deal with may have broken the law as unregistered securities. These companies have been asking the SEC for guidance on which coins are problematic, but the SEC has been unhelpful. There are concerns that the SEC and the Biden administration are trying to destroy crypto to make way for a CBDC surveillance coin. Recent attacks on crypto-engaged banks support this theory. The goal seems to be to eliminate alternatives and force the crypto industry to develop on a CBDC base. This is referred to as Operation Choke Point 2.0. Bitcoiners are enjoying the show as shit coins suffer, but the pattern suggests that Bitcoin and other blockchain-based entities may be targeted next. The aim is to cut off escape routes from fiat and strangle businesses building an economy based on Bitcoin.

The SEC has issued subpoenas to around 80 token issuers, which may cause some concern. However, we have only received one confirmation of this so far, with a possibility of one more.

Speaker 0: I had a guy who worked, very, very, very high up at Citibank. And he told me around 2008, he said, Glenn, you know, don't worry about the financial system. And I'm like, uh-huh. And he said, you know, we're never gonna go broke. I mean, do you know how much just the national parks are worth? And I looked at him and said, are you seriously telling me that we should commoditize the national parks? And he said, it's gonna happen. And I wonder now if this is what he was talking about. If it was just a digital not actually selling them, it's just a digital commoditization of our parks. Speaker 1: Yeah. So apply this now to the the phrase that we all heard during the COVID era, you'll own nothing and be happy. Well Yes. There's certain people that want to own everything, and that includes things that have never been able to be owned before that were considered things like the public commons, like rivers, lakes, the ocean itself, natural forests, all sorts of it. These people want to put all of that into the financial system, fractionalize it, tokenize it, and sell pieces of it around, use it to speculate on. Mean, it's It's very insane. Yeah. And so, this is just one aspect of digital currency play. Obviously, there's a lot more than that just going on as well. I would argue that a lot of this push, particularly in The US for dollar stablecoins supposedly being better than a central bank digital currency, also falls into this paradigm we talked about earlier of, you know, moving from the public to the private of the public private partnership because a lot of these stablecoin issuers, you know, if the the big concerns about CBDCs was that they're seasable, they're surveillable and they're programmable, Well, all of those three things also can apply to stablecoins. The only difference is that you would have a private company issue it and control it. But we've seen time and again how a lot of these private entities are willing to do that. When contacted, just look at how Bank of America behaved with January 6, people accused of wrongdoing on that day, for You know, they have no qualms in doing that and engaging in those type of activities. And the biggest dollar stablecoin issuer, Tether, which just hired Bo Hynes from the White House, they have openly said that they are a close partner of the US government for dollar hegemony globally and have uploaded the FBI, the Secret Service and other aspects of the US government onto its platform directly and have seized tethers from people just because government told them to, and this was during the Biden administration. So they obviously are willing to do that under any administration, and it's essentially functioning as a de facto public private partnership, even though we're being told it's a it's much better than a CBDC, but in terms of its impacts on civil liberties, you know, that's not necessarily true. So, again, vigilance is is important here.

I joined the Ethereum Foundation with an open mind, focused on learning and traveling. However, after a year and a half, I realized that the large pre-mine of Ethereum tokens was not aligned with my goals. Around 70% of the tokens had been distributed before the public launch, and this number has since decreased to about 60%. It's difficult to determine the right percentage, but it's clear that it's too much concentration of ownership. While Vitalik's holdings are public and he is not financially driven, others like Joe Lubin are more business-oriented. The majority of Ethereum's ownership is held by a small number of individuals, possibly a few hundred or a thousand. There are rumors that a couple of people bought significant portions of the ICO anonymously, taking advantage of the lack of limits.

The Morgan family faced issues with the SEC due to concerns that J.P. Morgan held excessive power. He bailed out America in 1895 and 1907, leading the government to believe that one individual shouldn't wield such influence. Consequently, the Federal Reserve was created, modeled after Europe's Central Bank. However, JPMorgan was not, and still is not, part of the Federal Reserve. The Federal Reserve consists of twelve reserve banks from the United States with elected and selected officials.

$10 billion has been raised through ICOs this year, and it's expected to continue growing. The lack of regulatory action in this chaotic market is surprising. ICOs are seen as a violation of securities laws, yet the SEC has only taken action in 7 cases. It's puzzling why these projects ask for investments in cryptocurrencies instead of easily spendable dollars. One theory is that it's easier to conduct fraudulent activities with cryptocurrencies. However, if an ICO fails, investors won't be able to recover their money.

$10 billion has been raised through ICOs this year, and it's expected to continue growing. The lack of regulatory action in this chaotic market is surprising. ICOs are seen as a violation of securities laws, yet the SEC has only taken action in 7 cases. It's puzzling why these projects ask for investments in cryptocurrencies instead of easily spendable dollars. One theory is that it's easier to conduct fraudulent activities with cryptocurrencies. However, if an ICO fails, investors won't be able to recover their money.