FTX Crash Puts Light On Gary Gensler's Attempt At Forming A Cryptocurrency Monopoly For The Legacy Banking System

The information from the linked videos in this post show that Gary Gensler’s failure to provide regulatory clarity for the cryptocurrency industry in the United States was not incompetence but rather was just one part of a deliberate plan to create a cryptocurrency monopoly under the control of his people in the legacy banking system.

The story is complicated so it’s difficult to tell.
I am making the effort because we are not going to get this information from the legacy media so we are going have to collect it and distribute it ourselves.
Other community members please add to this post with citations and new information.

Ben Armstrong of BitBoy Crypto was lobbying congress for crypto legislation and was told by members of congress that Sam Bankman-Fried of FTX was also lobbying for legislation of his own. Sam Bankman-Fried (SBF) was seeking the first and only Federal Bit License. A Bit License is a permit to engage in cryptocurrency business. Since there is no Federal Bit License now, FTX would have exclusive rights to all the Crypto Business in the United States if granted this license. In order to get this monopoly SBF donated more than 40 million dollars to Democrats. SBF didn’t have 40 million dollars of his own so he handed out the money we was supposed to be holding for his investors. This of course is illegal. The law mandates that FTX hold it’s customer’s funds in case they should want to withdraw it. SBF obtained the money through a back door in his own accounting system so no alarms were triggered.

Gary Genseler, a Democrat and close associate of SBF did his part to help the plan by looking the other way with regard to all FTX business practices and also by using his position as head of the SEC to discourage other exchanges from doing business in the United States. He accomplished this by randomly attacking other exchanges and crypto projects without warning or reason while leaving SBF and FTX alone to do as they pleased. Turns out that SBF has met with Gary Gensler several times. It also turns out that SBF’s girlfriend and CEO of his company is the daughter of Gensler’s old boss at MIT. SBF is also from MIT as is the creator of Solana (a centralized blockchain). Also notable is that SBF’s mother (Barbra Fried) is a political fund raiser for the Democrats where FTX is the second largest donner to the Biden campain. We will see how all these pieces fit together as the article continues. Another interesting fact is that SBF’s lawyer is Daniel Friedberg who is famous for stealing millions of dollars in an online poker hack

Oddly, we see another SEC official (Hester Peirce) at this link explaining that the SEC did not do it’s job of providing regulatory clarity despite being asked for clarity by the crypto community. Personally I would support Hester Peirce for the position of head of the SEC to replace Gary Gensler.

In the meantime, Ben Armstrong realized what SBF was trying to do and realized that SBF couldn’t raise 40 million dollars to bribe congress without stealing the money from his customers. So Armstrong alerted others including Changpeng Zhao (CZ), the CEO of Binance. In order to defend Binance, CZ decided to destroy FTX by dumping all the FTX assets held by Binance. This caused the price to drop which caused FTX customers to start withdrawing their FTX assets in a panic. Of course there was no money to withdraw because it had all been removed to pay off Democrats so the company went bust.

This is going to be painted as a crypto problem when in fact the problem is the corruption of crypto’s greatest enemy Gary Gensler of the SEC. I think we are in a race to find the facts and get them out to the public before Gensler is able to use this collapse to destroy crypto in the United States. For this reason I think we should work as a community to gather the facts, write the story, and get the information to the public. We can not rely on the news media to do this for us. The media and the government are run by the banks. We are going to have to do this ourselves.

Ideas and information please.
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Shows connections between SBF and Gensler

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Gensler gives free pass to SBF
Gensler’s history with other scams and history in banking industry

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How FTX took down Tera Luna and why

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How exchanges fake proof of reserves
How FTX took down Tera Luna and why

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How the World Economic Forum (WEF) Is Connected To SBF and FTX

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That is exactly what most of the centralized institutions aim to be. Heck, even Hoskinson talks about wanting to regulate cardano and building sidechains to transact with banks in his whiteboard video.

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Greetings @icycranberry
I saw your YouTube channel.
So helpful. Thank you for your contribution to the Cardano community.

Charles talks about optional KYC tools in the Cardano ecosystem that will allow users to interact with banks if they wish. Cardano itself is highly decentralized by design.

Because the Cardano protocol is so decentralized and so well designed it is pretty much invulnerable to direct attack. This is why any attempt at gaining centralized control of Cardano must be accomplished through abuse of government and through social engineering. This is what we are seeing. The only defense against government corruption and social engineering is awareness.

The ruins of this collapse give us the opportunity to examine this power grab and possibly defeat it. We must not loose this opportunity. Until now it was not possible to know why Gary Gensler was giving FTX a free pass to steal customer funds while randomly attacking good projects. Now we have the means to understand what Gensler and the legacy banks are doing through the Democratic Party and the legacy media. A widespread understanding of what happened may be enough to stop them before they succeed. That’s why we should all work together to figure out exactly what happened and then spread the information.

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Thanks for the kind words. I agree with you but it is difficult to change human behaviour. We already have the tech to be decentralised. Even bitcoin and ethereum have solved the decentralized puzzle but the problem is greedy people who want to get more and more returns even when it is not sustainable.

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Yes agreed. The value of cryptocurrency is that it’s trustless - it bypasses human behavior. The aim is to replace legacy infrastructure with trustless infrastructure before greedy legacy stake holders have a chance to destroy it. Conversation and widespread awareness is our best chance for success. For this reason I value your response.
Much thanks

Please all community members,
Anyone with information about the collapse and the connection to Gensler and the legacy banking cabal, please share it.

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Yahoo is the first mainstream media outlet I have seen that is reporting on the connection between Gensler and SBF

Interview with Ben Armstrong about Gensler

The following is from Ben Armstrong about Daniel Friedman and his ability to scrub the Internet of information about his identity and activity concerning FTX.

Seems to me that all the tech being used to promote the WEF agenda is likely coming out of MIT.

  • Internet scrubbing
  • Solana - a centralized blockchain
  • The backdoored accounting system used by SBF to front run trades, move funds unnoticed, steal coins, launder money, and self destruct
  • AI Chatbots used to control public thought

I imagine that following the tech would lead to

  • Gary Gensler and the Federal Bit License attempt to control all Crypto in the US
  • The Democratic Party and money laundering of FTX funds though the Ukraine relief effort.
  • WEF and the big banks

Any information would be appreciated.
Much thanks

Relevant tweet about relationship between Elizabeth Warren and SBF’s father.
Shows the need for citizen journalism.

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The guy in this video is a bitcoin maximalist and used his presentation to declare his coin the only commodity and all others as securities. I countered that it is time to update the law to include cryptocurrency. Senator Lummis agrees. According to the senator, Cardano will likely be classified as a commodity along with Bitcoin and Ethereum. Cardano is less likely to be classified as an ancillary asset which still falls under the juristiction of the Commodities Futures Trading Commission. And it is highly unlikely that Cardano will be classified as a security. He didn’t want to hear it.

All that said, the presentation is very informative.
He makes the connections between SBF and Gensler easy to understand.

The one thing he got wrong is that he thinks that crashing FTX was deliberate in order to force regulations favorable to the banks. That was not the case. The FTX crash was not deliberate. SBF thought he was going to get the Federal Bit License monopoly from Gary Gensler and WEF friends. He thought he was going to hand crypto over to the WEF. So why would any of them want to destroy FTX?

Ben Armstrong alerted CZ of Binance about the Federal Bit License attempt. They realized that SBF didn’t have the money to cover all the bribes to Democrats. In other words they realized that FTX was insolvent. In order to save crypto, CZ dumped FTX assets to cause a panic. The panic exposed FTX insolvency as CZ planned. The way I see it, Ben Armstrong and CZ saved crypto in the United States at least for now.

It seems to me that Gary Gensler will likely be removed from office and Crypto in the United States has some chance for honest and sensible regulation - at least for now.

But even if Gensler is removed and WEF infrastructure is removed from MIT there will likely be more attacks on crypto. Seems to me that politicians associated with big banks (Gensler comes from Goldman Sachs) should be removed from office.

These two videos detail how the scam was perpetrated and discovered from a coin developer’s point of view who happened to be using an AI to watch FTX.
They do not talk much about who except for Daniel Friedman who also perpetrated the biggest scam in online poker history.

This one introduces you to the coin developer.
He explains the tech he was using so you will understand what is happening in the next video.
Interference by Chatbots is also mentioned.

This video shows footage of Daniel Friedman interacting with the developer as the scam is going down.
The developer was threated with jail by Friedman while it was Friedman and FTX that were perpetrating.

Here is only the second mainstream media outlet I’ve seen that seems to understand that SBF was not working alone but rather with Gary Gensler and Big Bank (WEF).

Unfortunately they misreport on Hester Peirce who seems to be the only SEC official that is not working for Big Bank.

In any case they are asking the important questions:
Who is really doing this and what is the danger to the American people?

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Compare the above FOX piece with the Wall Street Journal piece below which asks us to feel sorry for FTX employees and focuses only on the fall guy (SBF). Who is working for the American people and who is working for the Big Bank?

Thanks for the kind words. I agree with you but it is difficult to change human behaviour.

Greetings @bhuvahh,
That’s exactly what @icycranberry wrote above.
It’s as if you just cut and pasted that comment.
You can read my response to @icycranberry above in this thread if you are interested.

I would only add that what we say to each other matters.
Courage, enthusiasm, and love are contagious.
Apathy and despair are contagious too.

As a new community member, what would you like to contribute?

One of the weapons used against the Cardano community is artificially intelligent chatbots which are used to spread disinformation and despair in the community when valid information would indicate the project is well designed, that the project provides use and utility, and that we have a loving and growing community. Most people don’t even know when they are being engaged by a bot. They think it’s a human. One of the things we can do determine if one of these chatbots is posting in our forums is to ask questions that an AI might have trouble answering. This is not fool proof because if an AI can not find an appropriate response it will alert a human operator to take over the conversation. Either way, we try to make the conversation constructive.

Anyway, I see you are new to the community and that this is your first post.
Please tell us what you apricate most about the Cardano project.

I am very much looking forward to hearing back from you.

While the legacy media is diverting blame and focus to Sam Bankman Fried, this outlet keeps focus on his handlers. Widespread understanding of the masterminds and motivations will help us all transition from the legacy trust based financial system to the blockchain truth based financial system.