Remarks Before the Aspen Security Forum
Thank you for that kind introduction. It’s good to join the Aspen Security Forum.
As is customary, I’d like to note that my views are my own, and I’m not speaking on behalf of the Commission or the SEC staff.
Some might wonder: What does the SEC have to do with crypto?
Further, why did an organization like the Aspen Security Forum ask me to speak about crypto’s intersection with national security?
Let me start at the beginning.
tl:dr - Solving for how to move money across the internet and preventing double-spend opened the door for crypto in the world. GG calls out Nakamoto was trying to create a private form of money with no central intermediary, such as a central bank or commercial bank. He goes on to define what money is (a store of value, unit of account, and medium of exchange) and that no single crypto asset fulfills all the functions of money. He then compares crypto against the 3 things that make money before getting into his personal background and ultimately shifting into where the SEC comes into all of this.
tl:dr - Starts off describing the SEC's mission (note, no reference to interacting with PornHub mentioned). He then says it is cool to invest in crypto if you understand it is a speculative asset (as people have been doing the same with gold and silver for thousands of years). He then goes on to state no matter what, the SEC has jurisdiction and purview on the space.
Specifically, I want to call out:
Make no mistake: It doesn’t matter whether it’s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These products are subject to the securities laws and must work within our securities regime.
GG letting us know that GameStop's approach is going to be under the SEC's jurisdiction.
tl:dr - calls out bad actors using crypto to hurt the system. Hmmm, I wonder if we have heard of anything like that around here???... /s
tl:dr - Restates SEC has authority and needs more resources to help regulate. Proposes his order of importance for pursuing regulation: crypto trading, lending, and DeFi platforms.
tl:dr - he cited his sources.
TL:DR - Gary Gensler of the SEC states the SEC has authority on the crypto space. He needs resources and support as well as congress to act to protect the system from bad actors. Proposes his order of importance for pursuing regulation: crypto trading, lending, and DeFi platforms.
GameStop is on notice Gary is watching. Good thing GameStop is comprised of a hardworking team working on the up and up to do by right by their customers, I have no two doubts they will cross the t's and dot the lowercase j's...