The Ledger, every show

“So, and so what we're doing is so I made it explicit that the commission will not turn away and the staff will not turn away those sorts of would be IPOs if they have a bylaw With either of those two provisions.”

“That's our goal is to come out with rules that differentiate between what's the stock, Security, and what is a commodity where the CFTC, the Commodity Futures Trading Commission, can oversee. So meme coins and all that, and stable coins, those are not for the…”

“It's called an S one and it takes lots of lawyers and accountants to try to figure, figure out how to do it for an existing company, much less for a new digital asset, the crypto sort of asset that you know, where the form is completely an app. There's no boar…”

“Unfortunately the SEC started by looking at crypto as maybe the ostrich with the head in the sand, as was their attitude. Like maybe this stuff will go away by the time we lift our head out of the sand. That obviously didn't happen. And then came the very basi…”

“The trouble with the past practices of the, Commission is that it drove trading of crypto assets offshore.”

“So unfortunately, these have been weaponized to push particular views or issues by certain I call them politicized shareholder activists. So they, yes, they own shares, but a very, usually a very minimal number of things.”

“That is part of my program for this year and going into next is to go through our rule book. We need a spring cleaning. We need to clean out the attic of the basement and the garage, and to really look at things. Unlike the agency has ever done before with a r…”

“There are so many benefits to come from distributed letter ledger technology for the financial services industry, where we're right at the cusp of achieving a T zero, basically, you know, immediate delivery versus payment receipt versus payment on chain.”

“And we are going to come out with a proposed rule and seek comment on it.”

“So anyway, so I think we have to take a fresh look at all this, and we are going to do that here this year and with a proposed rule to address that.”

“So we are undertaking, and there's an executive order the president signed, asking the Department of Labor and us to, ah, you know, to make it so, to look at these various rules and, ah, and to try to see what makes sense for you know, normal people to be able…”

“The return on investment is you know, mainly to the insiders, private equity, venture capital the corporate officers and employees versus the public because they're mature companies when they actually go public.”

“So my dream is one day that, and I hope we can achieve that here in the next couple of years to have like a super app approach where, you know, there is, okay, blurred lines between the two, but we've coordinated our approach.”

“We're working with the department of labor and the treasury department to address this.”

“What they also really envy is our risk appetite here in the United States where people are, have an equity investment culture, and that is really largely absent in Japan. And in Europe”

“There was one part of FTX that didn't implode with the rest of it. And that was their investment in a swaps trading platform called ledger X was, which was supervised by the CFTC and examined and they had they had their accounts segregated and all that. So no …”

“I don't think it's a race to the bottom, because after all, you have investors and others on the outside who are, Very discerning, and they decide, you know, after all, you know, what makes for a good company and what policies, ah, matter.”

“The one that really weaponized this to begin with, It was a community organizer named Saul Alinsky back in the 19 sixties and seventies, and so he wrote a book in 1970, I believe, called Rules for Radicals. So the penultimate chapter is called Project Proxy, a…”

“Commissioner Peirce launched a what's called, we call the crypto task force. Now it's turned into project crypto because we're infusing it throughout the agency rather than just you know, a small group of people trying to figure that area out. But with the goa…”

“Through tokenized securities and other aspects, I think we can make, Much more efficient. We can have, ah, instant, almost instantaneous, depending on you know, the type of instrument, but on-chain, delivery versus payment, payment versus delivery, and so that…”

“So I compare it to two fortresses with no man's land in between. And so the no man's land is littered with the bodies of would be products that people were unsure. Like, is it CFTC? Is it SEC? And the crossfire between the two just killed the products.”

“From my perspective one thing for new products that the CFTC has is called self-certification. So for repetitive products that you know, once you go ahead and approve the general type of framework for it then it's self-certification by the markets and by the p…”

“So when FTX imploded, Ledger X didn't really miss a beat. And the, they had segregated accounts. So every customer's assets were accounted for. And you know, nothing as far as I know was lost. And so then Ledger X has survived and now you know, was sold out of…”

“And significantly the state of Delaware over the last 10 years has made both of those you know, out of bounds, illegal for public companies who are registered and Franchise the state of Delaware.”

“We have fully today half the number of public companies as we had 30 years ago”

“30 years ago, so in 19 nineties, say, the late eighties, 1990 the still 50% of the capitalization on the U.S. Stock exchanges were held by individuals directly.”

“And now the United States the capitalization of our equity markets is fully half of the entire world's capitalization. That's up from 30%.”

“And so we have shut down so far about a dozen of them to protect American investors from getting into it.”

“In fact, I had a Get rid of all of my crypto related holdings when I took this job.”