Gary Gensler Grilled by U.S. House 🇺🇸
Gary Gensler Grilled by U.S. House 🇺🇸
Gensler's stance on bitcoin ETF and crypto exchange scrutiny disappoints enthusiasts, fueling concerns of SEC control.
The House Financial Services Committee held a hearing on oversight of the Securities and Exchange Commission this morning. Oversight hearings are normally a snoozefest but this one had the potential for fireworks. Crypto enthusiasts have been frustrated by Gensler’s refusal to approve a spot bitcoin ETF and by his stepped-up enforcement efforts against crypto exchanges and others in the community, which critics say is an attempt by the SEC to gain control over the industry.
Guest: James A. Murphy - Founder/Principal
PBN Research
Buffet’s Sale of their TSM Stock
https://www.fool.com/investing/2023/04/16/investors-react-warren-buffett-sale-tsmc-stock/
Buffett said that his lieutenants bought the stock and that he decided to reverse most of that decision due to geopolitical concerns. Since it produces most of its chips in Taiwan, it is the main reason why approximately two-thirds of worldwide chip production takes place on the island. It is the primary manufacturer for companies such as Qualcomm, Advanced Micro Devices, and Apple (AAPL 0.79%), Berkshire's largest holding.
Recovery on Track
https://www.zerohedge.com/markets/recovery-track-china-economy-rebounds-strongly-45-gdp-jump-q1
China's delayed "liftoff was imminent", and that "the 2008 deja vu meter just went off the charts, because while the US is about to sink into a recession with commercial real estate set to fall all off a cliff, it is once again China that is - willingly or otherwise - set to serve as the world's growth dynamo at a time when the entire developed world is about to max out at the same time.
China’s State-affiliated Banks Onboarding Cryptocompanies
The Hong Kong arm of the major Chinese state-owned Bank of Communications is collaborating with several cryptocurrency businesses registered in the city. The bank is in talks to open accounts for regulated companies, according to a report published in The Wall Street Journal.
In addition to the Bank of Communications, ZA Bank — Hong Kong’s largest virtual bank controlled by Chinese internet insurer ZhongAn Online P&C Insurance — will also act as the settlement bank for the crypto companies.
Thanks Paul love the coverage like this. Seems Gary is working for the big banks. Congress knows this. They’re all in a mind field trying not to blow up while placing mines for the other party to step on.