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⚡Bitches of The Riches Roasted🎖️

Croxroad

29 Sep 2023 — 6 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🤫 SEC's Gensler Under Scrutiny

On September 27th, there was a hearing where United States Representative Tom Emmer expressed his concerns about Gary Gensler, who is the Chair of the Securities and Exchange Commission (SEC). Emmer suggested that Gensler's previous experience in Wall Street might affect his ability to be an impartial regulator for the financial industry. Emmer believes that Gensler has shown a strong allegiance to Wall Street, and in doing so, may have not been as supportive of innovation, fair competition, and the interests of everyday Americans. Essentially, Emmer was questioning whether Gensler was truly looking out for the best interests of the broader public or if his background was influencing his regulatory decisions in favor of Wall Street institutions.

During a questioning period that lasted for more than four minutes, Representative Tom Emmer brought up Gary Gensler's background in finance. Gensler had spent 18 years at Goldman Sachs, where he held a significant position as a partner and co-head of finance. Emmer's point was that because of this extensive experience in the financial industry, Gensler might have certain biases that could affect his ability to be a fair and unbiased regulator.

Emmer essentially asked Gensler whether it was possible for him, given his long career at one of the world's largest banks and the substantial financial success he achieved there, to regulate the industry without showing favoritism towards large financial institutions. In essence, Emmer was questioning whether Gensler could truly be impartial in his regulatory role, considering his background and ties to the financial world.

During the hearing, Representative Tom Emmer continued to express his concerns about Gary Gensler's impartiality as a regulator. Emmer wanted to clarify that his concerns weren't related to a statement Gensler made in a speech the previous year, where he mentioned that bank executives were worried about depositors moving their money into cryptocurrency exchanges and wallets.

Emmer was making sure that Gensler understood that his questions were about impartiality and not specifically tied to that previous statement. He asked Gensler to answer with a simple "yes" or "no" without providing additional context. Gensler responded with "Absolutely, sir" to the first question, affirming his ability to regulate impartially. However, when Emmer asked the second question, attempting to provide context for the quote, Gensler wasn't allowed to give a more detailed response, as Emmer had requested only "yes" or "no" answers.

Representative Tom Emmer has been positioning himself as a proponent of cryptocurrencies, advocating for clear regulations in the United States. This advocacy comes at a time when the Securities and Exchange Commission (SEC) began cracking down on crypto firms in 2022, triggered by the collapse of the crypto exchange FTX.

It's worth noting that Emmer's top financial contributors between 2021 and 2022 included venture capital firm Andreessen Horowitz, which is a significant investor in the cryptocurrency space. According to data from Open Secrets, he received donations totaling $418,020 from the securities and investment industries.

During the same hearing, Representative Patrick McHenry raised concerns about the SEC's actions in relation to former FTX CEO Sam Bankman-Fried. McHenry suggested that the SEC could potentially be subpoenaed to provide documents related to this matter. McHenry also accused Gensler of trying to stifle the digital asset ecosystem and of lacking transparency in the commission's dealings with FTX and Bankman-Fried.

🧑‍⚖️ £8 Million Bitcoin Theft

There's a man from County Down, named Jawad Yaqub, who's going to trial because he's been accused of a pretty big cryptocurrency scam. This isn't a small-scale thing; it's a multimillion-pound fraud that involves international elements.

Yaqub, who's 45 and lives in Hollywood at Ben Vista Park, has officially pleaded not guilty to all 25 charges that have been brought against him. These charges are being presented in Downpatrick Crown Court.

The heart of the matter is that he's accused of swindling a substantial amount of Bitcoin, specifically 397.504 Bitcoins. This cryptocurrency originally belonged to a company called Razormind Ltd. When you look at the current market value of Bitcoin, those stolen coins would be worth over £8 million.

Mr. Yaqub is facing a total of 19 charges related to converting criminal property, which essentially means he's accused of handling illegally obtained assets. Additionally, there are four counts of fraud by false representation, which implies he's accused of deceiving others through dishonest actions. On top of that, there's one charge each for fraudulent trading and theft.

The prosecution's case centers on the idea that Mr. Yaqub was a director at Razormind Ltd but allegedly conducted his business activities with fraudulent intentions. Specifically, they claim that he aimed to deceive individuals participating in the DeOS (decentralized operating system) crowd sale.

The charges of fraud by false representation are based on allegations that Mr. Yaqub portrayed Razormind Ltd as a "world leading information technology services company" that provided a wide array of services to a substantial and diverse client base. This included corporations, financial institutions, governments, and high-net-worth individuals. The implication here is that he allegedly misrepresented the company's capabilities and clientele for fraudulent purposes.

According to the prosecution, Mr. Yaqub is accused of falsely claiming that his company, Razormind Ltd, had a prestigious client list that included notable organizations such as the Bank of America, Commonwealth Bank of Australia, Centre for Responsible Lending, Chubb, Deutsche Lufthansa, Farmers' Mutual Group, Health Partners, Telefonica O2, and Texas Public Schools. Essentially, he's alleged to have exaggerated the company's customer base to make it seem more impressive and successful than it actually was.

Additionally, Mr. Yaqub is accused of falsely stating that he had earned an M.Phil and PhD from Queen's University Belfast, which could be a misrepresentation of his academic qualifications.

After his arraignment, his defense lawyer, KC Eilish McDermott, mentioned that they are actively working on consulting a computer expert for the case, and this process is not expected to delay the trial date. In other words, they are continuing their preparations for the trial, including seeking expert advice, without causing any delays.

During the court proceedings, it was mentioned that both the defense and prosecution teams are working together to streamline and clarify the specific matters that will be discussed during the trial. This is often referred to as "narrowing the issues," and it helps ensure that the trial stays focused on the key points.

The trial itself has been scheduled by Judge Geoffrey Millar for March 4th of the upcoming year. Furthermore, the judge decided to grant Mr. Yaqub bail, which means he'll be released from custody while awaiting trial. Judge Millar also mentioned that he would review the progress of the case on November 17th to ensure that everything is moving forward as planned. This periodic review is a common practice to monitor the status of legal proceedings.

📊 Inside Bars

The Inside Bar pattern is used in trading when the high and low of a smaller candlestick are within the range of the previous larger one. Traders use it in the direction of the trend - up or down. It helps them decide where to enter or exit trades based on the high or low of the Inside Bar. It's similar to other candlestick patterns but focuses on price highs and lows rather than the candlestick size.