Gary Gensler says the SEC will not herald a China-style crypto ban, however Congress might | Forex Information | Monetary and Enterprise Information

SEC chairman Gary Gensler.

  • SEC chairman Gary Gensler said the agency will not impose a China-like crypto ban because that authority rests with Congress.
  • Most tokens could be some form of security, he said at an SEC prudential hearing on Tuesday.
  • Gensler asked questions from a lawmaker who beat him up for “brutally” running over investors.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

Gary Gensler said the Securities and Exchange Commission has no plans to ban cryptocurrencies as the authority actually rests with Congress, adding that most tokens pass the test of being some form of security.

The SEC chair did that Comments at a hearing in the House of Representatives Tuesday after Republican lawmaker asked Ted Budd if the U.S. Securities and Exchange Commission could follow China in imposing a blanket ban on cryptocurrencies.

“No. I mean, that would be a matter for Congress,” said Gensler.

“I think a lot of these tokens pass the tests of being an investment contract or note or other form of security that we bring into the SEC’s investor protection mandate,” he added.

The concern in the crypto world is that the U.S. government may restrict or ban digital assets, much like it did with gold in 1933. Gensler previously said that crypto exchanges must register with the agency because some of their tokens or products could be securities.

The People’s Bank of China Declared crypto transactions illegal Late last month, a move analysts said was in line with the central bank’s stance over the past decade.

“Our approach is really very different,” Gensler told the House Financial Services Committee.

He noted that the SEC is looking into how the industry can best protect investors and consumers, and comply with anti-money laundering and tax compliance laws. It would also be in the Problems that stablecoins could pose, he added.

Gensler’s comments echoed those recently made by Federal Reserve Chairman Jerome Powell, who said the Federal Reserve had no intention of banning cryptocurrencies.

At the same House hearing, Patrick McHenry asked Gensler on the SEC’s stance on digital assets and reprimanded him for being vague about what a digital asset actually is.

“Some of your comments have raised questions in the marketplace and made things less than clear,” said McHenry. “You made seemingly spontaneous remarks that move the markets, you disregarded rule-making by issuing an out of order statement, and you’ve essentially been rude to American investors.”

Gensler said the agency is following the Administrative Procedures Act, which requires a regulator to issue a general notice of the proposed rule.

McHenry asked Gensler if he a. have reviewed Safe Harbor Proposal created by SEC Commissioner Hester Pierce. The proposal aims to give developers of digital networks a three-year grace period to develop a platform with a registration exemption from federal securities laws.

“Commissioner Peirce and I discussed your thoughts on a possible safe haven,” said Gensler. “I think the challenge for the American public is that if we don’t monitor this and put in place investor protection, people will be hurt.”

Continue reading: Altcoins to Buy: These 15 little-known and undervalued tokens could see an ether-style spike due to significant developer interest, according to Bank of America

Did the Authorities Steal Your Cash? Gary Silverman column

We started last week with a refresher on the three biggest misconceptions I’ve made about social security – pension benefits in particular. Here is a summary of the first two:

Misconception # 1: “The money I put into social security is my money.” Not true … Your social security taxes are a tax that is primarily used to fund current retirees … they become dependent on taxes be that your grandchildren pay.

Misconception # 2: “The social security system is running out of money.” That is not true, but it is no longer possible to pay what was promised in full, and that is not a good thing. But as long as they keep taxing us, there will be money for some measure of benefit.

Misconception # 3 remains: “The government stole all (or most of) the money in the Social Security Trust Fund, which is why the system goes bankrupt.”

Reality: Okay, let’s answer that with a scenario. Let’s say you deposited money in your bank and bought a five year CD. What do you think the bank is doing with your money? It doesn’t put it in their vault to sit and collect dust.

If they did, they’d have to charge you for holding instead of paying you interest. No, they take your money and lend it to people who buy cars, buy houses, start a business, or for a myriad of other uses. These borrowers pay the bank interest, and so as a depositor, you earn some interest.

If you read “They’re taking your money,” you didn’t think they stole it. This is the agreement you make when you do business with a bank: you can use it and pay you interest in return. However, in very similar transactions with the Social Security Trust Fund, the “bank”, in this case the government, is accused of stealing the money.

Here’s what really happens when it comes to social security. The trust fund contains money. As stewards of the money, the people who run this thing buy government bonds (I remind you that the world has proven time and time again that US Treasuries are the safest place to invest).

These government bonds pay interest just like a bank CD pays interest. The government then uses the money at its own discretion. When the bond matures, the state will pay back the money borrowed to the trust fund.

Just like the bank, the government didn’t steal the money anywhere in the process.

While I’ve dispelled (or at least cleared) some common myths about Social Security, it should be noted that the system is not designed to pay currently promised benefits.

And these promises don’t have to be kept, according to the Supreme Court. If Congress does nothing, the system can still pay out benefits. However, these benefits must decrease by around 25% (on average).

So this means it is time again to pat Congress on the back and remind them to get down to work. I just hope they’ll listen instead of throwing mud at each other – and getting us dirty in the process.

Gary Silverman, CFP®, is the founder of Personal Money Planning, LLC, a Wichita Falls retirement planning and investment management firm, and the author of Real World Investing.

Gary Lineker on soccer kits all through the many years, film star fashion icons and his worst style catastrophe

Gary Lineker swaps football for fashion with his latest eyewear project.

Cary Grant was the first person who showed me how cool you can look with glasses, ”says the Match Of The Day presenter and former English soccer player who comes with a number of specs. revealed Vision Express “In this tortoiseshell frame, if anyone can remember? I think I’ll show my age a bit here … “

More than two decades since retiring from football, the 60-year-old says he’s been inspired by on-screen style icons and vintage fashion, but admits that there are some outfits from his own past that he’d rather forget …

The glasses shoot goes back to different decades, how does retro fashion influence your style?

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“I would like to think that I am a long way from some of the retro fashion trends of the seventies and Eighties – the shell suits and the bright colors, although they were fun back then. I think retro fashion had an impact on my style, but mostly on items I know I can wear rather than entire looks.

“Sometimes I try to combine more classic items or vintage clothes with modern pieces, for example a leather jacket with a white top. I recently bought a Seventies-style All Saints jacket that I love. “

Gary Lineker wears glasses from the Lineker Edit for Vision Express

Who are your personal style icons?

“Outside of the sports world, I take a lot of style inspiration from movies or television, or at least I’ve tried over the years. I would say the likes of Sean Connery, Paul Newman and Don Draper from Mad Men are all style icons.

“Whether they are dressed in sharp, well-fitting suits or casual polo shirts, shirt and pullover layers or neutral slim-fit chinos, they look elegant, self-confident and timeless.”

Gary Lineker wears glasses from the Lineker Edit for Vision Express

Football shirts have developed a lot over the decades, which epochs did you like the most?

“Well, I went through the eighties when very short shorts were introduced. Some people definitely weren’t that keen on it, but I like a bit of freedom to walk around. Then we went into a phase of long shorts – I think we were the first team to wear them when I was at Tottenham.

“I really like retro football shirts and I think some of them are really cool, especially some of the lesser known ones. When I was in my early twenties we had an awful green striped one in Leicester, sponsored by Ind Coope. But one of my favorites would be something like an old classic 1970 World Cup Brazil [shirt]which is now probably a real collector’s item. “

Tottenham’s Gary Lineker speeds away from Arsenal’s David O’Leary during the 1991 Charity Shield match

What did you wear during the lockdown – did you get into the loungewear trend?

“Like most of the nation, I spent most of the lockdown in tracksuits. I didn’t just sit around in pajamas all day, I wore lots of sweatpants.

“Since playing soccer, I haven’t worn any tracksuits or sportswear, probably because it felt like I was wearing my old work clothes, and usually I mostly relaxed in jeans and t-shirts or jeans and casual shirts. But now it’s all about comfort, so tracksuits are again my first choice for relaxing. “

Do you have any fashion regrets from the past?

“My worst fashion disaster that I was thinking about recently was an outfit from the 1990s. After we lost to Germany in the World Cup semi-finals, I stayed in Italy to take the Fair Play Award trophy with Bobby Robson on behalf of the English team and for some inexplicable reason I went for a jacket that was really strong Stripes and then paired it with a big, noticeable, stained tie … It’s pretty appalling to say the least. “

In his role as Vision Express brand ambassador, Gary Lineker is launching Lineker Edit, an exclusive eyewear collection handpicked by Gary, available in-store and online from June 9th.

New indicators in Gary direct individuals to Jackson 5’s former dwelling | Leisure

GARY, Ind. (AP) – Crews have posted signs in northwest Indiana directing motorists to the little Gary house that Michael Jackson and his siblings called back home before the Jackson 5 became famous.

Marlon Jackson and Tito Jackson, along with several dignitaries, unveiled one of the signs outside the family’s former home at 2300 Jackson Street on Thursday.

State Senator Eddie Melton, D-Gary, who helped secure the signs through the Indiana Department of Transportation, hopes they will fuel tourism and development in Gary while recognizing the Jackson family’s connection to the city.

“Your family has contributed so much to our world and it is an honor to recognize them and celebrate the community they grew up in,” he said.

The “Home of World Famous Jackson 5” signs were posted along Interstate 80/94 and on local roads to guide motorists to the little white house that houses Michael Jackson, Janet Jackson and the eight other Jackson children grew up.

Tito Jackson said Thursday that being back in Gary and seeing the house brings back “great feelings and great memories”. The (Northwest Indiana) Times reported.

RH CEO Gary Friedman assured within the retailer’s enlargement plans

RH CEO Gary Friedman told CNBC on Thursday he was confident about the company’s expansion vision, even if some may question the luxury furniture retailer’s moves into the European market or into new industries as a whole.

“It takes a long time to build something extraordinary in this world, and we still feel like we’re honestly just warming up,” Friedman said in an interview with Jim Cramer “Bad money.” “We’re more excited than ever and see more opportunities than ever.”

RH, formerly known as Restoration Hardware, plans to open stores in England and Paris next year as the California-based company expands internationally.

With the debut of its RH Guesthouse concept in New York City, the company is also moving further towards the hospitality industry – it already operates restaurants. That is slated to open in the fall, followed by an RH guesthouse in Aspen, Colorado next year. Friedman refuses to refer to them as hotels, saying RH is trying to “create a new market for privacy and luxury”.

In Aspen, RH also has plans to develop homes in what it calls first “RH ecosystem”.

“A lot of the things we’re going to do are just misunderstood at first. And until they’re seen and respected … then you can’t ignore it,” Friedman said.

Confident that the company can thrive in Europe, Friedman points to RH’s experience sourcing locally sourced products and its position as the leading Italian bedding and Belgian linen seller worldwide.

Friedman acknowledged that RH’s foray into new industries like residential real estate may seem strange at first for a company traditionally viewed as a retailer. “But when you’re trying to build one of the most admired brands in the world, when you want to do something extraordinary, you can’t go down an ordinary path,” he said.

Friedman’s appearance on “Mad Money” on Thursday came the day after RH posted fourth quarter sales and earnings exceeded analysts’ expectations. RH ended fiscal 2020 with sales of $ 2.85 billion. In one Letter to the shareholdersFriedman wrote that RH believes “the data supports the RH brand, which is hit $ 5 billion to $ 6 billion in North America and $ 20 billion to $ 25 billion globally.”

RH stock rose 9% on Thursday to close at $ 529.08 apiece. The stock is up nearly 400% over the past 12 months.