Just watched this interview with embattled SEC chair Gary Gensler on CNBC.

Yet again he is very careful to disclaim that the spot Bitcoin ETF approval does not constitute an endorsement of Bitcoin.

He also reiterates the well-rehearsed arguments that Bitcoin has no use-case, apart from being the preferred medium of exchange for ransomware payments, and that all other non-criminal use of Bitcoin is pure financial speculation.

He is categorically unwilling to entertain the idea that millions of (non-criminal) people choose to hold Bitcoin as an alternative store of value to the dollar and other state-issued currencies. He is not hearing any of it.

The SEC is an independent agency of the United States federal government, with a triple mandate to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.

The part about independence is of course meaningless.

The SEC is supposed to be a neutral aka “independent” regulator of financial markets.

But the SEC is an arm of the State.

Gensler is an agent of the State

Bitcoin is an attack on the State.

Bitcoin and the State are inherently in conflict. Bitcoin and the SEC are inherently in conflict.

Through the Treasury the State spends money.

Through the Federal Reserve the State prints money.

Without constraint.

Over time the State’s money loses all its purchasing power.

That is not consistent with protecting investors; not consistent with maintaining fair, orderly, and efficient markets; and not consistent with facilitating capital formation.

Yet, the SEC aids and abets the State in the conspiracy to debase its own currency.

The SEC is intrinsically biased in favour of the State and against Bitcoin.

Gensler will bash Bitcoin all day long.

But he will not say a word against eternal government deficit spending, against spiralling government interest expenditure, against the mountain of government debt that is growing out of control.

The only way out of this mess for the State is via inflation. The State needs the currency to lose its value. The State is dependent on the people losing their purchasing power.

To inflate its way out of indebtedness the State needs to control the currency, to leave the people with no alternative to state-issued money.

Bitcoin was created as the antithesis to state-controlled money, the antidote to state abuse of the money supply. Bitcoin gives people an alternative.

Thus the State and Bitcoin are locked in conflict, forever, as eternal enemies.

The State needs Bitcoin to fail.

The SEC wants Bitcoin to fail.

Gensler does all in his power to make Bitcoin fail.

Had it not been for the multiple court decisions that found that Gensler’s SEC had been acting “arbitrarily and capriciously” in its “regulation by enforcement” approach towards Bitcoin, the ETFs would in all likelihood not have been approved. The courts forced the agency’s hand. Gensler’s bitterness about that fact is palpable.