Inside Gary Gensler’s SEC: A Conversation with Former Crypto Policy Advisor Corey Frayer

When crypto starts coming into the traditional space and doing the traditional activities, to me, it loses the protection of the argument that this is a distinct technology built for peer to peer transactions. If that's what crypto wants to build, build it. And I have no opinions on it. But if you're gonna build a bank, if you're gonna build a securities exchange, if you're gonna raise money the way the Howey Test lies out, there are laws for that. Everyone has to follow the same laws. Welcome to Bankless, where we explore the frontier of Internet money and Internet finance. This is Ryan Sean Adams. I'm here with David Hoffman, and we're here to help you become more bankless. Guys, we get a peek inside the Gary Gensler administration, inside the SEC. This is a conversation with a guy that formed senior crypto policy advisor. And David and I, over almost two hours, got to ask him just about every question we had in our minds. I never thought we'd have the opportunity to do this. No. And I wanna give, credit to our guest, Corey Frayer, for being pretty much an open book with respect to what questions we asked and which ones he answered. So this was a pretty unique episode, I think, and above and beyond what I expected. Yeah. We have to do a debrief on this, Ryan. So that's what we're gonna go record right now because I have some thoughts, and I know you've got some thoughts. And so for all the Bankless Premium subscribers out there, there is a debrief from Ryan and David in your premium feed to go listen to that if you wanna hear our unadulterated thoughts about, what Corey said about Gary Gensler's SEC. Alright, guys. Let's get right to the episode. But before we do, I wanna thank the sponsors that made this possible. You can now borrow USDC against your Ethereum and Bitcoin on Coinbase. Crypto backed loans on Coinbase make assessing liquidity seamless for crypto hodlers. Powered by Morfo, Coinbase crypto backed loans gives you direct access to on chain financing, allowing you to take out loans at competitive rates using your crypto as collateral. Over $1,000,000,000 in loans has been opened through Coinbase to date. On the Coinbase app, eligible users can borrow up to 1,000,000 USDC using Bitcoin or Ethereum as collateral. Users can convert their USDC into fiat to make down payments, refinance debt, or cover urgent expenses, and more. The benefits are numerous. Interest rates are variable, typically between 48%, and respond to market conditions. Loans are approved in seconds without credit checks. Repayment schedules are variable, meaning there are no fixed deadlines. The kicker? Coinbase will not treat borrowed transactions as taxable events. Manage loans directly in the Coinbase app with ease. It's currently available to US customers, except New York, and additional collateral types and increased loan limits are coming soon. Want to learn more? Click the link …