Macro Guru Raoul Pal Says SEC 'Fighting A Cultural Movement' As Parody Song Taking Dig At Gary Gensler Goes Viral: 'Good Luck With That'

Raoul Pal, a former Goldman Sachs GS executive and macro investor, on Thursday, expressed his views on the Securities and Exchange Commission’s (SEC) ongoing battles within a cultural movement, i.e. crypto. 

What Happened: Pal in a tweet on X said, "The SEC is fighting a cultural movement. Good luck with that."

Pal’s remarks came in response to a tweet by Twitter user @songadaymann, who shared a parody song called “THIS SONG IS A SECURITY,” aimed at the SEC.

The lyrics of the song can be read as: "I better register with the security, if it resells I get a royalty."

The parody song can be interpreted as a criticism of SEC Chief Gary Gensler’s stance on categorizing NFTs and cryptocurrencies, excluding Bitcoin BTC/USD, as securities.

This song comes as Stoner Cats, the company behind an animated web series featuring cats who indulge in their caregivers’ marijuana, was charged with conducting an unregistered offering of crypto-asset securities in the form of nonfungible tokens (NFTs).  In a settlement reached on Wednesday, Stoner Cats 2, LLC agreed to pay a $1 million fine to the SEC.

Stoner Cats had sold 10,000 NFTs earlier this year, raising $8 million in proceeds to fund the production of their animated show. The series boasted an impressive cast including renowned actors Mila Kunis, Ashton Kutcher, Jane Fonda, Chris Rock, and even Ethereum founder Vitalik Buterin.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF?  Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: Meanwhile, the SEC has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year. 

During a Senate hearing on Tuesday, Senator Bill Hagerty asked Gensler about the specific requirements for approving a spot Bitcoin ETF filing. 

The SEC Chair responded by stating that the SEC is currently reviewing the Grayscale decision and "multiple filings around Bitcoin exchange-traded products."

Gensler voiced concerns regarding the cryptocurrency sector's integrity, suggesting the industry is currently fraught with "fraud, abuse, and misconduct."

Photo: Created with an image from Shutterstock and Third Way Think Tank on Flickr

Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed After August CPI Inflation Comes In Hotter Than Anticipated: Analyst Predicts Beginning Of New Bull Market, Expects King Crypto To Reach $60K Levels