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Welcome back ladies and gentlemen this Is the bearable bull Here and I got this aggressively average Content for you Today as yet again the xrp community has Been right on the Money ladies and gentlemen I told you All a long time Ago that the cftc was going to step in As the main regulator of crypto here in America and boom like clock work we have Arrived to that moment Brad garlinghouse Is at Davos at the world economic Forum Where your favorite reptilians tell you Exactly what the world agenda is about To Be and he's talking with the cftc head Caroline fam on Progressive and Functional policy and the digital assets Space guys don't tell me we can't see The Future don't tell me we're not Correct we got unjustly targeted by a Lawsuit of Corruption but we've paved the way for Everyone else in the crypto Space in today's video I felt it best to Play you the entirety of this Bloomberg Clip this Bloomberg discussion with Brad Garlinghouse and Caroline fam as this is How you stay informed with what the Elites are saying I have some important videos coming up In the following days including an
Important interview I just had with Propy telling you about the future of Crypto and real Estate but for right now what's going on At Davos and what we've been listening To being said is nothing but Perma Bullish for the crypto Space 2024 is the year that we begin to See profits for not just Crypto not just Xrp but technology as a Whole and man I'm so excited to be Helping lead you all on this journey all Throughout 2024 ladies and gentlemen this is the Barable bow Here thanks for tuning In as always I appreciate every single One of You now I leave you with Brad Garling House that may be accelerated but we are In this moment and so commissioner fan I'm interested to know what other Governance do you think needs to be Addressed now in this you know Adolescence if you will that we're going Through so I think the point about uh How do we address Market fragmentation Potentially as different jurisdictions Are taking different approaches to Regulating uh blockchain technology and Crypto and I think think it's the same As any asset class as as Global markets In any asset class so you do need to
Think about ways to mitigate Market Fragmentation through promoting Regulatory cohesion I think multilateral Engagement through uh bodies like the Financial stability board iosco and the Bis are very productive and in fact I've Actually uh proposed a cftc pilot Program that could be a path forward to Having something like a bis style Innovation Hub project in the and I Think that could help to move the needle Forward to safely experiment and gather Data to study what the effects of this Technology are well that's a good Transition for you Brad because for many The speculative cases are the prominent Cases what do you think are some Examples of non-speculative Casa use Cases and um you know how do we Distinguish when drafting policy on Those well a lot of times on the policy Piece you know we talk about drafting New Kind of new rules and it's like well It's not often we develop rules for Technology we typically develop rules And laws around the outputs right so Things like kyc you know your customer That doesn't change just because you're Using crypto moneya laundering Anti-money laundering laws that doesn't Change because you're using crypto so I Don't think we need to think about those As somehow separate and distinct we need
To make sure those are being applied and Frankly as we saw with the binance Settlement they are maybe it was slow And frustratingly as commissioner fam Pointed out you know the courts in United states have moved faster than the Regulator uh that that is not way my That is not normal that is not normal uh I mean I'm glad the courts are actually Getting there but you know it'd be Better I think if we had and primarily Speaking of the SEC to actually take the Time to you know I remember they opened Up a whole bunch of new job offer or uh Job descriptions on their website Lawyers to Prosecute litigation you know Enforcement through you know litigation Like why not hire people to actually Codify how this should work as the UK Has as the European Union has as the UAE Has with Vara uh I'll also give Commissioner fam props you know she Spent time going around the world and Meeting with a lot of these other Regulators where it's this is not rocket Science you know uh we you could Probably type into Sam's open AI how do You regulate the US and get a better Answer than we're getting from the SEC uh baby I haven't tried that Actually actually Try anyway look I I I the amazing thing Is I really do feel like the US should
And could be a leader in this market and There are a lot of companies that are Leading but uh the US the US government Has not yet been providing that Framework that that should help yeah and I think to pick up on points that both Of you raised I I think we need to get Over the fact that if you are engaging An activity that involves money banking Or markets of course you're going to be Subject to financial regulation but what I think is more interesting Is how do we address non-financial Activities how do we distinguish between What is financial activity and Commercial activity so I'll give you an Example Amazon and eBay are digital Marketplaces but nobody thinks that they Should be regulated like Securities Exchanges so I think we need to focus on That set of laws and I actually think a Big way to move the needle forward in The United States is if we developed a Definition for utility token like other Jurisdictions as Brad has noted have That's I think a step forward to Understanding how this is going to Impact the real economy let's talk about The two kinds of investors in this Situation you have retail investors and You have more sophisticated investors What are the implications of focusing More of this conversation on the Sophisticated investors versus the
Retail investors so I think what's great About the cftc's uh framework regulatory Framework is that it's principles based And if you look at bodies like FSB and Like iosco they also take a principles Phased approach because of course every Jurisdiction needs to take their National laws into consideration well The benefits of having a principle-based Regulatory framework is that it works For both sophisticated investors and it Protects retail investors and I think The benefits of a principles based Framework is also that it allows Regulators to anticipate and adapt to New and emerging risks because as we've All seen the rulle making process can be Bogged down it can be halted the courts Can overturn it it takes a long time and It should take a long time time there Should be opportunity for public Consultation and notice and comment uh But at the same time there's a lot of Other tools that Regulators already have Today there's the uh the power to Inspect or examine the power to uh Enforce as we've discussed and the power To regulate and I think those are broad Authorities we should be using all Three so you know getting into crypto And blockchain and leveraging the Technology Ripple set out to modernize Payments by building blockchainbased Financial infrastructure that vastly
Improves on much of what the world uses Today so Brad are payments still the Best use case for crypto assets and Technology that under grids it and what Payments can lead to in terms of other Use cases well for me I mean Ripple Started with payments uh actually when I Joined the company nine years ago there Were three different groups within the Company working on an identity solution A payment solution uh and I'm forgetting The third one right now cuz a long time Ago but we really is like hey let's Focus on one where there's a clear it's Solving a real problem and look while We've had a dent uh maybe we've made a Scratch in that market it is a massive Market and I'm sure many people by Virtue of sitting in this room in Switzerland today have had the Experience of sending money overseas it Is still high friction High error rate It's slow it's expensive and you know That's the opportunity to use these Technologies to actually make it much Simpler much faster without SA Sacrificing some of the core principles Around kyc or AML or what have you so I Think the payments opportunity remains Very large uh it will continue to make Progress when I say that I mean both Ripple and the industry at large there's Other people approaching in different You know some are going after consumer
Based Solutions Ripple is very much Focused on Enterprise uh and the Infrastructure around that there are I Think going to be other use cases that Are profound uh you know I think the Fact that there's now an ETF approved in The United States with major Institutions like Black Rock leaning in Is a a further validation but I think we Need to make sure that we're focused on Utility uh some of the things I'm sure That people in this room have heard Talked about you know tokenization of Real world assets and democratizing Access to the participation in those Markets I think is very real uh whether That's commercial real estate uh you Know and some are working on identity Based Solutions and even you know voting Based Solutions I'm certainly not an Expert on those things but I I think the Blockchainbased solutions are are here To stay and I think in the coming years You'll see more and more real world use Cases gaining traction well you're Getting into the space of innovation Which I want to shift and ask you you Know regulation often can sty Innovation And I'm curious from your point of view How do you think this opportunity um for Policy to enable and optimize the Technology as opposed to be restrictive And smother new use cas Because we're entering a whole new
Dynamic of considering how to deal with These kind of assets this is such an Important question so as Brad mentioned I did a global stocktaking exercise to Go and engage with other jurisdictions And understand how do they facilitate Innovation and so what I've observed is That there are the three key Ingredients that you need in order to Foster Innovation so one the rule of law Two political stability three regular Atory Clarity and so I think it's Incumbent upon Regulators to do our part And you know right now with the the W Global risks report says that there are I think over half of survey respondents That see a moderate risk of global Catastrophe in the next uh 10 Years that's a big deal that's why we're All here right in Davos and so when you Look at the four main structural forces That are driving this change climate Population technology and geopolitical If all of this is changing our lives Then we Regulators need to be looking to The future we need to be trying to Future proof I've spent my career Actually my career has been defined by Uh studying and addressing crises Whether it's the the 90s Savings and Loan crisis the 2008 financial crisis or The covid-19 pandemic all of that has Taught me that uh regulators and Sometimes United States have a tendency
To be reactive we need to flip that Around and be proactive and so in being Proactive um what are the things that we Can do we can engage we can engage in uh With subject matter experts and we can Also engage by building capacity at Regulators as well so we can actually Understand how this is deployed and used So to both of you um with regard to AI In what ways do you think AI might Impact this industry's trajectory jump All I I'll start on that one I mean look I I think anytime you have a very nent Technology and you know this was true in Previous years with crypto here at Davos You know Davos someone said to me Earlier today like davo uh Crypt become Boring at Davos because it's all about Ai and I think that's actually a natural Progression of a a very promising very Exciting new technology and I think you Know AI is starting that journey and There will be regulatory hiccups and Hurdles you're seeing some of those uh You know I think there will be a need to Clarify you know what are the real Utility and how what are the business Models around that how they going to be Applied but obviously I think AI is an Extremely promising technology I just Think it's it's going to go through its Journey uh and the kind of Technology Hype cycle where we're early in that and Uh that's that's part of the excitement
And the opportunity yeah and you know I'll address it from a Market's Perspective so markets are driven by uh Efficient markets are driven by Information AI enables Uh the ingestion the um processing and The analysis of tremendous amounts of Data and information and so I think it's Going to be interesting to see how Market structure might evolve over the Next coming years as more and more AI Deployed just the same way that Algorithmic trading uh changed how Markets uh Market structure worked and Then I think uh of course since I have a Legal and compliance background and I am A regulator I've been very interested in The applications of AI to Reg Tech so I Think that there are immediate gains um That people are working on and that Regulators can use and adopt around Using AI to improve Market Surveillance so you mentioned um that a Lot of countries outside of the United States had really been more Progressive In this and you shared that in your Research you spent time and you went to All of these different countries when You reflect on your research and Evolution of the work that you've done And what you've gone through and ripple And defending and trying to clarify Where you are I'm curious from each of You what do you think are the biggest
Lessons we've learned in the last year From your respective positions Commissioner fan let's start with you Well I think uh and it's no surprise as We've talked about the the US is the World's largest market but the rest of The market is even larger um but it is True that smaller and more Nimble uh Countries like Singapore and the UAE Have have been able to I think address The adoption of technology in whatever Sector probably in a um a more pragmatic Way uh in the US uh things tend to get Framed as sort of good versus evil uh we Have that but technology at least I Think is not evil it's how you use it um But I think uh similar to what people What Brad was saying earlier right uh There have been strong headwinds but I've heard that there are green shoots Coming but nonetheless particularly if You're in financial services I think We've seen is that risk management must Be at the core of your Business I I'll just Echo I I think that You know to the extent that there have Been self-inflicted wounds around crypto It is somewhat around the the risk Management but I I think look the the Opportunity ahead both around crypto and Getting clear rules of the road uh it Will get there it's just frustrating That it has been slow and painful and I Think look I think with an election
Coming in the United States uh there Will be some changes that happen I don't I think the current chair of the SEC I Think has been exercising a political Agenda not a good policy agenda and uh I Think that will shift uh just a question Of when and how uh so we'll see what Happens well that concludes the Conversation and I know there's another One coming that everyone's really Excited about but uh this was great Talking to both of you and I'm sure the Group enjoyed it so thank you both so Very much and I'll bring up Brad Stone To take us to the next conversation
