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I am not a licensed financial advisor. All videos on this channel are intended for entertainment purposes only. You should not buy, sell, or invest in any asset based on what I say in these videos. You should know that investing carries extreme risks. You could lose your entire investment. This is not trading advice and I am in no way liable for any losses incurred.
Ignition sequence starts six five four Three two one zero liftoff we have a Liftoff Hey everybody this is the digital asset Investor and I just took the family to The waffle house and I had a fiesta Omelet and a side of bacon and coffee Black it was good All right check this out there's a lot Going on right now and I wanted to make Sure I covered it all before the end of The weekend David Schwartz uh tweeted Out the interview between Um Jack McDonald the CEO poly sun and Joe and doso c-o-o of link two for many Of you may or may not remember but David Schwartz and Arthur Britto who are two Of the founders of The xrp Ledger and Also Antoinette O'Gorman who was at Ripple they left or didn't leave she Left I think but these guys helped found Poly sign which is digital asset custody And it was founded with people from bny Mellon and then Jack McDonald of course Is the CEO and so I say all this to Remind you also before I get get going Here that poly sun is still on the link To platform who is one of my sponsors The links in the top of the description I own plenty of poly Sun Um private Equity myself and I'm Thinking about this weekend until the End until the end of tonight I guess They've they've lowered the minimum to
Five thousand dollars usually it's ten Thousand dollars uh investment so you Can get that I was considering getting Some some more myself all right this is A clip where Brad comes from digital Perspectives asks Jack McDonald a Question you know to the Layman like you Know is it wrong to really see like what Poly sign and standard custody are doing Is like the next iteration of the dtcc I just read an article a good article by Matt Levine who writes for Bloomberg Used to be a regulator that talks Specifically about this there's Definitely a component to dtcc I think The um in some ways Atomic that would be A part of a future dtcc and I would love To be able to snap my finger in the Difference between us and dtcc is that Dtcc is a common essentially Clearinghouse for all different Brokers And custodians to come in and they're The one centralized trusted recognized Um you know settlement house in the U.S We're not you know we're one of uh I Don't want to say many we're one of Several so you know slightly different On that but there's a component of it And what we want to do on this Settlement layer would provide Definitely a dtcc like utility to a much Bigger outside not just U.S Global and Not just equities but All asset class so that is part of the
Vision you know to be that's what people Some people fully don't realize digital Assets it's the asset class to swallow All other asset classes because they Will be tokenized using digital assets And you know who is going to store a lot Of that bigger than the dtcc Quadrillions all the money all the Tokenized money all right then there was This clip listen to this we could be a Very core part of a cbdc offering and we Are talking specifically to Um you know one Central Bank who is Interested in potentially working with Us to issue a CBBC specifically around The payments Um business and they would be leveraging The blockchain that underpins Atomic bed So that's a that's an area where we want To spend some time I'm going to say it That way whoa All right David Schwartz was active on Twitter this weekend he says if you know What uh would have been in this envelope You're a crypto OG and this person being A smart alec says that's your subpoena To testify in court in regards to Ripple SEC case and how you used retail Investors as exit liquidity and David Schwartz this is a drop the mic uh Comment he says You must be confusing me With the whales who bought under Multiple identities in the ethereum Ico Or Bitcoin Miners and then of course the
Official cool guy of the digital asset Investor channel is there to remind us If he needs to refresh his recollection Ethereum Alliance plus consensus Ethereum Ico Ico deck for disguise Wells Only Great stuff all right now Stefan Huber Mr Huber has been at work as he does This weekend and he put out this now we Know that when the ethereum free pass Was given we know that that the SEC and The cftc were meeting with Joseph Lubin And those people together okay we know That so and and the cftc you know has Kind of gotten off scott-free well when I heard this week from thinking crypto He said he had an inside source and he Said that the cftc is involved in the Crackdown on crypto All bets are off so until they can Explain themselves we're going to expose All of this so Stefan Huber this this Was Heath tarbert he was the guy who was Running the cftc while Jay Clayton and Bill Hinman were doing their thing at The SEC First of all he brought our attention Yesterday from this right here that that Heath tarbert's Mentor who he was Working hand in hand with while he's at The cftc and Jay Clayton's at the SEC His mentor was Jay Clayton All right that's important now listen to This
A commodity is very broad definition I'm Not going to give it to you now but Essentially if you have to say that a Movie ticket is not a commodity which is In our statute it covers a lot of Financial contracts if it's a security It gets kicked out so to your question Scott we've been very clear on on Bitcoin Bitcoin is a commodity under the Commodity exchange act we haven't said Anything about ether Until now uh it is my view as chairman Of the cftc that ether is a commodity And therefore it will be regulated under The cea and my guess is that you will See in the near future uh ether related Futures contracts and other derivatives Potentially traded so you're hearing This all for the first time this is First time Yahoo finance breaking news Breaking news uh it's my conclusion Personally uh as but as chairman of the Cftc that ether is a commodity and Therefore would fall under our Jurisdiction why a commodity though So the commodity definition is very Broad as I mentioned and and the way That it works is most things are Commodities particularly Financial Contracts or stores of value Securities Are Commodities but they're kicked out Of the way the statute works and the SEC Regulates those so as long as it's not a Security it basically Falls within the
Definition of a commodity and I would Encourage all of you to the extent you Have time the SEC has gone through and Essentially uh laid out an analysis of When a crypto asset is a security or not So it's a very interesting test but Essentially if it's being used as an Investment and you're making an Investment in a crypto asset and that Crypto asset is a common Enterprise and You think you're going to derive profits From the work of others uh as opposed to The intangible value of the crypto asset Itself then it's more likely to be a Security this is the how we tested in 1946 it was a landmark SEC case that Kind of determined the framework for What a security is but we should just Point out ether is the second largest Cryptocurrency it's got a market cap of About 20 billion dollars Bitcoin is Obviously the most valuable Cryptocurrency with a market capital 150 Billion you mentioned the possibility of Ether derivatives either Futures do you Think that happens this year I think It's entirely possible I mean we've got A few months left in this year so I Would say within the next 12 months I Think you could absolutely see that Maybe even sooner than 12 months would There be enough demand for either Futures it's a great question uh I think We're gonna let the markets decide that
But I definitely think there's interest In our regulated Platforms in in uh and Okay here's where this gets extra shady I decided I would uh help out uh Stefan Huber what he the points he was making I Said this guy Heath tarbert was working In concert with Jay Clayton he met with Him and gentzler the day before the Ripple lawsuit was filed and the day of The Henman speech they all resigned After this was all done here's Heath Tarbert this is Jay Clayton's calendar Meeting right here this is the same day As the bill Hinman ethereum free pass Speech then he meets the day before the Lawsuit is filed against Ripple and Gary Gensler is there too Okay You see all this you you smelling what I'm cooking then there's this there's This is an article from block uh the Block I believe commodity Futures Trading commission chairman Heath Tarbert says he intends to resign his Position early next year Um he's been at the cftc and then it Goes on Um and then down here it says with the Transition into president-elect Joe Biden's Administration other key Regulators have announced their Departures including SEC chairman Jay Clayton and the agency's director Director of the division of corporate
Finance bill Hinman who also made Significant remarks on ethereum during His tenure with tarbert's exit that Opens the door for Biden to choose a new Chairperson of the SEC And here's the look this is the Statement of departure of Bill Hinman on December 4th 2020. here is U.S commodity Futures Trading commission Heath tarbert To resign early next year on December 10th six days after the Henman Um this statement on Bill Hinman and Then uh on December 23rd the day after He drops the lawsuit on Ripple Jay Clayton is going to conclude his tenure Almost like they were doing a dance Together folks Do you see this And then this is timely by Stuart Aldorado yesterday To the extent the the the mere will of An agency official or agency itself is Permitted to exceed The Authority Granted by law the government becomes an Autocracy against this threat of Official dumb Unchained the courts have Always been Vigilant in Jones versus SEC 1936. now this is a great Point made by Yasin Mubarak Um he's retweeting Roslyn Layton's tweet And he says if they're if they're if There ever was a catalyst for a Favorable ruling for ripple and xrp it's This motion to unseal the henman's
Speech documents If it is granted by judge towards and if Brad's description of it is true he Called the contents shocking then There's no way to justify ruling through The SEC under the public pressure and Expectations that will develop as a Result And then John Deaton had tweeted this Out yesterday he says 2025 is the Earliest we get comprehensive crypto Legislation passed into the law in the U.S the war will continue to be waged in Federal courts across the U.S even if Ripple flat out wins the yes this is the Point I made last week even if Ripple Flat out wins the SEC will argue it has No impact because each case is different Facts and circumstances and this person Is directly over the target says leaving Xrp the only crypto token to have passed Through the courts and survived intact Which means xrp by itself would have Clarity folks This is where it feels like this is Going All right so I want to finish with this Brad comes whose digital perspectives He's the guy who has been beating the Drum and saying it's not the Howie test That he thinks that that uh this no no Understand I think what he's getting at Is that he thinks that the Reeves test Will be applied which means they would
Call xrp a note which is a security but It would be the equivalent of a bond That's my understanding of where where He's going with this and he did a thread Here on this after my Discovery Yesterday of of the fact that Chris Lawrence Larson was in a loss this in a Lawsuit with the SEC over them calling His lending product with Prosper a Security and the reason test is what Determined that it was a note So watch this thread I don't know where The SEC case goes but I'm saying that The Reeves test is imp very important to The SEC when it comes to crypto and Stable coins Banks too will xrp become a Stable coin let's look Um this was one document where xrp was Referred to as a stable coin Global Official sector stable coins okay then There was this and maybe it's from this G30 group of 30 then we had this stable Coins for cross-border payment xrp and Stellar they called those two stable Coins both Ripple and Stellar let's see It says two digital currencies that fall Into this category are Ripple Nets Native currency xrp and xlm stable coins For cross-border payment And then Central Bank digital currencies That's the World Bank group so that One's from the World Bank the first one Was from the G30 Um then Bank of China I remember this
Too Bank of China called Ripple um a um Stable coin as well Ripple coin Threatens uh says um Dude a stable exchange rate is formed by Anchoring various legal currencies in Reality Um the currency so they're basically Calling xrp a stable coin too then there Was this by Gary Gensler But I think that the technology itself With Satoshi Nakamoto whoever she or he Was sort of has been a catalyst for Change it's it's around the globe uh Those in the payment business central Banks and private sector have started to Think about payment systems a little bit Different there's there's some Competition so to speak from Decentralized Bearer forms of value Transfer now some people call it Currency but none of these projects have Really taken on a full General uh Embodiment of a medium of exchange unit Of account and and store value that you Know bitcoin's being used for ransomware Around the globe is I mean is there's Like incentives here uh to use a bearer Form of value transfer and that that's What a lot of this is It's a bearer form Of value transfer we already have Digital money yeah we have digital money Yeah we use it every day of the week we Use digital money So what do you mean when you say you you
Yeah let me try and make this easy let Me try and make this easy Um Bearer instruments we've dealt with For the last 50 years We don't tolerate Bearer instruments it Took two or three years it took uh yes In enforcement action yes it took the Definition of what is the security in That case I think it might have been the Howie test but it might have been Another one it's called the Howie test There's other broad brushes with regard To this as well as to when something is A note called the Reeves test the Thurgood Marshall Road looks a lot like A security a Securities offering right And so and so we're going to treat that As a Securities offering we're going to Regulate that Um and so that's kind of how we look at It through that lens now there are other Pieces of the definition of security Like what's a note note that may come up In the crypto context as well Um so that's kind of how we look at it Through that lens now there are other Pieces of the definition of security Like what's a note that may come up in The Crypt Then there's this one Um but to go between Tanzania and Nigeria you need you need somebody to Bear some counterparty risk that the Ledgers both move and are adjusted at
The same time And usually it's a bag that is in both Countries you could use blockchain but You the current thinking is you need to Bridge currency in between and that Bridge could be a stable value that's That's you know backed by the US dollar Or the Euro it could be a currency then Like uh Ripple has an alternative it's Just piloted in May so it's it's not yet Up in any enterprise-wide level You could use blockchain but you the Current thinking is you need a bridge Currency in between and that bridge Could be a stable value Bridge currency In between and that bridge could be a Stable value the current thinking is you Need a bridge currency in between and That bridge could be a stable value All right and then as we go down this is Um Matthew Solomon Brad garlinghouse Um his lawyer less than a year ago Discussing the Reeves test listen Closely as Matthew Solomon pokes SEC Attorney but about providing more Clarity on the issue listen to this I think I looked yesterday what's Happened with all that there may have Been some extensions I don't think we Have Clarity on that finding something It's not a finding that's that that's Legally binding this is the way that These settlements are styled but the Commission found that this lending
Product was a equity security an Investment contract but also that it Constituted a note under the Reeves test And they set that out Vision set that Out in the settlement order this is a Way I guess of giving some kind of Guidance through this settled order of How expansive the commission believes The Reeves test is in relational lending Products not just Equity security but Also in their view of debt security Others going to follow suit because Clearly there must be other inquiries Going on of similar products since again Block five is not the only one out there Like this so that's that's my Perspective on it I don't know if if Others have have views because I do Think this is effort I don't know Steve If you can talk any more about it Probably not but to give some Information to the marketplace and I'm Just those are my personal views about What the commission's trying to do but If you can elaborate on that for us That'd be great yeah I can't I can't Elaborate uh in any way that you're that You would you would enjoy I don't think But I I don't disagree however with your Read of the order uh which does uh to me Make some significant findings regarding The application of Reeves in the note Analysis to lending products as well as Noting that these types have pooled
Crypto can require registration under The Investment Company act those those Seem to me just based on the reading of The public document and the findings to Be pretty significant Um so and then this was the uh this is Where Chris Larson went through the the Uh Prosper lawsuit And they determined his lending product To be a security now when I was at Morgan Stanley I sold bonds and um if The premise here is that that xrp could Be called a node or a bond S had a par value looked that up study Up on that you might find it interesting If you're not familiar with how bonds Work I'm the digital asset investor I'm Not an investment advisor this is for Entertainment purposes only Please Subscribe hit the like button and tell Your friends and family to go look Around for par value and how all that Thank you
