Welcome back to the show everybody check Out these headlines we've got some great News for a stellar today and coinbase Flips the script and you're going to Like it Warren Davidson in the news Perry Anne born from the digital Chamber Of Commerce you're going to want every Single bit of it Financial Services Committee and a new draft legislation For a stable coin Bill backed the CEO Saying xrp not coming on the platform at All oh we got questions for him Ripple Confirming a new odl Corridor you're Going to want every single bit of it and One technical analyst says an epic drop You may like for xrp Price somebody Rolled that beautiful intro Spec dips with bread kinds come on in Welcome back to the show everybody you Can follow us on Twitter and YouTube for Exclusive content right now it is 1.2 Trillion dollar market cap for crypto The market is off by point six percent Bitcoin 27 400 plus ethereum 1826 and Change tether market cap 81.6 billion plus xrp is 45 cents right Now we're off by 10.8 percent on the Seven day 1.8 of that in the last 24 Hours let's get started this morning With this right here link two hits a Milestone they reached a hundred Thousand members on the platform we're Deeply grateful for the ongoing support And participation in our Global
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Investment community and we look forward To achieving even greater Heights Together to sign up with link to visit Link2.com or click the link underneath This video to my sponsor the best place To get private equity and I don't mind Telling you yes you have to be be an Accredited investor and know it is not Linked to his rule it is regulator's Rule and they're doing everything they Can to take down that wall find out what You need to do to become accredited and Find out how you can get somebody's Incredible products on this platform That are using this technology to build Out this space it is remarkable Opportunity Work launches first U.S Fund on public blockchain uh oh that's Good news and here's Janelle Dixon Talking about it Franklin Templeton we Know have been building on seller Network for years on-chain U.S Government money fund is a game changer For investment management which Stellar's asset tokenization capability Stellar makes traditional Finance more Accessible to all this is exciting Because this again for me is where the World is going right tokenizing Everything of value that's the larger Part of this digital asset Revolution to Me not crypto crypto is going to be a Very small swath of the digital asset
Revolution I believe The block coinbase says what's good for The goose is good for the gander oh yeah Coinbase says we're suing the SCC SEC Wants to sue everybody well now we're Going to sue the SEC and I'm glad to Hear this only because I know that Coinbase has got the money to do it just Like Ripple has had the money to fight Their defense now they're going on the Offensive with coinbase suing the SEC For an answer on rules specific to Digital Assets Now this comes after There was a uh submission of I can't Remember what it was what they the term Was but they submitted something And coinbase SCC blew it off right and Once they blew that off coinbase said You know what we're going to go ahead And Sue the SEC here to try to get some Clarity for digital assets this is a big Big move and I'm glad they're doing it This here is Warren Davidson who has a Structural problem with the SEC and Certainly Gary genzer Gary Goldman Gensler I should say I joined coindesk Recently to talk about the proposal to Restructure the SEC and listen to what He says here this is not unheard of what He's talking about take a listen Congressman Warren Davidson welcome good Morning Nice to see you again Um okay well let's get right into this
This is a very bold proposal now Gary Gensler is not very popular within the Cryptocurrency community but you are Making a much Bolder statement you were Saying he has a record of failures can You just outline for us in sort of the Most objective way what are these Failures that you are pointing to yeah I Think gensler's uh failures highlight This there's a structural problem There's a Gary Gensler problem but There's also a structural problem with The Securities and Exchange Commission And really you you go back uh years ago They went to a strong chairman the Original structure was the commission And so he's he's frankly he's front Running the uh the entire uh Market Whether it's you know Congress the house The Senate treasury the cftc and it's All to try to gain jurisdiction and Instead of acknowledging that he needs Uh to work with Congress to get clarity For digital assets uh I've called it Similar to Hotel California uh not the Exact lyric but you you can check in With the SEC but you can never leave And that really is true And I tell you here's Perry and boring Who actually brings even more clarity to The understanding of the real problem Here She's going to point out just how Involved this digital asset space is
This is not as simple as it's a crypto Or it's not a crypto listen to what she Says here because it is as John Deaton Says an outstanding job by Perry and Boring to convey the message Digital assets are a spectrum of assets Commodities there's digital asset Securities there's digital asset Currencies there's Payment Systems There's nfts there's digital Um uh Collectibles there are many Different types of digital assets that There are many different regulatory Agencies that have jurisdiction over This space that clip you just played With chairman Patrick McHenry grilling The SEC chairman Gary Gensler really Gets to the fundamental issue the Industry has which is the need for Regulatory Clarity and that exchange was Very emblematic of what the industry is Dealing with I did a Perry and I did a I Did a panel down at Virginia Tech about Four and a half years ago and with with Hester purse who is actually a member One of the SEC Commissioners this was four and a half Years ago we talked about the urgency of Getting this done It feels like the SEC is moving at about The speed of a hundred-year-old tortoise With a broken ankle Yeah commissioner purse spoke at an Event that we hosted about a year ago
And she said unfortunately the SEC has Made very very little progress there has Been no regulatory guidance issued by The Securities and Exchange Commission For the digital asset ecosystem despite The fact that industry's been calling For it for over six years Coming back to that question of ethereum Which really kicked off the entire Hearing how can it be that the Securities and Exchange Commission is Taking the position that digital tokens Including ethereum potentially are Securities but then you have the cftc Also saying these exact same assets are Commodities how is there Clarity and you Know when you have that when the Agencies themselves don't agree and even The SEC the commissioners of the SEC Hester purse being one of them don't Agree there is not regulatory Clarity in This space despite what the chairman Testified on this morning well Perry Ann You know that it may not be about Clarity so much is about control who Ultimately is the regulator Perry Ann Boring and there you have it and it is True and I tell you what though Ron Hammond says this week in Congress and I'm not going to read this whole thing To you as always it is wonderful and you Should read the whole thread but just to Get us through this video here I will Give you the highlights of the thread
Here this week in Congress and crypto After a busy week of oversight and Stable coins this is important the house Is chugging right along with the third Highest priority in crypto space Market Structure two hearings this week in the House on the same day and the exact same Topic here's what to expect very quickly Here Market structure is vague term but It is an important element of the crypto Regulation there are many questions and Conflicting messages from the cftc and The SEC just as mentioned by Perry and Boring about where the jurisdiction Starts and stops in the crypto sector in The wake of this confusion Congress is Stepping in in a rare move the house Ag And the financial committee are having Their own respective Market structure Hearings on Thursday this move on having Hearings on the same day isn't to Compete with one another but rather the Opposite it is a sign that they are Tackling the issue together this is Where things get dicey though committees Fight hard for their jurisdiction and Like The Regulators will oppose elements That weaken their committee's Jurisdiction it is one of the many Reasons why an SRO which is a Self-regulating organization isn't Politically feasible at the moment both The AG and the financial services Committee will need to work together if
A market structure bill has a chance it Won't work if one goes ahead without the Other both committees understand this Hence the same day hearings unlike Stable coins there isn't a bill draft or Principles out and they were gonna there Is a new draft for the stablecoin bill And you need to know about it in just One second here One of the other pitfalls of having two Committees involved is having too many Cooks in the kitchen so for all signs Point to collaborate so far all signs Point to collaboration typically and Congress is well known when multiple Committees are involved things get Slimmer in terms of moving legislation Forward he goes on here to talk about The SEC and the cftc the lack of clarity In the SEC obviously being a problem in That and then he says here since Market Structure isn't as fleshed out as issues Like stable coins that is a promising Statement for him to say it that way I Think expect more hearings and Discussions on this topic over the next Few months oversight stable coins Market Structure will continue to be the top Three crypto topics for this Congress so Stay tuned and we are going to stay Tuned because the house Financial Services committee have released new Draft legislation uh to regulate Stablecoin issuers and here is this
Right here and it would take the SEC out Of the equation and we love hearing that Don't way so just to really quickly here It says and this is just going to give You the highlights of this new payment Stable coin legislation would hand Authority from the SEC to the federal And state bank and credit union Regulators the sec's assertion over Stable coins may also be at odds with Fellow Biden Administration officials This right here is where your hope where I'm hopeful Right because the current Administration Is dividing Administration and the fact That there's people within that Administration now at odds with a Democratic appointed official at the SEC Goldman genzler I think this gives us The greatest chance to see something get Done for stable coin legislation on that Front just to touch this and come down Here the whole article is really good But just to touch this for a second here It says Uh States could approve aside from Shifting oversight of stable coins from The SEC to Federal and State Bank Credit Union Regulators the bill also subjects Non-bank stable coin issuers to Regulatory examinations that every Stable coin be backed by legal tender or Short-term treasury bonds and include a Monthly reporting requirement with a
Certified public accounting firm which Is what we have not really gotten from USD tether so we'll see how that goes States could approve uh stablecoin Issuance using their own standards but The bill sets a floor for State Regulators for evaluating projects it Goes on to say the Federal Reserve can Also halt projects even if approved by a State if the stable coin doesn't meet Those Baseline criteria it says here State regulations put in place by the New York Department of Financial Services provided a reference point for The new draft staff said during a press Call on Monday issuance of a stable coin Without regular regulatory approval Could result in criminal as well as Civil and penalties and stablecoin Issues would be subject to anti-minary Laundering know your customer Requirements similar to bank which is What USD tether does not have currently Stablecoin issue is waiting on full Approval from Regulators could be Granted a preliminary green light to Start issuing stable coins up to a year While being evaluated so who knows how That could apply to something like UST Tether we'll keep an eye on it now this Right here is back CEO saying After he's pressed about xrp not at all They're not going to list it at all Listen to what he says here
Can I ask about one digital currencies In particular which is xrp created by Ripple obviously it's under some Pressure right now from Regulators Coinbase has dropped deferments exchange Does back currently support trading it's Not on our platform no because of the Controversies or for some other reason It's just not on our platform but there Must be a reason it's the third largest Market cap cryptocurrency in the world We entered the crypto space through Bitcoin and that was the first currency We've made available we have others that Are scheduled to come on board as part Of the product development but Um xrp is not not available is xrp one Of those that are scheduled to come on At some point is it on the road map no It's not coming on at all okay I've got One digital currency not coming on at All he says Xrp not coming on the platform at all CEO Gavin Michael Do you also mean not at all even if xrp Gets Clarity after a legal ruling I'm asking as a back shareholder for a Few hundred thousand of my friends And thus far we've got nothing This doesn't make sense backed is doing Payments as a part of their platform Xrp is a payments token currently Bridge Currency even if you will right Carbon neutral
Fractions of a penny What's going on here However Countries realize the benefits of xrp And on-demand liquidity that uses xrp For payments even if back doesn't Ripple confirms that xrp's on-demand Liquidity payment solution is now Available in India along with the other Markets it already has been So here you see Mexico India southeast Asia complex corridors like Brazil you Know this is exciting to me because Ripple continues to expand around the World I tell you this and how about this Egg crypto technical analyst says what About An epic drop to 350 dollar xrp at some Point One effective way to remove our bias is By using an inverted chart basically Flipping the chart upside down The inverted chart makes it easy for our Visuals to comprehend the fall since we Are psychologically content with falling Objects remember this when 1.40 gate is Open then the Bears will be smashed by The Bulls because the gate cannot be Closed by the Bears Xrp will have its epic drop but a drop That will make some Millionaires and Billionaires well let me tell you Something If we hit that 1.40 Mark and he's right
Which is here which could send xrp and Then obviously this is an inverted chart That's upside down right But showing that if it could hit that Bull market line get above that 140 then We could see history repeat like we've Done in the past because that looks like A fractal repeat from back in 1718. And if we did that could put us in the Range of a 300 plus xrp sometime in the Future it's showing here 24 25 range Sometime in there I could do that Standing on my head That's where we're going to leave it to Stop Financial advice for me or anyone Else but that's an epic drop I'm I'm Excited about I hope it happens not Financial advice for me him or anyone Else it's just my digital perspectives I'll catch all of you on the next one
