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Although this is Matt on the moon family Said Dan Channel I've got three stories To share with you in this latest room Temperature Jam I'll be starting with This one from the crypto basic titled Pro xrp attorney thinks Kramer owes Americans an apology after championing Silicon Valley Bank and they're talking About none other than Attorney John Deaton and of course Jim Cramer here who Is wow what what a piece of work it's Like so you know how they're a bunch of Fake gurus just in social media in General A Bunch on YouTube uh just Pretending to be things that they're not Speaking out their rear sides as if they Have some sort of special information or Educational background just being fake Online well the equivalent of that uh From Legacy Media would be Jim Cramer he Is If he's a guru my God I am one another I Want to be an anti-guru if that's the Case because I I tell you when it comes To famous people in the world of Finance Jim Cramer is arguably the very worst There's a reason that there's an inverse Kramer fund that just invests in Whatever he says it just does the Opposite literally he's a meme at this Point and I'm telling you had he had he Um you know come up in this age of the Internet he wouldn't have made it like Can you imagine if he's nobody and he
Just starts talking today maybe even Starts YouTube who's listening to this Guy nobody he's just he's just a has Been from the Legacy Media it says a Bunch of stuff that's nonsense and so Anyway I'll get into that and then also There was uh this article from you today Titled xrp used as Solution by Blockchain Financial Service to convert Funds during usdc DPAC and I thought That was interesting and then last I'll Cover this story from the daily huddle Two U.S SEC Commissioners blast their Own Agency for rejecting Vanek Bitcoin Exchange traded fund application But before going further Ado and be Clear I do not have a legal or financial Background of any kind I am not offering Legal or financial advice and you Definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun and if I may first say Before going further and I may because This is my channel damn it do what I Want I'd like to highlight this article I'm not going to read it but just Highlight it especially for those of you Who are unaware of this is from December 8th of 2022 from the crypto basic Jim Cramer hits xrp again calls xrp a giant Con for those of you that aren't in the
New or perhaps you missed it Jim Cramer On more than one occasion actually Called xrp a giant con it's complete Nutter nonsense he knows nothing about It it's so funny like the things that Are the most promising in life from a Financial perspective including xrp he's Against it it's a con no evidence for The Khan he just asserts these things And then the things that are on the Brink of collapse he's just like yeah go Buy that stock oh okay well thank you For nothing Jim Cramer Really grinds my gears folks really Gradsmaker so if he's going to apologize For anything if he can actually start With that for calling xrp a giant con When it's just a decentralized xrp is a Native asset and a decentralized system If you just apologize for that first That'd be a fun starting point but Anyway into this piece now Attorney John Deaton has suggested that CNBC Mad Money host Jim Cramer owes Viewers an apology after urging them to Invest in the failed Silicon Valley Bank The crypto law founder who represents Thousands of xrp holders as a friend of The court in the United States Securities and Exchange Commission case Against Ripple Expressed this view in response to a Tweet from David Schwartz Ripple's Chief Technology officer notably shorts
Schwartz pointed out that less than a Month ago Kramer had advised viewers of His CNBC program to invest in the bank And here you can see the tweets from David Schwartz Jim Cramer was advising People to invest in a Silicon Valley Bank just one month ago it was quite Possibly the worst possible investment That's from David Schwartz everybody was Quite possibly the worst possible yes Yes it absolutely actually was because It's now worth zero it's now worth Literally zero and then attorney Deaton Retweeted that and said has Jim Cramer Ever apologized after giving the worst Possible advice possible and folks he Deserves to be called out for this Because it's it's not like a bad call Here and there it's like again there's a Reason there's an inverse Kramer fund There's I think these things don't just Normally it wouldn't happen you don't Have this with other you know famous Well-known people in the world of Finance tracking their calls but you Have with Kramer because he is awful and Don't forget that in 2008 three days Before bear Stearns collapsed that bank He was he's saying it's a buy what you Think it's gonna you think it's gonna Collapse he said no no no you're being Silly and the three days later it Collapsed it goes to zero and that was One of the largest collapses Bank
Collapses in history in the United States And this one Um is this as cited in this article Right here this is the second largest Bank collapse in U.S history and just Weeks ago Jim Cramer's like oh that's a Buy it's got room to go it's got legs Right Completely ridiculous On to the next piece xrp used as Solution by blockchain Financial Service To convert funds during usdc pay and in Case you hadn't heard uh stablecoin usdc Is currently depeg I didn't check the Price right before recording this video But a little bit ago some hours ago I Checked it was at like 95 cents uh Yesterday it got as low as I think 87 Cents which is the lowest it's been in History Um and the reason that happened is Because usdc which is supposed to be Completely backed by real money Uh well some of that money turns out was In Silicon Valley Bank which is Completely collapsed and the government Has taken it over and that caused a Bunch of fears about the viability of Stablecoin usdc so anyway uh that's all You need to know for that I just want to Quickly set that up anyway peace reads As follows in the wake of the usdc DPAC Event Austin Texas based blockchain
Financial Service Reaper Financial which Focuses on acquiring and burning digital Assets has announced that it is Converting the usdc in its permanent Drip fund to xrp Quote due to a potential debaging event The usdc and the permanent drip fund has Been converted to xrp until stability Returns we will update as the situation Evolves end quote And so that's what the the Ripple Lawsuit participants stated in a tweet And indeed this is a ripple lawsuit Participant Reaper Financial actually Filed an amicus brief in the secv Ripple Case which I covered in full and it was A truly interesting business model where The whole thing and it's funny that the Name makes sense what you understand it Reaper Financial the point is to Basically reduce the supply of various Coins that you know so obviously supply And demand Dynamics take over uh fewer Coins out there obviously you know more Scarce it is higher price could go Um and so that's that's basically in a Nutshell I mean there's there is a lot More to it than that but Um but without you know that'd be too Far outside the scope of this video but I found it interesting when I was Breaking the whole thing down in a video When they filed that Amicus brief in Late last year it's just crazy it just
Makes you wonder too like how many Businesses out there are building stuff On top of the xrp Ledger that we Literally just don't know because before This I didn't know anything about this I Also didn't know about tap Jets um I did Happen to know about spin the bits but Um that was because of what was I can't Remember the first time I saw it is in My Twitter feed might have been because Of Attorney John Deaton or crypto Eddie I can't remember but without without the The suit I'm not sure if even they would Have known about it and others so maybe Maybe it would have been the case but The point is the lawsuit actually made It clear that there's a lot more Development going on top of the xrp Ledger than any of us understood and it Makes me wonder how many others out There do we not know about and just Remain silent not wanting to file an Amicus brief probably a bunch would be My guess but who knows Um and then there was also this from the Daily huddle 2 U.S SEC Commissioners Blast their own Agency for rejecting van Eck Bitcoin exchange traded fund Application two Commissioners at the U.S Securities and Exchange Commission are Putting their own Agency on blast after The regulator batted down another Bitcoin exchange traded fund exchange Traded fund application
The SEC on Friday rejected a Bitcoin Spot ETF application from van Eck a Us-based ETF and fund manager unlike Bitcoin Futures ETF which would be Linked to derivative contracts tied to Bitcoin a spot Bitcoin ETF would be Directly backed by The Benchmark Cryptocurrency SEC Commissioners Hester Purse and Mark uyeda who released a Statement accusing their own agency of Holding Bitcoin spot ETF applications to A quote bespoke standard that may be Impossible for any product to meet end Quote Yeah and then it's no joke right There and that's why grayscale who also Filed an application for a spot Bitcoin ETF when they got rejected this past Summer that same day they had a lawsuit Ready and they filed it they sued the SEC and Um just uh within the last week I think It might have been like March 7th of Memory service it was very recently uh The latest Court happening occurred and The judge ripped the SEC to shreds just Completely and I it just it was really Delightful I made a whole video on that So I won't go into it here but it was Just delightful to see uh the the the Judge just ripped them to shreds because The argument is BS and SEC Commissioners Hester person Margarita are absolutely Correct here and they said the following Quote nearly six years have passed since
The commission issued via Authority Delegated to the division of trading and Markets its first order disapproving an Application by an exchange to to list And trade and exchange traded product ETP Designed to track the price of spot Bitcoin Notwithstanding the significant Evolution of the Bitcoin Market the Commission has continued to disapprove Every such filing that has come before It in our view the commission is using a Different set of goal posts from those It used and still uses for other types Of commodity-based etps to keep these Spot Bitcoin etps Off the exchanges we regulate end quote And that's certainly true that's obvious And by the way I'll mention this too an ATP is an exchange-traded product ETF of Course exchange traded fund they're Similar and to be honest with you right Off the top of my head I can't remember Is there some sort of nuance that makes Them different but they're in the same Family of Concepts so it doesn't Functionally matter for the purposes of This video Um I just I I wish I could retain Literally everything I ever learned but That's not how humans work unfortunately But but setting that aside the point is That the SEC is not acting in good faith
Here and it is nice to see that at least Two of the Commissioners are pushing Back against the nonsense that their uh Cohorts uh are trying to cram down Everybody's throats I'm not a financial advisor you should Not buy or sell anything because of Anything I say or right that would be a Very very very bad idea until next time To the Moon family sedan