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Welcome back to the show everybody check Out these headlines we got steuart Aldera breaking down exactly where Ripple is right now with the legal case In the recent dropping in the case Dismissed against Brad garlinghouse and Chris larsson's we got Brad garlinghouse As well talking to Medico the uh Institutional custody company and guess What else we got somebody rot that Beautiful [Music] [Applause] Intro Digital perspectives with Brad KES come On [Applause] In welcome back to the show everybody You can follow us on Twitter and YouTube For exclusive content right now we are Looking at $1.17 trillion market cap for Crypto the market is off by. 3% Bitcoin Bitcoin right now 29,800 plus it wants To be 30,000 1,600 slightly over for Ethereum right now tether market cap 84.2 billion plus right now ladies and Gentlemen holy moly that's a lot of Money xrp right now at 51 cents it's up 0.2 on the 24hour and it's up 6.8 on the 7day rate now and I believe most of that Is what we're feeling off the case being Dismissed but remember utility is not The price driver in this market and Until it is it's really not a
Conversation it's exciting to watch but I that's what I'm really really waiting For and what a day that'll be rate quick I want to tell you about this it's glint Ladies and gentlemen buy save send and Spend real gold instantly with glint They've done it they've turned glint in The cash you buy physically allocated Gold you put it on your phone and then You can spend it through your MasterCard Debit card and there are hundreds of Thousands of users doing this today and What a time to be doing it you can Empower yourself and create your own Alternative to banking if you just click The link below and get started yeah and Here's another l L you're going to want To click real quick it's the freedom Zone and what we're going to be talking About today is going to be something You're going to want ladies and Gentlemen you talk about a massive Player in the crypto space it's Peter Theo who's just been revealed to be an FBI informant oh we're going to get into All of that on the freedom Zone just Click the link for that for less than The cost of a cup of coffee ladies and Gentlemen all of us can stay connected And to begin to have conversations about The many many topics that I wouldn't Dare touch on social media and if they Can bar and censor the biggest xrp Influencer the goat himself digital
Asset investor they could do it to me They've done it on YouTube before and I Don't want it to happen ever again I Want to have the kind of connection with You guys that we can start having Conversations that I've been wanting to Have for years and we're having them Here and just to let you know you can See here look at that title right there You're going to want every bit of that That is a a good one and there's so much More to learn in there make sure you Join us inside we'll see you there let's Look at this from Cowboy crypto an Amazing influencer in this space PL of Securities and Exchange Commission it Says uh respectfully notifies the court That the stipulated dismissal of the Sec's pending claims against defendants Christian Larsson and Bradley Garing Garlinghouse have been dismissed ladies And gentlemen and with that we're going To take you to this which was a Highlight reminder of John Deon himself And this thing is playing out exactly The way he said he has said all along he Said the SEC didn't dismiss because it's The right thing to do the enforcement Lawyers recommended dismissal because Their bullying and intimidation tactics Backfired simply put they were going to Be outclassed and embarrassed in the Courtroom just like the Henman email Hearing where later the judge called
Them Hypocrites and said they lacked Faithful allegiance to the law also Henman was going to be called as a Witness by Brad Garling House's lawyer No doubt remember judge Torres ruled the Henman emails were most relevant for Impeachment purposes on Cross-examination SEC lawyers especially The lead lawyer in this case only like It when the trials are or trials are Totally stacked against a defendant with The chances of a defense Victory slim to None in the end they did what most Bullies do when you step up and fight Back they backed down this was easy to See coming shout out to John Deon for All he does for this community and on The same day that the case was dismissed I want to remind everybody that the Dtcc Acquires securency the dtcc is serving More than 6,000 financial institutions And settling more than two quadrillion That's right a thousand trillion make a Quadrillion it's a real number more than Two quadrillion dollars worth of Derivatives and other contracts every Single year without fail and we know That after that acquiring agreement was Signed for securency the securency makes It clear that it could be utilized on Ethereum Stellar Ripple EOS and Distributed ledgers and other Legacy Systems allowing for seamless onchain
And offchain movement of tokens this is A clear sign that they are going to Begin using all of these protocols when They digitize and tokenize all the Securities in that settlement section of The dtcc it's very very powerful and so Is this ladies and gentlemen this is 7 And a half minutes of steuart Alara Laying it down and wait till you hear Him talk about preparing for Micah in The US strategy and think about what They've done when he talks about how They built their company remember what Brad garlinghouse says we are operating As if we already lost that was by Strengthening their position around the Rest of the globe putting the us at a Disadvantage if they actually go the Wrong way with the case because they are Empowered by their relationships and Their customers all around the world Listen to this powerful seven and a half Minutes pay very close attention when he Starts talking about Ireland where they Have a license submitted SEC asked a Judge to dismiss its lawsuit against Ripple exx Brad garlinghouse and Chris Larsson the agency told the judge on Thursday that it's dropping its claims That garlinghouse the CEO and Larson a Co-founder aided and eded sales of the Crypto token xrp this started back in December 2020 when the SEC accused Ripple of raising more than a billion
Dollars with the sale of xrp of course Those claims were put in question after A judge ruled in July that the sale of Xrp on public crypto exchanges didn't Constitute the sale of Securities but That the sale of xrp to hedge funds and Other institutional buyers did violate The law this dismissal comes as the SEC Has faced multiple setbacks over its Attempts to regulate the cryptocurrency Industry through the federal Courts well for our main story I spoke With Stu aldera the chief legal officer At Ripple about the dismissal and the Current state of regulation in the US all right Stu thank you so much for Joining us today this dismissal is the Latest win for ripple and its Executives Following that partial victory that we Were all so excited about back in July Over the sale of xrp what is this lead This move from the SEC mean for the Company for xrp and and for your Executives yeah so I this is a Capitulation by the SEC uh that um I Think that they really didn't have any Case here it's our third victory in a Row in July a Federal Court ruled that The digital asset xrp is not in and of Itself the security the SEC claimed it Was uh in October the SEC tried to take An immediate appeal of that decision uh The judge said no you can't take an Immediate appeal and let me remind you
Of all of the reasons why you were wrong In the first place and then in the face Of that uh they capitulated they Surrendered they really decided to Dismiss what was left of the case I Think that is unprecedented that the SEC Would do that but I also think it's Revealing that they have finally Acknowledge that they really don't have A case here and more importantly for the Industry they've been trying to seize Jurisdiction over the crypto economy Through something called regulation by Enforcement and I think this is the First time that they've had a company And Executives with the resources to Fight back and I think they were Surprised by that and when put through The litmus tasks of the judicial process It's really shown that they don't have The case so there's a big there's a Bigger issue here there's a bigger Policy issue here in terms of what is This country going to do in terms of Getting rational regulation for the Crypto economy and then separately for Uh an agency like the SEC that really is A bit out of control it's really the Administrative stake on awfully bad get Keeping their ey the ball right they Come after a good company like Ripple Entrepreneurs like our Executives who Have built this company up over the pl Past 11 years and while they're doing
That they're keeping the eye off the Ball of FTX sand bankman Creed all of These companies that are going bankrupt So consumers are really getting harmed Uh through this wrong-minded approach From the SEC when it comes to crypto in The United States does this latest development Change how you think about regulation in The US it's you know doesn't provide any More clarity but it is yet another Potential blow to the idea that the SEC Has a clear mandate to regulate crypto So I mean does this make things mer cier Yeah I think for uh Ripple and the Digital asset xrp that we use in our Tech stack for uh the products that Serve our customers corrup the payments Um this provides absolute Clarity that Ripple's use and distribution of xrp Does not constitute a security and Therefore the SEC has no jurisdiction Over our company and they have no Jurisdiction over the digital asset xrp So that's a that's a great thing for Ripple and it's a great thing for our Products on our services I think more Broadly speaking uh we still need a Clear regulatory framework in the US When it comes to crypto Ripple's a Global company we operate in Singapore In the UK in the EU and Dubai and Brazil And through a joint uh Venture in Japan And Australia all of those places we
Work in cooperation with and under the Supervision of regulators clear Licensing authorities we don't have that In the US so even in the face of this Victory which is very very important for Ripple and I think puts us in in a Unique position the jobs the tax dollars The entrepreneurship it's all being Moved offshore and I think that's Ultimately um a tragedy for the Us back in July uh your CEO Brad Garling House threatened that Ripple would leave The us if it lost the case against the SEC you did don't lose the case but Where does Ripple stand now in terms of Investment here in the US are you still Looking abroad for that Regulatory Clarity and Opportunity so I'm I'm sitting here in San Francisco where we have uh one of Our major offices and the company was Founded in San Francisco that being said Why we've been fighting the SEC over the Past three years we we have built the Company mostly outside of the US uh the Company is has never been in a stronger Position both in terms of number of Customers products Revenue cash on the Balance sheet but all of that has been Built outside of the US and the Jurisdictions that I mentioned earlier That is because of the regulatory Hostility that we have in the US so Again as I talked about earlier while we
Won while we are in a unique position Because of that win there's still an Undercurrent of hostility uh from Uh our government when it comes to uh Crypto entrepreneurship and the crypto Economy and I think until that is Resolved it's very difficult and Challenging for any company to really Build robustly in the US so we haven't Abandoned the us we still have employees In the US but over the past year and Certainly over the past quarter uh well More than 50% of our hiring and Investment has been outside of the US well I also want to ask about m in Europe we heard from coinbase earlier This week that it's setting up shop in Ireland to prepare for the roll out of M What are your plans there here we go so Uh we also established an office in Ireland last year uh we have Applications pending with the uh Central Bank of Ireland both for a virtual asset Service provider license and an e-money License uh we'll work with the regulator And hopefully uh satisfy them that we Are equipped from a regulatory and a Compliance standpoint to uh operate Under their Supervision uh and hopefully once we get That license uh we'll be able to use That not only to operate in Ireland but To passport that through the EU we're Doing the same in the UK uh last uh I
Don't think a few weeks ago we received Our major payments institution license From the monetary authority of Singapore Uh we're hopeful uh we'll get um uh Clearance in Dubai uh before the end of The year uh we have an agreement with The Central Bank of Brazil to do Business there uh we operate uh under a Regulatory supervision through a joint Venture in Japan uh so this is the Direction of travel for the industry There you have it right there ladies and Gentlemen that last bit of that was nice I mean the whole thing was great and Shout out to steuart for it don't forget About the license in Ireland which opens Them up to the entire EU jurisdiction More than 30 countries ladies and Gentlemen they're applying for a license In the UK they're also doing it in Dubai We know they already have the full License awarded to them at the monetary Authority of Singapore they're working To get a license through the Central Bank of Brazil how about that one and Then Japan is well makes me think of SBI You know uh this is extremely exciting To me ladies and gentlemen but we got More to look at here very quickly here Let's look at this what's going to Happen after the case what's the appeal Result timeline take a quick listen to Fred RIS Pooley here who was on thinking Uh crypto take a quick listen and we're
Not going to get an app pellet result Until September of 2025 um you know I would have said 26 if We were doing the trial September of 25 You know that that we not doing the Trial so it's out there but I mean think About everything that could happen and Uh what I'm saying right now with the SEC is they're sitting fat on 770 Million right now that they could Completely lose and could evaporate into Nothing if Ripple you know wins on Appeal so there's more for the SEC to Lose than Ripple to lose where we are in The case there you have it and shout out To Fred for that little clip here and Just a quick reminder the SEC Ripple Labs are set for a critical meeting and Confer session November 9th so we don't Know if anything will yield from that But we know we want to pay attention in Case something happens and it does Acknowledge in this article that there Was the charges dropped and that the November 9th can still be met and that Doesn't mean that they will come to a Conclusion but it does mean that they Will meet so hopefully we can get some Information from that if we do I don't Know if it'll be public information or Not unless it's actually a settlement Now before we get out of here we got to Give you this this is a little clip here From Brad Garling house sitting down
With Medico which was recently acquired By Ripple take a listen to this clip how Do you see the two combining together in Creating synergies creating value so Look I think uh there is customer Overlap and that you know Ripple has a a Broad uh Salesforce as well as existing Customer base of financial institutions Medico as you know better than me has Tended to uh play at the tier one level Ripple has tended to play below the tier One level but I think there's clearly Overlap there that uh has created some Some positive Synergy I also think as You look at where the the product Suite The opportunity for financial Institutions broadly is going going it Doesn't stop with custody it doesn't Stop with payments and so it's really You know how do different banks Different Financial institions take Advantage of a suite of products that Would include custody that could include Payments that could include other Capabilities at the infrastructure kind Of Enterprise level now you know better Than anyone in certainly Medico team Which really just achieved an immense Amount of success with a pretty small Lean team and competed very effectively Against larger better funded companies But you know the the macro environment Around custody digital assets uh is Expected to be close to 10 trillion
Dollars by the year 2030 and inevitably Uh people are going to need a place to Store those assets and a safe secure and They need to be able to transfer them as Well having good on and off ramps uh Even a tokenization engine some of the Work Ripple is doing around Central Bank Digital currencies or cbdcs so we think The there's a lot of pieces that uh come Together and we already had and I Remember when you and I first spoke uh You know I remember being a a call with One of the largest top 10 banks in the World and a a com a bank Ripple was Already working with and they were Asking us about could we help them with Their custody this is prior to the Medical acquisition and we weren't in a Position to do that and so we think About that Synergy the ability to say to That existing Ripple customer hey you Know here's a Best in Class you know Going head to-head time to time again And winning uh on the custody uh level You know to be able to bring that Product to them I think is a great Opportunity for the two companies Together so uh you know I'm really happy About it I I I'm curious uh you know if I could turn the tables for a moment What has been your experience about the Synergies as you've been you know you've Only been here a few months as inside uh Ripple but I'm curious what what you
Have seen so far yeah sure um so you Know I'm I'm going to be very honest Here um I think we've been very good at One thing at medac which was Focus you Know we we've specialized in doing Infrastructure in building security Related software and uh we've done it Very well and we've also specialized in Our goto Market into the larger segment Of the banking sector but the it was Also our weakness you know in a sense Because we became so specialized that it Became hard for us to emerge Beyond Infrastructure if you wish so we were Probably the best infrastructure but Then getting into the use cases you know Starting to think you know I'm going to I'm going to be processing payments I'm Going to be tokenizing real assets I'm Going to create value that the banks can Truly leverage in themselves what was Becoming harder and harder because our Team and our goto Market was specialized On infrastructure and um I think what We're seeing in the collaboration with Reple is that we are starting to be able To combine this deep expertise in Infrastructure and security that medac Has acquired also the network and the Success we have on the market with now Valuated Services which potentially can Leverage also the different you know Licenses that you have as a regulated F Institution um and start selling more
Vertical offerings that go beyond the Pure infrastructural level so I think That's probably what excites me the most Is that metaco in itself still exists as It used to be uh it's still largely Independent still has uh you know its Same exact offering with its same Ambitions but it's now able to provide More value to the Clients look I I think the biggest thing That jumped out at me and maybe it did You too is Brad garlinghouse talking About projecting 10 trillion looking for Custody a home by 2030 in this space Well you know when I think of that and The 10 trillion he's projecting and kind Of thinking about in the future there What do I come back to I'll tell you What I come back to I come back to the Dtcc that they settle globally right They're settling things from all around The world could that play a role in the Helping to settle DTC as they move into The digital realm and tokenizing Derivatives I don't know but I tell you It gets pretty wild watching all of this Unfold I absolutely love it not Financial advice from me or anyone else I'll catch all of you on the next One
