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Welcome back to the show everybody check Out these headlines we got Brad Garlinghouse in footage I've never seen From the YPO at the world economic Forum 2023 you're going to want every single Bit of that we've also got John Deaton Talking about the SEC versus Ripple and The one way the SEC could find a victory Somebody wrote that beautiful intro Thank you Digital perspectives with Brad kimes Come on in Welcome back to the show everybody the Microphone was off you know you think I'd have this down by now good afternoon Everybody 1.19 trillion dollar market cap for Crypto the market is up point six Percent but take a look at this xrp down Here is up seven percent on the seven Day at 40 cents it's moved a bit today We'll keep an eye on it we know things Are tricky watching where this case Could end we could be days away we're Going to hear from John Deaton on that Matter of the case by the way 70.3 billion dollar market cap for Tether and we see 1700 plus now for Ethereum and 24 9 and change for Bitcoin We'll keep an eye on it ladies and Gentlemen I haven't talked to you about This in a long time but you can get 81 Percent off of pure VPN right now on a Two-year plan if you click the link
Underneath the video but wait that's not All wait it does get better look Purevpn's done it again so it's not just About having something help you hide Your identity online They have this product now and a few Others but I'm talking about this one Today and it's pure keep give your Passwords a safe home you can store your Passwords generate passwords and share Secure Vault I'm telling you this is Pretty remarkable what purevpn is Stepping out and doing here ladies and Gentlemen and they were already good at Just being a VPN service click that link Underneath the video I'm going to be Checking that out later today xrp whales Moved 650 million tokens worth 250 Million dollars in 24 hours boy that's a Lot of xrp right there I think that's a lot of on-demand Liquidity of course we never seem to Know where it all goes but I am Speculating This right here from John Deaton I want You to listen very carefully as we go Through this and I'm going to go through This quickly because we want to get to The Brad garlinghouse videos and you're Going to want every bit of that shout Out to Brad and ripple Hard to not agree that this theory is Based in truth now listen if Jesse Powell doesn't sound like a YouTuber I
Don't know who does and I mean that in The best way possible because we've Caught a lot of hell for suggesting the Same thing Jesse Powell from Kraken says I have a theory Regulators let the bad Guys get big and blow up because it Serves their agenda destroy capital Resources in the crypto ecosystem burn People deter adoption give air cover to Attack good actors the bad guys are Actually on side it says good guys are The enemy and so on and so on and you Know what that's exactly what we've said About FTX is that maybe that's why they Were allowed to go and meet with uh Gary Gensler so many times and get a free Pass and not have any due diligence Whatsoever to discover what a dumpster Fire of a company that was And be awarded a broker dealer's license But then only to really get its Tentacles as FTX into so many companies Well over a hundred companies to destroy The infrastructure that exists and give Gary Gensler the talking points that he Needs to come in and regulate this space You have to wonder You have to wonder here's Jesse Powell Right here and shout out to him and Dai For this clip you know not so much Because Uh you know FTX was critical Infrastructure or anything you know I Think Mount gox was much more critical
Back in 2014 than if TX was today by a Long shot but you know politicians have Been have been looking for an excuse to Hassle us in the crypto industry and Unfortunately you know here we are the Victims and uh you know this this blow Up is somehow going to be pinned on us And be used as a lever to kind of Squeeze more juice out of the crypto Orange unfortunately and we're gonna Have to fight with everything we can to Make sure that you know the narrative Stays on point which is that FTX was a scam a Ponzi not unlike Bernie Madoff I don't like theranos and uh you Know just like Bernie Madoff was not an Indictment of the stock market or Equities and theranos was not an Indictment of the medical profession Um FTX is not an independent of crypto Whatsoever we just happen to be the Victims in this case he could have used Anything and I hope that we all Stay on message with that and make sure That this doesn't get used as an excuse To shut us down I think you can't say it any better and In fact Caitlyn long comes out and says It says it is well essentially saying This I'm not going to read the whole Thread but you should it's on my Twitter And shout out to Caitlyn long you know Custodia bank took a hard hit from the FED after being hung out to dry for an
Answer for months on end if not over a Year and basically This is what she said today I'm publicly Disclosing for the first time that I Handed over evidence to law enforcement Of probable crimes committed by a big Crypto fraud starting months before that Company imploded and stuck its millions Of customers with losses and I've worn Bank Regulators of mounting Bank Run Risk inside Banks serving the crypto Industry before the bank runs ultimately Hit How many correctly foresaw the crypto Lender implosion warn Regulators of Impending Bank runs and tried to help Law enforcement and stop big fraud and I'll shorten the rest of it and only in Turn to be shut down and have the door Slammed in your face by the Federal Reserve over her custodia bank This is what you get for trying to do Things right this is what you get for Trying to help others isn't it Caitlyn Is it this a lesson we're all learning That if you're not in The Secret Circle If you're not the chosen ones then you Will be ostracized you will be Blacklisted essentially And it's just absolutely disgusting And I hope there's a way to get it fixed Meanwhile Brazilian government is Preparing a new decree declaring uh Clarity for cryptocurrency rules while
We have none here in the United States Bank of Russia's to launch the next Phase of digital Ruble pilot project With transactions between individuals And businesses we know China is well Underway and we're still waiting for the United States to get it together here I Happen to think they'll come last but I Just hope they come correct when they Come last because up until now it's been An absolute crap show This here is a sign that clear for the Way for the iso 20022 which is a Messaging language creating Standardization in the payment industry Ladies and gentlemen and it's basically Saying here the governance Council of ECB has given the green light for ISO 20022 migration in Target 2 on March 20th this is just a month away now this Removes all uncertainties for the Swift ISO 20022 migration on the same date now That is exciting to me because I Understand as I know most of you do that You know in the standardization of Delivering messaging data and payment Data information that's what is 020022 Is in that standardization is the Allowance inside of that standardized Messaging to bring in the potential use Of digital assets by coding them and Using the I Iso20022 standard messaging to do so now That does not guarantee it will happen
But we know the door is open to be able To do that and let us not forget too That whether we're talking about moving And settling value tokens and all of This the real big money maker is data And the more you can have your protocol Or network be decentralized in moving That information That's the big score that is the big Score in this particular instance we Know it's about huge Rich data Collection and the standardization that It could bring to the messaging industry Could be absolutely revolutionary and I Expect it to be This right here is Brad garlinghouse Sitting down at World economic Forum 2023 I had not seen this shout out to 801 xrp for sharing this he is sitting With the young president's organization At Davos and it is a fantastic Conversation with Brad and the gentleman Who's speaking with him I'm going to let This play and let you hear it because It's the first time I heard it and we Always love a chance to be able to hear Brad garlinghouse speak his thoughts on What's going on with ripple and the Crypto space take a listen We're here at the world economic Forum At Davos and I have the pleasure of Having with me Brad garlinghouse the CEO Of Ripple Brad thank you for being with Us absolutely glad to be here thank you
For coming to the Ripple temporary Office Brad listen I it would be I guess a big Mistake of me not to start with what is In the minds of everybody is topical Everybody's talking about it so let's Address it FTX There's a collapse there's crypto Involved how is Ripple different Well so I view Ripple as dramatically Different and actually maybe I'll start By describing how I think about the FTX Collapse you know first of all I don't Even think of the FX clubs as a crypto Issue it's a fraud whether you're Dealing with crypto assets or as Bernie Madoff was dealing with lots of Different assets or maybe didn't have Assets I don't know but you know fraud Is fraud and you know I don't know the Details of FTX and of course the court Process will will play out but Ripple is Dramatically different and that at the Core we're we're an Enterprise software Company we're selling Bank Infrastructure uh that uses blockchain Technology to dramatically improve Cross-border payments so today many of Us are very familiar with you know what Generally is called a swift transfer a Wire transfer uh you know industry by The way the word wire transfer the History of that refers to a telegraph Wire click click click that's how we're
Transferring money and we still hang on To that language why is it that it's Slow and expensive to send money across Borders when I can send an email Anywhere in the world for free anytime And really money's just ones and zeros At this point Ripple selling Technologies allow Banks Spanish Institutions to send cross-border Payments instantly very very low cost so As compared to FTX you know it's kind of Apples and oranges Very good and very nice to hear you you Touched upon Swift so let's let's go There is is Swift a competitor is a Swift something that in in a future Scenario you would see working with and What about you know transfers that Happen through platforms like a revolut Or a WeChat yeah so Ripple decided early On that we wanted to be at kind of the Infrastructure layer there's a whole Bunch of strategic issues associated With that one of them quite frankly is That if you work with regulated Endpoints that's where all the Regulatory Frameworks apply kyc know Your customer AML anti-money laundering All the acronyms if you work just with Regulated endpoints they're making sure That that is the case Companies like WeChat have to do that Regulatory work themselves uh now Swift I mean Swift is kind of a competitor
It's it's slightly more complicated than That because Swift is really just Messaging when you send a swift transfer It's not liquidity you're actually Sending Bank messages to banks that have Liquidity so to some degree Citibank and HSBC uh really the top two JPM those are The top three liquidity Banks and when You're sending Swift messages you're Sending messages to Banks to release Liquidity and making sure the debits and Credits match So to some degree really boil it down Ripple's competing with the liquidity of City and the messaging of Swift but in One because we're both messaging and Liquidity and at the end of the day you Know again as I described you know Swift Was developed 50 plus years ago it Architecturally hasn't really changed it Does remain slow or you know days it Does remain relatively speaking Expensive and actually interesting it's Quite error-prone uh and part of that is Just it's a one-way messaging protocol So if I fat finger tassos and I put uh 1s instead of two in the middle I guess You have three s's but that will bounce Back they'll say no that that account Name doesn't match that person that's an Error now if you use modern technology You know you would get a real time You're typing in to ask this an account Number you get a real-time okay does
That count match oh I mistyped I fat Fingered that name so the efficiency you Know we see instead of a six percent Error rate as reported for Swift You See The you know 10 bips of air so 99.9 Percent effective so you know we think These are better technologies that can Be applied broadly to the vast majority Of frankly all of the banking system by Selling it as a wholesaler if you will And therefore if we don't compete with The wechats WeChat could be a customer Of ours You you touched upon something that I Think is very relevant and then Something we've heard a lot about and That's regulation right you look at Crypto and if if I look back crypto Started as something that was more Anti-regulation anti-system following The financial crisis of 08 and yet you Are an advocate of Regulation how do you Reconcile these two You know when I uh first got exposed to Crypto there's no question that you know The the perspective was anti-government You know Bitcoin kind of came from that Heritage and I always thought these are Amazing Technologies but if you wanted To have the broadest impact for the Broadest population you needed to work With the system and work with Governments with work with Regulators so For really since the beginning of
Ripple's life we've been engaging Regulators globally and that has I think Been to our benefit for sure uh you know In lots of different jurisdictions the United States interestingly is really Behind lots of other countries and you Know here in Davos I've made the Argument to the various sessions around Crypto that like we spend too much time Talking about the US regular regulatory Framework because it's quite a bit Behind countries like the UK or Japan Well certainly Switzerland was early and Aggressive and codifying and being Specific about what the regulatory Framework for crypto would look like and When you're clear about the framework That allows entrepreneurs and investment Capital flow in because it reduces risk I mean you don't know what that looks Like if you're an entrepreneur one of The first pieces of advice I give people Is don't start your company United States at this point until the rules are Clear most crypto entrepreneurs I find They want to follow the rules of the Road but if you know what the rules of The road are that may come up or you Don't know where to be yeah so if you Operate and start I mean we're a very Global business if you're a Swiss Company well you know what the Swiss Regulatory Frameworks look like even Countries like the UAE and frankly in
South Africa is getting ahead of the United States Very interesting perspective and you Touched upon something regulation Um there is a an issue in an open Dispute between you and the SEC on on Your uh crypto coin the xrp whether that Is a security or not and I know that a Lot of people are really waiting and and Really the the outcome is very important What is your take on it where do you Stand what do you see the issues uh Being there yeah well so first of all it Is very important not just for ripple But really for the whole crypto industry You know the US is the largest economy In the world certainly we want crypto to Thrive as it is in other countries uh in The United States the the United States Security Exchange Commission has taken The position that ripples sales of xrp Constitute an unregistered security sale And it gets into this very nuanced legal Definition of what is a security we use Xrp as a currency we use it for Cross-border settlement uh you know it Doesn't give you any rights or title or Governance of Ripple in fact it's an Open source technology that it's hard to Think about so if xrp is a security it's A security of what company who should File the registration statement You know if it's an open system should That should Ripple do that I mean the
Other frustrating part uh to kind of Just anecdotes on this one the only Country on the planet and we operate in 50 plus countries the only country on The planet that has uh alleged that xrp Is a security is the United States which Is odd when you know we're actually Ripple's been profitable we pay taxes in The United States I'm a U.S taxpayer and It's just kind of like wow this is uh It's frankly it's the reason why we are Doing more and more outside the United States both from a hiring uh you know Second largest offices now London uh now On the case itself we think the law is Actually clear and we think the facts Are on our side I think the law is on Our side and so we're actually quite Optimistic the case has been going on For about two years uh it's fully Briefed in uh District Court federal District court and southern district we Expect closure within months uh you know You when the when a judge gets the case You don't have a timeline so the judge Will take the amount of time the judge Wants but I'm pretty optimistic I do Think it's important for the whole Industry and I'm looking forward to Closure Probably if I may and I would I really For the whole industry I hope that this Comes sooner than rather than later Because Clarity is as you said very
Important Um Okay now let's roll right quickly into This next clip Um let's talk a little bit about you you Are you are extremely driven you you are Very successful what are some of the Experiences or leadership traits or Anecdotes perhaps that you can share With ypos that you know have influenced You or you think would be something well Worth for them to consider Well first of all I'll give a plug for YPO and you know I think it's part of Leadership is you know being open to Knowing what you don't know and I think Your YPO Forum particularly uh is you Know for me has been a group of people Who have been you know mentors and Advisors and you know both a Professionally and personally uh but I Think that the kind of knowing what you Don't know you know I try to spend a lot Of time listening uh I think my team at Ripple would described me as decisive But I am very much open to and frankly To sometimes their frustration I'm like I want the input I want before I make an Important decision I want I'm not going To go into a dark room and just make a Decision and come out and say hey here's What's going on uh and I think that has Served us well particularly in a new Industry that's formative you know it's
Kind of the the pre-cambrian era of Crypto is you know the last six I've Been at Ripple now eight years And you know being open to that feedback And always listening before kind of Opining I think has served me well And and with that let me ask you one Thing because uh we can share with Ypoers blockchain and crypto is on a lot Of our minds right and most people Unlike you do not have the the pleasure Or the time or the know-how or or a Business immediately related with it to Get into it yeah how do you stay how do You think somebody can stay on top of it Can stay ahead of the curve or what it What are perhaps trends that you're Seeing that white people should be aware Of Well I think if you kind of zoom out the Most macro level the novelty of a Blockchain is to allow two parties to Transact without trust but with Certainty let me let me pull that apart A little bit today there's a lot of Examples where you're settling a Transaction but there's almost always an Intermediary A security settlement I mean frankly Insurance that there's so many examples Where whether it's the financial system Cross-border payments where Ripple has Focused uh there's an intermediary there And it's it's the commute of trust if
I'm a merchant down the street and I use Visa to commute Trust the merchant Trust Visa Visa trust me they're commuting Trust but Visa is taking how many you Know 200 300 bips for that privilege Anyone who sits in that Central Counterparty basis it could be Disintermediated by a blockchain Settlement because now I can settle with Certainty whether or not I trust you or Not if I go to the merchant down the Street and I send a transaction with Bitcoin or something else actually Bitcoin is not great for payments we Could get into that but the merchant Knows settlement is final they have Received the Bitcoin and so you no Longer need visa now to be clear I'm not Predicting the demise of Visa I think That would be an aggressive statement I'm more pointing out that if you're in YPO and you're thinking about what do These Technologies mean for my business If you're a business in the central Counterparty business and you're taking A a fee a toll for that privilege People will think about ways to put Blockchains in that intermediary I think It applies to government services uh I Met today with the prime minister of a Country and they're very excited about Using blockchain for land registry think About the title insurance business Big intermediary they take a lot of
Value uh if if we had blockchain based Title management of ownership of who Owns Which property arguably arguably Title insurance would change Dramatically That's a big industry to think about Again for yprs to think out into the Horizon About what these Technologies mean and Frankly it's one of the reasons why I Compare blockchain to the early days of The internet I had the Good Fortune of Coming out of business school in 97 as The internet was kind of as we know it Today being birthed Remember 2001 2002 was a really Difficult dark time in the Internet Space I think the same thing applies in The blockchain world you're seeing the Birth of an industry that I think is Going to have broad implications Beyond Just cross-border payments and yes You're going to see crypto Winters as We're experiencing but don't forget Amazon also had business in 2001. It's true it's true Um I've taken up a lot of your time I Want to close with one question we're Here at the world economic Forum what is The one issue you feel you would like to See addressed here listen here moving Davos to May okay Uh I mean that's really it but that's Hilarious it's so cool to Davos when
They go He says the one suggestion is moving it To May well there you have it but before We get out of here let's look at this John Deaton says there's only one Victory the SEC could get in the SEC Case and that is this right here Basically talking about the idea and Understanding that the SEC could win on The idea that uh xrp was sold as an Unregistered security between 2013 and 2017 but that's it he said I've said This is the biggest danger to Ripple I Predicted it would be the focus of the Sec's motion for summary judgment the SEC argued but not as much as I Predicted the SEC didn't go transaction By transaction on sale so the offer is The biggest danger according to him this Is based on how SEC chooses to plead the Case that is going all uh by almost All Or Nothing approach Deaton believes that If this assertion comes out to be true There would be no end Junction or Discouragement but rather a fine Regardless how the judges see it would Play a huge role this is really Interesting to me because you know we Understand from John Deaton and Jeremy Hogan and a couple other legal analysts That the case could be segregated in the Different sections and ruled on in that Manner look the truth is is we could be Days or weeks away from a ruling in this
Case you know James Pilon has said that He believes that a decision will come a Ruling or a decision will come in the SEC versus Ripple on or before March 2023 now it doesn't mean he has to Be right that was his prediction like so Many others but nevertheless it is the Next window of opportunity for us to Look for and I'm looking for just as Much as you are too I can guarantee you That not Financial advice or me or Anyone else it's just my digital Perspectives I'll catch all to you on The next one
