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I’m not a Licensed financial advisor. All videos on this channel are for educational purposes only.You should not buy,sell,or invest in any asset based on what I sayin these videos.You should know that investing
All right we're here with the one and Only honorable Christian Carlo the Co-founder of the digital dollar project Former CFC chairman incredible author Husband father and everything else Chris How are you I'm doing great after that Introduction how can I be doing anything Other than feeling great thank you so Much hey thank you man no doubt anything For the crypto dead listen I want people To understand that you are going to be At xrp Las Vegas on stage with a Fireside chat with you and I And we've already sculpted out the areas We're going to touch on and I don't mind Telling people that we are going to hit Some areas that I have never heard you Really comment on before and I'm just Going to kind of overview for everybody So they get a touch on it here so Chris One of the things you have touched on Before and we will get there uh in the Conversation is the fact of the Importance and the right to privacy and This extends not only to our money but You have made the excellent point that I've not seen many others do about what Has happened to social media and how They've become this outsourc third arm Of the government and administrations Can you talk about that yeah I think it It's it's become quite apparent to Anybody who's paying any attention uh That social media platforms have been uh
Utilized almost as arms of the Government and it's not even I don't one Doesn't need to get in Republicans Versus Democrats and all that tribalism It's just quite apparent that social Media in this country and elsewhere um Have censored heterodox opinions on Things like the efficacy of masked Mandates the origins of of the covid Virus of the uh of the efficiency or the Or or or censored conversations about Side effects of the vaccines and this is Not even tin foil hat stuff this has Come out major litigation that's taking Place in the federal courts where a Number of states led by Missouri have Sued the federal government And in their Discovery have found just Reams and reams of email from like a Dozen or more government agencies it's Not like it just came out of the Oval Office this was you know one government Agency after another not just law Enforcement agencies that have both Basically told social media platforms What conversations can take place online And and worse what conversations cannot Take place online so the reason why That's important when we talk about Digital currency is a concern that I Expressed look I'm a big believer Anybody knows my work knows I am a big Believer in a future internet of value That the internet is going to transform
Uh Finance Banking and money itself um The way it's transformed everything we Already know about social interaction About um Communications about uh uh Retail shopping and photography and it's Going to do the same thing to finance And unlike perhaps others of my Generation that that Conflate um Financial Stability preserving the status quo I Believe that the best way to preserve uh Financial stability and uh the American Way of life which starts from the dollar As the world's Reserve currency is not To resist Innovation but to embrace Innovation and during my time at the Cftc we we did not resist the call for a Bitcoin future we actually engaged with Crypto and created the the not only the United States's first regulated crypto Marketplace the world's first regulated Crypto Marketplace in December of 2017 When we greenlighted Bitcoin Futures now Five years Later Market is deep it's liquid it's Growing it's transparent and most Importantly it's well regulated which we Proved and I think this is proof that Other us Regulators should take note of That Regulators can successfully engage With digital assets and do so in a way That gives certainty uh to the financial Community and to to to American citizens So the reason why I think this issue of
Social media is so important as we're Talking about digital assets and and and A and an internet of value is that as we Look at stable coin operation ERS we Need to think about the example of Social media platforms that government Was allowed the government instructed to Do things that would have otherwise been Violative of the Constitution they told Them to censor speech which government Can't do but social media platforms as Private corporations can do and My worry Is to the extent that government in a Sense outsources the development of Digital forms of the US dollar to Pig Tech companies those big tech companies Then would be free to do things like Surveillance and censorship that the Government can't do over its own money Because it's restricted from doing so From the Constitution that's my concern And I say that without any anamos to Some very fine stable Co coin operators And developers that are working in the United States to do some very good work And creating a an ability to put smart Contracts on dollar-based instruments And I'll end with this point Brad I Believe and this is the view of the Digital dollar project that any Development in terms of digital currency Whether it's Sovereign or non-sovereign Whether it's government or private Sector done whether it's done by big
Tech companies or big banking Operations must be U true to the Values the American democracy they it it Cannot be that a stable coin operator Can do things that the government is Permitted restricted from doing like Surveilling like censoring like Controlling how Americans engage in Economic activity absolutely that's so Well said and you know man there's so Many places I could go from here uh you Know it's you've set it up beautifully It's like where do we want to go next Right it's like so let's talk about this Because stable coins right that's really The first line of probably more more Than likely and I'm speculating here but Reading the te leaves from Capitol Hill This seems like the first place where we May get some legislation and I have been Equating it for my audience as you know It may be as powerful as the tell Communications act for the internet in 1996 right and I really do believe it Has the power to open up the internet And institutions in that way but not Just that Chris it also when we have True legislation this means that the Financial sector the banks can come off The the sidelines there's no more Sitting on the pine waiting for the OCC To tell them they can finally do do this Right and for the first time in history Banks will be
247365 this is going to Forever change Banking in the absolutely well but about It here we are in 2024 and we're finally addressing the Issue of why it's so slow to move money Around the world right we broke through That in the 1980s and 90s with email Communications now moves around the World in a second and yet still it costs It takes days and it cost between seven And 17% to move money around the world it's It's it's easier if I need to get $10,000 to London to stick it in a Suitcase and get on a plane and fly There than it is to try to wire the Money there so if we can move Communications at the speed of sound if We can move or the speed of light if if We can we can do uh online purchases at The speed of light why is the Transmission of financial assets uh Still so behind the times and and the qu And the answer is that there's much more Friction in the Evolution of financial systems than There is in the evolution of Communication systems or in even in Retail I mean Kodak Yielded digital photography a lot faster Than our traditional banking system is Willing to yield to this new Architecture and when I you know when I Tell people when I talk to people about
Crypto I said put aside for a second Thinking about crypto as just some funky New investment asset class like some Sort of you know digital beanie babies Or Something that's a very narrow view of This this is much deeper this is about a New Architecture it's an internet-based Architecture of Finance as opposed to a Commercial balance sheet architecture of Finance our current architecture is Based upon things of value being Recorded on the balance sheets of Private commercial institutions or Publicly traded commercial but Individual commercial institutions right Whatever I've saved up for Retirement not stacks of $100 bills in Fidelity's Vault with my name on it it's Nothing more than an IOU from Fidelity And if Fidelity were to disappear and go Bust Overnight for government insurance or Other insurance My retirement is gone but that's our Current architecture our current Architecture records value on a balance Sheet of what is likely a commercial Might be a government institution but It's a single Silo institution if I need To move that value I basically got to Get the institution to allow me to move It right I mean if I go to the bank and
Say give me my money this about five Different people are going to prove that And where it's going and all That internet that provides a different Architecture and the same the same Architecture allows me to text my son Who's living in La happy birthday with a Photograph this morning when he turned 26 it this new architecture is going to Allow me to move money in the same way Now does that raise law enforcement Issues does that raise government Control of course it does but preserving The status quo is never a good option For for for a dynamic country like the United States when there's new Technological change we've got Venture Into that change figure out the Challenges but also exploit the Opportunities and the way the United States exploited the opportunities of The first wave of the internet 30 years Ago we didn't hold back and we allowed Some some venerable institutions to go The way of the dodo bird because of that Change but we're all better off for it You know and I say that with great fun Re uh Reflections on the Kodak company And Sears rbook and other companies that Were wiped out by e-commerce and and Online photography the same has got to Happen here we can't be afraid of change What we've got to do is engage with it Embrace it in the same way that we did
At the cftc back in 2017 I think that's A fantastic Point there's no question And speaking of embracing it let's shift Now to the understanding you know Another side potential benefit of stable Coins now you have spent a lot of time Explaining to people you know how the Right to privacy whether it's a cbdc or A stable coin has got to be respected And to even go as far as to consider Putting the rights of the Constitution Over top of these things or value Protocols that these assets would move Across to protect the people that are Using it which I think is a fantastic Point but there's another part of this Conversation too Chris it's like if we Get the stable coin legislation albe it Sooner or later I think we get it but When we get it and it's done right if it Allows private in or financial Institutions to issue stable coins this Sounds like a brand new use case where Stable coins can act like a sponge to Soak up these possibly hyperinflated Dollars in the future there are a lot of Geopolitical events that are suggesting We could have some issues there's been Overprinting there's been a pandemic you Know we know all the things that have Been happening that have weighed down on The Dollar's value but definitely a Dollar dominance guy and I'm an American Patriot and I want to see the dollars
Survive Chris can you talk about the Possibility stable coins being a sponge Well look Brad you you've got a smart Audience and they understand that the American way of life is built upon the Dollar as the world's Reserve currency Right our ability of our government to Provide the services for American Citizens but quite frankly the the Defense capability for the world uh uh The world's policeman is built upon its Ability to fund that not just through The earnings of American taxpayers but Through the issuance of debt and for a Long time the buyers the of that debt The dealers of that debt were the World's large Money Center banks that Would buy up that debt as a dealer does Put it in inventory and then basically Sell it to the onward sell it to their Customers it's no different than a Dealer of of O of of of music iCal Equipment buys inventory from the Manufacturers and sells it to customers In the same way our banks would do the Same one of the um uh consequence one of The one maybe unintended consequences of Do the dodf Frank act and then a lot of The basil requirements coming out of the Basil committee on banks was to actually Restrict Banks ability to inventory that Government debt and so our public Officials at at the FED Treasury and Elsewhere are very conscious of the fact
Fact that um uh we're issuing more debt Than ever before and and the and the Absorbers if you would you use that Phrase that the buyers of that debt um Have less balance sheet cap capability And we Frank Frankly have less Banks Than we did before the financial less Large Banks we've got more the banks That we've got are bigger uh but we Don't have a as Diversified a banking Sector as we use that so there's a Search for a new source of demand for us Treasur And one of the things that's driving Congress to uh put forward and Eventually pass legislation stablecoin Legislation which would in a sense Validate and license stablecoin Operators to operate in the United States under both Federal and State Licensing receives is a search for these Stable coin operators to be an an Additional source of demand for US debt Well like you Brad I very much believe That we is we need to preserve the Dollar I I argue that the dollar has not Only been good for United States but It's been a net good for the world I Don't believe the last 30 years of Globalization of of global trade from From from the uh undeveloped South to The developed North and back and forth Would have taken place without the Dollar serving as a reliable store of
Value a reliable unit of account and a Rel iable payment mechanism all all the The um the values that all of the Characteristics of a successful Global Currency so we need to preserve that Source and I so I very much support uh The stable coin legislation however I Did an oped in the hill newspaper this Summer pointing out what I what I still Believe is one of the major flaws in the Stable coin legislation and that flaw is As follows the bill says not one word About Privacy Coins that are centralized will be huge Honey Poots of Information about what each American Spends their money on and you know in in A in a capital in a capitalist Economy our vaed our our Honorable uh rights set out in the Bill Of Rights our our freedom of expression Our freedom of religion our freedom of Assembly are nothing more than how we Spend our money in a capitalist system Right the the freedom of assembly means What organizations do I become a member Of freedom of speech is you know what Publications do I read what Publications Do I subscribe to freedom of of of of of Of religion is what what church do I Attend what synagogue do I attend etc Etc if all of that information is Expressed
Financially and private sector stable Coin operators whether they be big Banks Or stable coin operators can surveil That Information then suddenly I don't really Have those freedoms that the Constitution provides so we really need To think About while we preserve the Dollar need to preserve the values on Which the dollar has traditionally been Recognized there's another reason why I Think the globe adopted the dollar as a As a global state not just because it Was a good unit of account store of Value or medium of exchange but because It stood for values of free enterprise Of open societies not closed societies Of of free free trade and most Importantly a zone of economic privacy For lawful Transactions if we don't preserve the Values of the dollar in this new digital Future we will undermine the value of The dollar digital future or to put it Another way the way to preserve the Dollar is not only protect its value by Creating demand for us treasuries but to Protect its values of free enterprise Freedom of speech free economic choice In fact I will tell you the best way to Make sure the dollar is the world's Aspirational currency in the next 50 to 80 years is to reserve the D values in a
World in which China's digital yuan is Going to be a complete surveillance tool Not just for their domestic Market but For export to close societies around the World that want to surveil their Citizens and will do a white label Version of the digital uan not just for Europe that protects people's PR privacy From commercial exploitation but not for Government surveillance the gdpr law That Europe is so proud of doesn't Protect anybody from government Surveillance if we were to say in the United States if that stable coin law Were to say whether it's a sovereign Cbdc digital dollar or whether it is a a Privately operated digital dollar if it References the dollar then it must Preserve the the values of the American Society freedom of speech freedom of Religion freedom of expression and Freedom of economic activity for lawful Transactions oh my goodness so well said Chris Gian Carlo look I want to let People know Chris we are going to be Tackling topics on stage at a fireside Chat at xrp Las Vegas in areas I've Never and I have followed everything You've done you probably want to get a Restrain in order no I'm kidding um but I'm kidding but no you really are one of The most insightful people and listen And you're and you're Rarity because You've held the position as a regulator
So you have the ability to see this from Both sides of the equation which is Super super important and we're very Grateful that you're uh able to be there With us but we're going to tackle some Hey Brad I'm looking forward to it I'm Telling you we're gonna we're GNA take This conversation in so many interesting Ways when we're out there so I can't Wait to get out to Vegas and spend some Time with you and the great audience That's going to be there oh it's going To be super amazing Chris we're gonna Take on all of it the Saudi Arabia Joining bricks with the all of it we're Gonna get in all of it Chris it's going To be amazing ladies and Gentlemen The Honorable chrisan Carlo thank you for Being here Chris we will see you soon See you soon Brad all right bye bye All right that was The Honorable Christian Carlo what a great opportunity To speak with him and I'm telling you Guys you're not going to believe what We're going on talk about at xrp Las Vegas we've just ironed out the agenda For our fireside chat it's going to be Remarkable you've never heard Chris talk About the idea of how to deal with a Two-tiered banking system stable coins Versus uh cbdcs wholesale on the back Back end for the United States the Saudi Arabia joining bricks and the bricks Coalition dumping and dollariz all of
That's on the table we've got it cleared For Chris and we're going deep into it At xrp Las Vegas and don't forget you Could have the opportunity to talk to Chris too because you can go to the Digital asset future of digital asset Benefit dinner by the Chamber of digital Commerce Brad garlinghouse will be there John Deon will be there Christian Carlo And Eleanor terret and I'm sure a couple Others I'm going to be there digital Asset investor is going to be there look There's going to be an incredible Conversation going on throughout the Course of those two days I tell you if You haven't done anything don't look at This as a cost look at as an investment It's an investment to get the most Knowledge that you can over the next two Days of that conference May 3rd May 4th And you are going to come away from that And you will know more about what's Happening in this space on a higher Level because look at the access of the People that we're going to be able to Talk to and unlock that knowledge for Ourselves this is uh an amazing Opportunity I want to thank Chris I want To thank all of you and don't forget VIP Tickets are almost sold out so if you Want a VIP ticket get it before it's Gone because the only thing will be Available after that is general Admission so make sure you get your
Ticket today and I'll catch all of you On the next one
