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Welcome back to the show everybody well Guess what I think we're going to get a Look at exactly how crypto is going to Be dealt with certainly for the next Couple years and it won't involve Congress and I think we're going to have Former Ripple advisor Michael S Barr who Is the VP Board of Governors for the Federal Reserve tell us exactly how Somebody wrote that beautiful intro Digital perspectives with Brad kimes Come on in Welcome back to the show everybody you Can follow us on Tick Tock YouTube and Twitter for exclusive content uh oh back Underneath a trillion 965 billion Dollars for the cryptocurrency space We're off by 7.4 percent off of the news We've gotten and we know that there's a Lot to discuss we know that they're Coming after Bitcoin miners we know that Their SEC is uh come after those Bitcoin Miners we know that also that uh uh was It Attorney General of New York is now Coming after uh ethereum it would appear Look there's a lot going on everywhere But today we need to focus on this we Need to focus on how Ripple and xrp navigate through the Waters of all this lack of clarity Certainly understanding that we are very Very near a summary judgment and I think You're going to see evidence of that Today so now Bitcoin just below 20 000
Now above it just for a second here Hopefully it gets its footing here but It's off by 14.9 percent on the seven Day eight and a half of that under 24 Hour ethereum now nine percent off on The 24 hour 14.6 on the seven day tether Market cap 71.7 billion Xrp is 36 Cents we're off by seven Percent on the 24 hour and 2.1 on the Seven day now I offer you if we get the Clarity we're looking for Then you're talking about the top Digital assets of the top digital assets The only one that would have Clarity Would be xrp I don't know what that Looks like and how it transfers to price But I tell you I'm excited to see what Comes of this summary judgment but look At this Shout out to Jason cousins from glipay Baby yeah if you haven't checked out Clint you need to it's a great way to Get gold and you can spend it with a MasterCard uh debit card it is an Amazing product I love what they offer Check it out and see what my sponsors Got there they got a webinar coming up In five days on the new app and new Features you're going to want to tune Into that as well so make sure you check It out and this is in light of all the Bank run information and stuff that We're hearing of late here look you know
Silvergate certainly uh points to that And then everybody else in the space is Saying that this could kind of become This systemic cascading effect well this Has always been the concern and why I Have glimp pay right so make sure you Check that out click the link underneath The video let's get started here stable Coins and ether are Commodities and Should be regulated by the cftc says Rosten Benham now look we covered this Yesterday but I start here because we're Going to look at some info information Where Michael S Barr was speaking Recently And you're going to want to hear what he Says about this space it is very very Profound no doubt about it okay let's Look at this this is the bis I want you To hear this quick clip where they talk About interoperability what is needed it Sounds a lot to me like they're talking About Ripple net and onto male liquidity It really does shout out to Mr Mann for This one Uh you know the the you know the the Payment system so that's just one Example and the idea that we assess that Licensed financial institutions are the Only ones who provide financial services So these are some of the ways we've done It when it comes to kyc Um amlcft we have taken our requirements And also tried to you know um cheer them
Up in a way that allows very small Transactions on the back of mobile money To be done with very little Kyc requirements but then we restrict The transaction sizes you restrict the Limits we have limits on on transaction Size on daily limits and we keep track On on these on these transactions so We've tried to marry some of these Objectives the other thing we've done is Ourselves as a central bank to invest in Infrastructure in public goods In addition to regulation we've invested In for example an intraoperable Framework and infrastructure in the Plane and there we go in the payment Sector and that's really important the Interoperable framework now look I want To keep going because we've got a lot to Check out here reminder for those that Are new to space very quickly Michael S Bar is the vice president of the Board Of Governors for the Federal Reserve System right Mike osbar is also a former U.S treasury official and former Ripple Advisor as well and went to there to Serve as the VP Board of Governors Far from the U.S treasury Michael S Bar Architect of the Dodd-Frank Act which Birthed the financial stability Oversight Council known as epsoc that You hear me talk about so much one of The areas of contention of how fsoc Changed how they label and identify the
Risk of non-banks which is exactly what Ripple and ripple net would be right Then we have another piece of Information here where it talks about in This coindust article when Michael S Barr was confirmed to go to the VP Board Of Governors for the FED that one of the Things he will absolutely be focused on Especially is stable coins And how cryptocurrencies and stable Coins can affect the traditional Financial system Then it brings me to this and shout out To 801 xrp for this great clip we got Two and you need to see them both and Then you're going to hear from David Schwartz as well before we get out of Here Listen to this clip here of the federal Vice chairman Michael Barr in banking Sector when we think of regulating Crypto related activities we don't think Aha now we have a new type of Orange We need to have new orange regulation we Say this orange looks a lot like the old Orange we already eat and we try to Regulate it that light Listen to what he says here thank you Thank you it's good to see you again uh The um Uh if you look around the world many Countries many jurisdictions around the World are uh more advanced in their Regulatory Frameworks than we are here
In the United States with respect to how To regulate uh crypto related activities Uh the Europeans have a comprehensive Framework that's coming into place uh The Japanese have a comprehensive Framework of many countries around the World have developed an approach to this Sector Uh traditionally uh in the United States It's hard for us to come up with those Types of regulatory moments And we have an existing regulatory Infrastructure that can be Adapted to new products and services We have an existing regulatory Infrastructure that can be adapted to New products and services you hear what He's saying right he what I'm hearing Him say there is that we're going to Push these things the majority of them Are in fact digital asset Securities and There's a framework for that whether They look a little different or not Uh and that that is usually the way the United States ends up moving forward With regulating a new a new kind of Product is to say Uh is this new kind of product Like an existing product that we develop And in what ways can we therefore Regulate it using our existing tools and In the absence of Congress adapting a Different framework that's the framework We use so when we think about
Um Uh in the banking sector when we think About regulating crypto related Activities we don't think Um uh you know aha we now have A new type of orange Um we need to have new orange regulation We say this new orange looks a lot like The oranges that we already eat Um and so we think about how to regulate It in that light and and modify our Rules for any Um different kinds of risks that are Opposed by the activity and in the again In the absence of a congress stepping in With Comprehensive regulation I think That's the approach you'll you know Continue to see here in the United States So in other words the whack-a-mole Approach from the SEC here is exactly What has been desired uh you know I have Said this that there is no new day Coming Right right side left side they all Agree that there is what you see Happening is what Michael Barr is Explaining here right Michael S Barr is Being the more honest to me than we've Heard anybody be in Congress they're Going to go after it and shove it in the Framework but listen to this clip Well let me uh let me try and I think We've got maybe three categories of
Questions Um in in the first category it's really A question about you know what's inside And outside the regulatory perimeter and As you and your students know because You're in the middle of this now that is A pervasive question in banking Regulation Um and has been throughout Um you know throughout our history and There's always going to be some set of Activities that um happen outside of Whatever line you draw and then the Question is you know how comfortable do You feel about that activity being Outside the perimeter and Um and how should it be regulated if It's not uh you know my view is not it Not everything has to be in the banking System well hi it's fine for there to be Market activities that that occur Outside of banks outside of Prudential Supervision Outside of Prudential supervision well That's what epsocs epsoc is the Financial stability oversight Council The treasury it's a body of the fed the Treasury the SEC the cftc the OCC right The cfpb right that's what makes up fsoc And that's what makes them a Prudential Regulator that sits above a market Regulator like just the cftc or just the SEC keep listening we still need for Those kinds of activities uh you know
Strong rules of the road you know one of The reasons that we have uh the most you Know effective and Innovative and Efficient Capital markets in the world Is because we have really good strict Laws that enforce investor protection That enforce transparency that enforce Segregation of client assets that have Rules about what kinds of entity can do What functions that separate functions Where there might be serious conflicts Of interest And so those rules have created I think One of the most you know vibrant and Efficient markets in the world The crypto sector is trying to operate Without those rules and I think that That's you know that's a significant uh Significant risk listen to this with Respect to stable coins it's in addition To the kinds of Market risk that that I Described there's a serious Prudential Risk which is That you have an unregulated Unsupervised uh form of private money That then gains traction because of Network effects and Um uh and then once people are used to Using it collapses because it doesn't Have the appropriate controls and you Know if you think about various periods In our U.S history you know think about The period before the uh the controller Of the currency's office was established
And before National banknotes were Issued in the Civil War we had lots of Private money private banknotes were Used we had Institutions uh offering you know Individual notes that people then had to Go negotiate with each other about what They were really worth is it really Worth uh a dollar if it says it's worth A dollar or you know because it's hard To trade in you know is it worth less And and that was highly inefficient and One of the really important Innovations Um coming out of the Civil War from a Financial perspective was the idea that We had one unit of account of one Currency and that that is a much more Efficient way to run economy and and More importantly a much more financially Stable way to run an economy listen here So uh you know you can have multiple Competing forms of private money that Are that are inefficient you can have Very large forms of private money that End up being quite destabilizing Uh you know you can think of a a stable Coin is a completely unregulated money Market fund attached to a payments rail Did you hear what he just said Uh you know you can think of uh Uh a stable coin is a completely Unregulated money market fund attached To a payments rail uh and and that Combination is quite you know it's quite
Explosive quite potentially quite Dangerous and that's why chair Powell Has made this clear Vice chair Brainerd When she was at the FED made this clear I've made it clear that stable coins Really do need to have Prudential Oversight potential supervision and There you have it right there and that's Pretty much the gist of it and what I'm Seeing out of those comments is this Prudential regulation that means coming From the treasury and fsoc right ofac as Well to oversee the foreign asset side Now what I find interesting about this Is that we've heard from John Deaton We've heard from others that we won't Get legislation from Congress for at Least two years That is going to make the Prudential Regulator Extremely important it is going to make What Michael S Barr is saying extremely Important and I believe it's also Revealing So for the next two years we're going to Hear more from fsoc and the treasury on Stable coins then we probably will Congress And what I would imagine is Understanding that we're seeing Bitcoin Now a Target ethereum looks to becoming A Target They're going after the different types Of Technologies
And they are going to try to set Precedent through legal action just like What has been taking place with the SEC Through regulating by enforcement I'm not a fan of it either But what I see Happening Here is that The ability for fsoc to do its job as Elizabeth Warren begged for them to do So she wouldn't have to do hers Last Summer They'll become the referee on this field At least to an extent of the stable Coins While Congress sits back and watches Gary Gensler And the cftc continue to go after and Make the cases they need to make to set Precedent for their agencies And whatever is left Congress will write Legislation to Gap fill The holes needed to close it and Regulate this Tech technological space That's what I see taking place here Clip here that I saw from Darren Moore Followers the guy's amazing if you Haven't followed him follow him and Watch everything shout out to him listen To this clip of David Schwartz talking About project Icebreaker some time ago This is back when he had his or or it Was a uh Ortho surgery I believe or Something However uh you'll get a sense of what's Going on here people from the FED people
From uh the IMF people from the bis and Lookie here Michael S Bar sitting in There too come on in organization If you're looking across border that That key factor is interoperability You're working across jurisdictions and Across assets you need a neutral asset In between different cbdcs or your Liquidity is going to be divided among The n-squared pairs of cbdcs similarly If other assets such as Securities Around the world get tokenized there's Even more need for a neutral asset Between multiple cvtcs and possibly a Large number of new assets in new asset Classes a central bank is not going to Issue a digital asset that behaves like BTC xrp or ethereum these are neutral Assets that are free from a single Jurisdictional control so cbdcs are not Going to usurp the role of universal Settlement assets you need a neutral Asset going in between cpdc is serving As a settlement across jurisdictions Accepted by all because everyone can Come to accept that they can't get the Whole world to use an asset they control And so an asset nobody can control is Preferable to one controlled by their Geopolitical competitors Bitcoin is Sometimes pitched as the Interoperability solution and in the Early days that almost seem believable But as we now have some 1500
Cryptocurrencies that don't interoperate And almost nothing non-crypto Interoperates with Bitcoin we just Recreated the new version of the same Walled Garden problem instead of Building an internet based on Compatibility we built one network and Required everyone to join that Network Demanding too many sacrifices too Quickly internet without Cisco So it can't be just one network and if There's one network at the Hub that Network has to be built for that role With interoperability taking priority Over everyone do things our way it has To be based on Bridges not on walls Xrp and The xrp Ledger were built Specifically for this kind of role The Xrp Ledger was purpose built for Transacting in both the native neutral Asset xrp and also in issued assets a Bridge to cbtc's stable coins other Payment networks and other kinds of Assets such as Securities The xrp Ledger Has asset issuance built into the Protocol issuance authorization payment Settlement and exchange or native Operations with simple apis issued Assets can represent fiat currency Securities or anything else a fungible Value that works like a currency but of Course The xrp Ledger can't handle all The world's payments and I'm not Proposing a one network Solution that's
Totally unrealistic people want Different things and different countries Have different problems but xrp can be The Hub or backbone that provides the Fast International settlement piece Competing with other possible solutions To that same problem there you go right There The xrp Ledger is a decentralized Exchange for the world They're just looking to help make that Market that's why you see the automated Market makers brought in to cut out the Arbitrage so it is the best exchange it Is the best decentralized World Exchange To handle fast International settlement That's what we're talking about let's Hear that again right there You know it's a fungible value that Works like a currency but of course The Xrp Ledger can't handle all the world's Payments and I'm not proposing a one Network Solution that's totally Unrealistic people want different things And different countries have different Problems but xrp can be the Hub or Backbone that provides the fast International settlement piece competing With other possible solutions to that Same problem there you have it ladies And gentlemen look this is getting Exciting to me and that's why I think There's a great chance that xrp could Become or deemed a stable coin because It is the bridge that works on The
Decentralized Ledger which could Interoperate with cbdc's and all the Other products that David mentioned The core component isn't xrp it's Everything else xrp is just there to Help settle where needed where Applicable Not Financial advice or me or anyone Else this is getting good I'll catch all Of you on the next one