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Welcome back to the show everybody check Out these headlines we got for you today We got a walk down memory lane we may be Inside a month of getting our ruling From the SEC versus Ripple case and why Not stroll down memory lane today and Take a visit into the mindset of the SEC And Goldman Gensler somebody rolled that Beautiful intro [Music] 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 right now It's 1.08 trillion dollar market cap for Crypto we're up three percent how about That one 22 200 plus for Bitcoin Ethereum 1559 and a little change we see Tether 69 billion plus market cap They're saying really oh do tell I think There's more to come on this tether Thing you guys know that we're watching Closely I don't want anything bad to Happen let's be clear but I'm just Saying tether has not held itself in a Manner that suggests they're looking to Work with the authorities We'll leave it at that 37 cents for xrp It's up 2.1 percent in the last hour Just careful what we call progress Ladies and gentlemen let me tell you About this if you haven't done it check Out my sponsor it's uphold ladies and
Gentlemen yeah why is uphold different Because it's home of the altcoins it's Anything to anything it's not just a Crypto exchange it's a digital asset Platform that is hooked into multiple Exchanges to get you what you need at The best prices I'm telling you make Sure you click that link underneath and Check it out for yourself you won't be Sorry Never forget ladies and gentlemen we're Going to stroll down memory lane where The problem started and then we're going To get into what I believe is an Argument that is not exactly in the Summary judgment however With that being said I think there is a great argument to be Made that The designation of xrp probably won't Come out of the settlement of this case We've heard multiple legal analysts Covering this case talk about the fact That we could see multiple rulings on Different parts of this case and whether It was the early sales of xrp the late Sales of xrp and we've even heard that The judge could rule on the case up to Present and not really say what it is Going forward and leave that job to Congress Or the treasury mind you Keep in mind that while we move through All this material Leo Brainerd from the
FED now made economic advisor to the Current Administration and president Keep in mind that Michael S Barr former Treasury official architect of Dodd-Frank Act architect of fsoc which Deems things systemically important is Working on architecting legislation and Or not legislation but regulation for Stable coins Keep in mind that Ripple sells only to On-demand liquidity participants not the Retail secondary Market keep in mind That Ripple buys back off of the retail Secondary market and redirects those Sales into on-demand liquidity And let's not forget that the guy we're Looking at here had 15 million reasons For his view on ethereum not being a Security and getting that free pass Tomorrow this morning and just minutes Away the Senate Banking Committee is Going to be sitting down and discussing Crypto regulations stable coins and the Like shout out to Eleanor Tara here who Says that they will hear from Duke Law Uh uh Professor here I guess it is and Policy director Lee reiners who among Others will offer this thought on how Stablecoins should be regulated reiners Will recommend to Congress they Grant The SEC power to regulate stable coins Like money market funds ladies and Gentlemen that's what you need to go I tell you let me read this to you very
Quickly I conclude by offering my Thoughts on the best path forward on Stablecoin regulation where I do see the Potential for bipartisan solution In November 2021 the president's working Group financial markets joined the FDIC In the OCC released a report on stable Coins called on Congress to pass Legislation that would require Fiat back Stable coin issuers to be insured Depository institutions we've heard this Before In an op-ed last November he explained Why this is wrong approach and will Borrow heavily from that piece here the President's working group and banking Agencies are concerned about potential Run on Fiat back stable coins that could Trigger if stable coin holders have Reason to doubt the quantity of quality Of reserves backing their stable coin to Address this risk Regulators want Fiat Back stablecoin issuers to be insured Depository institutions subject to Federal supervision and regulation He says that approach would make sense If stable coins were widely used payment Mechanism but they are not and I doubt They ever will be instead stable coins Are principally used to trade other Cryptocurrencies and participate in D5 Protocols which is why Gary Gensler Likens stable coins to poker chips at The casino if you want to speculate in
Crypto economy you need stable coins if Stable coin issuers are forced to become Banks it would give stable coins instant Credibility Propel the growth of deep Eye and new form of Shadow Banking and Deepened connections between the highly Regulated banking system and unregulated Crypto economy thereby increasing the Chances that a problem in one would Spill over into the other Fear is about a run on Fiat uh Backstable coins are misplaced as he Noted in November runs are problematic For two reasons first the entity being Run on could fail and cease is Intermediating function second to meet Liability outflows The Entity would be Forced to sell assets at a discounted Prices which could trigger a fire sale That impacts the price of the assets Being sold in the solvency of other Institutions that hold similar assets Because stable coins are used for Speculation a run would have no impact On credit or payment intermediation in The real economy nor would a run on Stable coins produce a damaging fire Sale the total stable coin Supply is Under 140 billion and with the majority Of Fiat back stablecoin reserves Consisting of Bank deposits and treasury Securities the market would easily Absorb any sales of these reserves Should a stable coin run occur
Rather than four stable coins in the Banking system Congress can grant the SEC the authority to regulate them like Money market mutual funds with strict Requirements that stable coin reserves Be held in cash and treasury Securities The composition of reserves should be Subject to period period periodic audits Disclosure which would impose much Needed Market discipline That's the thought That's the thought that's being thrown Around and that's what's going to get Talked about this morning Now Charles gasparino shares with us Here shout out to Charles breaking per Eleanor turret and my reporting Securities lawyers including a past top SEC official says SEC is looking to Largely cut off crypto in all forms After the FTX debacle SEC enforcement Has blanketed crypto with so-called Wells notices signaling intent to bring Cases Have we not said this the central Bottleneck of the exchanges is the EXT Or of the digital asset space is the Exchanges in stable coins they're coming For the throat That's where they're coming for I want to play this from back in September 14th of 2021 shout out to Crypto alerts 365. this is senator Pat Toomey who grilled Gary Gensler I want
You to listen very carefully as he Discusses how he believes that while He's trying to explain to senator Pat Toomey he doesn't understand this is not An investment contract it doesn't meet The Howie test Gary Gensler is telling him the Howie Test is not the only test to make Something a security It's the Reeves test when something is a Note stay with me ladies and gentlemen And my time is limited so I'm going to Try to do this as efficiently as I can Mr chairman but I think it I think I Know your position uh among other things Is that not all crypto currencies are Inherently Securities right that's true They're they're a small number that Aren't but I think that As chair Clayton said when he was in Front of Congress I think very many of These uh okay facts and circumstances Are investment contracts so here's uh Here's my concern Um So some are and some aren't is basically What you're saying and I'm concerned That the SEC has not provided sufficient Definition for and and explained how it Would apply the Howie test which I think Is the uh Court standard for determining When something is an investment contract So for instance Stable coins
Do not have an inherent expectation of Profit they're just linked to the dollar Now you might use them in an attempt to Make a profit but that's a that's a Second order activity is it your view That stable coins themselves can be Securities listen Um I think it's US senator they may well Be Securities Um as as Thurgood Marshall wrote in the Reeves opinion Um that's one the Reeves opinion the Reeves test when something is a note That's the first offense and uh defining The scope of the market that it Congress Wished to regulate Congress painted a Broad brush and it actually included About 35 different things inside the Definition of a security okay I've just Got limited time here so I acknowledge That here's my problem though I think What you just said was that they may be Securities or that some are securities Um to me a stable coin doesn't meet the Second prong of the Howie test that There has to be an expectation of Profits from the investment and so if it Doesn't meet the Howie test it looks to Me like it's not a security now maybe You've got a good argument for why some Are and some aren't my whole point is I think we need to have Clarity on this I think you should publicly disclose This apparently there are private
Conversations where you work with people Who are proposing particular structures And you give them advice your staff Gives them advice I just think we ought to have that Publicly and we certainly shouldn't be Taking enforcement action against Somebody without having first provided That clarity Well um Senator this this Congress and uh could Change the laws but the laws that we Have right now have a very broad Definition of security including a note Including an investment contract in the Life a note like and my predecessor uh Chair Clayton and others actually put Out a lot of guidance with regard to the Howie I I just I just got to push back a Little bit on that it is Broad but it's Well defined there is a very specific Litany of the instruments that Constitute Securities as you know this Better than I do investment contract is One of them and there is a court Decision that lays out the prongs for What constitutes an investment contract I'm just saying as a Layman who can read English when I read those tests Stable coins don't seem to meet that Test to Me Maybe I'm Wrong but if I can Miss Interpret this I think others could too And some clarity public Clarity I think
Would be helpful I see the red light but I agree with you That that some of these tokens have been Deemed to be Commodities many of them Are securities and the Supreme Court is Weighed in a number of times you you Noted the Howie test I we've talked About the Reeves test was in the night There it is again that's three 1990s as Well Um has weighed in and I think that There's a fair amount of clarity over The years the SEC has even found Believe It or Not whiskey caskets and and the And the courts agreed in the 1960s where Investments and I think at the heart of Our Securities laws was protecting Investors against fraud They get to decide they get to just take The risk you'll find I'm not I'm not Negative or a minimalist about crypto I Just think it it would be best if it's Inside the investor protection regime That Congress laid out So he's saying right there is what I'm Picking reading the tea leaves here Just my digital perspectives on a little Goldman Gary here because I think that Xrp is certainly a currency but you know What The summary judgment does not really Deeply touch on when something is a note But remember the summary judgment that Was written by Ripple deals with the
Blue sky laws over investment contracts And that there is none right and we've Even heard legal analysts suggest that That summary judgment was written at Such a quality level that it was a Supreme court level writing of that Document Fit for the Supreme Court Now we'll see where all this goes but This is the this is the conversation Today at the Senate Banking Committee That's going to be happening even though That was from 2021 that you just Listened to it will be interesting as we Hear this today and I will cover it on Anything that comes out of it that we Need to pay attention to but I just want To remind people as we go into the Information from today in the hearing That starts in moments away I want to Let everybody know that it matters to Pay attention to stable coins because we Know the World Bank thinks that xrp and Xlm are stable coins We know that the group of 30 Mark Carney Former bank of uh Bank of Governor England or Bank of England Governor Thinks that they are stable coins we Know the Bank of China even believes That they are in fact stable coins You know it's interesting when you look At this information and you think about It like if you just like let me pull This up here really quickly I was Bank
Of China in 2022 last summer right so Let's take a look at this because this Is there's there's one particular one I Want to show you here it's right here Bank of China the Ripple coin launched In Ripple has a tendency to become a Speculative tool which threatens Financial Security and social stability To maintain stability of Ripple they Mean xrp A stable exchange rate is formed by Anchoring various legal currencies in Reality such as the US dollar basket of Currencies or a combination of Commodities the currency has a stable Support preferably a one-to-one reserve And the safety and liquidity of the Reserve must be guaranteed Now that means if you go back to R3 Report David andolfato from the St Louis Spent at the time wrote for the R3 Report fed coin That in fact you could use xrp and you Could Peg a dollar denomination U.S Dollar denomination to that xrp for Making payments across the value Protocol The xrp Ledger which I believe Ultimately becomes a World Exchange and Through the demand function of how much Is allowed out into the system Controlled by Ripple and given to the Odl partners that actually make a market To use the asset And bought back as much or as little as
Needed to maintain a stable coin value Price while allowing the network to grow It could be adjusted at any moment just The way the FED buys and sells Treasuries to control the value of the US dollar that they sell It'll be quite interesting to see the Ruling in this case when it comes and we May be very close to when it comes and If it does will it give us everything we Need to know or will it take Congress or Michael S Barr and fsoc which also Includes Goldman Gary To tell us that xrp may just be a stable Coin Not Financial advice for me or anyone Else my digital perspectives I'll catch All of you on the next one