Ripple/XRP-Highlights:FSC Hearing/Goldman Gensler-Incompetent Cop On The Beat, Is #XRP A Security?

Welcome back to the show everybody check Out these headlines we have for you this Morning the yesterday Financial Services Committee was straight fire and let me Tell you something we've got the best of The best highlights for you Tom emmer Warren Davidson uh Patrick McHenry and Byron Donald's everything you need to See ladies and gentlemen and so much More somebody wrote that beautiful intro Digital perspectives with Brad kimes Come on in Welcome back to the show everybody you Can follow us on Twitter and YouTube for Exclusive content right now 1.28 Trillion dollar market cap for crypto We're off by 4.2 percent right now Bitcoin 29 200 plus ethereum 1980 and Change and we see tender market cap 81.2 Billion plus watching it closely 49 Cents per xrp we've lost 4.7 percent in The last 24 hours and 3.9 on the seven Day let's take a look at this ladies and Gentlemen because Spirits are high Regardless of price right here is linked To talking about getting Incredible World leading AI companies private Equity right on the platform take a Listen I tell you what a time to be Alive take a listen chat gbt reached 100 Million monthly users in January and Showed us just how advanced artificial Intelligence has become and now Elon Musk launch an AI company as part of the


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Government flexing right and I want you To understand just how easy it is for The government to flex I've said many Times about Bitcoin for instance they Could tax it or regulate it out of Existence if they wanted to here you can See with D5 what they're saying is They're suggesting if you geofence users Out of the defy then you really have Crushed the whole idea of Decentralization now haven't you See how easy it is Head on swivel now let me tell you Something here I have got a highlight reel and I put This together they asked Gary Goldman Gensler yesterday's Financial Services Committee hearing Is xrp a security you're an incompetent Cop on the beat did you facilitate Payments for the Steele dossier since You were the CFO of Hillary Clinton's Campaign back in the day let me tell you Which is a serious serious charge Meddling with a federal presidential Election I don't mind telling you well There is that and so so much more I have Put it all together in a running order For you to see in the appropriate way to See the mount and fight that they put Towards Gary Gensler yesterday and I Tell you something one thing I will say And I've been hugely critical of all of These gentlemen Tom emmer Patrick

McHenry Warren Davidson and others on The right side of the aisle for not Taking enough action maybe maybe just Maybe they've committed enough energy And have revealed enough of knowing the Truth that they cannot retreat from Fighting for all of us and innovation in This country I tell you this I say here What Congress should look like when it Does its job kudos to Top member Patrick McHenry Warren Davidson and Donald Byron Uh Byron Donalds I believe it is uh now Let's see how their follow through is That's what we really need to see Temporary hall pass for now we need a Congress that's willing to fight the bad Actors who actively working to destroy Our nation and don't believe it it's Still true here it is I'm gonna let it Spin my understanding is that the Biggest crypto failure in history is Probably FTX at nine billion dollars Were you the chairman of the SEC when FTX collapsed yes and how many times did You meet with FDX prior to their Collapse I think my public record shows two you Met it with FTX at least twice and Arguably the second biggest crypto Failure in history was Terra Luna who Was the chairman of the SEC when Terra Luna collapsed sir we had brought you Were sir reclaiming my time you were There are five members on the commission

Do you believe your speeches and Interviews are to serve as the official Position of the SEC There I can only speak for myself when I'm speaking again sir in a statement on The SEC website you are quoted saying The Kraken staking as a service Enforcement action should make clear to The marketplace that staking as a Service providers must register but Again you haven't provided any rules for How that can be done I must remind you Your public statements are not Regulations it's not responsible to Expect the American people to assume Your statements are a substitute for Rules Okay so do you recognize how would you Categorize either then I think that the general sweep of what Congress did not just in the 30s but as Amended I'm asking you you're sitting Your chair now to make an assessment Under the laws as exists is either a Commodity or a security Without speaking to anyone I know you Repeatedly said Except you've spoken to one big So I'm asking you to speak to a second One the second largest market cap here And Tokens there's 10 to 12 000. Norris I'm asking about one public is Anticipating a profit based on the I'm

Asking a specific question chair ginsler I said this in private this should be no Shock to you I'm asking this question is It an e is ether a commodity Or security and again it depends on the Facts and the law and if there's a group Of I'm asking about the facts in a law Sitting in your seat and the Judgment You are making and so uh Mr chair I Think you you would not want me to Pre-judge because you have prejudged on This you've taken you've taken 50 Enforcement actions we're finding out as We go as you file suit as people get Wells notices on what is a security in Your view and your agency's view I'm Asking you a very simple question about The second largest digital asset what is Your view and my view is is if there's a Group of individuals in the middle Middle that the public isn't all right So let me just ask a second question do You think it serves the market for an Object to be to be viewed by the Commodities regulator is a commodity and The security is regulator to be viewed As a security do you think that provides Safety and soundness for for for the Products do you think it provides Consumer protection do you see do you Think it serves the value of innovation I think no should be a very simple Answer for you here That uncertainty is bad is it not and I

Think that Congress has said that There's one agency that's secured as an Exchange Commission under this committee You won't answer my question and you're The head of that agency so give me a Break come on do you agree with this Statement regarding the digital asset Industry the SEC needs additional Congressional authorities to prevent Transactions products and platforms from Falling between the regulatory cracks I think that it's a non-com largely Non-compliant field sir again I asked You to comply with my questions and I'm Asking you if you agree with that quote And I I'm going to tell you I'm quoting You from an August 3rd 2021 article Where you uh and I believe you told uh Congressman Hill earlier that you need Congressional authority to regulate Stable coins and stable coins happen to Be a significant percentage of the Crypto markets so the question is When were you telling the truth to Mr Hill or to me okay so But you've already spoken have you said Anything about Bitcoin My predecessors and the agency itself Has spoken to them okay but you're not Willing to do the same about ether Okay so let me just step back there's a Lack of clarity here in the marketplace Can you at least agree to that I think That the clarity is there the law is

Clear all right so let me let me let me Be explicit about this the market Doesn't see it your regulatory actions And the cftc's regulatory actions say That there's a great deal of uncertainty Here it is the intention of this Committee to fix that uncertainty and Actually uh provide a sound legal basis For this so You say in your statements that there's Clarity in the market and the rules are Clear just come on in You can't even answer the question Chairman ginsler your record of failures To protect investors and abuses of power Make it clear that we need to Restructure the Securities and Exchange Commission the failures are many but let Me cite some of the abuses you average More than two rules proposals a month You inappropriately provide Inappropriately short comment periods You have unworkable and unlawful ESG Disclosure mandates on the market you Have essentially a hotel California rule For crypto where you can check in Anytime you like but you can never leave You have endless Discovery with no Resolution and no Clarity for the Captives in the market you have Unworkable proposals for overhauling Equity Market structure a de facto ban On crypto through proposed custody rule You have high staff turning over unhappy

People leaving your office in unhappy Companies and capital leaving our Country to correct a long series of Abuses I'm introducing legislation that Removes the chairman of the Securities And Exchange Commission and replaces the Role with an executive director that Reports to the board word where all Authority would reside former chairs of The SEC will be ineligible under my Proposed Bill and this isn't just my Take it resonates across the political Spectrum the American people want Democratic access to Capital Retail Investor participation you can't just Exclude retail investors from markets And claim it's for their own good our Markets need to function and flourish And I yield back You say in your statements that there's Clarity in the market and the rules are Clear just come on in You can't even answer the question Do you say xrp is a security Well we're in uh court and active uh Discussions and litigation on that You're in litigation because you do say It's a security as you know Um Mr Hill or to me you've got to start Answering these questions in a more uh Transparent manner sir does it concern You by the way that your approach to the Digital asset industry is actually Driving this industry out of the United

States we're trying to drive it to Compliance and if they're not complying With the laws then they shouldn't be Offering their products reclaiming my Time uh Madam chair I would like to Enter into the record this Wall Street Journal article from April 14 2023 Detailing China's ploy to open its Banking system to crypto firms in an Effort to seize an opportunity created By our hostile regulatory environment Which uh Mr chair you're a big part of Without chair Gensler FTX was domiciled Abroad and so is binance yet American Consumers still had access to both you Can't really think that pushing this Industry abroad is going going to Protect American consumers when it Hasn't several times in the past on your Watch you say the crypto Market is Rife With non-compliance however existing SEC Rules make no sense for blockchain-based Companies and following them would Actually kill these businesses your Regulatory style lacks flexibility and Nuance and as a result you've been an Incompetent cop on the beat doing Nothing to protect everyday Americans And pushing American firms into the Hands of the CCP your intention to work Against SEC Mission and put American Investors In Harm's Way has been made Very apparent sir it's been a year and a Half since you've appeared before this

Committee you need to answer to Congress About the issues that you've had with The SEC staff Union the work environment You've cultivated at the SEC that's led To hemorrhaging of senior staff the Intellectual inconsistency of Irregulatory treatment towards Bitcoin Spot ETFs and your politicization of Capital formation opportunities of Certain specs and that's just to name a Few Hey real quick last question I think it Might have came up you were Hillary Clinton's CFO in a campaign right It's part of my history were you yes or No In 2016. did you facilitate the payment For the steel dossier since you were CFO Of the Hillary Clinton campaign Sir yes or no sir yes or no That that was that was not you're under Oath chairman Gensler yes I know I was Not something I was aware of Did you facilitate the payment for the Steel dossier since you were CFO of the Hillary Clinton campaign Sir yes or no sir yes or no That that was that was not you're under Oath chairman I know I was not something I was aware of did you facilitate the Payment for the Steele dossier since you Were CFO of the Hillary Clinton campaign Sir yes or no sir yes or no That that was that was not you're under

Oath chairman I know I was not something I was aware of Well I'll tell you what that's an Incredible little run of what kind of Day did Gary Goldman Gensler had Yesterday and I don't mind telling you We got a wrap here from uh this little Quick Clip because looks like Fox picked Up on it too and shout out to Byron Donalds for even asking Hey weren't you the CFO for the Hillary Clinton campaign and he was stunned he Didn't know how to answer I think There's a meme on that right now Floating around Twitter and then the Second piece was well then if you were The CFO did you authorize the purchase Of the steel dossier which by the way Um if we're going to be talking about What's going on in Manhattan with Alvin Bragg the steel dossier was actually Interfering with a presidential election Back in 2016. hey well there you go Somebody who's not afraid to ask the Tough questions right well this is Another one who's not afraid to tell you What's going on here and it's John Deaton baby and he's going to lay it Down and give you basically his overview Of what went on and it should scare the Living crap out of all of us as he says Take a listen to this Quick Clip here Ladies and gentlemen the other thing the Number one thing that I took away from

This hearing on specific questions that Should absolutely scare the living Out of everyone involved in crypto is The file following it was an open-ended Question by Maxine Waters where she just Plain the partisan hack that she played In today's hearing where she said Questions like do you have authority to Regulate the crypto market and of course He said yes but she said I want you to Follow up your answer about what is a Crypto and this is what he said He said If there's a website That's indication If it is software that needs to be Upgraded that is indication of a Security if there are lawyers who have Been hired to come in to meet with us That is an indication of a security Because there's a small group of Entrepreneurs involved so think about That for a second the man has been sane For two years come in and talk to us Come in and talk to us Now he's saying if you come in and talk To him and you hired lawyers to do it That indicates that you have a security He literally said that today you know in In at the hearing and then he also threw Out if there's Twitter accounts so think About that website Twitter accounts is Upgrading software being upgraded so What's that tell you about what his

Thoughts are of ethereum he won't answer It people but you know clearly Meeting his definition Bitcoin would be Implicated I'm not saying he's saying That I'm just telling you if you listen To what he said wasn't there a Bitcoin Tap Root software upgrade doesn't Bitcoin get upgraded uh ethereum upgrade The Shanghai that just happened all of Those things indicate what we warned a Crypto law year and a half ago every Single token is endangered with this guy And it really is true every single token Is in danger with this guy there's no Question about it and his evasiveness Yesterday was so blatantly obvious that He you know he's asked very simply what Is and what is his security is Heath the Security he won't answer he refuses the Answer but he's trying to say that There's complete Clarity well if there's So much Clarity how come you can't sit And testify and explain where the Clarity comes from What makes one thing a security versus Another not It is Despicable the actions of that man In this office and I hope to see as I Mentioned before the follow through from Congress and the right-sided aisle to Make sure he gets what he needs and That's a pink slip and sent home look That's going to do it for me not Financial advice for me or anyone else

It's just my digital perspectives I'll Catch all of you on the next one


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