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Welcome back to the show everybody well We've got the ubri conference uh you're Going to want this Adrien from Medico Adrien Tran and steuart alati the chief Legal officer discusses the Ripple case And so much more we're going to give you The highlights here somebody roll that Beautiful [Music] [Applause] Intro digital perspectives with Brad KES Come on in [Applause] In before we take a look at the numbers It's glint pay ladies and gentlemen buy Save send and spend real gold instantly With glint I'm going to be sitting down With Jason cousins the CEO very soon if You haven't taken advantage join the Hundreds and hundreds of thousands of Others who have become your own Alternative to banking using gold Physically allocated gold in your Account and be able to spend it through Your MasterCard debit card whenever and Wherever you want it is wonderful now Let's get to this right quick the Numbers the numbers are right now 1.48 Trillion let's refresh that real quick 1.46 trillion things are moving around a Lot today so 36,700 Plus for Bitcoin $227 and change for ethereum tether Market cap is 87.1 billion plus xrp is 62 cents off by 1.3 into 24 and off by
8.2 on the 7 day the range of price very Quickly 63 to 65 cents we'll keep an eye On it here let's refresh and see what's Going on here ladies and gentlemen yeah That's where we're still at so we'll get It into that but let's get started here This is Andre Adrien chukan sitting down With ripple and talking about the Medico Acquisition by Ripple and there's some Really great stuff in here and I tell You something this is a chance to really Understand who Adrien is because Adrian Remains in place at Medico and you're About to find out why well like the I Like the O you know in this guy he's got It man no doubt about it but take a Quick listen to this everybody very Excited to see everyone here I just want To make sure that everyone's aware that Uh kind of some of the basis and context As far as why we have Adrian here today Uh earlier this year Ripple acquired Medico for $250 million uh Medico is a Digital asset custody provider uh in the Uh in the infrastructure space and and We love that now we're going to fast Forward and first of all Let me give a Big shout out to xrp drops ladies and Gentlemen how many follows this guy got Let's check it out what 3,683 follow why is that not 30,000 Right come on let's follow this guy he Does such incredible stuff for all of us Let's keep it going it takes a village
Ladies and Gentlemen let's get right Here to the 22 Mark I want to be able to Set this up for us take a listen to this CL Quick Clip here become a bit of a Sociopathic Personality he talks about like owning Businesses and like how much is enough And and you keep going and when you feel Like you've arrived you never feel like You've arrived and it takes a bit of a Sociopathic personality to do what you What he's been doing in his Career pretty true so I guess um before We move on to some kind of a little bit More about the opportunity with uh Ripple and Medico let's say uh I assume That Medico was probably not courted by Only one organization at some point During its life cycle uh what led you to Decide that the timing wise is we're Kind of talking about whether it's IPO Or exit or anything like that what led You to decide that this was the right Time to sell versus anytime in the past Or holding on and waiting until a future Date I still don't know if it was the Right time I've never known I've really Never known and it's been one of the Toughest decisions in my life to the Point that I'm normally a person and I Have to that makes tough decisions and Don't Don't you know I don't regret them even If they end up being wrong this one I
Was not able to make it I had to Delegate the decision to my Wife and and she had a hard time making It but she ended up making it um but um The thing is you know the one of the the Things that made me you know take the Opportunity and I think um U you know Made made this be a success is also that At some point you realize do you want to You know continue by yourself and have This big volatility that I was speaking About or do you want to drisk and Potentially have a much larger Opportunity together maybe individually From a capitalistic point of view it's Less attractive but you've der risked And you have a much larger opportunity Now and you for those of you who've done Financial mathematics you know if you Take the sort of risk neutral Expectation You is kind of you're Adjusting the risk with the with this With with the with the return and you Get to this question which one is more Attractive which one one is more Rational um I knew uh before like the Year before we had had two acquisition Opportunities real ones um that we ended Up not not taking not just because the Timing was not necessarily the best but Also because the structure of the offers And what they ended up what they wanted To extract out of it typically just take The technology and take the people and
Kill all of the client relations uh like Big Banks what they do you know uh was a Disaster to all of the clients that I Had shaken hands and say well no we're Going to support you for the next 10 Years and then I get a ired then we just Say sorry guys you know I've made a bit Of money but you know too bad for you Just change the provider you know this Is not something I want you to do that Tells you a lot about the man right There not willing to sell people out he Shook hands with there ain't many of Those walking around ladies and Gentlemen and when we started Discussions together uh if you remember That was one of the first questions I Asked you know what is the strategy are You going to essentially kill the client Relations we have or is it is the the Goal to build on what we have and build Together and it was that it was that was The timing perfect I don't know you know Maybe I should have waited two years and Sold it for four times the price I don't Know um or maybe I would have waited a Couple of years and have gone bankrupt I Don't know so I think in the end um for Both parties it's been a good deal I Think we're doing great business Together and I certainly don't regret The decision there you have that now Reminder Medico has very big Relationships with very big Banks so
This is a Wonder ful wonderful Union Between these two companies now we're Going to stop there but there that is an Incredible 30 minutes uh but we have to Keep going because we've got steuart Alara the chief legal officer and I've Put together the highlights here and Again shout out to xrp drops for this Give him a follow this is a great Highlights clip of Stuart honestly being Very CED about the situation and what They've been through and where things Currently are and where we're going so I Want to go ahead and let that go right Now take a listen to this so um uh you Know George read the mission of of the SEC and uh unfortunately why that that Looks pretty on their website all of Their actions when it comes to crypto Are having the exact opposite effect Consumers are Not it'll come back being protected uh All of the crypto bankruptcies that We've seen in the US the consumers are Left holding the bag in bankruptcy court Last in line as unsecured creditors Actors are not being kept out of the System see Sam bankman freed on trial as We speak um Capital Market formation VCS Are not leaning in uh to this industry In the US for fear that all roads will Lead to the SEC so they're doing they're Doing just the opposite um and um as I As I said earlier reg uh regulation by
Enforcement uh is a really important Term I like it Uh for a whole bunch of reasons not the Least of which is the SEC hates it and They and they say that we're not we're Not engaging regulation by enforcement We're just enforcing the laws and the Laws are clear and that's the problem But listen not only are the laws not Clear when it comes to how to apply the Securities laws to crypto we have a Regulatory Gap that the SEC itself Recognizes and we know that because we Got their Emails um but uh we also know that Because the SEC has been working Intentionally At least since 2015 to for foster greater uncertainty In the marketplace and again we have That from their internal emails we know That the general councel of the SEC Advised senior officials at the SEC that They are fostering greater uncertainty Rather than bringing Clarity and and uh George I think you'll appreciate this Point given the work you you do um a Regulator likes uncertainty because they Can play with uncertainty by not Defining the rules and therefore punish The market through this regulation by by Enforcement and most if you got a sec Enforcement letter investigative Subpoena it's a very expensive and
Grueling process the process becomes the Punishment our CEO has been very public That our defense against the SEC um has cost us well over100 million Approaching $150 million Um very few startup companies or Privately it'll come back companies have Those sorts of resources and that's what The SEC counts on that they'll surrender Uh through a settlement and then they Can point to the settlement you say see The laws are clear but that's not clear Laws that's basically leveraging the Uncertainty to bully smaller players and Uh either as I say force them offshore Force them into a settlement or force Them into bankruptcy court I should say Maybe the what's the effect on the Incentive to innovate yeah well that's The slow pitch that I'll I'll answer in A minute but just to go back um to hit Some of the points that you've just Talked about a um a regulator's job an Unelected bureaucrat who's running that Agency who is a political appointee who Will come and go in three three and a Half years their job is to apply law not To make law uh and I think think the Agency's lost its way because it's Trying to make law through regulation by Enforcement and that's Unconstitutional and the third thing When you're faced with regulation by Enforcement and Regulatory
Overreach Fight defend Yourself there you go don't surrender uh Which is what Ripple chose to do which Is what our CEO chose to do what our Chairman chose to do who are named Personally in a non-fraud case there's Never been a crypto case in the United States where individuals have been named Along with the company with no Allegation of fraud they did it in our Suit why did they do it to try to bring Us to our knees and surrender and we Didn't so we fought them and we won and We won in a very important way uh CC Wanted the court to rule that the Digital asset itself was something Called a crypto asset security that's The phrase they use and what the Court Ruled on July 13th and by the way when I Got notice of the decision I was here in Toronto um so uh good news there um what The judge ruled on July 13th was that The digital asset xrp is not in and of Itself an investment contract because it Doesn't embody those bundle of promises That you need to get to an investment Contract um that's huge that was the gun Gut punch to the SEC that took the wind Out of their sales for their entire Campaign of Regulation by enforcement They hate that ruling uh because it Destroys their narrative and what the Judge said let me look at the different
Categories of distributions from 2013 to 2020 she found some of those Distributions early distributions that Were made directly to institutional Buyers combined with a contract those Were investment contracts but other Things like Trading xrp on coinbase not An investment contract because when you Go and you buy an digital asset on a Coinbase you don't know who the buyer is And the buyer doesn't know who the Seller is and the seller is not making You any promises and you're not relying On anything other than you know you may Buy it for speculation relying on Market Forces you may believe in the technology Who knows but says that's not a contract For investment also if you give away xrp To developers by way of Grants to Executives by way of compensation uh to Charities by way of uh charitable giving Not an investment contract because They're not even an investment of money Uh so what the judge said look the asset Itself never an investment contract you Have to look at the transactions and Does the transactions constitute this Entire bundle of promises that may have The asset as the subject but if you Break away that asset you're um you Can't have that investment contract so It's the bundle That is the security not the subject of The bundle well I just want to say that
In my opinion the behavior of the SEC Set back the innovation in the crypto Space uh decades in the United States Which is a horrible thing and my Question is do you think in the future Cryptos will be regulated by the cftc Rather than the SEC or will there be a New department or there will be no Regulators at all great question for Cryptos yeah well God forbid we don't Want a new regulator That's the last last thing the United States needs is another regulator um I Whether it's this it to me I think Ultimately there could be shared Jurisdiction between the Securities and Exchange Commission and the commodity Futures Trading commission um but we Need a clear regulatory framework uh for Uh that share jurisdiction to allow the Uh the technology to work while serving Those policy goals so I think ultimately Hopefully through legislation we can Through to get to some shared regulatory Framework much does it matter that the US is crypto antagonistic if the rest of The world is getting on Board um I think that's a good question And uh it it's interesting let me start Here that after the SEC suit us that's All we talked about uh is the SEC case And I remember um uh our chief executive Was visiting uh Dubai meeting with the Regulator later and he started the
Conversation to talk about the SEC case And afterwards he got some feedback from Our local uh managing director on the Ground and said you don't have to talk About the SEC case they don't care about The SEC case then as I went to London And you know uh started Singapore they Really not interested so I think um so That would suggests that it doesn't Matter but the United States is still The largest economy in the world it Still has massive Influence um uh it still is very fertile Ground for entrepreneurs Engineers uh people with bigger brains Than me so you would like to see the US Come along that's why I think at the end Of the day it does matter we need the US Has to get it Right and there you have it but this is This is important to understand Stuart's Perspective here even though we all know Where the case is is and the decision is Because remember Fred risoli we just Spoke with him and he had said that Basically the the decision from Judge Torres at xrp in and of itself is it Ironclad and as we move through the Remedies and damages phase here it will Be easily uh unless there's some kind of Settlement that happens that takes all Of this off the table it will and There's no sign of any of that happening With the SEC um you know we have to
Understand that that Ironclad decision Is going to protect us and if the SEC Wants the remedy decision is over Decides to appeal that can't happen Until like late 25 26 so that means until then xrp is Operating in this space with legal Clarity as the only digital asset that Has legal Clarity and I want you to Think about that really think about that As we move through the next two years if There isn't a settlement before then and If there is obviously it will be an Extreme favor of Ripple and the asset Xrp or they won't do it they have made That clear so this is a pretty Remarkable uh understanding that to Finish with what Stuart said here about The US economy and we say this on this Channel all the time here and he's Saying it as well the United States is The largest economy in the world and you Could say that it doesn't matter the way The other countries do and they're Moving forward and we know that that's True and that is beautiful but at the End of the day the United States has the Largest economy in the world and they Took this three plus trillion dollar Global crypto Market Global crypto Market and squashed it to a Trillion so don't tell me that the US Doesn't matter cuz at the end of the day We all know that it does and when it
Moves it will move probably likely in The 11th hour but when it does it will Be Swift and when it happens it will Bring the largest economy with it look I Don't want to go too long here that's Going to do it for me not Financial Advice for me or anyone else I hope you Will join us in the freedom Zone ladies And gentlemen you are missing out if You're not joining us in there for 20 Cents a day you can't beat it and inside Of the freedom Zone we are talking about Massive massive topics that we wouldn't Dare touch out here in social media the Hidden plan to control our food supply You need to know about it Bitcoin and Ethereum are they just prototypes we've Got that and so much more going on in There you're going to want to know about It we want to hear from you inside of There and on December 1st I am going to Give $100 or 100 xrp however it works Out we're going to figure out which the Best way to do it to the best comment That I pick out and there are many and The compettition is great in there There's some super people inside of There so I really look forward to that I Will catch all of you on the next one in The freedom Zone
