Ripple/XRP-New Digital Asset Subcommittee Hearing,Ripple General Counsel- 3 Outcomes For Ripple Case

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Welcome back to the show everybody check These headlines we have for you today we Got news on the mount gox Bitcoin Release you're going to want it we got Former cftc commissioner you're going to Want that too on Gary Gensler and by the Way we got a petition to get rid of him You're going to want to see today new Digital asset subcommittee and guess What else Stuart El doradi Ripple legal General counsel is talking about the Outcomes for this case which could come At any time somebody rolled that Beautiful intro Thank you 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 is 1.08 trillion dollar market cap It's off by 3.2 percent good afternoon Bitcoin 22 300 plus ethereum 1567 and Change tether market cap 71.1 billion plus they say 36 cents per Xrp ladies and Gentlemen let's get Started right here exciting exciting Exciting a new glint app is coming and a Webinar on March 15th 5 p.m UK time Which is 1 p.m eastern time I'm going to Make a note tune in onto that I'm Excited about my sponsor yeah get it Done join Glenn for the real live reveal I want to see it I'm excited to see

What's going on there listen if you Haven't tried out Glenn it is incredible It is a way for you to buy accumulate Gold and be able to sell it using a MasterCard debit card without anybody Know that you're using your gold it is Remarkable it is a new alternative to The banking system don't believe it Check it out for yourself link Underneath the video Here's a reminder here that the mount Gox Bitcoin that has been locked up for A very very long time is about to be Released March 10th they say now this Date was backed up from January 10th a Few months ago so we're wondering what's Going to happen there's a lot of Speculation that The Dumping of the Mount gox Bitcoin that people have Waited years for will cause a down Downside or downward turn to the market And if that happens I have to worry if Uh SEC and Gary Gensler use that to Their advantage to bring more pain to This crypto system in space And speaking of more pain right here This is live this is from vgx Heroes Here and shout out to them for covering This this was from the Voyager court Hearing as you can imagine that was not Good either as of 227-23 estimated 73 Recovery if Alameda claim goes through Estimated 48 recovery so now we're Looking at the judge Wiles in the case

Slammed the SEC representative about Their objection and says paraphrase here You're asking the debtor to prove that The crypto is being transacted or not Securities but you've given no Regulatory guide as to what that is If you want to know what the problem is In this in this space in a nutshell with The SEC judge Wiles nailed it right There and the problem continues we keep Looking here I purported this earlier But Silver Gate bank is in big trouble Here and it could get even worse it is a Bloodbath says Andrew here and he's Right on the money and I tell you again Watch out for silvergate if it continues To go down Believe you me Gary Gensler will use This and so will Elizabeth Warren as the Reason why you shouldn't have the Regular Financial system in the crypto Because it's so dangerous but yet they Stood back and allowed it to happen so It could be the example they need Congressional Republicans aren't happy With an SEC effort to reign in crypto Platforms that's okay I'm not happy with The Republicans effort to stop Gary Gensler and what they're doing so Apparently we all got a little bit of What we don't want today right and this Is really referencing just to be clear Here the Sab-121 filing which is for the

Exchanges and crypto platforms and in Effect the sab-121 if I understand this Correctly is basically saying you that The crypto platform should claim Customers assets as a part of their risk Analysis What wait a minute crypto's property and If it's my property it shouldn't be on Your balance sheet Let's get that straight Brian quintez former cftc executor Commissioner I should say uh he says What we have in the U.S is it completely Out of control Federal regulator at the SEC that is violating its statutory Mandate of investor protection where's Congress like I just asked that is Running roughshod over Congress and Congress's intent to seriously Adjudicate this issue but not pass any Legislation you know uh this is what John Deaton and some of us been saying This for two years is exactly right you Know uh you know you can't help but feel Like this is one of those moments you Look at them and go hey uh it's the Fourth quarter we're down two touchdowns Balls going this way and by the way turn Your helmet around it's backwards 953 days and 2 million dollars Shout out to journalist Fox Business Journalist Eleanor tarrett right here Has taken a significant step to Demystify this process you know what

Gary Gensler always says his line come In and see us just fill out the forms Just come in and register right well you Know she breaks it down here quite Clearly and it's 953 days when she sat Down talks to INX group And they said it took 953 days which is About two and a half years and cost two Million dollars in legal fees There's the petition right there you can Find it shout out to xrp uh Mr bxrp on That one and the Grim Reaper for sharing It I signed up I threw a little money at Him Let's get him out of there I don't mind regulation for digital Assets in fact I think we need it it's His approach That to be clear Oh Senator gillibrand and Senator Lumis Planned revamp crypto bill for April Well they better get something together Because they were singing oh Gary Gensler's Praises there last year so Let's see what they do this year the Revised version is good to be more is Going to be more detailed I should say When it comes to defining tokens Gillibrand uh has said here speaking Alongside alumnus at the Milken Institute future digital asset symposium The new bill also has clarified some of The definitions regulators and Industry

Members found troubling Loomis said not Mentioning any specific examples of new Language we are trying to address some Of the concerns we heard we are going to Try to build out some of the regulatory Framework that we left for studies in The first version and so it might also Be more thorough Then the first version well let's hope So there's no need to submit it at all Now is it the original Bill focused on Clarifying the roles of different Regulatory bodies increasing stable coin Oversight and eliminating taxes on Cryptocurrency transactions of less than Two hundred dollars as the industry is Largely anticipated senators are Prioritizing stable coins the bill makes A point to place a universal ban on all Algorithmic stable coins there are still Details to be worked out around a Determining who can issue a stable coin And what kind of reserves would be Required Keep you up to date on that Here's a great clip from Tony Edwards in Thinking crypto podcast shout out to Tony who does amazing work over there he Sits down with Hester purse I'm going to Bring you in right here because there's An important point that comes out of This that I will talk about very quickly Once again pushback because of the Disruption I mean it's certainly a fair

Question to ask and I think any Upper regulated system There can be real forces to Stick with the status quo because you Have entities that are regulated in the Status quo and they're used to that Regulation and you have Regulators that Are comfortable regulating the entities And services and products they know and So when something new comes in Um it can be challenging for that system To open up and say yes we we want to Allow this new thing to happen now I I Just want to I want to intervene there Because that really touches on and they They finish she finishes her thought and If we have more time I'd let her finish It here too but but and it's great and I Appreciate both of them very much but The point I want to grab out of this is When she talked about uh they're used to Regulating entities Brian Brooks and Christian Carlo have Talked about this very clearly And what I think I think you know we're Always looking because look we're Speculators if you're hearing my voice You're in this space you're a Speculator To be in this market this early I know Myself I thank goodness for it Um but one of the things that sticks out To me in this clip here uh that I think We could all really serve us to pay Close attention to or looking out for is

Reg Tech regulatory technology the fact That she's explaining to you and all of Us that you know uh they're used to Regulating entities right and not like Services or Networks This is the shift this is the paradigm Shift from the regulatory side that Needs to happen you you want to take Away regulation by enforcement then Bring on regtech we always talk about Fintech and the harm that's happening to It because of the stifling Innovation Well let's get Regulatory Agencies Running nodes on these networks where Compliance is built into these networks And their oversight through regulator Regulatory technology so that they can Simply monitor the services and the Actions that happen on these highways or Networks that are available I think that Is a key watermark for all of us to Really pay close attention to and Looking at that we see here from Eleanor Jarrett again a new hearing by the new Digital asset subcommittee will hold its First hearing March 9th coincidence or Coordinated the administration's attack On the digital asset ecosystem system Congress pushing back on the Biden Administration's actions against the Crypto industry unfortunately I think This thing is even titled with political Posturing to serve the right side of the Aisle you know listen

Anybody's been in this space does Exactly what's going on here okay and we Don't need to have a hearing about Whether it was coincidence or Coordination there's obviously been Coordination going on here The hearing we need to have is what the Hell are we actually going to do about It Ripple will appeal immediately if it Loses to the SEC says the chief legal Officer Really well there's other outcomes that He talks about as well let's get into That right now And he says here uh ripples counsel Advice to crypto firms get out of the U.S now that can't be good right this is After spending 30 months on this case Here there is finally an end in sight For ripples years-long multi-million Dollar fight with the SEC But the blockchain technology company Has some advice for those facing growing Hostility America of the American Regulators get out of the United States The first advice you give the first Piece of advice you give somebody who's Thinking about a project is don't launch It in the U.S because the rules are Unclear Stewart El doradi Chief legal Officer at Ripple said in an interview With block Works Thursday got a Jurisdiction or go to a jurisdiction

Rather excuse me where the rules are Clear not light touch but clear After spending the past roughly 30 Months building Ripple's case eldoradi Has lots of tips and he's not shy about Sharing them I do get calls he said Asking for a friend what would you do if You got a Wells notice If a company has served a subpoena or a Wells notice or an enforcement action And there have been no shortage lately They need to operate under the Assumption that the sec's case is Already decided says Stuart Eldorado Don't trust these guys he said it's not A Level Playing Field it's exactly the Point he was getting at in El doradi's Viral tweet Monday about SEC chair Gary Gensler declaring everything but Bitcoin Is Security in a New York Magazine Interview He said here Gessler has made his mind Up before the enforcement action is even Filed and that's a problem El doradi Argued They should not be prejudging the Outcome of unresolved issues Elder Roddy Said they certainly should not be so Doing so in a very very public way Because it corrupts the process it Corrupts the perception of the process He's absolutely right you know I had the Pleasure of speaking uh on digital Chamber of commerce's uh uh Twitter

Space last night and I was bringing up This point and the question to how how Can Gary Gensler make comments like this When he hasn't done the work on bitcoin Itself to find out how do you know it's Not backed but created by North Korea or Russia or somebody He's out here saying that it's unrest But they're also quick to tell you we Don't we don't know create it which is Not actually accurate either because we Know that Department of Homeland Services no security knows who did it Why don't you contact them do your damn Job But for El doradi it's not the point he Goes on to ask because the case is where It is at this point we're waiting for a Judge's Rule and he says as for ripple And xrp there are now that there are now Broadly speaking three ways it could go Elder Roddy said one the judge could Side with ripple to the judge decides With the SEC or three the judge says There are disputed facts and the case Needs to go to trial It's not an issue of fraud or Market Manipulation it's a question of law Elder Roddy said if the judge sides with The SEC Ripple can and will immediately Appeal the case would go before the United States court of appeals for the Second circuit and then the next step Would be the Supreme Court

There are a lot of ifs between now and a Supreme Court case but eldoradi likes His odds I would be supremely confident That this is a winner in the Supreme Court not so much because of the crypto Issues but because of the guarding Against building an administrative state He is said in a nod to the Court's Current conservative majority a win in The summary judgment would mean Ripple Has room to expand domestically we would Have this incredible business Opportunity in the United States that is Evergreen for us he said Well if we were to get a positive Outcome with ripple getting a win and Decision in their favor I have to say it Could be really positive for us I know That there is I believe it was and I'll Let me see if I can find it right here One second A diamond pattern from egg grad crypto Here shout out to him that suggests here That the diamond powder could put us at A damn near a 10 xrp if this breakout And indicator comes through and actually Pans out right however when If I should say if the case were to Break to the sec's favor and have to go To trial or even I would imagine I would Imagine that you could take this 10 xrp Right off of the table but I do want to Get to this remark here Citing what was said here by Stuart El

Doradi about the case possibly going to The Supreme Court and he believes that It would be a winner if it went that far You know uh I have to say Johnny Deaton Says it right here he says it very good John Deaton shout out to you this is the Number one reason I filed the case Versus the SEC and fought so hard to be Involved in the case on behalf of token Holders who purchased xrp in the Secondary Market A possible result is that Ripple loses But secondary sales are class clarified Even if it's just dicta so even if it's Just the judge remarking the way they See secondary sales and not a full-on Ruling on secondary sales and that is so Very important why John Deaton is there Representing 75 000 plus of us He is our voice 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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