Welcome back to the show everybody check Out these headlines SEC versus coinbase Swift is in the news we need honest Ledgers one says we're going to hear About that EU crypto regs could actually Spell disaster you're going to need to Know about it ex Elizabeth Warren and Her crypto Bill you're actually gonna Like that news Believe It or Not Ex-general Council for cftc on top Cryptos or Commodities older plot Thickens we got that so much more Including Xls-30 how about this automated market Makers you can be one too somebody Rolled that beautiful intro Thank you [Applause] [Music] Digital perspectives with Brad kimes Come on in [Applause] Welcome back to the show everybody you Can follow us on Twitter and YouTube for Exclusive content and before we get Started today I have to give a very very Special hello to Angela in South Africa Her and her dad watch my videos together And he sent me the cutest video of Angela saying come on in and it just Tickled me to death Angela I hope you're Having a wonderful day in South Africa With your dad and I hope you guys are Able to hang in there in this crypto
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Space Moon's for you and it's nothing But you know a a great time for Everybody down there and everybody makes Lots of money and you can get lots of Candy you know what I mean because what Kid doesn't like candy so have a great Day Angela and shout out to Dad so we'll Talk soon all right now let's talk about This it's the market ladies and Gentlemen 1.24 trillion dollar market Cap for crypto it's sitting flat at the Moment right now 29 000 a little Slightly over for Bitcoin 1885 for Ethereum the market cap is 81.3 billion Plus xrp is 46 cents up two percent on The 24 hour but we're still off on the Seven day glint ladies and gentlemen Points out and if you haven't checked it Out here listen uh Jason Collins is Going to be at xrp Las Vegas and you can Get a web ticket they're going to be an Incredible lineup I'm telling you of Everybody participating on that Saturday Conference get your web ticket the link Underneath of this video or go to Xrp-las Vegas and get your ticket Jason Cause and CEO will be on stage and he Says here U.S debt is almost 32 trillion dollars It's gone past its legal sealant only Some treasury tricks are staving off a Default Congress has to agree raising to Raise the ceiling even if it can agree a Compromise a fresh ceiling just kicks
The can down the road this is so spot on Right here and I tell you Glenn is a Great way for you to get gold and you Can buy save send and spend spend it However you want to do it and have a MasterCard debit card you don't need the Banking system it's direct I tell you It's pretty remarkable and it's insured By Lloyds of London so make sure you Click the link underneath the video and Check that out things are uncertain Right now and I love having lent in my Pocket Crypto price warning ladies and Gentlemen now we've heard this before But this time it's Texas Senator Ted Cruz the outspoken bitcoiner and saying That warning that China Biden and the FED could be about to destroy all value Of Bitcoin well listen I have said and I Know Dai has said this as well I think We're both in alignment on this one here Watch out for it right I mean Bitcoin I Tell you you don't know I hope everyone Makes a gazillion dollars but because It's proof of work the energy Consumption what we see around the world I've always believed that the largest Whales of Bitcoin could in fact be the Largest governments that control the Price of this Market that way I can't Prove that it's obviously speculation But it is a uh it is something I'm Always concerned about
And as the market moves into compliance As the market moves into a regulatory Framework which it believe it or not it Is starting to do so we just need to Make sure that it gets to Clarity it Needs so the Innovation can truly work And speaking of innovation truly work There's nobody better to hear from the Caitlin Long here she says it very Simply this is what we need listen Finance don't understand that The Ledger Systems that are traditional Financial System run on both in the banking system And in the security system are not Honest ledgers And if this is a really simple concept All we really want is an honest Ledger Because if we have an honest Ledger then The fruits of our labor can be saved in A way that someone else is not stealing It And that's about the way to say it there Now we may disagree in some instances About which ledgers and value protocols Serve people best that's a whole other Conversation but you know what I have Lots of respect for Caitlyn long and her Advocacy for this space no question About it here we see the recent opinion Here of Bank closures can open the door For stable coins well of course they can Of course they can they can move money Around and speaking about what Caitlyn Long mentioned and the value protocols
And and networks being honest ledgers Yes but public ledgers I think we know Better than that right in fact here's Swift right here to tell you about what They believe is coming for Swift and Swift payments take a listen to this and Shout out to rokitu for this That messages as a component to our Network it's not something that will Continue to be the primary mean of Communication going forward right we do Think that apis or other type of Communications will probably replace Messages at some point and we want it to Move Beyond messages and then the last Part is that this strategy needed to be Future proof so it is a two-year Strategy but whatever we develop under The context of this strategy needs to be Relevant needs to be updated and needs To be future proof right whether it's For new asset classes whether it's to Connect to all of these networks that Mark from simiad was explaining how can Swift help into that Journey it's Something that was key that messages as A component to our Network and it really Is where we're going here and notice Swift says in the next two years things Will be different so you know I'm look In my mind you're talking about the apis You're talking about stable coins cbdc's We know that there is an agenda with Most large economies to have a cbdc out
Here working in the world by 2025 we Know that ISO 20022 is also the new messaging standard Which has been around for more than a Decade we all know and had the Developers up my ass you know what I Mean but the reality is is all of these Things can work to complement one Another right that's the beautiful thing And the world is moving to that place There's no question about it so look uh How long it'll take to get it will it be Just a two years I don't know what does The market look like when we get there In two years I don't know that either But I'm here to find out and I tell you This as I look at this right now take a Look at this from the EU Commission Scott Chamberlain tells us when it comes To the recent eu's proposed regulation That they will be a disaster if the Definitions are not adjusted to match Now everybody was up in arms and I was Too excited that we saw such a large Jurisdiction uh come to a agreement About what the regulations would be but Listen very quickly to what he says here That we need to pay attention to the Overall intent is that crypto Intermediaries should be regulated and People launching crypto projects should Publish complying white papers known as WP is his initials here as he gives it Uh and act honestly in good faith before
Selling tokens to the public or listing On exchanges lovely intent but not what The text says so this is where it gets This is where it gets spawning check Check this out and I mean this reminds Me so much by the way very quickly of The U.S infrastructure Bill where they Couldn't even get the definition of Broker dealer right this is the scary Part about government an issue where of Crypto must meet certain obligations be Legal entity publish a complying white Paper and behave in good faith okay but An issuer is anyone offers a tote who Offers a token to the public or applies To the list on an exchange to list it on Exchange and offer to the public means To sell to a third party for Fiat for or Crypto so an issuer is in legal is any Legal person who sells a token to anyone Else nuts how are we all going to write White papers just to send tokens to each Other uh the cumulative effect is that Anybody who sells a crypto must publish A complying white paper what that meant Is the issuer makes an initial offer to The public but Micah makes no effort to Distinguish Between primary and secondary sales it Captures all sales and sellers worse Micah steps up exchanges It clearly intended to prohibit Exchanges from listing tokens that had No white paper unless they were exempt
From needing a white paper but what they Wrote was exactly the opposite no Exchange can list a token that has a White paper unless it never needed one So the language that he's drilling down On here you can see needs some Correction here and I am excited to also Hear from uh it's uh was it uh yeah Patrick Hanson as well who follows the EU regulations as well so it seems like We've got much the same issue over there With like legislation as we did here Right Hope for the best right coinbase versus SEC will their legal battle Clarity on Regulation for other crypt uh provide Clarity for other uh crypto companies Well you know what take a look at this Mess shout out to Fred rispoli for this He says wait what look at this this is From coinbase December 7th 2020 ladies And gentlemen it says here we note for Your disclosure that and it goes on to Say please revise the risk factor to Clarify that Bitcoin and ether are the Only digital assets as to whether uh to Which senior officials at the SEC have Publicly expressed such a view and now They're in trouble over the issue well Listen this brings on a lot of problems Here Jeremy Hogan says this really well Here too based on Paul grewal's uh Chief Legal officer coinbase thread that he Had and you guys know they're being sued
We don't need to get back into it but What Jeremy points out is just really Relevant here it says there's just no Way to reconcile allowing coinbase to Sell shares of a stock to the public And then turn around two years later and Say the sales are all unlawful that is Not investor protection it's regulatory Rug pull I tell you what that's you can't say it Any better and then this argument here From Bill Morgan shout out to Bill he Lays this down seriously if coinbase is Going to run this argument in a defense To claim that by the SEC and mean it That its decision to de-list an ongoing Decision to not re-list xrp is an Entirely inconsistent and inconvenient Fact let me just rephrase the submission To reinforce the point here so just to Catch everybody up here Coinbase has basically said that we have Not listed any Securities and we won't List any Securities all our tokens are Fine so the conundrum here is that they Did at one time list xrp so how are you Going to make the argument by Referencing that you don't list Securities when in fact you did list xrp Which is claimed to be a security at This point it just complicates the Argument and basically bill is pointing Out here that don't think for a second That the SEC is not going to use this to
Their advantage as much as they possibly Can And don't think that this person right Here wouldn't use it to her Advantage It's Senator Elizabeth Warren and Luckily for us I told you you'd like This news she's having trouble Introducing her crypto Bill and getting Sponsors well let's hope that that Continues because you know that she is Not a fan of cryptocurrency and that is Just you cannot overstate that however In one of yesterday's hearings Dan Davis Ex-general council at the cftc he looked Up all the top 15 digital assets and You're going to love what he says here Take a listen if a digital asset Activity occurs on the spot Market it's Not a security it's not a leveraged Retail commodity product then there is No cfdc or SEC regulatory authority over That product there is only cftc Enforcement jurisdiction how large is That Universe it is large and I base That on two key assumptions First I looked at the top 15 digital Assets by market capitalization now There are thousands of digital assets But the top 15 account for about 86 Percent of the market Second I Look to what the commissions Themselves have said about those 15 Digital assets not a chairman not a Commissioner but the commission itself
Because only commission can speak for Itself Based on my review and looking at cftc And SEC enforcement actions it appears That the cfdc has asserted that seven of The top 15 digital assets are Commodities these seven digital assets Are some of the largest accounting for Approximately 76 percent of the digital Asset Market The SEC as a commission has never Challenged any of those cftc Determinations some of which have been Around for years instead the SEC in an Enforcement action has asserted that Only one of the top 15 digital assets is A security and that digital asset Currently accounts for about two percent Of the market 76 to 2. 76 percent of commodity two Percent of security and the rest of the Top 15 about eight percent undetermined I don't think that should be very Surprising because the market division Between swaps regulated by the S the Cftc and securities-based swaps Regulated by the SEC is about 90 swaps For the cftc and 10 security base swaps For the SEC so I conclude where I began There's significant regulatory Gap in Federal spot Market regulation of Digital assets because the large Majority of digital asset spot Market Activity Falls outside the regulatory
Jurisdiction of the cftc and the SEC Thank you if a digital and let's hope That judge Torres gives us a ruling Before they figure out how to close that Gap because it just worries the Daylights out of me where they're going To end up here on their own I mean Whether we're talking about the EU and The micro regs or whether we're talking About right here and just getting Something right like the spot market for Crypto or the definition of broker Dealer I don't have a lot of confidence In them so I'm hanging in there for Judge Torres we need you and we could Use you lots of rather than later listen That's going to do it for me make sure You hit the like And subscribe leave a Comment below and I'll catch all of you On the next one
