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Welcome back to the show well we've got It it's the SEC versus Ripple and Ripple's reply is straight fire somebody Roll that beautiful [Music] [Applause] Intro digital perspectives with Brad KES Come on [Applause] In welcome back to the show man do I Love to smell it crypto in the morning Right here $ 2.56 trillion do market cap For crypto the market is up 7 and we see 66,1 100 plus for Bitcoin 3100 Plus for Ethereum we see 110 billion plus market Cap for tether at the moment 54 cents 55 Cents back and forth with xrp this Morning at the number seven spot up one We see that we're up 1.9 on the 24hour And we're up 10.5 on the 7 day I'm liking the sound of that ladies and Gentlemen take a look at this the range Of price between 53 and 57 C so you know We've had some motion overnight and I Don't know what that's from and some People may point to the case and the Filing that's happening I don't know the Answer but you know what I like seeing It going the right way I could tell you That and so does everybody else who's Coming to xrp Los Vegas and I hope you Are too because in two more days the Price for the ticket go goes up yes if You're coming get your ticket I'm trying
To tell you we've already been told There that you know look there's other Events happening around there we have to Be very mindful about the amount of Tickets we sell and the kind of people We're putting in the room so get your Ticket and join us this really is and I Think everybody hearing my voice truly Understands that we are moving into a Very very different different gear when It comes to the digital asset space and I tell you that's why this conference is Themed a new era of finance and I tell You we are going to discuss all the Current events that are happening right Now that are affecting our financial and Monetary system and I don't mind telling You we have a fireside chat coming with Christian Carlo with David Schwarz the CTO of Ripple Congressman Wy nickel and We're so close to getting stable coin Legislation what might he tell us when He gets there I tell you and don't Forget look look listen future digital Asset benefit dinner there is something Very special happening outside of the Fireside chat with Brad garlinghouse and Michael Arrington and The Honorable Christian Carlo will be there I will be There digital asset investor will be There and I'm hearing there will be Something else very special happening at That so make sure you get that dinner That that ticket to that dinner and
Write that off because that's a Charitable tax donation as well now There in the freedom Zone there is a 25% Discount if you join the freedom zone I'll give you the discount code in there And book room discount right here click This link and stay right on site at MGM The facility is gorgeous for goodness Sakes but look don't take my word for it You can see what's going on right here Check this out we are under 14 days to Xrp Las Vegas 2024 and a new era of Finance at the World's largest xrp conference at the MGM and in Las Vegas doors open at 9:00 A.m. May 3rd and the event kicks off at 10:00 with an extended preview of the Xrp Unleashed documentary great speakers Taking the stage every hour breaking Down the new era of Finance Day 2 kicks Off at 9:00 a.m. and then us senatorial Candidate John Deon takes the stage with More great speakers every hour day two Wraps up with the current state of Crypto on Capitol Hill with Wy nickel And will patr And then let the after party begin Ticket prices increase on April 25th so Get your tickets while they are still Available xrp Las Vegas 2024 we'll see you there yes we will and Viva La xrp xrp Las Vegas absolutely Shout out to crypto for life James from Over there and his channel uh he will be
At the event too come and meet everybody I tell you you won't believe it and I Tell you it's a special thing when you Understand just how hard it is to get All of these top industry people into The same room on the same day wow what We have in plan for you guys is just Amazing I can't wait to meet all of you There here we see multiple secc lawyers Resign after federal judge sanctioned The agency for false statements and Abuse of power in a case oh yes it Happened finally talking about the debt Box case right Michael Welsh and Joseph Watkins stepped down this month after an SEC official told them that they would Be terminated if they stayed according To people familiar with the matter the Pair were LED attorney lead attorney Excuse me on a case against digital Licensing a crypto platform known as Debt box uh is Gary gendler next on the List I don't know but he should be he Should be and you know what don't miss That I'm going to be on good morning Crypto so don't miss that either now Look we got to get going we got a lot of Information here uh James Fon brings it To us here shout out to James uh Jim has Always been so kind to share things with Us when it happens and it happened Yesterday and here we saw yesterday Evening in fact Ripple has just filed Its opposition to the sec's motion for
Remedies and entry of final judgment now I've skimmed through all of this stuff And I want to show you what we have so Far so Ripple files its new motion Asking the court to exclude include the SEC expert report and it goes in here And basically says the SEC failed to Disclose the expert's identity and Opinions during Discovery phase of the Remedy's litigation ripples filed their New Motion in the case against the SEC Asking magistrate Sarah netburn to Exclude the new expert materials the Plain of submitted in support of its Opening remedy's brief and final Judgment entry now I'll just run through Just a piece of this very quickly here It says uh the crypto payments company Recounted how the SEC deposed its Supplemental expert report on Discouragement and during the discovery Phase of the remedy's litigation however During this phase the SEC did not tender A declaration from one of its expert Witnesses Andrea Fox an assistant chief Accountant of the agency's enforcement Division for context Fox's declaration Includes an accounting analysis Regarding the remedies aspect of the Lawsuit which the court man ated the SEC To reveal during Discovery nonetheless The SEC waited until the filing of its Opening remedies related related brief To submit the expert report notably the
Late submission potentially limited Ripple's ability to respond and counter The arguments within the discovery Period so there is that portion of it But we've got quite a bit to take on This to take away here coincidence we Find out from Ripple's response to the SEC yesterday that the sec's Investigation into Ripple began in April Of 2018 and in April of 2018 gendler Publicly called xrp and E likely Non-compliant Securities funny enough Gendler met with Jay Clayton a day Before the lawsuit was filed isn't that Interesting ladies and gentlemen yes it Is then Ashley Prosper gives us this Take the SEC is a rogue agency And Gary gendler is an unelected Bureaucrat judge Torres should Grant Ripple's motion no doubt there's no Doubt about this and we're going to get Into that motion and more of what it is Here as you see the highlight of this Footnote Court imposed deadline matter And compliance is necessary to the Integrity of our judicial process a Party who flouts such deadlines does so At his Peril there you have that now Let's keep moving because there's a lot Here Ripple confirming it changed the Way it sells xrp only to accredited Investors with licensed subsidiaries Note the mention of sales outside the US
Under diff excuse me under different Rags so coming into this Ripple has Publicly acknowledged that ruling and Does so again now it has changed the way It sells xrp and it changed his contract To avoid problems identified by this Court is ensured that his counterparties Qualify as accredited investors and it's Subsidiaries have obtained licensed to Sell xrp as a digital currency outside The United States under the supervision Of regulators who do not treat xrp sales As sales of Securities those appropriate Responses to this Court's ruling provide Reasonable assurance that the violation Will not reoccur now let's keep going Because these are just highlights from The actual filing right so Ripple has Has urged the court to impose a civil Penalty of less than $10 million this is What I've been saying between 10 and 50 Million that's what I've been saying Because the SEC is asking for two Billion well let's hear this take on it This is back when James Metal Man Murphy Was on Scott melker show and I want you To hear this because we're going to be Hearing from James metalon man Murphy at Xrp Las Vegas on stage as well take a Listen the bigger argument here and my View is uh Ripple caught a very very Lucky break Recently the second Circuit Court of Appeals ruled at the end of last year
That in order for there to be Disgorgement there have to be victims of The fraud victims of the Securities Law Violation there has to be something Called pecuniary harm and that means Losses actual losses so when you read The secc's filing on their damages Theory they have a heading saying hey no Problem there's pecuniary harm here but They don't actually identify a single Purchaser of xrp who lost money what They say is some purchasers and remember We're talking about sophisticated Institutional buyers hedge funds VC's You know whales buying xrp and they Bought at discounts and then presumably Sold not the next day but periodically And so the SEC says some of the buyers Got a lower discount than others and Therefore they were pecuniarily harmed Which does violence to that term there Have to be actual losses and they do not Identify a single quote unquote victim Uh uh institution that lost money in Their deal because they bought all of This xrp at some significant discounts Yeah and and you know what and that was Pre-allocation remember when everybody Said that that didn't happen but it did It absolutely did and the court case was Absolutely proof of that absolute proof Of that no doubt just as was the uh R3 Case right that showed they had a five Billion xrp option right remember that I
Remember that yeah so uh you know again Discouragement can't happen if they Haven't lost any money and they were Were pre-allocated in option contracts At a highly discounted rate because the People they were doing business with Obviously were going to bring a lot of Liquidity and utility to the network That's what pre-allocation has always Been and now it's an open conversation But where are all the naysayers right Where did they go where did they go well Vet says here Ripple's opposition to the Sec's two bill ion dollar fine is a Civil penalty of no more than $10 Million base on the facts in the Document below there's no question and I Agree with that and honestly they Probably shouldn't even have to pay that But nevertheless let's hear from steuart Alera here who says our opposition to The sec's request for $2 billion in Penalties for legacy institutional sales Is now public in a case that had no Allegations or findings of recklessness Or fraud and in which Ripple won on Significant issues the SEC ask is just More evidence of its ongoing Intimidation against all of crypto in The United States there's no question That is so spot on Stuart we remain Confident that the judge will approach This final remedy phase fairly and so do I because judge Torres and Judge Sarah
Netburn have been amazing in this Process feels appr propo that we file Our response on the same day that the Two SEC lawyers resigned for their Misconduct in the Deb box case the US Will be picking up the pieces of this Agency's disastrous policies long after Gendler is gone and I tell you how Spoton but how sad this is this is so Spoton and normally I would get like Pumped up because like you tell him Brad But he did but but the point is is what We're worth of a $100 million headed Probably closer to $200 Million in legal Cost imagine for a moment think of this For a Moment that Ripple doesn't have the bank Rle that they have and think about the Damage that could be done to this space If they were just steamroll because of The lack of funds to fight the Injustice by the SEC how terrifying a Thought that Is let's get Fred raso's take right here He said here's my hot take Ripple's Opposition to the remedy's motion too Long didn't read is there anything Greater than $10 million total would be Unfair and inappropriate Ripple is in a Great position to win this one but there Are unfortunately ominous Signs first as predicted Ripple has Changed its operation to account for the
Court ruling it's kept all major on on Demand liquidity offshore mainly in Singapore judge Torres in my opinion Will not get into a factual fight on an Incomplete record so Ripple wins because SEC can't carry its burden interestingly And sadly for those us OnDemand Liquidity we have confirmation why Ripple decided to issue a stable coin And it was to allow us-based clients to Use on demand liquidity but not xrp but I remind everybody let me interject in Fred's comments that that that is where I believe the Ripple uphold partnership Comes in and they can white label and do Things for banks uh-huh let's keep that Open mind and then he goes on to say Also great to see Ripple shove SEC Statement about losing in its face and It says here example is is a lengthy Declaration from Monica long that Reveals some interesting business Practices like stopping institutional Sales in 2019 Ripple is aiming for money Transmitter licenses in 45 States and That's on page six and then changing on Demand liquidity contracts on page seven Lots more to dive into here and I still Need to bad news however he's seeing the Parties are teeing up or posturing on Round two Ripple tells the court if the SEC wants to sue on the new contracts it Needs to bring a new enforcement action The SEC getting hammered with a low
Penalty will help in dissuading a repeat Enforcement action he says I was right Ripple did throw in the debt box case Thank goodness for that not incredibly Relevant but if the SEC wanted to throw Expost in the judge's face about us Hanging out with people like Brad Garlinghouse and others um then Ripple Be one uping it with throwing uh job Ending sanctions out there as well Specifically no uh and then that was Highlighting how he had made that Comment earlier on back in March he says Here uh the number of characters red on Page 23 or 11 or 12 meaning less than 9 Million at most when he sees the damages Coming in this is where Ripple gets the $10 million number from and the SEC has The goal to ask for two billion when it Only sanctions its boys a couple million Not going to persuade judge Torres on That point and he says whoops someone Forgot to redact Ripple email addresses Kindly refrain from contacting major Senior VPS about what a great attorney You are how much of an asset you'd be to That company he said my prediction is That Ripple pays 25 million or less and I've always said between 10 and 10 and 50 but I also believe it goes to the Supreme Court then he says uh should you Be xrp comes in and says every Transaction The xrp Ledger uses xrp a Stable coin would have to use xrp to
Move thank you for the breakdown he says Yes but Ripple also stated it intends on Issuing a stable coin on ethereum so now I assume the Ripple ethereum stable coin Will be for us be customers to be safe And that makes a lot of sense to me Right there Fred and what an amazing Take that is and I believe Fred RIS pooi Is going to be attending xrp Las Vegas Again this year ladies and gentlemen so Don't miss that opportunity to meet Fred He's amazing and what a fun guy and as You can tell super smart later today Another super smart guy who will be Participating in xrp Las Vegas is this One right here Jeremy Hogan is on the Scene he says the SEC has been legal Problems to address if it wants to get a Win against Ripple and I still think it Squandered its opportunity to get ahead With its first brief says I'll be going Live today to discuss it on crypto law Us don't miss that later today I want to See what he has to say no question he Says will it be a $1.95 billion fine or $10 million or what will it be well we Can't wait to find out his take on it no Doubt about it right now we're going Into the Freedom Zone it's not Financial Advice or me or anyone else but if you Want Google free uh ad or actually V Videos that are free from Google free Ads on my YouTube channel I put them in Here every day it's a great way to
Support the channel and we also tackle Some extra content that's not directly Related to the digital asset space but Certainly related to things like our Freedom and uh those things matter to me Quite dearly and to a lot of other People you should join us in here for The great conversation and content it's A great way to support the channel not Financial advice from me or anyone else I'll catch all of you on the next one
