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Welcome back to the show everybody check Out these headlines here Circle having Trouble holding the peg they've slipped It's collapsed we see more trouble going On with Silicon Valley Bank it's not Just silvergate this is the first one to Fall we got a lot of implications of What it means for stablecoids and crypto Somebody wrote that beautiful intro Oh 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 961 billion dollar market cap for Cryptocurrency we're back under a Trillion 20 000 just slightly over for Bitcoin right now 14 28 and change for Ethereum tether market cap is 72.1 Billion looks like we're seeing a Consolidation into tether during all of This downturn here Usdc is at 36.9 billion and you can see Their Peg went it went right to the Floor here we'll see what's going on Here but xrp is 36 Cents ladies and Gentlemen let's get into it 55 days left until xrp Las Vegas 2023 Come on in this is your opportunity Ladies and gentlemen right here to get Your ticket for Friday get your ticket For Saturday I'm telling you get your Special room rate right here and look at
The amazing people Jeremy Hogan virtual Appearance Jack McDonald CEO of Poli-side Nancy Beaton uphold Chief Revenue officer it is just incredible John Deaton the founder of crypto law Representing all retail investors at This point not just 75 000 xrp holders Eleanor journalist from Fox Otto Dido From solo genic very excited to speak With him and so so many more let me tell You click the link and get your ticket Before they are gone This is a reminder right here that link Two will be at the conference as well And right now this weekend they're Running the five thousand dollar weekend Minimums I may have to take a swing at That click the link on that check out my Sponsor look at this Crypto is dangerous We have to trust the banking system oh Wait Dirt nation is shared here a list of the Banking system and none of it looks good And we know that we've got massive dues To talk about today so let's get into it We heard the information that happened Here Silicon Valley Bank is now the next Victim to fall here to a bank run here Is what we're looking at they're saying Basically the first bank to fall outside Of silvergate right just a regular Bank Doing regular business
The president and CEO of the collapse Silicon Valley Bank Greg Becker was a Class A director at the San Francisco Federal Reserve I have to tell you I Think we know what the problem is You don't have to be an economist to Figure out what's going on here It's you know this this is a mess and it Only gets worse but don't worry Janet Yellen says the treasury is Monitoring a few Banks amid issues at The SBB Which is Silicon Valley Bank for those That are not aware We're monitoring it Well I think we're going to find out a Plan today now I'm not going to play This gentleman here but he basically Says all of this is the fed's Fault Causing the bank run and then he says It's likely that the FED will eventually Sometime this year uh have to cut rates By 100 basis points by December he says We'll keep an eye out for that so look This is just going to get bigger and Messier is what that really leads into For me And let's take a look at this from the Recent Fallout from the SVP Silicon Valley Bank here Provident crypto VC Firm a16 35 billion assets under Management is banked by svb according to Its website SBB has also invested in Crypto friendly VC fund Sequoia still
Unclear how much exposure either of them Have she says I should add here I've reached out to a16z For combat and haven't heard back yet Unclear if Sequoia is bagged by svb Financial it lists them as an investment Recipient of on sbv site so we shall see What is more to come to that but I have Something for you that I believe reveals Exactly where this is going and Obviously that question LED further to You know who else is involved and Everyone has been asking on social media Is does Ripple have exposure to svb During this Bank Run and David Schwartz Was kind enough to respond it says we're Going to issue a statement I can't Really say anything until we do that Officially so That's where we are there and we're Hoping for the best on that as far as Exposure to Ripple we shall see However coinbase has had some exposure Here they said and and and they say Basically because usdc is with svb this Is how cascading it gets here right We're temporarily pausing usdc Conversions to USD over the weekend While banks are closed during periods of Heightened activity conversions rely on USD transfers the banks that clear During normal banking hours when banks Open Monday we plan to recommence Conversions so in other words we don't
Want to be doing these tallied Conversions Not knowing what the things are the Situation is going to be like Monday Morning when the bank opens up I think Quad Jack's here from casino coin who Will be at xrp Las Vegas said just D-list usdc and eth like you did with Xrp problem solved But you gotta love it when they hit hope And obviously this here from Circle Themselves saying following the Confirmation at the end of today that The wires initiated on Thursday to Remove balances were not yet processed 3.3 billion dollars worth of the 40 Billion of usdc reserves were made at Svb Like other customers and depositors who Relied on SBB for banking services Circle joins calls for Continuity of this important Bank in the United States economy and will follow Guidance provided by the state and Federal Regulators look I think this Sets a tone ladies and gentlemen I want to take you to this check this Out Now this is a clip from last summer And this clip becomes extremely Important today I need to play the whole Clip for you I need you to be patient And stay with me through it because I'm Going to take you to something else and
I believe before you leave this video Today you are going to see exactly what They are jockeying for and I tell you This remember while you're watching this Video we now know from in hindsight We now know while this hearing was going On and Elizabeth Warren is grilling Nelly Liang the under treasurer Secretary to Janet Yellen about F sock I Want you to be aware that while you're Watching this know that at that time Gary gedzler at the SEC was meeting with Sam bankman freed and FTX and turning a Blind eye to the dumpster fire that was Their company FTX And awarding them a broker dealer License on top of it Take a listen to this clip Stable coins and applying the Appropriate regulations to reduce run Risk and the potential for them to scale Up quickly so are you just let me remind You what my question is Do they pose the threat of becoming a Systemic risk of becoming a systemic Risk yes yes they do Um I agree that the stable coin Market Poses significant risk and that Congress And our Regulators need to contain these Risks and that is where you come in you Advise the financial stability oversight Council fsoc and you sometimes sit in These meetings as secretary yellin Substitute
Fsoc's job according to treasury's Website is quote identifying emerging Threats to financial stability and Coordinate regulatory actions to address Them end quote so under secretary Lang If you believe that stable coins are a Serious emerging threat to our financial System then have you advised fsoc to use The tools that Congress gave it Specifically to mitigate threats before They get out of hand So fsoc as you say has the Responsibility to identify risk to Financial stability it is discussing These issues it does convene The Regulators they have been discussing Consumer protection and investor Protection Illicit finance and taking Steps to assess What risks and what authorities Regulators have Made some recommendations so you are Moving at least in that direction is That what you're telling me I want to Make sure I just understand your Testimony here WG is making Recommendations and they complement the Existing authorities that Regulators Have well yes you see the cftc and the Banking Regulators are issuing guidance Um carefully about how Banks well I Understand about the other Regulators I'm asking about fsoc because I don't
Want monitoring to be a way to just Avoid doing your job in your testimony Before the house Financial Services last Week you suggested that fsoc should not And would not act ahead of Congress That's something the crypto industry Might find comforting but it is not Consistent with fsoc's mission Did you misstate something last week so I um At what I intend to say intended to say I um did see that is fsoc has a Responsibility to look at the tools well Not just but to you can apply and the Situation is developing very quickly and Um so how different tools would apply is A bit difficult to prejudge how they Would be used okay but you are willing To use them ahead of Congress If that is the case and is this assessed That they are a systemic risk that needs To be addressed well not that they are a Systemic risk remember what it says on The website before that risk has reached Fruition you know I I worry that you're Approaching the crypto Market with Blinders on you talk a lot about the Benefits of stable coins benefits that Have been promised for years and that Have still not materialized and all the While you are not talking about the Risks that are flashing bright red in Our faces here Congress needs to put guard rails around
Crypto and I'm writing a bill to do just That but that there's no reason to delay Pointing a finger at Congress Does not give you or F sock the right to Ignore your current statutory Responsibilities thank you oh I tell you The condescending arrogance of that Human being is just unbelievable but you Know what it's not just her remember Again while that was happening Her body Gary gedzler who she was Feeding questions and answers to and Apologizing dude I hope I wasn't too Hard on you you know that's what was Going on while all of this was taking Place the political posturing to be able To do what they're about to do that's Exactly what I believe we're seeing and I believe they're going to use this Moment to stand on while they do it Here's Michael S Barr former Ripple Advisor former U.S treasury official Sitting now at the VP spot Federal Board Of Governors and listen to what he says About stable coins So You know you can have multiple competing Forms of private money that are that are Inefficient you can have very large Forms of private money that end up being Quite destabilizing Uh you know you can think of a a stable Coin is a completely unregulated money Market fund attached to a payments rail
Uh and and that combination is quite you Know it's quite explosive quite Dandy And and more importantly that are Inefficient you can have very large Forms of private money that end up being Quite destabilizing Uh you know you can think of a a stable Coin is a completely unregulated money Market fund attached to a payments rail Uh and and that combination is quite you Know it's quite explosive quite Potentially quite dangerous and that's Why listen chair Powell has made this Clear Vice chair Brainerd when she was At the FED made this clear I've made it Clear that uh stable coins really do Need to have Prudential oversight Potential supervision Prudential Oversight Prudential supervision well Let me help you out with that This is fsoc's website right here This is what you need to know and when You come down here you see the Dodd-Frank Act for which Michael S Barr Was An Architect thereof at his time at The treasury That leaving and becoming a ripple Advisor now back at the uh uh went to a University now at the VP Board of Governors for the FED working on Crafting stable coin regulations Systemically important designations Notice sift Muse or sift bees right Designated fmus Financial Market
Utilities will become subject to Heightened Prudential and supervisory Provisions of Title VII Is it that what he just said Promote robust risk management safety And soundness including conducting their Own operations and compliance with Applicable risk management standards Providing advance notice and review of Changes to their rules procedures and Operations that could materially affect The nature of the level of their risk And being subject to relevant Examination and enforcement provisions Here are some of the entities that are Currently systemically important A lot of these entities you recognize Because they're in the same field and Rage of Payment settlement industry custody That policide and ripple are built to Serve Don't believe it it's still true And when it comes to Circle we're Talking about a retail digital dollar So my question is is what we're seeing Here Really setting the stage and the toad For fsoc to come in and deem something Like maybe usdc as systemic risk and Make it systemically important and Control it as a retail facing digital Dollar for the United States It's hard to say what will happen but it
Certainly sounds like to me Michael S Barr is saying that stable coins broadly Not just usdc should fall under epsoc Here's a Quick Clip right here from Elizabeth Warren's daughter And her podcasted show and a tech expert Telling you that Ripple is going to make Disruption in the payment industry Foreign Can't make it up can't make it up we Love it And then we have some more obvious ones Which are just obvious you know business Use cases payments you know Banking and Payments We've seen Ripple you know already you Know you know started to uh disrupt kind Of you know uh payments and and banking Transactions a little bit And uh there's a lot of other ways to do That we're you know you know even PayPal And Visa is talking about you know Disrupting kind of uh payments but the Real benefit in the last few years has Been on International payments it's been Moving money quickly and cheaply you Know across across borders and I think That's been one of the big benefits for Business that a lot of times it will Lead they don't realize it but if They're paying invoice from overseas Their institution or their other service They use is likely already using Blockchain to make that payment
And then we have some more that is a Pretty remarkable comment right there no Doubt about it I tell you ladies and Gentlemen this is getting so interesting Watching all of this unfold that's going To do it for me make sure you hit the Like And subscribe leave a comment below This is not Financial advice it's just My digital perspectives I'll catch all Of you on the next one
