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Welcome back to the show check out these Headlines the domino effect begins Ladies and gentlemen make way the banks Are fomo and I'm GNA prove it to you Today somebody roll that beautiful Intro digital perspectives with Brad KES Come on In welcome back to the show you can Follow us on Twitter and YouTube for Exclusive content right now it's $ 2.43 Trillion market cap for crypto to Market Is up by .1% 62,400 Plus for Bitcoin 3,400 Plus for ethereum 98.6 billion Plus market cap for tether number seven Spot is 59 Cent xrp which has been as High as 62 Cent we're up 11% on the 7 Day let's look at the range of price Very quickly as I said uh 0. 5792 on the Bottom and 623 on the top range you see Where we're sitting now we'll keep an Eye on it I want to remind you that link To the home of the best private equity In the world ladies and gentlemen and Let me tell you something they're going To be at xrp Las Vegas and you're not Going to believe what they're going to Break down for you we're going to talk About IPO season in 2024 and so many Other incredible things that are Happening with link 2 and maybe link to Themselves you know uh what a great Conversation what a great moment of time Get your tickets to xrp Las Vegas the VIP is sold out but the two-day general
Admission ticket is still available and I encourage you to make the investment In yourself and come to this conference You're going to love it 715,000 plus Registered users because they want Circle they want Ripple they want link To they want uphold they want AI they Want all the best fintech and Robotics Because link to's got it all you got to Do is click the link to the sponsor Below and get started and ask them and Check out the basket opportunity they Have whoa that's so Cool Michael Branch tells us here this Morning shout out to Michael two major Banks Bank of America's Merl Lynch and Wells Fargo and Company are now Reportedly offering spot Bitcoin Exchange traded funds to their clients Oh this just keeps getting better ladies And gentlemen oh you're going to love Where all of this is going I think black Rock is set to broaden Brazil's Cryptocurrency market with the Introduction of the country's first spot Bitcoin exchange traded fund the I Shares Bitcoin trust bdr or ibit 39 Uhhuh so now we're going global baby That's what's happening and again the Domino effect Begins the banks want in And that isn't the end of it and it's More than just those two Banks and at The same time that that's happening Remember when Vanguard said we will not
Be offering a Bitcoin spot ETF and don't forget that that's where The majority of Mr gendler's funds are And he met with Vanguard multiple Multiple times at the SEC however Vanguard will never list Bitcoin ETFs as Long as I'm the CEO This I Promise well Tim Buckley is going to step down now as The CEO of the $7.2 trillion asset Manager Vanguard think he might have got That one wrong right I think vanguard's Going to be looking for a little Exposure for their clients everybody Knows that there's a poop storm coming In the traditional stock market Bitcoin Is going to be one of those places That's going to be considered a hedge Like Gold write it Down not Financial advice but I believe That is exactly why it's here and then We see this oh it's not just Wells Fargo Bank of America oh yeah the numerous Benefits of tokenization in financial Services not just ETFs listen here from automated and Highly audible record recordkeeping to Fast payments that can take place across Border at any time of day now you know They ass ain't talking about Bitcoin cuz Ain't nothing f asked about it right God Bless Them well let's take a look here Right put simply token or token in
Digital representation of a real world Asset on blockchain where it is secured By both a public key we know how all of This works let me get down to it so they Break all of this process down here About how the it's just great you could Tokenize this stuff it's on a Blockchain nobody can like intervene in The payment once it starts they're Talking about all the beautiful things That we already know about tokenizing Assets Now the banks are making the case Hey wait a minute this could work out Really good for us JP Morgan Chase brags About Onyx digital asset platform which We know is built off of ethereum right And then the fun part about all this City comes in City Treasury and trade Solutions like yeah this stuff is great For cross border right knowing that they Got an ethereum rail too you know all of This and then I want to bring you down Right I want to bring it down here to This point and show you right down here At the bottom because there you know Different banks and entities investment Groups are weighing in on it naen chakar Global head of dtcc digital assets at Depository trust Clearing Corporation That is working with ripple believe now Is the time for financial service Players to collaborate instead of Compete why are we talking about this Today we're talking about this today
Because we know that there first of all Will be a lot of ETFs not just a Bitcoin ETF there will be xrp ETFs there will be Thousands of other crypto ETFs that live And you can bet on it and then there Will be baskets and Index Fund ETF They're going to do it all they're going To do it all there's no question but There's a real fight still Happening and it's the fight that Gary Gendler has brought to this space Because he has tried to introduce a rule That is keeping banks on the sidelines And now government and Capitol Hill is Involved here as the house committee Votes to ditch the SEC rule on crypto Custody that is keeping the banks on Sidelines that's why I just showed you The American Banker article and shout Out to our main man James metal law man Murphy for that article cuz he put that Out and brought attention to it this Morning and uh this SEC rule has got to Go okay this here is the progress report Here from the Chamber of digital Commerce and perryan boring sab1 121 Passed out of committee today with Bipartisan support it's headed to the House floor our team will continue to Push for a full repeal of of sabb 121 to Help drive digital asset adoption that's Exactly what it'll do if they can get it Repealed because what we need to see is The repeal of this so that way Banks can
Start to offer custody for crypto this Is going to be a game changer when they Repeal this rule because Gary gendler Gonna get his wings clipped take a Listen to Tom Emer thank you Mr chair I Moved to strike the last word some was Recognized for five minutes the sec's Staff accounting bulletin one 121 or Sab 121 is one data point of many at this Point demonstrating both chair gensler's Insistence on overstepping the sec's Authorities Y and his unrelenting Prejudice toward the digital asset Ecosystem the SEC disguised this Overreaching rule as guidance Circumventing Congress and public input I did it so it could lock Banks out of The ability to custody digital assets The impact of this illegal Ru making That's been in place nearly two years Well first Sab 121 introduces more Unnecessary and avoidable concentration Risk into the digital asset ecosystem Making our markets not fair not orderly And not efficient the Bitcoin ETFs are a Great example not a single Bank provides The custodial services for any of the 11 Approved ETFs this is risky absolutely Absolutely why in the world would we not Let Banks participate in this knowing That they're highly regulated good land Shout out to Tom Emer doing the work up There and shout out to all of the Associations the digital Chamber of
Commerce the blockchain association for Their work to educate Capitol Hill on Exactly the danger of all of this now I Want to play this from representative Mike flood because there's something he Says in here that we all need to pay Very close attention To 109 is a congressional review act Resolution that would resend the sec's Staff accounting bulletin 121 I want to Thank my colleague on the other side of The aisle Congressman nickel from North Carolina for his leadership on this Issue as well as Senator Lumis who is Leading this effort in the United States Senate for those who are not familiar Saab 121 was guidance released by the SEC in March of 2022 staff accounting Bulletins are technical accounting Guidance not something we'd usually Spend a lot of time debating during a Committee markup however sa 121 is Different it directs covered entities That custody digital assets to do so on Balance sheet the problem is that for Banks custodial assets are always Considered off balance sheet for any for Any other asset like Securities exactly The ramifications of requiring Banks to Hold these assets on balance sheet are Pretty significant if a bank were to Custody digital assets according to the Parameters of Saab 121 the on balance Sheet treatment would affect their other
Regulatory obligations like their Capital and liquidity requirements and There it is the same stuff that we're Seeing Elizabeth Warren try to pull as Well with her anti- crypto Army we know That they're in bed together gendler and Warren too right let's come up with These things like Ru making right and Let's put the rul making in place that Discourage encourages the banks to Participate by making them hold it on Their balance sheet which is absolutely Absurd the end result is that Banks must Choose to either custody digital assets Thus inflating their balance sheet and Severely affecting every other line of Business or stay entirely out of the Market yep that's not much of a choice At all in effect Saab 121 precludes Banks from taking custody of digital Assets all together now I'm sure there Are number of banks that don't have any Interest in taking custody of digital Assets right now anyway that aside but This Saab 121 prevents Banks from Effectively ever playing a custodial Role for these assets you're locking out The most regulated institutions from a Market they know well which is custody There are some serious ramifications That stem from that in January the SEC Approved 11 spot Bitcoin ETFs these ETFs Are giving a lot more retail investors The ability to invest invest in Bitcoin
Because of Saab 121 Banks aren't able to Serve as custodians for the Bitcoin Within those ETFs the lack of Bank Custodians for Bitcoin ETFs is Particularly important because holding Private keys to bitcoin is akin to Carrying physical cash both are bearer Instruments which means the holder of The asset is presumed to be in full Control listen that's a situation where You might want more Bank custodians who Are well-regulated experts on custody on The job as it is there are only four Total custodians for those 11 Bitcoin ETFs and they are all non-banks think About that yeah that's huge they're Setting up the risk right there right by Carving out this rule making at the SEC That is really trying to set legal Precedent on what the banks can and Can't do from the SEC chair that's how Dirty and underhanded Gary gendler is But listen to this next part where he Talks about credential regulation Remember cftc SEC are Market Regulators Treasury fock all of those entities the Agencies it's a collection of agencies Sit above the market regulator chairman Mr chairman I seek unanimous consent to Submit two items describing this issue As it relates to bitcoin ETFs one is a Joint op-ed on this topic for myself and Congressman niichel and the other is a Letter from the American Bankers
Association without objection so how did We get to this point unfortunately there Were some serious problems with the Process around Saab 121 and how it was Issued the SEC issued Saab 121 with Conferring with the Prudential Regulators who are the experts on Regulating Bank custody he just said it It's what I've been saying to you fsock Credential Regulators this is this is what I've Been saying to you right systemically Important SI M SYM systemically Important Financial Market utilities Systemically important Financial Market Infrastructure right all birth from the Dodf Frank Act and the creation of eso Within it non-bank designations guidance Provides transparent process significant Opportunities for engagement with both a Non-bank financial company under review And its existing Regulators this is what we're talking About here OC presedential Reg Regulators Right now what do they regulate with Fock well fsock has been known to deem Certain entities as systemically Important Financial Market utilities Systemically important SI M right Here Right what kind of entities Clearing Houses CLS Banks Chicago merkal Exchange Uhoh the
Depository Trust Company you know the Same one that in three months is moving To t+1 settlement cycles and is also Working with ripple through the International swaps and derivatives Association to help the DTC settle over Two quadrillion Dollars things are coming to a head Ladies and gentlemen don't believe it It's still True we're talking about the reposit Iies the banks the Clearing Houses That's why Mike flood is talking about Credential Regulation because he knows that we're That close this is where this is going And in short order I believe and think About it what is it 24 25 could do that Standing on our head knowing what we Know then there's a rumor here Elizabeth Warren is meeting with the digital Chamber ber of Commerce today or Yesterday might have been and all I can Say is This I hope that the digital Chamber of Commerce when you meet with Elizabeth Warren you told her to start packing we Don't need a senator like Elizabeth Warren who wants to be friends now that She knows John Deon can unseat her Ass and then there's This we target 64 cents today and we hit 62 but that is is insufficient but this Is insufficient the macd is bullish to
Continue toward the ichimoku clouds Target $1 and first 188 as the Fibonacci level shows so xrp Will bend the spoon soon above as you Can see here you can see all where we're At in the monthly breakout we'll keep Watching it things are getting exciting All I can tell you is make sure you get Your ticket to xrp Las Vegas you are Making an investment in yourself ladies And gentlemen I'm going to tell you this Is going to be a remarkable conference And I know that you are going to get a Lot from this conference because we're Setting it up to be completely immersive And informative and you're going to love The experience and the information Please make sure you get your general Admission ticket before that's gone I Hate seeing it for people I don't want It to happen to you either and I want to Meet all of you we're going into the Freedom Zone not Financial advice of me Or anyone else that's what we're doing Here I hope you will join us in the Freedom Zone come on In well
