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Welcome back to the show it might be a Holiday but we've got all the news you Need to know for ripple xrp and the Crypto industry broadly and it's out Here to know somebody roll that Beautiful [Music] [Applause] Intro digital perspectives with Brad KES Come on [Applause] In welcome back to the show you can Follow us on Twitter Youtube and dig Prospectives decom for exclusive content Right now $2.8 trillion market cap for Crypto the market is up 6% 70,500 for Bitcoin right now 3600 for Ethereum 104 billion market cap for Tether right now and number seven spot Is xrp slips down by one 62 cents we're Off by 01 on the 24 and off by 7 on the 7 day uh the range of price between 6 2 And 3 63 cents we'll keep an eye on it But that's pretty tight at the moment But I tell you what 32 days in counting Till xrp Las Vegas VIP tickets are sold Out general admission tickets have Already now set a record for this event We are now every ticket that is bought Is setting a world record for xrp Las Vegas this is absolutely remarkable all Of you are incredible and I want to tell You it is going to be one of the most Important conferences you've ever been
To in your life and you can't overstate It you are going to hear directly from David Schwarz about the ever expanding Ledger you're going to hear from uh The Honorable Christian Carlo former head of The cftc now the co-founder of the Digital dollar project we're going to Talk directly about all the geopolitical Events and everything surrounding the Dollarization movement and what it takes To keep the dollar dominant for the next 150 years plus and so so many others I'm Telling you this is going to be a Remarkable moment it is a new era of Finance is the theme of this and we will Be releasing the agenda very soon next Week so make sure you keep an eye out For that the future of digital asset Benefit dinner you can click that link Right there and get a ticket and support The digital chamber by buying that Ticket and it's tax deductible because It's a charity donation and you'll get To have private dinner with Brad Garling House you'll get to have private dinner With John Deon The Honorable Christian Carlo Michael Arrington and many others Make sure you do it and get your room at The MGM Grand stay right on site I'm Telling you this is going to be a Remarkable Whirlwind two-day event do Not mess around get your ticket now Before they're gone I'm telling you There's so so many people coming we're
Already setting a new record right now So join us uh link underneath the video Or xrp Las vegas.com now I had an Interview that I released yester Yesterday and it was remarkable and it Always is a pleasure to sit down and Talk with the digital chamber uh and Perryan boring here and uh she says I've Learned so much from listen and dig Perspectives uh we had a very Interesting chat yesterday about the State of play in Washington and we Really did and uh I say that I learn a Lot too because you know what I don't Know as much as I'd like to think that I Do about how DC works but I'll tell you Who does it's perryan boring and the Entire staff at the digital chamber so It is absolutely Ely going both ways Here we're learning a lot here too and We're very grateful for the uh for the Knowledge no doubt about it but listen To this Quick Clip here yeah well I Appreciate the conversations you know We've had about eth gate and you have Had the opportunity to learn a lot from You and I appreciate you taking the time To share with me you know your work and Your your research uh on this you know I Would say from my perspective the thing That's most concerning that's really Under scrutiny right now is was there Any type of um conflict of interest Between William Henman and someone in
The private sector you was their Compensation for the speech that he gave Um that is extremely uh concerning to me And you know the public policy process Um needs to be protected it needs to be Protected from bribery it needs to be Protected from corruption and so to uh The extent that there it's anything Inappropriate there I do think it should Be investigated um in depth uh by the Commission by the government uh so we Can you know make sure we have a public Policy process that that people trust I Tell you something and it the clip goes On and on in the interview if you have Not heard it it is remarkable all the Different areas we go into in the Current state of play of what's going on In DC and legislation and policy for Digital assets it's it's really a great Conversation and I tell you you should Be you should be going back and watching The entire thing I hate to have to cut This off because for the sake of time We've got so much other to go over Information but uh definitely shout out To all the work being done and don't Miss your chance to see uh the digital Chamber on stage because we're going to Be talking about things on stage you Haven't even heard about yet so make Sure you join us for that get your Tickets today no doubt now this from Elanor terret who will also be at the
Benefit dinner uh judge in the custodia Bank versus Federal Reserve case has Mostly sided with the federal government The fed I'm sorry the Federal Reserve That's not the federal government in Summary judgment and denied custodia Petition for review of its APA claim and Its motion for judgment on its statutory Mandamus claim so essentially what I'm Seeing out of this is that this is more Uh uh boondoggling to keep the FED where It is and to keep custodia Bank where it Is which is outside of the system not All allowing them to have a master Account and remember this was rotten What they did they made custodia Bank File for the master account application Waited like 18 months or longer and then Told Caitlyn long and custodia Bank nah It's a no from us right and you know What the harm of this is here's the real Harm I believe that the reason that Custodia bank and Caitlyn long are being Denied is because she wants to bring Banking back under a responsible Framework which means me that the Custodia bank literally doesn't want to Do fractional lending they want to be Backed one to one which is the way it Should be you know what's interesting About this a little birdie told me uh This has been months ago a little birdie Told me a few months ago that uh the Reason they told them no about Not
Giving custodia Bank a master account is Because why would we do that then you Would be the only bank and it would take No time for the people in the world to Real realiz that your bank is more Secure than the rest of the entire Banking system so they're not opening The door for Caitlyn and custodia bank Because everyone else is doing it wrong And unless you're going to do it wrong Like we're doing it you're not coming in To the cool kids club that's what we're Watching happen Here it's not much different than what We've seen with William henman's actions And Jay Clayton at his time in the SEC Let alone the debacles we've seen Countless debacles we've seen Billions of dollars of debacles we've Seen from Gary gendler's Ineptness Celsius Voyager FTX Luna it You know the list just goes on and on we Could go all day here but we're not Going to nevertheless coming to this Conversation here uh bringing it back Here uh this is uh Elanor Tera says she Just had a great conversation with Senator Tumi who describes a judge's Opinion below is completely Contradictory and inconsistent and the Summary judgment decision is completely Wrong this is in the custodia bank case Still the former Senator Tumi wrote a Mikas brief on behalf of custodia bank
And passed a law when he was in Congress That requires the FED to reveal the list Of entities that it granted Master Accounts too on that list non-banks Including Texas comproller of Public Accounts Fidelity management Trust Company and others and it'll be more on This conversation with Tumi and judge Scavo's uh decision to come so this Fight's not over and I hope that it's Not over because I think Caitlyn long Deserves an opportunity to launch Custodia Bank and bring responsible Lending and banking back to the System steuart aler Strikes Back Chief Legal officer from Ripple here and Strikes Back on the coinbase being Denied on their motion to dismiss and he Says here uh coinbase is ruling Basically the SEC sold the judge a bill Of goods that she had to accept as true At this stage of the case now comes the Hard part producing evidence my bet says Stu uh the SEC is all hat no cattle Remember the time that Ripple judge Booted the sec's hack expert tried to Say he knew what purchasers of xrp were Relying on I remember Steu I'm telling you steuart is getting Really good at Twitter Business meanwhile the SEC is now Probing crypto companies like ethereum Investigating as hopes for an ETF dim And this is because it's been leaned
Into by the SEC through its poster child Show Pony prometheum platform which says That Aaron Kaplan the CEO there says They will list ethereum as a security on That platform because of proof of stake Now this is interesting because there is A great conversation that jumped off Here uh just late yesterday from Molly Elmore and then David Schwarz hopped in And this is a fantastic conversation you Know what and this is exactly what this Is too a great conversation something You don't often get to witness on social Media platforms so I'm extra excited About it for that reason too so shout Out to both of these people here and I'm Pretty sure Molly elmar's going to be at Xrp Las Vegas and I'm pretty damn sure That David Schwarz is cuz he's going to Be on stage for a fireside chat you're Not going to want to miss it yeah let's Say for a minute says Molly Elmore that Staking a digital asset that rewards Validators using proof of stake is Considered a security There Are Rules Around who can buy legal Securities and In some instances are limited to Accredited investors promethium is Pushing for eth to be considered a Security these There Are Rules around Who can buy legal Securities and in some Instances are accredited invest Promethium pushing this idea what if Assets isn't determined to be a security
But staking it is Black Rock is Tokenizing assets on ethereum it is a is It a coincidence that that happened After ethereum switched to proof of Stake was this the play one launch eth And distribute it very cheaply to The Insider network of dis disguised whales Two test out the network for a few years Make sure the pipes work incentivize Miners rewards during this time three Transition to proof of stake now Offering large token holders the rewards For validating knowing that the Everything Changes once the institutions Get on board four introduce legislation That limits staking to accredit Investors in institutions this leads to Justifies private markets I'm not clear On this part staking can be managed Separately from The Exchange Marketplace Or not pushes many institutional Projects onto ethereum to make the Tokenization launch boom profitable via Assets under managed percentage in Staking fees everything I type is POS I Laugh that also means piece of poop we Know that's not poop and another Unfortunate coincidence yes it is and Then this then the uh the dialogue kicks In here which is super fantastic and let Me get back to that very quickly here David Schwarz comes in says I don't Understand how to make sense of this if Staking is a security why do rules
Around who can buy Securities matter Nobody sells or buys staking itself Since it's a service provided by the System itself that's a fantastic way of Putting it out there for example the Token is not staking so buying or Selling the token would not be a Securities Transaction and no company's efforts Provide the Revenue so a company selling staking Services wouldn't be an issuer of a Security so who would be a subject to Regulation great question Molly says The entity in this situation that does The work is the validator they collect The assets from the clients who want Their assets stake for them and update The Ledger using their resources is There an agreement contract between a Staker submitting their assets to earn Uh yield and validator using those funds To be awarded the staking rewards that Sounds like a security to me if you have An arrangement correct David says no That's not right at all the validator is Providing a service for a fee the source Of the staking rewards is not the Validator efforts but the ecosystem of The token this is just the ordinary Employment of an agent to sustain a Business like hiring someone to Maintain uh like hiring someone to Maintain let me find where I left my
Place off here Um ordinary to maintain your Fleet of Work of truck a fleet of work trucks While it's true that you can lose money If the validator screws up that's true Of all business Arrangements I can't Even believe the SEC would make an Argument this ridiculous what agreement For a service that had a business as its Customers would not be a security if the Argument you make money if they do their Job right and lose money if they don't Is enough to make an arrangement for a Securities agreement Molly says loans Bonds are also Securities so if I loan You money so that you can do your job as A validator and you pay me Interest as Compensation for the loan isn't that the Agreement between the validator and the Staker for what it's worth I'm not Advocating to give the SEC any more room To run is what she says there and he Says first nobody is loaning anybody any Money the money always belongs to the Person staking it second no loans are Not Securities unless the purpose of the Loan is for the seller to obtain Investment funds here the seller if There isn't even a seller of the loan is Not raising funds for their business and The loan actually advances the lender's Purpose not the borrowers the loans Cannot be transferred but only can the Capital be returned to the lender
Similarly to lenders are well aware that These are not investments in the Borrower business Enterprise all these Factors weigh against them being Considered Securities and then cites the Case law for that I don't think this Argu comes anywhere close to working the Operator of validator Simply isn't Soliciting investment in its business And no reasonable buyer could understand Them to be investing in the validators Operator business so the plot thickens And what a great back and forth between These two to sus out some of that Surface you know kind of walking through What would the arguments of the SEC be Which it which is really what I think Molly's doing here I think we all Understand Molly is not a fan of the SEC Doing the things they done over the last Few years um and we're not either but This is certainly a great back and forth To kind of sus out those those topics And ideas and see where they hit a wall Or not and uh I think it's great because I don't look I think crypto in and of Itself I said this in the interview with Perryan boring I think crypto Assets in And of themselves as xrp was ruled is Not a security now you can package these Things to be insecurities and I can Understand the legal argument to find Out whether proof of stake is or isn't a Security I've talked about these
Different Technologies and legal buckets That are coming so it's all right here In front of us what I want to say is is That here we watch European Union's Crypto regulation called Micah will come Into effect during this year of 2024 According to several experts it will Have profound impact on the entire Crypto sector to the point of being of Even becoming a global reference point For crypto regulation yes I believe that Is Correct and this is uh the Middle East Here talking about the fact that 2324 Will be very satisfied if you've made The right Investments decisions because We're going to see a lot of adoption and Opening up towards that 25 20 30 window And things have to start going soon in Order to move to a new Financial system Things have to start happening very soon That's why stable coin legislation is so Very important in the United States and Here we see evidence of it coming very Soon because we know Ripple partner HSBC Is using Medico the recently acquired Company by Ripple for their digital Institutional custody and that is super Huge so it's all starting to happen and Gary gendler here discusses at MIT in This short clip he understands exactly What xrp's power can do for the world Take a listen Ripple is this simple Chart what if I move Fiat to crypto and
Crypto to Fiat I'm calling crypto Currency for this purpose right ex Xcurrent is a messaging app of Ripples And it's competing with Swift and and And it's has some reasonable adoption a Lot of banks are starting to use it what Pain points would this be solving but it Might lower the numbers of Intermediaries what else might it do This is basically a way that you can Shorten the settlement times this can be Done literally in seconds big corporate Treasuries are going to try to do this That the treasury function of apple and Others might take this up now he's Talking about big corporate treasuries Might takeing this up he said banks are Already using it we know that they are Too right now remember this throwback Clip here when I spoke to Bob way in 2019 and I asked him directly about Escrow being pre-allocated because I Thought it all the way back in 2017 Before I was even in the YouTube space Uhhuh and it's conf confirmed important To remember about escrow that there Could be portions along the way here That are allocated for entities like Banks who understand we're not going to Be like the record company put us on Until we're going to get our blockchain Together and all our this together and And get their stuff in house together But it's waiting for them at a certain
Point as well so is that a little too Optimistic or is that fair to say uh so Let me expand on that a little bit but That's generally fair to say generally Fair to say there you have it the Majority of xrp from the escrow will Never see the light to day it will be Used for Global inbank transfers the xrp Will be in closed liquidity pool that The public will not have access to Public Supply will continue to drain Into that pool xrp 20,000 I tell you you Know that's the goal and I believe That's why we're hung up in this Quagmire that not only is Ripple hung up Into this but there's many other Different technologies that I think will Be cited and targeted to create legal Precedent to carve the way for Congress To create legislation off of these legal Precedent points made in court is it the Long longer way to go you better believe It but I'll tell you this it's the way We're going so uh I appreciate the way Other countries have had a much quicker Way of doing things without going by the Way of Regulation by enforcement but This is the path that the United States Has taken as far as The Regulators are Concerned and Gary gendler but you know What we're going to get there we are Going to get there I really do believe That and I'm going to leave it right There and I don't forget too that you
Know I've always said and I could be Wrong and it's fine if I am because I'd Take a settlement too but I've always Believed that this case will go to the Supreme Court because that way you keep A legal dog leash on this very new money That you're introducing inside of the Financial system not outside of it and You're going to want to keep a legal dog Leash of appeals and things of that Nature on this case for as long as you Possibly can while you begin to allow Mass adoption to take place within the Financial system because because if Something goes wrong they will need to Be able to call it back quickly and turn It into digital marbles when you're Introducing a new money to the world and Make no mistake crypto is not what it's About for me this has always been about Introducing a new money and new monetary System to the world and that's exactly What I've been witnessing from where I'm Sitting and in order to do that you get One try at this to get it right and you Cannot afford to get it wrong and if you Do you better have some legal recourse On how to call it all Back not Financial advice for me or Anyone else I hope you're having a great Holiday if you celebrate and if you're Not I hope you're just having a great Day with family friends and I will catch All of you on the next one not Financial
Advice of me or anyone Else
