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Welcome back to the show check out these Headlines here we got the highlights From DC fintech week it's Michael sbar The office of com controller of currency As well and so much more watch out Crypto here comes the Federal Reserve 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 $ 1.39 trillion Market cap for crypto the market is up 1.7% Bitcoin 35,3 plus ethereum 1882 93 and we see The tether market cap is 85 billion 85.9 billion right there holy moly That's a lot uh we'll be talking about That that in a second uh 69 sets for xrp We're up a half a percent on the 24hour We're up 13.7% on the 7 day which is running and Outperforming the market and certainly Bitcoin dominance wouldn't call it a Decoupling at this point but it's Certainly worth noting Now isn't it Let's look at the range of price here Between 66 cents overnight and 69 cents Plus this is where we are right now Ladies and gentlemen that's our trading Range so things are moving pretty wildly That's a pretty WID spread right there Not what we normally see so keep an eye
On it everybody in the technical analyst World is very excited about where we are Right now so we'll keep an eye on that As well but let's start right here with DC fintech week and this is Michael uh Hugh uh from the uh he's the acting Controller of currency Brian Brooks's Former role and basically take a listen To what's going on here as he separates The idea between real world assets and Speculative crypto trading take a listen Particularly when it comes to crypto Which of course has had its own issues Over the last year uh we still have not Gotten the formal regulation I know That's not necessarily on your shoulders So you should maybe go talk to Gary and A couple other people to see where they Stand but is there a solution I guess to The problem that I feel like crypto Itself kind of created yeah so um in my Travels over the past year or so and I I Talked To financial institutions Technology firms other Regulators Globally whenever this comes up Something I have really um it's really Emerged there seem to be more and more Of a divide between crypto on the one Hand and tokenization of real world Assets and liabilities on the other hand There it is so he's giving you the Difference between a speculative asset And tokenizing real world assets and we
All know that xrp and xlm help with the Ladder the tokenizing of real world Assets and the settlement thereof now This here is Michael SAR and if you Don't know that's Dr Chris brummer right There who is absolutely brilliant and uh Was also in the movie Krypton airs don't Let anybody tell you it wasn't real Dr Brummer was featured in that movie and He was amazing uh you can watch it on YouTube but nevertheless I want you to Hear Michael wbar former U uh US Treasury official also one of the Architects of the dod Frank act that Birthed the financial stability Oversight Council also a former Ripple Advisor now the VP of the Federal Reserve take a Listen uh we think about the role of AI In making sure that we have a fair Financial system so if we have uh AI That reproduces or worsens um social Disparities based on race or ethnicity Or gender in our society if it's trained On data or if it has algorithms that Replicate that kind of bias in our Society that's that's very bad and he Goes on to say here and I brought this Up and I wanted to start here with him Because artificial intelligence I Believe is going to help push Crypto faster through regulation and Legislation and the reason I believe That is because it's a bigger scarier
Threat but you can't go and regulate and Legislate artificial intelligence and Just say well we'll get to crypto later Right these really are two separate Things but they have to be dealt with in The same respect when it comes to Legislation and in that regard you know Uh artificial intelligence has to be a Long-term view of how it can affect is What he goes on to say here but I wanted To make the point about the fact that Artificial intelligence I believe is Going to heighten the need for Legislation of crypto and certainly Stable coins which I think will come Before crypto nevertheless let's take a Listen to this as the conversation Continues and we will have to take a few Breaks in this because there's so much Good information inside of this clip We've got to make sure we highlight Where the special spots are take a Listen takeways it's one of those issues That i' I've always found even in in the Media like it's it's it's it's worth a Little bit of of of of attention I think It's super super important other uh Issues that have uh attracted plenty of Attention is uh involves uh cbdcs and Stable coins and and and really where The FED is at this point in time at kind Of thinking through uh the place for for For I should say cbdcs stable coins and Tokenized deposits each uh uh uh
Different in in in their own ways but Maybe I'll just start off with the cbdc Stable coin question and then maybe U an Extra question or two on on on the Tokenized deposits where are you in in Your thinking right now well let me um Let me take on the question of stable Coins first so there's obviously a lot Of innovation happening in the private Sector around stable coins we want to Make sure we can harness that Innovation To improve efficiencies if we can in the Payment system I do think that if uh a Private sector entity is creating a Stable coin that is connected to a fiat Currency uh in in the case that we care About the United States dollar they're Creating a form of PR private money and Private money um needs to be well Regulated private money we've seen many Examples throughout history can cause Significant risks in the financial System now very quickly here does that Sound like USD tether being a problem or A Solution harness we could harness the Technology right I mean uh there's Nothing about USD tether that says it's Harnessed unless it's been captured by By the Department of Justice and private Money that's linked to the dollar Basically borrows the trust of the Federal Reserve no in its issuance so we Think there's a very strong issu uh
Interest uh in having strong Federal Regulation of stable coins um that make Sure that the Federal Reserve can Approve stable coin issuers can regulate Stable coin issues can enforce against Stable coin issues and the set of uh Protections around that including how You deal with wallets and making sure That they're safe and sound all of that I think we need a strong Federal Framework for and we don't have one of Those yet so so so you really do need The fed the the Congress is to to Establish that in in an absence that There's limited um a limited amount of Things that the FED can can can can do Or is it just a kind of a stop Gap we Think you know I would just say as a Policy matter it's better if the Congress can decide the basic rules of The road um now on on Central Bank Digital currency there also is a lot of Innovation happening around in the world Uh in that and there are some countries Who have moved forward with stable coins At least in a uh limited way there other Many countries were involved in research And development uh many countries Thinking about the policy framework um At at the Federal Reserve we're also Doing uh taking a look at Central Bank Digital currency uh we're very focused On research questions we are not um we Haven't made a decision about whether it
Would be a good idea or not a good idea Well let's not kid ourselves here he's Been very clear in the last minute and a Half telling you that they are not cool With private sector entity offering the Only product the Federal Reserve has Ever had which is US dollars so let's be Clear here this sounds very subtle and Far off but he made it very clear that Any private sector issuing the products From the Federal Reserve that are backed By that dollar need to be under Credential regulation keep listening to Establish this or that approach to Central Bank digital Currency uh if we did decide it made Sense to do for example a retail Central Bank digital currency we would only do That if Congress and the executive PL Branch clearly authorized us to do that Uh step with with respect to retail cbdc And very quickly the house of Representatives passed a bill that says Uh they don't want the FED to have that Power that's got to pass the Senate Which it probably will not at this point But keep listen and in the meanwhile We're doing research and the research Will help inform decision-making about What we might recommend and also help Think about what the right payments Architecture and infrastructure we might Need whether we use a cbdc or don't use A cbdc research can help inform how we
Can improve the payments infrastructure Overall yeah I I think one of the the Questions that some of the people um Either attending or watching may may Have is when you think about the the Fed's infrastructure and it was Interesting you're talking about like The barring off the reputation of the of The fed that's that's that's an Interesting way of of of certainly um Thinking about it there are also very Direct ways in which people would like To build on top of fed uh infrastructure You see other countries uh who you know Who have moved in in that direction what Kinds of principles guide your thinking In term terms of how and under what Circumstances to enable that Particularly you know sort of outside of The traditional banking system so now We're talking about payment Infrastructure uh who has that uh Ripple Cbdc platform yeah they have it yeah let Me just start by you know how I think About payments infrastructure in general And what principles are really important In it uh you know for me at least I Think we want a payments Infrastructure that promotes Financial Inclusion we want a payments Infrastructure that works for everybody That works for low-income people as well As upper income people that serve small Businesses and not just big businesses
So we want to make sure our Infrastructure you know is accessible to The real economy in that way and we want To have an infrastructure that also Works for the diversity of sizes and Types of financial institutions in our Country from small Community Banks um All the way up to the largest banks so Financial inclusion diversity of Approach I think is really critical of Course we need a a financial Architecture a payments architecture That is safe and so we need a payment Infrastructure that is safe now I wonder If Michael SAR now that he is the vice Chairman vice president of the Federal Reserve Board of Governors may call on His time as a ripple advisor and say you Know I do happen to know of a payment Infrastructure company a blockchain Infrastructure company named Ripple that Could serve in a great way for the United States in this Regard and this is fedwire and Iso20022 conversation and Laura Sullivan Here from Forum three going to tell you Very quickly that they're moving all of It over we're talking about trillions of Dollars ladies and gentlemen take a Quick listen Here 2022 due here well the probably the Single biggest thing um that ISO will do For fedwire is align it with many of the Other Payment Systems around the world
There we go um there is a fairly Significant portion of the FED wire Volume that actually ends up either Originates or ends up overseas um most Of those payments are um flow through What's a network called Swift and Swift Has moved to ISO so you know the those Systems have never been been aligned Before in terms of using the same format And I'm not going to say they're 100% Match because we've had to have that Disappointing discussion with a lot of Our customers that ISO is not Necessarily one flavor that different Systems have implemented it slightly Differently but it is still vastly the Same so being able to transport data Without fear of dropping data or having To wedge it into fields that aren't Really fit for purpose Um is one of the biggest things with uh Fedwire there are also some improvements In terms of messaging much more Standardized um a lot more response so With fedwire certainly when you send a Fedwire to the fed you got a response Saying yeah I got it but if you sent um A request uh for payment which is called A draw down in fedar terminology or if You sent um a request to to have money Returned to you you didn't necessarily Get a response unless it was a positive Or negative now there are specific Message types that can be used to
Respond even if it's just to say yeah I Got it I'm looking at it but that's but That's a huge difference for banks at Least you know somebody's paying Attention to you and you don't have to Continually send follow-up messages to Ask what's going on with it think of That for a moment this is the payment System for fed wire she's talking about How Antiquated it is that you send them Hey what's going on with the p and like Nobody literally would even respond Right and now she feels like oh we've Made just these giant strides at least Now if I have a question about the Payment I know that someone's looking at It I don't even have a definitive answer I just know it's yeah I saw that get it After a smoke break you know what I mean Meanwhile around the rest of the world Let's take a look at what's going on Here because I tell you The world is not waiting for the United States to get its act together here this Is why I'm highlighting here Dubai Financial Services Authority as we Reported last week has announced a Notable advancement in Enterprise Blockchain and cryptocurrency sector and Has sanctioned the use of xrp within Dubai International Financial Center This is amazing xrp is the first virtual Asset to gain such approval here you Know watch out ladies and gentlemen this
Can be a massive massive thing we know That Dubai is going to be a huge Financial Hub and crypto Hub as well as The UK and Japan and Singapore they Don't need the United States's approval For nothing so keep an eye on it things Are getting interesting ladies and Gentlemen and again the United States Largest economy in the world I think When they move they'll move in the 11th Hour they'll move so Swift and so Quickly that it'll happen and when it Does it's over that's where the whole World is now and that's why I believe The United States will move last when it Does move at all so here we see xrp Blast Off T minus 7 Days says crypto Insight UK and we got to give him props Ever since he started his Countdown the Price has started moving in the right Way and he's documenting retracements Here but you know what we're watching All of this we could go potentially to 62 cents but you know what if we don't We're going skies the limit here ladies And gentlemen I mean things are still Looking the way the technical analysts Like to see it and then we're going to Take a look at this as well from crypto Toes who says on the closer look xrp Daily just closed above support so far So good and we'll keep an update coming So that's where we are we're not upset About it we're happy about it and in
Fact I'm asking you to come on in Because the conversation is getting Ready to start it's the freedom Zone Ladies and gentlemen join the hundreds And hundreds and hundreds of others that Are in this group having incredible Conversations because this is censorship Protection ladies and gentlemen this is Really honoring our ability to have Freedom of speech inside of this group About topics that we don't even dare Touch on this channel uh and today we're Going back to that private island that Nobody's allowed to talk about and we're Going to ask why is JP Morgan paying $75 Million connected to the guy who had the Private Island yeah we got that and so Much more in there we'll see you on the Inside of the freedom Zone not Financial Advice of me or anyone else I'll catch All of you on the next One
