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Welcome back to the show everybody it May be Sunday but it's a fun day I love The smell of crypto in the morning check This out Have we got evidence now from Chris Larson that xrp is a note when something Is a note oh we're going to talk about It stay with me ladies and gentlemen and By the way how about poli-sign are they Set up to move and settle quadrillions Of dollars worth of derivatives and Other products well I tell you what We're going to roll that beautiful intro And find out Thank you [Music] 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 1.17 trillion dollar market cap for Cryptocurrency it's up 2.6 good morning Everybody Bitcoin now 24 600 plus Ethereum 1696 and change tether market Cap is 70.2 billion they say and xrp is 39 cents we're up 1.6 under 24 hour and 2.9 on the seven day let's take a look At this before we get started It's leg two where you can get private Equity like Ripple poly sign acorns Linked to itself Rippling and I'm Telling you uphold Unstoppable domains They're so so much uh uh opportunity on
This platform do not miss your chance to Do it and I don't mind telling you too Right while you're at it check out my Sponsor glint buy save send and spend Gold instantly I'm about to top my card Off again I can tell you that because I Love being able to get it and have it on My app and then have it to my MasterCard Debit card which if I need to I can Spend it anywhere these are things that I'm doing outside of crypto whether it Be private Equity like link to or Getting more gold in my glint glintpay And glint app this is stuff I like to do Outside of crypto and it really makes me Feel very very good click the links to The sponsors underneath the video let's Get into this ladies and gentlemen we Have a lot to do and I'm gonna I'm gonna Tell you right now Some of this you have seen before if You've been with me for a while but I Have something you have not seen and I Need you to stay with me today I'm going To move through it I put it all in a Very easy to follow thread for all of us And you tell me where all of this is Going Let's start here again some of this You've seen but stay with me oh I got Something I don't believe you've ever Seen Right here The thread starts I don't know where
This case goes and we may be days or Weeks away by the way of finding out Exactly where it goes but I am saying That the Reeves test is very important To the SEC when it comes to crypto and Stable coins oh in Banks too will xrp Become a stable coin let's take a look And I've got more information that you Have not seen and I think the way we're Going to lay this out today is going to Be extremely important please stay till The end you will not be sorry we know Very quickly and I'll move through this Because we've seen it before G30 Mark Carney former bank of England Governor Has suggested xrp is a global stable Coin could be offered to help the world In the manner that we know it there it Is right there now let's keep moving Right let's keep moving I want to get to The good stuff then we know also that in This when the World Bank suggested that Stable coins are in fact xrp in xlm We know this this is the World Bank that Said this now let's keep moving very Quickly we've got a lot to see The Bank of China Suggested just last summer that they Believe Ripple in fact the currency has A stable support preferably one-to-one Reserve safety and liquidity of reserves Must be guaranteed this is them talking About maintain the stability of Ripple a Stable exchange rate is formed by
Anchoring various legal currencies in Reality such as the US dollar or basket Of currencies a combination of Commodities this is them talking about The Ripple coin xrp is what they're Talking about here The conversation continues Stay With Me Now Remember this clip let's hear them all You need to hear them all she or he was Sort of has been a catalyst for change It's it's around the globe uh those in The payment business central banks and Private sector have started to think About payment systems a little bit Different there's there's some Competition so to speak from Decentralized Bearer forms of value Transfer now some people call it Currency but none of these projects have Really taken on a full General uh Embodiment of a medium of exchange unit Of account and and store value you know Bitcoin's been used for ransomware Around the globe is I mean there's like Incentives here uh to use a bearer form Of value transfer and that's what a lot Of this is It's a bearer form of value Transfer we already have digital money Yeah we have digital money yeah we use It every day of the week we used little Money Um so what do you mean when you say you View yeah let me try and make this easy
Let me try it Um Bearer instruments we've dealt with For the last 50 years We don't tolerate Bearer instruments it Took two or three years it took uh yes An enforcement action yes it took the Definition of what is the security in That case I think it might have been the Howie test but it might have been Another one it's called the Howie test There's other broad brushes with regard To this as well uh as to when something Is a note called the Reeves test the Thurgood Marshall wrote looks a lot like A security a Securities offering right And so and so we're going to treat that As a Securities offering we're going to Regulate that Um and so that's kind of how we look at It through that lens now there are other Pieces of the definition of security Like what's a note note that may come up In the crypto context as well There you have that then here's Gary Gensler explaining that xrp is a stable Value in Nigeria you need you need Somebody to Bear some counterparty risk That the ledgers both move and are Adjusted at the same time And usually it's a bank that is in both Countries you could use blockchain but You the current thinking is you need to Bridge currency in between and that Bridge could be a stable value that's
That's you know backed by the US dollar Or the Euro it could be a currency then Like uh Ripple has an alternative it's Just piloted in May so it's it's not yet Up in any enterprise-wide level this is Before he was at the SEC obviously Explaining exactly how xrp works right This here is last summer Senator to me I'm not going to play the whole thing Take a listen here Contract so for instance Stable coins Do not have an inherent expectation of Profit they're just linked to the dollar Now you might use them in an attempt to Make a profit but that's a that's a Second order activity is it your view That stable coins themselves can be Securities Um I think that senator they may well be Securities as as Thurgood Marshall wrote In the Reeves opinion and there you have That right there I don't need to play The whole thing you got it but what you Need to hear now remember the World Bank Says that xrp is a stable coin Mark Carney former bank of governor and a Group of 30 talking to the president's Working group here think that xrp is a Stable coin for cross-border payments The Bank of China suggested it well as Well the banking World understands it This way the political world is talking And understanding xrp in this manner as
Well now listen to last May I believe it Was where Matthew Solomon Brad Garlinghouse's lawyer is on stage at a Conference about crypto and litigation Discussing the Reeves test closely Matthew Solomon pokes the SEC attorney Steve buckholz and more importantly pay Very close attention to what he's asking Him about and how he cannot respond to Matthew in a way that he may like I think I looked yesterday what's Happened with all that there may have Been some extensions I don't think we Have Clarity on that finding something It's not a finding that's that that's Legally binding this is the way that These settlements are styled but the Commission found that this lending Product was a equity security an Investment contract but also that it Constituted a note under the Reeves test And they set that out you should set That out in the settlement order this is A way I guess of giving some kind of Guidance through this settled order of How expansive the commission believes The Reeves test is in relational lending Products not just Equity security but Also in their view of debt security There's going to follow suit because Clearly there must be other inquiries Going on of similar products since again Block five is not the only one out there Like this so that's that's my
Perspective on it I don't know if if Others have have views because I do Think this is an effort uh I don't know Steve if you can talk anymore about it Probably not but to give some Information to the marketplace and I'm Just those are my personal views about What the commission's trying to do but If you can elaborate on that for that'd Be great asking for clarity And the conversation to provide Clarity Put to Steve buckholtz is about the Reeves test Yeah this is Brad garlinghouse's lawyer I can't I can't elaborate uh in any way That you're that you would you would Enjoy I don't think Oh it's a big joke but it's the lawyers Right because he knows that I'm Speculating that he knows that Matthew Solomon's representing Ripple and Brad Garlinghouse and I believe that this Issue of Reeves test is much bigger than It appears in the summary judgment Filings the argument is over Howie But Reeves is referenced as case law by The SEC in the summary judgment it is Not their argument but it is referenced As a backstop to their argument let's Not forget that as we listen they don't Disagree however with your read of the Order uh which does uh to me make some Significant findings regarding the Application of Reeves and the note
Analysis to lending products as well as Noting that these types of pooled crypto Can require registration under the Investment Company act know that Ripple Has a leasing program and also on-demand Liquidity it does not it does not Commingle those funds with any Speculative buying or retail level or Secondary market sales I want to be Clear about that however Those those seem to me are just based on The reading of the public document and The findings to be pretty significant Um and like Matt said we'll have to wait And see whether they can pull off the Registration because uh I think we all Experienced Um you know dealing with trying to Register anything with the SEC it's not Always an easy path there'll be Significant development and it'll be uh You know a path that others might follow We're going to have to see Um but what I I also was significant That Um that of course that the Reese test Was has been talked about in the crypto Space but I don't think it had been used In an SEC case until block five defy Money market which was the smaller D5 Money market okay the smaller one but Shortly before also in the last year um So you know we we all learned Howie now We gotta go learn Reeves
Um so I guess that's um uh part of part Of the homework now thank you SCC Um while you're on the topic one of the Key components of that analysis is Whether there's an alternative Regulatory scheme that provides Protection to the participants investors And that's a significant component in This space especially where things are At in terms of Um you know activities to protect Investors in the space by other Regulators so I just you know not that I Know where that's heading or anything I Just like that as one of the key Elements okay I think that's right it's It's kind of a broad concept right Whether there's some other regulatory Regime Um you know one would query whether you Need it if you have sophisticated buyer Sellers who are willingly you know Participating in a new Um type of asset Market But I think clearly the SEC sees it as Uh its role to ask that question under Under that test and I'm sure it's we're Going to hear you know hear that uh Talked about more you know it's Interesting because what they're Discussing there at the end there is About being a qualified investor so they Can move it to a place where there's More sophisticated investors to have an
Opportunity to be in that stay with me Because this you have not seen credit to Digital asset investor for finding this Piece to the puzzle Chris Larson after Starting e Prosper the first online Lending platform was in fact sued by the SEC Want to guess what the finding in the Ruling was You guessed it when something's a note Ladies and gentlemen The SEC makes clear why it considers Prosper a seller of Securities and why It should be regulated by the SEC Thus Prosper notes are securities under Reeves Now Let me ask you the question Is it possible that Chris Larson's prior Experience gave him the insights needed To understand exactly how the SEC would See xrp Although the Reeves test is only Referenced as case law in the SEC Summary judgment will it play a role in The judge's ruling or an appeal Will xrp become a stable coin and will It be a security or a currency when it Does because it could be either one Under the Reeves test depending on the Ruling And will retail investors be able to Continue to buy and sell and hold in the Same manner after the SEC versus Ripple
Ruling I personally believe xrp is a virtual Currency And we could be days or weeks away from Finding out Before we get out of here I want to show You this I played it yesterday but I Want to show it to you again Shout Out To Dai for sharing this one I got to Talk to Jack McDonald CEO of poly sign And listen what he says when I ask him If poly sign is similar to dtcc And he explains that it is but it's Actually built to serve a larger market Than the quadrillions dollar market that The DTC settles currently Come on in You know to the Layman like you know is It wrong to really see like what Polycine and standard custody are doing Is like the next iteration of the dtcc I just wrote an article Um a good article by Matt Levine who Writes for Bloomberg used to be a Regulator that talked specifically about This there's definitely a component to Dtcc I think the um in some ways Atomic Net would be a part of a future dtcc and I would love to be able to snap my Finger the difference between us and Dtcc is that dtcc is a common Essentially Clearinghouse for all Different Brokers and custodians to come In and they're the one centralized
Trusted uh recognized Um you know settlement house in the U.S We're not you know we're one of uh I Don't want to say many we're one of Several so you know slightly different On that but there's a component of it And what we want to do on this Settlement layer would provide Definitely a dtcc like utility to a much Bigger outside not just U.S Global and Not just equities but All asset class so that is part of the Vision you know to do that And what a vision that is ladies and Gentlemen and I try to imagine myself Thinking How could xrp play a role Once we have Clarity for the asset going Forward and helping Poli sign do exactly What they're planning to do I tell you what this is the most Fascinating industry and things I have Ever watched and followed in my life I'm Not going anywhere it's it's every day I Get up there something brand new and It's so exciting and I tell you what it Is not Financial advice for me or anyone Else I'm just sharing my digital Perspectives and every once in a while You got to make a video and it doesn't Matter What people are going to think of it you Just know today's the day that I need to Make this video and today's one of those
Days and I hope you stay till the end I'll catch all of you on the next one