Welcome back to the show everybody check Out these headlines we have for you here Lawmakers coordinated strategy to deny Digital assets industry access to Banking we're going to get into that Sec's dissenter you're going to want it The role of cash versus cbdc's and Stable coins Christian Carlo lays it Down at consensus and you're going to Want to hear about it and we've got the Latest on the Ripple versus zackinoff Case we've got that and so much more Somebody rolled that beautiful intro Thank you It's with Brad kimes come on in Welcome back to the show everybody you Can follow us on Twitter and YouTube for Exclusive content right now 1.24 Trillion dollar market cap for Cryptocurrency the market is off by Point five percent good morning Everybody 28 900 for Bitcoin we see 1881 In chains for ethereum tether market cap Is 81.4 billion plus xrp is 45 cents This morning off by 2.9 in the 24 hour And 6.4 on the seven day if you have not Done it get your ticket at Xrp-lasvegas.com and get your web ticket For Saturday's conference we are sold Out on Friday and Saturday we had to Shut down our private group the digital Perspective Mastermind group this event Is going to be remarkable we are holding Production panels and getting all the
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Panels dialed in so you have an amazing Experience filled with knowledge and Sharing all of the stuff that is Happening currently and to come in the Xrp Ledger ecosystem it is going to be Remarkable get your web ticket we will Have to shut the door on that and I Don't want to see what happened with the Physical tickets I get messages every Day where people like you sure I can't Get a ticket it's like unfortunately I Am we are at Max Capacity in both rooms So make sure you get your web ticket Before that door closes as well let's Take a look at this uphold's gonna be on Stage with us baby it's CEO Robin O'Connell and chief product officer Nancy Beaton it is going to be Remarkable and they're going to be Sharing some news on stage at xrp Las Vegas don't miss it take a look at this Lawmakers see coordinated strategy to Deny digital asset industry access to Banking that is not related to a desire To protect Banks Oh Dirty Deeds Done Dirt Cheap here we We see Patrick McHenry representative French hill and Bill hazenga are Demanding information on Prudential Banking Regulators efforts To debank the digital asset ecosystem Wow do I smell Elizabeth Warren at the Bottom of this pile somewhere Shared Brown I mean you know I don't
Know we'll see what goes on here but I Tell you it does feel exactly like that Is the narrative And meanwhile here's this is from Jim Filen shout out to Jim a sec dissenter Says the regulator must ease off crypto And this is obviously Hester purse here But you're going to want this because She's getting more vocal by the day here The sec's aggressive approach doesn't Sit well with one of the most senior Figures it's Hester purse as you can Imagine but this is what she says one of The SEC Supply Commissioners formally Disavowed the agency's tactics on Multiple occasions she says the sec's Actions have been driven by what she Calls jurisdictional maximalization Launching cases in order to grow its Mandate but haven't actually helped the Crypto sector become more compliant one Way to plant a flag is to bring Enforcement action it says this is our Space per says but in pursuing to Territorial gains instead of creating Guidance to help crypto firms color Within the line she claims the SEC has Lost its way we haven't done our job as A regulator we have not provided a road To compliance purse has made multiple Public dissents most recently against The proposed amendment to the definition Of an exchange that would expand the Range of crypto activities overseen by
The SEC Which she says are designed to Foster Public discussion about appropriate Checks and balances for crypto and to Heal the dysfunctional relationship Between the industry and the regulator This she describes that the SEC current Tactic as a combination of Regulation by Enforcement a term crypto proponents Have also latched on to and regulation By ambiguity whereby businesses are left In the dark as to their compliance Obligations until lawsuits land in their Tray purse believes that Dynamics has Eroded any Vestige of mutual trust Between the crypto industry and the SEC And she's a million percent right Gary Goldman Gensler said himself that If you get a lawyer that comes in to see Us I'm paraphrasing essentially that That declares that you're a security by Default to come in and see us And yet we know there's countless Clips In footage from MIT we've been showing For over two years Of the opposite 180 degree opposite that He taught to people at MIT so either he Needs to give the money back to MIT Or he needs to go in the SEC This hear from Zach Rector who will be a Moderator on stage at xrp Las Vegas Absolutely proud to have him and got to Listen to Rick rule speak a few times he Said at the vric brilliant investor and
I love his attitude towards the Government me too take a listen to this About the dollar and then we're getting Ready to hear from Chris John Carlo who Lays it down at consensus I have some Sympathy for that I need to tell you Daniella as a consequence of the Popularity of Central Bank digital Currency and as a function of my concern For poor people Uh I am using much much much more cash In day-to-day traffic interesting okay Uh it's one thing that I personally can Do in particular now when I go to Restaurants I often pay cash and what I do Danielle As a Consciousness raising exercise is I Call the waiter or waitress over And I say this which I'm giving you is Not a tip The IRS suggests that a tip is taxable This is a gift I am giving this to you Uh and my interpretation and the irs's Interpretation is that a gift up to Seventeen thousand dollars per recipient Is non-taxable please understand that This cash which I am giving you is in The eyes of The Giver not a gift which Is taxable But a tip which is non-taxable and That's a remarkable point there and it Really hit home to me but it brings us To a much larger conversation about Cbdc's which is what he was really
Building off of in that and here we see Recently introduced house Congressional Stable coin Bill appropriately raises Concerns about privacy in cbdc strangely The legislation saying nothing about Privacy when it comes to stable coins it Is a significant oversight that is Because there is nothing inherently Superior about stable coins and Protecting individual privacy compared To cbdc's both cbdc's and stable coins Will be massive honeypots of the Citizens financial data creating the Opportunity for wide scale mischief and Abuse and we got Christian Carlo and Thank you to uh Eleanor Tarrant who will Also be at xrp Las Vegas we're excited To have her and listen to what he says Here this is all of it is strong and It's exactly what we need to be thinking About this is why I have carried the Flag for Christian Carlo the digital Dollar project and understanding this is Exactly why we need to focus so intently On getting it right whether it's a Stable coin or a cbdc itself listen to This Now many thoughtful people on both sides Of the political aisle are appropriately Concerned about misuse of such Stockpiles of financial data wreaking Havoc on financial privacy and economic Liberty And therefore Florida Governor Ron
DeSantis is not wrong to be concerned And in 2020 Congress 2022 Congressman Tom emmer quite thoughtfully introduced Legislation focused on cbdc privacy And earlier this month the house Financial Service committee reintroduced A stable coin bill that raises similar Concerns about cbdc But strangely that legislation contains Not a single word Protecting Americans privacy and stable Coins Three pages about cbdc and it mentions Privacy in cbdc 70 pages about stable Coins and not one word about privacy That's an oversight it's a grave Oversight That must be addressed in any future Stable coin bill Let's be clear absolutely clear there is Nothing inherently Superior about Non-sovereign digital currency in Protecting privacy over Central Bank Digital currency nothing whatsoever Both of them will be massive honey pots Of users financial data creating the Opportunity for wide-scale mischief and Abuse It's entirely foreseeable That private sector sponsors of Cryptocurrencies and stable coins or Even commercial servicers of digital Dollars such as wallet providers could Be put under government pressure to
Conduct surveillance report on activity And disable Financial transactions with Disfavored groups and activities This could be done in the same way that We now know the U.S government has had Full access to everything on Twitter Including private direct messages Between users Fit for purpose stablecoin legislation Must protect American citizens Financial Rights to privacy In Democratic societies lawful Transactions and digital money whether It's Sovereign digital money or Non-sovereign must be immune from Political surveillance and censorship Regardless of who's in power today four Years from now 10 years from now 20 Years from now And that's why the Advent of both stable Coins and digital dollars offers us the Opportunity to reassess our existing Financial surveillance system in their Entirety It provides the chance to re-establish Financial law enforcement in more true Accord with American constitutional Norms the presumptions of innocence and The rule of law My friends money is power And the digital future of money is upon Us The trajectory of the world is towards The creation of massive scale singular
Currency platforms whether they're Cbdc's or stable coins is irrelevant Financial power Arrangements worldwide Will be revamped And the informal currency zones the Zero Zone the dollar zone of the past will Yield highly integrated digital currency Networks of the future The world will have cbdc's unstable Coins whether we like it or not and Whether the U.S chooses to lead or to Follow The question is not whether the digital Future of money can be forestalled it Can't The question is whether surveillance Coins of authoritarian governments will Have the digital future to themselves Or whether they're on counter Competition from Freedom protected Digital currency endorsed by venerable Democracies like the United States Okay I'm gonna tell you right now he's Got my vote This guy gets it he absolutely gets it And I tell you it is such an important Moment and I press on this because Stablecoin legislation Cbdc's approach all of this is coming Before we get any crypto regulation I Really do firmly believe that and it is So very important that we get that right No doubt about it Go Chris Giancarlo Well here we have it and here's another
Thing that we absolutely got to make Sure that we get right it's the zacking Off versus Ripple case which is a class Action where the I'm going to refrain from saying a word But from the guy who bought xrp held it For two weeks turned around and sold it And it would appear to me that this is Another one of these using the court Legal system to weaponize against a Competitor is what this feels like to me I can't prove that but that's certainly What it feels like but let's see what Went on in yesterday's public hearing Here yesterday April 26 the class Certification hearing was held in the Lawsuit of zakanoff against Ripple Labs Lead plane of Zack and off who owned xrp For Just Two Weeks seeks to be the lead Plaintiff in the class action lawsuit he Argues the xrp security which has been Issued by ripples Bradley sostak is Asking the court to form a class Consisting of all xrp owners who bought And now hold xrp who sold xrp at a loss Well as you can imagine John Deaton filed it to be Amicus in This case However the judge assigned to the case Did not allow Amicus Council to appear At oral argument which really was Frustrating and John Deaton said this I've never been so frustrated in my Legal career watching the zoom hearing
Mainly because it I can't speak and Address the questions and issue being Asked by the judge the problem is no one Understands the tech remarkably the Judge stated during the hearing that she Had even attended a seminar on crypto Before this hearing came out just as Confused as before she went into hearing As before the hearing so accordingly the Hearing can be described as very tedious And lacking in Clarity one example is The judge's debate on whether more than Listen to this the judges debate on Whether more than 75 000 xrp holders who Support Ripple in its lawsuit against The U.S uh Securities Exchange Commission can be excluded from the Class action the backdrop is that the Class action would include all xrp Holders around the world even in Countries where xrp has already been Classified as a non-security Uh in response Nick Speer the lawyer for Stated that the 75 000 xrp holders are Fake we're all fake he says and Therefore irrelevant oh really Spear subsequently explain how damaged Calculations can be made nevertheless The judge Phyllis Hamilton replied that She is skeptical of the worldwide class Action skeptical if she just does any Amount of work she can find out we're All real and explain that there is no Precedent for that Ripple attorney
Andrew Michelson also discussed the xrp Buyers didn't rely on Ripple including Overseas He also presented evidence of the 75 000 Xrp holders who support Ripple in the SEC case and do not want to be a part of The zakinoff class action Michelson also Laid out why a class is not a solution To force 74 holders to opt out it says Here furthermore the judge inquired Whether it matters why holders buy Crypto and inquire about the Howie test As an objective test she sought to Understand the cryptocurrencies have a Use case Michaelson laid out several Items and for them including Cross-border payments and agreed that The judge in the use case is important In addition the Ripple attorney Emphasized that the plaintiffs were Making a purchase on the secondary Market and thus there was no written Contract between the plaintiff and Defendant sound familiar ripples Council Also endeavored to explain how the Complaints uh experience in day trading Reflected that he has he was not Dependent on Ripple's efforts by buying And trading intraday Zach and off's Council on the other hand countered that The market materials were relevant that A contract was not necessary because of The scheme and that the Mayfield case is Clear thus the finding from the hearings
Are limited the judge is now reviewing The case facts or reviewing the facts in Zakanov is allowed to lead the uh class Action the outcome is open the next date Is May 8 2023 right after the conference When plain of zakanov expert disclosures Are due I tell you when this said May 8th I couldn't help but feel like man do I hope judge Torres in the SEC versus Ripple case provides a ruling That could inform this ridiculous Lawsuit from zachanov and Bradley Sostack which feels like a weaponization Of the legal system Not Financial advice or me or anyone Else it's just my digital perspectives I'll catch all of you on the next one
