Latest / The Paul Barron Crypto Show / SEC vs. Ripple Appeal🚨Enforcement Lawyers Fired!🔥XRP vs. CBDC

Transcript

SEC vs. Ripple Appeal🚨Enforcement Lawyers Fired!🔥XRP vs. CBDC · The Paul Barron Crypto Show

• 0:05
  Speaker 1: Let's dive into a little bit of XRP news. Of course,
• 0:08
  Speaker 1: the SEC starts coming at XRP again. We'll break it
• 0:11
  Speaker 1: all down for you guys, don't miss it. My name
• 0:13
  Speaker 1: is Paul Baron. Welcome back in the tech path. I
• 0:15
  Speaker 1: want to think our sponsor today and that is Coinbase.
• 0:17
  Speaker 1: Take a look at getting into your own exchange for
• 0:20
  Speaker 1: the very first time in crypto. Jump over to coinbase
• 0:23
  Speaker 1: dot com. This is where you guys can get started
• 0:25
  Speaker 1: the future of money is here, a very trusted place
• 0:28
  Speaker 1: for both people and businesses to get started on your
• 0:31
  Speaker 1: crypto journey. So just use our link you'll get Turner
• 0:33
  Speaker 1: bucks in crypto to get started and get going. Let's
• 0:36
  Speaker 1: go on to a couple of points I want to
• 0:38
  Speaker 1: hit on all right, so I want to start right
• 0:40
  Speaker 1: here on this post from Brad garling House, and basically
• 0:44
  Speaker 1: what he's saying is XRP still the law of the
• 0:47
  Speaker 1: land is that it is not a security and that
• 0:49
  Speaker 1: is going to be the case for the SEC as
• 0:51
  Speaker 1: they have to prove that it is or prove that
• 0:53
  Speaker 1: the judge was wrong. Unlikely that that's to happen. So
• 0:56
  Speaker 1: the law of the land today still stands, even though
• 0:58
  Speaker 1: that we do have an appeal in process. Here's Stuart
• 1:01
  Speaker 1: already coming in his number three point was interesting coincidence.
• 1:05
  Speaker 1: The SEC's Enforcement director announced his resignation about an hour
• 1:09
  Speaker 1: before this, and if you look at the Enforcement director,
• 1:11
  Speaker 1: we'll show you the lineup here. We've got some juicy
• 1:13
  Speaker 1: news for you today, so don't miss it. Here's Eleanor
• 1:16
  Speaker 1: Tarrett hitting in on that right there, is saying that
• 1:18
  Speaker 1: the resignation happened. We believe this was actually firing. Everybody
• 1:22
  Speaker 1: was reporting this as a resignation. But it's one of
• 1:25
  Speaker 1: those scenarios I think, and I'll explain that in a
• 1:27
  Speaker 1: second of when you fire someone or ask them to resign,
• 1:32
  Speaker 1: you give them a lower position job. It's usually a
• 1:34
  Speaker 1: placeholder job. But here was the announcement. Though the director
• 1:38
  Speaker 1: was the one that was reported on, there was actually
• 1:40
  Speaker 1: three people from the Enforcement Division that were to let
• 1:42
  Speaker 1: go or forced to resign, whatever you want to say.
• 1:45
  Speaker 1: Three different top level lieutenants here. If you look at
• 1:48
  Speaker 1: the list here, they are the director of Deputy of
• 1:51
  Speaker 1: the Division of Enforcement, than the Deputy director, and then
• 1:54
  Speaker 1: also the Chief Council all leaving at the same time.
• 1:58
  Speaker 1: So very interesting. I'ming here for sure, with the fact
• 2:02
  Speaker 1: that the appeal is taking place, but also just the
• 2:05
  Speaker 1: positioning of the SEC. We've got a lot of clips
• 2:07
  Speaker 1: here that I want to break into. One is a
• 2:10
  Speaker 1: clip on kind of just a reminder of who Gerbert
• 2:14
  Speaker 1: Greywall is. Take a look who has better pizza New
• 2:17
  Speaker 1: York or New Jersey. The answer is obvious.
• 2:20
  Speaker 2: New Jersey has the best pizza, hands down.
• 2:22
  Speaker 3: Period.
• 2:28
  Speaker 4: So you do extra jurisdictional requests, then voluntary requests are
• 2:34
  Speaker 4: just out.
• 2:35
  Speaker 1: They're voluntary.
• 2:35
  Speaker 5: They're an important part against sir, I'm not asking about
• 2:37
  Speaker 5: the request now, I'm asking about the people you direct
• 2:40
  Speaker 5: those two. There are some that would be within the
• 2:42
  Speaker 5: SEC's jurisdiction, there are some that are not.
• 2:44
  Speaker 4: My question is, and I think you've confirmed it that
• 2:47
  Speaker 4: you do industry sweeps to extra jurisdictional market participants. People
• 2:54
  Speaker 4: you do not have enforcement authority over market participants.
• 2:58
  Speaker 5: Are they within your jurisdiction and without outside of your jurisdiction.
• 3:02
  Speaker 4: We're not limited by our juristiction. We follow the evidence
• 3:05
  Speaker 4: wherever it leads into whoever it leads, I.
• 3:07
  Speaker 5: Would say, sir, after them, So you do extra jurisdictional work.
• 3:12
  Speaker 5: Some would argue that that's not appropriate. The SEC is
• 3:15
  Speaker 5: held bent on expanding the size of its crypto Enforcement
• 3:18
  Speaker 5: division and using enforcement to unconstitutionally expand its jurisdiction. Under
• 3:23
  Speaker 5: Chair Gensler, the SEC has become a power hungry regulator,
• 3:26
  Speaker 5: baiting companies to quote come in and talk to the Commission,
• 3:30
  Speaker 5: then hitting them with enforcement actions and discouraging good faith cooperation.
• 3:34
  Speaker 5: Understand sir, there is a new day coming. Thank you,
• 3:37
  Speaker 5: I yield back.
• 3:38
  Speaker 1: So the time has come. Maybe there is a change
• 3:41
  Speaker 1: getting ready to a start to occur. If you look
• 3:43
  Speaker 1: at the Commission meeting, this gets a little interesting and
• 3:46
  Speaker 1: kind of see Gensler and his posture there. If you're
• 3:48
  Speaker 1: a body language reader, not too much. There's mark you ada.
• 3:51
  Speaker 1: Of course, all is coming after what happened last week
• 3:55
  Speaker 1: in the congressional hearing, which was dynamic. If you didn't
• 3:58
  Speaker 1: get checked to watch that video, go back and check
• 4:00
  Speaker 1: that video out because it really breaks down what is
• 4:03
  Speaker 1: happening within the SEC and some of the things that
• 4:06
  Speaker 1: they do believe. This was a clip that came from
• 4:10
  Speaker 1: inside the SEC staff meeting. I want you to listen
• 4:14
  Speaker 1: to this very closely.
• 4:15
  Speaker 6: And so I'm really looking forward to hearing what all
• 4:17
  Speaker 6: of you have to say you've put on thoughtful panels,
• 4:21
  Speaker 6: made recommendations topics ranging from complex products ETFs to crypto assets.
• 4:28
  Speaker 4: I'm glad the Commissioner Jackson is there too.
• 4:31
  Speaker 5: If he's in the room there, I look forward to
• 4:33
  Speaker 5: seeing you in a few weeks up in New York, Rob.
• 4:37
  Speaker 7: Next, we have Rob Jackson. So Rob is a professor
• 4:41
  Speaker 7: at NYU School of Law. He is also a former
• 4:43
  Speaker 7: SEC commissioner, and most importantly here my former professor.
• 4:48
  Speaker 8: So I'm curious on the panelists if there's a compromise
• 4:52
  Speaker 8: solution if they do the blockchain tracing. So that's not
• 4:56
  Speaker 8: an either or you can have liquidity and an incentive
• 5:00
  Speaker 8: for tracing deal.
• 5:02
  Speaker 1: My own view, that's really interesting and creative. I would
• 5:05
  Speaker 1: be very I want to encourage people in that direction.
• 5:07
  Speaker 8: Anything that's not nothing, I'd be thrilled.
• 5:10
  Speaker 3: Not just bomb throwers, but serious people are thinking about
• 5:15
  Speaker 3: whether the SEC has any authority to do what they've
• 5:18
  Speaker 3: been doing. I don't think that the current structure is
• 5:22
  Speaker 3: working very well. I don't like the idea that from
• 5:27
  Speaker 3: a big picture, the SEC has somebody in corp Finn
• 5:30
  Speaker 3: determining whether something is an important social good and and
• 5:34
  Speaker 3: you're paying for it. I think that's a very ugly
• 5:37
  Speaker 3: argument to make in the Fifth Circuit when you just
• 5:40
  Speaker 3: talk the last twenty five years. It depends who's in
• 5:42
  Speaker 3: office regulatory ping pong. But if the courts come in
• 5:48
  Speaker 3: and give you a result you're not going to like,
• 5:50
  Speaker 3: then there's no more regulatory ping pong. Right now. We're
• 5:53
  Speaker 3: going to have a whole new structure. So I think
• 5:55
  Speaker 3: the SEC has to be very careful about where they're
• 5:59
  Speaker 3: going with this moment, and I think there's a lot
• 6:01
  Speaker 3: of risk they're bearing, and I'm a little concerned about it.
• 6:05
  Speaker 5: I want to just throw out a policy idea, But
• 6:07
  Speaker 5: one thing the SEC could do would be to encourage
• 6:11
  Speaker 5: the kind of discussions that Bob just mentioned.
• 6:13
  Speaker 1: All Right, so he is one of the mentors of
• 6:16
  Speaker 1: Gary Ginsler also kind of aligning with Stevens there, which
• 6:19
  Speaker 1: is simply saying we've kind of overreached here and we're
• 6:22
  Speaker 1: getting outside of our congressional alliance and we're starting to
• 6:25
  Speaker 1: see the courts give us directives that we'd have no
• 6:29
  Speaker 1: really response to. So it's a pretty damning statement, I
• 6:32
  Speaker 1: think in general, of where the SEC sets right now
• 6:36
  Speaker 1: against XRP, but really against crypto in general. Also, another
• 6:40
  Speaker 1: thing that happened just today October three, the live trials
• 6:43
  Speaker 1: of digital ASCID transactions now starting on Swift. Now this
• 6:46
  Speaker 1: is going to be happening in twenty twenty five. Again
• 6:48
  Speaker 1: Chainling partner with this. But the point around this is
• 6:50
  Speaker 1: timing and also the solution itself. If you go further
• 6:54
  Speaker 1: into it, you kind of understand a little bit more
• 6:56
  Speaker 1: about what Swift is doing, and that is a centralized
• 6:59
  Speaker 1: view of transaction data. And remember that Swift is essentially
• 7:04
  Speaker 1: the tool that moves large amounts of money around the world.
• 7:07
  Speaker 1: That's exactly what XRP and Ripple is destined to do.
• 7:11
  Speaker 1: Another point you know with Swift is you look at
• 7:14
  Speaker 1: the alignment of centralized digital currency. That's exactly what we're
• 7:17
  Speaker 1: talking about here as CBC. This is where Swift is heading,
• 7:21
  Speaker 1: and one of the things you have to watch for
• 7:23
  Speaker 1: is the alignment of how the technology is going forward.
• 7:26
  Speaker 1: So I've got a clip here showing their CEO talking
• 7:28
  Speaker 1: a little bit more about garling House. Take a look.
• 7:31
  Speaker 9: Okay, so Swift is studying blockchain at this time. Now,
• 7:34
  Speaker 9: Brad garling House, the CEO of Ripple, he characterized.
• 7:38
  Speaker 10: The largest man in the hitchest Man in the US.
• 7:41
  Speaker 9: Wasn't a XRPI, but he described GPI as a horse
• 7:46
  Speaker 9: and buggy and ripple is an automobile. I mean, what
• 7:49
  Speaker 9: do you make of that. I mean, he's basically saying
• 7:51
  Speaker 9: that you're still outdated even though you've done this crash problem.
• 7:55
  Speaker 10: Yeah, let's see, we could as many analogies you could use.
• 7:59
  Speaker 10: My favorite analy right now is I drive. I don't
• 8:01
  Speaker 10: have an electric car. Tesla, I have to say. And
• 8:05
  Speaker 10: that's an interesting one. You could say Tesla is the
• 8:07
  Speaker 10: future and the old cars are the past. I have
• 8:10
  Speaker 10: to say, it's a beautiful experience to have an electric car.
• 8:13
  Speaker 10: I love the concept, but it's still an American car.
• 8:16
  Speaker 10: And I can say if I could get a German
• 8:19
  Speaker 10: car with German engineering and the electrical thing, that would
• 8:22
  Speaker 10: be my choice. So the other thing he said is
• 8:25
  Speaker 10: this is a classic David Goliath thing.
• 8:28
  Speaker 3: He did.
• 8:29
  Speaker 10: Well, if I'm now facing somebody who, through this crypto thing,
• 8:32
  Speaker 10: is sitting on one hundred billion in war chest and
• 8:34
  Speaker 10: has unlimited funding, you know who's the Goliath out here?
• 8:39
  Speaker 1: All right? So his statements are a little bit dated.
• 8:41
  Speaker 1: I think the point he's making about cars is probably
• 8:43
  Speaker 1: a little bit in his face right now, Tesla model,
• 8:46
  Speaker 1: why the top selling electric vehicle in Europe over guess
• 8:50
  Speaker 1: what if you look further on down there, vw ID
• 8:53
  Speaker 1: three and I four not necessarily that great. All the
• 8:56
  Speaker 1: German vehicles right below it, you kind of see it,
• 8:58
  Speaker 1: all the European cars not keeping pace with the times
• 9:01
  Speaker 1: in terms of advancement. I think that alignment of a
• 9:04
  Speaker 1: good analogy is perfect for him. The only problem is
• 9:07
  Speaker 1: he's on the other side of it, and that is
• 9:09
  Speaker 1: his technology is not the one that's going forward so
• 9:13
  Speaker 1: much so their CEO quits. And this of course happened
• 9:17
  Speaker 1: over a couple of situations, and one of course is
• 9:20
  Speaker 1: the intense change of technology landscape. So simply put, Swift
• 9:25
  Speaker 1: understands there's a big dynamic that's starting to happen around
• 9:28
  Speaker 1: technology advancement, around DeFi and also just around crypto and
• 9:32
  Speaker 1: how digital assets are going to move, and they're just
• 9:34
  Speaker 1: not in the spot for this to occur as the leader,
• 9:37
  Speaker 1: the global leader around this. Just so everybody remembers, there
• 9:40
  Speaker 1: is a pro CBDC crypto army anti crypto army still
• 9:45
  Speaker 1: out there in force. We do a lot of videos
• 9:47
  Speaker 1: on this. This of course I would just go back
• 9:49
  Speaker 1: and watch some of our past videos around this, because
• 9:52
  Speaker 1: this is a big deal around why and what was
• 9:56
  Speaker 1: all of this about when it comes to XARP and
• 9:58
  Speaker 1: the SEC and why it's so important. I want to
• 10:01
  Speaker 1: go to one more clip here. This is one that
• 10:02
  Speaker 1: where it gets a little bit deeper on garling House
• 10:06
  Speaker 1: being open source, because this is really the value proposition
• 10:09
  Speaker 1: that they bring. Take a look.
• 10:11
  Speaker 11: The CBDC is a really risky undertaking for a central bank,
• 10:15
  Speaker 11: but now we have someone from the private sector, Brad
• 10:20
  Speaker 11: garling House, who is the CEO of the financial technology
• 10:23
  Speaker 11: company Ripple.
• 10:25
  Speaker 12: I think they saved me for last so that I
• 10:26
  Speaker 12: could talk about the private sector version of this. I
• 10:30
  Speaker 12: also start by kind of explaining the basics of what
• 10:33
  Speaker 12: Ripple is and what Ripple is not. To be clear,
• 10:36
  Speaker 12: we have not focused on the central bank digital currency issuance.
• 10:41
  Speaker 12: Our view is very much there needs to be interoperability globally,
• 10:46
  Speaker 12: and even in a world of cbdc's, you still need
• 10:49
  Speaker 12: interoperability to solve that problem. We think by standardizing on
• 10:54
  Speaker 12: an open source API, we can make that more efficient
• 10:57
  Speaker 12: for everyone. And we've been fortunate therefore to get about
• 11:00
  Speaker 12: two hundred customers globally now working with us in one
• 11:03
  Speaker 12: way or another.
• 11:04
  Speaker 11: Thanks very much, brad Well. I'd like to hear more
• 11:06
  Speaker 11: about that. It certainly sounds promising.
• 11:09
  Speaker 1: All right, So his point very simple. Open source is
• 11:12
  Speaker 1: the route to take, and I think any kind of
• 11:13
  Speaker 1: new advanced technology you're going to see open source. Decentralization
• 11:18
  Speaker 1: and interoperability are the key terms that all of this
• 11:20
  Speaker 1: is going to be taking place under. And that is
• 11:22
  Speaker 1: exactly what's happening that is not necessarily in the same
• 11:26
  Speaker 1: alignment with what Swift is doing. This was a tweet
• 11:28
  Speaker 1: by them. Starting next year they're going to do their announcement,
• 11:31
  Speaker 1: and of course you can kind of see that there
• 11:33
  Speaker 1: are some interesting points going head to head right here.
• 11:36
  Speaker 1: That of course is Chain Links CEO right there. So
• 11:40
  Speaker 1: let's go to another clip real quick. I want to
• 11:42
  Speaker 1: get into this one because this will go into where
• 11:45
  Speaker 1: Sergey Nazareth is in his strategy going into play with Swift.
• 11:49
  Speaker 1: Take a look.
• 11:50
  Speaker 2: In addition to the blockchain, you need a tokenization platform
• 11:53
  Speaker 2: like what Securitized creates, so that's really great work. Then
• 11:57
  Speaker 2: you need oracle networks, and then you have defied protocols.
• 12:00
  Speaker 2: The generally yield down to you have all these kind
• 12:02
  Speaker 2: of distribution channels. But once you have a good cross
• 12:06
  Speaker 2: chain system that efficiently and seamlessly and reliably connects all
• 12:09
  Speaker 2: the value on all the chains into one what we
• 12:12
  Speaker 2: call Internet of contracts, then launching that financial product on
• 12:17
  Speaker 2: any one chain doesn't limit you to the user base
• 12:20
  Speaker 2: in that chain.
• 12:21
  Speaker 1: All right, So what he's saying here, I don't want
• 12:23
  Speaker 1: to get too deep into this, but if you think
• 12:25
  Speaker 1: about the use of cbdc's oracles and the connectivity of
• 12:30
  Speaker 1: what chain Link is doing with Swift, you have to
• 12:33
  Speaker 1: kind of compare what XRP is doing. And they just
• 12:35
  Speaker 1: dropped this information. This was the Axilar news around interoperability
• 12:40
  Speaker 1: but not utilizing CBDC. So going back to the open
• 12:42
  Speaker 1: source model. We did a video on this just this
• 12:45
  Speaker 1: week one day ago, called the XRP October Surprise, and
• 12:50
  Speaker 1: this was a very big point around where Axlar is going.
• 12:53
  Speaker 1: Could they be the challenger for chain Link and Swift?
• 12:56
  Speaker 1: Could it be Axelar and XRP. So a lot happen
• 13:00
  Speaker 1: being out there right now, for sure. A couple other
• 13:02
  Speaker 1: things I want to hit on. Of course, this is
• 13:04
  Speaker 1: the news right here that happened today. Sue xrp, ledger,
• 13:07
  Speaker 1: igen Ler, etc. Are all integrating with Axelar's Numobius development stack.
• 13:12
  Speaker 1: And of course one of the things that play into
• 13:14
  Speaker 1: this is the fact that this is self service interoperable
• 13:17
  Speaker 1: across various blockchains. That's the idea behind where all this
• 13:22
  Speaker 1: might be going. Another point I want to get to
• 13:24
  Speaker 1: just to show you the development stack right here for Axelar,
• 13:27
  Speaker 1: A lot of things are upcoming here. Let me kind
• 13:29
  Speaker 1: of zoom in right there, flow Hadera, Solana stacks. All
• 13:32
  Speaker 1: these are chains where you're going to have these kinds
• 13:35
  Speaker 1: of integrations and interoperability layers. So this is a very
• 13:38
  Speaker 1: advanced system. Back to the concept of advanced technology in
• 13:42
  Speaker 1: the banking and financial instruments in the future. This is
• 13:45
  Speaker 1: where it might be playing right into Ripple's hands. So
• 13:47
  Speaker 1: a lot of stuff happening right now. Here's hester Pierce.
• 13:50
  Speaker 1: I want to go into this one because this is
• 13:52
  Speaker 1: a good one to take a look.
• 13:53
  Speaker 6: You know what you mentioned the seventy five Act amendments.
• 13:56
  Speaker 6: That was something that Chuergensler mentioned as well and is
• 13:58
  Speaker 6: opening comments. And I think if I could have whispered
• 14:02
  Speaker 6: in the ear of that Congress in nineteen seventy five,
• 14:05
  Speaker 6: I would have urged them to remember that markets are
• 14:09
  Speaker 6: really good at figuring out ways to link with one
• 14:12
  Speaker 6: another with one another, and I think, especially now that
• 14:14
  Speaker 6: we have technology that makes that so much easier, I
• 14:18
  Speaker 6: think there's a lot that markets can do without having
• 14:22
  Speaker 6: a government regulator facilitate that. And we have to set
• 14:27
  Speaker 6: rules a lot in accord with what Congress tells us
• 14:30
  Speaker 6: to do. But I do think that we don't need
• 14:33
  Speaker 6: to play an active role in managing these markets as
• 14:37
  Speaker 6: active a role as we have played. As should say,
• 14:41
  Speaker 6: in any event, we'll stop thinking about hypothetical worlds and
• 14:45
  Speaker 6: now think about the world that we're actually putting into place.
• 14:49
  Speaker 1: So very contentious times right now at the SEC can
• 14:51
  Speaker 1: kind of see there is a little bit of a
• 14:53
  Speaker 1: power struggle occurring around what they believe is their true
• 14:56
  Speaker 1: charter and what they don't believe is the true charter
• 15:00
  Speaker 1: coming out of Congress. And I definitely see that. Hester Pearson,
• 15:03
  Speaker 1: of course, Mark you Ada, the ones that we've talked
• 15:04
  Speaker 1: about a lot are in alignment with what they should
• 15:07
  Speaker 1: be doing in terms of letting markets decide how this
• 15:10
  Speaker 1: goes forward. Let's take a look at another pele right here,
• 15:13
  Speaker 1: You guys, will remember this one, and that was Calklshi
• 15:16
  Speaker 1: that of course did the same kind of scenario that
• 15:19
  Speaker 1: a government appeal came in from the CFTC and they
• 15:22
  Speaker 1: absolutely got struck down, which is why now predictive markets
• 15:25
  Speaker 1: are fully legal here in the United States. That was
• 15:29
  Speaker 1: a big move and I think that's probably what's going
• 15:30
  Speaker 1: to be happening here with the SEC's new appeal going forward.
• 15:34
  Speaker 1: I want to go over to this next clip, and
• 15:37
  Speaker 1: this one is good because it's Rossin. This is the
• 15:38
  Speaker 1: director of the CFTC and he talks about this very issue.
• 15:42
  Speaker 1: Take a look.
• 15:42
  Speaker 13: I think with the court challenge, there was a court
• 15:44
  Speaker 13: decision by district court a few weeks ago. We appealed
• 15:47
  Speaker 13: this is the position of the Commission. We're not going
• 15:50
  Speaker 13: to back off of it. And Congress did give the
• 15:52
  Speaker 13: CFTC authority to make decisions about public interest.
• 15:55
  Speaker 1: And of course, you guys you probably saw a video
• 15:57
  Speaker 1: on this. We did a full breakdown. They did not
• 15:59
  Speaker 1: give the CFTC was not accurate there and the judge
• 16:02
  Speaker 1: even outlined it is that was not necessarily the case,
• 16:05
  Speaker 1: which is why we saw that appeal get struck down
• 16:08
  Speaker 1: against calcium. Those are the kind of things that are
• 16:10
  Speaker 1: happening right now on this bureaucratic overreach that continues to
• 16:14
  Speaker 1: move forward. So really the question remains, why is the
• 16:17
  Speaker 1: SEC so important? Let me play this next clip, Sandra.
• 16:22
  Speaker 6: You kind of provide this wonderful international perspective, and I
• 16:25
  Speaker 6: feel as though the SEC has not just become the
• 16:27
  Speaker 6: top cop of crypto in the US, They've become the
• 16:30
  Speaker 6: de facto authority around the world.
• 16:32
  Speaker 14: Yeah, but I just want to push back on the
• 16:35
  Speaker 14: premisire question. Yeah, I don't think the SEC has established
• 16:38
  Speaker 14: itself as the leading regulatory voice on crypto around the world.
• 16:42
  Speaker 14: I mean with regulators in Singapore and the UK, and
• 16:46
  Speaker 14: the EU in Brazil, in Dubai, the SEC is not mentioned.
• 16:51
  Speaker 3: Think about it.
• 16:53
  Speaker 14: They're self appointed cop on the beat. No law has
• 16:56
  Speaker 14: appointed them the cop on the beat. In our case.
• 17:00
  Speaker 14: They've been called out by a judge for not faithfully
• 17:03
  Speaker 14: applying the law in your case. They've been called out
• 17:06
  Speaker 14: by a judge for acting arbitraally and capriciously in the
• 17:09
  Speaker 14: debt box case in Utah. They've been sanctioned by a
• 17:13
  Speaker 14: court for outright visiting a fraud upon the court. The
• 17:17
  Speaker 14: question is not why are they doing what they're doing
• 17:20
  Speaker 14: is why are they still have their jobs? And in fact,
• 17:23
  Speaker 14: I think that this administration has done tremendous harm to
• 17:27
  Speaker 14: the credibility of the organization as it looked when answered
• 17:31
  Speaker 14: as a commissioner, that's my mom is here.
• 17:37
  Speaker 1: We listen. I don't think that this is a situation
• 17:40
  Speaker 1: where the rest of the world even really pays attention.
• 17:42
  Speaker 1: And we're seeing more and more of this globally. But
• 17:45
  Speaker 1: if you look at where the moves are happening globally, well,
• 17:49
  Speaker 1: Ripple and Miccado of course now partnering to launch cross
• 17:52
  Speaker 1: border payments in Brazil, so this will be another big move.
• 17:55
  Speaker 1: We'll probably see even more announcements I anticipate with the
• 17:59
  Speaker 1: swell event come up. Remember Ripple getting ready to come
• 18:02
  Speaker 1: into Miami and most likely drop quite a few insights
• 18:06
  Speaker 1: I think on the next move for what Ripple is doing.
• 18:08
  Speaker 1: So listen. A lot happening right now. I think this
• 18:12
  Speaker 1: is a good thing because it's getting all this out
• 18:14
  Speaker 1: in the open, which means we can't address it, have
• 18:16
  Speaker 1: these conversations, whether it's with regulators, authorities, lawmakers, and really innovators,
• 18:21
  Speaker 1: because I think that's the real question here is how
• 18:23
  Speaker 1: quickly the United States is going to try to get
• 18:25
  Speaker 1: up to speed with these kind of antics continuing to
• 18:28
  Speaker 1: play into the play. So I don't know. It's a
• 18:30
  Speaker 1: big one for sure. If you're not in the Diamond circle,
• 18:32
  Speaker 1: get in right now. It's a great place to get
• 18:34
  Speaker 1: additional content. Follow me out there on X at Paul Baron.
• 18:37
  Speaker 1: We'll catch you next time right here on tech Path