Latest / The Paul Barron Crypto Show / XRP vs Elizabeth Warren!🚨U.S. Senate Hearing🔥

Transcript

XRP vs Elizabeth Warren!🚨U.S. Senate Hearing🔥 · The Paul Barron Crypto Show

• 0:06
  Speaker 1: XRP makes their first appearance at a Senate hearing, and
• 0:09
  Speaker 1: it is going to be a barn burner. We are
• 0:11
  Speaker 1: going to talk about it today and break it down
• 0:13
  Speaker 1: for you. My name is Paul bare Welcome back into
• 0:14
  Speaker 1: the show. I do want to get started. I want
• 0:16
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• 0:40
  Speaker 1: So let's lead off with our friend mister Brad Garlinghouse
• 0:44
  Speaker 1: addressing Senate for the first time. Take a look.
• 0:48
  Speaker 2: My name is Brad Garlinghouse. I'm the CEO of Ripple.
• 0:51
  Speaker 2: We work every day with banks that rely on our
• 0:53
  Speaker 2: technology to deliver real results in the global economy. Ripple
• 0:57
  Speaker 2: leverages the XRP ledger, a decentralized, tested, open source blockchain,
• 1:02
  Speaker 2: as well as as its native digital asset XRP to
• 1:05
  Speaker 2: facilitate payments. XRP is built to enable fast, low cost,
• 1:10
  Speaker 2: and highly scalable transactions.
• 1:12
  Speaker 1: Elizabeth Warren of course, comes in and says, wait a minute,
• 1:15
  Speaker 1: I have a new charter here. Listen to this one.
• 1:19
  Speaker 3: Under the House bill, a publicly traded company like Meta
• 1:24
  Speaker 3: or Tesla could simply decide to put its stock on
• 1:29
  Speaker 3: the blockchain and poof. That is a serious problem for
• 1:32
  Speaker 3: our country.
• 1:33
  Speaker 1: All right, So she's going after token is stocks. This
• 1:35
  Speaker 1: is something that has been on her I think agenda
• 1:39
  Speaker 1: in general. Remember Elizabeth Warren, the head of the anti
• 1:43
  Speaker 1: crypto army. She continues to, I think, recruit other people
• 1:48
  Speaker 1: to help kind of champion this whole situation. And this
• 1:51
  Speaker 1: is kind of where it gets a little sideways on
• 1:54
  Speaker 1: her for the first time.
• 1:55
  Speaker 4: I think.
• 1:56
  Speaker 1: Take a look.
• 1:56
  Speaker 3: According to chain Analysis, North Korea and hackers stole a
• 2:01
  Speaker 3: record one point three billion dollars. Terrorist organizations demonstrated increased
• 2:07
  Speaker 3: sophistication in their use of cryptocurrency.
• 2:11
  Speaker 5: Again, according to chain Analysis, the power of our technology,
• 2:16
  Speaker 5: combined with the authorities of law enforcement, have proven to
• 2:20
  Speaker 5: be a more effective disruptor of a lesser activity than
• 2:24
  Speaker 5: anything seen before in traditional finance, seizing funds from Hesbola
• 2:28
  Speaker 5: and Tramas, dismantling the largest child abuse material websites, and
• 2:32
  Speaker 5: tackling the latest.
• 2:33
  Speaker 6: Pig butchering campaigns. The illicit activity that we estimated chainnalysis
• 2:37
  Speaker 6: is less than one percent of the overall activity that
• 2:40
  Speaker 6: occurs on these blockchains, which is equivalent to what we
• 2:44
  Speaker 6: see in traditional markets, and in fact, oftentimes less than
• 2:48
  Speaker 6: what we see in traditional markets.
• 2:50
  Speaker 3: An apology, I'm going to be bouncing in and out,
• 2:52
  Speaker 3: and so I'm going to have to spend a lot
• 2:53
  Speaker 3: of time over there.
• 2:55
  Speaker 1: All right, So Warren just got her handed tour by
• 2:59
  Speaker 1: chain and that's called a fact check. Pretty much happened here.
• 3:03
  Speaker 1: One thing though, that is occurring in this hearing, and
• 3:05
  Speaker 1: that is a setup that appears to be Gensler two
• 3:09
  Speaker 1: point zero. And you guys will remember Timothy Massad. We've
• 3:12
  Speaker 1: had him on some of the clips before. But take
• 3:14
  Speaker 1: a look at this clip.
• 3:14
  Speaker 7: You know, many of us are familiar with the movie
• 3:16
  Speaker 7: Groundhog Day, in which Bill Murray is condemned to repeat
• 3:20
  Speaker 7: the same day.
• 3:22
  Speaker 4: Over and over.
• 3:23
  Speaker 7: Suggest that we're in a similar time loop when it
• 3:25
  Speaker 7: comes to achieving clarity and whether it's Lummus gellibrand Fit
• 3:29
  Speaker 7: twenty one or the Clarity Act. They all have similar flaws.
• 3:34
  Speaker 7: None will achieve the clarity or the sensible regulation that
• 3:36
  Speaker 7: we need, and each would undermine existing regulation. Court cases
• 3:40
  Speaker 7: that seek to interpret the Howie test has also not
• 3:44
  Speaker 7: been sufficient. It was a whack a mole strategy.
• 3:47
  Speaker 1: All right. So that, of course is Stuart all already
• 3:49
  Speaker 1: right there. I think he's get a little PTSD with
• 3:52
  Speaker 1: Gessler up there most of the time futting the blockchain industry,
• 3:56
  Speaker 1: which of course has really started to wade through a
• 3:59
  Speaker 1: lot of that with a lot more positive movements. And
• 4:03
  Speaker 1: this goes a little bit further around where this strategy
• 4:07
  Speaker 1: is coming from, and I think it still is centered
• 4:09
  Speaker 1: around Elizabeth Warren. So listen to what they had.
• 4:11
  Speaker 8: To say here, and I thank Ranking Member Warren for
• 4:15
  Speaker 8: inviting me to testify today. Urge this committee and the
• 4:20
  Speaker 8: House and the Senate to very carefully look at this bell.
• 4:25
  Speaker 8: We cannot repeat the mistakes of the past. The banks
• 4:29
  Speaker 8: collapsed in nineteen thirty, fast forward to the nineteen nineties.
• 4:34
  Speaker 8: We do not want to make that mistake again. Listen
• 4:38
  Speaker 8: to Chairman MESSI, please do not make the same mistake
• 4:42
  Speaker 8: that this Congress has made so many times before. We've
• 4:45
  Speaker 8: watched this movie before and it ends at a disaster.
• 4:48
  Speaker 8: Please do not repeat that mistake. We don't want to
• 4:51
  Speaker 8: watch this movie again, and we do not want to
• 4:53
  Speaker 8: watch a movie it is a combination of West Wing
• 4:56
  Speaker 8: or The House of Cards and The Big Short. Please,
• 5:01
  Speaker 8: thank you very much, mister chair.
• 5:03
  Speaker 1: I gotta love let that one just kind of stand
• 5:06
  Speaker 1: on its own, just let it ruminate, kind of like
• 5:08
  Speaker 1: a fine wine.
• 5:08
  Speaker 7: You know.
• 5:09
  Speaker 1: The stupidity level that we see now in the Senate
• 5:13
  Speaker 1: I think is getting to peak level, but this goes
• 5:17
  Speaker 1: a little bit further because I think now it gets
• 5:18
  Speaker 1: into eating their own Take a look at this.
• 5:20
  Speaker 9: Clip, mister painter as usual, if you follow him on
• 5:24
  Speaker 9: social media, you know very health.
• 5:27
  Speaker 10: Now, the Senator, you need to focus on this bill.
• 5:30
  Speaker 8: You're doing this again you did at the Lamb hearing.
• 5:33
  Speaker 10: You need to focus on this bill instead of trying
• 5:35
  Speaker 10: to distort my twitter. You are distorting what I said,
• 5:38
  Speaker 10: just like you did in the last hearing.
• 5:40
  Speaker 1: This is not middle school.
• 5:41
  Speaker 10: You're wasting everybody's time.
• 5:43
  Speaker 8: Senator.
• 5:43
  Speaker 4: You're a whack job. Senator.
• 5:45
  Speaker 10: You are a wastingly We are next level wack job
• 5:51
  Speaker 10: is this middle school centaer.
• 5:52
  Speaker 9: Frankly, it looks like what we got a result looks
• 5:55
  Speaker 9: like somebody knocked over a year in shample.
• 5:58
  Speaker 10: The personal attacks that I've experienced to some dignity from
• 6:01
  Speaker 10: this Senate.
• 6:02
  Speaker 3: Okay, so you were President Bush's Chief Ethics Council.
• 6:10
  Speaker 1: Okay, so we just revealed President Bush's Chief Ethic Council. Obviously,
• 6:15
  Speaker 1: senators going head to head. Remember, guys, this is the
• 6:18
  Speaker 1: highest highest level in the land of our government officials.
• 6:23
  Speaker 1: Such a beautiful job I'm seeing out there.
• 6:25
  Speaker 4: Now.
• 6:25
  Speaker 1: This is where we go a little bit further into
• 6:28
  Speaker 1: the potential of where XRP gets another chance to really
• 6:31
  Speaker 1: kind of go head to head with all of the
• 6:33
  Speaker 1: problems it had with the SEC, and it starts to
• 6:37
  Speaker 1: get into something that I think you guys will like
• 6:39
  Speaker 1: take a look.
• 6:40
  Speaker 11: So, no, but you just said that what we should
• 6:41
  Speaker 11: do is have the CFTC and the SEC work together.
• 6:45
  Speaker 4: Yes, Mandy, you do that.
• 6:47
  Speaker 11: You're saying you solved all these problems when you were
• 6:50
  Speaker 11: at the CFTC with the SEC. No, okay, so you
• 6:53
  Speaker 11: didn't solve all the problems. So you want us to
• 6:55
  Speaker 11: have the SCC and the CFTC work together. Is a
• 6:57
  Speaker 11: baseball card a a security?
• 7:01
  Speaker 4: No? What's the difference between a baseball card and meme cooin?
• 7:06
  Speaker 7: Sir?
• 7:07
  Speaker 4: Not just what's the difference? How would you explain it
• 7:09
  Speaker 4: to me technically? Is it the government's rule to prevent
• 7:12
  Speaker 4: me from paying five million dollars for nineteen fifty two?
• 7:15
  Speaker 4: Make me mental?
• 7:15
  Speaker 7: I think people should be allowed to invest in whatever
• 7:17
  Speaker 7: they want to invest in, sir?
• 7:19
  Speaker 4: So that does that? Does that mean mean coins as well?
• 7:22
  Speaker 7: I think we should have an investor protection framework over
• 7:25
  Speaker 7: this over.
• 7:27
  Speaker 4: Are you saying yes? It's just simple saying yes or no?
• 7:29
  Speaker 4: I think you might.
• 7:30
  Speaker 7: Appreciate that that it's a more complicated issue than that.
• 7:33
  Speaker 4: At least that would help you the C. It's that complicated.
• 7:36
  Speaker 4: Should the SEC or the CFTC regulate mean coins?
• 7:39
  Speaker 7: The SEC has already said it won't, and that's fine
• 7:42
  Speaker 7: with me, okay, But I'm happy to create a category
• 7:45
  Speaker 7: that's neither a security or a commodity.
• 7:48
  Speaker 4: Should we include baseball cards and that as well?
• 7:51
  Speaker 10: No?
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  Speaker 7: I don't think we not being about based out cards here, sir.
• 7:53
  Speaker 7: What's the difference, because we're talking about a particular technology
• 7:58
  Speaker 7: of tokenization we walked here.
• 8:01
  Speaker 2: Mister Massad and I disagree is that depending upon an
• 8:05
  Speaker 2: SEC and CFTC to work together assumes good faith appointed officials,
• 8:10
  Speaker 2: and doing that under Chairman Gensler, they took actually contradictory
• 8:13
  Speaker 2: positions in different court cases, which actually created more confusion.
• 8:17
  Speaker 2: You had judges, meederal judges saying that they were not
• 8:20
  Speaker 2: following a quote faithful allegiance to the law.
• 8:23
  Speaker 3: I think those runintended consequences for everyone.
• 8:26
  Speaker 1: All right, So you can kind of see they still
• 8:28
  Speaker 1: are struggling with this narrative that has been really on
• 8:32
  Speaker 1: the side of the anti crypto army. I think this
• 8:34
  Speaker 1: is starting to break down in front of Congress, and
• 8:38
  Speaker 1: it may be in the right time too, because when
• 8:40
  Speaker 1: you look at what's happening in Congress, you also have
• 8:42
  Speaker 1: to also look at what's happening in Wall Street. This
• 8:45
  Speaker 1: is a big news this day, and that is B
• 8:48
  Speaker 1: and Y is now selected to been to serve as
• 8:50
  Speaker 1: the primary reserve custodian of Ripples Enterprise Grade stable Coin
• 8:54
  Speaker 1: ari USD. We've talked about this, we also broke this,
• 8:57
  Speaker 1: but this means something big because we're talking about a
• 9:00
  Speaker 1: company that's over two hundred and forty years old and
• 9:03
  Speaker 1: that is the old guard of what's going on in
• 9:06
  Speaker 1: Wall Street now starting to make their way into the
• 9:09
  Speaker 1: new guard of what will be digital assets. I want
• 9:12
  Speaker 1: to go further into this because this is Brad Garlinghouse
• 9:15
  Speaker 1: talking about the partnership.
• 9:16
  Speaker 4: Take a look, Brad garling House.
• 9:18
  Speaker 12: It's a nice shot, Brad.
• 9:20
  Speaker 1: That suits you well.
• 9:21
  Speaker 10: You're looking very very even presidential, almost welcome. You need
• 9:26
  Speaker 10: a custodian for your stable core why ben Y.
• 9:30
  Speaker 2: Bny Mellon has you know, for a very long time
• 9:33
  Speaker 2: been amongst the most trusted partners out there as a
• 9:36
  Speaker 2: custody bank. We joined the market kind of late, partly
• 9:39
  Speaker 2: because we were using stable coins in our payment flows
• 9:43
  Speaker 2: for our institutional customers. We use stable coins. We use
• 9:46
  Speaker 2: XRP where it makes sense. We have over sixty global
• 9:49
  Speaker 2: licenses to participate in these markets.
• 9:52
  Speaker 12: You still want a banking license, right, even though you
• 9:55
  Speaker 12: have this deal with B and Y.
• 9:57
  Speaker 2: Well, yes, is the short answer. As well as a
• 10:00
  Speaker 2: fed Master account for those that have said that the
• 10:02
  Speaker 2: crypto world wants to be unregulated, whatever the opposite.
• 10:05
  Speaker 1: Is true, man, a fed Master account for Ripple that
• 10:08
  Speaker 1: would be unbelievable bullish for XRP in general. And you
• 10:14
  Speaker 1: look at the domination in the banking sector. It is unparallel.
• 10:19
  Speaker 1: There is nobody that is running at the level right
• 10:21
  Speaker 1: now that Ripple is, and even Ethereum is starting to
• 10:25
  Speaker 1: take a look at this take a look.
• 10:27
  Speaker 13: One of the key things that we witness is like
• 10:29
  Speaker 13: we are under investing in some big forum where actually
• 10:33
  Speaker 13: big enterprise and tratifi are going. And so here is
• 10:36
  Speaker 13: a list for instance, like CIBUS is the annual Swift
• 10:40
  Speaker 13: conference that happened in Germany, and it's a messaging system
• 10:43
  Speaker 13: that power like the global finance that conference here, This
• 10:47
  Speaker 13: is all the bank executive no one for me. Thereum
• 10:50
  Speaker 13: is here, NASHA is the ACCH Penman conference. So it's
• 10:53
  Speaker 13: like the equivalent of like sepa forma European friends eighty
• 10:56
  Speaker 13: six trillion a year, never been a presence over there.
• 10:59
  Speaker 13: Ripple was here. The same with Sapphire. Sapphire, you know,
• 11:02
  Speaker 13: like the big SAP conference, all the CIO, the CTOs,
• 11:05
  Speaker 13: all the commerce of the world, no one here like
• 11:08
  Speaker 13: I showed up, like just by myself. And when they're
• 11:10
  Speaker 13: around on the floor, all the oser ecosystem they go
• 11:13
  Speaker 13: as a united front with a clear messaging and they
• 11:16
  Speaker 13: go and they invest like millions and millions of dollars.
• 11:18
  Speaker 4: Like the slide speak for itself.
• 11:20
  Speaker 1: The slides do speak for itself. The one thing to consider,
• 11:23
  Speaker 1: obviously that was an ECC. But when you look at
• 11:26
  Speaker 1: the connection now to ethereum, already within an x LAR,
• 11:29
  Speaker 1: if you look at XLAR scan over one hundred million
• 11:32
  Speaker 1: in terms of volume, this is just beginning, guys. So
• 11:34
  Speaker 1: this could be something that's really shaping up. And if
• 11:37
  Speaker 1: you compare interoperability and what's happening right now, we could
• 11:41
  Speaker 1: see DeFi starting to make its way in here, which
• 11:44
  Speaker 1: means something like a UNI swap.
• 11:46
  Speaker 13: Could be an.
• 11:47
  Speaker 1: Area where we start to actually see XRP tokens, all
• 11:50
  Speaker 1: the tokens that ride on the XRP ecosystem again getting
• 11:54
  Speaker 1: back into a lot of liquidity starting to move on
• 11:57
  Speaker 1: chain here even within ethereum. One other thing I look
• 12:00
  Speaker 1: at is Strobe Finances being on a test net right
• 12:02
  Speaker 1: now but already starting to pay rewards. As we start
• 12:06
  Speaker 1: to see this integration, and even now the integration going
• 12:10
  Speaker 1: into the number one wallet out there as far as
• 12:12
  Speaker 1: XRP is concerned, JAM and that may change here in
• 12:14
  Speaker 1: the future. We could see some other wallets started going
• 12:17
  Speaker 1: in this direction and I want to play a clip
• 12:19
  Speaker 1: that will kind of explain this, because this is Strobe
• 12:21
  Speaker 1: Finance talking about the lending market potential.
• 12:24
  Speaker 6: Take a look.
• 12:26
  Speaker 12: So so far XRP leedcher has been focused more on
• 12:30
  Speaker 12: let's say payment solutions for right now, they're making a
• 12:33
  Speaker 12: move and there's a lot of dormant capital sitting at
• 12:36
  Speaker 12: all those cx's. Xrp's market cap is heading above one
• 12:41
  Speaker 12: hundred billion dollars, but only a few tens of million
• 12:45
  Speaker 12: dollars are actually available on SRP ledger right now. All
• 12:49
  Speaker 12: that money is actually available for us to do some
• 12:52
  Speaker 12: by taking advantage of the newly developed bium size chain.
• 12:56
  Speaker 12: So we're going to enable people to actually unyield off
• 12:59
  Speaker 12: that native X on the XLPL, which is something that
• 13:02
  Speaker 12: currently isn't really implemented.
• 13:04
  Speaker 1: And yeah, that's right, the number three token out there
• 13:06
  Speaker 1: in terms of market cap starting to open up around
• 13:10
  Speaker 1: these kind of services. The lending beta and the contract
• 13:13
  Speaker 1: audit all happening in Q two right here over on
• 13:15
  Speaker 1: stroup Finance, lending maynets starting in Q three, so a
• 13:20
  Speaker 1: lot more additional assets being supported, including our TOBI, so
• 13:24
  Speaker 1: that could get interesting as well as we start to
• 13:26
  Speaker 1: look at real world assets.
• 13:27
  Speaker 3: Now.
• 13:28
  Speaker 1: Coinbase kind of looked at this and said, wait a minute,
• 13:30
  Speaker 1: we don't want that kind of exit the centralized exchange side.
• 13:34
  Speaker 1: So they have of course launched CBXRP that started to
• 13:37
  Speaker 1: battle against this. So there is some very interesting things
• 13:41
  Speaker 1: happening right now around the XRP ecosystem.
• 13:44
  Speaker 6: All right.
• 13:44
  Speaker 1: So when you take a look at the chart, this
• 13:46
  Speaker 1: of course is on the hourly just over the last day. Obviously,
• 13:50
  Speaker 1: XRP starting to move, and I think this is something
• 13:53
  Speaker 1: that we will see more of, and that is regular
• 13:56
  Speaker 1: institutional capital as well as retail starting to understand this
• 14:00
  Speaker 1: is a bigger thing than a lot of people know.
• 14:02
  Speaker 1: All right, If you guys are not part of the
• 14:04
  Speaker 1: Diamond Circle, make sure and get in on that. It's
• 14:05
  Speaker 1: our own private group. You can join with the link
• 14:08
  Speaker 1: down below, and of course follow me out there on
• 14:10
  Speaker 1: x at Paul Baron. We'll catch you next time right
• 14:12
  Speaker 1: here on the Paul Baron Show.