Banks, XRP, Crypto Mass Adoption, and Political Chaos

Summary

Podcast Summary: Banks, XRP, Crypto Mass Adoption, and Political Chaos

Podcast Information:

• Title: On The Chain - Blockchain and Cryptocurrency News + Opinion
• Host/Author: On The Chain
• Episode: Banks, XRP, Crypto Mass Adoption, and Political Chaos
• Release Date: April 28, 2025

---

I. Introduction

In this episode of On The Chain, hosts Jeff and Chip delve into the intricate relationships between traditional banks, the cryptocurrency XRP, the trajectory of crypto mass adoption, and the surrounding political turmoil. Balancing technical insights with geopolitical analysis, the hosts aim to provide listeners with a comprehensive understanding of the current state and future prospects of the crypto landscape.

---

II. US Crypto Regulatory Updates

a. FIT21 Market Structure Bill

Chip initiated the discussion by highlighting recent developments in Congress concerning the FIT21 Market Structure Bill. Chairwoman Ellie Turner of the Financial Committee announced the Senate's new approach, seeking technical assistance from industry leaders to refine the bill.

• Quote:
  Chip (04:39): "We'll seeking a technical assistant in the Industry SEC and the CFTC for an updated draft of the FIT21 Market Structure Bill."

This collaborative effort indicates a shift towards more informed and nuanced regulation, moving away from previous unilateral attempts.

b. SEC vs. CFTC Jurisdiction

The conversation emphasized the ongoing debate over whether the SEC or the CFTC will assume primary regulatory authority over cryptocurrencies.

• Quote:
  Jeff (07:27): "When regulation comes in, then the price, we don't care about what goes on with Ripple."

Chip added that Brian Quinteros, the newly appointed head of the CFTC, is highly pro-crypto, potentially influencing the regulatory balance in favor of the CFTC.

• Quote:
  Chip (07:10): "Brian Quinteros was tapped to run the CFTC and he's also very outspoken and massively pro crypto."

---

III. Ripple and XRP's Legal Status

A significant portion of the episode focused on the legal standing of Ripple Labs and its cryptocurrency XRP in light of the SEC lawsuit.

a. Conclusion of SEC XRP Case

Chip clarified the resolution of the case, indicating that XRP is not classified as a security, effectively ending the lawsuit as of July 13, 2023.

• Quote:
  Chip (09:00): "XRP is not a security. It's done."

Jeff echoed this sentiment, highlighting that Ripple’s deep pockets enabled them to endure a lengthy legal battle that could have otherwise decimated the crypto industry.

• Quote:
  Jeff (07:11): "They could have just folded and that could have been the end of crypto."

b. Distinction Between Ripple and XRP

Both hosts emphasized the importance of distinguishing between Ripple, the company, and XRP, the decentralized digital asset, to avoid confusion.

• Quote:
  Chip (09:10): "Ripple's a private, public, you know, private centralized company, but has nothing to do with XRP."

---

IV. Fed and OCC's Stance on Crypto and Banks

a. Fed's Withdrawal of Supervisory Letters

The hosts discussed the Federal Reserve's recent decision to withdraw supervisory letters that previously advised banks to seek approval before engaging in crypto activities. This move is seen as a vote of confidence towards crypto integration within traditional banking systems.

• Quote:
  Chip (22:56): "Banks can go ahead. They're not going to have any restrictions on banks."

b. OCC's Clarification on Crypto Activities

The Office of the Comptroller of the Currency (OCC) released a statement affirming that various crypto-related activities are legally permissible for banks, provided they implement appropriate risk management.

• Quote:
  Rodney Hood (28:10): "Crypto asset custody, holding deposits as reserve backing, stablecoins and using distributed ledger technology and stablecoins for payment activities are all legally permissible."

This clarification is poised to encourage banks to adopt crypto services, thereby facilitating broader acceptance and utilization of digital assets.

---

V. Impact on Crypto Mass Adoption

a. Integration of Crypto Services in Banks

With regulatory barriers lowering, major banks like Citibank have begun offering crypto services directly to customers, such as the ability to purchase Bitcoin through their platforms.

• Quote:
  Chip (25:12): "Citibank already announced that you'll be able to buy Bitcoin directly through the bank."

b. Simplifying Crypto for Mainstream Users

The hosts stressed the importance of making crypto transactions as straightforward as traditional banking to drive mass adoption. Features like custodial services and user-friendly interfaces are critical to attracting non-technical users.

• Quote:
  Chip (28:04): "You can't expect people to go to this exchange, buy it there, send it over here... It's too complicated for most people."

---

VI. Global Political Context and Crypto

a. US-China Trade Tensions

Jeff and Chip touched upon the escalating trade tensions between the United States and China, highlighting the use of tariffs as a negotiation tool and its potential impact on the global economy.

• Quote:
  Chip (14:51): "Trump Congress, right, Pro crypto... We got 145% tariffs on that."

b. Canadian Political Shifts

The episode briefly covered the upcoming Canadian election, contrasting the Liberal and Conservative parties' stances, particularly focusing on proposals that could influence Canada's regulatory environment for crypto.

• Quote:
  Chip (57:33): "What's going on here... They just pull Liberal. They didn't like Trudeau."

---

VII. Conclusion

Jeff and Chip concluded the episode by reinforcing the optimistic outlook for XRP and the broader crypto market, contingent upon favorable regulatory developments and increased integration with traditional financial institutions. They underscored the significance of clear regulations in fostering innovation and protecting investors, ultimately paving the way for widespread crypto adoption.

• Final Takeaway:
  Chip (33:20): "I truly believe... once regulation comes in."

---

Notable Quotes with Timestamps

1. Chip on FIT21 Bill (April 28, 2025, 04:39):
   "We'll seeking a technical assistant in the Industry SEC and the CFTC for an updated draft of the FIT21 Market Structure Bill."

2. Jeff on Ripple's Impact (07:27):
   "Listen guys, somebody else here, xrp... Regulation before price."

3. Chip on XRP's Legal Status (09:10):
   "Ripple's a private, public, you know, private centralized company, but has nothing to do with XRP."

4. Rodney Hood on OCC's Statement (28:10):
   "Crypto asset custody, holding deposits as reserve backing, stablecoins and using distributed ledger technology and stablecoins for payment activities are all legally permissible."

5. Chip on Mass Adoption (28:04):
   "You can't expect people to go to this exchange, buy it there, send it over here... It's too complicated for most people."

6. Chip on Federal Reserve's Move (22:56):
   "Banks can go ahead. They're not going to have any restrictions on banks."

7. Jeff on Regulatory Clarity (07:27):
   "When regulation comes in, then the price, we don't care about what goes on with Ripple."

8. Chip on XRP Integration (25:12):
   "Citibank already announced that you'll be able to buy Bitcoin directly through the bank."

---

This episode of On The Chain provides valuable insights into the evolving regulatory landscape surrounding cryptocurrencies, the strategic movements of major financial institutions towards crypto integration, and the broader geopolitical factors influencing crypto adoption. Jeff and Chip effectively blend technical knowledge with real-world implications, offering listeners a nuanced perspective on the future of digital assets.

Transcript

[Jeff]

Welcome to on the Chain. This is Jeff here with co host Chip. What is going on? Chip, what's going on? Everybody out there in the on the Chain community, you know who you are. You know that. Guilty pleasure. Tuning in three days a week listening to on the Chain talking blockchain, crypto, XRP and geopolitics. It's all a lot of fun, Chip. Today we're going to dive headfirst into the shallow end, as you like to say. Yeah, maximum impact. That's right. Banks, xrp, crypto, mass adoption, and political chaos. Why is it political chaos? Well, there happen to be a lot of leftist politicians that can't even form a coherent sentence. So while XRP and crypto gear up for mass adoption, those guys, I don't know. We'll find out. We're going to workshop that and a lot more. We're going to dig in. You ready to kick this thing off?

[Chip]

I'm ready. Let's go. Hey, hey, hey, hey, hey, hey, hey, hey, hey. Gotta do the hey, hey one we haven't heard hey, hey in a while. Hey, hey, hey, hey, hey. Welcome, everybody. Starting on time. What's going on? Hey, y'all, South Carolina. Hey, y'all.

[Jeff]

Give a quick shout out where you're tuning in from.

[Chip]

Yeah. Where is everybody? We started on time. What's going on? Where is everybody?

[Jeff]

Where's Ding Dong Daddy?

[Chip]

Ding Dong Daddy. Hello, Chantal. Persons, gentle persons. I love it. Old C in the house. Show them off.

[Jeff]

Brian, tuning in from Ireland. Nice.

[Chip]

Ireland. Yeah. I know what that reminds me of. Jameson. Ginger baby.

[Jeff]

Jameson and Guinness.

[Chip]

And again, this will do me well, I'm getting excited now. Washington State. Nice. Look at everybody's popping in here. Look at that. Southeast pa, Pennsylvania, Miami, from Onega.

[Jeff]

Onega.

[Chip]

Every time it hangs me up, man. Hangs me up. By the way, Casey had a phenomenal draft. A very good draft. Bill's had a pretty good one, too. It's a really fun one this week in Saratoga, New York. We got Miami in the house.

[Jeff]

Yo, Miami.

[Chip]

Gw. Gw. Gw. What about gw? Gw?

[Jeff]

Celebration.

[Chip]

Celebrate good times. Come on, guys. You know how to type. No one typed the yeti in yet. Why?

[Jeff]

Not even one yeti?

[Chip]

Not even one yeti. Come on, guys. Y E T I for a chance to win a bad. A really cool one today.

[Jeff]

These are some of my favorites, too.

[Chip]

New banging song for you guys, too. We do Chad Nauseam. He's back. Nauseam. He's changed his name. Back at Palm Bay. In the house. We got here. Come The Yetis rolling in. There they are.

[Jeff]

What happened to them?

[Chip]

Tetris.

[Jeff]

It got lost.

[Chip]

Lost on me. I don't know what that Tetris means.

[Jeff]

But there he is right there. That is. His name is Frosty. Frosty. Say that.

[Chip]

Frosty the Yeti.

[Jeff]

Frosty. He's a pathfinder God. Cute and cuddly.

[Chip]

That's not the one, Jeff. I don't want to get. That's not the one.

[Jeff]

That's not it.

[Chip]

Please. Okay. I don't want to go through that again. My God. That was a. A little bit of an ordeal, as they say.

[Jeff]

There we go.

[Chip]

Little spell check. Get you every time. And I hate that. Oh, look, he just. Look at us, taunting us. Jeff, Brian McCarthy said he just had his fill of Guinness. Oh, good for you, man.

[Jeff]

I need a filler. Guinness.

[Chip]

Now it's time for a Jameson. Jameson and gingers are the best over there. Dude, I don't know if. Yeah, yeah.

[Jeff]

I don't like mixing things too much. Unless it's Jameson and Guinness. They go real well together. It's got. It's kind of like espresso and red wine. Oh, but the James together and Ireland's.

[Chip]

Very different from anywhere else in the world. It's the best. No doubt.

[Jeff]

Everything tastes different over there. Guinness tastes different.

[Chip]

Of course.

[Jeff]

Jameson tastes different.

[Chip]

It's better. It's not always better. Yeah. When you go to hometown, it's always going to be better on draft. Oh, yeah, of course, of course, of course. What do we got here? Let's see. Where am I? I'm just trying to.

[Jeff]

What are we starting with tonight?

[Chip]

I think we're going to start with this. Some of the news that's coming up in Congress here.

[Jeff]

Guinness with a Jameson chaser. It is perfection. As you're sipping, they just display it's amazing good flavors. They combine nicely together.

[Chip]

Yeah, there we go. Ellie Turner put this out. She said the chair of the financial committee, which is French Hill, said told Crypto America that's her new gig. Ellie Terrett over there that the House spent a good part of Easter break working on seeking technical assistance from in the industry. Now this is a new development in itself. You remember they used to try to do it alone. Now they're reaching out to industry people to kind of get some in, you know, perspective, which is a great thing. So we'll seeking a technical assistant in the Industry SEC and the CFTC for an updated draft of the FIT21 Market Structure Bill. And so they're making some changes. They've been redlining this bill, I mean, remember when they put the bill forward and it passed the House? I want to say last July, August, it was almost, almost a year ago. But it just sat in the Senate. Right. For a long time. So it did pass. But again they're now, they're marking it up. We got a pro crypto Congress and a pro crypto president. So things, a lot of things have changed.

[Jeff]

Yeah.

[Chip]

And so French Hill said the discussion drafted a new legislation and a hearing on the text will coming in the next short week. So stay tuned. And then boom, right on the heel of that, there it is, the new variant data set. So the joint House Financial Services Subcommittee on Digital Assets, Financial Technology, Artificial Intelligence, House Architect, Agriculture Subcommittee on Commodity Markets, Digital Assets, Rural Development hearing entitled American Innovation and the Future of Digital Assets. A blueprint for the 21st century. Geez, I love the sound of that. And that's going to be coming up on Tuesday, May 6, which is next week. Can believe Maze here already. So that's going to be something of interest there. Let's see what happens. Hopefully they just get this going because we need to move the fit 21 through because that is a lot of great regulation in that already and they're probably making some other markups than that. And Brian Quinteros was tapped from what I just from what I saw, to run the cftc and he was a commissioner over there and he's also very outspoken and massively pro crypto. And, and that's going to be a legislative body that's going to be responsible largely for regulating crypto when the SEC is going to do this. Right now, the funny thing is, depending on how they update the fit 21, they could put some new things in there that could totally take the SEC totally out. Right. The only part they would control the security when you're talking about institutional sales.

[Jeff]

Right.

[Chip]

Very slim part. But if they change the legislation or they go back on the update 33, 34 laws that have been on the books forever, there's a chance that it could only be the cftc. We'll have to stay tuned and see how that goes. It'll be pretty.

[Jeff]

Yeah, I think chip it, you know, it's a positive. You know, seeing how they're gonna, you know, negotiate out or debate out whatever they have to do, figure out who has the proper regulatory authority. Is it going to be the SEC or is it the cftc? Is it a commodity, is it a currency or is it, is it a security? And I think, you know, the court case who just brought up the visual vendetta was saying, can someone tell me if the SEC XRP case is over or not over? That part of it has been over the k. Anything to do with Ripple. You know, there's still a possibility, there's some continuance to that, but I thought that that was moving into some sort of an outcome as well. But that takes time to unravel, you know, and you think about all of the damage that the previous administration has done in this space and what it's going to take to pull all the different elements that have been damaged or harmed due to the lawfare from a political perspective. And also then, you know, everything they've done to undermine or slow down everything that has transpired within the crypto space. It's, you know, it. They, they took such a nuclear approach to crypto as, as, as they unleashed Gensler against it. You think about, had, had. Look at the companies that fell that could have been participating at this moment, like, you know, Jeremy Kaufman, you know, and everything that he was building over there, which had turned into Odyssey and the video platform. And just think if the SEC didn't go in and crush them. Now imagine if Ripple didn't have the deep pockets that they had to be able to afford a lengthy, drawn out, three, four year lawsuit, 150, $200 million in, in outpouring of legal expense due to the defense and taking that lead role. They could have just folded and that could have been the end of crypto. If they would have taken down Ripple, that would have literally had a ripple effect in the entire industry in the U.S. what are your thoughts? I think you're muted. Really? Silenced.

[Chip]

Yeah, I had a. Silence there. I had a cough there before. Yeah, I was gonna say the ripple effect, Jeff. No, you did not. Yes, you did. So the funny thing is I want, I want to talk about this because there seems to be an awful lot of confusion around this. Yeah. The SEC XRP ended on July 13, 2023, when Judge Taurus said, XRP is not a security. Done. It's over. Now, Ripple, let me explain this to everybody because it seems like there's some confusion. Ripple is a centralized company that is funded by private people. It's not a public company. The $300 million of private funding and the digital token, XRP is decentralized. XRP is not a security. It's done. Now whatever Ripple has going on with the SEC is also coming to a close because it's just the formality of paperwork at this point, because they already met. They Already sort of agreed to everything and they got back money, I think $75 million or something like that. So the fine was only 50 million plus they get back the interest. It was in an interest bearing account and an escrow account. So I don't know. I still don't understand what people are hung up. I always say people have a hard time understanding the difference between XRP and Ripple. Ripple's a private, public, you know, private centralized company, but has nothing to do with xrp. So I don't know why people get mixed up with that and they're like, when's the case going to be over? When's the case going to be over? Listen guys, somebody else here, xr, my buddy XRP Highlander right here. I think he meant the other way around. Regulation before price. So once regulation comes in, then the price, we don't care about what goes on with Ripple. That's been done in theory. It's just a matter of the formality of just signing the paperwork. We have a new SEC commissioner who in his acceptance speech when he was sworn in said his one of his goals, aside from their three tenets of capital formation, protecting investors, all that was to actually make sure that innovation and crypto is going to be a major priority for the sec. So we got no worries there. But I do think regulation is the hang up. When regulation comes in. If they get this fit 21 passed, we're going to see a lot happen because now the gloves are off and there's no more worry about that. We've got two other stories here where the Fed last week they came out and said that hey, banks can go ahead. They're not going to have any restrictions on banks because they were, that was another shakedown with the Federal Reserve. Was, was, was really having a big, big deal to do with the banks and then also to the occ, the comptroller's office, and if you remember, that was Brian Brooks during the Trump administration that came out and said banks can custody crypto. They were very tentative about it because here comes Biden and then boom, yanked the car, the rug out from underneath it. So now we're back to the OCC and we've got some videos we can play on that. But I think this is it right here. I think the regulation is what really changes everything. So you go, there's DJ Dr. Dre, yo Chip and Jeff. What's going on? Good morning yet, Thai crew, good morning to you. Top of the morning to you. Happy Monday. Monday morning. It is still Sunday here. Got this one here, Fintech crypto originally was designed to move away from banks and the government, yet y'all still yearning for regulation for sake. Well, here's the deal, man. The only reason no one ever went after bitcoin, because there's nobody to go after. That was the only. That's the only reason. But the only digital asset in the United States that has clarity is xrp. It's the only one that's legal at this point. You could assume that bitcoin is. But the. The. Now you're talking about. Bitcoiners wanted chaos. But who was champion? Who was screaming and happy about the banks being able to custody crypto? Who's happy about the strategic reserve in the government? Bitcoiners. Okay, so not. So when you think about it, all the people, you know, they wanted anarchy and they wanted bitcoin, and this was the big narrative that everybody's yelling, but you can't. There's no anarchy, man. There has to be some kind of a semblance of some basic rules set up. And people want to know, when you're a company and you're trying to participate in the space, you got to know where the lines are so you can kind of stay within them, what the. What the legal boundaries are. So that's really what it comes down to. So it's not. No one's yearning for regulation. It's. Even Brad Garlinghouse said, no, we just want to know what the rules are. There are no rules. Got the SEC interpreting stuff from the Howie test back in 1946, 47. And you've got the. The. The 33 and 34. I mean, 33, 34. That's almost 100 years ago. So we're getting to a point where that doesn't really matter anymore. It pumps our bags, doesn't move in the Fed and the government controlling our money. That's right.

[Unknown]

We're.

[Chip]

Well, if you really see the moves that Trump's making, you can see that the Federal Reserve is a little bit nervous, as a lot of people are nervous. And the reason they're nervous about these tariffs is because the amount of actual impact that can have on the United States economy. So Trump's talking about if he can get enough money through tariffs. People making under $150,000 don't pay income tax anymore. Why doesn't every leader fight for lower taxes for their citizens? And now you have somebody whose goal will achieve it yet remains to be seen. However, if he's successful, how do you think that's going to Land on people when they keep every dollar they make, are they going to be crying about terrorists? Oh, terrorists. And when you see what these other countries got a little, we got a great clip to play with Kevin O'Leary when he kind of rolls through it with the CNN host and schools her. But it was, I mean we weren't selling, we can sell anything in there because it's over 100% tariff. So you're going to pay double for something. No, it's not going to happen. So resetting and, and the Federal Reserve too is going to get audited. There's already bills that are being drafted that are drafted and ready to go. It's going to be audited if you don't. Let's think about government here for Jeff for a second. Jeff, do we trust everything the government does? Do you think that there's no fraud in the Federal Reserve? They've been operating unchecked, unbalanced for over 100 years since what, 1913. You just think that they're just, they're on the up and up and I'm sure they're not doing anything weird. If they can press a button and create and print money and everything we saw with usaid, you don't think that they just press bunny and they're giving money and they're fueling all kinds of stuff and spending money everywhere. How do we know? No one's ever seen it. No one knows where the payments go. So there's fraud involved. That changes everything, doesn't it? So across Federal Reserves going away, that's the real, you know, you can't have a golden age with a Federal Reserve with a debt ridden system where you borrow a dollar and you got to borrow the second dollar to help on the first dollar. It doesn't, it doesn't end well. So there you go. Anyway, there's my tirade for today.

[Jeff]

Yeah, and there's, there's a lot going on. You have a lot of, a lot of moving pieces with all of this. You know, who, what happens after they take down the Federal Reserve? How does that become a stability factor for the US Economy? And do we then step into another form of Fed reserve? And this is where I don't, I don't see ripple or you know, another currency like xrp. I don't see those being the next step. I know that this administration has talked about a basket of currencies in a strategic reserve and I believe, you know, the holdings are going to be Bitcoin, XRP and, and others. They'll have a High holding of those from a global perspective as people and other countries and even large corporations are starting to put Bitcoin into their treasury and we're going to see it with other assets. MicroStrategy is no longer alone in this initiative and it's not just about Bitcoin. So it's going to be the recognizable players, the big movers. Some. We could look forward five years from now and this whole makeup of Treasuries are going to be drastically different. But you know, there has to be a next step and we're trying to shed, this is the whole thing. If you look at the way the government structure is now and where we're going, we're streamlining, we're getting rid of, you know, all these, you know, fat agencies that have been dragging us down for all these years and have, and have been operating outside and under like a kind of a cloak of darkness. And they operate outside of observation. There is no clarity, there is no direct observation that you had mentioned of what they do. And if the Federal Reserve wants to, you know, do. We don't even know who the parties are necessarily that are operating this agency. And so if we don't know that, then, you know, how does this then benefit the longevity of this country, especially where we're at right now? We know we need to take that step back. We know we have to take a major step forward and we're going through a consolidation period right now. As Trump, the Trump administration is going after all these countries with terrorists. We've put all these countries on notice and, and we can see exactly how China is responding. This is, they're, they're now going through, they're battling us out. China's imposing 125% tariffs on us. We have 145% tariffs on that. You know, where does, where does this end? To date, the Chinese, you know, China doesn't import a massive amount of our, of our goods. And they actually have over the years have made it extremely difficult to import US made production, US vehicles and things like that. As we've seen other countries do the same thing like in, in Brazil and elsewhere, they make it extremely difficult to do business in those countries as they protect their indigenously manufactured product and rightfully so. Let them make their own product. That's the point. But don't expect, you know, you to dump your products in our country and, you know, not have that kind of, you have to have a win, win, beneficial relationship on, on all sides. So this is the direction that we're Moving it and you know, we'll see where it all pans out. Chip, it's, it's interesting as it gets fought out in the media.

[Chip]

Correct. One second, I'm getting, I got my phone blown up in my ear here. Hang on a second.

[Jeff]

The RL USD. So that, that's another interesting one that GW is bringing up with the RL USD and we've seen now what Ripple is doing as they move forward with this Stable coin. And there's a lot of things that are being orchestrated right now to help simplify the adoption of the stablecoin. Other countries we're still seeing that they're, they're talking about digital versions of their currency based on the central bank. So they're still, we're still seeing that migration but here at least there's a conversation over normaly and regulatory clarity and a path for stablecoin. Ripple has made a massive move for their business anyways. Obviously you know, based in and around the xrpl having a stable asset from a strategic move, money movement perspective for their product made a lot of sense. And man, you know, it's going to be, it'll be interesting to see how the pace at which banks and financial institutions start adopting the Ripple platform based on the integration of the RL USD and how that dynamic shift, you know, changes over. Over the next. I would say we'll probably see, you know, over the next 12 months then what kind of an impact does that utility have on XRP as they're moving RL USD? Are they. They are burning xrp, but it's such a minuscule. It's a minuscule amount, you know, nothing. I like that the gold standard tokenized that. I think we're going to see a lot of move towards tokenization. What are your thoughts?

[Chip]

Reborn. John said hopefully I didn't miss the Jeff rant. No, but you didn't miss my rant. Sorry, you missed mine. He's. That's one of his favorite parts of the show, the Jeff rant. Don't worry, the Jeff rant's gonna get cranked up. I want to play two videos. The Fed reserve. The Fed kind of like relenting on the, on the banks and also the occ.

[Unknown]

Welcome back to Squawk Box. This morning, banking regulators pulling back some US cryptocurrency guidance. This is interesting guys, because the Fed said it was withdrawing supervisory letters that said that banks should seek advance approval from authorities before engaging in crypto asset and stablecoin activities. In addition, the Fed, the FDIC and The Office of the Comptrollers of the Currency pulled back statements from 2023 that urged banks to be careful when it comes to crypto related risks.

[Chip]

Jeff, why do you think they did this? Why do you think they pulled this back? I'll tell you why. That's the only, I mean, Trump Congress, right, Pro crypto.

[Jeff]

It's amazing. It's amazing the direction we're moving in right now.

[Chip]

Yeah. And this guy can't believe it too. And you know, he kind of leans to the left. He's always getting in arguments on cnbc, but here he is, he's shocked because he thought the crypto bros. Thought they would take a turn. They never did.

[Unknown]

During the 2020, excuse me, 2024 campaign for the White House, President Trump promised crypto investors that he would have their backs if he was reelected. In a statement announcing the latest changes, the Fed said that regulators would look into whether new guidance to support crypto asset innovation was appropriate. But it means effectively that I think a lot of the, those letters have scared the banking system sort of out of getting meaningfully involved in crypto. And now they're saying here, you know, do what you like.

Here's the question. I mean, because it's the Fed doing that. It's not necessarily, it's not like an executive order where it's going to get whipsawed if another administration comes in in four years, I would assume. But again, the politicization of it probably has some concern about whether the winds would change again at some point. I guess maybe it's better because it's coming from, from the Fed.

I think part of it's coming from the Fed and it sounded like part of it was coming from the administration.

I understand this was part of the campaign promises to do these things Again, businesses just don't like getting whipsawed by changes in administrations that lead to huge changes.

[Chip]

Right. Because one's the enemy, the people, and one of them is for the people. Right. Well said there, darling.

[Unknown]

I don't know if this means that, you know, all of a sudden you're going to go to your local Chase on the corner and be taking bitcoin. But I can't take bitcoin.

[Chip]

That's exactly what it means, dude. If you. I don't think. Of course that's exactly what it means. Citibank already announced that you'll be able to buy Bitcoin directly through, through the bank. This is great, Jeff. We've been talking about this for years, right? We saw that happen. Nothing. It really Never took shape in the first Trump administration. It was right towards the end. Yeah. With the. The key to mass adoption. Not your keys, not your crypto. Put that conversation aside for a second. You can't expect people to go to this exchange. Buy it there, send it over here, scan the code, go over there, then put it on a thumb drop. It's too complicated for most people. Okay. People are used to buying stocks. They press a button. They bought the stock, they want to press a button at their bank. They want to be able to have the bank custody it for them and not have to worry about it. And they want to call somebody if something doesn't work. Right. That's what they want. Right. This is the way to mass adoption. The OGs people in a space like us, yeah, that's a whole different story. But you can't expect the newbies. I can't tell you how many people I try to onboard and like, oh, how do I put it on a, you know, on, you know, the keys on my, on the thumb drive and how do I. It's just so complicated, man, to try to explain it to them. And I'm like, I don't want to be responsible. But these two, he's like, oh, I don't think that means you can go to your bank. Well, dude, pay attention to what Citibank just did. Mo Carman. I expect big things this year, guys. XRP is going to blow up. And don't discount xtc, dude. Xtc.

[Jeff]

I can't discount XTC at all.

[Chip]

I'm a big fan of XTC especially. I was able to buy it sub penny and it's what, $0.07 and $0.08 now? The high was $0.19 on XTC. XTC has got so many. We probably don't talk about it enough.

[Jeff]

Here, Jeff, we need to talk about. We do need to talk about it more.

[Chip]

They've got so many great things happening basis. It was infinite. It's fantastic. Let's listen to the rest of this.

[Unknown]

It does feel very different in that crypto is becoming much more widely accepted and maybe if they can get more regulation that, that kind of cements that maybe it would make the banks feel a little better about it.

I mean, look, we used to interview Janet Yellen and she was always, she would always talk to you about the risks of it, right? Jamie Dimon would talk to you about the risk of it. So I don't know, it's interesting because there are people in the banking system who still have their own views of.

The risks, but I think the banking system would also like to offer their.

Get in on whatever the customers.

[Chip]

Yeah, they want. They want to pay $10 a month for custody. Right. They want to be able to do a lot of different things. I mean this is a great new revenue stream for the banks if you think about it. Jeff. Right. So they can add little add ons or it's a way to coax you over to come to the bank. You know, gone are the days where they would make all these crazy fees on you. Those aren't really there anymore. They can't, you're not going to park something and get you know, four and a half percent interest anymore. Those days are gone. You get, you're lucky to get half, half percent interest. Right. Even if you lock it up in a cd. It's so minuscule these days that. Yeah, yeah, you put money into Bitcoin you're going to make money. I mean of course if you compare bitcoin over X XRP over the last year X definitely had a bigger rally.

[Jeff]

Right.

[Chip]

But you know that, that'll change. That can change over time. Here's the one on the occ.

[Rodney Hood]

Digital assets are firmly ingrained in the financial services landscape.

[Chip]

That's Rodney Hood.

[Rodney Hood]

Today, 50 million people own cryptocurrency and hundreds of businesses engage in cryptocurrency and require banking services. National banks and federal savings associations are well positioned to support crypto asset activities from within the federally regulated banking sector. I'm pleased that recently the Office of the Comptroller of the Currency clarified that certain crypto related activities, including crypto asset custody, holding deposits as reserve backing, stablecoins and using distributed ledger technology and stablecoins for payment activities are all legally permissible. The OCC also confirmed its expectation that banks conducting novel crypto activities do so with appropriate risk management processes in place. This action reduces regulatory burden, encourages responsible innovation and enables banks to leverage new technology and innovative ways to serve their clients and customers. To learn more visit occ.gov so you.

[Chip]

Just said it that last bit he said there was the most important part. It allows banks to offer innovation to their customers, also introducing them to a whole new clientele. I saw there's probably gonna be other banks but I saw Citibank was one of the big ones that already announced it that you'll be able to do that and also too, you know, I mean it's gonna create a lot of, I mean the banks themselves are gonna have to hire a third party. They'll hire somebody like a ripple custody. There's a bunch of different, about two, three big ones out there that can go in there and do the custody for you. And then the banks will figure it out, some kind of a way to be insured or something along those ways because people can't worry about making a mistake and losing a key and oops, you know, if it can happen, is a guy like Stefan Thomas, who is the former chief tech officer over there for, for Ripple and he's, I don't know, it's worth a couple hundred million dollars in Bitcoin because he only had 10 tries and he didn't. You know, this is the thing, it's like, oh, yeah, well, I put it on a drive seven years ago. Where's the drive? I know where the drive is. What about the key? What about the password? What about. Right. It can get just complicated. Jeff. So this is a great thing.

[Jeff]

It's too much for most people for mainstream adoption. It's too much for mainstream, mainstream. And that's why for years we've been talking about which one comes first to the crypto exchanges. Buy the banks. To the banks, buy the crypto exchanges or who, who rolls out which product first. We saw crypto exchanges dabbling in banking, you know, and they started doing all sorts of borrows and, and, and things like that and interest and staking. So they were kind of dipping their toe in the banking space, you know, in the, where the, the banks are like, well, we give interest and we lend money, you know, not to the favor of the, of the customer in any way, shape or form. But, but what we're, what we're starting to witness is that the banks are seeing the speed at which crypto is becoming mainstream and normalized. And this is the moment they've been on the sidelines trying to pass it, push it off as long as they could. And they have a couple allies. They had Elizabeth Warren and they had Gary Gensler. Those are their allies trying to push this down the road as far as it could go to let them get prepared. Because the one thing is, is that banks move extremely slowly. They don't just all of a sudden adopt something and it becomes system wide. Many of them are using older computer platforms that aren't even up to par behind the scenes. You know, they don't, they can't upgrade fast enough. So think about all the different regulatory issues and hurdles that a bank is going to have to go through their internal and external in order to start moving into a crypto friendly space. Now they're starting to move in that direction. The first Step is allow their clients to buy crypto. How do you custody it? Like you said, they're going to partner. Is it going to be a, a ripple that's going to help? Because they're working with the banks and the financial institutions to move money. So if you can move money, you know, can you custody. Do you work with a, with an uphold. Do you work with a coinbase? Do you buy one of these entities? Does one of these big banking partners come in and decide, well, we got to buy a coinbase? Now it's publicly traded, do they move in somehow? You know, there's all these different elements that are active at this moment. The OCC understanding the direction we have to go, all the different regulatory bodies are, are seeing it. I think I, I truly believe, you know, 20 and we talked about this in the previous year, you know, where there was going to be no movement in this space until 2025. 2025 was the year the caveat was only with the Trump administration.

[Chip]

Yeah.

[Jeff]

Otherwise previous administration and we would have seen it die the fastest death possible. And it would have been dead right now. There wouldn't have been, you know, oh, we're, they're going to be friendly to it and all that. You know, there were too many people out there that really believe that the leftists, you know, run that they somehow believe in decentralization and the freedom to the people and tokenization and all that. No, they believed in centralization, centralized government, taking the, any, any of the means of the people. You know, there was no, hey, let's try to find a path towards, you know, allowing people to achieve on their own. It's like, no, let's give handouts to everybody and take away from everybody, you know, I mean it's, it's so crazy. Thank God we're in the space and you know, at the moment in time that we're in, you know, but it was meant to be then. That's something else that we had said at that point too.

[Chip]

Of course, Mike says his banks are waiting, are telling them they're waiting on the fdic. That is the, that's what insures right now a bank account up to 250,000. Matt says, Wasn't that V chain price in the old chain before it got revalued? I don't talk about anything from China. I don't invest in Chinese chains and I don't think about it. So I don't really pay attention to what happens on Chinese chains. Let's see, my bank tells me to quit bouncing checks Probably Good thing. Mark Smithson. Mel says the next bull run is going to be 8 to 10x. What happened in 2017? Oh, absolutely. Absolutely. It's going to go ballistic. Yeah, we're gonna. We're gonna crush that. That bull run's gonna look like. Like very junior compared to what's coming. I wholeheartedly agree with that. It's good. Good observation.

[Jeff]

There you go with legendary. Had to write a check this week because the county only takes checks for property tax it online.

[Chip]

That's crazy.

[Jeff]

Imagine that. Imagine that.

[Chip]

Yeah. It's so funny. It's like I have to go to my wife to write a check because I haven't had checks for like 12 years now. Maybe more. I don't know. I lost count. But people are, you write a check. I'm like, a check. And it's funny. I go to my buddy's house and his phone rings on the wall and I'm like, like, like, what is that? You know? I don't know. It's like, I'm like, I got rid of. We got rid of our. Our landline back in 2006. 7. I don't know. It's been a long time. Like, what do you need that for? Like. And of course, my dad still has it. And it's louder than hell. It's got like some blaster. It's maybe from the hearing or something, but it's like the whole house rattles and then you hear the ant. You can hear them kick into an answering machine. I'm like, man, I'm like, you have your mobile right next to you. Like, why would you have to get up to go answer the landline? It's a silly thing, but people.

[Jeff]

And who's calling on it?

[Chip]

I don't know. Usually it's just some BS thing that I've heard him pick it up and answer, you know, or it's a. Because everybody that calls him, calls him direct. So it's just usually, you know, these spam calls, right? I mean, it's not even. Look at this right here. Matt Laroche says, feeling a little old recalling the 2017 crypto stuff. Remembering the Bitcoin, the beast, BCH4 that left those that cleaned up with about 4,000bc. Yeah, that's right.

[Jeff]

Oh, yeah.

[Chip]

That was some crazy times. I mean, you think about that, man, that's a long time. Eight years ago.

[Jeff]

I can't believe it. I honestly, I can't. I remember, like, it was like yesterday. It was literally like yesterday getting into.

[Chip]

A long time ago.

[Jeff]

And starting all this stuff. It was eight.

[Chip]

Scooby Dooby Doo. Hey Shank. Hey Scoob. Like Scooby Doo. Allowing banks to mingle in a crypto. I think insurance liability will be a big thing. Custody providers will be big initially. Yeah, I tend to agree with that statement right there. Good times, good times. But better times are coming, Matt. That's the thing.

[Jeff]

There you go. CCP sucks. That's right.

[Chip]

Right. But the CCP owns its son and I stay away from the ccp. So I know the Chinese people are good. I mean only 80 live poverty level. They're not even allowed into the cities. They have to. They have a social pass. They can't even get into the city. Even the outskirts of the city. So people don't realize that. They think, yeah, these big baller cities you see on TV and innovation, that's for the top 15, 20% and then the top 10%, you know, 5% is a CCP. And this is how it is everywhere. It's always the people are great. The government screw everything up. That's why I believe the crypto and the decentralization is making everything, bringing everything back together. Yeah. That is V chain. Yep. Don't look at it, don't care. Don't care. I investigated a lot of that stuff and I looked at it, especially a lot of the wallets too. They're all like had ties back to China. So you'd be really careful. We do your homework and be like, oh sure it's located in this country. If you do, if you find it, there's always some string going back to the ccp. I worry about back doors. I don't particularly care for that.

[Jeff]

So UK government's mad. They put solar panels in fields and they block out the sun because the.

[Chip]

You know, listen, all the stuff that they. It's all about control. It's all about fear mongering. They don't really believe it. If they believed it, they wouldn't go. If these leftists really believe the tides were rising, they wouldn't buy these multimillion dollar homes on the water. If they really believed it. They just would. They wouldn't end up doing it. I want to play this clip right here. Here's Mr. Wonderful Kevin O'Leary schooling a CNN host, Abby Phillips.

[Jeff]

Then we'll take it.

[Unknown]

Which one is it? Is it 18? Is it 200? Is it 70? Is it 76? Like, like where are we?

Why don't we just pick one situation? Focus on that. Because the narrative around trade is about justifying Tariffs in either direction. Let's just take India, which we know their narrative is going on. They charge 110% tariffs on completely constructed cars going in from America to India. They're saying let's drop that, let's go to zero. If that gets achieved is just one country, that's a huge win. The United States of America is doing.

A lot of work there. And I also would say that's a lot of work.

[Chip]

She, she just wants to cling to. I mean, you got to listen to this whole interview. This is what's wrong with these people. They just can't shut their mouth for five seconds. He just pointed out this would be a massive win. You got 1.3 billion people that live in inside of India and you, I would have to think that a very small portion, even if it's a tiny micro part of people that buy it, it's a huge win. It's a huge boost for carmakers in the US Deals.

[Jeff]

It's massive.

[Chip]

I mean, she's asking him how many deals.

[Unknown]

We're two weeks into this deals, Kevin. I mean, I think that this is really important because he's giving himself 90 days, right? And we've been, we're a few weeks into this now and there has not been not even a one day deal, not even a one deal in announced. So realistically, if, if it's as simple as that with India, why not paper it tomorrow?

So there's actually 17 deals that matter. Think about this. A lot of these countries important to talk about, they don't matter. EU, Britain, which is not part of the EU, Switzerland, okay, Canada, Mexico, India, that's 72% of the pie. I don't care about the rest. I care about Thailand because I have a business there. I got, I got it. But I don't care about the rest because these matter. And then there's the China stack. You got the China stack. That's not just trade. That's theft of IP and all kinds of problems. I love the fact that we're talking about China. Forget about the same. But frankly, if he just gets the, that small stack, that's 72%. Why don't you say that's good?

Doesn't it matter that he keeps. That there are deals, that there's progress, that there are talks and a lot of the parties involved are saying doesn't matter.

[Jeff]

Well, keeps asking the same question over and over and over.

[Chip]

Why haven't we heard about it? Because you'll hear about what it's done. You, you think they're sitting around who makes promises and keeps them, who basically produces results? Wasn't the Biden administration. They weren't doing. Were they looking out for terrorists? Were they looking out for small business? No, man. Their regulations were crushing these small companies. It's ridiculous. In California, first of all, in Hawaii you had the wildfires, right? It was what, a year and a half, two years ago. Not one thing's been rebuilt. Why? Regulations, permits, all this garbage. Now in LA too, I think there's been two permits that have been issued.

[Jeff]

Two permits, same thing.

[Chip]

Trump is tearing down all of this crap. And what I love about Kevin O'Leary is he's, he, he makes a point so succinctly and he goes, just focus on these countries. That's 72%. I don't care about the other countries except Thailand because he has a business there.

[Unknown]

Why does that matter? Okay, there's no everybody. 20, 30, 50, 145. How are you okay with that when you are opposed to t terrorists?

I want 400 on China. I've said that countless times. Here's what I want. Think about this, leaders.

I'm saying you're opposed to taxes, to taxes. And tariffs are taxes, taxes, things that.

[Chip]

You say and throw out there. That makes zero sense. And Kevin has the rope around.

[Unknown]

Permanent tariffs are a negotiating weapon. Why is everyone leader of different in Europe showing up in Washington every week? They want to cut a deal. You don't like the fact that in nine weeks we don't have a deal. No administration's ever tried to cut 60 deals at once. All you need to do is pen one, just pen one. Whether it's India or EU or Britain, whatever it is. And that becomes the hallmark of all the rest. That's that stack. And then let's settle with China because that's a different story story. And I love the fact that she's getting his head squeezed like a teenage pimple right now. I'm good with it.

I think there's a lot of dispute about that.

[Chip]

There's no dispute about it.

[Jeff]

There's no dispute whatsoever.

[Chip]

There's zero dispute about it. Except if you're going to be watching cnn. I mean, if you're on cnn, yeah, there's going to be some dispute about it. But anywhere else, nobody really cares. By the way, you know Scott Jennings, I wanted to show this, Jeff.

[Jeff]

So this is Tata Motors. This is out of India. Now, I'm not, I don't know if a Tata Motors made vehicle will be here, but if you own a Jaguar or a Land Rover or a Volvo. You're driving a car from a manual that's owned by Tata Motors. Tata Motors has very innovative product. They, they ship all over the world. They are one of the leaders in the space. I want to say about 66 billion dollars. Let's see, 100, part of. Oh, it's 165 billion dollar. Tata Group up 444 billion. Organization leading global auto manufacturer. They have so many different types of cars. Look at this one. One million vehicles sold annually. And they, they're impressive vehicles. I got to drive in one. We drove, took a seven hour drive from, from Mumbai to Ahmedabad up through the mountains and you know, it was like a Land Rover. It was a beautiful truck.

[Chip]

I drove that. My brother in law has one and she's very cool.

[Jeff]

Yeah, they're very cool. Right?

[Chip]

It's. I, I wouldn't purchase one. I mean it's a great cheap.

[Jeff]

It's not, it's not a China vehicle.

[Chip]

No, it's not. Well, the Land Rover is a much, you know, better standards. But yeah, I would agree with that. It's, it's okay. I mean, you know, look, I mean there's, there's a car for everybody.

[Jeff]

All right, That's India. That, that's our negotiation.

[Chip]

Look at this.

[Jeff]

That's one of the reasons why they.

[Chip]

Want American vehicles taken a couple hours ago. He's at some course, well some, some function for the press or whatever. So he shows up, there's Abby Phillips and he says dogs and cats living together. Mass hysteria. Because they're like. Because that was Abby Phillips was in the, was in the. Was, was the one yelling at Kevin O'Leary. But she runs the show, that Scott Jennings, she's always hosted it. And they have a panel like you usually six people. And so then John Deon said, what a great pick, right? And then I said that Jennings is a national treasure. And John Deon said he deserves every accolade and every dollar he's paid. He makes watching CNN bearable. Very true about that. No doubt about that.

[Jeff]

All right, we got to take a quick commercial break.

[Chip]

Please do.

[Jeff]

This is made for you guys. Well, so get ready. Type in yeti. You guys know that word. You know that drawing is going to be coming up soon. But here we go.

[Chip]

One legacy. The Blue Tribe. No elders, no kings. A republic of rebels Answering only to the wild. They don't follow, they carve the path Outcast by blood Chosen by fate from the frozen peaks they rise when frosty walks the world Stand still in fear, in awe the Pathfinders hunt unchained, unbroken, broken, unrivaled Frosty. Frosty. Frosty. Clan pathfinders forever Clan pathfinders forever that has yet claim yours or be forgotten on the chain. Beautiful. Another banger. Another banger. Wow, these are getting so long. We can probably just play the next 20 minutes. I can go mix up a drink, get my Guinness, get a Jameson and ginger. Frosty is cold as a cold mofo. He is. He certainly is. It's Frosty the Yeti. There you go. I hope you guys make an animated series. Well, listen, we've got some. Listen, we're. We've got the thoughts and ideas about how to do this animated series, and the AI is catching up big time. So, yeah, that's. That's what we'd love to do. Yeah. If we can. If we can keep. If it can kind of catch up in the next year or two, we might have something, 3D characters running around, animated voices, the whole. It would be a lot of fun 3D versions.

[Jeff]

Yeah, be pretty sweet.

[Chip]

So, Jeff, I want to talk. Let's get the geopolitics here. So Keir Starmer is a complete ass hat. But anyway, he says the people of Ukraine can count on us. And here's the video with him with a guy pretending to be, I don't know, some military dude. There's Zelensky. And there they are walking around. They're just walking up and down the stairs, they're chatting and they're. Hahaha, look at us. Look at. So Ker. Starmer says you can count on us. Okay, so. So I said, you know, your own citizens can't even count on you, dude. You throw people in prison for memes. And Jeff, I'm so proud of this meme because I made this meme with the aid of A.I. this is breaking. Starmer unveils the Ministry of Mean Control to combat dangerous laughter. And you got here, Starmer here. Laughter is treason. There's the Ministry of the Meme Control. People are checking their phones. You got the bobbies in there. Like them? You will chuckle only when authorized. But look at this thing. It's just.

[Jeff]

Man, that's solid.

[Chip]

Look at that. Laughter is treason. Dude, the Ministry of Meme Control. Look at that. Love it.

[Jeff]

Oh man, look at this.

[Chip]

You will chuckle only when authorized. But this was all made with one prompt. Dude, my idea. I made this prompt. It's amazing, right?

[Jeff]

I like it.

[Chip]

Yeah. So there you go. And I. And I can do this. But now if you. All the people from the UK that Are always like, orange man bad. I'm like, okay, do me a favor here. Let me send this. Let me send this little meme to you and post it on your social media big talker. You're so worried about Trump. Go ahead, post it on your thing and tell Keir Starmer, shove it up here. Whatever. Let's see what happens. You'll be in prison for three years. They won't even come near it. They won't even look at it. It's really weird. Like, when I like it kind of created like this. Like, if you look at it from far away, it almost succeeds. Like a little. He's got, like a little Hitler mustache or something. But laughter is treason. I was very proud of that one. It was a good one. I'm like, go ahead. I'll give it to you. I'll give it to you all day long. You can post it the best you can. Finally checks in. We're wondering where Jim D. Was, man. He's probably at that cool jazz bar.

[Jeff]

That's right. It's Sunday night.

[Chip]

Sunday night, baby. Sunday night.

[Jeff]

Sarcasm in the classroom. We don't need no meme control.

[Chip]

We don't need no meme control.

[Jeff]

No dark sarcasm.

[Chip]

No dark sarcasm in the classroom. Let's see. I'm trying to put up a. You hate when you can't download the YouTube videos. And it's like, struggle.

[Jeff]

He does look like his workloads. Yeah. What are you trying to download?

[Chip]

I want to put this. This. This. This Nancy Pelosi, she's lost her mind. I don't know. She was out drinking some vodka a little too early in the morning. But look at this. Listen to this.

[Nancy Pelosi]

Good morning, everyone. And I want to thank Clark Potion for.

[Chip]

Thank you.

[Jeff]

What the hell?

[Nancy Pelosi]

See, for her cardio produce for hosting us today.

[Chip]

What?

[Jeff]

What? What?

[Chip]

She's ruthless and sly.

[Jeff]

Oh, my God, that's great.

[Chip]

All right, she kicked Joe out with her old friend Chuck. Nancy the Nipper. She don't give us.

[Jeff]

Well, the Nipper has officially outdone herself in this one, Patriots. She showed up at a produce distributor yesterday morning because apparently her supply of fresh fruit for the wet bar at home was all tapped out from her morning festivities. Then she went on and rambled incoherently for over 20 minutes, and you're not going to believe what came out of her mouth. Be sure you hit that, like, button and subscribe. We put a smile on your face and let's get on with the show.

[Nancy Pelosi]

Make no mistake, President Spons senseless terrorists.

[Chip]

Who the hell Is that.

[Nancy Pelosi]

Imagine Ronald Reagan, the great communitor. The largest tax act.

[Chip]

The great communitor. Ronald Reagan was the great commuter tax act.

[Nancy Pelosi]

Hike on American families in history when he made his vote first vote for president.

[Jeff]

Look at her.

[Nancy Pelosi]

Of the United States as a young person. He voted for Franklin Delano Roosevelt who overturned the smart smooth Harley. I just thought I'd throw that part out.

[Jeff]

She's a drug.

[Nancy Pelosi]

Hands off our Medicaid.

[Chip]

Okay.

[Nancy Pelosi]

Oh no. He was very.

[Jeff]

He.

[Nancy Pelosi]

And then Donald. What's George Herbert Walker Bush on increasing. No. Lowering the cost to stand united against his reckless economic policy. So again, really even to come to talk about food and food. He starts out. You'll Google it. I'll. I won't do. I'll speak. You'll Google flowers. First of all, many of our small business people are from immigrant communities.

[Jeff]

Oh no. They all jumped.

[Chip]

And you see.

[Unknown]

Such a liar.

[Jeff]

Oh my God.

[Nancy Pelosi]

Later. That's the don't. That's okay. From immigrant communities. That's the don't.

[Chip]

That's okay.

[Nancy Pelosi]

I'll get it later.

[Unknown]

Such a liar.

[Jeff]

I'll get it later. They all go to get it. What in the world? What the.

[Chip]

Yeah. Anyway, Jeff, that was some. That was some funny stuff right there, man. I mean that was some really good cooked.

[Jeff]

That was. That was one of the better ones.

[Chip]

That was. I mean obviously they cherry picked. I mean it was a 20 minute speech but she was just all over the place. I don't know what she was talking about. I. I don't even know why. I honestly don't even know why she was there. I mean, who knows, you know? But this one, this is the latest one with Trump and Zaleski. Look at this meme right here. They put Zelensky's face on the baby. Look.

[Jeff]

Oh my goodness.

[Unknown]

Don't be rude.

[Jeff]

Oh my God.

[Chip]

He's trying to grab the money. This meme's been used for everything.

[Unknown]

Don't be rude.

[Jeff]

Oh my goodness. Too much.

[Chip]

That's just fantastic. So, Jeff, yesterday you're not going to believe this, but I sat through. So tomorrow is the election in Canada, right? They're going to either. So the left candidate is Mark Carney and the right conservative candidate is Pierre Polio. And I watched Pierre Paliev's rally and I watched Mark Carney's and Mark Carney's. Dude, I needed someone to revive me. This was the slowest, most boring ass thing. So I went to their accounts and I pulled up the ad that they ran on their account. So let's look at Them together. Let's contrast them. So first we're going to play Mark Carney. And this is what he. You know, it's the night before the election, so they're going to get out the message, and this is their last message that they want to get out. So here we go. Let's go with Carney first, and then we'll go with Pierre Polyev next. Let me hang on a second. This thing just froze up for a second here. And then here we go. Okay, let's do Carney first. Here we go. No.

[Jeff]

People are anxious right now.

[Chip]

The crisis in the United States doesn't stop at their borders. Now an imminent threat for Canada's economy.

[Unknown]

5% tariffs on all goods.

[Chip]

Beginning to feel like 2008.

[Jeff]

They can become divided and weak.

[Chip]

But this is Canada, and we decide what happens here. Let's choose to be united and strong. Canada strong. What'd you think of that, Jeff?

[Jeff]

When you see some of these things, it's just like, what are we even watching? Like, he has no passion, no belief. What. What does that even mean? Canada, let's be Canada strong. Like, they try to come up with slogans and he just. He just exudes weakness. There's nothing about him that really has anything strong. I wouldn't bore you, you know, I.

[Chip]

Wouldn'T even bore you with this rally. But he go, all he said was, and if you want to know the difference between me and the career politician, I'm not a career politician. But if you're interested in voting for a career politician, vote for the other guy. I was like, dude, that's your message, all right? And people, you can hear like a pin drop and people are holding signs, you know, Carney on it. Riveting. Yeah, it was riveting. Now let's. Let's take a look at pure Polyevs ad. I just pulled them off their accounts. I didn't cherry pick anything. Here we go. Ready? Are you ready to vote for change? Go Conservative.

[Jeff]

That's all you got to see. It's exciting. It was like, clear message. Very.

[Chip]

One of them is asleep. A snooze fest. I was like. And I tried. I. I couldn't get all the way through Carney's. It was just. It was too freaking boring. This guy's a ringer on top of it. He didn't even live in Canada. His business is in New York. I mean, he was running the, The. The bank of whatever. Is it Great Britain? I mean, it's just. The guy's a complete nut job. And what he I don't know. But here you want to see what, you want to see what every Mark Carney event sounds like. This is, this is, this gives you an idea of like what I went through last night watching his, his speech. There you go. Got ridiculous hat, dude. Point.

[Jeff]

Drums.

[Chip]

With a. I mean, obviously that's just all the US on the speech, but he, he's just, just, I mean these people, if, listen, if you vote for this guy and you know, Trump said he supports Mark Carney because he says liberals are easier to deal with. So. And you know, his was against his, his was all against the United States if Carney's ad. Right. So I don't know, Jeff. It's, it's a, it's crazy, but I.

[Jeff]

Think it's difficult because they don't, they don't, they're not voting for one or the other. They're voting for the party.

[Chip]

That's what's Liberal or Conservative, correct?

[Jeff]

Yeah. Parliamentary election. So they're, they're voting for the Progressive or the Democrat Party or the Conservative Party. So looking up their, uh, their numbers here. So before they called the election, before the parliament was dissolved, the Liberal party held 152 seats and the Conservatives had 120. The Cuba Quas had 33 and the NDP had 24. Then there's others with unrecognized parties, independence, or they even had some vacant spaces. So it's really, it's going to be interesting to see because it is going to come down at this point to where to how are these guys going to vote? How, how is the population? Are they happy with the liberalism or do they want conservativism? You know, if they go to the Conservatives, obviously, you know, they have their, the head of their party. And we know who's heading up the, the Liberal Party. I don't see how they vote Liberal in Canada. Are they doing so, you know, so great up there that they want to vote Liberal? You know where most of these votes come from? Probably like Toronto and Canada's like Massachusetts.

[Chip]

Okay. They just vote, they just pull the, they just pull Liberal. They didn't like Trudeau, you know, and I was in Montreal a couple times, I did an unofficial poll. Almost everyone told me they did not like Trudeau, but they're still gonna, but they voted for him. They're still gonna vote for him. Meanwhile, Carney was his main financial advisor and their, their, they're totally screwed up. Let's watch this little bit here. Check this. More stuff on Carney here.

[Unknown]

Carney Just pulled back the curtain on the Liberal plan to crush free speech. And here's why every Canadian should be absolutely alarmed. Do you remember Bill C63, the Online Harms act, aka the Online Hate Speech Bill, aka the Free Speech Killer. Well, Mark Carney just made it crystal clear that his Liberal Party will be resurrecting this online censorship bill to tackle harms in the digital Wild West. So even though 85% of all mainstream media sources are subsidized by government funding and 90% of all news consumed by Canadians comes from a subsidized source, Carney believes Canada needs more regulation to deal with what he considers disinformation and harmful content. Because the Liberals also need to control what you can and can't say online. And if you step out of line, well, here's where things get a little crazy.

[Chip]

Sounds familiar, right?

[Unknown]

Sounds exactly like 1963 is disguised as a law to protect children. However, when you look under the hood, you will find that the Online Harms act is the most dangerous piece of authoritarian legislation in modern Canadian history, period. Under this bill, you can be fined up to $50,000 for hate speech by a Liberal appointed tribunal at the Canadian Human Rights Commission. No jury, no appeal, just appointed political ideologues playing judge, jury and executioner. They're also reviving section 13 of the Canadian Human Rights act, the same Orwellian provision that was scrapped in 2013 for being a censorship tool. It allowed the government to punish people not for what they did, but what they might say that could be considered likely to expose someone to hatred. Likely.

[Chip]

Oh, it's funny about that, Jeff. What was that Tom Cruise movie, you guys remember it, where he was in the pre crime unit, Remember?

[Jeff]

Right. Pre crime. If you thought about it, they were.

[Chip]

Thought about it, they would come arrest you right before you might or might not do that. Right? What was it called? Something Day. Resurrection. That was Something Day.

[Jeff]

I know, I don't. But yeah, I forget the name.

[Chip]

And he'd rush in and like they, they bring some Minority Report. That was it.

[Jeff]

It's not a day at all. Ethereum.

[Chip]

I was thinking Resurrection Day or something like that. That's a. That was it. That's a different person, but different actors. Minority Report. Thank you guys. But this is what it is. This is a Minority Report. What you might say, are you kidding me? This is like taxes on unrealized gains. What the hell's wrong with these people? Look at this stuff, Jeff. It's insane.

[Unknown]

They did. But what they might say that could be considered likely to Expose someone to hatred, likely what you might say that could be offensive, Just maybe. And for this, you will be silenced proactively. The bill creates a digital safety commission, which is a government body with the power to monitor your posts, control platforms and demand takedowns at will. Think China's Internet police. But here in Canada, a new criminal offense called offense motivated by hatred comes with a life sentence. Yes, life in prison for online speech that the government deems hateful. The bill also allows for retroactive indictments. So you better take down those old tweets or leave the country while you still can. And the best part, the best part is that they're going to crowdsource complaints. And if someone claims that your words harmed them, they could be awarded up to $25,000 for ratting you out. So now the most unhinged, perpetually offended woke activists can literally make a living off being triggered by your opinions while you're bankrupted or jailed for sharing opposing views. If Bill C63 gets revived by mark carney and passes through a liberal government, this is what Canada will look like in the coming years.

[Jeff]

But you've alleged to say speak english.

[Unknown]

What was that effect?

[Jeff]

Speak clearly.

[Chip]

The gentleman's partially dead.

[Jeff]

Yeah, yeah.

[Chip]

So I couldn't even hear them.

[Unknown]

No, and that's fine. And that's why we've just come to.

[Jeff]

Speak, because potentially someone could perceive that as a hate crime.

[Chip]

Why am I in cuffs? Because of something he shared then I.

[Jeff]

Shared because someone has been caused, obviously anxiety based upon your.

[Chip]

By the way, these police are the biggest in the world, Jeff. You could punch them, right? I mean, they wear these goofy outfits and think and stuff. I mean, it is here. It reminds me of like, you know, if you saw a u. S. Cop versus one of the. Whatever they are over there, right. Remember the scene in indiana jones where the guy's got the gun, he's right.

[Jeff]

The whip.

[Chip]

And pulls out the gun. He just pulls up and like, there you go. That's what happened.

[Jeff]

So I'm actually being arrested. Most of them, they never work out. You see our police here, Some of these guys are jacked, you know, I mean, you can tell that, you know, they're working out. You know, they actually care about what they're doing. And you go over here and these guys, it looks like, you know, they've never seen the inside of a gym a day in their life.

[Chip]

Well, listen, we have mall cops that are more dangerous than this. We have mall cops that aren't even real cops that are way more. Ok, this is in relation to some comments that you've made.

[Jeff]

Look at the size of that camera.

[Unknown]

And just when you thought it couldn't get any worse, consider that this censorship blueprint mirrors the UK's dystopian laws where thousands are jailed for social media posts every year, others for protesting with signs that are deemed hateful, and even some for thought crimes. In 2023 alone, over 12,000 people were arrested for what they posted online. That's over 30 arrests per day for tweets, Facebook posts, and even private messages that someone somewhere found offensive. People have been fined, jailed and fired for things as simple as jokes or political opinions. Others have had non crime hate incidents added to their permanent records even when their actions did not constitute a criminal offense just because someone got offended. In fact, over 250000 non crime payments have been recorded in the last 10 years, even against children as young as nine. Police departments now dedicate massive resources to social media patrols. It's estimated that over 60000 police hours per year are used to monitor people's opinions instead of catching actual criminals.

[Chip]

That's enough, Jeff. I can't.

[Jeff]

Yeah, I can't even. I can't take it, you know, it's bad.

[Chip]

I can't do anymore. Let's do the draw. Oh my God. This is. It was. It's just ponderous and you know, it's like everything against Trump and the terrorists. We gotta build Canada. We go, okay, great.

[Jeff]

And then you kick these guys and.

[Chip]

Then you want to censor everybody and you know who they're going to go after. They're not going to go out to the liberals. They're gonna have to go. This is gonna just basically jail all the conservatives. Right? Holy cow, we got 23 people. Let's go.

[Jeff]

Well, before you do it, you got to run this commercial one more time.

[Chip]

I'll be another hour. Joe.

[Jeff]

It's a whole minute. One minute. I used to make them for like 30 seconds and now they drag on a little bit, but here we go. Let's roll this. Get your yetis ready. Make sure you type in yeti. Get your zombie wallet ready. The. The song doesn't mention Zaman wallet in this song, but make fiction again. Let's roll it. Here we go.

[Chip]

One legacy, the blue tribe. No elders, no kings. A republic of rebels Answering only to the wild they don't follow, they carve the path Outcast by blood chosen by fate from the frozen peaks they rise when frosty walks the world stands still in fear, in awe the path find.

[Jeff]

The hunt.

[Chip]

Unchained Unbroken Unrivaled Frosty, Frosty, frosty on the chain. We got a couple of yetis in there. We had 23, now we had 28. Sorry, laden. We better get your Yeti in there, boss. Xrp rocks. So we get your Yeti ready? Let's go. Everyone's ready. They're all geared up. Greetings from Belgium. Beautiful, man.

[Jeff]

You came in that late, man. 3:00 in the morning over there.

[Chip]

Holy canolies. All right, here we go. We got 28. You guys ready for this? Let's go.

[Jeff]

Roll it.

[Chip]

All right, well, we can't win because we didn't. I. You didn't type yet?

[Jeff]

We didn't type it once.

[Chip]

All right, guys, when it's ready, it'll be really awkward. Then it will be rigged because that's awkward.

[Jeff]

It's very awkward.

[Chip]

Let's go. Wait. When I do this, play the badass Yeti song in the background. It's just.

[Jeff]

Hang on. Hang on a second.

[Chip]

It seems so weird, like, with nothing playing in the background.

[Jeff]

Hang on a second. All right.

[Chip]

I'm hanging out, Jeff. Ready? Here we go. Let's go. Who's gonna win? Here it comes. Who's it gonna be? Legendary.

[Jeff]

Legendary.

[Chip]

Look at that. Ray wins. Legendary wins. Beautiful.

[Jeff]

Nice.

[Chip]

Rigged.

[Jeff]

You know what that means? Rigged. Let's go.

[Chip]

We gotta hear from you, man.

[Jeff]

Now the question is, is he still here?

[Chip]

We're gonna find out. Just need to hear from you, man. See? Yeah, yeah, yeah, yeah.

[Jeff]

All right.

[Chip]

Yeah, you were close. So you're. I. I hate when you're like the one right before, because for a second you think you got. And then, boom. Rug pull. Damn. He's here.

[Jeff]

Oh, you're the winner. Thought you were the big winner.

[Chip]

Legendary. Huzzah.

[Jeff]

Look at that. Nice.

[Chip]

It's already there. All right. Legendary wins.

[Jeff]

All right.

[Chip]

Was it legendary saying it was rigged earlier? Is that my imagination?

[Jeff]

I believe so. Legendary. Thought it was rigged.

[Chip]

All right, it's rigged. Let's choose another one. Choose somebody else.

[Jeff]

There it is. Look at that.

[Chip]

Boom. That's legendary. Beautiful rigged pole rug for. Congrats.

[Jeff]

I gotta go. Hang on. I gotta go into the real YouTube.

[Chip]

I don't know.

[Jeff]

Can't copy it from the stream.

[Chip]

I know. It's so weird because I know sometimes you want to put a comment somewhere.

[Jeff]

Store it, then you gotta go search for it.

[Chip]

Yeah. For some reason, you just can't do it. So awkward. Dude. Badass Yetis on the chain.

[Jeff]

Taking forever to log in. Here we go.

[Chip]

In the background. Like that.

[Jeff]

That's cool.

[Chip]

Good work. Good work. Typing in yeti and getting lucky to be randomly pulled.

[Jeff]

Good work.

[Chip]

Hey, while we're. While we're waiting for that, I'm going to play this video real quick. Let me turn off the badass yetis.

[Jeff]

Hang on. I gotta switch back to that. But waiting for this YouTube to load up there.

[Chip]

Don Lemon, formerly of CNN, who lost his job over there, but he thought he'd just go interview somebody in New York and ask them their thoughts. Then. I don't think this went the way he expected, but here we go. I do. What do you think of the prices? I think the Democrats have screwed us all.

[Jeff]

The Lemon?

[Chip]

The Democrats in New York. I walked away from the Democrat plantation. I had to. Just because I'm transgender doesn't mean I need to be a Democrat. I hate what the city has become. It used to be beautiful and fabulous, and now it's shitty. And we need Trump 2028. Hold on, hold on. Trump 2028. You think he should run again? Of course. But that's not. That's not. Hey, the Democrats can be like, we can get Obama. So you know what? Go along with it. I think you want to see an Obama. Trump. Yes. In 2028. Yeah.

[Jeff]

Who would win Trump.

[Chip]

You did not expect that at all, Jeff.

[Jeff]

No.

[Chip]

Gosh.

[Jeff]

Oh, you know what else we need? We need legendary. Throw in your. Yeah, we want to dm.

[Chip]

Yeah, we want to know.

[Jeff]

We got your thing, but we need your. Your X handle so we can. And I'm going to transfer it right now. So here we go. Get ready, because we're transferring this bad boy over to you. It's gonna happen here in three, two. Gotta open up the Zombit app first. Takes me longer to open up the zombie app that it does to send it. Getting ready to scan it. Boom. Scanned it and sending it now. It's on its way.

[Chip]

Are you at Legendary? Is that you? No.

[Jeff]

There you go. Transfer has been submitted.

[Chip]

No.

[Jeff]

Done. You are now the proud owner of Badass Yeti of the Plat Pathfinders from the Blue Tribe of the Pathfinder clan. His name is Frosty.

[Chip]

Okay. He sent it to you on the chain channel, so.

[Jeff]

On the chain.

[Chip]

I can go check it, too. Let's see on the chain notifications.

[Jeff]

On the chain. On the chain. I'm in on the chain.

[Chip]

I don't see it in there.

[Jeff]

I don't see it.

[Chip]

No, let's see it either.

[Jeff]

I'm in here on the chain.

[Chip]

Oh, no, he sent it to yours. You're You're Jeff.

[Jeff]

Oh, he sent it to me.

[Chip]

So grab it from me.

[Jeff]

Okay. Oh, there he is. Oh, I already got that.

[Chip]

So now sure it's your accent.

[Jeff]

I'm following you. Yeah, I got it here.

[Chip]

Okay.

[Jeff]

I have to make sure that the badass, badass yetis are following them on the chain. Badass yetis on the chain. There he is. You're following badass yetis. Now we're following you. There we go. There we go.

[Chip]

Put it in there so I can follow. Put it in the private chat there.

[Jeff]

Yep.

[Chip]

The URL.

[Jeff]

Private chat. And then I'm gonna say so I can follow. Congratulations for all the hard work to legendary at legendary Dave for winning a badass yeti of the blue tribe.

[Chip]

Stick it on there. Where's the. Where's the.

[Jeff]

Putting in the thing real quick so I don't lose this.

[Chip]

Okay. Frosty, frosty, Frosty. The yeti. The rusty the yeti. Yeti.

[Jeff]

Huh? Boom. There we go. Now put this up here. And look at all this dead downtime we're having while we're sending.

[Chip]

I know. That's some.

[Jeff]

There we go. Boom. Sent. It's now on X. And I'm just waiting, Jeff, for the legendary wins. There you go. Now in the private chat.

[Chip]

X handle.

[Jeff]

Oh, now I lost the X handle. Hang on a second. All right, that's it. Wednesday night, another show.

[Chip]

Your yeti. It's on XRP Cafe. Just connect your zombie wallet. You can go look at it. That's all. Okay, Legend, I see it.

[Jeff]

Okay, there you go. It's in the private chat. Sweet. Wednesday night, 8:00pm Eastern Standard Time. We will be back at it again. And crypto, welp, made it in for the last five minutes of the show, which is really great. And we will be at it again here. What is this? Oh, yeah, Florida. Another Florida Democrat jump ship and became a Republican. That's good. And bad. It's good because, you know, we control more seats. Bad because then all of a sudden you have some of these Democrats in the party that you don't know exactly how they're going to vote when it, you know, matters. But. But it's good. They don't like their party, so they're moving things in the right direction. Top marks. Chad is out. Chip getting ready to wrap this thing up. Be back Wednesday night, 8:00pm Eastern Standard Time. Eastern standard. Would it be Eastern standard or Eastern daylight Time?

[Chip]

Well, that's the other thing Trump's talking about getting rid of. It's never changing. Never changing it again. Like there's But.

[Jeff]

But it's confusing, Chip, just because everyone still uses, like, est. And if you write edt, it looks weird and people and that, you know, someone's gonna say, well, what is edt?

[Chip]

I just put Eastern time.

[Jeff]

It's right.

[Chip]

If you know what, if you know where we are in the cycle, you understand where. Eastern time.

[Jeff]

Right. So hopefully people know or they gotta look it up.

[Chip]

Legendary Florida locking up illegals. Yeah, right. They're all locking up. And then, like, you know what the best part, I just want to say one last thing before we get out of here. But the best part is like, remember, they were like, nobody is above the law. So they arrested these two judges and they're like, oh, my God, they arrested judges. And so now everyone from the Trump administration is. Is putting out there. Nobody is above the law.

[Jeff]

That's right.

[Chip]

You know what? They think it's a felon. Look, they warned them. Tom Holman said, hey, if you obstruct, if you go ahead and hide, if you have anything to do, it's a felony offense. You will be arrested. You will be thrown in prison, convicted.

[Jeff]

What did they think?

[Chip]

They thought he was joking. They thought it was still the Biden administration where everybody comes in illegal. And, you know, I mean, they must have. They said it before, before he actually took office. They. They put it out there. And meanwhile, the judges are just. One of them is living in the residence, the other one's walking them out the back door so that ICE wouldn't get them. Now you have one of the governors saying he's going to do everything in his power. The illegals don't arrest him, you're gonna get arrested next, dude.

[Jeff]

Right?

[Chip]

Just make it easy. Take them all out. I mean, this is fantastic.

[Jeff]

And that'd be the end of the governor.

[Chip]

It's gonna be the end of the governor. See you later, stupid. It's a felony offense. See, you're stupid.

[Jeff]

But that's.

[Chip]

All right, guys, that's it. We'll get out of here, guys. See you guys on Wednesday night, 8:00pm Eastern time, obviously. Miami time. How about that? Miami or New York time? That way.

[Jeff]

Definitely not New York time. It's Miami time.

[Chip]

See you guys on the next one. Chip and Jeff. Oh, oh. Are you down with otc? Please like, subscribe and click the bell.

[Nancy Pelosi]

To be notified when the next video drops.