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On The Chain - Blockchain and Cryptocurrency News + Opinion
Garlinghouse Reveals XRP's Future on 60 Minutes | Strategic Reserve Speculation
01:05:22
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- [00:02]
Jeff
Hey, welcome to on the Chain. This is Jeff. Looking forward to talking to everybody here tonight. We got a lot of things to cover, a short amount of time to do it in. You know what? Garland House reveals XRP's future on 60 Minutes. Or does he? We're going to review it. What exactly did he talk about on that 60 Minutes episode? Looking at the comments, you guys were joining in and talking about it before I started here. I see a lot of disappointment in the interview. So we're going to dig through it a little bit. There's two different segments that we can cover. I'm getting a little bit of light here. Getting some feedback off my shirt also. That's all right. And we're going to get into this speculation that's going around about bitcoin being a strategic strategies, a strategic reserve for the US and there's some a big player that happened to bring that up. So if you guys are ready to kick this thing off. I'm ready. And while we're doing that, why don't you guys give a quick shout out where you are tuning in from. And also we're going to be doing a giveaway for a kick ass badass yeti. I'll be bringing that up here in a little bit. So type in yeti along with where you're tuning in from. And we're about to kick this thing off. So if you guys are ready. I'm ready. Let's get this thing going. Do some guitar and bells. How about that? Let's go. All right. That was awesome. That was absolutely awesome. So we're gonna start the the giveaway. You know what, Looks like I have to refresh. There seems to be an error with the page. Let me double check what is going on here. Hang on one second. Let me double check. There we go. All right, we've already got a few entries for the badass yeti. So give a shout out to where you guys are tuning in from and the yeti. So we've got people coming in from all over the place, which is awesome. So great to see people tuning in from one part of the world to the next, one coast to the next. So we want to dig in and get into it. But you know what I need to do real quick? Let me, let me pull up the XRP cafe and pick out. We're gonna pull up the badass yeti that we're going to be giving away today so I can show that off. It's coming from the white tribe so we definitely want to get one badass Yeti coming out of the White Tribe and today, you know what kind of thinking about, I, I kind of like these, These are, these are cool. Let me see which is, which one do I like? You know what? I like this guy right here. I think he's, he's kind of cool. So I'm gonna, I'm gonna share this here in a second. This is affectionately known as one of the yuck yucks. Let me see if I can open them up. There we go. Got him there, full screen. Let me add him to the stage. There he is right there. That's a yuck yuck. That's a yuck yuck from the badass Yeti's White Tribe. He's kind of kick ass, kind of like they had a little bit of comedic relief to the whole badass Yetis tribe. And so there he is right there. Look at that. We're going to be giving that one away. 13:16. There's all of his properties right there. But this is the baddest Yeti's White Tribe Yuck yuck. And if you want to see how that was spelled, that is right there, the yuck yucks. So, all right, so that is, we're going to be giving that guy away. So start typing in yeti. And as that kind of goes through, we'll, we'll do a, a drawing here in a little bit. But I'm looking here. We got the yowies. We actually have a yowie nft all drawn up and ready to go. We also have a badass chimps that we're going to be launching here in a bit. But so first things first, let's get to a little bit of business, so to speak. So I want to go through, want to talk about, let's talk about this latest interview with Brad Garlinghouse. You guys saw it. I was looking at a bunch of the comments going through that you guys were talking about. And so let's look at, let's look at some of the commentary that starting from the top. So you guys are, are tuning in here. So we have this one I think is pretty poignant. And this is 60 minutes. They haven't even mentioned the 75, 000 + XRP holders who actually supported ripple versus the SEC. We have some disappointment. They didn't talk about Inman. Bashir brought it, brought up a lot of this. You know, why would they interview some random guy who knows nothing about crypto? So let's, we'll, we'll take a look. We'll, we'll go through that and see exactly what we get. Dakota was said, you know, look, it should have been a 90 minute segment, but it was on 60 Minutes. So I don't know. I think 60 Minutes is probably a 60 minute segment, but I believe it was only like a 13 minute segment. They didn't even do the, the full 60. There's so much they could have done to talk about on the crypto side and nothing, you know, and, and they just, just don't touch enough. They, you know, there's so much in terms of the lawsuit and everything else. So let's see if we can pull this up and I'll share it. We're gonna kind of go into, let's see how this is gonna play off. It's about third. There's a 13 minute clip and then there's another section here on who were the crypto voters. So I want to get into that also. We're going to break this up. Let's workshop this interview a little bit. Let's see if I can go full screen over there. Make sure the audio is, is good. Audio should be good. Let's add, add it to the stage here. So this is going to be big crypto, right on 60 Minutes. We'll play a little segment of it, we'll break it up so that way they don't say, hey, we're trying to play this whole thing in its entirety. So let's see what we get here. Let's start this out.
- [07:09]
Brad Garlinghouse
Such apparent impact as the cryptocurrency business did in the last election. Cryptocurrencies like Bitcoin are digital assets created and maintained by networks of computers, mystifying to some and mesmerizing to others. They're used for transactions and as high risk investments with potentially high Rewards. At least 17 million Americans own crypto. And how the industry should be regulated in the US has been the subject of much dispute. With an important piece of legislation now before Congress, perhaps it's no surprise that big crypto companies were among the top donors in this past election.
- [07:50]
Jeff
So, you know, it's amazing to me, you know, you listen to these reporters, and she was saying that it's now in front of Congress. So it's no surprise this time. But if they would do their research, they'd realize that the Token Taxonomy act was in front of Congress back in 2018. So, you know, we look at it from that perspective. For the past six, seven years, we've had crypto in front of Congress, and it was brought there to try to get some traction. Maxine Waters wouldn't even give it the time of day when it came through because it was, it went to the Financial Services Committee while she was the chairwoman and it got zero, zero attention. Basically, the Token Taxonomy act made it to Congress and, and died in committee and never made it out. Now, to the point there's a whole bunch of things going on right now that we could say there's definitely some positivity within the crypto space because. Not because of anything else other than we have a new president. And Trump has come out very outspoken that he wants to see embracing of this innovation, embracing of cryptocurrency. There's obviously a lot of other things that have played into that, but that's where we're starting to see, you know, some real momentum. But with that. So now if you take all the other activity that we'll see within Congress, both the House and the Senate, and the sheer number of pro crypto elected officials, now you pair that with a pro crypto president with pro crypto legislation, now all of a sudden you're onto something. Without the pro crypto president, without pro crypto in Congress and Senate, you're not gaining any traction. And that's what we would have had, had Trump not won. But we know he was going to win. But without it, there would be zero focus on anything positive within the crypto space. So. And they might just, they might be bitter. They're using a, you know, negative spin. It is mainstream. It is 60 minutes. 60 minutes is probably as irrelevant as Time magazine or the New York Times or something like that. So let's see what else we got here. Let's go.
- [10:20]
Brad Garlinghouse
And since the election, the price of bitcoin has hit record highs. It isn't clear whether the crypto industry will get Congress or the incoming Trump administration to craft the regulation or the legitimacy that they seek.
- [10:35]
Jeff
But they've been legitimacy. We're looking for regulatory clarity, not legitimacy. Like the way they write, they write things, these things up is, is so asinine.
- [10:48]
Brad Garlinghouse
Investing a whole lot of their own cash to get something the story.
- [10:56]
Jeff
All right, probably can't. Let's fast forward that a little bit. Well, from celebration. All right, so let's let me take it down so we get, get through to the commercial. And then, so, you know, I find it, you know, just really interesting. Let's see if we can see if I'll let it go through the commercial. But like that, Mark, these trolls think no crypto project has a single use case. And all investors Are idiots segment was, as expected, a complete hit job. That's it. That. That's all this was, you know, just complete hit job, you know, and this, it's interesting, too, because within the mainstream and think about who Main street and mainstream is backed by and, and they're kind of. They're kind of bitter, you know, they're definitely, definitely, you know, bitter over. Over what they've missed out on. Let me see here. All right, it's still going through all sorts. Ridiculous commercials. See if we can get to the, get to the point. Then they have a whole, a whole segment on. On who are the crypto voters. Oh, here we go. All right, so let's pull this back up now. Here we go. It's added. Let me go full screen. This will be a little segment with Garling House. Let's see what we got here. There we go. All right, let's play it.
- [12:20]
Brad Garlinghouse
Maybe need bulk difference, particularly in the end of a cycle. Do you think you tipped the scales?
- [12:25]
Unknown
Do I think that putting that amount of money in the Ohio election had an impact? Absolutely. Crypto for all of us is.
- [12:32]
Brad Garlinghouse
Brad Garlinghouse is the CEO of a company called Ripple, whose cryptocurrency, XRP, became the third largest in the world this past week. Ripple and two other companies contributed $144 million.
- [12:46]
Jeff
They're. They're so the me. The. The mainstream media. And this is where it's a little bit unfortunate up, you know, because you have a. I don't. I honestly, I didn't even know 60 Minutes was still a thing until Brad Garland announced that he was being interviewed by 60 Minutes. But, you know, I'm trying to figure out, you know, what kind of people, you know, within society are still watching 60 Minutes. I'm sure there's a good, good number, but they're probably not on the computer avidly trying to research anything. I would leave it up to, you know, again, mainstream to where they always put some sort of a twisted agenda on it. They're never being, you know, forthright with exactly what they're saying, how they say it, how they present it, and at least to try to do a little background research on the history of digital assets, you know, but here, you know, from this perspective, again, right out of the gate and you guys can go online and watch this, I, you know, I thought it'd be, you know, interesting to break it down and go through it, but just looking at their inaccuracies, you know, now you'd have to sit through and watch this whole thing and the whole thing is just, you know, built on an incorrect premise right from the beginning, you know, their xrp. Yeah. You know, and now it's number three. Well, if we would have gone back and said, okay, where did it actually, you know, when Was it number two? When was it almost number one up back in 2017, 2018? Are they even going to go back that far in history to look at what the space represents and then look at what the lawsuit did from December 20th of 2020, you know, when they, they dropped the lawsuit. And you know, so yeah, if you actually go to 60 minutes, you can see it there. And so let me grab, I'll actually grab a. And we'll, we'll put it into our, we'll put it into our comments. All right. When we send out the email afterwards. But there's a link to Garling Houses tweet and from there there's actually a link right to where you can find this. So. All right, let's, let's hit this a.
- [15:15]
Brad Garlinghouse
Little bit more to super PACs that supported pro crypto Republicans and Democrats.
- [15:21]
Unknown
Do I think we had an impact to elect a Democratic senator in Michigan, Alyssa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona? A Democratic senator in Arizona, Gallego? Absolutely.
- [15:34]
Brad Garlinghouse
Overall, crypto companies contributed one third of all direct corporate contributions to super PACs. Of the 29 Republicans and 33 Democrats the industry backed in congressional races, 85% won.
- [15:48]
Unknown
That's incredible.
- [15:49]
Brad Garlinghouse
So you see this election as a major victory.
- [15:52]
Jeff
Those are, those are pretty big numbers, you know, to see what their success rate was of who they back. But you know, who they didn't back through Fair Shake, no money ended up going to the Deaton campaign, as far as we can see. And maybe Deaton can shed some light on that. But I don't think we saw any money going from Fair Shake over to Deaton's campaign. And he was taking on Elizabeth Warren, who is obviously the biggest spokesperson against cryptocurrency within, within Senate. So. And there. Yeah, Oscar, that's exactly it. I hate how they abuse the sound bites to fit their narrative. And that's exactly what they're doing. They have a whole interview and they're obviously just taking little snippets of his interview to, you know, kind of, you know, play off whatever their agendas. And, you know, why? Why, you know, the big question is. Yeah, exactly, you know, why would he go and talk to cbs? Maybe, you know, maybe some news is better than no news because you're not really getting much news. You know, other than that. So let's see what. What else we get. What poser vote. Vote Biden 2024. There you go. Exactly. That's all they cared about. That's all they really cared about. There's another one. Salotkin barely beat Mike Rogers in Michigan. So Slotkin shouldn't have beat Mike Rogers in Michigan. So that the. Barely beat. The narrowly beat. Shouldn't have beat. So if they would actually. And there are definitely some shenanigans that have gone on in Michigan for the past couple election cycles. And unfortunately Michigan has a horrible secretary of state and an even more degenerate governor. So if you consider the deck is stacked against anybody running in Michigan and there's definitely some manipulation in outcome. But at the overall though we look at Michigan, I think it ended up pretty red across the board. Other, you know, from what it was before. So there was a major correction, as you know, as there was seismic. As there was, you know, across the country, a correction. But that didn't get rid of all the shenanigans. So I believe that Mike Rogers probably won that election if it wasn't for all the shenanigans over there for sure.
- [18:32]
Brad Garlinghouse
But some people will look at that and say you teamed up and bought an election.
- [18:37]
Unknown
It is a.
- [18:38]
Jeff
Voters voted. They teamed up and bought. And bought an election. There's super PACs everywhere from every, from every agenda. There. There's. There's packs. So. So now they're gonna say they teamed up and bought an election. They. They didn't buy the voters. This is such negative spin. It's really unbelievable that CBS. CBS is so irrelevant. 60 minutes is even less relevant. I mean, if you put Time magazine and CBS and the New York Times, you know, all together, you know, they're all, you know, just basically just useless, quote, unquote news entities. But, you know, but he is there. So let's see what else we get.
- [19:21]
Unknown
We educated voters as many industries educated about candidates.
- [19:26]
Brad Garlinghouse
But you helped supercharge the candidates with the money and the coffers. Right on whatever they is they wanted to talk about.
- [19:33]
Unknown
That's absolutely right.
- [19:34]
Brad Garlinghouse
So in your mind is the message for any lawmaker looking to run for office that they have to take your industry seriously. Fear your industry.
- [19:46]
Unknown
Fear all citizens should want people.
- [19:49]
Jeff
I'm really wondering where. Where the. The synchronization question to answer is. You know, you wanted to take. Why. Why would they fear the industry? Why. Why would they. Why is she asking that question? Do you want, you know, them to take the industry serious? Yes. You know, that, that's the whole point. I mean, it's such a stupidly phrased question. You have Brad Garlinghouse on there. You have this major industry, you have all this momentum. I mean, we'd have to pull, we have to pull that interview up with Jeff Bezos from Amazon. And he was sitting there and they were, you know, on. And they were belittling him at that time. Also, whatever year that, that in one of you guys probably might remember, it's probably early 90s, maybe mid-90s, late 90s. I can't remember exactly when. It's probably late 90s, but they, you know, he, he had put together or he was interviewed and it was all about while I'm going online and he's going to start selling books online. And, and the interviewer was, it was, you know, again, you know, they just consider where Jeff Bezos and Amazon is now today, and you know how they looked at it and they belittled him. But the way they phrased these questions is, is just, it's just so crazy, you know, total manipulation, totally loaded manipulation. That's exactly it. Yep. So there you go. Bmac. Such a wasted opportunity to highlight the positives. So you have innovation, it's accepted, like on a global scale. We see what's going on in South Korea, you see what's going on in Japan, see what's going on in other parts of the world with cryptocurrency in the Middle East. And you want, if you understand the technology, understand blockchain, understand what it's actually doing. And yet you have this interviewer that brings a CEO from one of the biggest companies in the industry and these are the stupid questions that she asks. It's really just mind boggling. It really is. It's truly, truly mind boggling. So here's where Kelly's saying, we just got out of the fight. You stage. Now they join us. They're bitter, but they'll soon change and I'll be retired. Right? They're definitely bitter right now. You know, they're for sure bitter over this whole thing. You know, it's crazy. But why would anybody be scared of the industry? That makes no sense.
- [22:19]
Unknown
In Congress, on the Senate and the House, who are going to look to how do we use technologies in a way to benefit citizens.
- [22:26]
Brad Garlinghouse
But the best news for the crypto industry came at the top of the ticket.
- [22:31]
Jeff
That's right. The United States will be the crypto capital of the planet and the bitcoin superpower of the world.
- [22:38]
Brad Garlinghouse
And we'll get it done before this cycle. In June of 2021, Donald Trump was saying bitcoin seems like a scam.
- [22:46]
Jeff
Yeah, this is going to be interesting because. And that's true in the beginning of what cycle? You know, what, what cycle? Bitcoin's been out since what, 2012. Before that, 2010. So what cycle is she talking about? Exactly. But, but Trump did mention that he thought it was, he educated himself. He was surrounded by smart people. He understood it, understood that he had to make a shift in direction because technology is here to stay. And he had a change. And, and that was his commentary in the beginning. He didn't really understand it, he thought. But it was also coming from a perspective, this, how the media slanted it, that he said that we're not going to have it replace the US Dollar, that we're not replacing the US Dollar. And that was at the time, the discussion point back then was, will bitcoin replace the US Dollar? And he said, digital money, no, you know, we're always going to focus on the US Dollar. The US Dollar comes first. And that was his point with that whole thing. So let's, let's see what else we get. Let's see.
- [23:55]
Brad Garlinghouse
Do you understand what happened with that transformation?
- [23:58]
Unknown
I didn't have a front row seat to that. I think it's clear that Donald Trump embraced crypto and crypto embraced Donald Trump.
- [24:04]
Jeff
Big news the world. Every financial token sale is now live.
- [24:08]
Brad Garlinghouse
Three weeks before the election, Trump announced the launch of a new digital coin that he had a financial stake in. Is that a conflict of interest in your point of view?
- [24:17]
Unknown
Whether or not it's a conflict of interest, the voters have knowingly said, we want this person to be our president. Yeah, the voters have spoken more so than I have.
- [24:27]
Brad Garlinghouse
Trump's cabinet picks have had very positive things to say about crypto. Here's what his choice for Treasury Secretary Scott Besant told Fox Business News.
- [24:36]
Jeff
Crypto is about freedom. And we have some. The crypto economy is here to stay.
- [24:42]
Brad Garlinghouse
Perhaps most significantly, this past week, Trump selected a new head of the securities and Exchange Commission.
- [24:49]
Jeff
Now, this is going to be interesting, but you, you could already, you kind of hear how she broke it up. The tone of voice and all of that. It just so, so twisted. It really is very, very twisted. I just want to give a quick shout out to everybody joining us right now. If you're not following, you're not subscribed to the channel, go ahead and, go ahead and subscribe to the channel. That would be, you know, a great thing. And you can, you know, easily do that. You guys know how to do that. You can give a quick thumbs up to the video, hit subscribe and then hit that bell notifier because that bell notification may or may not give you and notify you when we go live. But I think YouTube is actually fixing their algorithms. You know why YouTube is fixing their algorithms? Because there's a new sheriff coming to town in D.C. you know, Trump is obviously newly re elected and he will be in Washington taking the seat of presidential power starting January 20, although you can already see that he's doing very well and very presidential on a globe, on a global stage already. And then you're seeing entities like a YouTube that kind of put us in a, in a bad blacklisted spot. But now all of a sudden, people are refining the channel again. But also there's also a lot of focus in and around cryptocurrency again, which is excellent. So go ahead and hit the subscribe, get a quick thumbs up and. All right, let's continue this. Oh, and also make sure you guys type in yeti we want to do and let's see, must be on the other screen. So, but I'll, I'll put that up when we're done with this. Type in yeti and we're giving away a free badass YETI from the White Tribe. It's one of the yuck yucks from the White Tribe. So we'll be doing a drawing for that here in a little bit and we'll be giving that guy away. So I'll show that here in a minute. But if you type in yeti, we're, let's see how many people we have. We don't have that many entries. Come on, guys. So just keep in, keep typing in YETI and you'll be put right into, into the drawing. So let's do that. All right, let's continue. Let's hear what else this 60 Minutes interview has to say.
- [27:04]
Brad Garlinghouse
Paul Atkins, a former SEC commissioner who's done some consulting for crypto companies, is expected to take a very different approach than Biden era chair Gary Gensler, who filed more than 120 lawsuits against crypto companies last year. Gensler told the House Financial Services Committee.
- [27:22]
Jeff
I've never seen a field that's so non compliant with laws written by Congress.
- [27:27]
Brad Garlinghouse
Ripple CEO Brad Garlinghouse says the SEC's approach was the main reason his company and two others created the biggest industry super PAC called Fair Shake.
- [27:37]
Jeff
This is how many years you know, we have three, almost four years, which is which is amazing. You know, we have three, almost four years going through what we've gone through and watching this lawsuit and the impact that it's actually had on everything. So. All right, let's continue.
- [27:59]
Unknown
People are like, why did, why did these companies come together and organize and say this matters? And it's a reaction to a war on crypto.
- [28:09]
Brad Garlinghouse
So if there had been a different SEC chair than Gary Gensler, I'm not.
- [28:13]
Unknown
Sure Fair Shake would exist.
- [28:14]
Brad Garlinghouse
Really.
- [28:15]
Jeff
That's such a solid point. You know, you think about where we're at. So you always have to look, can you take positives out of. Can you make lemonade out of the lemons? Which is why we love our lemon trees, right? So if we can take. Make lemonades. Lemonade out of the lemons that were dealt. So this whole thing that here, here is they're sued by the SEC. Think about how much money the SEC spent, taxpayer dollars going after Ripple. Ripple spent about $150 million defending the action. John Deaton files a motion to intervene on behalf of 75,000 investors in the space. And you know, and makes a major, major impact that wouldn't have happened. The momentum in the space, which I think is also a big push towards clarity, towards regulatory clarity, because you start seeing this coalescing of support within the industry and what John Deaton did. And it's so symbolic. But, you know, more so just what, what the representation of having people from all over the world that the lawsuit that was dropped by the SEC had such a major impact on people's lives, directly on investors lives. So the one mission statement of the SEC is to protect individual investors. What the SEC did was actually harm individual investors. And, and they came out directly making very, very negative and callous statements against investors. People that invest in xrp, while they came after Brad Garlinghouse, Chris Larson and. And Ripple, right? So they came after them as an entity and they're kind of in the crosshairs, right? It's almost like they're on a dart board. Can you come after Bitcoin? They can't really come after Bitcoin because there's no company specific. But Ripple, they say, hey, you're in the industry. You guys are using this XRPL ledger. You guys are using xrp. You guys sold xrp. So we're going to come after you guys because you're an actual company and we can bring you into court and your individuals and we can generate a lot of news. And so there we go. They've generated the news, they've Generated the lawsuit. And one of the things that Chip and I have said for a while right from the beginning is that maybe this, you know, at the end of the day, we're going to look and say this. The lawsuit might actually have been a good thing. Good and bad. Right. But good, because it's brought a huge amount of attention to the space. But a lot of things came out of it. A lot of positive things have actually spun out of all this negativity. One of them is bringing this community together. The other is what John Deaton was able to do to bring a lot of focus and attention and what he's been able to accomplish. One of the things that we've seen within Ripple and then the, the move to then support all of these candidates and the pack, to then bring more light and attention to the digital asset and the crypto space, all these super PACs probably, like you said, may or may not have come into existence if the SEC didn't get aggressive, you know, but maybe we also would have had a faster path towards regulatory clarity, but maybe the industry wouldn't have gotten the attention it needed. Maybe it wouldn't have grown at the. At a rate. I mean, it's hard to go back and really look, you know, but at this point, you know, we really have to identify that, you know, that we have some actual positives that came out of it, we get to know. But we've also seen a chaotic administration for the past four years that has done nothing but disrupt positive growth, not just within the crypto industry, but across the board, has been devastating for this country. And so Trump gets elected, reelected, and he's not even in office yet, and the whole world is already coming into, is. Is already coming into focus, which is really amazing. Know, just really, really all telling. And you know, Chip says, does anyone think XRP would have seen the price action if Trump lost? No, it would have. It would have been the exact opposite. If Trump lost our financial state in this country, the stock market would have tanked. The crypto market probably would have either gone flatlined or would have tanked further. Who knows what kind of disruption, because we have a lot of disruption going on in the world. Syria just fell if you guys weren't watching the news. But the Assad government over in Syria just felt. And, and Assad is now, you know, has fled and is now in Russia. But that, that was a big moment. I, I really hope and pray for all the, the Christians in Syria because it was Islamist rebellious rebels that toppled the government, not to say the government in Syria wasn't great, but they've toppled that. And we don't know, you know, time will tell to see what the Islamists bring into, into Syria. But you've got a lot of chaos going on in the world. Not just, you know, so we have the financial markets, but the financial markets are impacted by political markets, by war, by all these other things, the destabilizing factors. Crypto for the past number of years has been a rescue point. I bring up Syria because when Lebanon was going through a lot of its chaos over the years and runs on banks and stuff like that, people are putting their money into bitcoin and into other cryptos. Same thing in Venezuela and other parts of the world. And then you see something like El Salvador. And in El Salvador you see how, how great, you know, the, the momentum that's being created over in El Salvador. And Buke actually decided he was going to double down and invest in Bitcoin. And, and who, who laughed at him? The imf, the International Monetary Fund and many within that elitist space, you know, global space, they mocked Bukele and said it was going to be destabilizing for his country. But here's someone, he goes out there to stabilize the country and put it back on a path of normalcy. When he arrested 70,000 people and put all the gangs in prison and invested in bitcoin and is turning, turning the economy around and now just found like $3 trillion in gold reserve and you know, buried in the ground and other precious metals and things that could be extremely, extremely beneficial. You're seeing momentum, but it takes that, that mentality, that positive mentality that the deep root, the deep state, which is a global framework that we saw take Trump down in 2020, because they want control. They don't like the Bukele's of the world, they don't like the malaise of the world, you know, so we've got stability coming to different parts of Central and South America where you've seen other countries like in Brazil and elsewhere where they're moving rapidly towards socialism and communism. And you're seeing the fight take place in a lot of different parts of Europe right now. The difference and the fight between communism and freedom. And now we're witnessing it over in Syria too. You're seeing constant, there's constant conflict that's going on, so globally. And then we have to make sure that our financial markets are stable. And for anything, at least for us in the United States, we definitely have to make sure our markets and our Economy is stable in this country, but not just stable. It has to be growing. It has to be growing exponentially. And that's the one thing that if we get normalcy within this innovative space, which is cryptocurrency and blockchain, the direction that we can move this is just untapped. It's not even realized yet how far this is going to grow. And that is extremely, extremely critical at this point. And you start, you see that the, the general media and the CBS in the 60 minutes are still struggling with this notion that it's a, it's a country for the people, by the people, that this election cycle is super meaningful, that it's putting the power back in the hands of the people, and that's what this is about. It's not, we're not going to go about to get along because it's the same old framework again. The, the elite, you know, power, you know, holders are, are losing that power stranglehold. Money is going to loosen up. You're going to start seeing, you know, across the board with Elon Musk and Ramaswamy, they're going to fire, remove, relocate, whatever it is. They're going to slash all the waste and redundancy within government that keeps things messy, sloppy and, and, and fraudulent. Right. So, I mean, all of these things have to go hand in hand. And that's why we have to look at the cryptocurrency. We have to look at the geopolitics of it. Because if you're just looking at cryptocurrency, you know, how far can you go with just looking at cryptocurrency and not understand anything that impacts it? You know, so you have to understand all of it. And, you know, Mel brings up a great point. Yeah. This whole thing was sponsored by Pfizer, if that. And talk about the PACs and the lobbyists right behind Pfizer. And she's saying, oh, you know, you want, you know, you're a super pac. You want the politicians to fear you. Right. I mean, what kind of, you know, crazy questions are these people asking? So let's see what else we got here.
- [38:15]
Unknown
Absolutely.
- [38:17]
Brad Garlinghouse
In response, an SEC spokesperson said, any amount spent by the crypto industry on legal defense.
- [38:24]
Jeff
I love this. I, I love this part, the way they started out, because, and this is coming from an SEC spokesperson, but probably Gary Gensler. But Gary Gensler was a professor at mit. When the Trump administration's SEC brought charges against Ripple, they, they dropped it. Right. The lawsuit happened and the next day. So why don't they phrase things within reality. Right. So the lawsuit was dropped and then the chair the following day resigned and left. And then there was a new administration coming in the following month. There was a brand new administration coming in January. And so of 21. So this was 2020 when it was dropped in December. And so now you have to. So we look at everything that is happening from that perspective. Was Gary Genzer a professor at mit? Well, you know, we can look at, I'll go back in and look at what his professorship actually was. But here, for years, the SEC has on a bipartisan basis supported compliance with the security laws. It's so crazy. This SEC spokesman, right. Any amount spent by the crypto industry on legal defense or influence pedaling pales in comparison to the savings lost by crypto investors. So yes, there was fraud, there were failures. But Gary Gendler, you know, the, he takes over a month later or two months whenever he came in to office and continued to ram this down people's throats. They could have taken a different approach. They could have said, hey, we're not going to single out. And their attorneys under Gary Gensler, the, the attorney under Gary Gensler decided that they were going to attack the XRP investors personally. Go back and read the writing. We can pull that stuff up. But they singled out the investors, saying how unintelligent they were. And then they, they continued to go after knowing they didn't really even have a case. And the, the way it unfolded over time was so absurd, so ridiculous. But the amount of money spent by the crypto industry, what the 150 million. But how much money did the people lose because the whole market was in an up, up trend. Imagine right now with the, the market, the way it's going, everything's looking positive and the SEC takes a major action. Let's see what's happening now. Because that's what happened back then. The whole market was trending up. It was going through a bull cycle. And xrp, same thing was trending up. The SEC files lawsuit and they say not just are they filing against Larson and Garlinghouse, but they're coming after XRP as a security. And so what happens? The market and XRP tanks while the other market kept going up. So the market's going up. XRP tanks and holds in that, you know, low level zero movement. And then even trying to develop or build. And Ripple did a great job still trying to expand their business model. But when you have an action against the SEC, a major lawsuit where they're spending $150 million defending it, which they did a phenomenal job defending the fraud and the failure, you know, is. Was the sec. Because the sec, its only mission statement is to protect individual investors. But what happened with the SEC under Gary Gensler. Oh, yeah, that's right. Dei, right. They went to all the, the pronoun nonsense. They went to the dei. They wanted corporations to start spending money to provide reports on whatever, environmental, whatever. Right. And they wanted this major focus placed on that, which would cost huge amounts of money to the companies to do all of that. I mean, it's just, it's the one purpose of the sec. It's not that, you know, it definitely is not that. You know, just so crazy. So. All right, let's see what else we got here. Hang on.
- [42:34]
Brad Garlinghouse
Or influence peddling pales in comparison to the savings lost by crypto investors to frauds and failures.
- [42:42]
Unknown
Was definitely a war on crypto.
- [42:44]
Brad Garlinghouse
John Reed Stark, former chief of Internet enforcement at the sec, says he owns no cryptocurrency and has never worked for the industry. Like Garlinghouse, he believes voters have given President elect Trump a mandate to govern.
- [42:57]
Jeff
As far as these election results are.
- [42:59]
Unknown
Concerned, the clear mandate is the SEC.
- [43:02]
Jeff
Needs to lay off crypto.
- [43:03]
Unknown
And that's exactly what's going to happen.
- [43:05]
Jeff
That I like it. You know, the SEC has to, they will. You know, things are changing anyways. Got a new administration, got a lot of positive things that are, that are coming, you know, for the industry, through the industry. There'll be a lot of great things going on here. So. Well, let me, I want to just pull this up, type in yeti. We're going to do a drawing for the yeti. This is one of the yuck yucks. This is from the white tribe of badass yeti. This is built with the xrpl. So it's on XRP Cafe. So if you go to XRP Cafe, that's where these guys live. And so what we want to do is going to give this guy away. You have to have a Zen wallet. Make sure you have a Zaman wallet because we'll need your Zaman wallet address to transfer it over to you. But we're going to give that away here shortly. And so right now we've got, Come on, we can, we can make it. We've only got 39 entries in and we've got, let's see, we got 300 people listening here on YouTube and then we've got maybe another 400 or so over on X. So we've got a 700. It shows 711 on our numbers right here. So go ahead and type in yeti. Make sure if you guys aren't subscribed to the channel yet, make sure you hit subscribe, hit that little thumbs up and that little bell notification. That way you get notified when we stream and if you're brand new here, you haven't been on before, kind of see some of the content that we, that we talk about that we share and we actually stream three times a week. So Sunday at 8:00pm Eastern Standard Time, Wednesday 8:00pm Eastern Standard Time, and then Saturday mornings at 8:00am Eastern Standard Time. And tomorrow night Chip and I were invited to be on a podcast with CKJ and that's going to be 8:00pm Eastern Standard Time. Now we'll get some stuff out over on X for that. And so if you're saying, hey, I wonder what their, their X is. This might still save has the, the little Twitter bird on it. But you know, check that out at, on the chain. So it's on underscore, the underscore chain. If you're not following us, go follow us over on X. You can go check that out and then. All right, let's go. I'm going to get into some of these comments here and then we're going to get into doing the drawing a little bit. We'll go back over there, listen a little bit more to what they have. But actually while we're going through that, so and I think this, this is going to be really important because of everything that's going on. We have a previous treasury secretary and then the current nominated treasury secretary. And so let's look kind of at a comparative of the different treasury secretaries that this is the impact, right? This is what is going to impact exactly the direction and these are the types of people that are being put in place to make sure that, that everything is happening exactly the way we want it to happen. So let me see here. Okay, there we go. Let me add this guy to the stage here. And so here you have former U. S. Treasury secretary slams the national bitcoin reserve as crazy, right? Lawrence Summer slammed President elect Trump's plan for a bitcoin reserve but agreed that crypto has been over regulated. So you're saying former U. S. Treasury secretary Lawrence Summers dismissed President Trump's plan for a strategic bitcoin reserve is crazy. And it means to pander to his crypto campaign donors. I mean the, the mindset of these people, it's kind of crazy. What's wrong with having a reserve of cryptocurrency it might be xrp, might be bitcoin. It's probably going to be a basket of, of assets. Look at micro strategy, look at El Salvador, look at many others that are putting this into their treasury. There's nothing wrong with putting cryptocurrency into our strategic reserve, into our treasury because it's accumulated, it's going up in value and it's the, it's the currency of the future. People are going to be using, transacting and storing. So Bitcoin. Let's, let's make sure that happens because then we go from there, we're like hey, you know what? Now let's look for. Here we go. And this is now Scott, Scott Besant or Beset Besant is the Treasury Secretary who was nominated. Right. So let's look at here. It says the, this was from like a week or so ago. Trump picked pro crypto hedge fund manager Scott Besant as his administration's new treasury secretary. Obviously need a senate confirmation. The 62 year old has supported Trump's call for the creation of a strategic Bitcoin reserve as well as his broader overtures to the crypto industry. So there you go. Look, I've been excited about Trump's embrace of crypto and I think it fits very well within the Republican Party. Be sent told media this summer. Crypto is about freedom. The crypto economy is here to stay. The Democrats are running from it because they're trying to wash off the stench of Sam Bankman Fried and his family donations to the Democratic Party. And we can't forget about all of the kind of pay to play of everything. Right? You have a money that went from SBF into the, into the coffers of the Democrat Party. But at the same time you had money going that was sent from the Democrat Party through this administration to Ukraine. Ukraine. There's, they show it, there's evidence of it. They've brought the receipts of Ukraine putting money into FTX and then FTX is taking that money and putting it into the campaign into different campaigns. Now I like that with a stench of SPF super. But you know, who embraced spf, you know, embraced Sam Bakeman Freed, well, Maxine Waters, the Biden administration, of all the people they could have selected to help as they were looking at potential legislation and a path towards incorporating cryptocurrency into, and finding a way to do it. They, they could have picked from anybody. They could have gone to Brad Garlinghouse, they could have gone to, to Jerome Powell, they or Jesse Powell you know, there, there's so many people they could have, they could have chosen and who, and who do they go to? They go to sbf. I mean the, the Limitless, you know, they, they could have gone to the Winklevoss twins who run Gemini. I mean they could, there's so many people they could have, they could have selected from and they went to SPF and they loved spf. There's that video of Maxine Waters blowing him kisses. And then so he was their darling. But then you also have to question how his company FTX started from basically nothing in 2019, 2018, but by 19, by the 2020 election cycle he was already big enough to where he was sending millions of dollars and was the, one of the largest donors to, to Biden at that. Where, where did the money come, how did he get so big? How did he become a darling of, of the political elite echelon, you know, so fast? You know, that really, you know, stinks of, you know, a lot of, you know, there, there has to be some they have to bring bring. Let's, let's see it all. I want to see everything that happened with all of it, you know, but here you have, you have somebody positive coming in as treasury, you know, secretary that could do, you know, could do just do some amazing, amazing things and, and understands the direction that we're going. Understands everything. Understands what it, the significance, you know, of what this, of what this means, of what this represents. Sorry, where are we with the yetis? All right, we're at 55. I wonder if we can get, get to 60. I would like to do the drawing now. Make sure you have your, your Zaman wallet ready because we're going to need the Zaman wallet address and have to have you guys post that in here. And that way we can transfer the yeti to you right away. But I think we can. Let's see, we're at the. Throw in a couple more yetis so we can, so we can get that out and then I'm going to do the drawing here real quick. So we got not. Drake said the CEO of Ripple compared XRP to gambling in a 60 minute piece. Do you think that's why there's been a 6% loss? I didn't see that part actually. I didn't hear him compare it to gambling, but I don't, I wonder if people were actually, you know, sitting around and watching it. Let me see where XRP. XRP is at 250 right now. $2.50. I don't, I don't know that there was a major drop over the 24 hour. It looks like it's, it's down 3% on the 24 hour, but it's up about 0.3% on the hour. So if we look. So I'm sure, you know, there's, you know, people are always gonna, they're gonna sell the headlines. They're gonna buy the headlines, sell the headlines. You know, they get crazy with the news. But you know, if we look at where we're at night right now, $2.50. What was, I don't know what the low of the day was today. There we go. 24 hour range, 248 to 263. So it's a minor pullback, you know, for the day. You know, a bigger fluctuation over the, over the past seven days, 224 to 282. You know, obviously we're still trying to push towards this all time high of $3 and 40 cents. And there's been recorded higher than that. But over here, $3 and 40 cents obviously, you know, the last 24, but we're down 3%. Last seven days, 4.3. I don't know. Let's see what time this was. This was like 650 where people watching it at 650 that by set by. Yeah, I guess, you know, by 745 it, it dropped off from 263 to about 250. Maybe, maybe that's what. I don't know, you know, are people looking at from a negative perspective. I don't know. I don't know if everyone's running around, you know, watching that 60 Minutes, you know, hit piece. So. All right, let's see what we got. Oh, he did not compare it to gambling. Yeah, that's what I was saying. I don't, I didn't, I didn't hear him say it, you know, so again. But just people watching it. I, you know, I don't know if that's where. Why it dropped because people are watching or people just selling and buying. Who knows? Here we go. Just remember, Dexter P. You sell now is being bought by Black Rock. There you go. 250 tonight for 50 tomorrow. That's. That's exactly what it is. All right, where we at, Oscar? 237 watching Give Some Love. Hit the like button. 241 right now. Let's do that. And there's a lot of new names here we haven't seen in a bit. So let's pull this over. Let me Pull this to the share screen. We're going to hit the draw. Let's see who wins. Make sure you guys have your Z and wallet ready. Yeah. And you have to be here also. So we're going to hit it and we're going to do the drawing and then just make sure you guys are ready because I want to make sure we can give it away right away. So here we go. Got the yeti. Last. Last yeti from Doug thrown in there once. Once you type it in, it's already recorded, so. So it gets recorded once. There we go. Got a couple more yetis coming in there, and we're gonna get ready to post it. So here we go. Here it goes. And draw. There we go. Who's it going to be? It's exciting to see and it is. There you go. What does that say? FL FT L1N 3R streams. I should probably be able to say that. I'm sure there's something along the lines. But if you're still here and you typed in yeti. Oh, that's so perfect. You guys got it. That's funny. It doesn't look like that, but now that you type it, now I realize that. So. Got flatliner. Flatliner. Streams. Oscar got it too. A lot of people got it. Flatliner. That's so funny. I'm looking. I'm like. But now. Now I see it. Look at that. So flat. Flatliner. If you're still here, say, yes, I'm here. And. And then we need your. We'll need your. Your Zaman wallet ad. Oh, there you are. Sweet. Flatliner is here. What is up? Flatliner. Awesome. Congratulations on that. Sweet. Great. Glad that you're still here. That was awesome. So flow. Had it halfway solved. That's awesome. I was trying to go through. Outstanding. So. All right, we'll stand. Stand by for that so we know when it gets posted, and then we'll have this badass yeti waiting and ready to be sent over to you. It's very cool. So, man. Yeah, it'll be good. It'll be good, man. You got to keep watching. You got to keep watching. We're doing these drawings every. Every time. Every show, we're doing a drawing for a badass yeti. So we got white tribe. Still got some blue tribe. So just keep showing up, man. When we drop. When we get to. When we get to drop the badass chimps, we're going to do that over on the XRP as well, on the XRP Cafe as well. So. Yeah, man. What's a Channel about lifetimes. What's it channels about innovation in the cryptocurrency space. We talk a lot about crypto, geopolitics, we talk a lot about xrp, bitcoin, interoperability, different projects, we kind of analyze it, like to workshop it, try to understand exactly the direction the market and the industry is moving in and understanding all the different things that can impact it. And then also trying to navigate all The FOMO and FUD that you see from all the, the YouTube fanboys out there that post a lot of nonsense on X or whether or not they post a lot of nonsense on YouTube that, you know, we try to navigate all that hype and try to, you know, provide some very rational true analy and analysis of an event based on all these different factors. So the XRP interview did happen with Garland House. We're actually going through it and we, you know, covered a bunch of it. I'll put the link in here again for you guys and then if you go to our website on the chain IO, it will be over there shortly after we get done here. So here it is right here. Yeah, went from like 263 down to 250. During the interview. People like, oh my God, CBS, let's sell the CBS. CBS is horrible. The interview is bad. We don't like cbs. So it was all selling the news while they, in real time, they're sell, selling the, the CBS garbage news. So. All right, let me got. I gotta log in to see if I can get into the YouTube. So flatliner. If you've posted your Zaman wallet address, I have to open up our chat. Just up, just acknowledge if you had already posted it. So I can go back through here and I gotta find it. Nope, I don't see it here. So flatliner. If you got the, if you have your Zaman wallet address, go ahead and post it up in the, in the chat so I can grab it and then we can transfer the badass Yeti over to you. So just checking it out, making sure everything is all set. But just let me know if you did put it in. Then I have to open up the regular YouTube, but I'm looking right now, I don't see it posted yet, so. Oh, there it is. Got it. Sweet. All right, now we're going to do, we'll do this in real time as it's, as it's happening. It's funny. It's the first time I've seen it pop up on our side on our Software and the YouTube. All right, now it's not showing. It's not showing on that YouTube, but it's showing over here. I see it. That's awesome. All right, let me open up regular YouTube then. Let me see if I can get it there. All right, here we go. Let me get it on regular YouTube. It's so crazy that YouTube will actually block these things. So it just makes it ultra complex. Doesn't do it every time, but every so often while we're in the midst. While we're in the process. And you would want everything to kind of work perfectly. So let me view on YouTube. Go into the chat. There we go. Now wait for the. There it is. Okay, good. Grab that. There we go. Now what we're going to do is come over here. Going to transfer this bad boy. Gonna put it there, gonna hit transfer, gonna open up. Let's go to the Zaman wallet and let's confirm this transfer. This. You can't do this with. This was on. On an. On an ERC20 based or if it was on an ordinal or anything like that. There's no way you could transfer an asset an NFT this quickly, this efficiently. And this cost effect. It cost 0.002 of an XRP. The transaction cost on that caused almost nothing to transact. It said it went through. So you can check your Zaman wallet in your side. It said it was processed. It all went through. It should be good to go that you're getting this kick ass badass Yeti right there. 1316, which is sweet. That's it. It. Right. It took me longer to get it set up and longer for a flatline to do all that stuff like in the back end. Right. This is all the, the human aspect of it. We did all these different things. You know. That was very, very difficult. That was. That was not easy. So man, that was good. Awesome. See guys, you guys were absolutely outstanding tonight. It was really great to see everybody here with us and joining and coming on. We have a lot of topics to get into, a lot of things to cover. We'll be back here again Wednesday at 8:00pm Eastern Standard Time. We'll be on tomorrow night with CKJ at 8:00pm Eastern Standard Time as well. There you go. Boom. Flatliner. Got it. That's how easy it was. That's how fast it was. And he got it. No problem. That was awesome. That's funny. I saw that too. I'm like, yeah, okay. That's great. You missed somebody's question. It got. It flew up there somewhere. While I'm in the process of trying to transfer an NFT to somebody. So we're doing that live. Transferring an NFT over to flatliner. He just got it. And. And this guy's asking questions and unsubscribing while we're at the wrap up of the show as well. So you guys are awesome. We had a great show tonight. Look forward to seeing you guys back on Wednesday night, 8pm Eastern Standard Time. Go check out on the chain IO for all sorts of other great podcasts and audio podcasts and video podcasts. So we've done. Plus at the end we also include all the articles and that we did for research. All get put into that as well. And that's all going over to you guys. So we will check you guys out on the next one. You guys were awesome. And that's it. That's all we got. I'm out of here. Let's go. Are you down with otc? Please, like subscribe and click the bell.
- [65:13]
Brad Garlinghouse
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