Is Ripple & XRP’s Future Secured? SEC Deal, Crypto Custody & US Market

Summary

Podcast Summary: "Is Ripple & XRP’s Future Secured? SEC Deal, Crypto Custody & US Market"

Podcast Information

• Title: On The Chain - Blockchain and Cryptocurrency News + Opinion
• Host/Authors: Jeff and Chip
• Release Date: March 27, 2025
• Description: On The Chain delivers high-quality, fact-based content on Blockchain and Digital Assets, with a particular focus on XRP. Catering to both newcomers and veterans in the space, the podcast fosters a global community driven by the latest news, opinions, and research.

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1. Introduction and Episode Overview

The episode kicks off with hosts Jeff and Chip engaging in their trademark banter, discussing investment "what if" scenarios and sharing personal anecdotes about email mishaps and scheduling errors. This light-hearted opening sets the stage for a deeper dive into the pressing issues surrounding Ripple (XRP), the Securities and Exchange Commission (SEC) lawsuit, crypto custody solutions, and the evolving landscape of the US cryptocurrency market.

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2. SEC vs. Ripple: Latest Developments and Implications

SEC Case Update: Jeff introduces the central topic by questioning the security of Ripple and XRP’s future in light of the recent SEC deal. Chip elaborates on the recent agreement where the SEC has decided to drop its appeal without conditions, leading Ripple to drop its cross-appeal. Consequently, the SEC retains $50 million of the original $125 million fine, while Ripple regains $75 million from the escrow account.

• Notable Quote:
  • Chip [03:42]: “The SEC returns $75 million of Ripple money from the escrow. They kept $50 million, but you know, this is how you spin headlines.”

Impact on XRP Holders: The discussion shifts to the broader impact on XRP investors, highlighting significant losses faced by holders, including $16 billion wiped from 401(k) accounts. Chip emphasizes the emotional and financial strain on XRP holders, questioning the SEC's motives and the beneficiaries of the retained funds.

• Notable Quote:
  • Chip [04:48]: “If you think about it, how do you like that? I mean, if you think about it.”

Future Outlook: Jeff and Chip speculate on the potential timeline for the finalization of the SEC-Ripple case, suggesting that the matter could be resolved within 60 days post-filing. They discuss the unlikely immediate price surge of XRP despite the legal victory, attributing it to Ripple’s centralized operations and the anticipation of comprehensive crypto legislation before significant market movements occur.

• Notable Quote:
  • Jeff [06:54]: “Soon it'll be time for the XRP army to rise again.”

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3. Crypto Custody Solutions and Institutional Adoption

Ripple's Custody Services: The hosts delve into Ripple's recent announcement about their custody solutions, emphasizing that Ripple Custody focuses on security compliance and control rather than mere storage. This approach is pivotal for institutional adoption, as banks and large financial institutions prioritize security and regulatory compliance when managing digital assets.

• Notable Quote:
  • Chip [08:12]: “And risk compliance and control. This is key right here.”

Importance of Security and Compliance: Jeff and Chip discuss the catastrophic consequences of inadequate security, citing the recent Binance exchange hack where $1.46 billion in digital assets were stolen. They highlight the importance of choosing robust custody solutions to mitigate risks associated with human error and sophisticated cyber-attacks.

• Notable Quote:
  • Chip [09:52]: “The consequences of inadequate protection can be catastrophic.”

Ripple's Institutional Partnerships: They speculate on Ripple potentially becoming the custody partner for the US government, handling significant reserves like Bitcoin. This partnership would underscore Ripple's capability and reliability in managing large-scale digital asset custody.

• Notable Quote:
  • Jeff [09:31]: “That would be very interesting to see, to say the least. It is possible though. Anything's possible in this world of chaos.”

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4. US Crypto Legislation and Market Dynamics

Legislative Progress: Jeff and Chip discuss the anticipated crypto legislation that could unlock the US market. They mention the involvement of key legislators like Senator Cynthia Loomis and Congressman French Hill, who are working on bills to provide regulatory clarity and foster a conducive environment for crypto innovation.

• Notable Quote:
  • Chip [20:21]: “And you know, Senator Loomis and really heroic leadership from Congressman Hill, I think it's going to make all the difference in the world.”

Stablecoin Regulations: The conversation covers the updated stablecoin bill that introduces stringent measures such as monthly reserve attestations by registered public accounting firms and certification requirements for executives. These provisions aim to enhance transparency and accountability within the stablecoin market.

• Notable Quote:
  • Chip [43:07]: “A stablecoin bill has already going through markup and I think we'll see that come to the next four to eight weeks.”

Market Structure Bill: They also touch upon the market structure bill, which seeks to clearly define how different digital assets are regulated—whether as commodities or securities. This clarity is essential for Ripple and the broader crypto industry to operate without fear of abrupt regulatory crackdowns.

• Notable Quote:
  • Chip [34:15]: “A market structure bill and a stablecoin bill passed in the next six months.”

Long-Term Vision: Jeff and Chip express optimism about the US reclaiming its leadership in digital financial technology, driven by bipartisan legislative efforts and the support of industry leaders like Brad Garlinghouse, CEO of Ripple.

• Notable Quote:
  • Chip [27:56]: “The United States is finally unlocked.”

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5. Exclusive Interview with Brad Garlinghouse, CEO of Ripple

SEC Case Resolution: Brad Garlinghouse discusses Ripple's legal battle with the SEC, expressing relief over the recent developments that pave the way for unblocking the US market. He acknowledges the significant legal expenses Ripple has incurred but remains optimistic about the future.

• Notable Quote:
  • Brad Garlinghouse [21:25]: “We're thrilled with the ultimate outcome. It allows us to really unlock the US Market.”

Global Expansion: Brad highlights that 95% of Ripple's customers are non-US financial institutions, including major players like HSBC and BBVA. He underscores the vast market opportunity in countries like Japan, where Ripple aims to replace the traditional SWIFT network with more efficient blockchain-based solutions.

• Notable Quote:
  • Brad Garlinghouse [22:17]: “Japan I think are still unlocking the market opportunity here is massive.”

Future Integrations: He envisions Ripple's technologies being deeply integrated into the US financial infrastructure over the next two decades, revolutionizing payments, securities transactions, and even real estate settlements.

• Notable Quote:
  • Brad Garlinghouse [27:07]: “These are very innovative technologies. I think they're going to play out over 10, even 20, 20 years.”

Regulatory Clarity: Brad emphasizes the need for legislative action to provide regulatory clarity, ensuring that financial institutions can engage with digital assets confidently and without fear of future legal disputes.

• Notable Quote:
  • Brad Garlinghouse [34:17]: “The clarity we have been asking... that will allow this innovation, allow more job creation, more innovation.”

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6. Side Discussions and Community Engagement

Litecoin Market Position: Jeff and Chip engage in a playful debate about Litecoin’s presence in the cryptocurrency rankings, ultimately concluding that it is not within the top 10, much to their own surprise and amusement.

• Notable Quote:
  • Chip [24:13]: “Everyone guess at where you think Litecoin is.”

Community Giveaway: The hosts conduct a giveaway for "badass yetis," encouraging listener participation while humorously addressing perceived rigging attempts by a community member known as Reborn John. This segment showcases their interactive and community-driven approach.

Whistleblower Concerns: Jeff brings up a whistleblower from LinkTube who has raised concerns about the company's practices. Chip discusses the implications of these allegations and the potential impact on the XRP community, highlighting the importance of transparency and accountability within the crypto ecosystem.

• Notable Quote:
  • Chip [38:46]: “John Deaton did a tremendous job, you know, filing intervention on behalf of all the XRP holders.”

Government and Crypto Intersection: The podcast touches upon various government-related topics, including the management of Bitcoin reserves, executive orders supporting crypto, and criticisms of current federal workforce management. These discussions intertwine with their main topics, illustrating the complex relationship between government policies and cryptocurrency markets.

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7. Conclusion and Takeaways

In wrapping up, Jeff and Chip reiterate the positive developments for Ripple and XRP in their legal battles and the promising outlook for crypto custody solutions. They emphasize the importance of forthcoming legislative frameworks in shaping the future of the US cryptocurrency market, ensuring regulatory clarity, and fostering innovation.

Key Takeaways:

• Legal Victory: Ripple's recent legal advancements against the SEC significantly bolster XRP's stability and future in the US market.
• Crypto Custody: Robust custody solutions like Ripple's are crucial for institutional adoption, emphasizing security and regulatory compliance.
• Legislative Support: Upcoming US crypto legislation, led by proactive lawmakers, is expected to provide the necessary regulatory clarity to unlock further growth and innovation.
• Global Expansion: Ripple's focus remains heavily on non-US markets, with substantial opportunities in regions like Japan poised for blockchain integration.
• Community and Transparency: Ongoing community engagement and addressing internal concerns are vital for maintaining trust and fostering a resilient crypto ecosystem.

Final Thoughts: The episode underscores a pivotal moment for Ripple and XRP, highlighting how legal resolutions, innovative custody solutions, and supportive legislation can collaboratively shape a more secure and expansive future for cryptocurrencies in the United States and beyond.

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Disclaimer: All opinions expressed by contributors are their own and do not necessarily reflect those of the OTC platform.

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 world, the on the Chain family. Good to see everybody.

[Chip]

Yeah.

[Jeff]

Give a quick shout out where you're coming in from as you come in because we're all very curious and interested what part of the world you're in and how late you're staying up to watch the show and hang out with all the people. Part of my rent. We haven't even. My rant starts now. Here's the big question. Is ripple and XRP's future secured? Is your future secured if you're invested in xrp? I don't know. SEC deal. There's a deal with the sec. What's going on with that crypto custody, The US Market. Lots going on. I was going to name the title here. If you invested 10,000 in XRP or Palantir, where would you be today? If you invested back at the IPO of Palantir, how much more money would you have today? If you invested in Palantir then?

[Chip]

I wish I bought the dip when it dipped the five bucks a couple months ago.

[Jeff]

That would have been nice.

[Chip]

Would have been nice indeed.

[Jeff]

Would have been nice. How much would you have had if you invested 10,000 in Bitcoin back in 2017 versus XRP?

[Chip]

Or what if you bought. What if you bought Bitcoin in 2013 at 200 and something but then sold it at 800?

[Jeff]

Bad choice. 006.

[Chip]

Yeah, well, there's a lot of other good things out there to still buy.

[Jeff]

What if any windows you can't live in what if. You can't live in the what if scenarios. That's why those types of things drive me crazy. What if you invested a thousand dollars twenty years ago in whatever. Well, I didn't. Let's move on.

[Chip]

Could have, would have, could have, would have, should have. You ready to go?

[Jeff]

When you invest all that money in the time machine to let us go back and teleport back to whatever period of time to do that, let me know. Wake me up and I'll go do it.

[Chip]

Which open do you want? Hey. Hey. Or do you want. Let's go.

[Jeff]

Let's go Go.

[Chip]

That's called Cookie Monster Rock.

[Jeff]

That one person. We don't even know these people. Who are all these people? In the chat.

[Chip]

We know everybody. We know everywhere.

[Jeff]

All these.

[Chip]

We're.

[Jeff]

All these strange names.

[Chip]

You know every one of them. Come on. There's nobody.

[Jeff]

Frogs had wings. They wouldn't Bump their ass so much.

[Chip]

Okay, Susan, Chippy's here. Love that last name, Chippy. Feeling chipper. He's feeling chipper today. That's for sure. That is for absolutely sure. Well, let's get to it, Jeff. Let's get to these stories. Everybody already knows this, but I think it's good to cover it.

[Jeff]

Johnny 10X.

[Chip]

I think it's good to cover. Let's go into. So Stu Alderati said the final crossing of the T's dotting the eyes. What should be my last should be the last update on the secv Ripple ever. Dot, dot, dot. Last week, the SEC agreed to drop its appeal without conditions. Ripple has now agreed to drop its cross appeal. The sec will keep 50 million of the 125 million. Fine already in an interest bearing escrow in cash with balance return ripple. So in a weird way, they're getting 75 million back.

[Jeff]

True. In a. In a direct way, yeah.

[Chip]

And it could be the headline, no interest. The SEC returns $75 million of Ripple money from the escrow. They kept 50 of it, but, you know, this is how you spin headlines. And it said the agency will also ask the court to lift the standard injunction that was imposed earlier at the SEC request. All subjects to commission vote, drafting of final documents and the usual court processes. That's all, folks. That's all, folks. This Porky Pig Fred was bully says, can somebody, Ellie, Terry, please reach out to all the attorneys you see that spend thousands of hours in this case and ask him how it feels to have all that hard work, stress, time away from family, friends and leisure wiped out in an instant.

[Jeff]

How do you get that back?

[Chip]

Well, how about if you ask the friend. I got a better question for you. How about if you ask the XRP holders that saw $16 billion be erased from their 401ks and everything else. How'd you like that? I mean, that's the bigger question to ask. I mean, if you think about it.

[Jeff]

So what does the SEC get to do with the $50 million they get?

[Chip]

I don't know what they do with it.

[Jeff]

Do they give it to Gary Gensler? Does he get it?

[Chip]

Will it go in the. In the other reserve? Right. It could potentially go in that other reserve.

[Jeff]

Could go into the reserve. That'd be a nice donation to the cause. Put it into the strategic strategic reserve.

[Chip]

Yeah. So Fred also chimed in on this too. He said, updated SEC be Ripple timeline with the announcement by Stu El Dorado. You better believe the paperwork has been drawn up already. Now we wait on a Vote by the SEC commission should be less than 30 days. And then we wait on the filing by the SEC to lift the injunction, which will be unopposed by Ripple. Judge Torres will sign off on it. Less than 30 days from file, from motion filing, and at most we're 60 days out for this being 100, formally, legally and spectacularly over. And everybody's going to pretend. Jeff, here's like, everyone's pretending like, oh, this is great, and the SEC and the this and that, blah, blah. Listen, none of this happens without Trump going into the White House. None of it exists. As a matter of fact, they would have doubled down on stupid and doubled down on, on being like more aggressive with crypto. Point 3, point and 4, point and 5.0, it would have got more aggressive and it wouldn't have been a good look anyway. So really, all of this is, I mean, what, what? Trump was inaugurated on the 20th of January. It's now the 26th. You're talking about 65, 66 days, 67 days. I don't know if there's like a. I mean, it's, you know, less than 70 days. Look at what's happened. It's insanely incredible. And CC's backed off, which is. Yeah. Which is. Which is wild to me. Thanks, Fred. Soon it'll be time for the XRP army to rise again. And people are like, well, how come the, how come the Ripples thing and the price didn't go up? Well, you want to know why? Because it doesn't matter. You know why it doesn't matter? Because Ripple is a centralized company that had a Spat with the SEC. But what was important was July 13, 2023, when it was announced that XRP is not a security. That's all that matters. Everyone, anybody thinking Price would have changed or there'll be some Price action. Now when the crypto legislation comes out, that's when you can cue the bull run. That's when there's going to be a change. That's when you're going to rev your engines, gentlemen, start your engines. That's when you're going to start the engines. And I don't know, three to six months. It looks like this new crypto, this new bill that got some modifications, which we'll talk about here, but it looks like that's going to finally make it to the vote on the Senate. We'll see.

[Jeff]

That's right.

[Chip]

Legislation moves slow. Badass yeti. Badass yetis. That's. That's some great stuff, man. You know, and we can't get Fined for it, Jeff. Because it's our music.

[Jeff]

It is our music.

[Chip]

It's our AI music.

[Jeff]

Every part of it.

[Chip]

I like it in the background. Badass.

[Jeff]

Turn it down low. That could be the song, the whole. The whole show. I'm sure people get annoyed after a while. Just on repeat. Tune it down like that. There you go.

[Chip]

Here we go. Music. Keep it down. Let's see how that works out. We got to try something up. What up? XRP rocks. What's up? Long time. How you doing? Chad is in here. What's up? Mike Morass. Of course. John Doe. Of course. Go after yourself. I was laughing so hard at John Doe's crypto. Some of his posts earlier because he's been. Now he's been signing them all with the gfy. Just go after yourself. And I like it. It's got a little bit of oomph. It's got a little bit of fun. It's a little bit. It's a little good there. So Ripple custody isn't about storage. They just posted this on X. It's about security compliance and control. This is key right here. These three words right here. Because custody, yeah, okay, but security compliance is kind of really the key with custody, especially on an institutional level. Institutional adoption accelerates. Choosing the right custody solution is the key. So learn why Ripple custody is trusted by banks, global banks. Institutional grade protection. I still would laugh, Jeff. So hard if Ripple became the custody partner of the US government and. And is handling the custody of the Bitcoin reserve. That would be.

[Jeff]

That would be very interesting to see, to say the least. It is possible though. Anything's possible in this world of chaos.

[Chip]

I mean, of course it's always possible. The importance of security Be very cool.

[Jeff]

Range of asset management Securing your funds can they secure your funds through their.

[Chip]

This one nails it all. The consequences of inadequate protection can be catastrophic. The recent Buybit exchange hack resulted in 1.46 billion stolen digital assets. Yikes. Making it the largest hack in crypto history. A chain analysis breakdown of the case revealed that the hackers use social engineering to gain access to key computers. That's sad in a lot of ways. These risks can be exacerbated by the popularity of new tokenized financial products like crypto ETFs that present additional considerations for custody. Surprise. I mean, there's only a few people that are really. There's like maybe five people you can count on one hand. They can really handle the custody. Ripple being one of them. There's some other ones out there as well. Potential risks of the custody. No matter how strong the provider security practices are on the tech side, human error will always be a risk in both traditional and decentralized finance. Jeff. And that's why I get freaked out. Because damn knows if I've sent an email and I've checked it three times and I hit send and I'm like, no, how is that in there? I had, I scheduled a meeting this week and I had pinged the person on Slack and I'm like, hey, you're good. You're down for, hey, sorry for putting a 4 o'clock meeting on Friday, but that's when everybody was available. I'm sorry about that. She's like, I don't have it on my calendar. So I go back and look at it. I invited a different person from another company and I was like, how in the hell? Yeah, okay. Granted that, you know, sometimes you type the first a couple letters and it's a name that's not a popular. I mean, not a common name. Which is probably why I said, oh, yeah, that's it. And I was like, oh, like this stuff happens, Jeff. Like you make mistakes.

[Jeff]

Happens all the time.

[Chip]

You check stuff. Now imagine you make the mistake and it's going to cost you, you know, a hundred thousand dollars or millions, Millions of dollars. That's what gets me a little triggered a little. If I'm gonna be an honest.

[Jeff]

We do live on autopilot.

[Chip]

We do.

[Jeff]

I was in an email. There was an email group or, you know, an email that went out to a group and somebody else was in this email. I'm like, I don't know, maybe he added them for a reason. So finally he go, the person said, who are you people? Why, why do you have me in this email? Please take me out of this email. I don't know any of you. That was the funniest part, is that the first person who sent the email had added him and he still didn't even know. He had no idea who he was. And it was completely like, not even, you know, in the industry. So it was even funnier.

[Chip]

That is so wild, Jeff. My God, that was the first.

[Jeff]

I haven't said I've seen. When you add the wrong person or you add stuff, you didn't mean to add it. Yeah, well, today I did that. I was, I had a conversation with him. We were debating between April 2 and April 3. We realized April 2 was the date, but I still had April 3 in my mind. So I scheduled it for April 2, wrote the email and said, I look forward to seeing you on April 3rd. This is in regards to our meeting on April 3rd. And I ended the email with April 3rd, and I realized after I hit send, I'm like, son of a. I just said 4-3-3 times in the email. And so I sent him another email and say, I just want to reconfirm. It's April 2nd and not April 3rd. But I had April 3rd on the brain because of our conversation.

[Chip]

That's a Tuesday, by the way. You were thinking of when you had put Wednesday on there. I know. This is autopilot. We. This is what this is. I'm telling you, this is, like, the bait of my existence where this kind of stuff happens. By the way, mine. Mine's on a timer for, like, 45 seconds. And then I'm always so angry. I'm like, just go already. And I'm like, all right, should I check it again? Should I check it one more time? All right, cancel. And I check it one more time.

[Jeff]

Oh, yeah. Yep.

[Chip]

But I did that last week where I go, let me just double check. And I found an error. I'm like, oh, brother. How do you. It's just. I don't know. It's like, you got to get everything right. You got to say the right thing. Now, one time, I. I mixed up the dates. Like, I put Thursday's dates as Wednesday, and Wednesdays is Thursday. I had the days right, but I had the oh, yeah.

[Jeff]

Wrong.

[Chip]

And they're like, so if we meet on Wednesday, it's really this date, but not that date. I'm like, yeah, that was an error. Whatever.

[Jeff]

Yep, man. I'm doing everything I can to get an AI agent to do all my bidding. Well, I would much rather.

[Chip]

Well, by the way, a chat. GPT screwed that up. I'll change. I'll always put it. If they're central time, I'll put it in their time zone. And one time I. I converted. I converted it from, like, Eastern time to central or, like, mountain time, and it screwed it up, and it did something weird, and I didn't check it. I just copied and pasted it. And they're like, what's with the dates? And I'm like, oh, it did something really weird. There I go. It's usually spot on, but every once in a while.

[Jeff]

Yeah. By the way, I'm not writing my own emails, by the way.

[Chip]

Look at Henry. Look at. Henry's all over this. Henry pops in, and he's already with the yeti. Good man. All right. Speaking of which, you just reminded me to start collecting yeah. All right, let's see how many we got. We got two. Henry's one of them. Beautiful. Beautiful for all the people. How about Osmond says. How about the release. How about the release of the rest of the 52 billion XRP supply? And how many years would that take? And also, do you think these guys have burned small part of the remaining. I don't think so. I don't think there's any reason to. By the way, somebody tried that.

[Jeff]

Never release it.

[Chip]

Somebody burned half of the supply. Remember that?

[Jeff]

No.

[Chip]

Yeah.

[Jeff]

With an X and ended with an M. Yeah. Now in the middle.

[Chip]

Yeah, those guys. And like. And you know, the price tanked. I think the price went down a little bit, but it's not even 452 million. I think it's like 47 billion at this point.

[Jeff]

Yeah. So remember, they take out every month they. There's an auto release. Whatever they don't use. It's. It was on a 55 month schedule. And so whatever they put back goes to the 56 month or so. There's always like a 55 month cycle or it goes to 55th, whatever. So they're always putting that money. Whatever's unused goes back and then it cycles again. So if they only use like a hundred million, you know, then the rest goes back into the cycle and recycle. Recycle. So it'd be a long time. That's really interesting. Unless they take it all out.

[Chip]

He answered it too, that they went that route. Nothing happened. As is xrp only enough is minted for all the planet to have 14 XRP. You know, and every time, eventually, you know, even burning it at some point, it's gonna, it's gonna lessen the supply. It take a while. I mean I don't think it'll happen anytime soon. But know there was 100 billion minted for a reason. So. Yeah, Lloyd's excited. Lloyd's on the live. He's got the yeti in toe. Oh, this is beautiful.

[Jeff]

Lloyd.

[Chip]

Lloyd, Lloyd, Lloyd, Lloyd, Lloyd. I was having fun just throwing up different things up there. All right, so now let's think about. By the way, speaking of adding the wrong thing to. Now when you add, you know, this whole thing with the, with the Trump thing where they, they want Pete Heth gone. Hey, black chick, baby. Yeah. Blackjack Larry. Badass yetis. Black.

[Jeff]

Start making, start making some of those on the chain.

[Chip]

Lord Mitchell. On the chain. Jim D. Oh, you know, on the chain. XRP plumbing. Can you imagine that? On the chain.

[Jeff]

We'Ll start doing that.

[Chip]

So this is interesting, Jeff. So you know the guy that added to the, the signal group.

[Jeff]

Good evening.

[Chip]

Good evening. You know this whole thing about. They were. They had a whole hearing and they were. You, you know about the Houthis and were you guys putting up classified data? And Tulsa Gabbard was there. They were coming out. You guys should be fired. Right. Whatever. So it turns out, Jeff, the guy that actually did it is an ex Cheney guy, a Michael Waltz. Look at this guy. Holy.

[C]

Like, let's not do that. That's a bad idea.

[Chip]

Very bad idea.

[C]

Like, let's.

[Chip]

Now Trump's a national advice security advisor who accidentally, accidentally leaked to the Atlantic shows that he's contributed eight, $150 to Never Trumpers and zero to Trump. Mitt Romney gave him five grand. John McCain 450. Jeb Bush 2700. Donald Trump 00. Tells you everything you need to know. Ex Cheney aid Michael Waltz. Now, this guy should just fall on the sword and say there was a dumb thing to do. We know it was probably on purpose, but dumb thing to do. He should go or he should be fired because he's the one that added. And who, who, who randomly adds somebody from the Atlantic who hates and despises Trump more than almost anybody else. Right. It's just, it just sounds, it just doesn't smell good. Here's something really weird. Speaking of. And I was trying to figure it out. I'm like, did somebody rent? Like, how would that person get added? Like, it doesn't make sense that that person would be in a, in a group. But it just seems all.

[Jeff]

Well, just like we were just talking about accidentally putting people into emails.

[Chip]

Yeah. He accidentally gave money to Romney, McCain and Bush, but accidentally forgot to give it to Trump. And he accidentally happened to be an ex Cheney. Aid also is a, you know, Trump. It's just, I don't know. Something smells rotten in Denmark, as they say. I don't know where that saying came from or why they say it, but that's what they.

[Jeff]

Something is rotten in Denmark. Chip.

[Chip]

I knew it. The whole show, you know, people are, you know, people are gonna go to sleep with that yetis on their brains. Right? Hey, Brad Garlinghouse.

[Jeff]

My fault.

[Chip]

He said, as I said on Mornings with Maria, I strongly believe we're underestimating what it means to unlock the U. S market through upcoming crypto legislation as well as previous guidance statements rescinded from the sec, the OCC allowing financial institutions to work with crypto with four plus years of headwinds behind us The US Is ready to reclaim the leadership position. And here we are. We can all do. We. This is a new one. I don't think we played this one yet. A brand.

[Jeff]

Oh, that is a new one.

[Chip]

Sweet. But you know what that means? That means there's going to be a commercial. Oh, no, we already played it. Yeah. So there we go. It means I gotta stop what I'm doing.

[Jeff]

Don't panic. Reshare Ferret is late but is now in the building.

[Chip]

All right, well, that's good news for all. So now what I'm gonna do is I'm gonna hit share. I'm gonna share it from here.

[Jeff]

Chad has now ruined it for everybody.

[Chip]

Damn. That's not right. Damn. All right, here we go. Here we go. Let's listen in. Here we go.

[D]

Welcome back. Let's check crypto prices this morning. Take a look. They're higher across the board. The securities and Exchange Commission has ended its investment into crypto exchange.

[Chip]

Oh.

[D]

Litecoin of several deregulation actions by the Trump administration in the digital asset sector. Joining me now is the CEO of Ripple, Brad Garlinghouse, back with us. Brad, great to see you. Thank you so much for being here.

[C]

It's great to be back. Nice to see you.

[D]

Well, congrats on this move by the sec. What does this enable you to do at this point?

[C]

Thank you. Congrats to, I think, the whole industry in a bunch of ways, as you know. Well, you know, Ripple is really amongst the very first crypto companies get sued by the sec. We said then when it started that the SEC was going to be on the wrong side of the law as well as on the wrong side of history. It took longer than we would have liked to kind of prove that out and more than $150 million of legal bills. But we're thrilled with the ultimate outcome. It allows us to really unlock the US Market. Buy More labels really been very hostile. A lot of headwinds in the US Market for the whole industry for sure.

[D]

And we saw investors react to it. XRP seeing a gain over the last week. But, Brad, I want to get your take on what Japanese banks may be preparing to do in terms of adopting xrp. What can you tell us about the growth story at Ripple when you look across the world, overseas markets?

[C]

Well, once the United States government filed suit, we really were kind of frozen in the U.S. market. And so about 95% of our customers today, Ripple's customers are non U.S. financial institutions. And those are some of the largest financial institutions, ranging from hsbc And BBVA to payment providers you wouldn't necessarily have heard of. You know, markets like Japan I think are still unlocking the market opportunity here is massive. You have trillions of dollars flowing cross border globally. It's still largely dominated by the Swift network, if you will.

[Chip]

And I'm sorry, Jeff, if you got the CEO of Ripple and the, the digital asset they use, you can at least be kind and put up xrp. I mean, dude, does anybody even talk about Litecoin anymore? Like I'm still shocked that it's still around.

[Jeff]

We talk about it every time we play one of these.

[Chip]

That's the only time. But there's no other time. I mean it's like the only time we talk about is we put this. You can't even put, you know what it is. They, they have that same screen. It must auto populate that, you know, the, the prices.

[Jeff]

Or maybe they have to go make another one. It's too expensive, man.

[Chip]

And Litecoin's not even in the top 10. At least put. At least put. So put something else that's in the top 10. Where do you think Litecoin falls? It's not in the top 10. Like where is it? 15, 20.

[Jeff]

Everybody put their guess in.

[Chip]

Put your guess in.

[Jeff]

Everyone guess at where you think Litecoin is.

[Chip]

What do you think? No cheating. Anybody? No cheating. I know it's not in the top 10. That much I'm pretty sure about. Okay.

[Jeff]

I already looked, so.

[Chip]

Okay.

[Jeff]

I can't.

[Chip]

It's not in the top 10. You can confirm that though?

[Jeff]

It's definitely not in the top 10.

[Chip]

Okay.

[Jeff]

It's not in the top 10.

[Chip]

Okay, so we got Henry says 56, 18. All right, number 20. Got a number. 25. Top 75 would be right.

[Jeff]

Let's narrow it down a little bit.

[Chip]

Yeah, let's get a little bit closer on that. We gotta get a little bit closer. 37 says over. Getting closer, getting closer. I think it's going to come down. I don't know. I'm thinking this is probably somewhere between there and here is what I'm thinking 18 and 37. That's what I'm thinking. Ready? 19.

[Jeff]

Let's put it this way. It's not in the top 20.

[Chip]

Top 40. What about top 40? XRP Plumbing is playing with the numbers. It's like the price is right. Like get as close you can without going over. So he's like top 40 is right in there.

[Jeff]

Okay, here we go.

[Chip]

32. Mike says 32 in the top 30. All right, so we have 32 might be right.

[Jeff]

12.

[Chip]

Let's see who gets closest without going over top 30.

[Jeff]

So it's not 32.

[Chip]

Okay, then that means 22 might be the closest.

[Jeff]

It's in the top 24.

[Chip]

Okay, so it's 24.

[Jeff]

It's 24.

[Chip]

It's 24. Johnny.

[Jeff]

It's not. It's not number three.

[Chip]

Johnny wins closest without going over. It was pretty good. But we got number three. King came in after though. That was.

[Jeff]

That was later stuff is in between it. Polka dot Hedera sui. Why. Why not put the ship, you know, put Shiba.

[Chip]

At least it look. At least it looks. Why not stellar? Why not Leo Token? Why not Avalanche?

[Jeff]

What is Leo?

[Chip]

I don't know. I know Chain link wrapped Bitcoin as time coin. I don't even know what time coin is. I know Tron and Cardano. There we are.

[Jeff]

I can't believe I'm still around. How is Tron in the top 10 still? Who's that was man Market cap.

[Chip]

People own a lot. I was shocked. I know.

[Jeff]

I'm shocked.

[Chip]

Look at salon is number six. There we go.

[Jeff]

XRP4 get rid of tether.

[Chip]

And then, I mean, honestly, do you really want to have the should stable coins be and then they should not. You need a separate stablecoin market cap. Stable coins do not belong in the crypto. Market cap. Sorry.

[Jeff]

They should have their own market cap. Yeah. Their own listing. That's all. Leo is in Thailand.

[Chip]

Leo is a beer in Thailand.

[Jeff]

Oh, it's a beer. I thought Leo was in Thailand.

[Chip]

No, Leo. Leo's a beer in Thailand. So if you drink Leo, that's a beer if you're in Thailand. So there you go. There it is. All right. Let's go back to Darling Squirrel. We got sidetracked, but just drives me crazy that litecoin's always up there.

[C]

Anyway, that's architecture. That's a technology architecture that was developed 50 years ago. There's an opportunity to modernize that takes time, particularly when you have a government in the US kind of combating that innovation. But that's changing now. The Trump effect, if you will, is profound. You're seeing that in asset prices, but you're also going to see that in the adoption of these technologies.

[D]

Yeah. And I think so. When you're looking at the growth story then of Ripple, does it still come from overseas? Are you expecting a change in terms of domestic interest in Ripple?

[C]

Well, we're definitely already seeing a change in the domestic interest. You know, these six weeks after President Trump was Elected. We signed more deals in the United States than we had in the previous six months, two times. So these are very innovative technologies. I think they're going to play out over 10, even 20, 20 years in terms of how they integrate and rewire the financial infrastructure of the United States. That's across payments, that's across even the settlement of maybe real estate transactions, securities transactions. So I think we're going to see this play out over a long arc. A long arc. But then the United States is finally unlocked. And I think people are underestimating how big that change is. And you'll see that continue to play out this year.

[Chip]

Yeah.

[D]

Now, President Trump spoke at the Digital Asset Sales Summit in New York City last week. Here's a clip. Watch.

[Jeff]

Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike. You will unleash an explosion of economic growth. And with the dollar backed stablecoins, you'll help expand the dominance of the US dollar. And I can already see that the energy and passion of the crypto community is the kind of spirit that built our country. And it is exciting to watch as you invent the future of finance. It's going to be right here in the usa. The good old usa. Together we will make America the undisputed bitcoin superpower and the crypto capital of the world. Right.

[D]

And the President signed two executive orders as part of his pro crypto agenda, including Strike strengthening American leadership in digital financial technology and establishing a strategic Bitcoin reserve and US Digital Asset Stockpile. Give us your outlook and really what those two executive orders may do. What else do you need to see in order to see stability and growth at a crypto legislation?

[C]

In terms of what else we need to see, I think what the President has already done is he has used the expression, you know, promises made, promises delivered. The unlock for US financial institutions is absolutely happening. You know, banks that wouldn't were really hesitant and really nervous about touching crypto technologies or even looking helping their customers. Those banks and those financial students are leaning in now and that's a big deal for sure. Not just for Ripple, but for the whole industry. So he has certainly lived up and I think we'll, we will see the US finally start to catch up with the leadership we're seeing from other markets around the world that they've really taken the lead and we need to invest here and see some of these US companies thrive.

[D]

Yeah, and we've spoken with the regulators about this. We spoke with Cynthia Loomis two weeks ago and last regulator, French Hill. As they craft regulators, what's most important to you in terms of the regulation part of this? Let me run this Cynthia Loomis and French Hill with us just in the last two weeks. Here's what they said about regulation.

[Chip]

What Bitcoin is a commodity. So it will be regulated by the Commodity Futures Trading Commission. Correct. Some other cryptocurrencies look more like a security incorrect and should fall under the incorrect Bitcoin maxi at the sec. So part of what we want to do is guide. You gotta. Somebody in her office needs to shake her. They need to strap her down to water torture her because they. Jeff, how dumb can you get? Does she not understand the concept of decentralization? She like, she hears talking points from 20 years ago, right? That long ago. And she keeps saying the same thing over and over again. Now some cryptos are. No, they're all commodities. If you don't understand how decentralization works, then maybe you shouldn't be, you know, rehab. But it's not stopped from her. She's like, do you remember when she thought Gensler was doing a great job? Her and the other. Her and the other job from. Yeah.

[Jeff]

Who was it? Who was the other one Overture?

[Chip]

It was her in Club Chair. They were like on TV together. Like, he's doing a fantastic job. Like, they're so out of touch, they don't know what's going on. And they have a staff that's usually pretty young and can kind of clue them in, but I don't think they want to know. It's the same way as you get these talking heads from Congress. Democrats get on there and start talking about democracy and they're like, we don't live in a democracy. You live in a constitutional republic. People are like, well, what's the difference? Well, there's a huge difference. Democracy is. How do they always end up. Always end up as dictatorships? A republic is not going to go the route of that. There's no. There are no other constitutional republics on the face of the earth. But they love democracies. Matter of fact, democrats would love to have a democracy. Why? Well, because then you have centralized control and you can do all the great things and become a dictator. So anyway, yeah, centralized control versus, you know, decentralized control. Sorry, I just had to have it. She drives me insane with her. With her rhetoric, what is a commodity and what is a security and provide that kind of clarity in the law so we can let agencies know who has jurisdiction over what that's true. Big developed country like the United States, I already have many, many ways to instantaneously they pay for things. And this wouldn't be top of mind, but it will be lower cost in foreign markets. You have you reduce the cost of foreign exchange, you reduce the cost of fees across borders. And so in some countries where they have an unstable currency, a weak banking system, not a very good payment system, a smartphone app with a digital wallet with a dollar back, stablecoin is a good way even at retail to do a transaction.

[D]

Brad, what's most important for the regulators to create new framework for digital assets?

[C]

Well, the good news is people like Congressman Hill, they do understand, they understand how important it is for these technologies to thrive here in the US and they have started to architect bills to help enable that. I very much agree with Senator Loomis. It can't just be, you know, executive orders. It means you codified with legislative efforts by Congress. We're seeing a lot of forward movement. A stablecoin bill has already going through markup and I think we'll see that come to the next four to eight weeks. Something there's the second one that Senator Loomis also talked about was what we often call a market structure bill, providing clarity that we've been asking for as an industry as to how will these, how these technologies, these tokens be regulated. Are they commodities, are they securities? XRP was deemed to be a commodity or not a security by a federal judge, which is the opposite of what the SEC had said. So to see the SEC really combat lawfare and attack this industry and now have leaders like Senator Loomis and really heroic leadership from Congressman Hill, I think it's going to make all the difference in the world. And I think we're going to see both a market structure bill and a stablecoin bill passed in the next six months.

[D]

So what does that mean for Ripple?

[Jeff]

I like that market.

[C]

It means the clarity we have been asking. Maria, you and I have talked to this over the years maybe three or four or five times to get that regulatory clarity so that the, the customers we engage know they can engage in good faith and to use these technologies without fear of regulators coming in and attacking them, that's a big deal. And that will allow this innovation, allow more job creation, more innovation and frankly, capital formation here in the United States.

[D]

Understood. Br, it's great to catch up with you. Thanks so much.

[Jeff]

Man, Brad Garland is crushing it.

[Chip]

You got to love that interview. You know what I noticed in the interview he named Trump twice by name and once as president. And he, he, he, he referring to him many, many times. Now the ones that called it, you and I said that, Brad, was mega all the way. We called it, we put our thinking caps on. We showed some evidence six, eight months before the election and people thought we were crazy. And somebody even pinged me and said this is the dumbest thumbnail ever. This is not true. I'm like, well, let's wait and see. And surely, Jeff.

[Jeff]

And what do you know?

[Chip]

What do you know? What do you know? What do you absolutely know? Damn. The badass yetis live. They live. So John Deaton is on another quest. Jeff, you know what that quest is, man?

[Jeff]

It's going to be interesting because there's some, there's definitely some legal concerns going on right now.

[Chip]

Go ahead, take that one. Joe, can you read that one?

[Jeff]

This, this one's actually something that you and I talked about. And we were talking right before the show, there was someone employed over at LinkTube and he blew the whistle. He was a whistleblower, came out, said there's some things that were a little fishy going on and I think he was a cfo if I'm not mistaken. I believe that's what I think it.

[Chip]

Was, a CMO or CMO Chief Marketing.

[Jeff]

It was somewhere in those, in those, in one of those. But anyhow, so he left within a short period of time being there and he came out and said, I'm just not comfortable. Here's the problems that I saw. Let it be. You know, this is, this is what's going on. So we talked about it. There were a lot of people that within the ecosystem that attacked him, went after him and they tried to prop up Link To. Now John Deaton coming out with his tweet saying linkto hasn't even responded to his emails. He's got several emails and DMS from folks who understandably concerned and pissed off about the lack of communication. There's obviously some major issues going on over at Link to. Even during the time at Celsius when Celsius was going through all that turmoil, they were very communicative for a while here they just dropped off on communication. Many link to customers, me included. This is John Deaton's post join the XRP class against the SEC and the Ripple case and provided several of the affidavits I submitted to court. This Thursday, March 27th at 6pm I'll hold a zoom meeting to discuss what's likely happening as well as organized. So here we go. John Deaton is getting ready just like he got ready against the sec. He's starting to organize all these people that are pissed off in this link to situation. We fought together once before, we'll fight together again. Email my office or DM me if you want the zoom link. Only if you're a link to customer. So John Deaton did a tremendous job, you know, filing intervention on behalf of all the XRP holders. There were 70, 80,000 that joined in to that action against the SEC. And you and I talked about it quite a bit that but for that action that John Deaton took, there's a good chance that there wouldn't have been the same outcome that we saw with this case. And so when the community got together, probably the first time in, in history that 70, 80,000 people came together to attack the SEC because the SEC was practicing, you know, steeped in lawfare, attacking the people. And they came out in court document attacking holders of xrp. There statements that we read that said these people weren't technically savvy, you know, or just un, unintelligent. There was some really, you know, horrible things that were that were said plus what they did with Ripple without a care in the world, you know, and then Gary Gensler would parade around and say how clear everything was. But now you know, here we go with this link to action and John Deon's going to be at the helm. You know, the one thing that they don't want to do is remain completely silent, you know, over, over this situation.

[Chip]

Look at that Jeff.

[Jeff]

Broadcast problematic.

[Chip]

Look at that broadcasting.

[Jeff]

I didn't even know. I didn't even know we're broadcasting live.

[Chip]

Look at that. So here's what's funny. This guy, Fred Frey Daddy gets. Hey, John Deaton, I got this reply from link to. I have no idea what you're saying. Can you explain it to me please? He says it was undoubtedly written by a lawyer from Sullivan and Cromwell which link to hired. It reads through your pre IPO shares that have been identified and confirmed by new management but too vague to say one way or the other. Based on this email it suggests that bankruptcy is not imminent. But then again it's intentionally vague, proving it was written by a lawyer. As I've said publicly, I'm a link to customer and investor and I've asked for a call to learn more but so far my requests have gone well. They completely got rid of all the original crew. It's all new. The founder, anybody associated with the company brought a whole new crew in Right. That's already a big, pretty big red flag. But some of the charges were. And again, like, this is something that the SEC should be invested and this is the kind of thing that they should be investigating because you have securities here. You've got these, these, you got these shares and, and pre IPO shares and the fact that they're charged with, again, they're allegations. At this point, nobody is saying that this, this is true or not. We're certainly not saying that. We're saying that some of the allegations talk a little bit about, you know, some of the marketing that people would come into, lower tier and they keep trying to pump it up. The next time they came in, unaccredited investors could invest. There was a lot of that going on. You know, supposedly you're supposed to be an incredible vest, but again, at this point they're just all allegations. He said, as soon as I know more, I'll let folks know. But it's good that he's organizing and you know, seeing somebody like John Deaton who's like, wait a minute, what. You know, he, he was an investor in the company and also a, you know, invested in. Link to. And Jeff, you and I were, we were asked several times to, you know, become a. I don't know what they called it, but you know, basically become the sponsor and they pay you money and you just talk about. And some of those influencers out there did it. They decided to do it. But what's weird now is like now that all this is going on, you don't really hear much about it. Right. I noticed the link 2 is no longer going to be at XRP Vegas, which I guess makes sense. They took the logo off the website.

[Jeff]

Be bad if they.

[Chip]

They probably not a good look to have, you know, link to show up. And who would it be from link 2? Probably not anybody of the original people anyways.

[Jeff]

Yeah, no, it'd be way too difficult.

[Chip]

Yeah. I mean, so in, in the. The House introduced some revised stablecoin legislation with compliance measures and developer protection. This March 26 version of stable act expands the rules drafted in the February version. Let's see. New provision. So this version introduces several new substantive changes compared to the original February 1st. So the updated bill explicitly excludes various financial products such as securities, deposits and credit union accounts from the definition of payment stablecoin. This exclusion gives developers and institutions greater legal clarity on what qualifies under the act. The new draft mandates monthly reserve attestations verified by registered public accounting firms and requires chief executive and financial officers to certify the accuracy of those reports. Knowingly submitting false certifications may result in criminal penalties, up to a million in fines or 10 years in prison. These certification provisions were not present in the February version, so they got some stakes. If you cross the line, do some fraud, yeah, you're going to jail. Are you getting fine? Further updates include detailed procedures for reviewing and approving new stablecoin issuers. The revised draft also imposes decision deadlines for federal regulators, offers formal appeal rights, and allows applicants to reapply following a denial. Regulators must also submit annual reports to Congress on the timing of pending applications. Representative BILL. Hang on a second. Let me get rid of this. How do you get rid of this? I don't think you can.

[Jeff]

Okay, how they do you?

[Chip]

That's how they do you. That's.

[Jeff]

You can say you click. No, thanks.

[Chip]

There we go. There it is. I think I was done. I was reading the last.

[Jeff]

You're done Anyways.

[Chip]

I was reading the last sentence, so there you go. That's. That's that. That one right there. We got.

[Jeff]

Well, time for a commercial break.

[Chip]

Let's do a commercial break. Do it. All right. This one from the Clash. Well, he sounds angry, dude.

[Jeff]

That one does. That guy sounds a bit angry.

[Chip]

Sounds mad. He's very mad. Come on, guys. We only have 13 yetis. We have a 1 in 13 chance right now to win a badass yeti. If you haven't typed yeti, go ahead. Go ahead. Go ahead. Type in that, please. Yeah. Come on, badasses. Come on, badasses.

[Jeff]

Reforge. I just saw the future. I'm winning this one. AKA rigged.

[Chip]

Yeah. Yikes. Come on, now. Come on. We have plenty of can't do badass yetis. It's got to be yeti. Just singular to be picked up.

[Jeff]

But it might pick it up in that yeti.

[Chip]

It might, but I'll just type yeti just to be sure. It only picks it up once. You do it multiple times. Doesn't matter.

[Jeff]

That's it.

[Chip]

Reborn John. Watch. Reborn John win to be like, it's rigged. I won. I knew it. This is bs. I knew it.

[Jeff]

And there he is right there.

[Chip]

Look at that right there. It's about ready to take off with that rocket, right? Man, look at that. Check this out. This is a. This is. This is more nonsense that's going on at the government level. I thought this would be good. Yeah. Not gonna believe what we just found behind a door at usda. We found a whole box of these seeds. And listen, we love Seeds here at usda.

[Jeff]

But check these out.

[Chip]

These are specific tomato seeds that are for growing diversity, equity, inclusion and accessibility at usda. I mean look at these. If you can be anything, be inclusive at usda.

[Jeff]

What the hell, America?

[Chip]

This is what we're fighting here in Washington D.C. this is why we are completely working to realign under President Trump's vision, our entire government about returning power to the people, about ensuring that we're putting Americans first and that we really are going to make America great again.

[C]

And no longer will we spend tax.

[Chip]

Dollars on diversity, equity, inclusion at usda. That is some wicked stuff.

[Jeff]

So here's what's in those seeds.

[Chip]

Well, I don't know, they're probably just regular tomato seeds.

[Jeff]

Genetically engineer those seeds.

[Chip]

Could be some weird stuff in there too, Jeff, maybe it's like, it's so diverse. It's like a tomato come cucumber, it's like a mix, that's, who knows what it is.

[Jeff]

How cool would that be if you had a tomato, cucumber mix?

[Chip]

That's what it is. Some geo, some engineer in a lab seed. Here's a reporter, listen how snippy she is. She's asking David Sachs, she's asking him who's the crypto and AIs are about why we need a bitcoin reserve. Let's know his answer. Mind the American public and investors why you need a bitcoin reserve at all. She's good to be here. I mean the reason why we, we need a bitcoin reserve is that the federal government already owns some. In fact it obtained around 400,000 bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has, has to have a strategy for how it deals with this. In the past the strategy has been simply to sell it, you know, in an ad hoc way almost willy nilly. And that cost American taxpayers something like $17 billion in lost value. So we want to have a long term strategy to maximize the value of these holdings. We've decided that that bitcoin is scarce. It's, it's valuable and that is strategic for the United States to hold on to this as a long term reserve asset. So that's the plan with the 200,000 bitcoin that we believe are in the possession of the federal government. I say we believe because no one really knows for sure because we never had a proper audit. So that's one of the first things that this executive order provides that we're going to do a full government wide audit. To find out what digital assets we actually have so they can be safeguarded and moved into. Who do you think. What do you think happened to the keys for those supposed bitcoin? And I mean, but just the way she had a strategy that masks in the way she answers the question. Very hostile the way she's asking this. Remind the American public and investors why you need a bitcoin reserve at all. Who are you? You're a porter. Just asking. Just ask it in a nice way. Hi, David. Welcome to the show. And I love. He goes. Look at. He's already smiling. Look at him. He's already like, oh, boy, here we go. And listen what he says. Well, good to be here. Thank you for the warm welcome. Hey, David, welcome to the show. I'm just out of curiosity, just wondering, like, so what is the idea behind the bitcoin? Remind the American public and investors why you need a bitcoin reserve at all. Why do you need it all at all? David.

[D]

What?

[Chip]

It's all. David, what do we need? What's it all with the head shaking, the hostile thing. Holy cow, he's. He's smiling right there.

[Jeff]

Hopefully they didn't lose their key to their nano. Imagine they have a hard drive. They have a hard drive with 200,000 bitcoin sitting on it, and they don't have access to it.

[Chip]

See, this is the story we haven't heard about Jeff, but you can imagine that probably some of that's going on, too. Do you think? I mean, I would probably think there's some of that going on. Who knows? Anyway, so I wanted to play this one too. This is Christy Gnome, and she went down to visit El Salvador and she stopped by the prison and look at the backdrop of the prisoners behind her. This is fantastic, Jeff, today and visiting this facility. And first of all, I want to thank El Salvador and their president for their partnership with the United States of America to bring our terrorists here and to incarcerate them and have consequences for the violence that they have perpetuated in our communities. I also want everybody to know, if you come to our country illegally, this is one of the consequences you could face. First of all, do not come to our country illegally. You will be removed and you will be prosecuted. But know Salvador is one of the.

[D]

Tools in our toolkit that we will.

[Chip]

Use if you can commit crimes against the American people. Geez. She, like, opened it up. She's like, don't come to our country. This is one of the consequences. Good luck. And Marjorie Taylor Greene, 1. She's. She might be under a little pressure, Joe, because I think she went a little too crazy on this reporter. She went a little bit nuts.

[Jeff]

But watch, this was like the previous reporter.

[Chip]

No, this one, she gets a little bit. She gets real hostile real fast. This escalates from 0 to 100 like that. But anyway, let's watch this. I want to get your thoughts on this. Yep. Anybody else should. The defense. What country are you. Wait, what country are you from? Okay. We don't give a crap about your opinion and your reporting. Why don't you go back to your country? We have a major migrant problem. And you. No, no, no, no. You should care about your own borders. No, no, no, no. Let me tell you something. Do you care about people from your country? What about all the women that are raped by migrants? No.

[Jeff]

By migrant. No.

[Chip]

Do you care? Okay, you're done. I'm very confused.

[D]

Lives being put.

[Chip]

You want to know?

[C]

I don't care.

[Jeff]

Members fighting for your country.

[Chip]

I don't care about your fake news. Do you have a relevant question? Yeah, this is an American journalist.

[Jeff]

Thank you, God. I was come to that. That was pretty rough. But what happened, like, what led up to it? There was something else that led.

[Chip]

I don't know.

[Jeff]

But what's funny is he pissed her off.

[Chip]

The reporter says, you're an American reporter. And he goes, yeah, I'd like you to answer her question. He's like, next. She's like, next. Like, he just. It got really escalated really fast. I'm like, what do you, what are you thinking?

[Jeff]

Man, I love to know what happened.

[Chip]

Right.

[Jeff]

Right before that, but.

[Chip]

Right.

[Jeff]

She must have said something, you know, and attacking her on, on the border, you know, on something. And so she was coming back and said, you know, but man, to just go after that, like, come on, we can't get, you know, I mean, there's, you know, other people around the world and we got to get along with everybody at some.

[Chip]

And I, I was debating whether I'd play this, but it has one of our favorite ex politicians in it. And as soon as you see him, you'll know who I'm talking about, Jeff, because he used to represent me in Florida in my district. So I think you have a good idea. But he's on the second part of this clip, but he's got the greatest one liner ever.

[Jeff]

You live in a white country rather than your own country. You live in. Why do you live in a white country? I'm sorry, it's not a white country.

[Chip]

Because I want to tell people about Islam and If I stay in a Muslim country, they're already Muslims, so there's no point of me telling them about Islam. Right. So I have to be in a place where people are not Muslim. Right. So if I'm in the uk, there is a lot of people who are from different religions, different faiths, where I can have dialogue. Because this is what I do, right? Interfaith religious discourse and all of that. So I engage with different people. Could a Christian move to a Muslim.

[Jeff]

Country and freely and openly convert the people from Islam to Muslim? I mean, to Christianity?

[Chip]

Well, ideally, under Islamic law, no, you're not allowed to because Christianity is false. Why? Islam is the truth. You don't allow these harmful ideologies to infiltrate into our people.

[Jeff]

When tolerance becomes a one way street, that's our guy. It leads to cultural suicide.

[Chip]

That's it.

[Jeff]

When I am able to fly to Saudi Arabia with my Bible in hand, with my cross around my neck to go to Mecca and go to a church, then guess what, we're good to go. But until that point, we have to understand the objectives and the goals that Islam has set forward.

[Chip]

Right here. I'll play it again. This is like. So this is, this is the key statement right here. Infiltrate into our people.

[Jeff]

When tolerance becomes a one way street, it leads to cultural suicide.

[Chip]

Boom. When it becomes a one way. Right, yeah, it becomes. Right, yeah. Cultural suicide. Right. And I think Marjorie Taylor Greene was going off about that a little bit ago.

[Jeff]

Well, well, that, that was kind of, I think, you know, there was, there was so much more. We only saw a clip and even Reborn said, yeah, there's definitely, of course.

[Chip]

There'S more to that. I mean, somebody just picked off one little clip. Who knows? But I was like, w escalated quickly. Holy cow. Even that went a little.

[Jeff]

I like this one from Lloyd. She was like, if you don't chew Big Red, then f you that too.

[Chip]

She's like, listen. She's like, hi, I'm just. What country are you from? She started going off on her. My God, what's going on? Mel is here. Hello. Mel's in the house. Wasn't that a good look at Mel's? Here we got. Chad is here. We are all at the. Cool. What was it like three weeks ago now? Maybe it's four weeks ago. I don't know. Quantum Summit was awesome. It was a great time. Super excited.

[Jeff]

How many do we have in the drawing?

[Chip]

We have. Well, we have 18, Jeff.

[Jeff]

18. All right, we need, we need a couple more. So I'm gonna run.

[Chip]

Three, two, one, hang on.

[Jeff]

You got 30 seconds. Hang on. Gotta run this. Give people like, this one's going to.

[Chip]

Be time to claim your own legendary badass on the blue. Let's go. Oh. Let's go. All right, guys, we have 20. We're rolling it. You have a one in 20 chance. That's a pretty solid chance right there. Get your zombie wallet ready? You know the drill. When the winner is chosen, you have to say, I'm here getting my wallet. There's no point to it. You've already won. Come on, Reborn John. You can't. You can't say it's rigged and you've already won. It will probably happen is, you know that one that comes up right before the winner will be Reborn John and be like, I want to. Then click. And then another one spin. I don't like the way they do that. I think it should be click, click, click, click, click. And then just show the winner, because that when it starts slowing down, you think I won. And, like, no, you didn't. So. The Cookie Monster rock. I love cookies. Here we go. Ready? Let's go.

[Jeff]

He wants a plumber. There we go. Who's gonna win? I've seen everyone come up.

[Chip]

Boom. Oh, my.

[Jeff]

Oh, my.

[Chip]

What the hell, dude? For real. I'm like, what the hell? Holy God. It must be rigged. All right, it's rigged. We rigged it, man.

[Jeff]

What are the chances of that one? The greatest part. What if Reborn left?

[Chip]

Where is it? Well, there it is right there. There's prophecy.

[Jeff]

Oh, man. Is he here?

[Chip]

Holy cow. I saw it come up early, and I was like, man, there's no point to it. He's already won. Justin says, dude, we have no. I hit a button. You always watch me watch. It's a third party.

[Jeff]

Oh, my God.

[Chip]

Shenanigans, dude.

[Jeff]

Johnny 10x is next.

[Chip]

Come on, Michael. All right, let's see you here. Holy cow. Reborn. What would be even worse if he wins and he, like, bailed, what do.

[Jeff]

You see on April 2nd? That's what I want to know.

[Chip]

Yeah, please, please tell us.

[Jeff]

Reborn. Give me how many numbers are in the lottery. Can you give me, like, six numbers?

[Chip]

Legendary is supposed to win. Hey, I'm not the only one that said rigged. Come on, Justin. I think you won. You've won at least once.

[Jeff]

I think right now, he's not even here.

[Chip]

Oh, yeah.

[Jeff]

I think that's what it is. Oh, he already typed it. He already typed it. Oh, my God.

[Chip]

He already put it in there. Thanks.

[Jeff]

But that's because you're, like, ahead of us. Like Osman said, he already invented the time machine. So you're like, already, like.

[Chip]

Yeah, he already had the wallet up there. He's already ready to go. I already won. Holy cow. Our reactions are the best. Oh, she sounds like too much. Roll the tape.

[Jeff]

Let's go check that out and see.

[Chip]

If that reborn the rug master with an Irish goodbye. That's so funny. Time to investigate the wheel. We'll go investigate it. I'll give you the.

[Jeff]

All right, now I gotta go into our chat.

[Chip]

There's. There's where we go to. It's Streamyard is the software we use. So you can see it. There it is. Giveaway. And that's what we do. And then if nobody. For some reason he's not there, we click the draw again button. But that's. It just. Just pulls people in. It's a random thing, man.

[Jeff]

Crazy thing is, is that I don't see his.

[Chip]

He typed it before the draw. Yeah. We gotta find it. We'll type it again so we can find it because we got to go into the other one.

[Jeff]

John 10x said. Let me hit the button next time.

[Chip]

You can hit the button all you want. I don't care. You hit the button.

[Jeff]

I typed it. Before you drop. I'm looking.

[Chip]

Okay, well, what beginning of the show. Who knows where that was.

[Jeff]

That was too much. All right, I don't. I don't see. Where's the Zaman wallet?

[Chip]

Oh, there it is. Just put it again.

[Jeff]

Okay, he goes.

[Chip]

Here you go. So look for. Here you go.

[Jeff]

I see it.

[Chip]

Yeah.

[Jeff]

Here you go.

[Chip]

Here you go. Here you go.

[Jeff]

Here you go. Yo.

[Chip]

I love it. I get what you're saying, people. I get what you're saying. Perfect.

[Jeff]

Hang on.

[Chip]

All right. Yeah.

[Jeff]

Trying to grab it. It's not being friendly. Oh, everything's moving.

[Chip]

By the way, while you're doing that, Jeff, I'm going to put this up because this is interesting. There we go. Here we go. DOGE reports every single day. So here's a day of work by. By Doge. 577 million American last grants for 237 million in savings, including 10 million general equality equity in the Mexican workplace. You paid 10 million for that job. 12.2 million for worker empowerment in South America. 6.25 million for improving respect for workers rights and agricultural supply chains in Honduras, Guatemala and El Salvador. 5 million for elevating women's participation in the workplace in West Africa. 4.3 million for assisting foreign migrant workers.

[Jeff]

Here we go.

[Chip]

3.5 million to enhance Social Security access and worker protections 3 million for safe and inclusive work environments.

[Jeff]

Here we go. I'm sending it.

[Chip]

There you go.

[Jeff]

Accept. Hit the fingerprint. Here it comes. It's been submitted. Verifying.

[Chip]

There you go.

[Jeff]

That's. That's it. Submitted successfully. So it means that you're the proud owner of people number six.

[Chip]

People are always whining like hey, what does Doge doing? Meanwhile, they have a website. They put it up every day. Yeah, look at this. Just 12 hours ago yesterday, agencies terminated 113 wasteful contracts. The ceiling value of 4.4.7 billion. A savings of 3.3 billion, including 145k USDA consulting contract for Peru climate change activities. So you can see that their weekly credit card update pilot program with 16 agencies to audit unused unneeded credit cards. After five weeks, 298000 cards have been deactivated. As a reminder the audit, there were 4.6 million active card accounts. So there's a lot more work to do. Up to 315000 deactivated cards. Contract upgrade terminate 105 contracts with a ceiling value of 935 million and 8,580 million in savings, including 1 million. National Science Foundation. See, this is like almost a billion dollars.

[Jeff]

It's crazy.

[Chip]

Fitness update As a follow on, there's a larger 32 million purchase agreement for government wide consulting and fitness centers that's been canceled. Past three weeks, Social Security has been executing a major cleanup of the records. Seven million number holders, all listed 120 or older, have been marked as deceased. Another five million to go. Meanwhile, some poor couple who worked their entire life who's trying to like put two pennies together to live, you know, and they did everything right. And meanwhile you got people just ripping off the government left and right. And you know, I remember my mom passed away in August and my dad got the letter right away. This, this Social Security has been terminated. You will not receive any money. As a matter of fact, you. Blah blah, blah. It was like, yeah, okay, but meanwhile you got 120 year old people collecting. 300 year old people collecting money. As of Friday, SBA government now requires date of birth collection for all direct loan applicants. Pauses direct loan process for those under 18 and above. 120 years old. God, this is insane. Core HR systems onboarding job histories Orgs not consolidated Federal Workforce from March 25th survey of 29 agencies or 111 instances of 59 unique HR software products offered by 19 commercial vendors. 11 federal vendors price per employee are 3 to 10 times higher than in private industry. The major set of systems do not allow agencies to easily create or view a basic org chart. In other words, they're using antiquated garbage software and being charged 10 times the amount. Jeez, man. So anyway, it just goes and goes. You're talking about billions and billions and billions of dollars every single day. This account will put stuff out there, and it's amazing. That's all we have, Jeff. That's all we have. That's all we have. That's right. Robbing us blind. And I've never seen why. How could somebody be so angry at Elon Musk, Jeff? I mean, why would. Why would they be so angry at him that they, you know.

[Jeff]

To burn down.

[Chip]

Yeah, I don't understand it.

[Jeff]

Oh, I forgot to add the thing.

[Chip]

What is it? What thing?

[Jeff]

Damn it. We got to add the thing.

[Chip]

You know, the thing. Jeff, what is the thing?

[Jeff]

The badass YETI just posted it. Just posted it to the X verse.

[Chip]

All right, so check this out. One last thing. One last movie here.

[Jeff]

I just.

[Chip]

I've got to show this, because speaking of the protesters, they're all paid protesters. They track their mobile phone. When they go from place to place to place, that money's running out because they canceled all of it. But listen to this. They're asking them why they're protesting. Simple. What's been cut? I would rather not speak to any specific things. There's. Let me think. What's been cut?

[Jeff]

Way too much.

[Chip]

The entire work of the CFPB has been stopped.

[C]

Big fan of Bill Clinton.

[Chip]

I think we're getting off topic here. What's he got to do with this?

[C]

Well, he laid off 400,000 federal workers when he was in office.

[Chip]

Are you trying to suggest that the cuts that they're making to the federal workforce is. Has a precedent in history? Exactly. Okay. This man is a genius.

[Jeff]

A genius.

[C]

Trump ran on this.

[Chip]

He won on this.

[C]

Isn't this what democracy looks like?

[Chip]

He didn't run on this. Trump actually didn't run on it. He didn't tell people what his plans were. Did he mention Doge?

[Jeff]

He mentioned, I will create a government efficiency commission. And Elon, because he's not very big busy, has agreed to head that task force. They're cutting stuff, but it's not waste.

[Chip]

It's stuff that we need.

[C]

Do you need Sesame street in Iraq?

[Chip]

Yeah, we might. I don't. What? Sorry. All of this is a lie.

[C]

Do you support sending money to Sesame street in Iraq?

[Chip]

They don't even know.

[C]

What about the sex changes? In Guatemala that we were sending $2 million to. I don't know what you're talking about.

[Chip]

Why are they different in sex changes anywhere?

[C]

Well, it's not federally funded here.

[Chip]

You got me. I can't comment on that.

[Jeff]

I don't even know I'm paying for that.

[C]

That's why Elon's doing what he's doing.

[Chip]

Well, he's helping you.

[Jeff]

Well, I don't know.

[Chip]

The music in the background makes it worthwhile. The circus music. They don't even know, Jeff. They don't know. I can't believe he's cutting so much. Well, why don't you just go to the website? Or why don't you just read a little bit for yourself and be semi curious enough to go maybe take a look and say, huh, I wonder if we needed all that billions of dollars, right? Billions. Billions and billions of billions. Probably a trillion plus.

[Jeff]

Crazy.

[Chip]

So I responded on X. See, he's already over on top of it.

[Jeff]

It's already there.

[Chip]

Jeff, would you mind following me on X? I'm following crypto.

[Jeff]

Well, how come I'm not following him?

[Chip]

How come? I don't know. That's the weird thing is I don't know. I'm following him. Just go to the. He commented so you can go follow him from there.

[Jeff]

There we go. Let's see. Logging into X. I hate Trump because.

[Chip]

My TV told me to hate him. Right on crypto. Welp, look at Stucky McScrooge.

[Jeff]

Oh, look at that. There you are. I'm not. I'm following you now.

[Chip]

See, you're being followed. You're being stalked by Jeff.

[Jeff]

Stalking you.

[Chip]

He's following you everywhere you go, man. That's how it works. Well, guys, that's all the time.

[Jeff]

Don't we.

[Chip]

We do. Saturday morning. Is it this Saturday? We have panels.

[Jeff]

I believe so.

[Chip]

I think it's a Saturday.

[Jeff]

We have coming up soon.

[Chip]

And then on Sunday we have Dirk from Expector. So we've got a. We've got an interview weekend coming up. Or is that next Wednesday? I think that's Wednesday.

[Jeff]

That might be next Wednesday.

[Chip]

No, I think I'll have to go back and check. It might be.

[Jeff]

Losing track.

[Chip]

But anyway, what I do know is. That's it. That's all we got, guys.

[Jeff]

That's all we got here.

[Chip]

Are out of here. Ship.

[Jeff]

Wait a minute. That's. That's the. That's the other one. Look at that. That's pretty awesome.

[Chip]

I like that.

[Jeff]

I love those guys.

[Chip]

I love that. I won't know who reborn John is anymore, but I'll get used to it. I like it.

[Jeff]

Don't know who that is.

[Chip]

Yeah, who's that guy? He's a winner. Winner, chicken dinner. All right, guys, that's it.

[Jeff]

Belgium.

[Chip]

Belgium. Belgium, everybody.

[Jeff]

Everyone in here is going to have a badass yetis.

[Chip]

Yeah. Pretty soon. Pretty soon, it'll all be badasses. Be badass, Yarmy. All right, that's. That's all we have, guys. We will see you on the next one. Chip and Jeff. Oh, are you down with ot?

[Jeff]

Please, like, subscribe and click the bell.

[Chip]

To be notified when the next video drops.