SEC Leadership Change: What It Means for XRP | Gensler 2.0?

Summary

Podcast Summary: SEC Leadership Change: What It Means for XRP | Gensler 2.0?

Podcast Information:

• Title: On The Chain - Blockchain and Cryptocurrency News + Opinion
• Host/Author: On The Chain
• Episode: SEC Leadership Change: What It Means for XRP | Gensler 2.0?
• Release Date: January 23, 2025

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1. Introduction: Setting the Stage

The episode kicks off with co-hosts Jeff and Chip welcoming their global audience to another insightful discussion on blockchain and cryptocurrency, with a particular focus on XRP. The primary question posed is whether the new leadership at the U.S. Securities and Exchange Commission (SEC) signifies a continuation of Gary Gensler’s stringent regulatory approach, effectively "Gensler 2.0," and the subsequent implications for XRP and the broader crypto market.

Jeff [00:00]: "The big question. Is the new SEC just Gensler 2.0? That's the question. What does it mean for XRP? What does it mean for crypto?"

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2. SEC Leadership Change and Its Implications

a. Austin King's Insights

The hosts delve into comments made by Austin King, a former Ripple employee and founder of Omni Foundation, who shares his perspective on the SEC’s new crypto strategy under the current administration. King highlights Ripple’s increased support for former President Trump, noting significant donations that surpass those of major crypto peers like Coinbase and Kraken.

Chip [05:12]: "Ripple's making one thing extremely clear. They strongly support Trump."

King emphasizes that Ripple aims to position itself as a global settlement network, potentially leading to widespread adoption of XRP by banks and fintech companies. This strategic pivot could force competing blockchain platforms like Ethereum and Solana to reassess their roles in the market.

Austin King (via transcript): "What Ripple wants is to become the global settlement network for the trillions of dollars in traditional finance under Trump."

b. Critique of SEC’s Rulemaking Authority

Jeff and Chip critically analyze the SEC's efforts to establish a clear regulatory framework for cryptocurrencies. They argue that the SEC, under Gary Gensler, has overstepped its mandate by attempting to legislate beyond its rulemaking authority, which is traditionally confined to enforcing existing laws rather than creating new ones.

Jeff [20:07]: "Gary Gensler was trying to use lawfare and dragging people in front of Congress... he was not just interpreting law."

c. Legislative Efforts and Token Taxonomy Act

The discussion shifts to legislative initiatives aimed at providing clarity for the crypto industry, such as the Token Taxonomy Act and FIT21. Jeff and Chip express frustration over Congress's slow progress in amending foundational securities laws to accommodate digital assets, thereby leaving regulatory ambiguities for the SEC to navigate.

Chip [25:00]: "We have to stop the pass. We have one shot to get legislation passed and clear the rules for digital assets."

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3. Trump’s Crypto Initiatives and Market Dynamics

a. Meme Coins and Executive Actions

The hosts explore former President Trump’s unconventional foray into the crypto space, including the introduction of meme coins like "Trump Coin." They discuss the mixed reactions from the community, with some expressing skepticism over the legitimacy and sustainability of such ventures.

Chip [12:01]: "Crypto politics, XRP dispelling the FOMO and FUD, setting the record straight. This isn't one of your YouTube fanboys."

Jeff points out that while meme coins often face accusations of being "rug pulls," established cryptocurrencies like XRP and Bitcoin have weathered similar price volatility without the same level of scrutiny.

Jeff [13:37]: "XRP was $3.80. If you bought in at $3.80 and the next day you woke up and it was 20, guess what. It was a rug pull."

b. Crypto Regulation and Investor Protection

The conversation touches on the SEC’s focus on disclosures and investor protection, contrasting it with XRP’s position as a legitimate digital asset. Jeff emphasizes the need for regulatory clarity to protect investors without stifling innovation.

Jeff [38:54]: "Having to become an accredited investor... limits individual investors and stacks the deck against them."

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4. Meme Coins vs. Established Cryptocurrencies

Jeff and Chip discuss the resurgence of meme coins on the XRP Ledger (XRPL) and their role in attracting new investors to the crypto space. While they acknowledge the speculative nature of meme coins, they advocate for individual choice in investment decisions without judgment.

Chip [13:20]: "Do whatever you want with your money. I'm not a guy to tell you what to do."

Jeff highlights that both meme coins and established cryptocurrencies experience price fluctuations, questioning the double standards in how they are perceived and regulated.

Jeff [14:43]: "It's 100%, the FOMO. And like dawn said right here, it's memorabilia."

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5. Community Engagement and Giveaways

Throughout the episode, Jeff and Chip engage with their listeners through interactive Yeti giveaways. These segments, while lighthearted, underscore the podcast’s community-driven ethos and its emphasis on rewarding active participation.

Chip [73:29]: "Joni wins... You gotta post your wallet."

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6. Political Commentary and Broader Implications

The hosts extend their discussion to broader political developments, including former President Trump’s pardoning of Ross Ulbricht and critiques of political figures like Elizabeth Warren. These segments contextualize the crypto discourse within the larger political landscape, emphasizing the interplay between politics and digital asset regulation.

Jeff [76:02]: "Ross was given two life sentences plus 40 years. Ridiculous."

a. Taxation and Crypto

Towards the end, Jeff and Chip touch upon potential changes in taxation policies related to crypto, speculating on future exemptions and the global implications for digital asset holders, including Australians.

Chip [83:23]: "Trump is saying something about crypto and taxes and being tax free."

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7. Conclusion: Future Outlook for XRP and Crypto Regulation

In their closing remarks, Jeff and Chip reiterate the importance of legislative action to establish clear and fair regulations for cryptocurrencies. They stress that reliance on the SEC alone may perpetuate regulatory uncertainty, advocating for proactive engagement with Congress to shape the future of digital assets.

Jeff [33:21]: "We have to get angry enough to make sure that Congress abides by what they say they're going to do."

The episode concludes with a call to action for listeners to stay informed, participate in community activities, and support the ongoing efforts to achieve regulatory clarity in the crypto space.

Chip [84:53]: "We're in the new era... Let's make it happen."

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Notable Quotes:

• Jeff [00:00]: "Is the new SEC just Gensler 2.0? That's the question. What does it mean for XRP? What does it mean for crypto?"

• Chip [05:12]: "Ripple's making one thing extremely clear. They strongly support Trump."

• Jeff [20:07]: "Gary Gensler was trying to use lawfare and dragging people in front of Congress... he was not just interpreting law."

• Chip [25:00]: "We have to stop the pass. We have one shot to get legislation passed and clear the rules for digital assets."

• Jeff [38:54]: "Having to become an accredited investor... limits individual investors and stacks the deck against them."

• Chip [13:20]: "Do whatever you want with your money. I'm not a guy to tell you what to do."

• Jeff [33:21]: "We have to get angry enough to make sure that Congress abides by what they say they're going to do."

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Final Thoughts

This episode of On The Chain provides a comprehensive analysis of the recent changes in SEC leadership and its potential ramifications for XRP and the broader cryptocurrency ecosystem. Through critical discussions and community engagement, Jeff and Chip navigate the complex landscape of crypto regulation, investor protection, and political influences, offering valuable insights for both newcomers and seasoned veterans in the digital asset space.

For more in-depth discussions and real-time updates, follow On The Chain on Twitter and subscribe to their YouTube Channels and OnTheChain.

Transcript

[Jeff]

This we're up the flow. 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. Visual vendetta. There is a show tonight, man. We got good things to talk about, interesting things to talk about. SEC Quasi things to talk about. Here's the big question. Is the new SEC just Gensler 2.0? That's the question. What does it mean for XRP? What does it mean for crypto? Are they doing the right thing, the wrong thing, or the Gensler 2.0 thing? That's what we're going to get into tonight. Got a lot of cool videos, a lot of cool articles to cover. Chip, you ready to kick this thing off?

[Chip]

I'm ready. Let's go. Welcome to on the Chain. Welcome everybody to on the Chain. Drop where you are coming in from? Where are you coming in from? Which country? Which city? Where are you today? Drop it in there. You can either make it up or you can do whatever you want. Bmax says, good day, gents. Hello from Phoenix, Arizona. And what else we have in here? Celebration. Celebration. We're. Celebration.

[Jeff]

Let's do it.

[Chip]

Slackers. Jim D knows we're. We're all slackers here. We know. He knows what it's like. He knows what's up. Yep, there's Don. Look at that badass Yeti, huh? Look at that. Hey, hey, hey, hey, hey. That Ed here, he's always down with otc. You gotta love that. Newcastle, yay.

[Jeff]

Australia.

[Chip]

Newcastle. I like Newcastle beer. Of course, not from Australia, but Jeff, I was very disappointed. Like I told you, I went to when I was in Montreal and I try to get labettes. They've never heard of the bats over there. It's like a very regional type of beer thing. Like Toronto's like a very Labats and like west, but that was like couldn't get a Labat. So look at me like, huh.

[Jeff]

But that's why I think there's some controversy. It's like Ontario versus.

[Chip]

Yeah, there's a little bit of that. And then the beers that are like. And it's funny because I told that to my brother and he goes, oh, I bet they drink these three beers. And I'm like, those are the three beers that I found everywhere. Not the beers that I wanted to drink. But there you have it. It happens. What are you gonna do?

[Jeff]

Look at that. Scott M. From Walt, Ontario.

[Chip]

Yeah, I love Ontario, man.

[Jeff]

People are showing up with all sorts of badass Yetis. Look at the xrp, dude.

[Chip]

What's up? Xrp. Dude, dude. Texas in the house. Oh, yeah. Everything's bigger. Yeah. It snowed in Louisiana. Did you see that? That was crazy. Punta Gorda. Yeah, I saw Destin Beach. Got. It was covered with snow. It was crazy.

[Jeff]

It was crazy. We have some video of that, which is kind of cool. 10 inches of snow.

[Chip]

It's wild. And I know Texas bits of Texas. Got some a little bit here and there, but not a lot.

[Jeff]

JIM D. Melbourne beach, sampling French cuisine, great wines, an excellent vibe at the piano.

[Chip]

How are you watching this? Do you have headphones in? I mean, how are you, like, watching this when you're at the piano bar chilling out, drinking some wine, hanging out at the bar? How do you doing all this? How is that going on? I want to know exactly what you're doing there.

[Jeff]

JIM D. Yeah, that'd be good, actually.

[Chip]

I want to know exactly.

[Jeff]

Blue Ridge, Georgia.

[Chip]

There you go. Look at this right here. Y Typing yeti.

[Jeff]

Only one person. Typically people come flying in when they're badass yeti. You want to win a badass yeti, then type in yeti. The whole point of the yeti.

[Chip]

We can start the show. Sir John's here. Perfect. Chad's here. Yeti. I just love seeing all these yetis in the. This is the best thing ever, seeing all those yeti giveaway today. Snow in South Carolina. Hello. That's insane.

[Jeff]

I think we're gonna give away this cute little yuck.

[Chip]

Early 47 degrees in Naples. Say it's not so how is that true? You guys didn't get snow, though. I don't think you're not like Destiny 4 over here. Pensacola. Yeah. My daughter sent me some shots of the snow today. Up and up in the panhandle where they both are. And they were like, oh, look at the snow. Check it out. That's very insane. Well, Jeff, let's get down to. Look at that, huh?

[Jeff]

Look at that. Yuck, yuck, yuck. That's the guy that we are giving out today. So super exciting, super exciting about that.

[Chip]

That's a yuck yuck right there. There you go. The yuck yuck part of the white tribe of the badass yetis. There's two tribes, the white tribe and blue tribe. You can get them at XRP cafe and you can pick shoes from either one.

[Jeff]

Mark negative 22 at exit 69. Big Beaver, Florida.

[Chip]

That's right. Thanks. That is correct. Used to live a mile from there off of Troy for the. What was it road is.

[Jeff]

I think it's no snow in Naples, Just coal balls.

[Chip]

There you go. Let's jump into this. You know, it was interesting. This guy, Austin King, it's funny, I didn't really follow him when he was a Ripple employee, but he said he sold his first company to Ripple and he was a Ripple employee for a while. But interestingly enough, he posted this up. Trump's inauguration raised over $200 million, breaking all prior records. Ripple donated 500. 500% more than crypto industry peers like Coinbase and Kraken. And as a former Ripple employee, here's my take on the strategy and how it will affect xrp. There's Garlinghouse. So he said Ripple's making one thing extremely clear. They strongly support Trump. Did you notice that, Jeff? That they're strongly supporting Trump?

[Jeff]

Nope.

[Chip]

The photos of Stu and and Brad didn't.

[Jeff]

And they're so far they're so fired.

[Chip]

Up, they're fired and it's like they can finally get out there. And he says, however, their goal with cozying up the Trump administration might not be what most people might expect. What do they want? Well, Ripple wants to be right. They have actually requested this for many, many years, but they want that, though. And then here's Brad out with Maria Barcelona that we've seen that interview a bunch of times and says, to understand this fully, you need to understand the people who built Ripple. It all starts with the founder and current chairman, Chris Larson. Why? Well, Chris was innovating in finance long before Ripple. He founded loan back in 92, which he eventually took public. Then he built another massive scale, FinTech Prosper, which facilitated over a quarter billion in loans. So why has he been calling for crypto regulation?

[Jeff]

Collect Prosper.

[Chip]

Yeah, I remember Prosper because the payment focus was just a bootstrapping phase. The real goal has always been to become the global settlement network for the trillions of dollars in traditional finance under Trump. That's now looking more plausible. What could that mean for xrp? A lot of banks and fintechs might purchase XRP to manage assets transactions on the ledger. Other chains like Ethereum and Solana could be forced to reposition around XRP. The XRP ledger revenue model could expand over 400x400 times from the current payment focus. So as an American crypto founder, I'm tracking updates on the regulatory front closely. I'll continue to share in depth analysis and how updates under Trump might affect Ripple and the rest of the American crypto industry. Follow me to get your takes that you won't see in the news. I hope you found this thread helpful. Please follow me at ox ask for more. Interesting profile.

[Jeff]

It's interesting, very interesting. I want to see exactly, you know, what is his, what's his take there?

[Chip]

The profile summary. Austin King, otherwise known as this a Harvard educated computer scientist who sold his first company Ripple enough Co founding Omni Foundation. Revolutionized blockchain with lessons from past bear markets. He's a D5 innovator advocating for Ethereum's UNF ING and pushing for decentralized sequencers to enhance security composability. He's been dissecting Trump's crypto strategy ripple political plays in the future of XRP and finance. And the community has been buzzing with excitement over Austin's insights at XRP and his leadership at Omni with Hunter. This is Hunter oral and our. And look at that. And also wrath of. Of common Common. We always see a lot of time. So they're at this company. I guess he works there too.

[Jeff]

It's interesting.

[Chip]

And Egrad kick crypto all highlighting a significant crew. Okay, so they've talked about his influence. Gotcha. On f. Ethereum. Yeah, Ethereum's been getting a lot of flack. I saw that. Buterin has been going back like he's been lashing out at people, Jeff because, because people have say like it's taking too long, it's not enough and he's gonna like, you know, he started getting emotionally involved and that's never a good thing when you're on.

[Jeff]

He's way too passionate about, you know, what he built, what he, you know and it's. Yeah, he's way too connected to it.

[Chip]

The Trump reinstates the Houthis on u S. Terrorist. Why were they, why weren't they there from the beginning is like another question.

[Jeff]

Right?

[Chip]

Why were they off the cartels Official terrorists. But so much good stuff's happening. It's just incredible to see what's happening, Jeff.

[Jeff]

I mean meditates Truly unreal. You know, it's stacked up back to back to back. We were promised non stop winning and that's what we got. But I'll tell you, you know, it's interesting when we look at everything that, you know, Trump has, has done in, in such a short period of time and the most amazing thing which, which we already referenced was the fact that, you know, people are referencing this all over X but Trump actually solved global warming.

[Chip]

I have both videos.

[Jeff]

Think about it. It's like, look at this.

[Chip]

Yeah, look at that. Global warnings.

[Jeff]

The Warren's over. Welcome to Florida.

[Chip]

It's fantastic.

[Jeff]

The Sunshine State. When would you ever think that you're going to get the free state of Florida? The Sunshine state, with, like, 6 to 10 inches of snow?

[Chip]

That's insane. Really? Quite honestly, I saw this and I was laughing so hard, I couldn't even stop myself. This is Michael Arrington. You know Michael Arrington. He's the former. He's a former founder of TechCrunch. He's the one that put that together. Crunch Base, Arrington Capital. You know, he does a lot of investments and, you know, a lot of xrp. Him and Brad Garlinghouse are buddies. They're always hanging out together and doing fun stuff. He put this post on X. I'm underwhelmed by Trump's crypto moves so far, and I'm like, bro, it's day three, okay? It's day. Like, the expectation level is so high. The bar was set so high that it's like, I'm done, dude. I'm done. I can't put my hands up. This is like, it's day three, bro.

[Jeff]

And it's not even really just like, day two and a half.

[Chip]

And it's like day two because the first day is all just like, ceremony, you know, and balls and, you know, press conferences, right? He signed a couple EOs, but I'm like, rob Licker put this up. He's like, chip, you win with X. And the adult in the room comment. This is why we can't have nice things. Crypto Bros on X. A sitting president. United States just released a meme coin. Chillax.

[Jeff]

That's really funny.

[Chip]

I don't love Rob Liquor. That's great. He's like, that's why we can't have nice things because of the crypto bros, not X. Got. You gotta love that, man. Oh, man, oh, man, oh, man. Jeff, let's get to the.

[Jeff]

Let's get to the Robin saying any solid rants about Trump and Melania coins. Such a bad look. I don't know.

[Chip]

The funny thing about it is you. There's two ways to look at it. First of all, I don't give a about meme coins, okay? I don't care if it's Trump coin. I don't care. Whatever. Yeah. Did I buy Doge? Yeah, I did. Did I make money on it? I made a little bit. But the whole thing about meme coins, everybody taking this elitist position on the Internet, this is like going like, oh, you are buying meme coins. You're going to get rugged. It's very bad, right? It got so bad in Fact that people were talking about the. The Trump coin rugging, because the price dropped significantly, a lot of people cashed out. That even David Schwartz had to get involved and put the definition of what rugged means and help people out to understand that was not a rugged project. But he had to come in and step in and say, okay, enough. But what I'm laughing about, Jeff, is like, people are all of a sudden, like, let's not be tribal. Let's not be. Listen. One of the things that reinvigorated the XRPL has to do with meme coins. Like, the biggest. Most excitement has brought people over are the meme coins. There's thousands of them now on. On the xrpl. I don't care if you like them. I don't even care if you invest in them, But I say it's your money. Do whatever you want with it, whatever you feel fit if you wanted to waste it. I'm not a guy to tell you what to do, Jeff. Do you care people invest in meme coins?

[Jeff]

No, I like. I like the shib. I like shiba inu.

[Chip]

Shiba inu.

[Jeff]

I like this Shabarium. There's nothing wrong with that. You know, people. People buy meme coins. Doesn't mean anything. Steve said the same thing. Doesn't mean anything.

[Chip]

That's right, Steve.

[Jeff]

You know, who cares? And the whole thing is, no one said anything about trump water. Nobody says anything about trump wine. No one said anything about the Trump watches. Nobody said anything about, you know, Trump running shoes or, you know, shoes. Yeah, his name is on. His name is on everything. Every. That. That's their brand. That's what they do. In fact, they roll out some meme coins. You know what? It. It's a point. Hey, we're in crypto, too. Look, you know, people bought in, price went up, price went down. What is it? What was it like in three days? Price went up, price went down. XRP. Guess what. Price went up, price went down. 2017, 2018. XRP was $3.80. And if you bought in at $3.80 and the next day you woke up and it was 20, guess what. Oh, it was a rug pull, right? And that's what everybody said. It was a rug pull. It was a rug pull. And that was a. You know, you want to call it a legit asset, right? Bitcoin was at 20,000. Then it went down to 3,000.

[Chip]

That's right.

[Jeff]

You're gonna say that was a rug pull. You know, and. And people are running around talking about computer money.

[Chip]

Right.

[Jeff]

Fictitious computer money. That's bitcoin. So they're meme coins. Everybody knows meme coin. It's just the 100%, the FOMO. And, and like dawn said right here, it's memorabilia. Look at every, every night on tv, Chip, you get silver. Get your silver bullion coin.

[Chip]

Damn right.

[Jeff]

You pay, you're not buying silver. You're paying extra money because it's in a coin format for whatever it was. It's a US coin, it's the Trump coin. It's a whatever coin. Everyone has their gold and silver coins. You know that. That's what it is.

[Chip]

You're paying for a coin because of the, because of what it is. So. And the other part that I will tell you, you know what, it signals loud to me. We're in a new era. It's estimated Trump has more than half of his fortune in crypto. Okay. And he had to declare that on his thing. So he was holding Ethereum plus. These aren't the only. He's, he's sold other, you know, NFTs before this. Not the only thing. But I look at that like you got a US President, first in history, who comes in owning crypto. That's never happened. Who puts out a coin. You can question the timing. Like the day before he's going to be inaugurated, okay. He, he puts it or two days before and you know, some 15 year old kid woke up a millionaire because he put 800 bucks in at the right time. You know, look, it happens. Is it something I'm interested in maybe? Not necessarily. But I'm not gonna fault people because they want to have some fun or they want to collect stuff. I used to be into collecting these vinyl toys. Some of them are really rare. And I have a bunch of them and I had them all over, you know, everywhere. I had them in my office. And I got to the point of where I realized something about collectibles. What they collect is a lot of dust. And I was like, why am I collecting these things? How did I get on this train? I don't know how, but I look at this, is that it's a new it Don. Okay. Do you think a guy Trump was talking about being pro crypto? Oh, no, he's pro crypto. You think he's gonna let happen in crypto? No. You think he's gonna hustle after? They're like, he hasn't done one executive order about crypto. Well, it's coming, people. It's day three. Let's not lose our ass, our heads Over. Okay. Yep. But I wanted to put this up, Jeff, because we got to workshop this one.

[Jeff]

What is this?

[Chip]

Because I. This is. The SEC unveils the task force. Like everybody on the web gets excited about it. And Jeff and I were going back and forth, texting each other last night, and I was going in a complete meltdown mode. Jeff was keeping me water. Right, Jeff, Was that true or no? I was just about ready to go to sleep.

[Jeff]

I was like, very funny.

[Chip]

And then all of a sudden, Jeff sent me this article, and I was like. Then steam was coming out of my ears. It was coming out of my nose everywhere. It was crazy. And then I went. I went ballistic. And I was just shocked. I was just shocked that people like this do. Alderadi. The SEC launched the new crypto task force led by Commissioner Purse, aimed at establishing a clear regulatory framework for their cryptocurrency. And then he's like, thank you, Acting Chairman Ayuta, for saying it. The SEC's War and Crypto created confusion about what's legal in environment as hostile to innovation and conducive to fraud. Looking forward to working with the crypto task force to undo prior administrators damage. And I say nay, Jeff. I say this is complete, absolute. I might be. I might be the only dissenting opinion on the entire Internet. I saw John Dean. This is the greatest day ever. I said, oh, finally. Blockchain backers like, yay, finally. I'm like, no. Did you read. Did anybody read any of this? Has anybody been paying attention? Here we go. Let's look at this. Okay, let's go into the. Where was the thing? Where is it? Jeff, help me find it here, because I know this is the one bit that I really. Where is it? Come on now.

[Jeff]

Where's what?

[Chip]

I wanted to read this whole damn article.

[Jeff]

What are you looking for?

[Chip]

I was looking for. Why? I. I was looking for the. See, now I don't even see it.

[Jeff]

Here at the top. Go up. No, you've gone.

[Chip]

Nope. It was a paragraph. It was a paragraph.

[Jeff]

They removed it.

[Chip]

Did they remove it? It looks like they may have. Huh. Let me see. Here it is. Here we go. Here it is. The task force focus will be to help the commission draw clear regulatory lines, provide realistic past the registration. Hello. Gary Gensler, 2.0. Come on in. Register. No, here's the thing. The SEC regulates securities crypto not a security. You can say, well, companies selling it is a security. That's the problem. We're not creating. Crafting new rules rooted in 1933 and 34, 1947, with the Howie rule, we are creating new rules, craft sensible disclosure frameworks. Oh, what did Gensler go on about over and over again? We, we have to have clear disclosures, we need disclosures, we have to have disclosure. Now sec, shut your mouth. You've got nothing to do with digital assets. They are not securities. The CFTC will be the regulatory body and deploy enforcement resources judiciously. Oh, that sounds a lot. This all here sounds like Gensler 2.0. Jeff. Where, where am I going wrong here?

[Jeff]

So, so here's the point with all this is that under current authority and current law based on the irs, based on the securities Exchange act and you know, the securities act of 1933-34, it created the framework for the SEC, created the environment for the SEC. But also the SEC does have jurisdiction. They have rule making authority. So if the SEC has rulemaking authority, then it gives them certain, you know, certain jurisdiction, so to speak, on creating and crafting rules. But the problem with all that and under Gary Gensler is that he went outside of the confines of their rulemaking authority. So he was borderline create, creating and crafting law. But at the same time he also went beyond the SEC's purpose, which is to protect individual investors and he was actually harming individual investors. So, you know, if we actually look at, and we draw like a comparative. So I looked up, I wanted to see what is the distinct difference between rulemaking and law writing. So the claim would be then that the SEC is trying to write law, but actually they're just, they're crafting rules and the rules have to fall within the law that is crafted by Congress, But Congress allowed for this rulemaking authority. So the whole problem with it is that if we look at it, you know, based on now the SEC enforces and interprets law through rulemaking authority that's granted them by the U. S. Congress. It can't create law because obviously only Congress can do that. Gensler was trying to use lawfare and you know, dragging people in front of Congress, in front of, in front of the courts in from a punitive perspective. And essentially he was not just interpreting law, not just trying to draft rules in the confines of what the laws that are on the books are. And, but it's, it's kind of a free for all. So if we go back, Chip, because Chip and I talked about this, you go back to the Token Taxonomy act that was trying to amend those specific acts from 33, 34, the IRS rule of 86, and there's a Whole bunch of other things within the Token Taxonomy act, it would have set things at least on the path to provide some clarity for crypto. But in this scenario, at least based on my opinion on what they've interpreted, is that, you know, we have to have a path towards companies that are crafting and building in the crypto space, not the crypto itself, but the crypto itself can be sold as a security. So a company that's building and developing has to come in and register just like any other company. And if they're soliciting fundraising and they're utilizing a crypto, it's the form of a security to raise funds, then that's gonna, you know, then that's wrong. According to our existing law, whether it's right or wrong or however we feel about it, it's all within the framework of the law. Again, Gary Gensler was operating outside of those confines.

[Chip]

I'm waiting.

[Jeff]

Which was problematic there. Go ahead.

[Chip]

Here's the thing. I give zero Fs. You want to know why? Because we're not trying to fit it into the box for the last hundred and two hundred years. We're trying to create something new pro crypto Congress in the House and the Senate and the President. I don't care what the SEC comes up with, because the way to do this is to, like you said, Jeff, to dust off the Token Taxonomy, which amends the 33 and 34. Right. It makes very clear rules. First of all, the sec, what is government going to come up with? We're going to come up with some plan. The whole idea of registering, coming and registering, that's what we want to get rid of. We don't want to create more of the same. I always say, like, when you have a good dictator, a dictator with good intentions, like Bukele, they go like, he's not a dictator. I'm like, when you lock up 80,000 people without due process, sorry, you're a dictator. But. But we've never seen a dictator that has great intentions. You're like, wow, look at how much great stuff. It went from the worst country in the world to the greatest country ever, right? So. And in the name of, well, you know, hey, we're doing it because it's positive. So now we got this, we got Hester Purse, we got Uido, whatever his name is. They're going to go in there and they're going to create clear. No, we don't need that. We don't. None of that stuff is necessary. You know what? Sit down and just chill out. What we need is Congress to get off their ass, dust off the token taxonomy, pass that, pass the fit 21. Fit 21 passed the. The House back in like June and July of last year. All they have to do is pass the Senate. Boom, done.

[Jeff]

Died in the Senate.

[Chip]

Died in the Senate. Now we've got a Senate. Right. So there's a. And that I've heard people like, well, I don't see much pro. There was, you know, when Trump gave his speech, there wasn't thing anything about crypto. There wasn't in there a lot about a lot of things. He was like, you know, if you looked at Melania Trump and you looked at. You ever seen the movie V for Vendetta? You know, it's like she was, she was not cracking any smiles. She was not very happy that people broke into her house and went through, you know, her things. I mean, so there's a real vengeance coming up here. I mean, the bottom line here is, is we're not going for the past to make it fit in the box of the past. And the rule making. This is what always crushed me about John D. Would always go like, well, the SGC is not clear about the rules. Yeah, that's the point. No, they're supposed to enforce it. And are they going to create new rules? No, but. And I know you're saying they get a little bit of leeway, but also see thing too, that the Chevron deference case, right. When that overturning of that says that what has been mandated by Congress. Now if Congress says they can do some rulemaking, great. You know what you do? You repeal that and you make your own rules and you have the cftc, you start getting rid of these government agencies on top of it. Right. Trump's talking about getting rid of the irs. Trump gets rid of the irs. I'm telling you, happy days are here again. Because nobody is going to be like, well, that was a stupid thing. I don't know what we're going to do now. That's stupid. Why would you. Why would we, why would we not pay taxes anymore? Right? I mean, people don't like the tariffs. The tariffs are going to crush the. Listen, people are going to vote for tariffs over paying income tax and having to deal with it and not even speaking about clear rules of the road. Jeff. We have to hire CPAs. And the CPAs don't always know what the rules are because they change them all the time. So we don't even know. We're trying to do our best. We want to Pay our taxes. We want to pay as little as we can, but we still want to be legal. But we don't even know what the clear rules of the road are. So this is where I feel like, let's stop the pass. We have a one unit, we have one shot. Let's get it right. We got one Congress. We have two years before the midterms hit, basically a year before the campaigning starts heavily. A year. I know it's day three, but it's time to start passing some legislation. And Jeff, that token taxonomy still to this day, even the fit 21 is decent, but we got to repeal the stuff out of 33 and 34. And we can't think of digital assets the same as we would a security. It's not the same. And when companies come in and register, that's the whole point. I want to get away from all that. You're just. And then they say in that one article, they say, we're going to. We're going to be. What is a word they use? It's just. This is an actual quote. Let's see if I can find it. I might have lost it. I don't know what I did with it. Here it is. Yeah. Oh, this is the best line right here. Like, this whole thing is problematic. And deploy enforcement resources judicially. You see, now that the good SEC is there, they're only going to sue and they're going to use their enforcement resources judiciously. You see how nice they are, Jeff? This new SEC is so much nicer than the Gensler one, even though it sounds exactly the same. Disclosure. We're worried about disclosure. You got to come and register. You got to come and register. No, no, stop all that. Anyway on that. It made. Makes me angry that everyone's like, oh, greatest thing that ever happened.

[Jeff]

No, well, well, the point is, you know, that we're in. We're in the process, right? So in. Without having any clear path, without having congressional oversight and meaning, go ahead and amend the securities act of 33 and the securities Exchange act. You don't have to get rid of it. They have to amend it. They have to provide clarity for what crypto is, and you know it. And through that, then we're at least on the right path. There's some other, you know, comments there, but if you look at the rulemaking authority, which again was. It was granted, you know, through Congress giving them rulemaking authority, they have to do so within the framework of laws that are passed by Congress. And through that, there's a couple interesting components to it, because they are supposed to. And as they create and draft these rules, they have to. The rules are subject to public notice, public comment. They have to go through an administrative. It goes through the Administrative Procedure act. And the SEC then is actually soliciting public input before they can finalize any, any of the rules. And courts will actually have the opportunity to strike down any SEC rules if they exceed statutory authority or they deem them to be arbitrary and capricious. So there's all these different elements within how they, they created it. The problem is that we sit where we sit right now. And you know, it's interesting because you and I talked about this even when Gary Genzer was there. What was one of the first things Gary Gensler said when Congress was upset?

[Chip]

Right?

[Jeff]

They were upset with him, with what he did. People were upset with him. And what did he say? Make the laws, Draft the laws. Your Congress, you make the laws. But they didn't. Right? They couldn't pass them. And he knew they couldn't pass them, you know, because of the slow walk. Because at the time Maxine Waters is in charge, you know, he had all of his people in place. So he knew they wouldn't pass the proper legislation. You know, he knew they wouldn't be able to pass and amend anything. And this is exactly what happened with the token taxonomy. It basically just died. You know, it just, it came to. It came in front of the Financial Services committee, died. The FIT Act, FIT 21 sitting in front of Senate. The pro problem. Now we have a whole new Congress. You know, Senate, I think, you know, what is it? The House seats? Every two years, the Senate people are in for six. I don't know if it has the same turnover. I don't know if it's every two. We'd have to look up Senate. But if that's the case, if it's all Congress. So it, you know, flips every two years. But I think I know the House for sure. So the question is, within Senate, is the fit 21 dead?

[Chip]

Did.

[Jeff]

Did it arrive? Dead on arrival? And it's no. I know they sit for six years, but does it turn over like, you know, you have a new Congress? Well, I guess every two years. But within Senate, within the House, everybody has a chance. You could have an entirely new House every two years. But in Senate, you don't have all senators being elected every six years. You know, at the same time, there's a, there's a variance. Like, you know, we have two senators, they're not elected on the on the same election cycles. So you know, so I think that you know, makes an impact. So we'd have to look that up. Someone could look it up. Say, you know, when is the new Senate seated? You know, similar to the, to the House. That'll determine whether or not it's dead on arrival sitting there and they have to revote it through all over again. You know, so it could be, it could be problematic. What is this? Judiciously say that three times fast resources.

[Chip]

A hell of a lot less. What's not to like about that? Yeah, let's take a look at the definition there, Rob. So it says with good judgment or sense. And that ties back to what I said about we're the good sec. Don't worry. Wink wink. We're only going to go after bad actors. Wink wink. Yeah, okay. We're going to just, it's, it's a, basically a trust me bro, because we're the new sec. Sorry. Zero trust in any government agency. The thing to do is to have the private sector get together. Okay. You know, pull all your people at garling houses and you know the guy from Coinbase, you know, Brian Armstrong, like get, get, get the top 20 in room and start talking about it, about what you're going to do and, and talk to Congress. But deferring your power to the, to the new sec because they're crypto bros. They're much better. Right? There's the balloons, Jeff.

[Jeff]

They're the ones with their rulemaking authority.

[Chip]

I don't give a. Jeff, I don't care about the rule make authority. You know, who has the ultimate.

[Jeff]

Doesn't matter. They have it. It was granted by Congress.

[Chip]

It doesn't matter.

[Jeff]

It does matter.

[Chip]

No one's going to defer to the SEC because nobody cares about the sec.

[Jeff]

But it doesn't matter. They, they have the authority under Congress law. It's existing law, but Congress has to change it. We have to be angry enough to make sure that Congress abides by what they say they're going to do.

[Chip]

Come in and register. That's what. That's Gensler 2.0.

[Jeff]

No companies have to go in and register. That's all part of the process.

[Chip]

I'm saying change the process. The digital asset isn't a security. Change the process and you got all new rules and no one thinks of it. And the SEC never touches anything with crypto again. There you go. Done deal. The whole idea of this whole thing is ridiculous. Crypto politics, XRP dispelling the FOMO and FUD, setting the record straight. This isn't one of your YouTube fanboys. It's wrong. Unfiltered badassery.

[Jeff]

If you're standing up, sit down.

[Chip]

This is the chip wrench.

[Jeff]

Let's go.

[Chip]

There we go, Jeff. It is. It is. There's a lot of chip rants going on here. Look at Jay. Look at Joni's here. Joni and Steve are both here. Wow. It's been months since my hubby and I watch Yalls. Oh, great. I don't know if it's got snow down there or not, but. Yeah. All I'm saying is, is, yeah, the Senate every six years, but there are some. There's hit the like button. We could do that, too. They vote for leadership every year. That's right. That is absolutely right. I just think that, you know, we probably. I don't want to kill this thing to, you know, to beat it to death, but look, we have a shot here. We got a president who releases meme coins. He's had NFTs, who has half his wealth in crypto. We know that. We're not going back. So why are we deferring to the sec? Cool. Because the losses. I don't care. Let's write some new legislation. Let's get some legislation passed. Let's amend the 33 and 34 securities laws, and let's go. Let's stop with this nonsense.

[Jeff]

Chip, you're running to the answer you want. What they started was the work to figure out what the rules should be.

[Chip]

Right? And I'm telling you, Rob McDermott, shove it up your ass. You want to know why? I don't give a. About the sec. I don't want a government agency who. All right, we're going to make new rules because we're the good guys. No private sector into Congress. Educate them as. As George who used to say. Somebody used to say, George W. You just educate them. Educate them, I should say. That's it. It's a done deal. Forget about this. Oh, let's go to the sec. Congress has all this mighty power.

[Jeff]

Boom.

[Chip]

We can stamp it. We can say FCC tomorrow. We can radically change the law. But you know what we're going to do? We've got all this amazing power. Sure. Good guys at the sec, go for it. Go ahead and start writing some rules. Good luck at what they come up with. I hope you love what they come up with. And then Congress will go, great. We don't have to do anything. They're talking to the wrong people. Never rely on a government agency when you can Rely on the private sector. The private sector is going to craft a way better bill than somebody that's been in government their whole life. Hester Purse. Crypto mom. What is crypto mom? She, she authored one good idea, which is the, the safe harbor. It was three years and they moved it to like one or two years. Okay, great. That's one person's opinion. I don't think this should go this way. Rob. Sorry for being a little bit hostile, but I'm just saying we don't want to defer the SEC to anything because now they're the good guy. Oh, they're the pro crypto people in the sec. Sure. Disclosures and coming in registers. If we change the law that we have the CFTC dealing with everything. Why is it a security to begin with? Because the 1947 highway test said it was great. Let's figure out and change that too. This is a shot you have. I mean, I expect big things to happen. I expect the Federal Reserve to go away. I expect, you know, the IRS to go away. Like this is a one shot in a lifetime. This is a chance for Trump to leave a real legacy instead of doing sitting around looking at the wall, going, you know, okay, we'll close the board. Great. You know what, you know what? Everybody cares about taking home more money every day. Right. You know what? Somebody doesn't want to deal with the printed money of the Federal Reserve and all the BS and all the lies and it's never been audited. That's where it starts. And I think that that's Trump's hinted all along that that's probably where he's headed. That would be a successful presidency. Right. Imagine three years from now, you don't have to do your taxes every year. It's done. And everything you make, you keep. Right. How great would that be? How about our true sovereign currency? Not third party entity where most of the ownership is overseas. We don't even know who the ownership is. Don't worry about it. But since, you know, 1913, we've been, we've been basically loan sharking the money to us. We borrow a dollar, we got to borrow the next dollar to pay the interest on the first dollar. That's not how you build the golden age. If Trump is talking about a golden age, the Federal Reserve's gone, so is the irs. That's a true golden age. Otherwise it's a little bit better than it was. Rant is over, Jeff. The rant is officially over.

[Jeff]

The External Revenue Service.

[Chip]

But it just maybe some the Internet's going. Oh, the LCC is fantastic. Oh yeah. Okay. Because Gensler's gone. Yeah, good. Got it.

[Jeff]

When you wake up this out the adults build consensus. Sir Chips a lot.

[Chip]

Well, I'm, I'm not dictating at all A dictator at all. I'm just saying that we have a shot to do it right. Let's not defer to the SEC because that's the way the law is. Right. And that's why I should do it because I already saw that story. Should do it. Let's try to fit the new rules until the 1933 and 1934 box that we created before they knew what digital assets were.

[Jeff]

So here's the other one. Freedom to the people. Accredited investor. That's another one.

[Chip]

There you go.

[Jeff]

Look at having to become an accredited investor. That's the whole point, you know that there's so many components to the system that were created so so called to protect individual investors. But it was not, you know, it's really built to limit individual investors. So the deck is that and ends up being stacked against you. So if you can get in pre IPO and but you have to be an accredited investor to go pre ipo, what does that say? You know, it gives you an opportunity to get in when you know there's a company, let's say Ripple. Let's say you could go and you could buy Ripple now knowing that it's going to go ipo. But by time you buy IPO retail, the big institutions and the accredited investors have already been in pre IPO and they're already potentially 10xing their money. So the crazy thing is if you watch like what was it? Roblox. Roblox, it was IPO pre IPO at like 40. And then they make a big deal out of it because it IPOs goes to 80 as an example. I forget what the exact number was. But they make all this big deal out of it and you're like oh my God, it just doubled. But you didn't. Nobody, no individual investor on the retail side, non accredited had an opportunity to buy at the 40 and get the, at the, get the 2X. You know, because guess what? You were not accredited and you weren't pre IPO and, and that's a big deal here it's saying that linqto can help you with getting into pre IPO investments. I, I think there was an issue with linqto somewhere in and around the accredited investment issue wasn't their chip.

[Chip]

Well, there's allegations made by a former employee that they were allowing anybody. I don't know if it's true, but.

[Jeff]

I don't know that's what that was.

[Chip]

I mean, there's a lot of there.

[Jeff]

So many. So many components to everything that we got. Chad is saying where to go. Chad. Start with the best president since Coolidge, then move on to Lincoln. There you go. But man, what. What was announced? We have the External Revenue Service. If you have the External Revenue Service that's out collecting tariffs, then you get rid of the irs, then there's no reason for the Internal Revenue Service, which is. Which is really key. There you go, Chip. What's next? Other than this bad boy right here? Look at that Yuck Yuck. Look out. Kick ass. This Yuk Yuk is. And I look at that guy. Look how happy he looks. He's just like cute and cuddly. But you know what? These Yuck Yuk, they're pretty deadly too. Pretty much all the badass yetis, none of them are really cuddly. They're all pretty badass. You got to be careful if you run into them in the forest. That guy's pretty cool. How many people put in Yeti in the meantime?

[Chip]

21.

[Jeff]

21. That number should be like 30 by now. See that lethal with a yeti right there.

[Chip]

22, Jeff.

[Jeff]

22. There you go. See, that's how it rolls. How? Well, we have tons of videos that were stacked up in here.

[Chip]

Well, I'll tell you something. Jeff made a lot of promises. I mean, Jeff Trump made a lot of promises, Jeff. And I don't make any promises other than we'll be on maybe. Maybe the next time, which would be Saturday. Anyway. Trump made promises. This is one that was kept. So he said, I. This is yesterday. I just called the mother of Ross William Ulbricht to let her know that in the honor of her and her libertarian and the libertarian movement which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross. The scum that worked to convict him were some of those same lunatics who were involved in a modern day weaponization of government against me. He was given two life sentences plus 40 years. Ridiculous. Look at that. And then you want to see what a smiling Ross Albrecht look like? There it is. I don't know why they're always wearing. They were wearing like these sweatpants, you know, I don't know what is up with these sweatpants, but they were wearing like these. All the J6ers and people. And I don't Know he had a little plan he took with them and whatever's in his back there, but there it is, what freedom looks like right there. He put up this. He said, immense gratitude to everyone who voted for President Trump on my behalf. I trust him to honor his pledge. Give me a second chance. At 11 and a half years in darkness, I finally can see the light of freedom. And he put this up in November of. Of November 12, 2024. This is right out the election, right when, you know, Trump had promised to free him. It's insane. I mean, it's. What a great thing. So there he is right there, looking a lot younger there than he is today, but I don't even know. Yeah. And they said this last night. Trump pledged to commute my sentence on day one. Thank you, thank you, thank you. After 11 years in prison, hard to express how I feel at this moment. It's thanks to your undying support that I may get a second chance. I'm not involved or associated with any meme coin bearing my name. There is no official Ross coin, and I've seen that pop up in all these posts. Get the official commemorative coin. Yeah. These scammers are everywhere. I'm long overdue for a haircut. My friend did me a favor and trimmed my hair. Feels good. Probably had like, really long hair. And that's right here from. From John Dean. He said what Joe Quick with the answer to the question. Many soon will be asking Joe Carlos guy what he said to everyone wondering if Ross's part of means he gets bitcoin back. We got the answer in 1887, which states this is not the versus United States. The general pardon and amnesty granted by President Johnson by proclamation on 25th December, 1868 does not entitle one receiving their benefits to the proceeds of the property previously condemned and sold under the confiscation act of July 7, 1862. There you have it. 12, stat. And look at that number right there, Jeff. 589.

[Jeff]

589, that's right. Why isn't that one highlighted?

[Chip]

589. And there you have it. Insanity.

[Jeff]

Insanity to love it. Man, did you see this video? This was really cool. Another cool video. So JD Vance has never been to the Oval Office.

[Chip]

I have that downloaded if you want to. Oh, you have it, too. Okay, good.

[Jeff]

Stacked up right there. Check this out.

[Chip]

Okay. There you go. There's no sound.

[Jeff]

No, there's really no sound to begin with, but just people talking in the background. So it's just cool to watch him.

[Chip]

It's still pretty cool to listen to it though, as a reaction. I've never been there. You've never been there, Jeff?

[Jeff]

No, I've never been in on tv. First time in the Oval Office. He's just look at him. It's incredible. Look at that.

[Chip]

It's pretty exciting.

[Jeff]

You know, you think about the excitement of it and he walks in and it does, it just looks and just think Biden may never have been in here. Was there ever a picture of Biden in the Oval Office?

[Chip]

I don't think so.

[Jeff]

The beginning they had like a fake.

[Chip]

I see Andrew Jackson's back, dude. Remember who Andrew Jackson, what his claim to fame was? Oh, yeah, that's right. He eliminated a second federal bank. That's what he did. That's right. Wonder why Trump has his, his picture hanging in his office. I wonder if he's going to get rid of the Fed.

[Jeff]

Oh, look at this. Joni is a. Hey, did I come in too late to ask this question? No, you can ask the question. What's going to happen with crypto politically this Friday? Have you heard anything? This Friday? Is that when the Trump is expected to sign an executive order? I don't know Friday. Is there something going on?

[Chip]

Not that I'm aware of, but maybe some, some people are posting about it online. I don't know.

[Jeff]

I've not heard anything.

[Chip]

Honestly don't even know. I haven't heard anything. Maybe you guys can chime in. Let's, let's hear from the OTC fam, see if they've heard anything. Yeah, Elizabeth Warren has lost her mind now. She's like she's the old lady yelling at the sky and she's irrelevant. Nobody cares about her. She wrote Donald Trump made big promises on the campaign trail to lower cost for working people. How to pardons for January 6th insurrection has helped lower the price of groceries. It's day three. Okay, shut up. And I like I said yesterday, just shut up and watch. Our leader leads. This is funny. John Deaton said when you sit back and think to yourself only if Elizabeth Warren and Gary Gensler wouldn't have went all anti crypto and pushed all the crypto money votes to the, you know, Trump, I could have been a billionaire. The hunter coin would have been huge. And then this one today would have marked 52 years of ROE as the law of the land. But Donald Trump packed the Supreme Court with anti abortion extremists to get it overturned this week he cut off access to reproductive rights.gov. she goes on and on a bitching and here comes John Deaton and says in 2013 you encouraged Harry Reid for the first time in over a century to end the filibuster rule regarding the appointment of lower court judges. Senator McConnell warned you if Democrats move forward, in doing so, Republicans would do the same. Except also with Supreme Court justices. You didn't care. Like I said to your face during the debates, if you had honored a Senate century old rule instead of seeking headlines for yourself, the makeup of the Supreme Court would be very different today in some. The Dobbs decision has your fingerprints all over it. That's what you call proper throat punching right there, Jeff. That is a proper punch in the face right there. Right in the face. My God, you gotta love it. Well, Jeff, look at this. We saw that. We saw some of the. Look at this guy here. Talk about the global warming.

[Jeff]

Donald Trump's inauguration was yesterday here in Molina, Florida. We have day two of his presidency and he's already fixed global warming.

[Chip]

There you go, look at that. Thanks.

[Jeff]

John Snow in Florida. It amazes me every time I see that.

[Chip]

You gotta love that. I saw a. Tom Emmer was on, on the all in pod, he was talking about crypto. It's a pretty good segment financial system.

[C]

Markets here in the United States, in the world. We have an existing legacy two tier banking system. It needs to come into the 21st century.

[Chip]

Yes.

[C]

The beauty of crypto to me is not just that it's crypto one, it's going to help us if Congress does its job, if we put some parameters up market structure, you know, give people rules of the road so they know what they can and can't do and who's going to be having responsibility for oversight. We can protect the existing two tier legacy system and allow it time to move into the 21st century. I think the key key is, and this is why the central bankers are so worried, this is so disruptive and potentially destructive that they're scared to death. It's not just losing their power.

[Chip]

They're.

[C]

They're afraid that this decentralization is going to somehow send finance back to the.

[Chip]

I suppose they're also. Yep, well said. What'd you think about that club? Pretty good, huh?

[Jeff]

It's really good. While we're, while we're here. It's crazy. I get a text from a buddy of mine that I've been talking to him about crypto for I don't know how many years. He just sends me a text right now. Right. While we're, while we're going, hey bro, do you have shares of xrp, right? Like, out of the blue?

[Chip]

Yeah, bro, sorry.

[Jeff]

I said, since 2017. He said, where should I. Where should I be buying shares? Coinbase. Not shares. But you can see where he's coming from. Coinbase. And he said, 17. Damn. How much did you pay? Coinbase or Uphold? Neither one. Safer. Better.

[Chip]

The Crip. They're coming out of the closet everywhere.

[Jeff]

People are coming out of the woodworks.

[Chip]

I got a text from somebody like I hadn't talked to in, like, three years, and they go, congratulations, you have an xrp, right? Yeah, I guess. I mean, like, I guess so. Who's calling me right now? Hang on a second. I gotta grab this real quick. Hello?

[Jeff]

Chip's gonna grab the phone. It's gonna talk to us. All right, where were we? Over here. Oh. So Rob said, sorry, Chip just wants to get straight to the answer. No conversation allowed. Emmer. That's right. So if you guys didn't know and you were wondering, hey, you know, have these guys ever hosted and talked to Tom Emmer? What you need to do is go visit right here. Just go visit on the chain IO. And you're like, hey. Well, first of all, you're like, one of these guys even stream, right? They show up late. Don't know what days it is. Not sure. Normally we start streaming typically about, you know, 8, 10, sometimes 805. But if you ever wonder when we stream or you go to OnTheChain IO with three times a week. Sunday, Wednesday, 8pm to 9pm Eastern Standard, Saturday at 8am to 9am and then if you're like, hey, you know what? I was wondering if I could search something up. I wonder if these guys ever had Tom Emmer on the show. And you type in Tom Emmer and you're like, look how fast that is. You can be like, right here. Is this. Is this when we had them on? No, that's not when we had them on. But you can go down, you keep searching, or you just kind of go through. Oh, look, let me go to the interviews. See all the different people, like Warren Davidson and many of the others, and it's been a little while. Like John Deaton. Look at that. 2022, chip. That's how long. You know, October of 2022. So it's been like two years. You know, it's amazing. You know, if you go back, we can go in here, you know, we got to do some interviews again. We can type in Tom Emmer, and, you know, we look up, you know, try to find. There he is. Look at that. Look at that thumbnail. Look at Tom right there. Congressman Emmer here on the show with. On the chain. Look at chip 2021. It's amazing that we had Tom Emron in 2021 still talking about stuff, you know, still kind of referencing, you know, some of the issues kind of where we've been at. Oh, check this.

[C]

Financial system.

[Jeff]

How great is that? Chip is muted. Doesn't realize.

[Chip]

Let me show you this. Because I had. I had a muted. Because I was. My daughter was calling me, so I had to like do that. Here we go. Look at this. So he says this. Let me just retract that. Just want to go straight to the answer. No conversation allowed. Em. Okay. Yeah.

[C]

It's not just.

[Chip]

This is the end of the. This is the end of the clip. I suppose they're also. And I took it off right here when he says, I suppose there's. So I didn't break anything. That's the end of the clip that the entire. Posted this. So he cut it off in an awkward spot. There was not going to be anything more on that. Just in case you thought I was editing that or doing something weird.

[Jeff]

Chip, look at this.

[Chip]

Well, here's what I want to do, Jeff. I just wanted like, we should do a whole show. Like there's no. There's no conversation here. It's just Trump signing executive orders. Do you hear that pen? That's the sweet sound of change. You hear that pen signing. It's like a Sharpie. Do the whole show. Just like, just. You can have like an hour of Trump signing executive orders. We're just hanging out, talking about lot of stuff. How great is that? OTC is the emerald og. Yeah, that was funny disease. Look at that. The whole show there just so much. Look at. Look at how much. Look at how long this is. This is crazy. This is just. This is 50 minutes of just Trump signing stuff. Signing. It's just fantastic. That's all he's doing is signing executive orders. Well, it's almost that time. I want to put a funny clip up here. You want to see a funny clip, Jeff?

[Jeff]

Put a funny clip up. Look at this. The king is right. We show up for Tom Emmer with. Look at that.

[Chip]

Oh, you look pretty dapper there, Jeff. I got my eyes closed. But why not? He showed up with a jacket and tie. We showed up. We didn't wear suits, dude. We just wore a sports jacket. Let's not lose our mind.

[Jeff]

Well, it was. All we had to do was put a tie on and we could have been right in there with them.

[Chip]

Yeah. Then who was it? It was Davidson that showed up in a. In a polo shirt. We had jackets on. He goes, oh, my God, I've seen your show. I thought you guys were, like, gonna be wearing, like, hoodies or something.

[Jeff]

T shirts.

[Chip]

We're like, he shows up in a. In a polo shirt. That was some funny banter back and forth, man. Before we do that, we got to do one thing first, and that is we got to play some wisdom from Ronnie Reagan here. Let's go.

[D]

But has only two ways of getting money other than raising taxes. It can go into the money market and borrow, competing with its own citizens and driving up interest rates, which it has done, or it can print money, and it's done that. Both methods are inflationary. We're victims of language. The very word inflation leads us to think of it as just high prices. Then, of course, we resent the person who puts on the price tags, forgetting that he or she is also a victim of inflation.

[Chip]

Sounds like the Democrats describing the Democrats.

[D]

Inflation is not just high prices. It's a reduction in the value of our money when the money supply is increasing but the goods and services available for buying are not. We have too much money chasing too few goods. Wars are usually accompanied by inflation. Everyone is working or fighting, but production is of weapons and munitions, not things we can buy and use. One way out would be to raise taxes so that government need not borrow or print money. But in all these years of government growth, we've reached, indeed surpassed the limit of our people's tolerance or ability to bear an increase in the tax burden. Prior to World War II, taxes were such that on the average, we only had to work just a little over one month each year to pay our total federal, state, and local tax bill. Today we have to work four months to pay that bill. Some say shift the tax burden to business and industry. But business doesn't pay taxes. Oh, don't get the wrong idea. Business is being taxed, so much so that we're being priced out of the world market. But business must pass its cost of operations, and that includes taxes onto the customer and the price of the product. Only people pay taxes, all the taxes. Government just uses business in a kind of sneaky way to help collect the taxes.

[Chip]

I didn't end that clip either, Rob. In case you're wondering, it just ended. So I don't know what happened to the rest of that, but. But I think we should play a funny clip. We got at least one funny clip here. Look at this here. Here we go. Ready?

[E]

Observes the Jackass, visibly distressed. This dumbass has been ousted from the White House. He is now relegated to the role of an onlooker as his nemesis assumes command. Adding to his torment, he finds himself seated beside the cackling dingus, a dipshit chosen in the name of diversity, whose presence now looms as a haunting reminder of his defeat. Although the Jackass and the dingus are not alone in their defeat at the hands of the Donald, this crowd appears to be a veritable congregation of losers. In the second row sits a shriveled bag of sphincters known to the world as Killary, with a long history of getting her ass kicked by the Donald. And so all we can do is observe in quiet amusement as this gaggle of dipshits gazes on in collective defeat. A fitting spectacle, perhaps, for the ever turning tides of political fortune. Here's to the rallying cry that echoes through the ages. Make America great again.

[Chip]

How'd you like that, Jeff?

[Jeff]

That's really funny.

[Chip]

Make America great again. Who was, you know, Pierre Paliev, who's. Who should be? I mean, they're going to appoint some stooge and then they can call for an election, I think in September, October. But he was on and he had a couple of things to say. They always try to do these gotchas on their. On the tv because the Canadian TV is the same everywhere is everywhere else doing stupid, dumb things that they consistently do. But here's Pierre Polyev. He is asked a question, Jeff, and listen how he responds.

[F]

First day on the job. President Trump signed an executive order, you know, the US Government only recognizing two genders. Male, female, they're unchangeable. You know, if elected as prime minister. Is that something that you're going to kind of walk in line with, or.

[Chip]

No, I wish you just pulled out an apple and started eating it right in this interview or.

[F]

What are your feelings on that executive order?

[G]

Well, I don't know. Do you have any other genders that you'd like to name me personally?

[Chip]

Yes.

[F]

I'm just asking more so if you're in line with what he is saying. Do you agree with what he's saying? Is that something that you would be lockstep with if elected as prime minister?

[G]

Well, I'm not aware of any other genders than men and women. I mean, if you have any other that you want me to consider, you're welcome to tell me right now.

[F]

Well, there's. Well, there's. Personally, I am a man. I Am. Okay, we'll say, CIS man, there. There are people there who, you know, they say they're me too.

[D]

Neutral.

[F]

You're a men. Yes. There are people there who say there.

[G]

Are some gender neutral.

[F]

Yeah, they say they're gender neutral. They're, you know, they are a trans person. Is that something that you would recognize here? Whereas in the States, at least with their US government, the way they're seeing it, there's only two.

[G]

I'm only aware of two. But I mean, if you have you come up with another list, then you're welcome to do that. But I, I'm aware of two. And as far as I'm concerned, we should have a government that just minds its own damn business and leaves people alone to make their own personal decisions. That's the kind of government I'm going to run.

[F]

And with that, you know, the current government, they currently have passports that allow people to put on, you know, gender neutral on their passport. Advocate groups want the government, mind you, the outgoing government, to ask the U.S. would the U.S. recognize these passports, obviously on their way out. If you are the next prime minister, is that something that you would.

[G]

I have to be honest.

[F]

Yeah.

[G]

Have to be honest with you. I just saw your segment on homeless encampments that are popping up all over Toronto. We've got 25% of our population in poverty, Housing costs have doubled, crime is rampaging through our streets. I just find it to be a strange priority to spend time talking about this. My priority is, is to give people back control of their lives. Bring back Canada's promise that anyone who works hard gets a powerful paycheck and pension that buys affordable food, gas, and homes in safe neighborhoods. That's the promise we need for Canadians. If liberals want to talk about different labels for gender that they want to put on passports in the United States, they can do that. I'm going to talk about the things that will bring home Canada's problem. Promise.

[Chip]

Jeff, how great was that? This guy is fantastic. He's gonna make Canada great again. He really is going to be fantastic. He's no nonsense. I like when he goes, bring back common sense. Common sense is not common anymore. He's so right about that. You ready for this drawing, Jeff? We've got 28 people. You typed in yeti y e t I. Steve, have you typed in yeti y e t I? Type it in right now because we are going to give away a badass yeti. I don't see it there. Holy cow. Hey now. Hey now. Type in Yetai. Yetai Y, E, T, I. We have 28.

[Jeff]

That's the bad boy right there. Look at that.

[Chip]

Segment. Yeah, Sir John says compare him to little Castro. Makes you think Canada lost too many years blindly walking a woke path. Yeah, we did our own woke path too, but that's coming to an end. That's fantastic. Yeah.

[Jeff]

Where are we at?

[Chip]

34. 34. Okay, so.

[Jeff]

Oh, here's the thing. Before Chip hits the draw button, you have to get. Get your Zaman wallet ready. X, a M, a N. It's like ramen. Like ramen noodles, but with an X and pronounced with a Z sound to it. Right. Zomit. Is xa always zamen, or can it be examin?

[Chip]

I think.

[Jeff]

What are the. Is it always like a Z? So you got the yeti ready. So you get that Zaman Watt address. Because as soon as we get the drawing rolling.

[Chip]

So you can win.

[Jeff]

Yeah, make sure you get the yeti.

[Chip]

Yeti. Y, E, T. I can stop another time. Sup?

[Jeff]

Sup?

[Chip]

We'll make it another time before this drawing.

[Jeff]

So here it goes.

[Chip]

Trump just posted here. Look at this. Remember that? Remember that? You remember the video we played of the lion? Yeah, I think that's a decrypted message right there. I'm just. I'm just saying, Jeff, it might be. Let's see. Share go to yet high. Okay, we're drawing, guys. 34. That's where it's going to stand.

[Jeff]

Bring it up.

[Chip]

Let's go. Here we go. Get your zombie wallet ready. And you have to be ready to say, I'm here.

[Jeff]

Well, that's the other thing. I'm here.

[Chip]

Let's see, what do we have? What do we have? Let's see. And you have to be here, too, if you're not here to win. Well, I'm just saying.

[Jeff]

He's in there. A lot of yetis in the mix.

[Chip]

Kenny G, are you here? Kenny G, are you here? Let me type it in there. Kenny G wins. Kenny T wins a yeti.

[Jeff]

Kenny G have to be here, though. One, they weren't here.

[Chip]

Well, sometimes they show up late and then they're not listening to this segment. That's happened before.

[Jeff]

Yeah, that happened once, too.

[Chip]

Yeah, see, Kenny, we have to hear from you. You have to say I'm here.

[Jeff]

Go on.

[Chip]

It's a famous position. Kenny G. Wasn't he used to play this? Sorry, you're not Kenny G. You're Mike. Mike the saxophone player. Yeah, that's right. Kenny G. Kenny.

[Jeff]

Kenny G, are you here?

[Chip]

Clarinet Chad.

[Jeff]

Look at that. Look at Chad's. Yuck yuck.

[Chip]

Kenny G. Love the yuck yucks. It was a clarinet.

[Jeff]

It wasn't a. Yeah, yeah, I guess it was a clarinet. It wasn't a saxophone.

[Chip]

Yeah, like, you know, he was the only person to really ever do something with the clarinet. There it is. Kenny G playing the clarinet.

[Jeff]

It wasn't the flute.

[Chip]

I wasn't a flute. As a clarinet.

[Jeff]

Yep. All right. No Kenny, no Yeti. Sad, huh?

[Chip]

Sad, huh? Tenor sex. Maybe it was a tenor sax. I don't know. Now you got me all worried about this. I gotta make sure.

[Jeff]

What's the difference between a clarinet and a tenor sax?

[Chip]

Well, they're two different instruments. For one. For one, the same instrument. Did Kenny G play saxophone? You know what?

[Jeff]

All right, let's see.

[Chip]

I want to know something. It was the soprano. That's right. Right. The Goblersons are correct. It was this. It was primarily the soprano sack. But I was saying I thought it was a clear nap because of the. It didn't have the curve on it. But, you know, it was also the alto and the tenor as well. See, because on that picture, there is not. Different show, man. Different show. All right, we're at the draw again. I'm sorry, guys. Sorry, Kenny. We didn't hear you. Kenny, you were right. Tell us. You were absolutely right. I was not a Kennedy. So I'm just saying.

[Jeff]

Chip. Woodwind versus brass.

[Chip]

That's right.

[Jeff]

Get your instruments correct, guys. Come on.

[Chip]

That's okay. What do we know? I know Adora. Clarinet and Jewish folk songs. 1950s vibes. There you go. Sweet. That's right.

[Jeff]

But now we're talking about soprano sex.

[Chip]

Yeah. You know what that means, guys? That means we have to officially draw again. So you guys are still in it. You don't have to retype. It all has everything there, so you don't have to retype. And if you typed it seven times, it only registers you once. So that's kind of the other going thing you're looking for that.

[Jeff]

I found an oldie but a goodie song, man. I pulled this out of the archives. That's how long ago this. This music came out of the archive. Check this out.

[Chip]

What do you have? Lily Mar on your famous. There it is. Play the one with the music background. One of the. One of the. On the chain community members family put some music behind it so we have the enhanced version of it. He loves that clip. So fantastic. All right, guys, we're pulling. We're gonna draw again. Let's go. Come on.

[Jeff]

All right, Kenny.

[Chip]

Kenny's not here. Sorry, Kenny.

[Jeff]

And he wasn't here.

[Chip]

Okay, here we go. Ready? We're pulling again. Draw again. Here we go. What do we have? Let's see. Who's it gonna be? Who is it gonna be?

[Jeff]

Dawn. Pablo.

[Chip]

I hate when it just. It stays on. The problem, Martinez. Pablo, are you here?

[Jeff]

Pablo?

[Chip]

Pablo, are you here? Who was the one that came in here and said, I'm here. I'm only here for the Yeti. Was that Pablo somebody else?

[Jeff]

It might have been Pablo.

[Chip]

Pablo. Sam here.

[Jeff]

Papa was here for the Yeti.

[Chip]

Pablo, are you here?

[Jeff]

This Pablo? Pablo. It was here for the Yeti.

[Chip]

Oh, there it was. I knew somebody came in. Oh, no, it wasn't Charles. It was. Yeah, it was xrp. Look at the sad face. You didn't win. We'll get you a happy face.

[Jeff]

Well, where's Pablo? Come on.

[Chip]

Pablo was here either, man. He ditched. Oh, man.

[Jeff]

Roll again.

[Chip]

We got to keep drawing a lot.

[Jeff]

And we got to keep it rolling because it that one night, it was like four or five, six times up.

[Chip]

Yeah. My God. The show went on for another hour. Geez, it was crazy.

[Jeff]

Wait, Falcon. Falco. I always watch you guys. Add me into the Yeti. Just type Yeti. You got it. You're in.

[Chip]

Yeah, you just have to type Yeti. That's all you have to do. Type it in there. Yeti. Y E T I. Yeti.

[Jeff]

Yeti.

[Chip]

Name of our dog is Yeti. I call him Yeti. The Jedi. Yeti. Yeti.

[Jeff]

Falco is added to the Yeti drawing.

[Chip]

Jeff, did your dog have, like, 40 names like I call that dog? It has so many names, I don't even think it knows its real name. Like, I make up just names. Yeah, and that's. I call it that for a while and, you know. There you go. Yeah.

[Jeff]

Hey, we had. Yeah, it was Julius Jules. Pain in the Nuts, actually.

[Chip]

Bowie did a good cover of that tune. David Bowie covered that. Pablo Castle is never called an all right, well, very good tune.

[Jeff]

Mike's not seeing any comments.

[Chip]

I don't know, maybe you put down the sarcasm.

[Jeff]

Let me. Let me do this. Let me go in. I gotta open up the.

[Chip]

We're drawn again. There's a time limit. Done. Sorry. We're drawn again, guys. Here we go. Ready? Let's draw again. Sorry about that. I got two great winners and, man, let's go.

[Jeff]

Oh, look at that. At the last minute. Got it in there.

[Chip]

There we go.

[Jeff]

Yo.

[Chip]

Joni wins. I know that Joanie's here, and I know you have your zombie Wallet ready. Joining the join in the yeti. The badass yetis. Joni, good to see that. You haven't been in here in a long time. You guys are like, no, say you're here. I know you were just posting, but you got to say you were here. There he is.

[Jeff]

And you gotta post your for co. Not really. Okay, just.

[Chip]

Okay, you're here, but we just need to see your. We need to. You need to post your wallet.

[Jeff]

Look at that.

[Chip]

So we can send it to you.

[Jeff]

I should get mine. Pablo's not here.

[Chip]

Pablo's not here.

[D]

No problem.

[Chip]

You got to give it. Either you or Steve can have it. But I need your one of your wallet addresses.

[Jeff]

Rigged. Everyone says it's always rigged. You hit the draw button. It's a completely randomized streamyard thing I stream.

[Chip]

Yet we don't even control it.

[Jeff]

I just said we can't give it to Pablo. Pablo is not here.

[Chip]

Yeah, you got to be here.

[Jeff]

You have to be here.

[Chip]

Tony, do you have your wallet address? Your zombie wallet address that you can put in there? Or can Steve put his? I know you guys are a couple, so you can do that as well.

[Jeff]

Come on, Ed, it's me, Dave.

[Chip]

It's me, Dave.

[Jeff]

Embarrassed.

[Chip]

Okay. What about Steve? Does Steve have his?

[Jeff]

Steve want to roll it? Put in.

[Chip]

Steve want to put it. Don't be embarrassed. It's just, you know.

[Jeff]

Pablo is in timeout. He's not in timeout.

[Chip]

She was joking.

[Jeff]

King shows up only for shenanigans.

[Chip]

Yeah, but I also want a big badass yeti, too.

[Jeff]

Are you kidding? Getting what?

[Chip]

All right, so you put his.

[Jeff]

He doesn't want to put it in.

[Chip]

If he doesn't want to. That's fine. We'll. We will just continue to go. Three winners, man. And one of them's here, but does not have. I'm the crypto gal. Give it to Jim.

[Jeff]

Jim?

[Chip]

Is Jim still here?

[Jeff]

Jim D. Jim D. Jim D. He.

[Chip]

Wants to give it to you. She's deferring to you.

[Jeff]

It's now been transferred to you.

[Chip]

There we go. There we have it.

[Jeff]

Jim D. If Jim D. Doesn't give his address, then we gotta roll. Someone's gotta take it. Come on, Jim D, we need an address.

[Chip]

Come on now.

[Jeff]

Jim D. Gotta go.

[Chip]

I gotta go.

[Jeff]

No, not me. I win. What? Too often. So I think.

[Chip]

All right, we're gonna draw.

[Jeff]

We're gonna draw again. Then we're gonna draw it again. We go one more time.

[Chip]

Bray Run. Mo Meta. Scotty was close. Ray Ron, are you here? Ray Ron? Ray, run. I haven't seen Ray anything.

[Jeff]

Run. And he's got a badass yeti there.

[Chip]

There he is. Thank you and good night. Thank you and good night.

[Jeff]

All right, Ray, throw in. Throw it in there. Let's go. Rey is here. We see Ray. Ray, thank you and good night. Right, so, Ray, thank you and good night. Throw in your Zaman wallet, and we're going to transfer this bad boy to you. Oh, my God. Draw again. He won last time. Look at this. Everyone just passing it on ship one more time.

[Chip]

One more.

[Jeff]

Yeah, one.

[Chip]

I love the generosity of the OTC fan.

[Jeff]

Winner. Winner.

[Chip]

Let's go. Who's it gonna be? Come on, people. Come on now. Who's it gonna be? Lethal Three three seven. Lethal, you here? Lethal.

[Jeff]

Lethal.

[Chip]

Dude, I love how you changed it to the. The coffee mug. You changed it to the. That's awesome. Change it to the. What do you call it? The XRP cafe logo. Pretty cool. All right, baby. We got a winner. Let's go.

[Jeff]

Gets the badass winner. Lethal gets the yuck. Yuck. That's how it roll. That's how we go. That guy right there belongs to Lethal. Now, Lethal, we just need your Zaman wallet address. Throw that in there.

[Chip]

Finally, he's like, I wanted to leave five minutes ago or 10 minutes ago, but I kept thinking, I gets to hang in there and win. Mike says you have hard dress already. I know, Jeff. We should make it like a word that's really hard to spell.

[Jeff]

That's right, because if it's not spelled.

[Chip]

Exactly right, it wouldn't register. And you're like, oh, there's only three people registered. No, they're not typing it in the whole time. Some weird word, they misspell it. There's only three people. You have a one in three chance to win, which is awesome.

[Jeff]

That's funny. Lethal is now going to be the proud owner of a yuck. Yuck. So here's how we roll it. We're gonna grab this guy right here. I'm going to say transfer. Gonna put that in here. We got to pull it off screen for a second so I can scan the QR code. And then going to pull up the Z wallet. We're going to authenticate. This is how things work in the xrpl. This is our tutorial time. This is how do you transfer something over the. Just like that. I scan the QR code, swipe the accept, put in the authenticator. It's verifying. It says it's been submitted there. It's verifying over here. Done. That's it. Transferred. That graphic of an NFT now belongs.

[Chip]

It looks like the giant congressman who's shown in shorts. Yeah, Fetterman.

[Jeff]

That is Fetterman. Yeah.

[Chip]

Looks just like him.

[Jeff]

Oh, my God. That's funny. He's all happy, too. Like, that's funny.

[Chip]

It kind of does look like Fetterman, doesn't it?

[Jeff]

The more you look at it.

[Chip]

Look, here you go.

[Jeff]

Lethal. Got Fetterman. Betterman. Badass yeti.

[Chip]

Yeah. Looks just like a. Look at that, Jeff.

[Jeff]

Oh, my God, that's so funny.

[Chip]

Shows up the Congress in shorts and a hoodie. Unbelievable. He was the only one that voted for the bill today.

[Jeff]

That's right.

[Chip]

Only Democrat. I think he's flipping soon.

[Jeff]

I'm sure he will. Look at that.

[Chip]

Have you guys here tonight. I really appreciate it, Joni. And my gosh, I really wanted you to have a badass yeti, too. My goodness.

[Jeff]

That's right.

[Chip]

It's just so. There you have it. Lethal wounds. And he's got. He's got the yeti from the coffee, too. That's pretty cool, man. Awesome to see, guys. Thank you so much for coming out tonight. Really appreciate it was a lot of fun doing this, and what a year we're off to. It's day three. We're rolling. So many great things to talk about. We'll have more to talk about on Saturday. See if we can keep up with all the good winning. There's. I'm not tired of winning yet. Trump said we would get tired of. At some point. I wasn't tired of winning, so let's. Hopefully there's gonna be a lot more winning ahead for every rebutsy. A badass fetty for Fetterman. That's funny. I laugh. Badass feta cheese. There you go. All right, see you later, Van. Good to see you here, my man. Go Bills. Damn right, Bill. Bills playing this Sunday night against the Kansas City Chiefs. They're going to the super bowl, and this time they're going to win, Jeff.

[Jeff]

That's what they got to do. Someone's got to go. The lines didn't make it, so let.

[Chip]

It be the Bill. I got a little crazy in the beginning. I got. I texted Rob. He didn't text me back. It's like, hey, Rob, I was mad at me.

[Jeff]

Mike said you both are the greatest.

[Chip]

That's right, the greatest. Really appreciate that. John Gill's been hiding in the shadows. John Gill. Look at that. I don't often watch podcasts, but when I do, it's on the Chain. The most underrated podcast. Beautiful man. Jeff, can we frame that comment?

[Jeff]

We can click.

[Chip]

Let's frame that. That's a good one. We'll just make a. I like that.

[Jeff]

You know, John, go. Also a supporter here.

[Chip]

I can see a merch with. I don't often watch podcasts, but I do. It's on the chain. I love that. I could be. That could become some merch right there.

[Jeff]

Be a T shirt, actually. That's a good T shirt.

[Chip]

That'd be a good one right there. Thank you very much, John. Appreciate that.

[Jeff]

That is a good one.

[Chip]

This is, you know, you've been around a long time. If you're saying. Kevin. Simon. See you later, Kev. No problem, Simon. Good one, man. You know, you're in the OG Sudden Fetterman yeti offer. Can you imagine him running around Capitol Hill with a. With a. With a yeti outfit on, with shorts? How funny would that be?

[Jeff]

Like a confetti. Can we talk about how Australians can take advantage of xrp? Excellent. Being tax free or no capital gains next time? Because it's a U. S. Company, shouldn't we be able to get tax free?

[Chip]

I agree. I mean, I. I think anything should be tax free, really, quite honestly, but I don't. Trump is saying something about. He meant. She alluded to something about crypto and taxes and being tax free. We're going to find out how that works. I don't know how that works, but.

[Jeff]

We'Re gonna find out.

[Chip]

So it's day three. Let's just, you know, things are happening pretty quick. We got to just sort of, like, ride it out.

[Jeff]

The problem is, can we talk about how Australians can take advantage of it, not how Americans can take.

[Chip]

I know, but. But Trump did say something about taxes and crypto and it shouldn't be taxed. That's what he said. Right. But we can't talk about Australia. I think we just did. I think we just talked about it right there. We just talked. You just talked about it all taxation is theft. Right? Exactly. 100 move to the state. No, you don't want to do that. Don't do that. Cash Velocity.

[Jeff]

Velocity. One last time, by the way.

[Chip]

Legislative threat. Yeah. All right, that's it, guys. We are out of here. Thank you very much for showing up. We will see you guys.

[Jeff]

No capital gains.

[Chip]

Chip and Jeff married America. Wrong one, Jeff.

[Jeff]

Yeah. Hopefully Australia can follow suit or there'll be some sort of loophole for us to claim. While it's an American company, has no tax and it's free. Free tax free, so it's exempted. So we should know.

[Chip]

I mean.

[Jeff]

Oh, that's it right there. That's all you got? It's perfect. Man. We gotta learn Australian lawn law.

[Chip]

He'll be our. He'll be our correspondent that knows all things Australian law. All right, guys, that's it. We're out of here. Chip and Jeff out. See you on the next one. Are you down with otc?

[Jeff]

Please, like, subscribe and click the bell.

[Chip]

To be notified when the next video drops.