The $1.25B Shockwave: Ripple’s Hidden Road to Global Domination

Summary

Episode Summary: "The $1.25B Shockwave: Ripple’s Hidden Road to Global Domination"

Podcast Information:

• Title: On The Chain - Blockchain and Cryptocurrency News + Opinion
• Host: Jeff and Co-Host: Chip
• Release Date: April 10, 2025

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1. Introduction and Technical Glitches

The episode begins with hosts Jeff and Chip experiencing technical difficulties, creating a light-hearted atmosphere as they navigate through sound issues and microphone changes. Despite these hiccups, they set the stage for the episode's primary focus: Ripple's monumental acquisition of Hidden Road.

Notable Quote:

Jeff [00:16]: "We had some technical difficulties while we're trying to get the drawing situation rigged up..."

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2. Ripple’s Acquisition of Hidden Road

The core of the episode revolves around Ripple’s strategic acquisition of Hidden Road for $1.25 billion. This move marks a significant milestone in the cryptocurrency space, positioning Ripple for global domination by bridging traditional finance with decentralized finance (DeFi) on an unprecedented scale.

Key Points:

• Strategic Importance: Hidden Road becomes the first crypto company to own and operate a global multi-asset prime broker.
• Integration with XRPL: The acquisition leverages Ripple's XRP Ledger (XRPL) to facilitate cross-border transactions, custody solutions, and tokenization, enhancing Ripple's infrastructure and service offerings.
• Market Impact: This deal is the largest acquisition in crypto history, elevating Ripple above its competitors and integrating it deeply into traditional financial systems.

Notable Quotes:

Chip [04:21]: "Ripple and Hidden Road are bringing the promise of digital assets to institutional at scale..."

Mark Garlinghouse, CEO of Ripple [06:15]: "We're continuing to pursue opportunities to massively transform the space, leveraging our unique position, strengths and XRP to accelerate our business..."

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3. Implications for Institutional Finance

The acquisition sets Ripple apart as a formidable player in both crypto and traditional finance. By integrating Hidden Road's prime brokerage services with Ripple’s existing technologies, the company is poised to serve over 300 top institutional customers, handling transactions amounting to $3 trillion annually.

Key Points:

• Enhanced Capabilities: Ripple can now offer comprehensive services including custody, cross-border payments, and tokenization under one roof.
• Regulatory Alignment: With the potential reduction of regulatory overhangs, especially following favorable shifts in administration policies, Ripple is well-positioned to attract more institutional investments.
• Market Maturity: This deal signifies the maturation of the crypto market, aligning it more closely with legacy financial systems and increasing mainstream adoption.

Notable Quotes:

Chip [06:02]: "This is a massive deal opportunity. It puts Ripple in a whole different position."

Brad [14:38]: "This deal marks a once in a lifetime opportunity for crypto to access the largest and most trusted traditional markets and vice versa."

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4. Tokenization and Future Growth

The episode delves into the broader implications of tokenization, highlighting how Ripple and Hidden Road are at the forefront of transforming financial assets into programmable, interoperable tools. Tokenization is projected to revolutionize various sectors by enabling 24/7 transactions, fractional ownership, and automated compliance.

Key Points:

• Market Projections: Tokenized assets are expected to reach $19 trillion by 2033, potentially surpassing current forecasts.
• Efficiency Gains: Tokenization reduces transaction costs by up to 60% and accelerates settlement times from days to seconds.
• Adoption Drivers: Improved liquidity, regulatory clarity, and enhanced user experience are key factors driving the adoption of tokenized assets.

Notable Quotes:

Chip [22:38]: "Ripple is eyeing this and they're taking the transactions over the XRPL for good reason. Cuts out that 24-hour wait time. Boom. Four seconds end to end..."

Jeff [32:41]: "Tokenization is reshaping financial markets, making assets more accessible, efficient, and secure by streamlining transactions and enabling fractional ownership."

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5. Geopolitical and Economic Discussions

Beyond Ripple's acquisition, the hosts engage in a lively discussion on current geopolitical events, particularly focusing on the U.S.-China trade tensions. They critique the administration's handling of tariffs, expressing frustration over perceived inconsistencies and inefficiencies in policy execution.

Key Points:

• Trade Policy Critique: The hosts argue that tariff implementations lack strategic planning and coherent execution, leading to economic disruptions without clear benefits.
• Economic Impacts: They highlight the adverse effects of tariffs on small businesses and the broader economy, questioning the motives behind such policies.
• Market Reactions: Despite the turmoil, certain sectors and stocks like Palantir, Tesla, and Nvidia show significant gains, indicating market resilience and investor confidence.

Notable Quotes:

Chip [35:14]: "We will take a close look at regulatory impediments to blockchain stable coins and new payment systems..."

Jeff [69:14]: "You have the smartest... It's Prince William. Harry's the younger one. Harry's the one that left."

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6. Community Engagement and Giveaways

The episode concludes with the hosts conducting an NFT giveaway, engaging the audience with interactive elements like drawings and custom songs. Despite technical challenges, Jeff and Chip maintain an energetic and humorous interaction, fostering a sense of community among listeners.

Key Points:

• NFT Giveaway: Hosts encourage listeners to participate by typing specific keywords (e.g., "yeti") to win NFTs.
• Host Dynamics: Jeff and Chip’s playful banter and behind-the-scenes interactions, including family participation, add a personal touch to the episode.
• Future Content Tease: They hint at upcoming interviews and projects, keeping listeners excited for future episodes.

Notable Quotes:

Jeff [73:23]: "Here we go. Hang on. Before 26 do the drawing, we're gonna make it 30 because I'm gonna play..."

Chip [75:32]: "You put that out today. He's like, be cool. Everything's going to be great. Be cool, my babies."

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7. Conclusion and Upcoming Episodes

Jeff and Chip wrap up the episode by reflecting on the day's discussions and the significant developments in the crypto and financial sectors. They preview future episodes, promising more insightful interviews and deep dives into industry trends.

Notable Quote:

Chip [79:43]: "Please, like, subscribe and click the bell to be notified when the next video drops."

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Final Thoughts

This episode of "On The Chain" provides an in-depth analysis of Ripple’s strategic acquisition of Hidden Road, emphasizing its profound impact on both the cryptocurrency and traditional financial landscapes. The hosts adeptly navigate through complex topics, offering valuable insights while maintaining an engaging and personable dialogue. For listeners looking to understand the latest developments in blockchain and cryptocurrency, especially regarding Ripple’s expanding role, this episode is an essential listen.

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, all those who actually have light. Apparently I don't have any light.

[Chip]

Sometimes.

[Jeff]

We had some technical difficulties while we're trying to get the drawing situation rigged up, you know, for the drawing later tonight. So then we got some glitches going on from the technical type tonight. We're going to dig in because we want to talk about that $1.25 billion shock wave that you guys all saw happen and is going to have a major impact or minor impact on the space as we know it. But a lot of things going on right now because we've got Ripple's hidden road to global domination now. That's right. You heard it here first. Global domination. $1 billion of global domination. So you guys. You guys know what the word is. Get the word thrown in there. We got a whole bunch of other things to go on. You probably saw the new thumbnail crypto. XRP and geopolitics.

[Chip]

There you go. Let's go. Hey, hey, hey. What do you guys think of the new thumbnail? It's a little more so people can find us. It seems like maybe people have a trouble locating us, so we're trying something.

[Jeff]

New location so you guys can see it.

[Chip]

Next thing we'll do is. We'll do good. Let's go, guys. Where are you coming in from? Spaghetti. Spaghetti.

[Jeff]

Spaghetti.

[Chip]

Spaghetti. Yeti. Spaghetti. Fam is in the building. Adrian's here, man. That's right. Yeti's going on. Yetis. Yeah, we got six of them so far. Guys are being shadowed. Oh, we are. That's been going on for a long time. No, they take. They also take. They remove subs from us as well, which is really no fun, but it's awesome. Yeah, we hit 26. We ramped up to 26 fast. And it's. They just keep taking new. Taking them away from us gradually. So that's exactly what's going on. Unfortunately.

[Jeff]

It's been entertaining. Look at that.

[Chip]

I can never say that. Justin Omega Onega Onaga. Onaga, Kansas. He's going to give us the. He's gonna. He's. He's already gone over this with us. He's already given us the. The way it's pronounced Kansas.

[Jeff]

You guys coming in from 8 mile. Let's see if anyone out there. Well, you just gave it away. Who can pronounce that one?

[Chip]

I know.

[Jeff]

Gradient gratitude that aren't from there. What how do you pronounce that gradient?

[Chip]

Yeah, we know. I know how to pronounce that, but I can't do Kansas.

[Jeff]

All right, great. You said it first. Right time.

[Chip]

I don't know. Okay, okay, gotcha. I was like omega. You say tomato. Tomato. It's called the whole thing off. All right, good man. I got it right the first time. There it is right there.

[Jeff]

There you go. Good evening.

[Chip]

Oh, Wisconsin in the house. Look at that. Hello.

[Jeff]

Away from wi.

[Chip]

We gotta talk about some stuff here. I mean, it's. I mean there's. It's probably been shared all over the place, but we haven't given our 2 cents on it yet. So that's what we're gonna do. We're gonna kind of.

[Jeff]

It hasn't been shared accurately. It's been shared.

[Chip]

Well, this means, you know, sure, I haven't read anything. I want to do a big shout out to all of the. Of the. What do you call the audio only pod, the podcast people listening. Because those numbers are going up. And again, it could be some of you that could listen. Maybe you're in the car, you want to listen to it. I listen to a lot of podcasts. I'm. If I'm doing stuff or I'm walking around, I've always got headphones in. I'm always listening to some podcasts, so.

[Jeff]

And audiobooks. I listen to audiobooks on 1.25 speed.

[Chip]

That's good. 1.2. Yeah. 1. Sometimes 1.5 is a little bit fast.

[Jeff]

1.25. It speeds it up. So it's entertaining enough. So, you know, the readers makes it exciting.

[Chip]

Well, I wish you could speed it up without it getting like changing the voice because then it gets kind of weird. But the big news, obviously this was yesterday, but Ripple announced it was acquiring hidden road for 1.25 billion. First crypto company to own and operate a global multi asset prime broker. And I was talking with a friend the other day. A friend. Friend. A friend and somebody very steeped in the. The crypto space, saying, hey, and we were speculating, look, what do you think the next acquisition will be for Ripple? And yeah, we were kind of like speculating what would be. And I, I said a bank. Jeff and I always talk about those, like, hey, it would be a bank. But this is even better. This is a. This is a. A global multi asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional at scale, bridging traditional finance, decentralized finance in ways never seen before. And again, this is a Huge thing. Because if you think Ripple's been doing some very strategic moves, they probably were holding back on this until the coast was clear as far as the attorney stuff job. But I think that the. The custody, the software that does the transactions cross border, the tokenization, all using the xrpl, and now this is, like, massive. It's a massive deal opportunity. It. It puts Ripple in a whole different position. And what's amazing is, you know, obviously, Hidden Road was. Ripple was, you know, used Hidden Road. But for them to acquire it for 1.25 billion, that's like the biggest acquisition that's happened in crypto. It's insanely large.

[Jeff]

It's a. It's a big number. Things are going to start happening, you know, I mean, we really look at it from traditional legacy finance. Which one was going to be first? Was traditional.

[Chip]

Well, you see that you're glitching, Jeff. You're in. The Matrix is glitching, Jeff reborn. John says yes.

[Jeff]

Art is so strange. Look at the glitch. The glitch, the glitching all over the place. I may have to reload in a minute.

[Chip]

I'm doing the sound effects while you're.

[Jeff]

I'm tuning in. Feel like I'm tuning in from Mars.

[Chip]

Help me, Obi Wan Kenobi. What the hell's going on tonight?

[Jeff]

That's bizarre. That's. Oh, no. It's getting even stranger. It's getting very bizarre. And I'm coming in normal, right?

[Chip]

Huge yoga yetis.

[Jeff]

I just. I just got mixed up in the Matrix.

[Chip]

Max Headroom, you're like. You're wiped out, dude.

[Jeff]

I'm completely wiped out.

[Chip]

I don't know what happened to you.

[Jeff]

I was gonna make a statement here. I don't know what's going on.

[Chip]

Completely. We were wiped out there, dude.

[Jeff]

Well, I'm gonna have to. I was gonna say something poignant.

[Chip]

You can still say we don't need to see you.

[Jeff]

That's true. If you can try it. If you can run me through AI and reassemble me, that'd be really cool.

[Chip]

Well, the people on the podcast don't know you. Glitch. They're listening. They're like.

[Jeff]

That's true. They're like, why are they. Yeah, who cares? Who cares what they can see? So the poignant part about all this, one of the things we talked about was, is it going to be financial institutions acquiring crypto agencies, or are the crypto outfits going to start purchasing legacy financial institutions? Chip and I talked about this a long time. You know, we've talked about it from a banking perspective. This ramps it up to a whole different level, you know, from the like you mentioned and it's written there, the prime brokerage now it's putting Ripple on a different level altogether. I don't think there's another crypto blockchain company that a like you said, has made this type of acquisition but beyond that is elevated themselves into traditional legacy finance the way Ripple has just done it, you know. And so now it's going to be very, very interesting from an institutional perspective. Ripple is bringing it the, you know, they're going to bring the receipts. I don't know at this point, you know, where, how, you know how involved they're going to be. You know, from a government level, you know, there's still, you know, a lot to come from the Trump administration. We're moving in a direction of the unseating of the Federal Reserve. There has to be some financial backing, there has to be movement of funds, movement of money, you know, and, and Ripples, you know, really playing their hand very, very well right now, Chip.

[Chip]

They really are. Man. I'm really impressed with this move. This is a big one. And if you look right here, Hidden Road to migrate post trade activity across the XRP ledger. XRPL demonstrating its potential as the go to blockchain for institutional decentralized finance. So institutional defi. This is huge. And what came with this deal and so you sort of have like this built in clientele that's just massive. Just what a. I mean this one kind of took me by surprise. I was like, wow. And it's funny because I was talking with a friend about this and, and yeah, out of nowhere, boom, here it is, you know, strong business. So this is key right here. 3 trillion annually across markets with 300 plus top institutional customers. These are all the big boys and girls, if you will. Okay, So I mean 300 top institutional customers, you got probably the biggest institutional customers. And when they integrate it with the xr, they're gonna be moving transactions. Right. It's just a phenomenal thing. They've got the custody going on, so it's just perfect. They go on to say that Hidden Road will expend exponentially expand its capacity to service the pipeline, become the largest non bank prime broker globally. Freaking huge. An inflection point for the next phase of digital adoption. That's the US market effectively open for the first time because of the regulatory overhang of the former SEC coming to an end. And then the market's going to mature to address the needs of the traditional finance, said Garlinghouse, CEO of Ripple. With the tailwinds we're continuing to pursue opportunities to massively transform the space, leveraging our unique position, strengths and XRP to accelerate our business and enhance our solutions and technology. So it's pretty big. It's also going to reinforce the Ripples USD which is RL USD position as an enterprise grade because I'd imagine you get all these 300 these giant institutions and again we don't know what the list is. I don't think, you know, I don't think it's going to be made public but you can surmise that it's probably pretty big the list of players who's on there. Some people have already speculated and already done a little bit of research and who they believe it is but this is huge. So it says that Hidden Road will in turn migrate its post activity across the XRP out. This is huge right there. It also sees potential to optimize cost and liquidity across cross border payments which is the Ripple payment software, provide critical custody services and then to Hidden Roads customers who need bank grade digital custody. So it's like they acquire these 300, 300 plus the way you know since 300 I've seen 300 plus but they acquire these big institutional orgs, these big and now they've got their custody solution, they've got their, their, their cross border payment stuff moving payments all together it's just a big deal. No new resources, licenses and added risk capital to unlock significant growth in the business allowing us to increase capacity of our customer base, expand the new products and service more market asset classes, said Mark Ash, Founder and CEO of Hidden Road. And I bet he's real happy too. Depending on who is his round investors were and what their payout is I'm guessing he's going to get a pretty beautiful payday. So together with Ripple we're bringing that same level of trust and reliability into the institutional clients accustomed to the traditional markets designed and optimized for a digital world. So it goes on to say a bunch of other stuff but that's pretty much it. Now what's interesting here is Ripple already kind of Ripple already participated in Hidden Road series B and is a customer of its platform. So experience in firsthand the strength of the team, technology, risk management, operational controls. So this is something unique also because they were were also a customer and they were also an investor on a series B. So when you raise money you have a series A, then A B, C, D and it can go on as long as it wants. But each time a new valuation is done and then based on the investment, based on the valuation, that's how the, the shares are valued. So I mean we'd have to do some more research to see what it was valued at when Ripple invested. But if they were part of it there, I'm guessing they were part of the series B. They said they participated which means there were other investors. But, but it's funny because they will get, they will get a little bit of a payout, right? Because it goes back to the investors, they'll at least get their original investment back plus whatever, you know it. On the sale at $1.25 billion, what was the valuation at the time? That's how you know what the shares are worth and that's how you can sort of regulate everything on top of that. So a big, big kind of a deal. Where the hell is Jeff? I had to text him, see where he's at. Probably rebooting his computer there but RL USD buying U S Treasuries from the chicoms? I don't think so. There we go. Okay, so let's move on right here. Plus a lot of people, Brad had his own two cents. Talked about the acquisition of Hidden Road. Largest deals ever in the crypto space. But the price tag isn't really what's most important. It's the deal. This deal marks a once in a lifetime opportunity for crypto to access the largest and most trusted traditional markets and vice versa. And prime brokers along with other key function historically managed by banks by the most part like Hidden Road have proven themselves as the trusted intermediary for the largest hedge funds. Market makers on the over the otc, I was gonna say on the chain. Desks. That's not funny. OTC desk right there. It's on the chain. No, it's over the counter. Over the counter quant traders.

[Jeff]

I feel like.

[Chip]

Oh thanks Jeff, appreciate that. Ripple's been a customer of Hidden Road for years and we know their breadth of experience firsthand clearing.3 trillion annually. See right there, 300 plus. I saw it at the top financial institutions globally. So it's not just in the US It's a global sort of a thing. This is the capital activity and now you know that it's a one stop shop so you can get everything basically under the roof at Ripple. So when it comes to tokenization, when it comes to moving, you know they custody, they have it all covered. Right. So it's a big thing, It's a big huge win And I would, I would imagine that if I'm circle and I'm going for that IPO and we were expecting an 8 billion valuation and they're probably only going to be 4 value 4 billion valuation and 90 of that's going to go to the investors, some of it to the company. And the retail probably gets screwed out of that. I'm just. Yeah, there might be some glitches in the matrix today, Ben.

[Jeff]

There's definitely, it's definitely glitches going on somewhere. Low volume on YouTube also something.

[Chip]

Yeah, it's. It's hard to see what's going on exactly. And that's my microphone change. It was. Sometimes we come in here and it's always a. It's always a challenge. There's always either my something I got going on, it's not working right. Something Jeff's not. For some reason it always like fubars the settings. It's like you can't. So can you just like keep the settings like they're the same settings? You don't have to change my microphone. You don't have to change the camera settings. But for some reason it just does. I don't know why I can't remember it.

[Jeff]

You know what it was? I was, I was laughing at people's videos earlier. So I think that was part of it. I was trying to fix something. I was trying to fix something on the, on the car. And so I was working on that. I'm looking up on the video and I'm looking at watching these people's videos and cursing them. I'm like, why even make a video when it's horrible? You know, it's just like, first of all, they're talking about the part that they're. They're working on and they're in it and the camera's pointing a completely different direction. And then they come to the part and it's blurry. I'm like, what. Why even make it? What's.

[Chip]

Sometimes they're trying to. They don't have a tripod, so they're trying to hold the phone.

[Jeff]

Well, that's the other part. It's like moving around and it's all blurry. And I'm like, I get it, you want to help. But why. Why are you taking up my feed with this garbage? So. So I think it's. The YouTube gods are.

[Chip]

I always have issues with that. So instead of waiting for less than 24 hours to. Or greater than more than 24 hours to settle trades through Fiat rails, Hidden Road will be using the XRPL for clearing a portion of trades and most consequentially using RL USD as collateral across its prime brokerage services, including cross asset crypto and traditional instrument trades. Again bringing a lot of functionality with the deal and back in Ripple, significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline, become the largest non bank prime broker. So it's huge. Brad was silly, super excited about it. Got other people chiming in. Monica Long talked about the fundamental, fundamental tenets of what both Ripple and Hidden Road are trying to do are the same. Builds better financial infrastructure for global movement of value than the walled gardens, fragmented rails and monolithic entities of the past. Decentralized finance thus far has been primarily built for crypto natives. And so this is a key point right here that she's outlining that hasn't really been talked about, but this is where you're building it for crypto people. Crypto natives and these financial institutions are not natively crypto but now they're getting to expand and even if they're moving fiat currency now you have the liquidity that was missing from the equation. But this is huge because it's now built, you know, and she says today we have a chance to break down those barriers. She talks about the walled gardens through Hidden Road. For the first time institutional investor able to post multiple forms of collateral and that'll be crypto and tokenized assets and soon RL USD to one counterpart in the trade across 100 plus venues and liquidity providers that support a thousand plus assets across effects crypto, fixed income, etc. It's no small feat to achieve today. So they're bringing so much to this. It'll be hard for anybody once they get in this ecosystem. The tokenization, the storage, you know, the, the custody solution, the, the ripple. Jeff, it's going to be hard for them to get out of this ecosystem because it's a one stop shop basically.

[Jeff]

Now that they're in. Yeah, this is setting the tone for moving forward. Something that you and I have talked about for a long time, you know, without really stepping into, you know, all sorts of exaggerated scenarios of, you know, gold backed XRP and all these other components of it. You and I stayed very tried and true, you know, through the development of this whole, you know, from over the past couple years. Seeing the direction things were moving in, Pat, seeing beyond where the lawsuit was going, seeing beyond the rhetoric of the SEC and the previous administration, understanding that eventually it had to unfold in, in a positive methodology and it has to and had to and will continue to have to involve institution and legacy institutions. But it's bringing those legacy institutions into this blockchain narrative. Right. So the, the genie was out of the bottle 2010 with Bitcoin move forward, the launch of every platform out there, it had to be more than, you know, meme coins and everything else. And that's what gravitated, you know, so many people into the XRP community with this idea and understanding that there was something bigger, there's something better out there. It wasn't just putting money into a bitcoin that's going to sit like a rock, you know, like gold, you know, gold in a safe somewhere, which there's a use case for. That's the use case. That's the purpose, that store of value and global recognition. But there has to be more. And that's what Ripple got everyone excited with this whole concept. We're going to create liquidity, we're going to be the bearers of moving money across borders. And it was even more than that. There has to be so many other elements. As we dissected the XRPL so many times, the XRPL was probably one of the best ledgers that's been available to date because of how many parts of the technology have been baked in for institution use with the FX and beyond. And the fact that it can continue to grow and build on, you know, versus, you know, creating new chains and, you know, having to migrate that way. All the, all the hate that, that XRP and XRP holders have taken over the years and this fact that Ripple was put onto the tip of the spearhead to, you know, blast through SEC lawsuits and, and take all that heat, you know, over the past couple years, only to finally make it through to where we're at today with a pro crypto administration that is bringing, you know, not just the U.S. right, the U.S. right now. And Trump, you know, to take a sidestep, is in a similar position at the tip of the spear trying to put things back to the way they're meant to be and rip it away, you know, from, you know, all of these elitists out there that think that they can continue to control our economic well being. And that's exactly what Ripple is doing. They're fighting, you know, the, they were fighting the system that was so twisted and corrupted that they had to, they had to be the spearhead to salvage and save the crypto industry. And it's such an interesting, when we start looking at it, the parallels of it, and here we are you know, here we're in such a positive spot right now. You know, I'm, I'm more motivated now to see where our outcome is going to be and what can happen in terms of being able to build and develop in this space. It's going to be phenomenal and also.

[Chip]

Too leveraging the, the powerful XRP ledger is amazing because you know, originally it was just across. They focused on their one use case which cross border payments got into tokenization. Obviously the XRPL has a built in decentralized exchange which is also a very cool thing, but it's just amazing.

[Jeff]

It is. Look at this one chip.

[Chip]

There you go. Look at this. Justin, breaking the news, my man, Breaking the news just confirmed Paul Atkins to be the next chair of the security. Well, here's the good thing about that. They're going to have nothing to do with crypto and it's the most beautiful, gorgeous thing in the world, except on the institutional side. But depending on how the legislation is written, they're going to have like very little to do with crypto. And they're why, why they can go back to regulating securities again because it'll be the CFTC and if the regulation goes through we're not going to hear much about the sec and it's going to be the most glorious thing in the world. So it doesn't matter. I mean Paulo Atkins will go in there and dismiss, you know, any, get rid of a lot of other stuff too, which is fantastic. But again, I don't see the SEC being involved that much. Ashish Burla, if you guys remember him, he used to be at Ripple, he's now on the board. But he said, I guess it's so funny because we just talked about this, Jeff. The strong liquidity around tokenized assets, stable coins, real world assets, paramount to you, a strong user experience. That's right again. And user experience equals adoption. And this is why this is such. It's probably one of the. I mean I always thought the custody was a big deal, but this is probably the biggest development and again I'm very bullish on it too. David Schwartz chimed in talking about the acquisition of Hidden Road, a defining moment. And he's right about this. It's a defining moment of the XRP ledger. And XRP, the prime broker clears upwards of 10 billion and processes over 50 million transactions a day. Let me say that again for you and Rio Linda. 10 billion and processes up to 50 million transactions a day in various traditional rails, waiting up to 24 hours for those transactions to settle. So now just imagine just a portion of activity. A portion. I'm wondering if the, the ledger can even handle that. But if you take a portion of that put on the ledger, it's exactly what Hidden Road plans on doing. So, you know, Ripple is eyeing this and they're taking the transactions over the XRPL for good reason. Cuts out that 24 hour wait time. Boom. Four seconds end to end, total end to end use, not to mention the future use of collateral. Real world assets tokenized in the xrpl. We have. Yeah, go ahead Jeff. What do you want to try?

[Jeff]

I was going to say, you know, it's interesting you're about to go to the next part of that. But I was going to talk about the fact that they have the R.L. uSD. R.L. uSD. You know, that settlement is pretty much instantaneous. Yep. Whatever amount of time, I mean it, it, it's as near real time. You don't have to worry about FX changes, you know, you don't have to worry about, you know, having to, you know, hold and risk any of your financial asset. There's so many countries around the world and, and you and I, you know, had talked about this and there was actually, you were in it, there was an X conversation going on and we're referencing the fact, you know, that you look at all these other currencies around the world and we've talked about this so many times. The reason why others don't want to trade in many of these different currencies is because of the instability of them especially. There was so much attention and focus on bricks. Bricks was doomed to fail because none of those countries get along from a financial perspective in terms of being able to rely on any one of their individual currencies, let alone putting all their currencies into some unstable basket of currencies, you know, would be chaotic. But the risk, inherent risk that any, anybody would take by putting it into a crypto asset with the swings that the crypto assets have, even a 10 change is detrimental, you know, on your bottom line. So being able to put it into a stable coin that is USD backed, that is going to be on the XRPL with transparency, with fast settlement. It's, it's a dynamic shift that, you know, I think is another reasoning for, you know, bringing this hidden road agenda now, by bringing this purchase now and seeing where this can lead us. It's, it couldn't have happened, you know, with the previous administration and even now, considering the fact that we're going through this short term tariff war that people are all up in arms about, for about a week, you know, and you saw, you know, all, all sorts of people ready to, to burn everything down. And it's amazing because without going through a little bit of this short term pain, we're not going to get the amazing long term gain. You know, you have to go through the short term pain in order to get through the gain. You don't get big muscles without working out. You don't get healthy without eating right, you know. And so we got to go through this, we got to set the record straight up. Even within the crypto industry, you can't grow without a little turmoil and, and you know, being able to go through the day of reckoning so that it can be brought, you know, to the legacy markets. And this is where man, it's, it's getting, it's getting very, very, very cool, man. It's, it's like you know, we thought going through the lawsuit there was a lot of, a lot to talk about man. I think now every day there's something to talk about. Every day there's more winning. Every day there's something new and it's, it's going to keep growing. We're talking about a complete change, a changeover, you know. Right. It's, it's happening. Very, very cool.

[Chip]

Yeah. I mean and it's, it's such a welcome thing, man. It's like out of the blue. But they were probably waiting to pull the trigger on this. I'm sure it was in the works for a while. This is Cassie Cradock. She is the, I think she's the operation when she the managing director over at Ripple yesterday. Massive day she goes on to talk about. It makes makes sense for several reason. Allower enterprise grade USD backed stable coin to become the first stable coin to support efficient cross margining between digital assets and traditional markets. So, so it's, I mean think about this. I mean six months ago there was no RL USD, right? It hadn't been announced. It was announced I think last August or September that it was coming, maybe even before that in June. But it didn't actually roll out until December. But you look back a year, I mean we're in, we're in the thick of, you know just coming out of XRP is not a security. You know this thing going back and forth at the sec. You had the old guard there and now RLUSD to become the first stablecoin to support efficient cross margining between digital assets. Equally hidden roto migrate post trade activities across the ledger. So I mean it's a perfect marriage right here. It's a very good pairing. Reinforcing the two as the Glow2 blockchain for institutional DeFi and this right here should be the sound bite the xrp. You think about it. XRPL the go to blockchain for Institutional. And what have we always talked about here? What have we always talked about when we talked about the Institutional, you know grade and what Ripple was planning to try to play a big game. They finally have all the pieces assembled to now execute and bringing it to the xrpl. I don't know man. I just. I think this is so exciting. I mean it's just such a great development. All of us at Ripple and Hidden Roads super excited about what's coming up scale this thing satisfied demand for Hidden roads Prime brokerage clearing and financing platform to accelerate the business and enhance our current solutions and technology. Phenomenal CoinDesk even picked up on a coindesk Tokenized assets could grow. They were talking about this whole tokenized assets thing ripple bcg project 18.9 trillion tokenized asset market by 2033 actually think it'll be bigger than that. Tokenization of assets could save significant costs for asset managers issuers drive broader adoption the report noted the market of tokenized assets include like the report highlighted tokenization of money markets, private credit, carbon emissions and use cases of operational efficiencies unclear Regis regulations, lack of standardization and market fragmentation among the barriers for broader adoption. So that was kind of summarizing what the report was. You had Reese Merrick here he is the senior executive officer managing director of the Middle east and Africa over at Ripple. He. He's you know floating Are we approaching the tokenization tipping point Finance undergoing a fundamental shift as tokenization transform financial assets into programmable interoperable tools enabling 24. 7 transactions fractional ownership and auto automated compliance. Jeff we talked about the just the impact alone in real estate right to do tokenized stuff but I mean tokenizing everything again this there's so. There's so many big things going on. I mean we're still. I feel like we're still early but now the. The. The right. The right. What's the. The services are in place so talks about the ripple and BCG tokenization report Forest cast how the market could reach 19 trillion by 2033 if things go well Jeff it might eclipse 2019 trillion. It's possible. And we have Marcus Infinger so he. Marcus is the SVP of Ripple X he says driven by emerging collective global Effort primarily among the largest financial players, tokenization is fundamentally changing finance, transforming final financial assets in the programmable, interoperable. We're excited about the potential. And he. Actually, there's a. A video to play that. Let me see. Jeff, Let me see if I have this video. I know there's a video on this that we can load up and watch. Where is the video? I think this is it here. There we go. We'll play it. Here he goes.

[Jeff]

Tokenization is reshaping financial markets, making assets more accessible, efficient, and secure by streamlining transactions and enabling fractional ownership. Tokenization reduces costs by up to 60% and accelerates settlement from days to seconds. After initial hesitation, financial institutions are now publicly embracing tokenization. With this momentum, by 2033, tokenized assets are projected to exceed 18.9 trillion and continue the growth as adoption accelerates. Network effects driven by efficiency gains, interoperability and regulatory clarity will establish tokenization as a financial industry standard. Tokenization is not just a trend. It is the next evolution in finance, and it's happening now.

[Chip]

Yeah, it's pretty cool. I mean, we could dissect that report. There's a lot in it. But I think the. The general over. Over vibe is that, you know, 19 trillion by 2033 is pretty big. Nine trillion, but I think by 2030, so you can see it, what they're expecting, go from 9 trillion to 19 trillion and 3, you know, basically, you know, 3, 4 years. It's. It's insane to see this is happening. So, anyway, good development. We just want to weigh in on it, talk about it. There's a lot more. You probably do a whole freaking show on it. Jeff. We're not going to. But. Oh, Alex, she says, d, man, I'm late. Damn, I'm late. D, man. Damn, I'm late. D, man, we're not. I don't. We're not going to Austin for Bags's party now. I don't even know what it is.

[Jeff]

Probably not.

[Chip]

I don't know what it is. No. I think I got a heavy schedule coming up. I don't. Yeah, I don't know if that's in the cards. I know people asking about Vegas. We're not going to Vegas either, so.

[Jeff]

No, not going to Vegas.

[Chip]

Not going to Vegas. No Vegas in the house. It kind of ain't gonna happen, Jeff. So let's. We talked, you know, remember all the hoopla last couple days has been about the tariffs, Right. And the funny thing about that is everybody. Everybody's flipping out. Oh, my God. And meanwhile, when they're doing the status quo and, you know, inflation's out of control and eggs are whatever they cost. You know, everybody's cool with it. Somebody goes and makes a big, bold move and everybody flips out. I mean, even, even the people on Trump's side were going nuts. And, oh, my. You know, the whole thing is absolutely silly, Jeff. I mean, it's been, it's been incredibly bizarro. But check out Scott Beset says this about percent, said this about blockchain.

[Scott Bessant]

We will take a close look at regulatory impediments to block.

[Chip]

Sorry, the volume's low, so I hate when someone posts a video and didn't pop the video up. So you have to listen. Quiet, Listen.

[Scott Bessant]

Chain stable coins and new payment systems. And we will consider reforms to unleash the awesome power of the American capital markets. Americans deserve a financial services industry that works for all Americans, including and especially Main Street. Under President Trump's leadership, the Treasury Department, and I will deliver that to you. Thank you.

[John Doe]

Yeah.

[Chip]

What he's basically saying is, screw Wall Street. It's all about Main Street. And he's talking about, you know, they ran, you know, what Trump ran on was to make everyday Americans lives better. And, you know, the Democrats say, oh, it's just the rich people. And then the Republicans say, oh, it's just the rich people. Well, they're a unit party. And guess what? They both enrich the. The rich people always get enriched under a Democrat or Republican regime. They all get fatter. And what Trump ran on was like, let me make every day. Let's. It's time for everyday Americans to get a piece of the pie. And it's about time they did. And so, you know, I saw Charles Payne on, over there on, on Fox Business, and he was saying, for once, he goes, do you, do we care if Wall Street's whining or if Americans are, are not happy? Right. So, I mean, sure, there was a short dip in the, in the stock market, but it didn't last long, Jeff. I mean, I think the Dow had like a record day of all time of having more.

[Jeff]

More. But.

[Chip]

Okay, here it is. Is this the right video? Let me see.

[Scott Bessant]

For too long. Financial policy.

[Chip]

No more.

[Scott Bessant]

This administration aims to give all banks the chance to succeed, whether it's JP Morgan or your local mortgage and loan. It aims to get capital to Americans who need it by getting out of the way. For the last four decades, as I began my career in Wall Street, Wall street has grown wealthier than ever before, and it can continue to grow. And do well. But for the next four years, the Trump agenda is focused on Main Street. It's Main Street's turn. It's Main Street's turn to hire workers. It's Main Street's turn to drive.

[Chip]

Man, I love this guy. Best Treasury Secretary we've ever had. This guy is just absolutely phenomenal. I mean, he's so wicked smart, man. It's, it's great to have such a competent administration. I could really honestly say that Trump did not have that the first go round. And so here's Bassen talking about, he's talking about the tariffs in this clip right here.

[Scott Bessant]

This was, again, this was driven by the President's strategy. He and I had a long talk on Sunday and this was his strategy all along. And that, you know, you might even say that he goaded China into a bad position. They respond. They have shown themselves to the world to be the bad actors. And we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.

[Chip]

So, yeah, almost everybody except for China came, wanted to come to the table. So, I mean, all this is what happens when you have losers like the mainstream media talking about this, Jeff. I mean, they were so wrong. I mean, imagine Trump goes like this, hello, world, I want to make, I want to ask you a question and I want to know, will you renegotiate your tariffs with this crickets, Jeff? Nothing. You're never going to hear a thing. He goes out there and does a mic drop, boom, raise it 50. And then he came out with these unrealistic. Who didn't even know, I don't know who did the calculations on him. But if, like, if they had a 20 tariff on us, he said there were 60, sort of through late. He's laying a 30. It was just brilliant.

[Jeff]

This had to happen. Yeah. I mean, you look at, you know, some of the other news articles that came out. You have Amazon canceling some inventory orders out of China. This had, this had to happen. You know, for too long, we've been saying this, that China has just been dumping garbage products into this market. Why? Because Americans, for the most part, have gotten used to ridiculously cheap products. Not cheap in terms of cheap in price, but cheap in quality. And the thing is, is that yet, you know, the targets of the world, they, they had introduced low quality product. Yet like the Walmarts and all these different companies there, they became known for that, that you started, you started to see Them kind of raise the quality of what they delivered. Then you started to see it trickle down into other stores. So if you go into whatever sporting good store, you get cheaper products. It's just like everywhere you went, there was cheap products on automotive that, you know, the build of the car. I was just talking about this with someone earlier. The build of the car was good, but then when you start looking at some of the finer details, the attention, you know, the, the, the lining around a door frame, the lining around the window, all of a sudden you start seeing inferior product. You're like, well, the whole build is good, but why is this one little part inferior? Oh, that's the part they source from China. That's the part they source from Mexico. And then you start seeing this narrative. You know, we're talking about this the other day. I've probably talked about this a thousand times. But you get into textiles for some reason, you know, this, this whole notion of people wanting to shop at like a, a Ross or, you know, I don't even know if those TJ Maxx. I don't even know if those stores exist anymore. You had the Home Depot. Home Depot is a perfect example. You used to go in and you get quality tools at Home Depot. All of a sudden you get the branded product from Home Depot, and it's everywhere. Like every pro, every item you pick up is garbage. You can feel the inferior product. Oh, where's it made? China? Where is this one made China. Why? Because they wanted to deliver a cheap product to the consumer. But the problem is, is that they also, you know, were able to leverage that cheap product and make it even cheaper. They're making it over in China for pennies on the dollar, taking advantage of. Of close to slave labor, you know, because they're paying their people nothing in these factories. And then it comes over into these markets and the quality is bad, the product is cheap. It. It was, it was horrible, you know, and, and it's, you know, kind of across the board is this expectation. At some point, you know, we have to say enough's enough, and you have to find a way to put an end to it, to where they're just dumping their product into this market and ruining industry now for, for many years. The crazy part about all this is, is that they also have instituted and have gone out and stolen intellectual property. Right? And so when companies would set up factories over in China, the front door, they would release the, the known product. Out the back door, they would release the, the fake product. And it's just, it's mind boggling.

[Chip]

It's taken Aaron trying to get some screen time, dude.

[Jeff]

Yeah.

[Chip]

Tell Aaron you can't interrupt your rant. What are you doing interrupting your dad's rant? He was on a super cool rant.

[Jeff]

Yeah, I heard.

[Chip]

You gotta. You gotta come into the picture so people can see you. You gotta get. You gotta scoot down. I'm about to study for my math test. Well, you. Is that why you got interrupted? Your dad. You wanted to talk about that? No, I got.

[Jeff]

I was getting my drink.

[Chip]

How'd you do on your video? Did you get your video? He said it was really good. My teacher said it was really good. Oh, man, Killer project, man. Killer project you got going on there. All right, thank you.

[Jeff]

The video came out really amazing. He presented it really well.

[Chip]

You have to send it, man. I have to check it out.

[Jeff]

Yeah, I'll send it to you.

[Chip]

All right, peace. Peace out.

[Jeff]

All right, thanks.

[Aaron]

Peace.

[Chip]

Study for his math test. When's the math test? Tomorrow morning, of course. You got it tomorrow.

[Jeff]

Tomorrow.

[Chip]

Of course it is. First period, right? Last minute.

[Jeff]

That's cool, dude. The vid. The video he did came out really, really good. So they present as long as their school wins, or he is his team wins within the school. Then they'll be elevated to go to districts. Once they go to district, you know, then they'll go national. Once they go national, then they can put their product in front of vc. So that's going to be pretty, pretty cool.

[Chip]

Yeah. There's only 15 registered, Jeff, so you got to type in YETI.

[Jeff]

Well, you know what's going to change that? Here's what's going to change that, Jeff.

[Chip]

Go get it going.

[Jeff]

Time to claim your legendary Blue Tributine Pathfinders new name, John Saxa.

[Chip]

Let's go.

[Jeff]

On the chain.

[Chip]

That was awesome. Who has a custom song for the giveaway? The NFT giveaway? Nobody, man. It's a custom. I thought he said John Saxon. I was like, who's John Saxon?

[Jeff]

Saxon.

[Chip]

I know John. It's not like John Saxon. I'm like, who's this John Saxon character, man?

[Jeff]

John Saxa.

[Chip]

Said that too. I thought just. Can you go this to that part where he says John Saxon.

[Jeff]

I would have to play the whole thing again.

[Chip]

I think it's. You can't scrub through it.

[Jeff]

No, no. Let's see.

[Chip]

You can scrub through it, dude. I thought he's gonna be epic. Time to claim your legendary Blue Tribe.

[Jeff]

Your teen Pathfinders name, Johnson Saxa.

[Chip]

Let's go on the Cheddar it sounded more like John Saxa.

[Jeff]

It did say it did sound like John Saxa. It's John Saxa.

[Chip]

First I heard John Saxon, it was Jar. So you know that that's going to be the thing for the. An inside joke for the next couple of things. Where's. Who's John Saxon?

[Jeff]

John Saxon.

[Chip]

You had to be here to know, man. That's it. You had to know. What is Yeti defined? Yeti. Define Yeti. Oh, that's a lot. Oh, you got 20 in guys. We're getting there. We are getting there. Well here, let me show you. Let me show you the Yeti movie. We'll go and play it and then you'll get to see exactly what the. Here it is, right here.

[Aaron]

Discover the awe inspiring universe of the badass Yetis. Comprising seven diverse clans, each possessing unparalleled abilities and strengths. The mighty Titans are a formidable and courageous clan. Known for their immense strength and valor. These colossal warriors are celebrated for their fearlessness and determination. The Pathfinders. Cute, cuddly but deadly. Expert hunters and trackers. They navigate mountains with ease. They'll find you if you hide. Trust me, it's best if they don't see you. The Templars are spiritual and wise. Deeply understanding the spiritual forces that shape their world. They believe themselves to be the defenders of just and righteousness. The superior craftsmanship of the Frostbeards enables them to produce intricate tools and weapons using the limited resources available in their surroundings. The Shiverspine clan is the most terrifying of the seven clans. Known for their exceptional agility and stealth and ability to move silently and quickly through the snow and ice. With their telekinetic and intellectual prowess, mentalists excel as powerful foes and sought after allies. Due to their ability to mentally manipulate the world around them. The spirit walkers attune themselves to the earth animals and the unseen spirit world. Their exceptional communication skills enable them to connect with the spirits of the land and draw upon their force.

[Jeff]

Man.

[Chip]

Damn, that's good. I forgot how good that was. How amazing that was. Jeff Cash, we're working. I mean if we can get it going, there'll be an AI. There'll be an AI Little animated, little short first. Then we'll talk about a movie, we'll talk about a game. The whole thing, man, it's got a lot of big plans. We'll see. It takes some work, takes some time, energy and all that stuff. But that's the idea. That is the idea. I love that. Clan Templar. You go right there. There it is baby. There it is. You Gotta love that, Jeff. I was laughing so hard today when I saw this clip because the Democrats are so mad. They're so enraged with their feelings.

[Jeff]

They love their feelings.

[Chip]

They're just, they're so, they can't even, they start just like self destructing like they don't even make sense anymore. They're just yelling stuff and yeah, they're taking away your Social Security and could.

[John Doe]

Have pushed granny off a cliff.

[Chip]

And I, I'm gonna, we're gonna all this ridiculous like banter and they're killing Medicaid. They want to kill Medicaid. Yeah, like, dude, come on. It hasn't worked for 40 years and they keep going with it. Ain't taking my logging away, son. Ain't happening. Rob McDermott with that, by the way. Put that back up again, however, put that back up.

[Jeff]

Taking your yetis.

[Chip]

That right there is a white tribe. That is a very rare rarity right there. That is an elder. There's only seven of them and Rob has one of them right there. It's a beautiful.

[Jeff]

Yeah, the elders wanted to give up an elder.

[Chip]

So I want to show this guy's, be a guy at a hearing today, right when the news breaks of the Trump. John Sachs, there you are. I mean, Mr. John Saxa. That's right. Mr. Saxon, you. So I can't wait. Who ends up with this?

[Jeff]

Jeff, you didn't notice our names, right?

[Chip]

Yeah, I can't wait. So what's amazing about this clip is that the news just breaks. This dev is so angry, he can't even like he just wants to start screaming. Listen to this. Jeff, this is funny.

[John Doe]

Your trade representative. Are you aware that the terrorists have been paused?

[Byron Daniels]

I am, yes.

[John Doe]

When, when, when were you made aware of that?

[Byron Daniels]

I understood the decision was made a few minutes ago. Sitting here under discussion.

[John Doe]

Sitting here under discussion. So did you know that the, that this was under discussion? And why did you not include that as part of your opening remarks?

[Byron Daniels]

So typically what I don't do is divulge the contents of my discussions.

[John Doe]

What are the details of the pause?

[Byron Daniels]

Well, my understanding is that because so many countries have decided not to retaliate, we're going to have about 90 days.

[John Doe]

No, excuse me, you, you, we are.

[Chip]

Jeff, he's, he's so mad, he can't even catch his words. He's like, how is he going to, how is he's going to reveal it before it's revealed to the public? I mean, really, Jeff.

[John Doe]

China increased their tariffs on the United States. Trump blinked.

[Jeff]

Trump blinked.

[Byron Daniels]

What's the Blink, sir?

[Chip]

Well, no, Trump didn't blank. Trump raised it to 104, and then he raised it to 140s. No, no. And they didn't raise it. They only came up to 80. So Trump didn't blink.

[Jeff]

Are these guys in favor of the tariffs or against the tariffs? Where do they even stand? They don't even stand for anything. That's the joke of all of this, you know, they just stand for nothing. They just stand for whatever they're saying at the moment. It's just too funny.

[Chip]

That's amazing. Yeah. Listen through this thing, man.

[John Doe]

What do you know about this pause? What are the details of it?

[Byron Daniels]

Well, the details, as I understand it, is that China continues to retaliate. Other countries didn't retaliate. The president two or three days ago said, we wanted to negotiate with those countries that asked for. For that. Ask for meetings. That's what we're doing.

[John Doe]

What are the details? How long is the pause? How many days? How many weeks?

[Byron Daniels]

I understand it's 90 days. I haven't spoken to the president since I've been.

[John Doe]

So the trade representative hasn't spoken to the President of the United States about a global reordering of trade?

[Byron Daniels]

Yes, I have. I just been in the hearing with you.

[John Doe]

But yet he announced it on a tweet. Wtf. Who's in charge?

[Jeff]

Oh, my God.

[Byron Daniels]

United States is in charge.

[John Doe]

And what.

[Jeff]

I mean, this is so ridiculous.

[Chip]

This is crazy.

[Jeff]

You know, it's not just crazy, Chip. It's embarrassing. You know this. It's so embarrassing to see them read through this. They're trying to flip the narrative. We just lived through four years of a president, quote, unquote, that wasn't a president, because there's no way he was. Had the mental capacity to be in charge. We know what he used to be like. We know what he was like over the past four years. He didn't have the mental fortitude to take on any decisions for the past four years. And we just lived through that. So we know that there were all sorts of shenanigans, and there's all sorts of corruption. There are all sorts of issues. And. And so we know that he wasn't in charge. So now they're trying to flip this narrative. It's so fake. It's so made up, and it's embarrassing that we have to sit through this charade that he's gonna, like, pretend that you can even see that he doesn't even believe what he's saying coming out of his mouth. He's. He's they instructed him. They gave him direct orders to say. Saying he doesn't believe it. You don't see it in his eyes. You don't see it, you know, in, in the, in his posture there. You don't hear it in, in the vocalization of it. He's like a fake angry. He's saying things. Mad that he's reading off the screen in front of him. It just, it's so bizarre.

[Chip]

I like when he said, wtf? Who's in charge?

[Jeff]

Wtf? Like, it's so bizarre to watch this. Like, it's, it's embarrassing that Democrats are, are even going down this path at this point. Yeah, it's a complete mockery.

[Chip]

Understand the first rule of holes, if you're in one, you got to stop digging because it's just not. It's not working out for you guys. I mean, you guys are. The Democrats everywhere are just, like, imploding as a party here.

[John Doe]

Those details.

[Byron Daniels]

Well, as I mentioned, it looks like.

[John Doe]

Your boss just pulled the rug out from under you and paused. The tariffs, Taxes on the American people. There's no.

[Chip]

Now the terrorists are. He paused the taxes on the American.

[Jeff]

Taxes on the American. These people are so close, they don't even understand finance.

[Chip]

That's.

[Jeff]

That's even the better part about it. You put an attorney into a seat of power, and they don't understand the financial infrastructure. They don't take a moment to learn economics. They don't study anything. They go into a briefing, they're told what to say. They go, you know what? If I need a lawyer, I'll go to a lawyer. If I need an economist, I'll go to an economist. I need a cpa. I'll go to. Not going to the attorney to get advice on, on anything economic. And it just, it always comes out like this, right? And then they. These guys don't even dig enough. It's bad enough, Chip, we have to read it on X. Then you sit and you watch these politicians pontificate over nonsense. It's so funny to watch.

[Chip]

It's not. This is about it. Like, I started watching. I said, what is this guy talking about? He's just like, when did you know? Why did you have an opening statement? It was just announced. And he's like, why didn't you announce it? Because it wasn't public yet. I mean, of course he knows about it, but he's trying to, like, hit him on so many things. He's lost track strategy.

[John Doe]

You just found out three seconds ago, sitting here. We saw you.

[Chip]

Now he's mad that he just found out. But before, he was telling me to put in your opening statement like, he's all over the board. It's just like. Just trying to, like, you know, poke him for every possible thing. Now you just told us you just found out. Well, yeah, that's what he said.

[Byron Daniels]

We've been discussing a variety.

[John Doe]

You came here knowing that you were going to be turned off, that these tariffs were going to be turned off. Why didn't you include that in your opening statement? Why didn't you reference that as. Here we go back to this testimony.

[Byron Daniels]

Well, I don't disclose my conversations with the president, sir.

[John Doe]

These were specific questions we asked you all along. What's the strategy? These are real consequences for the American people and small businesses. I had a group of small businesses in my office earlier today talking about the group.

[Chip]

Exactly, Jeff. Thank you for saying it. Jeff. He had a group. Now, how do you have a group of small businesses? Like, that doesn't even make sense. A group. Listen, I had some. I had some people from small business and small business owners.

[Jeff]

Small business owners.

[Chip]

I had some group. I mean, what is he talking about? This is insane.

[John Doe]

Impacts of these tariffs on aluminum and steel.

[Chip]

So wait a minute, let me get this right. The small business owners were concerned about aluminum and steel? What were. What is it a small business owner would be concerned about? Are they forging steel? Are they making aluminum? I mean, what are they doing? It's insane.

[Jeff]

This is what kind of business.

[John Doe]

And it needs to.

[Chip]

It is amateur hour. But you're the amateur, sir.

[John Doe]

This is amateur hour and it needs to stop. What does this even mean for your negotiating.

[Chip]

What does it even mean? Like, thank you for calling bullshit on your own, your own speech, your strategy.

[John Doe]

How are you in charge of negotiation if the president is tweeting about this from wherever the hell he is?

[Byron Daniels]

The president was elected and he runs the trade policy and I advise him and execute his.

[John Doe]

Who executes the trade policy?

[Byron Daniels]

I execute the trade.

[John Doe]

Did you know that this was happening?

[Chip]

Of course.

[Byron Daniels]

We have been discussing all kinds.

[John Doe]

And there's another member of the Cabinet, Bessant, who just canceled coming to the Hill to avoid talking about the. The market because it's in turmoil. This in just days.

[Chip]

Scott Besson. Besson could run circles around these. These, These losers. I mean, how do you get into Congress? I mean, most of the time you're an attorney, so you've had some acumen, you spend some time at uni, right? There's some kind of thing that happened here. I don't even know what half of these people in Congress. If I'm running for Congress, because I want to get up there and do my. One of my chip ramps and all these things, run for damn Congress. I'll do state first and then I'll do. I mean, I gotta do it, Jeff.

[John Doe]

Why not?

[Chip]

I'll go there. I'll love interviewing people and doing hearings. Oh, geez. I'll get run out of there so fast, dude, I'll get my ass kicked to me one term and out. They'll figure out a way to redistrict. They'll get me out right away.

[John Doe]

Because there was no strategy, there was no plan. The president chose to take actions that he didn't even have the authority to take.

[Chip]

So he did have the authority to take it. So thanks.

[John Doe]

He's put our economy in disarray and near collapse.

[Chip]

The DAO was up the record 3,000 points today.

[John Doe]

So we have small businesses and Americans.

[Chip]

Don't forget to mention they were in your office earlier, please, who are concerned.

[John Doe]

About their well being. People's retirement, people's 529 accounts went down because of this administration. We have people that are planning.

[Chip]

It's weird. If you look at the chart, this was the Biden administration, and then it went back up and we had a tiny little dip. And now everyone's worried about it, dude.

[Jeff]

Stock portfolios lost 60% of their value. 60% under Biden. 60%. We came back more than 60%. We came back that plus added like it multiplied by such an amount in such a short period of time because of confidence in the market. Now, there's obviously a setback. There's reasons for a setback. There's an orchestration of a, you know, of a direct prevention or attempt of preventing Trump from accomplishing what needs to accomplish. The big institutions of, you know, of corruption, of the elitist they're trying to hold. This has always been a power struggle, and they want to maintain their power and their influence. And this is what you and I talked about for the past couple years during the previous administration and before that, is that there's two powers that have been fighting. And you've got the Trump team and you've got whoever's backing these guys, you know, and, you know, is it shadow? We know some of the players that are out there who are backing them, and you could see that there's this constant, you know, power struggle. The people that are around Trump are. Have got to be extremely powerful as well, because they obviously can't, you know, they've been trying to take him out. They've been prevented from that. But this battle has been waged in the background and in the foreground. You know, so we see it right in front of us, we see parts of it. But man, these guys, you know, they're just so clueless about the narrative and the fact that the economy went down, the fact that there was a sell off. There are obviously big groups that were selling off to try to tank the market. Then it rebounded, it confused a lot of people. Right. All of a sudden people are like, they didn't anticipate this, but at the same moment, you know, you saw the EU is trying to consolidate as though, you know, the EU is a block somehow. The EU is just one rep. Has one representation of, of, of an economy. Yeah, you know, they all operate on the euro, but all the countries have different economies. Right. They have some very strong economies, some very, you know, mediocre economies within, within the eu.

[Chip]

Yeah.

[Jeff]

Then you have the issues over within the uk Then you have Canada. But at the end of the day, they all realize that without the US on board as a trade partner, because the US is still one of the major consumers in the world until a country like India or some other countries catch up to be major consumers of all their products, of all, all the goods of all these companies. In the meantime, China has indigenous product, India has indigenous product. They don't need the European economy, they don't need the European goods. They have their own goods. And you know, from a, a certain perspective, go to a, go to an economy like China which has a lot of poor, has a very, you know, has a middle class again, they're almost forced to consume China made product, you know, all the way up to the wealthy class. Same thing in India. India, 1.2, close to 1.3 billion people, 700 million of them live in poverty like you've never experienced ever in your entire existence. Yet they have a big middle class. But there's a lot of direct product, medical good, commercial good, air conditioned, whatever it is, electronics, all made in India for the India market. And you know, yes, you know, they want, they even have Tata Motors, they have motor vehicles. They have so many things that are made in India that what do they need? So the U.S. yes, we're a big consumer of their product. And then they realize as a trade partner, as a trade bloc, hey, turn your backs on us. You guys rely on us more than rely on you. You know, same thing in Canada. This stuff just aggravates the hell out of Me, you know, the Canadians, Chip, it's amazing to me, you know, the. The audacity that they have. They're like, oh, well, we'll just replace the U.S. you know, we're being courted by China. That's what you and I were texting the other. I'm like, yeah, they're being courted by China. China's actually courting Canada. Like, they need 30 million people, by the way. They don't think, what Does China need 30 million people for?

[Chip]

Tata Motors. I don't think they understand what that means over here.

[Jeff]

Tata Motors owns Jaguar.

[Chip]

I know Oval. Well, they made it.

[Jeff]

Made a crucial ass car, too.

[Chip]

I mean, that's so funny. Anyway, let's listen to the rest of this guy.

[Jeff]

God, this guy's so angry.

[John Doe]

Retire people who are retirement retiring whose benefits have declined. Is this market manipulation? Why not? Talking about if it was a plan, if it was always.

[Jeff]

And he's like, what the hell is.

[John Doe]

He talking about, manipulation?

[Byron Daniels]

It's not market manipulation.

[John Doe]

Well, then what is it? Because it sure is not a strategy.

[Jeff]

God.

[Byron Daniels]

Reset the global trade system.

[John Doe]

What is that done? How have you done? How have you.

[Chip]

This is an interrogation. Doesn't want the guy to answer any of that.

[Jeff]

This guy's so cool.

[John Doe]

Enact enormous harm on the American people, which was our concern from the very beginning. Tariffs are a tool. It can be used in the appropriate way to protect US Jobs and small businesses. But that's not what this does.

[Chip]

Okay, please enlighten us.

[John Doe]

So if it's not market manipulation, what is it? Who's benefiting? What billionaire just got richer?

[Jeff]

No.

[John Doe]

And all the while, there are not even any Republicans left in this, this hearing. They all left because they don't want to defend this. But meanwhile the Speaker. To pass a budget reconciliation to screw America by passing the biggest tax cut in history on the backs of the American people.

[Jeff]

Wtf?

[John Doe]

Who's it?

[Chip]

Did he just say tech? The biggest tax cut on the American people. Did he know? Did he realize. He said. Did I hear that right? Hang on a second.

[John Doe]

This. But meanwhile, the speaker is rushing to the floor to pass a budget reconciliation to screw America by passing the biggest tax cut in history.

[Jeff]

Yep.

[Chip]

Well, here's the. Yeah, that's exactly what he is. Passing the biggest one. But by the way, you notice that. You notice that when the Democrat was Congress, they didn't get rid of the tax cut, Jeff. You know that. They never screwed with the tax cut Congress. They owned Congress, the House and the. And the Senate, but they didn't do away with that. Why? Because they said it was for millionaires and billionaires. Truth be told, I remember that one. When in effect everybody was happy. Like they had more in their paycheck every week. So it was a huge tax cut, but they always positioned. But if there were, if it was. If millionaires and billionaires, why didn't they repeal it? They could have. Weird how they never even went there. So it expired when Trump obviously came in. So now they're, they're passing it again. If people watch their, you know, their income go up, if they, their their paycheck, all sudden more taxes are taken out. They get less money every week on.

[John Doe]

The backs of the American people.

[Chip]

This is the best thing. This is the best thing. You got this angry dude, he's complaining, angry Dems in there. And meanwhile everybody took off. They're like, hot damn, let's get out here.

[Jeff]

Nobody's in there. Not Democrats screaming at the sky.

[Chip]

This is the best part. Like, can we. Jeff, can we have that as our song by wtf?

[Jeff]

Oh, we need to have that.

[Chip]

He said it like three times. We'll have different versions of it. Wtf. I love it. We're just like. That'll be our new song. Here it is. Ready? Hang on.

[John Doe]

Wtf?

[Chip]

Wtf?

[John Doe]

Who's in charge?

[Chip]

His name is Donald J. Trump. He's the 47th president United States. He's in charge.

[John Doe]

Because it sure doesn't look like it's the trade representative. You just got the rug pulled out from under you.

[Jeff]

Oh my God.

[John Doe]

I wish I could feel some empathy, but the empathy I have is for the American people whose very well being and livelihoods are being affected. This is not a game.

[Chip]

This guy's out of his life. We had a dip in the market for two days, Jeff, and this guy's going out the.

[Jeff]

The record reflect crypto market game raging back Republicans in this chamber than there.

[John Doe]

Are Democrats currently in this committee.

[Chip]

Okay, Hannah. Second. Here we go.

[Jeff]

Than there are.

[Chip]

This is interesting. He wants the record to reflect because he's misstating it. There's more Republicans there than there are Democrats.

[Jeff]

Reflect that there's more Republicans in this.

[John Doe]

Chamber than there are Democrats currently in this committee. Committee room.

[Jeff]

There's six of us, there's five of you. So let's make sure we get the facts right. I appreciate the President did not blink on China as was said earlier, and it needs to be correct in the record. In fact, he increased China by 125%.

[Chip]

Good job, sir.

[John Doe]

Would you yield, Mr. Chairman?

[Jeff]

I do not know.

[John Doe]

We don't want to talk about the trade policy here in the trade committee, that this is our jurisdiction.

[Jeff]

Your time is expired and I'm more.

[John Doe]

Than happy if you would yield. And I said no, cuz you don't want to defend the policy or the strategy.

[Chip]

He's tried not to laugh cuz someone yelled wtf? Listen to this, Jeff. He tried to, he almost laughed. Watch this. See, he's like, what you're gonna do?

[Jeff]

You're recognized. WTF?

[Chip]

WTF.

[Jeff]

Oh my God, we gotta get that. WTF. Mr. Yakim, you're recognized.

[Chip]

Thank you, Mr.

[John Doe]

Chair.

[Chip]

Thank you, Mr. Chairman. This is a churn. Let's get the F out of here. That was great. So anytime something goes off, we'll play that. We gotta get that, Jeff. You gotta, gotta cut that out of there. They shut his mic off. Wtf? He said WTF again.

[Jeff]

Oh my God, that's brilliant.

[Chip]

This was so funny, man. I mean, I was like, what is he talking about? This guy's going out of his mind. He's going crazy just talking, man. I mean it's. I just really don't even know what's going on with the Dems anymore. They're just out of their minds. Like they just keep digging deeper holes non stop. They don't know what to do. They don't know what to say. They're out of their minds, Jeff. I mean, quite honestly, this is a question that was asked of Trump and then we got to do the drawing. Get out of here. But this is a good question here.

[Jeff]

Nancy Pelosi, they've been talking about tariffs for decades.

[John Doe]

How come when these Democrat elites want.

[Chip]

Tariffs, everything's hunky dory, but when President Trump wants tariffs, all hell breaks loose.

[John Doe]

Do you see this double standard?

[Kristi Noem]

I love this guy. Whoever the hell that is. That's really nice. I appreciate that question. No, Chuck Schumer. Nancy, everybody knew you had to do it, but they never had the guts to do it. It does take guts. It even takes guts for our country to go through it. That's why I say be quick.

[Chip]

Cool.

[Kristi Noem]

They were saying about, see, just be cool. It's going to work out.

[Chip]

You put that out today. He's like, be cool. Everything's going to be great. Be cool, my babies.

[Kristi Noem]

It's going to work out. And it's, it's working out. I can tell you. Working out maybe faster than I thought. But I said it's, you know, it's.

[Chip]

It'S, I mean, it's working out. He said, just be cool. I mean, this Thing they thought we're going to drag out over. Everybody showed up, everybody wanted a seat at the table. They want to negotiate. Great, dude. Except no surprise, China did not want to negotiate. And is anybody surprised about that?

[Jeff]

No, of course, I mean a China, China has their own agenda. China has been waging a trade war against us for many, many years, including stealing all of our intellectual property rights. Nobody did anything. No president did anything. No administration did anything. Our Congress didn't do anything to save it. The Senate didn't do anything to save it. Nobody did anything to step up to take China on. They were afraid of China. They refused to do anything. And this is where we sit, you know. So finally now it's just like put it all out there in the light. Let's see exactly what's happening and let's bring this to reality, you know, and you get this. It just. Man, you know, it's about time that this stuff had happened. Palantir is up 19 today. 19. Palantir came back roaring back up 14 to 92. It went down so much. But the whole market. Tesla is up 22% today. Nvidia is up 18. Microsoft with their term up 10. Apple 15. Roaring back. People that bought the dip are living, living at large. You know, they're just so excited.

[Chip]

This is spot on right here, Jeff. Nobody in this country's buying the left heart bs. They think they'll do this crap. We'd hold on to power. Yeah, exactly. This is a good one too. Sad that the people fall for these bad actors. This is from E4rockin. The script is so obvious. And the worst actors run slash influence the most easily manipulated. Mr. Burns. Excellence. Excellent.

[Jeff]

Excellent.

[Chip]

Excellent. Yeah. Okay.

[Jeff]

Excellent.

[Chip]

Joe, buddy bought the dip. Smart guy. There you go.

[Jeff]

Good job. Good job.

[Chip]

No fried rice for Mr. Smithson. He's out. Yes.

[Jeff]

Wasn't China giving away plastic rice?

[Chip]

They put on. They put chemicals in the clothes. They do everything John Doe says. I love the confidence our country is showing right now. Like Trump said, everyone feels the pressure to make a move like this, but it's a winner for everybody. Well said. Well said.

[Jeff]

That's right. All right, here we go.

[Chip]

Here we go. Ready?

[Jeff]

Here we go. Hang on. Before 26 do the drawing, we're gonna make it 30 because I'm gonna play.

[Chip]

This little guys type in yeti. If you haven't. If you did, it will only pick it up. Word of the day.

[Jeff]

Why? Because this one's gonna be time to.

[Chip]

Claim your legendary blue Tributine Pathfinders.

[Jeff]

Name John Saxa.

[Chip]

Let's go.

[Jeff]

On the chain, not one was added yet. Area one, take out a 26.

[Chip]

Ready to go. We got 26. Here we go, guys. Let's go. Click, click, click, click, click, click, click. Here it goes. Come on. Who's going to win it? Who is it going to be? Clickety click, click click. Oh, we won.

[Jeff]

Yay, we win.

[Chip]

We told you we were ready.

[Jeff]

Thank you very much. Thank you very much.

[Chip]

Come back tomorrow night and try again. This is what I hate, when I type stuff in there, because I say type yeti and I typed yeti, so I'm part of the winner. Good news is I told you we were breaking it.

[Jeff]

Win chip, we win.

[Chip]

What's good? Because I'm glad we have something. All right, we're gonna draw again, guys. Sorry, false start. The good news is we can't win again. So I just like seeing on the chain live one something.

[Jeff]

We win. Winner. Winner. Now we have one.

[Chip]

Here we go. Here we go.

[Jeff]

Oh, it's so slow. Boom.

[Chip]

Reborn John. Boom. Reborn John. Reborn John gets. John Saxon. John Saxon. John Saxon.

[Jeff]

John Saxon.

[Chip]

You didn't see your name, but it's. It doesn't necessarily play everyone's name, it's just. It's running through an algorithm.

[Jeff]

But is Reborn John here?

[Chip]

Oh, winter. Winter chickenless dinner.

[Jeff]

John is here. Boom. Look how fast he is. Look at that.

[Chip]

Reborn John is not messing around.

[John Doe]

Quick.

[Chip]

I knew Smithson was going to call it. Rigged. I knew it.

[Jeff]

He's quick. I gotta go and find it now.

[Chip]

He didn't call it. He didn't call. He called it. He called it.

[Jeff]

Wtf? John Saxton.

[Chip]

Wtf? John Saxon. John Saxon. Holy cow, man. That's too funny. Right?

[Jeff]

You know what's going to be in the. In the next song? John Saxton.

[Chip]

John Saxon's coming big time. There it is. You got the wallet there and everything. Jeff, this is phenomenal.

[Jeff]

Oops. I don't know what I'm doing tonight here.

[Chip]

I want to play this because, remember, Mark Cuban said that Mark Cuban was talking about there's no strong, powerful women around. Trump.

[Jeff]

Oh, that's right.

[Chip]

There's two right here.

[Kristi Noem]

Hello to Brooke. She got the course of eggs down 87. 87. Governor, we have. We have somebody that's done a great job at Department of Agriculture and Kristi Noem, who perhaps a few of you have heard of. She has done the most unbelievable job as somebody that's watching over our country at the border and with Tom Holman and your whole staff of tremendous people. So thank you who would think, who would think that she is like meant for that job?

[Chip]

Her.

[Kristi Noem]

He's meant for it. So congratulations. I just saw you there.

[John Doe]

Both.

[Kristi Noem]

Thank you very much. Thank you.

[Chip]

This guy reminds me somehow. Prince. What's, what's the older Prince over there? What's his name? Not Andrew. It's his, what's his name. He kind of reminds me of him. He looks like he's like, like he should be his like evil twin or something. I don't know. When I look at that dude, I kind of see that. Laughing my ass off. Time for a stogie and a drink. Did well with the Trump stuff today. Yeah. Hell yeah. WTF Says Alex. Wtf. And Alex. This is great. Byron Daniels was, was on today. This is Byron Daniels.

[John Doe]

This economy in the world, Stu. Everyone wants access to American markets. So we actually have a ways to go in this. I think that the President and his team are actually doing a great job here. You could already see other nations are coming to. The United, United States are coming here to Washington to meet with the, with the President and his team to try.

[Chip]

To negotiate out a deal that's going to work for both for either.

[John Doe]

For countries and for the United States.

[Chip]

See, we have the smartest. It's Prince William. Harry's the younger one. Harry's the one that left.

[Jeff]

Here we go.

[Chip]

Prince William Johnson. All right, see you later. John Saxon. He's gonna be the first one to change their, their name to Johnson Saxon. I'm like that'll be coming in there be John Saxon will be in tomorrow. I think it's gonna be reborn John. Reborn. Reborn. John will rebrand it. He'll put John Saxon up there. He'll put his, change his name to John Saxon. So there you go.

[Jeff]

Oh, he just won it. He just won John Saxon.

[Chip]

He's. Yeah, as I'm saying, he's entitled John Saxton. All right guys, that's all we have for tonight. I mean we'll be back on Saturday. Saturday we have. Panos will be in here. It's going to be a great interview. You're gonna be excited about that. So we'll be chatting with Panos and it's gonna be awesome. Byron is a beast. Absolutely. Byron. Yeah. I mean I thought I would, thought he would have made a great vp. He's gonna make a great Florida governor. Two term governor. He's going to be fantastic. So there you go. Wtf. Changed my avatar to John Saxon. John Saxon, baby. Pretty cat. Don't be afraidy cat. All right guys, that's it. We are out of here. I do mean it's 119. We ran a little long. That happens. So we'll see you guys in the next one.

[Jeff]

Run a little short.

[Chip]

Chip and Jeff. Say it. Jeff. Chip and Jeff.

[Jeff]

We're out of here.

[Chip]

Are you down with otc?

[Aaron]

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