On The Chain Podcast: "They Tried to Kill Crypto — Now They Need It | BNY & Ripple Change Everything"

Date: January 10, 2026
Hosts: Jeff & Chip
Focus: Blockchain, Digital Assets, and Geopolitics, with a spotlight on Ripple/XRP

Episode Overview

The hosts dissect recent seismic shifts in the intersection of banking, digital assets, and global politics. They spotlight Ripple’s regulatory victories, the tokenization of cash by BNY Mellon, and the mounting irony of banks now relying on crypto after years of resistance. The episode then progresses to deeper dives into Ripple's position in global finance, institutional versus retail focus, regulatory battles, anti-crypto lobbying, and vivid commentary on geopolitics—from the strategic scramble over Greenland and Iran’s upheaval to the fracturing of old global alliances.

Detailed Breakdown & Highlights

1. Crypto’s “Killed” Narrative Flipped: Banks Need Blockchain

• 00:01 Jeff sets the tone: Banks that tried to kill crypto now realize they need blockchain. BNY Mellon—among the oldest banks—launched tokenized, on-chain cash for clients. Ripple is at the epicenter of this historic transformation.
  • “They tried to kill it and now they actually need it… BNY Mellon just moved deposits on chain, tokenized cash is live.”
• 00:28 Chip adds context: While Ripple achieves full UK regulatory approval, the same banks that drove “de-banking” of crypto are lobbying against stablecoin competition, revealing mounting panic.
  • “The same banks that debanked crypto are now lobbying to shut down stablecoin competition. That tells you almost everything you need to know about who's in full-blown panic mode.”

2. Ripple’s Major Wins & UK FCA Approval (Crypto Regulatory Milestone)

• 05:03–09:09 Ripple celebrates securing Electronic Money Institution (EMI) license and crypto asset registration from the UK Financial Conduct Authority (FCA).

  • Cassie Craddock (Ripple UK/Europe MD) [05:49]:
    “Ripple has secured its electronic money institution license and crypto asset registration from the UK’s Financial Conduct Authority. This is a major step forward… This license enables us to bring our flagship offerings, including Ripple Payments, directly to UK institutions.”
  • Ripple now offers end-to-end, fast, transparent, cross-border payments to UK FIs.
  • Monica Long (Ripple President): “It’s about unlocking trillions in dormant capital and realizing a world where value moves instantaneously.” [08:14]
  • Strategic implications: London remains the global banking epicenter (per hosts); regulatory posture now positions Ripple for massive scale and institutional partnerships in 2026.

• Host Commentary [09:11]:

  • Jeff: UK’s move shows their fight to remain a banking/global power as power leaks from traditional epicenters.
  • Chip: Ripple’s unfaltering focus and infrastructure breadth mean competitors may only capture “one niche,” not the full puzzle.

3. BNY Mellon, Tokenized Deposits & Ripple’s Role

• 15:51–20:40
  • Jeff: BNY Mellon (BNY Global) has launched tokenized deposit services for institutional clients—mirrored, on-chain client balances—bringing programmable digital assets to the core of the banking system.
    • “BNY expands digital cash capabilities by enabling the on-chain mirrored representation of client deposit balances … via tokenized deposits. This is the big news. This is institutional that will also trickle down into retail.”
    • Importance of terminology: “Digital cash” vs. “stablecoin”—must be clearly distinguished to prevent government overreach via programmable money.
    • Chip discusses the scale and the threat to bank profits: earning 5–7% yield (vs 1% in banks) will move capital on-chain out of traditional institutions.

4. Ripple’s Vision: Long-Term Infrastructure—Not Hype

• 20:40–23:44
  • Brad Garlinghouse (Ripple CEO) message [20:40]:
    “At Ripple we're going to be continuing to take the long view of what crypto-based assets like XRP and RLUSD can do rather than chasing cycles and hype. Bring on 2026. We're firing on all cylinders.”
  • Ripple leadership lauds regulatory wins and acquisitions—poised to “make 2026 even more consequential.”
  • Internal company culture: Infrastructure focus, vision, not chasing hype cycles (per both Garlinghouse & Reese Merrick).

5. Institutional Politics & Anti-Crypto Maneuvers

• 23:46–27:42
  • MetaLawMan quote [23:49]:
    “The same big banks that debanked us are now telling senators that it’s pro-consumer to outlaw payment of rewards on stablecoins. Any senator who falls for this anti-competitive ploy doesn’t deserve support from the community.”
  • Jeff: Politicians, especially entrenched interests (including Elizabeth Warren) benefit from opacity and corruption—fighting transparency posed by blockchain and crypto.

6. Geopolitics and the Fight for Narrative Control

• 41:04–64:57

  • Massive segments tie monetary revolution to world geopolitics.

  • Discussion of Trump’s announcement [49:20]: credit card interest caps, regulatory crackdown on big banks, direct address to American pocketbooks.

  • Iran: Unrest and revolution; potential for regime collapse with tacit (or overt) US support.

  • Greenland as strategic asset [63:03]; both China and Russia covet it, US signals intent to secure it—"if you don't, someone else will."

    • Notable quote:
      • [60:33] Trump: “We need that because if you take a look outside of Greenland right now, there are Russian destroyers, there are Chinese destroyers…and Russian submarines… We’re not going to have Russia or China occupy Greenland and that's what they're going to do if we don't.”

  • Canada & UK:

    • Speculation on Canadian provinces (Alberta, Saskatchewan) potentially seceding in the face of left-leaning government dysfunction.
    • The UK’s regulatory policies, monarchy, and increasing irrelevance on the world stage—per hosts—jeopardize freedom and financial vibrancy.

7. Stablecoins, De-Banking, and the Coming Mainstreaming

• Ripple, XRP, and RLUSD at the Heart of Change
  • Ripple’s stablecoin (RLUSD) is not XRP but both are crucial to new infrastructure; BNY Mellon already using RLUSD on XRPL (XRP Ledger).
  • Banks attempt to ban stablecoin interest because it's an existential threat to their model.
• Programmability of Money
  • Programmable bank stablecoins (“digital cash”): opportunities for financial infrastructure, but risks if governments use programmability for control or repression.
  • Jeff & Chip urge vigilance on terminology and regulatory boundaries.

8. Regional Power Blocks & The Changing World Order

• 33:37–37:58 Jeff outlines the (likely) breakdown into regional blocks: US, Europe (likely EU fragmenting), Africa (resource-rich but hampered by tribalism and artificial borders), with Americas poised for growth—conditional on fighting socialism and external influence.
  • Canada and Mexico: Security risks and potential for realignment with the US-led American bloc.

9. UK’s Escalating Crackdown on Free Speech, Crypto

• 95:39–99:08
  • PM Keir Starmer flirts with banning X (Twitter) over AI image scandals, drawing direct threats of US sanctions (per Rep. Luna) and condemnation from Nigel Farage and others as "political war on free speech."
  • UAE now blocks sending students to UK over fear of “radicalization.”
  • Deep concerns about UK/EU enabling radical ideologies and undermining civil freedoms.

10. Ripple in the Real World—Retail vs. Institutional

• Reiteration that Ripple’s offerings are institutionally focused; retail adoption will be downstream from infrastructure shifts.
• Expect more UK banking partnerships/announcements through 2026.

Notable Quotes & Timestamps

• [00:01] Jeff: “They tried to kill [crypto] and now they actually need it.”
• [00:28] Chip: “Banks that debanked crypto are now lobbying to shut down stablecoin competition.”
• [05:49] Cassie Craddock (Ripple): “This is a major regulatory milestone. With this license we can lean into the [UK] market even more.”
• [08:14] Monica Long (Ripple President): “Extending Ripple’s licensing…is about unlocking trillions in dormant capital.”
• [15:51] Jeff: “BNY … launch tokenized deposit services… This is institutional that will also trickle down into retail.”
• [20:40] Brad Garlinghouse: “At Ripple we…take the long view … rather than chasing cycles and hype.”
• [23:49] MetaLawMan (paraphrased): “The same banks that debanked you now want to outlaw stablecoin rewards.”
• [60:33] Donald Trump: “…if we don’t do it, Russia or China will take over Greenland and we’re not going to have Russia or China as a neighbor.”

Memorable/Lighter Moments

• [70:30] Chip: Jokes about placing a Buc-ee’s in Greenland—levity around Americanization and infrastructure.

• [66:29] Jimmy Carr (comedian in Denmark):

  • Crowd asks about selling Greenland. Carr deadpans, “Should you sell it? Well, the alternative is they take it.”
  • Running gag: Denmark’s “defense” is a wall of Legos.

• [77:29+] Rubio memes:

  • Marco Rubio’s political metamorphosis—Memes of him as various world leaders and even Super Bowl halftime performer.
  • Personal story from Chip about meeting Rubio with his daughter—captures podcast’s personable, community tone.

Key Takeaways

• The power struggle between banks and crypto is accelerating. Former enemies now need the technology, but old interests are fighting tooth and nail for control.
• Ripple’s regulatory approvals in the UK provide acceleration for institutional adoption, with the City of London as a strategic beachhead.
• The tokenization of assets by blue-chip banks (like BNY Mellon) marks the dawn of programmable financial infrastructure—with both promise and risks for freedom and privacy.
• Regulatory and political moves in the US, UK, and globally remain volatile, with anti-crypto lobbying, censorship efforts, and the “chaos vs. controlled chaos” theme framing the decade ahead.
• Geopolitics and digital assets are inseparable; understanding the former is critical to navigating the latter.
• The podcast blends fact, opinion, and humor—delivering both hard news and personality-driven insights for all listeners.

Timestamps for Key Segments

| Topic | Timestamp | |------------------------------------------------------------|----------------| | Introduction: “They tried to kill crypto…” | 00:01–00:46 | | Ripple’s UK FCA approval & strategic analysis | 05:03–09:11 | | Ripple Payments, Licensing & Global Infrastructure | 08:14–09:11 | | BNY Mellon, Tokenization, Stablecoin vs Digital Cash | 15:51–20:40 | | Ripple’s Vision & Long-Term Infrastructure Focus | 20:40–23:44 | | Banks lobbing anti-crypto, stablecoin suppression efforts | 23:46–27:42 | | Power blocs, world division, multipolarity | 33:19–37:58 | | Newfoundland, Greenland, US/Russia/China proximity | 60:33–64:57 | | Nigel Farage, UK censorship, Starmer vs. Elon | 95:39–99:08 | | Meme/lighter moments: Legos, Buc-ee’s in Greenland | 66:29–70:30 | | Marco Rubio memes & stories | 77:13–88:33 |

Conclusion

This episode of “On The Chain” is densely packed with emerging narratives at the intersection of blockchain, banking, and global geopolitics. Ripple and BNY Mellon’s strategic advances are highlighted as key indicators of the next era of financial rails—despite (and in some cases, because of) old-guard resistance. The conversation is contextualized within the shifting tectonics of power, with memorable asides and a bracing “controlled chaos” energy that’s both informative and entertaining.

For listeners seeking a comprehensive view of crypto’s new era—from institutional adoption to the global chessboard—this episode is essential listening.