On The Chain Podcast Summary

Episode: XRP ETF Heats Up | NY AG Bombshell: BitLicense ILLEGAL?
Air Date: November 27, 2025
Host: On The Chain
Main Focus: Blockchain & crypto news with a special focus on XRP, recent ETF developments, New York’s BitLicense controversy, and political intersections with digital assets.

Episode Overview

This episode explores the latest surge in excitement and action around XRP ETFs, a bombshell political challenge to New York’s BitLicense, and lively developments in crypto regulation and politics. Featuring breakdowns of institutional crypto products, technical developments on the XRPL, regulatory shakeups, and U.S. political figures with crypto ties, the episode delivers news, opinion, and sharp commentary tuned to a community of both crypto veterans and new entrants.

Key Topics & Highlights

1. XRP ETFs Heating Up (05:32–19:00)

• Institutional Data and ETF Growth:
  • New tracking tools now provide live data on XRP ETFs—spot volumes, AUM flows, issuer countdowns.
  • “This is the kind of institutional data that people have been absolutely begging for since 2017.” (Host, 01:50)
  • 24-hour spot ETF volume for XRP recently reached $43.14 million—huge movement for the ecosystem.
• Major Issuers Cited:
  • Grayscale, Franklin Templeton, Bitwise, and others are launching and managing XRP trusts.
  • Canary and ProShare products get special mention: “The ProShare Ultra XRP ETF… UXRP at 14.19.” (Host, 17:48)
• ETF Market Analysis:
  • Comparisons to early Bitcoin ETF activity and how reverse splits affected BTC Trust pricing.
  • Emphasis on the crypto market’s pullback despite ETF launches—BTC’s retreat to $84,000 and general trading conditions.
• Market Sentiment:
  • “Everyone’s waiting for the ETF launch. Then everyone said, ‘Well, ETF launches—then what happens?’ The entire market kind of in a pullback.” (Host, 16:55)

2. BitLicense Under Fire – NY AG Bombshell (19:59–23:40)

• Legal Perspective:
  • Crypto legal expert (appearing on another show) declares BitLicense “unlawful,” since it was not passed by the state legislature and duplicates existing money transmitter requirements.
  • “It’s a great example of an item policy choice that actually makes it harder to do business here, increases costs. We’re not asking for any kind of special treatment. We’re just asking to not be targeted unfairly.” (Crypto Legal Expert, 20:02)
  • Host recaps: “BitLicense, from a regulatory perspective, makes operating in the state of New York more complex… It’s an infringement of economic rights for people that want to build in New York.” (Host, 20:39)

3. Crypto Meets Politics: Michael Carbonara’s Congressional Run (23:40–26:15)

• Candidate Highlight:
  • Michael Carbonara, an entrepreneur with roots in crypto and tech, is self-funding his campaign to unseat Rep. Debbie Wasserman Schultz in Florida’s 25th District.
  • Excerpt from campaign ad:

    “I built businesses in banking, crypto, and fertility care… I’m running for Congress because Washington doesn’t need more career politicians. It needs people who know how to fix things.” (Michael Carbonara, 23:53)

• Crypto-Centric Political Shift:
  • Host: “This guy is probably the first candidate that has a real opportunity to unseat Debbie Wasserman Schultz… He’s crypto finance… definitely a builder, definitely an innovator.”

4. Technical Deep-Dive: XRPL WASM vs. Ethereum EVM (32:55–38:20)

• Smart Contract Security & Performance:
  • Community contributor “Wrath of Khan” breaks down differences between XRPL's WASM approach and Ethereum's EVM:
    • EVM’s “unstructured instructions” allow jumps throughout code, potentially making execution harder to control and more prone to exploit.
    • WASM enforces structured execution and strong input/output type checks—“XRPL WASM proposal potentially safer because loops and funny sequencing… are rejected by WASM validation.”
  • Host praises: “I like the breakdown. I thought that was real poignant, real smart… If you want to get… understand the space more, it’s getting more and more complex.”

5. Regulatory Shift: CFTC Advisory Council on Crypto (38:35–41:05)

• Action from Caroline Pham (CFTC Acting Chairman):
  • Plans to launch a CEO innovation council to advise on prediction markets and crypto.
  • Host notes:

    “Could you imagine if the previous administration had put together a council like this… to help shape regulation, look at the markets, look at crypto?”

    • Pham’s Council to solicit industry nominations by December 8.
  • Hopes for key industry figures on the council, e.g., Brad Garlinghouse of Ripple.

6. Geopolitics, Security, and Political Theater (41:10–57:00)

• U.S. Political Turmoil:
  • Commentary on the global “clown show”—US, UK, Greece—politicians in meltdown, media “losing control,” border stress, shootings.
  • Host links the crypto struggle to broader fights over money, power, and control.
• Byron Donalds (FL):
  • Defends President Trump, criticizes stunts from opposing politicians, and warns against encouraging insubordination.

    “They want to be cute… but I’m not going to give them any standing about, well, how do they feel? That’s BS.” (Byron Donalds, 39:14)

• Security & National Guard Incident:
  • Report on DC shooting targeting National Guardsmen—Trump White House calls for 500 additional Guard troops.

    “Someone decided to target National Guardsmen. That will only stiffen our resolve. We will never back down. We will secure our capital.” (White House Official, 48:52)

  • Host’s intense criticism of immigration and national security policy: “There’s tens of thousands of them [military-age men]… all came here with a nefarious purpose.”
• New York City Political Interview (54:13):
  • NYC official's awkward admission to labeling Trump a “fascist,” yet describing productive meetings and willingness to work together on city issues.

7. Community Dialogue & Miscellaneous Commentary (Throughout)

• Flare Network & Hugo Philion:
  • Praise for project transparency and financial discipline.
    • “If I’m proud of anything… it’s managing our burn rate relative to our funding levels to make sure we always have runway.” (Paraphrased from Hugo Philion as discussed by host, 10:40)
• Audience Engagement:
  • Geographic shoutouts, YouTube handle complaints, community jokes and banter.
  • “I’ve tested positive for XRP.” (Community Member, ~36:00)
  • Jokes about smart contracts vs. “smart cheese.”

Notable Quotes

XRP ETFs and Market Movement:

• “The volume is just insane right now… $43.14 million in spot volume.” (Host, 10:12)
• “People want to get into the crypto space, but the whole market as a whole, the pullback, and that’s a little detrimental.” (Host, 16:22)

On BitLicense:

• “I think the bit license is unlawful. It was not passed by the state legislature. It’s… duplicative… increases costs.” – Crypto Legal Expert (19:59)

On Political Change and Crypto:

• “Washington doesn’t need more career politicians. It needs people who know how to fix things.” – Michael Carbonara (23:57)

Smart Contract Security:

• “EVM processes unstructured instructions at a low level… makes the order of operations harder to control… WASM executes structured instructions.” – Wrath of Khan (Paraphrased, 33:00–34:00)

Regulatory Vision:

• “Pham wants to hit the ground running in January… could you imagine if SEC had done this?” (Host, 39:12)

On National Security & Resolve:

• “Someone decided to turn that into targeting National Guardsmen. That will only stiffen our resolve. We will never back down. We will secure our capital.” – White House Official (48:54)

Important Timestamps

• 00:04–04:00 – Opening rundown of themes: XRP ETFs, BitLicense, political and regulatory upheaval.
• 10:00–19:00 – Deep dive on XRP ETF volumes, issuer breakdown, comparison to early BTC ETFs.
• 19:59–23:40 – Crypto expert’s legal take on BitLicense; recap of regulatory impact.
• 23:52–25:24 – Michael Carbonara’s campaign ad; crypto entrepreneurship and anti-establishment ethos.
• 32:55–38:20 – XRPL WASM vs. EVM smart contract discussion.
• 38:29–41:08 – CFTC council & call for responsible crypto policy leadership.
• 41:10–46:00 – Political analysis: Byron Donalds on political stunts, sedition, constitutional responsibilities.
• 48:35–51:59 – D.C. shooting, national security reaction.
• 53:48–55:58 – NYC official’s awkward interview about Trump and political cooperation.
• Throughout – Community engagement, technical questions, and market commentary.

Closing Notes

• Crypto, Policy, and Freedom Connect: The episode ties together the maturation of the crypto market (XRP ETFs, institutional participation), challenges to outdated or hostile regulation (NY BitLicense), and the rise of crypto-savvy political figures—all against a backdrop of charged U.S. politics and global instability.
• Upcoming Guest: Mark your calendar: Michael Carbonara, candidate for Congress and crypto entrepreneur, live on On The Chain, Dec 10th, 8pm EST.

If you missed the show:

This episode delivers a wide-ranging, opinionated, and often entertaining take on where digital assets intersect with Wall Street, Main Street, and Capitol Hill. For crypto investors and policy watchers alike, the signals point to mounting momentum, political awakening, and high-stakes battles both in the markets and in the halls of power.