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Jeff
And a U S bank just added XRP and almost nobody, Chip, Is reacting to it.
Chip
Yeah, I think that's pretty wild because you know, at the exact same time another crypto system we've been talking about failed.
Jeff
Man. That's, that's exactly right. So you've got the system breaking while another one is being pulled into banking. Those two things don't usually happen together.
Chip
Yeah, and if they are happening together, then somebody bigger is going underneath the surface. You ready to jump into this? Let's go. Welcome to on the Chain.
Jeff
All right, man. Welcome to on the Chain. This is Jeff here with co host Chip. What is going on? Chip, what's going on? Everyone out there in the OTC on the chain. Emily, you guys know who you are? That one guy back there in the back row. I see you over there. All right, so on today's show, we're breaking it down. That's right, we're going to break it all down. A U S Bank is adding xrp. What that actually means for real world adoption. I know you guys are real fired up about that. You're not just into it for the speculation. The RS eth exploit and what it exposes about cross chain risk. There's a little concerning and why Ripple is leaning into custody and institutional infrastructure. Man, those guys are crushing it. Then we're going to jump into our viewers favorite topic. Chip, you know what that is?
Chip
Geopolitics, baby.
Jeff
Yeah, that's it. And when you connect all these dots, you actually start to see a shift that almost everybody out there except for the on the Chain people are actually missing. That's right. So, so let's start with this first article. Chip, pick it and let's go check it out.
Chip
So look at this here we got coindesk commenting. This is what you teased in the open. But SOFI adds XRP deposits alongside with Bitcoin, Ethereum and Solana becoming one of the first nationally chartered US Banks to offer XRP trading directly from an FDIC insured accounts. That statement don't get caught up in the FDIC insured accounts because crypto still is not FDIC insured, but your account can be right if it's a. So it's a little bit, a little bit misleading and confusing there, but this
Jeff
is something misleading, confusing.
Chip
I would think that at some point, I would think Congress at some point would want to ensure crypto, especially if banks are are going to custody it. But this is a big one here. And then we've got this from Sofi that said, hey, we're excited to support XRP deposits along with the most popular coins. Now this is interesting because look, you see how they, they phrase this. They put XRP in the front. They said, oh yeah, by the way, we got Bitcoin, Ethereum and Solana. Like it's like, you know, it's like, it's like, hey man, we're excited to support xrp, XRP deposits. What you don't know is they put out the same one they put, hey, we're excited to support Bitcoin and xrp. You know, I don't know what they did, I didn't search that far. But it'd be funny if they did one for each community, right? And they were like, yeah, we're on top of, along with the most popular coins, Bitcoin, Ethereum and Solana. So you can manage your portfolio in one app with the First National Chartered bank where individuals can buy, sell and hold crypto. And you know, this is, this is surprising to me. Like all the, what's going on in Congress right now, Jeff, with the whole Clarity act, they're all upset about outflows because of yield, right? 4 to 8% yield on stable coins. Now here you have a whole different scenario. You've got SoFi, a massive financial services company in the United States. Like, because they're not just, I mean they're a little bit different from most because I mean they started out in a different space. You know, started out with student loans in 2011. They were like, you know, the social finance type of company and they really were. It was founded by a Stanford grad and now it's a full service, you know, a fintech neobank. They have almost 14 million members. It's a publicly traded company. SoFi is their, is their name and it's really what it's known for is their mobile app and you know, features for members like, you know, they have some stuff like career coaching and rewards and you know, it's just, it's more like, it's more of a modern type of an app based approach to banking. You know, where you're jumping on an app and you're doing it, you're not like physically going into a place and it's really trying to get people to really manage their money. You know, they do borrowing, saving, spending, investing, you know, protecting your finances. So it's a little bit more like a neo bank, a little bit different focus than what you're normally accustomed to. And I think they're a great, you know, great organization. But Jeff, why don't more banks jump on custody and crypto charging fees. You know, like, hey, we'll custody your crypto. You can buy it right here. So they make it a little bit. When you buy it, they can custody it. You know, people will be paying 10 bucks a month to custody their crypto. Like, these are fees that they can charge that people would be loved to. Because it was funny. I was on a space the other night, Jeff, and somebody was saying, you know, it was. It was the Zodao space. Somebody came into the space and they said, you know, crypto's too confusing for new people. They're like, oh, this xrp, this bitcoin. How do I do it? Well, you get a wallet, and then you open the wallet. Then you do the KYC aml. What's that? Well, your customer anti money launder. And then, okay, then you prove who you are. Then you take pictures of your license, your front and back, and then you basically give your blood type. And then what do you do? Well, then you got to go to an exchange, and then I got to go to exchange. You go to your exchange and you set up a wallet. And a wallet. It's too much, man. What do you can do? Oh, you know, your bank. Click this button. Click, click on your. When you. When you log into your bank on your app or your. You just click this button that says buy crypto. Okay, Buy and hold crypto. I bought crypto comes. What account do you want to buy it with this account? Click, click, click. Okay, you own this crypto and they custody it for you, and they use an institutional custody provider. Now, this is great for people who are newbies. You can't get institutional adoption with. Oops. I was moving $10,000 of XRP, but I made a mistake. Oops. You know, people need somebody to call. Jeff, I still think that last mile has to be some sort of centralized for the masses. I don't even like using thumb drives. Freaking lose my. I have a heart failure every time I move stuff. Because you're like, oh, did I do something wrong? Where is it? Where is it? Okay, there it is.
Jeff
It's always, always complex. It's always terrifying. This. Why Main Street? This is it. I like. I like the idea that a big institution gravitating to this, lots of subscribers, 14 million people. As you'd mentioned, a lot of people now have direct exposure to it highlighted on their website, highlighted on their social. Probably. If you have the app, I'm sure it's popping up, you know, front and center on the app. You can buy crypto now. And for all of those registered users, it's the first entry point. It's kind of like where I want to say that Robinhood was probably lightning years ahead of everybody else in the space because Robinhood was allowing people to buy crypto. Right? You could buy it, you could see it in their app. You didn't actually own it. It was a representation of you'd own a share just like any other stock, but they were holding the crypto, you couldn't move the crypto. The only way in and out was to sell on their platform. And so, but it was, it was a way for many people to say, hey, I bought bitcoin, I own bitcoin. While you don't really own it, but they're 100% in control of your bitcoin, you have, if you want to move it off their platform, you got to sell it. But that, that's exactly, you know, what happened. And it's interesting because with this, I don't know exactly what their in and out is going to be with crypto. If they're holding it, if you can move it, if you have it. We'd have to dig a little bit further into the, into the fine print to see exactly how it, how it works. If they're custody in your crypto and you know, what types of regulatory framework might be around it, we could dig in further, but it could be really, really interesting. But either way, this is giving so many people easy access directly to cryptocurrency. Go ahead and buy 5, buy 10, buy 25 worth. Buy a hundred dollars worth. It's simplifying the process. This reminds me back towards fractional stock share ownership, which there's so many that had been involved, you know, over the years developing fractional share ownership. It allow, and Robin Hood is, is really great for that. This is, this is the entry point. And we're going to start 14 million people we're going to see over the next six months to a year, we'll see a bump up. It'll be interesting to see what that percentage looks like of their membership, to see how many are getting it and since they're first in, how many others are going to follow after that. For new SoFi, crypto members only. Look at that.
Chip
Yeah, so you randomly assign, so you can get up to a thousand, but Most people get five dollars, but so what? Five bucks is five bucks, 10, 25, 100 or a thousand. This is the magic right here. SoFi crypto products and services are offered by SoFi Bank N A. A national bank regulated by the office, the comptroller of the currency. That's how. What. Permits banks to be able to custody crypto. And I just think they would do so much better if they were just. Just starting adopting it. Check this out, Jeff. You had Brad Garlinghouse showing up in Miami. We missed this one, but something called Emerge Americas fireside chat on the main stage. Brad Garlinghouse from Ripple joined Mayor Francis Suarez. Former Mayor Suarez. They lost to a Democrat. That guy did a lot great for stuff for the city to explore how blockchain stable coins involving regulation are reshaping global finance in real time. I try to search for video and I did find their YouTube channel, but they have stuff on there from like three months ago, so they probably haven't gotten around to posting it, but maybe I'll keep an eye on it. We'll see.
Jeff
But see if you can dump that into VO3 and we can animate it.
Chip
Yeah, we can make up our own. We'll make up our. We'll make up our own job.
Jeff
I'll be stinking. And we'll just. We'll just create our.
Chip
Why not? We'll just do our own Garling. I said, hey, it was great to catch up with Francis Suarez in Miami for a quick thing, therapy session, if you know, you know, discussing all things digital assets and the real world impact of crypto. So that was pretty good. It was weird because I didn't even know he was going to be there. Crypto Eddie put this out. Another Garlinghouse thing. So Harvard Business School honors Brad garlinghouse of the 2026 Business Leader of the Year. Congratulations, Brad. The sold out dinner at San Francisco's historic Julia Morgan Ballroom drew 250 plus business leaders and Harvard Business School alumni, followed by fireside chat with none other than Chris Larson and Brad Garlinghouse. Ripple Chris is saying right here is like, look, we have to do more to monitor people. We got to put more cameras in San Francisco. We have to do more carbon zero projects and Garling houses. What you talking about, Willis? He's got. Look at the look on his face. He's like, what are you talking about? Yeah, you got two guys there. One's heavy, one leans heavily left, the other one sways, right? So there you go. And crypto. Eddie went on to say that this stunning landmark space has a rich history in the city. The Julia Morgan Ballroom, located on the 15th floor of San Francisco's 1903 Merchants Exchange Building. I've been in the Merchants Exchange Building But I've not been to that particular ballroom is a Borars masterpiece, designed by its namesake, California's first licensed female architect. Following a 1906 earthquake, which Morgan redesigned the interior and maintained her offices there for 46 years. And there it is. Very historical. Beautiful little ballroom there. There it is. Beauty. It's beautiful. You know, if everyone's wondering, does Mark Smithson has a special announcement? He said he will not be in Vegas this year, but he will be at the Dollar Store today for some freezer bags and other stuff. I hope to catch you there. Well, I have a special announcement, Jeff. We will also not be in Vegas.
Jeff
We will not be there.
Chip
We will not be there. We will not be in Vegas. There you go. Look at someone saying Robinhood is still around. Yeah, of course. That's where I do all this stock exchanging. That's right. That's the most popular platform I use. I went to Robinhood years ago, Beautiful, crazy to use.
Jeff
I bailed somewhat on Robin Hood when they were going through their turmoil. I had a ton of Doge over there, and I still have doji on
Chip
there, believe it or not. I still log in and see it. It's still there. But I was like, what am I gonna do with those? You know, I don't know. I don't. For some reason, I'm the hard to sell it because, like, if I sell it, all of a sudden, they'll go, like, on some rampage. Well, that'd be like the most historic thing ever. You sell it. Hockey stick?
Jeff
Yeah, the Doge. I bought it. I don't know, you know. You know, like everything else, you get the. The hype around it. And I had extra money lying around on Robin Hood, like, I'll put it in the Doge. Doge was like 0.0,000, whatever it was. And then it finally got up there. All the turmoil with Robin Hood. I'm like, oh, I probably got a bail on this. And it was like, I don't know, 13 cents at that point. And then I bailed on it around 13, 14 cents. Then I think it scaled up. What was the height? Went up to, like 50 cents or something. I don't know.
Chip
It went up for a while there.
Jeff
Yeah, it's kind of like 18 cents. I forget what it's at now, whatever that point was, and I bailed on it. I'm like, okay, this is great. I saved myself. And then over the next couple weeks, it kept going up. I'm like, okay, I didn't do anything. What did? I just do. But it was so nice because I forgot about it. I didn't even know I had him. Like, oh, I have all this Doge. Holy, look at all that's just sitting here.
Chip
Acquired all kinds of stuff, different wallets over the years sometimes and oh my Lord, she's the, she's over there at Ripple. She's the head of, she's a PhD, but she's also the head of research over Ripple X. He put out this really good, kind of a good angle on what we saw happen with the RS ETH hack and what it really tells us about cross chain securities. He said this wasn't a smart contract exploit. The attacker compromised servers of the verified trusted, forced failover of poison nodes and then injected a forged message. Nothing on chain broke, which is good to know because it wasn't an on chain failure, it was really the servers themselves. The off chain stack is what actually failed. So the root issue wasn't the verifier account, it's what verifiers trust. So if the trust anchor is operational infrastructure, then the attack surface doesn't go away, it just gets wider. And this is the ceiling of aesthetation of base models. So the trust anchor is operational infrastructure. And then the infrastructure can be mapped, it can be targeted, it can be compromised, especially by patient, well resourced adversaries. The zero knowledge DK shifts this anchor. Verification becomes a cryptographic proof of chain state, not a server's claim about it. So the RPC poisoning becomes irrelevant to message validity. Zero knowledge isn't without trade offs. The risk shifts from deployment configuration to implementation correctness. Different set of assumptions, not necessarily absence of them. But cryptographic assumptions are formal and falsifiable infrastructure assumptions and implicit and operational. So that distinction matters more than most audits acknowledge. A clean audit of components in isolation tells you a little bit about security and a hostile environment. Universally composable security exists precisely for this. It models protocols in the context of the arbitrary adversarial environment. The audit scope in practice rarely will account for that. So having worked and proven security and tighter models is genuinely hard. The attack surface expands significantly once you account for the environment. But that's exactly the point. If your security proof doesn't survive the environment, neither does your protocol. And the industry is moving towards better primitives. Zero knowledge proving tighter audit standards. But primitives aren't alone are not enough. Until security proofs and deployment environments are evaluated together, the gap will remain. And you know, zero. Zero knowledge is a much better system. It would have probably been a lot Tougher to do some kind of a hack. But you know, the equivalent of that is like if you think about zero knowledge, it's like you basically, if you think about it like proving something is true but without really revealing any information about it. It's like if you for example, you take like your password, like prove you know your password without telling anybody the password. So there's it, there's security that's inherently set up where you're not going to get compromised by forcifying and injecting code into like a server and then having that type of a hack. So and then when you have a hack like that, you're basically teaching other hackers say like, oh this is, you could, this could probably do it. They'll like close that hole. But then another one opens up. So I thought this was a pretty interesting piece and it like, it helped me understand a little bit more about like what the hack was because for a second I thought maybe it was something on chain that failed, but it just turned out they poison the servers by injecting some malice into them. And, and it kind of gives me a little bit of hope because you keep hearing about how horrible these hacks are, Jeff, and it turns out this could have been preventable. And of course zero knowledge is a way better system. So I like the fact that, you know, she brought this up.
Jeff
Yeah, no, you know that that's really important. I want to know what everybody else out there thinks about this stuff. You know, to really get an idea of how we're starting to see some security protocol, potential security protocol issues. You know, are we completely security proof? Like what exactly is going on? We got so many smart people in that, that watch. Love to see some commentary on that, give some feedback on kind of where the industry is moving. How do we have better audit processes? Is regulatory clarity going to have an impact overall on functionality and flow for crypto based companies? And then how do you protect your, your dollars and cents even when it comes down back to what we talked about in the beginning, fdic, do you guys want FDIC insured crypto accounts? Is that something that's important to you or do you guys want to keep it on your ledger off chain completely? You know, do you want online banking? Do you want to go into Chase and then be able to buy XRP from Chase and have them custody? It's maybe or maybe not be able to move it, you know, from wallet to wallet? Do you want siloed banks? Do you want, you know, I would love to hear some commentary on that, get some feedback from everybody. That would be great.
Chip
No, that would be good because you don't want to make assumptions of how people treat this but and you know you have a smarter audience here so you might be more hey, you know, they're not your keys, not your crypto, you know, crew that says like hey, you know, unless you're in control. But I think the mass is you have to make it easy for people to do it. Otherwise it gets a little bit way, way, way over complicated. Here's a post from Ripple talking about without secure compliant custody, every digital asset strategy including payments, tokenization and staking becomes harder to scale. Again it comes down to the whole when you think about custody, right, custody is the most important key to having anything, especially when it comes to tokenization. But even like on the consumer side, just owning crypto custody is the governance layer that everything else runs on. Learn how Ripple custody is making that possible with institutions. Reese who runs the Middle east is the director of the Middle East. He broke it down really succinctly here. He says as more financial institutions move into digital assets, secure compliant custody no longer an option. It is has to be the starting point. In our latest insight we break down why ripple custody is purpose built for institutions. For example, full private key control with bank grade security. Boom. Multi layered compliance SOC 2 ISO 27001 FIPS 142 seamless integration with core banking systems and then you've got support for XRP rlusd tokenized assets staking and more custody is the bedrock. Once the institutions have confidence in how their assets are stored and moved, everything else like trading, issuance, tokenization and on chain credit becomes possible. They put a big piece on but this really kind of captures it Jeff. But this, I mean this is why their institutional layer is going to be so huge. You know Ripple, if you look at how what Ripple did as a company four or five years ago compared to what they've got, they're so full service that once you get a custody partner and then the custody partner wants to use the cross border stuff and the custody partner, there's so many little stems of, of what they're doing. It makes it really easy to access for any company depending on where they come on board in the Ripple ecosystem there's way more things to make it even easier for them to do business.
Jeff
Love it.
Chip
It's good stuff man. It is good. We're not going to go through the whole Ripple thing and that is it for that's that handles our, we're segueing into geopolitics. Jeff. Both of you have. You and I have a tight schedule today. We got to get out of here at certain point. But, you know, sometimes, you know, there's a lot of stuff that people talk about. Trump, right? Trump's the Trump bad. But you know what? One thing Trump's very good at is building. Okay? When it comes to physically building, he's building the ballroom, and he's doing it cheaper, faster, better than would have. Would have been done. And he did it with private funds. Now look at the bullet train. This. This train. I don't need a bullet train. It's a regular train. In California, they've been building for 20 years, $6 billion. They built a section that you could basically run down, right? It's like just. You could see the section from point A to point B. They've done nothing in California. All this waste, all this garbage. And meanwhile, you got somebody like President Trump who he, you know, do you remember the whole. What was it? The woman ice rink in New York City? Remember that was failing there for two plus years. They were spending millions of dollars on it, and Trump said, hey, move aside. I'm gonna come in and fix it out of my own pocket.
Jeff
Yep.
Chip
They opened it, like three or six months, no charge to the city. They wasted millions of dollars on it. Couldn't get the freaking rink opened. This is when he's a private citizen. What was this, like, the 80s or 90s? It might have been the 80s, even 80s or 90s. He did this. I think it was the 80s.
Jeff
I think it was 80s.
Chip
Yeah. And so here's another scenario where, you know, with the ballroom, every president's complaint. Because when the sad thing, Jeff, when they host these state dinners, they put a tent on the White House lawn. You're walking on grass, right? I mean, you have a. You host. You're. You're supposed to be this superpower. You host these foreign dignitaries.
Donald Trump
They're freaking.
Chip
You're eating on, you know, because, you know, you go to a wedding, they have the big tents, and you get to a wedding and, you know, you're okay. You can, like, okay, it's on. It's in some cool spot that they have it, but you would expect a little bit more. So this ballroom will be able to host p. You know, actually host these White House type of dinners. And, you know, it's a whole different thing. Let's put this up, Jeff. Check this out. Matriculate. Boom. I have a lot of Sheba. Just in case the Best show in crypto. Kip. Kip and Neff. I like that. Kip and Neff is even better. Kip and Neff. I like this one. Jeff. File that.
Jeff
I love the ship.
Chip
Did I remember that correctly? Close. I actually like Kip and Neff. Better change our names, Jeff. Let's go. Be Kipping up the rest of the show.
Jeff
What was the other one? What was the other one? It was Kevin.
Chip
Kevin. Something else. I don't remember. Oh, my God. I see how that goes, but no, I love that. Thank you for that. I appreciate that.
Jeff
Captain Simon.
Chip
Yeah, Kevin Simon was the other one. This is way closer. Jeff. Kip and Jeff.
Jeff
This is pretty good.
Chip
Yeah, this is way better. Way better. Change our names, man. Put. No, this is fantastic. Thank you for that. Really appreciate you. Thank you for the shout out. Love that.
Jeff
Love it.
Chip
It's not only crypto, it's also the geopolitics. So Trump, you know, he. The, the, the Lincoln Reflecting Pool. If you go to Lincoln Moore, you see that long pool. You've seen it like when they. The inauguration. It's got a long. It's. It's a shallow pool, but it's just this long. It's a reflecting pool, right? It's got granite on the bottom. It's not really. It's a very shallow pool. Anyway, it's been leaking for years. Trouble for years. They, the bureaucrats wanted to charge something like 300. $300 million to fix it. They were going to dig it up. They were going to do this. Well, Trump stepped in and took care of it. Listen to this.
Donald Trump
I'd bring up a subject of interest. I do a lot of this as president and try and save money. And one was the Lincoln Memorial Reflecting Pool, which everybody knows that's where Martin Luther King made his great speech and where others have likewise made great speeches and great events held there. It's very famous. It was built in 1922, and it's more than 2,000ft long. It's 167ft wide. It's very big. That's like taller than any skyscraper. 2,000ft. And here's a picture of it. You probably recognize it right now. It's got no water in it because it was in terrible shape. It was filthy dirty, and it leaked like a sieve for many years. So I actually went over, went with Secret Service and a group of people, and I took a look at it. One of the people with me was Doug Burgum, our great Secretary of the Interior. This comes under his purview and he said, yes, we've had a lot of problems with it. It's not working. It hasn't worked for many years. And it's always filthy dirty. And they say, well, we're going to solve the problem. And they had bids to fix it. They were going to take the stone out, which was granite, very expensive, very thick, and replace it with stone. And it was going to cost $300 million, and it was going to take maybe more than three years.
Chip
And I said, when you hear government, you just hear complication, you hear problems, you hear overcharging. And $300 million to fix the. This 2000 shallow, right? And it was built granite, right. So what do you think, Trump? How much money you think Trump saved it? Look at this.
Donald Trump
There's a better way of doing it. I said, what we're going to do is I'm going to call all three of these people that have worked for me in the past doing swimming pools. That's all they can do is a swimming pool. And I said, give me a good price. We can do it for maybe a million and a half to $2 million, as opposed to $300 million. We scrubbed the surface of the existing granite that's been there since 1922. We then grouted all of the granite, fixed it up, took about two weeks, and now we have a nice clean surface on which we're putting an industrial, industrial grade swimming pool topping. And they said, what color would you like, sir? It's called American flag Blue. I said, that's the color I want. I want American flag blue. It'll last for 40 or 50 years. There'll be no leaks, there'll be no anything. It'll look gorgeous, beautiful. So it's a story in business. And here's the difference, because somebody said, well, sure, but one, wouldn't it be a better job? I said, no, no, this is a much better job. For much less money. It will look far more beautiful, more beautiful than it did in 1922 when they built it. Much more beautiful. So we build it in much less time for much less money. But I don't mean much less. I mean numbers that nobody can even believe. So it's a million and a half dollars versus 300. It's two weeks versus more than three years. That's just the way it is. Thank you for your attention to this matter.
Chip
I mean, I mean, those come on, details. He doesn't have to get involved with it, but Guy, he's a builder. He knows how to save money, knows how to do Things and get stuff done. People can bitch all they want. That thing's been broken for years, Jeff. It's been filthy dirty. If you ever been there dirty. There's nothing to click. It's. I mean, it's, it was disgraceful. But, yeah, Trump figured out, he called, makes a phone call, guys come over, give him a bid. A million and a half versus 300 million million dollars. How can you, how can you, how do you say that's not amazing? I mean, it's like amazing on virtually every single front.
Jeff
Right?
Chip
I mean, it's just, it's. It's shocking to me that. So Ilan Omar, one of your favorites, Jeff. I know how much you are. You love this congresswoman.
Jeff
Oh, she's awesome.
Chip
She was on the Breakfast Club. You know, the Breakfast Club is a, is a, one of these morning shows. I think it's in New York City. And they're, they're all Democrats, right. They, they have people on from both political perspective, but they lean pretty, pretty, pretty left. And so they had Ilan Omar and I think she thought this was going to be a friendly. I thought she was walking into a friendly. Softball questions didn't go that way, unfortunately. I try to find a better clip of this because, you know, when they, when they try to do it in a vertical format, they crop out the sides. Unfortunately, I couldn't find it, but the content is there. Let's listen in this little doozy.
Ilhan Omar
Yeah. If you know of some, let me know.
Interviewer
I wouldn't call it an investigation. There's just been a focus on, on the rapid increase in your household wealth tied to your husband's company.
Ilhan Omar
Well, they have to make a choice to investigate, right? Like, do they choose to investigate or not? I mean, if, if you've done something illegal, you would investigate, but they're not investigating you. I have not been made aware.
Chip
Well, they are investigating, but. Okay. She's not made aware of much that pertains to this, but look at how, like, she's freaking out already. Jeff, this is fantastic. I mean, if you didn't do anything illegal, I mean, you wouldn't get investigated
Ilhan Omar
of an investigation into me or my family.
Interviewer
But when you look at the increase in your household wealth tied to your husband's companies, you understand why that raises questions for people watching from that.
Ilhan Omar
Yeah, but that's, but that's again, one of the. It's their saying, right? Like, there is no wealth increase. If you look at my husband's income, it's almost non existence. He's, you know, help make sure. Our children are, you know, going to college and our young one is, Is taken care of. There, there. There is no, there is no wealth. There are ranges to businesses that he was invested in. I'm pretty sure I don't even know what. Correct me if I'm wrong.
Interviewer
They said you reported a net worth between 6 million and 30 million. And they said your 2023 disclosure was roughly 40,000. Between 40,000 and a quarter million.
Ilhan Omar
Yeah, but they're not, they're not net worths. They're like the asset things for the companies. And so I don't know what percentage of it my husband actually has investment in. Like, that's not. You know what I mean? It's not a full picture of the, the numbers in the way that it is presented in the document. Because in the documents we have to do ranges and we have to like in a way that is not detailed. It's not like your tax return that you're submitting for the public record to see.
Interviewer
But that is a big increase. So you could understand why people would.
Ilhan Omar
Yeah, but I'm pretty sure it'll get like adjusted at some level when those ranges are looked at.
Interviewer
And I think I saw that your husband was asked to turn over some documents but didn't comply. So is that true?
Chip
To.
Ilhan Omar
From whom?
Jeff
I don't know.
Chip
I guess the Department of Justice. I don't know.
Ilhan Omar
House Oversight Committee and Government Reform Committee. That was what was reported that. I think it was early on in like January, February, that he was asked to turn over like emails and different things.
Chip
Yeah.
Ilhan Omar
There is no overs there. There is no oversight that the oversight committee has over my husband or me. So why would you submit documents to an entity that has nothing?
Chip
You really don't get the level of, of, of low IQ until you listen to someone like this. What are you talking. The Oversight committee doesn't have any insight to me or my husband. Yeah. Okay. Good luck.
Ilhan Omar
To do with you.
Chip
I, I hope she ends up in jail. I don't say it that often and I don't mean in an American jail. I mean in a Somali jail.
Jeff
Right.
Chip
Or I don't even care what jail.
Jeff
Pick a jail.
Chip
What's the one in El Salvador? What do they call it?
Jeff
Seeking cock?
Chip
You throw that one.
Narrator
Seock.
Jeff
Seock.
Chip
Seock. Seock is something else. Seot. You throw that one.
Narrator
Seock.
Chip
That's where we're throwing her.
Narrator
Seock.
Chip
Throw her too much.
Jeff
But it's crazy. Let's you listen to her and there's something about her voice that is just really aggravating. You know, starting it nails on a chalkboard.
Chip
It's horrible, man.
Jeff
Not so much the accent, it's the way it's her accent combined with how she's talking down to people. She kind of belittles this air of superiority. There's something behind her that it's, you know, she was obviously handpicked for the position just like the rest of them. It was all for the cinematics of it. They weren't truly elected through the process. There was definitely cheating involved in this, you know.
Chip
You think, Jeff?
Jeff
Well, yeah, obviously 40,000 to $7 million right now. You see the way they're manipulating numbers and obviously she's now trying to back down. You don't go for yet. You can't go from 40 to double digit millions back down to 90. And now their winery is defunct. Why? Because the winery never produced anything. Was all fake. It was all a fraud. It was all. And they had their government at CPA accounting, whatever they do in D.C. put all of this stuff together. They thought they would get away with it. They're obviously not getting away with it. And then it's done. That's it. You know, it's insane and checkerboard. I think we are in the wrong business. I think we all need to be in the congress business because the congress business, obviously it's massive. You know, just you get, you get so wealthy in the congress business and these people aren't brighter or they're just putting themselves out there, you know, I mean, it's higher risk, you know, you're putting yourself out in the public. So I guess there's a level of risk, you know, involved with that. But at that point, once you're in, you're in. Some people try to maintain and say, look, I'm going into this, I'm not going to change, not going to shift. Guess what? They don't last long if they get elected and they're out within one term because the establishment pushes them out. We saw it happen with Lt. Col. Allen West. He got elected here. He went up, said, look, I'm going to represent you guys. And you knew when this guy spoke, if you've ever met somebody, this guy was probably one of the, you know, greatest military leaders, you know, but if you've met him, you're like, I understand why his men would follow him into combat. You know, you so easily if you've never been in the military, like, I'll follow this guy into combat.
Chip
You understand why I voted for him in my district. Jeff that's why you come to understand.
Jeff
Exactly. Just so amazing. And I was so fortunate to get this guy to get to know him on a personal level. And it. And it was just. I was so impressed. I. You know, just everything. And then when we saw what happened to him, he gets up to D.C. and said, I'm gonna do XYZ. He went up, Did XYZ the next time around, the next run. Guess what?
Chip
They did redistrict.
Jeff
They. They negotiated, and that came directly from the rpof. So the RPOF redistricted him out, forcing him to move districts because there was no chance of victory. Based on. Based on the numbers. Bunch of shenanigans when he moved that he reported the cheating. There was no way the numbers came out the way they did. Zero investigation. And. And the rest is history. But we saw it happen, like in real time firsthand. And it's crazy to me, you know, then, you know, now he's go. He's in Texas now. He was running the GOP in Texas.
Chip
Yeah.
Jeff
Phenomenal job. But they ran him off the road when he was riding his motorcycle. They tried to have his wife arrested for DWI when she doesn't drink. Like all these crazy things happen to him out there as well. And you just see. Yeah, you know, it's amazing about this story here.
Chip
Jeff Zorber says a devout Muslim woman selling alcohol. Come on, man.
Jeff
Right.
Chip
So here's more on the story. So Ilan. Ilan OMAR HUSBAND California winery suddenly closes a mid investigation into her finances.
Jeff
Yeah, it's a big winery. Yeah.
Chip
She says there's nothing going on. A California winery co owned by Democrat. Okay, so it's co owned by her. The. Her husband Tim Minette shut its doors for good and scrutiny the government congresswoman's family wealth. The winery ceased business on April 4, two months after Republicans sent a letter demanding answers into the discrepancies between Omar's congressional financial disclosure for 2024 and the one she just filed one year earlier, according to California business records. In February letter to Manette, House Oversight Committee Chair James Comer, Republican from Kentucky, said that financial disclosures filed by his wife Omar Show EST Crew LLC and Rose Lake Capital LLC, which you hold ownership stakes in one from being as worth as much as 51,002 in 2023 to as much as $30 million in 2024. And this is the same woman to talk about how white people are evil and married. She's married to a white guy. Jeff. This is the. So she's like always like White people are evil. White people are pain of our existence. There's. They're racist. And meanwhile, she's married to a racist white guy.
Donald Trump
Who.
Chip
Who would have guessed? Yeah, who would have, who would have guessed it? Who would have thunk it? Nobody would have even, even imagined it.
Jeff
So MD said Ilan Omar is using the same money siphon design pattern as Southern Poverty Law center funding and siphoning both sides by a conflict they nurture. Said exactly what they do. All this stuff, all the, all the media hype to really create division and tension within the communities. Then if you take a step back from reading social media, take a step back and look around, you're like, oh, wait a minute, everyone's actually getting along over here. We don't have the tension and chaos every so often. Manufacturer. It's so much of it's manufactured. I can remember Chip, I had a woman down the street from us, she was ex FBI and she was living down here. And we had one of the election cycles. I had Trump sites, I had all the political signs in the yard. And, and then I remember post after that. So Halloween comes around, we're walking around the neighborhood. Get over to her, she goes, oh, I know you. You live around the corner. You always have all the political signs. Then she said some snide comment. Then every time I saw her, she would always have. We'd always get into these discussions and she, oh, you and your Trump, blah, blah, blah. You know, the typical, you know, you're crazy type stuff. But, you know, the most amazing thing is, and this is where you would expect to have tense division, you know, she had a dog. You know, I had dogs. We'd see each other all the time. We got to a point where we'd always have friendly dialogue and we'd still have political banter, right? And I'd say, of course, you guys are, you know, socialist, communist, blah, whatever. We'd have that banter, still see each other. She was always happy to see me, love seeing me. And then now she ended up moving up to North Carolina somewhere. She was driving by the other day, I was outside, and she stops by to say hello, right? And this is someone that you would expect, like, based on the social media and media publicity, everyone should be divided and hate each other. And I'm like, you know what? You know, she grew up in a different generation when, you know, everybody could get along, right? You know, have dialogue. And I'm like, you know what? That's kind of, you know, that's kind of cool.
Chip
Yeah, it's like, well, it's funny you should bring that up, Jim. Mark Andreessen, part of Andreessen Horowitz, he said, if the SPLC was funding the hate groups that they claim to be fighting, what does this suggest regarding the rest of the censorship slash debanking complex of the last decade? All this stuff which purports itself to be grassroots, it's rising up, it's all manufactured. So all that stuff and, and almost all these, these things, all the people compl. I mean they're paying the kkk, man.
Jeff
Yeah.
Chip
Like all of these nut jobs and all of a sudden all the people that were on the payroll suddenly just vanished. All these so called ex Trump supporters. I don't want to, I don't even want to mention their names because they're not even worth talking about. But it's just so funny, Jeff, that, that time and time again the same thing happens over and over again. I love this bit gut feel. Breaks it down succinctly. Here, listen to this.
Narrator
You must remember this.
Six years ago, neo Nazis marched out of a field in Charlottesville, Virginia, literally carrying torches. Neo Nazi flags.
Donald Trump
What'd you hear?
Narrator
They're very fine people on both sides. President Trump had said. What do you think he said? They're very fine people on both sides. Both sides. He said there were quote, very fine people on both sides. Donald Trump said, and I quote, there are very fine people on both sides.
Donald Trump
My God.
Chip
My God.
Narrator
That's what he said.
Chip
So funny how they just kept going on with this lie, Jeff, until people actually listen to the comment like, oh, okay, that's what he said.
Narrator
The very fine people hoax. It's what that feeble old fart right ran on. Now it turns out that hoax was based on an even, even bigger hoax. Enter the Southern Poverty Law center, the self appointed hall monitor of hate. The group that's made bank pushing the myth that the Klan is hiding behind every cracker barrel when the real racists in hiding were them. The DOJ revealed that the SPLC has been indicted by a grand jury for using millions in donor funds that went to hate groups like the KKK and neo Nazis. Roll it.
Chip
As the indictment lays out, after SPLC paid members of these extremist groups, it created work product that reported on these activities that the members participated in or contributed to. And to that end, it was doing the exact opposite of what it's told its donors it was doing. Not dismantling extremism, but funding it.
Narrator
I would say you can't make this stuff up, but that's exactly what these hate mongers were doing. Funding the very extremist groups it claimed to fight. That's right. The arsonist may have been running the fire department. It's like donating to save the whales and finding out that the money was going to feed the view. See, the SPLC had a problem. People just weren't being racist enough to keep them in business. No matter how many times Jesse calls Charles Payne, Al Roker, after all, your fundraising, your relevance and media hits depend on the existence of widespread hate. But what happens when there isn't any time to hire an intern who knows how to tie a noose? You add Turning Point USA to your hate map. Or the Family Research Council or a group that opposes illegal immigration. Hate morphs into ideas that liberals hate. Especially since it's the only tool they have to ruin people by calling them bigots. And the media, they ate it up. For years, every hate map was treated like gospel. If they said your neighbor's bowling league was a hate group, boom. Front page, no questions asked. Meanwhile, the actual number of active hate groups in America has been about as robust as Blockbuster Video. But that didn't stop the fear machine. Because fear keeps the lights on. Fear keeps us divided as a people and fear gets people elected. And that's how you get this
Chip
from.
Narrator
White supremacy is the most lethal threat to the homeland today. Not isis, not Al Qaeda, white supremacists. No matter what the white supremacists and the extremists say as the most dangerous terrorist threat to our homeland is white supremacy be the most lethal terrorist terrorist threat to the homeland today. White supremacy.
Jeff
This is the narrative.
Narrator
This was hate filled. And now we know the SPLC helped to fund it with the Unite the Right rally which gave us the Fine People hoax where Trump was accused of equating Nazis with peaceful protesters. So to repeat, the entire narrative of Biden's candidacy was based on a hoax created by a left wing group then protected by the media who did no investigation into into who these haters were. The media is oddly incurious in addition to corrupted. Stupid. We never found out who those people with the tortures torches were, did we? Yet the same mob was able to track down Jan6grannies. Which is why it's not just about the SPLC. It's about politicians who embrace them. The corporations that donated to them. Yes, Apple gave them a million bucks. So did George Clooney. And then there's the media outlets who needed to make the lies true so they could say it's Racist to deport people in the country illegally so that everyone in the next Star Trek is trans and that hiring based on merit is as out of date as the canned beans I donate to food drives.
Jeff
Chip, that. That was all spot on, right? To what he mentioned about Star Trek went so off the narrative that the show was canceled. People hated it.
Donald Trump
It.
Jeff
The. The writer, the writers, the reviewers kept trying to say, oh, people liked it. Nobody liked it. They canceled it because it was garbage. Right? And. And they went to this leftist, you know, crazy narrative to a point where they had a. We talked about before Klingon walking around in a skirt. Nobody on Star Trek wears a skirt. Nobody. Like it's not even in.
Chip
Especially Klingon. This is such an embarrassment to the.
Jeff
Even in the wardrobe of any Star Trek. You know, I mean, way back in the 60s, but like the first Star Trek. But ever since then, you don't see anybody walking around in skirts. Now all of a sudden has a skirt on.
Chip
The Klingons were like the most masculine of. I mean, this is the whole thing. Like all. All you have very masculinity. Like, we'll tear it down. And they couldn't solve. But what. Are you wearing glasses in the few hundreds of years in the future? Glasses? I mean, Jeff, I don't even wear glasses. I've got the surgery. I don't have to wear contacts anymore. I've got the. I've got the. The lenses that, you know, it's got technology behind. I can see close, near and far. It's. It's better than any kind of glasses you could buy. What the hell? And they didn't cure that, and they didn't cure obesity in the future. We have cures for now. You get GLP1, you get tirzepatide. You can get, you know, all this. There's all these manjaro. All these ones you can just grab and like, there's reason for anymore. But in the future. No, no, man. They lost, like, NASA. We lost the technology to learn to know how to do that. So you got these giant women that are massive, the size of houses wearing glasses. Yeah, yeah. That's so believable. I mean, you know, back in the day, they flip it up and they'd have a little thing. And now we got phones and, you know, it's like. So in the future, we went. We went backwards and masculine races, suddenly the most masculine of all races became trans. And wearing skirts.
Jeff
It's impossible. It would have been virtually impossible. You know, based off of all of that, the Whole culture is built around. So, yeah, the whole, the whole narrative. They, they try to twist it, they try to corrupt the mind. They do everything. Then you see the narrative of who's actually pushing it and you see the leftist groups and you see the whole thing with the rate. And it's interesting too, because they slow roll it. It's the same thing with the Russia, Russia, Russia hoax. And it was. It's such a dangerous game because not only, you know, Russia was already kind of, you know, they are antagonist, but they put it to a point where you go beyond just spoken antagonists to almost direct conflict antagonists. You can't keep calling them out in the public space without expecting some sort of a visceral reaction. And that's exactly. The left knew that the Clinton campaign machine knew exactly what they were doing to Russia. Not just Trump, but putting Russia. And then you see the narrative with the racism. The racism, racism, racism. The more they say it, the more people believe it. To the point. Now you see people walking around. I saw a woman walk. She had a bag that said, stop racism or something stupid like that. I'm like, what is that? What does that even mean? You can't.
Chip
The NFL does it in the end zone.
Jeff
Yeah. So stupid. We're in a generation now. Gen X. I felt like we solved it. It was gone. It, I mean, obviously it was there. Obama brought racist. Obama brought it back to such an nth degree. There's so much t tension amongst different groups anyways, right? It doesn't matter what community. If you're in the Latin American community, you're going to have your, your opinions. You're going to be from Europe, you're going to have your opinions. If you're from, you know, Africa or, you know, if whatever countries you come from, you're going to have opinions about everybody else. And then when you're in the U.S. that's a melting pot. You're going to have opinions about everybody else. It does. You can have opinions about your neighbor down the street. You know, you look at economic background, racial background, whatever it's going to be, you're going to have opinions within each group. And then they take that and they just foment it and they try to create so much hate and tension between people. But again, if you take a step, step back and you look around, you're like, oh, wait a minute, I'm in the store and everybody seems to be getting along pretty nicely, right? Then you see, you know, families that are, you know, interracial and inner, you know, just Coming from all sorts of backgrounds and groups of friends, and you're like, oh, wait a minute, maybe, maybe what they're trying to promote doesn't necessarily exist to the level that they're trying to promote it, but yet they've convinced a generation of people to believe that it's the most critical part of their life right now, that somehow it exists everywhere they turn. And then when they get questioned, you see it on social media or on videos all the time, they get questioned on it, like, well, how does that impact your life? You know, you're living in a multi million dollar house, driving a car that you paid 150 or 200, 000 for. How did that impact your life? How did that change your life? Did it motivate you further? Did it stop you from doing something? Did it, you know, are you prevented from doing something? I'm like, wait a minute, what the hell's going on here? You know, they just wanted. They wanted. The United States is the United States. They want to create the divided states, the illegals. They're going to divide us just through illegal occupation.
Chip
All right, we got this one video and then we're gonna get out of here, Jeff, because it's time. But here we go. One last video and we'll get out of here. But check this out. This is a woman going out and interviewing Democrats and she puts the kibosh on them. And this happens often, but it's the first. Funny when it happens, she gives out statements that supposedly everyone thinks Trump made, but it turns out it was Hillary, Kamala, ding dong, and, I don't know, Obama. Whatever. Here we go.
Interviewer
Is a destabilizing, dangerous force in the Middle East. Do you agree with him on that at least?
Ilhan Omar
No.
Interviewer
We would be able to totally obliterate them. That's a terrible thing to say, but those people who run Iran need to understand that. What do you think he meant by saying those people?
Donald Trump
White supremacy, his subhuman people of color.
Narrator
He's becoming very delusional and honestly showing
Jeff
a little bit of signs of dementia.
Interviewer
This is something someone with dementia would say.
Donald Trump
Absolutely.
Interviewer
Had Kamala actually won the election, you think we would even be in this?
Ilhan Omar
Absolutely not.
Interviewer
And they were not falling for this Iran stuff either.
Ilhan Omar
No.
Interviewer
If Hillary Clinton had just won in the first place, maybe we wouldn't be in this mess.
Donald Trump
Yeah, I would go with that.
Chip
If he had a kind soul, I think anyone can be beautiful, but he is not beautiful.
Jeff
He's not beautiful inside or art out.
Chip
He's a horrible person.
Interviewer
Did you Vote for Hillary Clinton. Yes. Did you guys vote for Hillary Clinton?
Ilhan Omar
Yeah.
Interviewer
We would not be in this position if she were president today.
Chip
Or Kamala. The man truly is insane.
Interviewer
Hillary Clinton and Kamala Harris said all of that, not Donald Trump.
Jeff
Really?
Interviewer
Yes.
Chip
That makes me very sad.
Narrator
Are you serious? They are not.
Interviewer
Yes, they are.
Chip
That's ridiculous.
Interviewer
Yeah.
No.
Chip
Yeah, that's a gotcha.
Narrator
Good for you.
Interviewer
You've never heard them say this stuff?
No, I haven't.
That was a quote from 2008 right here to it.
Jeff
I don't.
Chip
You know what.
Donald Trump
Who.
Jeff
Who can believe what we read?
Interviewer
Did you go to the cops about.
Chip
Apparently you. Do you believe everything you read?
Interviewer
Help me.
Jeff
Yeah, I just wanted to see if
Donald Trump
you needed a permit.
Interviewer
I didn't mean to make you cry.
Donald Trump
Crying?
Ilhan Omar
But it's shameful.
Interviewer
What's shameful about it? There's nothing.
Jeff
Look at these people. They're nuts.
Chip
The best. My favorite ones in here. This lady right here. Here. This. These two right here.
Jeff
Yeah.
Chip
You want to talk about dumber than a box of rocks? Here it is right here.
Interviewer
Obliterate them. That's a terrible thing to say. But those people who run Iran need to understand that. What do you think he meant by saying those people.
Jeff
White supremacy.
Chip
His subhuman white supremacy and sub.
Jeff
Yep, exactly. They. They. It just shows. They listen to their little. Their little soapbox of commentary from their side. They never expand their. Their world. They don't remember anything either, which is insane. And that's a Chad's point. Spot on. I hate Trump because my TV told me to.
Chip
Right, Right.
Jeff
What if we used to call it the video box? What. What is it now with your phone, you know, and social media? It's the same concept, except I think propaganda.
Chip
Just be honest.
Jeff
It's definitely propaganda. But we had all the idiots because they just believed everything they. The TV told them. But now this generation don't watch tv. They watch social media.
Chip
They're smaller audience.
Jeff
Yeah.
Chip
Anyway, that's all the time we got, guys. We'll be back tomorrow night. It's a short one today. We did it in 54 minutes. Almost so short of an hour. We're gonna get out of here. We'll see you guys tomorrow night. Chip and Jeff.
Ilhan Omar
Ow.
Jeff
Are you down with otc?
Chip
Please, like subscribe and click the bell
Jeff
to be notified when the next video drops.
Date: April 25, 2026
Hosts: Jeff and Chip
Main Themes:
This episode of On The Chain explores a milestone moment for XRP in U.S. banking, juxtaposed against recent failures in other crypto systems. The hosts analyze SoFi Bank's integration of XRP for deposits and trading, break down a major security exploit (RS ETH), and discuss Ripple’s advancements in institutional custody. The latter part of the episode pivots sharply to U.S. and global politics, highlighting media deception, Congressional scandals, and public perception.
[00:02 – 09:12]
[09:12 – 10:11]
[10:11 – 12:26]
[14:03 – 17:46]
[19:02 – 21:18]
[21:19 – 54:39]
On SoFi’s XRP Integration:
“I think Congress at some point would want to insure crypto, especially if banks are...going to custody it. But this is a big one here.” — Chip [02:26]
On Crypto Onboarding Pain Points:
“Crypto's too confusing for new people...Your bank, click this button—buy crypto. I bought crypto. They custody it for you.” — Chip [05:07]
On Robinhood’s Crypto Model:
“It was a way for many people to say, ‘Hey, I bought Bitcoin, I own Bitcoin.’ While you don’t really own it…” — Jeff [06:33]
On Cross-Chain Security:
“Security proof doesn’t survive the environment, neither does your protocol.” — RippleX summary [17:39]
“Zero knowledge is a much better system. It would have probably been a lot tougher to do some kind of a hack.” — Chip [17:24]
On Ripple’s Institutional Strategy:
“Custody is the bedrock. Once institutions have confidence in how their assets are stored and moved, everything else...becomes possible.” — Reese (Ripple) [20:49]
On Congressional Wealth and Oversight:
“There is no oversight that the Oversight Committee has over my husband or me.” — Ilhan Omar [32:06]
“You really don’t get the level of, of, of low IQ until you listen to someone like this.” — Chip [32:17]
On Media Manipulation:
“The arsonist may have been running the fire department.” — Narrator [43:05]
“Fear keeps us divided as a people and fear gets people elected.” — Narrator [44:05]
On Manufactured Division:
“Take a step back and look around...everyone’s actually getting along...” — Jeff [38:21]
On Street Interviews & Tribalism:
“White supremacy, his subhuman people of color.” — Respondent assuming Trump quote [53:28]
“Hillary Clinton and Kamala Harris said all of that, not Donald Trump.” — Interviewer [52:41]
This episode weaves together XRP’s landmark entry into U.S. banking, deep concerns about crypto security infrastructure, and Ripple’s institutional strategies. The discourse transitions fluidly from technical crypto adoption to the undercurrents of U.S. politics, Congressional controversy, and media-driven division—punctuated by humorous, biting commentary and exploration of viral moments.
For seasoned and new listeners alike, the episode drives home how the battle for adoption, trust, and clarity—in both crypto and public discourse—continues on multiple fronts.