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On The Chain - Blockchain and Cryptocurrency News + Opinion
XRP - Ripple Swell 2025 Recap | NYC is now socialist? | Geopolitics
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Welcome to on the chain. This is Chip here going solo. Jeff is at a work event today so he will not be joining us but he will be back here in the seat in the OTC studio tomorrow night. Ripple Swell 2025 at New York City wrap up. I can tell you there was massive energy in New York City this week for a lot of different reasons. The Ripple Swell 2025 conference delivered big announcements, powerful panels, major momentum for XRP and also RL USD. I was there to take it and soak it all in. From global partnerships to tech innovation. We'll break down everything that matters. Unlocking real world asset liquidity across blockchains. Huge step towards the multi chain interoperability because buckle up. The canary XRP ETF known as the xrpc, it's on the horizon. This could be a major game changer for XRP exposure and traditional finance geopolitical power plays. Tensions arise and there's a huge call to terminate the filibuster and it's starting to gain a little bit of traction with ripple effects across U. S politics. The world is watching. We'll break it down. What it means for policy, markets, global stability. All this and more as we dive head first into the shallow end for maximum impact on the Chain. Let's go. Welcome to on the Chain. Welcome everybody to on the Chain. Welcome, welcome. As I just came back from New York City on Thursday and I was there up there Monday through Wednesday and of course you can see I got the snazzy hat at the XRP community event was open to anybody who registered. Obviously they capped it but it was quite the event as well. But I enjoyed meeting a lot of amazing people that you know, we've seen on X over the years, tuned into their spaces, watch their videos. So it was a big thrill. I mean James Rule, I met him in person. We've been talking and gosh friends for at least six, seven years and so to finally meet and hang out with him was what, what a pleasure that was. So drop where you're coming in from guys. Drop it in there. I see Chad is always in from celebration. What's going on? XRP plumbing in the house. Every hoping everyone's having a great weekend so far. Gotta love that. But I'll get to breaking down some of that other stuff as well. But it was a very fantastic weekend I have to say and a lot of different fronts so and we'll get to it in a little bit. We'll start breaking some of the things down. But where's everybody? Where the Heck, is everybody? No one got the. No one got the announcement. Yeah, it's funny because I rarely ever get the. The announcement that we're live. That's the way it goes sometimes, however. So Monday kicked off, off swell with a. With a sort of a pre party that was a lot of fun. You know, people kind of trickled in. It was on the look, I think the upper floor of one of the buildings on Hudson Yards there. A beautiful view, Just a fantastic evening. Some hors d' oeuvres and lots of great conversations. I had a chance just to. To meet Monica Long and have a short little conversation with her. Asked her a couple questions. Obviously she wasn't in a position to really announce anything, but she said as soon as. Because I really asked about the banking license and if there was going to be. If they were getting close. She said, you know, as soon as we know, you'll know really pretty fast. So there was no update to share there. But it was a pleasure meeting her in person. Of course, I saw Stu Alderati floating around and just a lot of great people from Ripple that you've seen. It's great to see them in person. David Schwartz was pretty much everywhere, all the time. Really good chance to chat with David too much. But, you know, I had, I had chatted with him in the past, but he was really super friendly, really approachable, and I was usually in conversations or he was in a conversation with somebody. I met Ellie Terrett briefly. She was working on a story, but I just went over and introduced myself. So she said there'd be time later. I never saw her again, but that's how it works, right? So she was doing a lot of the press stuff. There was a press area that was kind of secluded, that was at the event, so it was kind of out of the. Off the beaten path, which was. Which was kind of interesting and nice. And that's where they had the good coffee back there. So once I discovered that, and there's also some meeting spaces and meeting rooms. There was also sort of a history of, let's say at blockchain crypto in general. It was a nice little history. I'll probably play that video tomorrow night. I just took a video of it. But everything start with the kickoff of bitcoin all the way up to where we are not now, which was great. I did have a nice chance to chat with Ashish Burla and I believe he will be coming on the podcast. So that's good. He said he would come on here. Super friendly, talked a Little bit about Ever North. He was on stage, he happened to be. He did an excellent job as the mc. I thought he did fantastic. It's not an easy gig to go mc. Something with the size and scale that's being live streamed as Ripple. And I thought as she did an amazing job. When Jeff's back tomorrow night, I, I did get some clarity on the, the, the shirt. I've shown the shirt in the past, the merch and I had asked him about it. I showed the picture. We had a good laugh about it and we'll. We'll talk a little bit. We'll break that down tomorrow night when Jeff is back. That was really fantastic. Oh yeah, of course. We are shadow band 100,000%. We know it for sure for a fact. Nobody and people have been telling us that they've been unsubscribed that come back in here and said, I haven't seen your videos in the longest time. And I went to go see and looked you up and yeah, sure, sure enough we were not. We were unsubscribed so they had to resubscribe again. A lot of weird stuff. And I tell you, we lose a lot of visitors. We. A lot, A lot of people that had subscribed in the past, they just unsubscribe people. It's not too uncommon. It used to happen a lot on X before or Twitter before Elon Musk bought it. But there's a lot of anomalies also. There's a lot of great creators that are getting hit with strikes like your content's dangerous and all they're doing is talking about the news or what's happening in crypto. So I have. I suspect it might be some AI they're using. It's gone a little bit awry or faulty. That could be part of what's happening. Good morning. OTC crew says visual vendetta. Good to see that. Definitely something on the weird side going all the way all around. I got an Android phone, an iPhone and doing your own investigations. Yeah. It's funny because we've had some people come in here that have not that have complained saying that they didn't get the. They didn't actually see the, the announcements. And it turns out they were unsubscribed. So. And it's funny because we lose as many people as we gain. We lose more people. So it offsets it. So we might gain like 15 on a show. We'll lose 13. So you get plus plus two other times we'll lose. We'll lose. 10, we'll subscribe. Nine, you know, so it's like, it's. It basically cancels that out. And it's been going on for about three years. And we know when exactly when it happened. We can trigger it back to when we started doing geopolitical stuff. So there's some kind of legacy code going on. Regardless of what you hear that, oh, no, we don't let people talk about free speech. They don't. And there's nothing really you could do about it. I know a lot of channels grow. They just talk about XRP or crypto or Bitcoin or whatever. We happen to filter in some geopolitical stuff and that's sort of the way it goes. Tuesday was day two, was day one of the. Of swell. A lot of great conversations. The one that I really particularly loved was Stu Alderati interviewed Rep. Richie Torres. I gotta tell you, that was just absolutely fantastic. It was really engaging. Stu did a fantastic job on that. He really broke everything down really well. But Richie was just so upbeat. You know, Richie Torres is a Democrat, but the way he was speaking, I almost thought like, is there. Is that a Republican up on stage? The way he talked about freedom, the way he talked and position stuff sounded very different from a lot of the party line that you generally hear about the. You know, when it comes to policy and Democrats. But he was really great. Unfortunately, when he came in, I wanted to go up and chat with them or invite him on the podcast, but I think they ushered him in the back door, kind of in the back door. You know, he didn't actually. He was not available. So he came on stage, he left off stage and even went outside and went to see if I could find where he was. And I think they just sort of like, maybe he got off the back way. But a very engaging conversation to day two. The. The obviously, you know, Brad Garlinghouse spoke. I thought Monica Long was fantastic and sort of kicking it off. She did a fantastic job with sort of positioning how swell would go. And then she did an interview with. With the person that heads up the nasdaq. And just a lot. It was so many great panels, so much great energy there. It was so. Which it was really a thrill to be there to be in the audience for those panels and just to be with a lot of the people I met, so many incredible people. You just. It was very friendly atmosphere. You just go up, introduce yourself, hey, how you doing? What's going on? That kind of thing. And everybody was just very, very, very friendly. We had. There's a lot of people that you know, would come in from Europe, you know, some folks that came in from Korea. It was just a very, very fun atmosphere and I have to say that I really enjoyed quite a bit also. Another panel that I connected with was Michael Arrington. Had David Schwartz and Ashish Barla up on stage. Oddly enough, that one was not live streamed, probably for a good reason. But Arrington was hilarious. He. He actually did a. He probably dropped a couple left bombs. He's like, am I allowed to say that? And David's like, well, you just said it. So I really connected with that one just because that I could have, that could have lasted three hours. I would have been there for all three hours. It was just so much fun. It was off the cuff. It wasn't really up to trying to take itself too seriously. It was really more all about if she's talking about ever north. And there was some great stuff in there. But you know, one of the questions that I, I put, I put this up in my, on my X feed and I don't have it today because there's, there's a lot of stuff to prep for here. And it's always tougher when Jeff's not around. Makes it double duty stuff to do. But one of the questions Arrington asked both David Schwartz and Ashish Burl, and he says, what kind of boss is David? Or is Brad Garlinghouse? Is he a good boss? Is he an honorable boss? Of course, that got a lot of laughs from the crowd and, and she said, well, he's no longer my, you know, he's no longer my boss. You know, I was on the, I was on the board and. But yeah, he was a fantastic boss. Had great things to say about him. And David said, well, he was only his second favorite boss. And Arrington said, well, who's your first favorite boss? And he said, Chris Larson, of course. And of course Brad Garlinghouse is second. But he talked a little bit about Brad joking with him, saying that because David is leaving his position at the end of the year as a chief tech officer at Ripple, he's going to be moving to the board of Ripple and as a board member that kind of technically he becomes Garlinghouse's boss. So Garlinghouse was sort of ribbon David a little bit about that. So that was a lot of fun to, to listen to and break down. And of course Tuesday night there was a, there was a sort of a dinner type of thing. There was like a, it was a Hispanic place, like, like Play. I had food from Spain. You had margaritas and palomas, and there was a guitar player playing there. They did a little bit. Awards Ripple gave out some awards for some of the. The participants that were there. That was fun to watch. I also saw John Deaton. John Deaton came up to me, and John looks fantastic. He looks like. He looks like he's super fit. Dropped a bunch of weight, just like, you know, he's a fighting weight. And we had a great conversation. He came up to me and said, in the ship, I didn't know if that was you. I was kind of looking. I didn't see the hair, and. And I was like, yeah, I got a haircut, John. So he's like. We had a little chat, too. I also got to hang out with Santiago Velez, who, as you guys know, along with. Along with Fabio Marzella, you know, are the two directors for the Zodao. And it was really a lot of fun hanging out with. With Santiago, Um, somebody that admired him and followed him on X for years. I had the chance to meet Fabio in person last year in Australia and get to know him. He was like the person. The executive director of the XRP event that happened in Australia, but he had a. He had a family event that he prevented him from attending. So I was kind of bummed I didn't get a chance to see Fabio again. But hanging out with Santiago, and of course, he was there with John Deaton, and I was talking with John Deaton's girlfriend, and it was just, she's incredibly knowledgeable and knows what's going on in the world, and it's kind of like, you can see why her and John get along so well. There's a lot of. There's a lot of high IQ going on there. So that was a lot. That was a pleasure. And just a lot of folks that I met along the way, it was just fantastic. People come up, they'd introduce themselves. You say, oh, what's your ex handle? Okay, now I know who you are, because you don't always put a face with somebody because you don't know who they are. They're anonymous. Not everyone's dumb enough to use their own name right here. Maybe I am dumb enough, but that happens. And I did. You know, I may have. So. So people would know who I was, but that I wouldn't necessarily know who they were. Got to meet Lady K and Stone. They host pretty frequent spaces. It was really great to meet both of them. I saw Blockchain Trucker. I had met him Two years ago at the Ripple Proper party. He is just fantastic. Is he? He's got that same energy that he has on his videos and it's just really great. Of course, James Rule were the ultimate, I would say jacket. He had an XRP jack, it was black with the XRP logo all over it. And of course he. I was like, james, I've been trying to find you. He goes, come on, Chip, you can find me with my jacket. I was, I'm like, I'm joking, James. We might as well have a neon flashing light on you. That's how it was. It was pretty good, man. It was. See, Joe, Buddy's asking, is there overall take that you were hearing from different parties and events? You know, a lot of it was a lot of what I heard had to do with a lot of the announcements that happened. There was a lot of excitement and conversation in and around xrp, what people are doing. And it was interesting to see, meet a lot of the people that I did that. Why they were there, what, why they were actually there at the event. I had met a gentleman from Korea who was looking to purchase an exchange on this side of the US And I was trying to make some connections for him to see if he could maybe accelerate that. So that was a lot of fantastic fun. But I was just, I was really honored to be there. It was a real pleasure to be there. Now the good news is, here's the good news. When Brad Garlinghouse convened or wrapped up the, I would say, like the very last keynote that he did, one of the things he ended with was how important the XRP community is. And he also put out there that next year's event. It's going to be in New York. I think they're going to keep it in New York City. They're going to have to get a bigger venue because as Apex was always really more the developers and sort of the. The technical side of the house. And Swell was always like more the business. What they're doing is they're opening up Swell. But before I get to reason why they're doing what they're doing. Brad said that in 2017, one of the things that happened was they had, they had tried to get into Sibos, which was up in Toronto, and unfortunately Swift would not allow them to be part of it. So they said, well, we'll just do our own event. They called it Swell. They had it in like a warehouse district and they invited people and they had their side event. And ultimately what ended up happening was it diverted a Lot of traffic from Sibos because people wanted to go to the ripple event. And so it kind of backfired on them. And then they started holding this every year and they'd move it by location. So Brad said what they're going to do now is from here on, starting next year in New York City, the swell event will happen and it's open to the XRP community. That means when Jeff and I are there next year, we will see you guys. We will be able to meet you guys in person. And everybody, it's open to everybody to, to go. So I don't know if they're gonna have it at the j. The Jacob Javits Center, a convention center. I don't know. I mean, there were probably around 750 people in attendance. And it was, it seemed pretty, you know, pretty. I wouldn't say crowded is the wrong word, but, you know, it was, it was. It felt bigger than that. When I saw the people, it kind of felt like there were more people than that. But it was a really good crowd. And I also want to thank XRP Plumbing. Thank you very much for the super sticker. Appreciate that, man. Always appreciate it here. Thank you for the support. Also got to meet Zach, Zach Rector. What a great, what a nice guy. That he's such a good guy. And I don't look up to too many people. I'm six three, he must be six five. I don't look up too many people. He's a good looking kid in person and, and tall and. And I'll tell you the other thing too is being my height, I don't usually see people taller. And I don't know what's going on in the water up there, but man, there were a lot of people that were taller than me. I saw a couple people that were, you know, six, seven walking around. So there was a lot of that. A lot of. A lot of height going on. Being in Florida, you know, I always feel like, like a yeti walking around amongst the. The natives. A lot of people tend to be a little bit shorter than me. So seeing a lot of people talking, a lot of people eye to eye, not looking down and sometimes looking up. So that was something that was pretty interesting too. Yo, I got to meet. Yo, I got to meet Johan there. I got to meet Johan there. That was fantastic. And Johan and I were passing out. Did a great job making up these cool T shirts, which I should have worn. I have one. Thanks for giving me one and passing out the stickers, talking about the Zao Dao and it was amazing. I was surprised how many people never heard of the Zao Dao. We're very excited about it. Once I started explaining it. Yeah, I don't know if that was your. Your experience as well, but that was something that also. That I really had to. No, funny enough, Dai was not there and, And Brad Kimes wasn't there. I kind of expected to see him there. They weren't there. Who else was there? I'm trying to think. There was just a bunch of people that I did see. You know, it's, it's. It's kind of hard to recap because there's so many people. Johan knows that he was, he was there too. He's also. He does a lot of volunteer work with the, with the Zao Dao. He's doing a great job. Good idea. So it was really fantastic to meet him in person to really sort of break things down. And just a lot of people I met, random people I met along the way, took a lot of photos, which maybe I'll share some of that tomorrow night. Some of the, some of the images and photos that I took. And it's something that I can probably break down, but it was, was a great event. Great event. XRP Community Night, which is where I got this hat from. They gave out this. They gave out. What else was in the bag? A bag. I don't know. This was maybe a. Maybe a shirt was in there. Yes, there was an XRP Community shirt. Had a cool XRP logo on the front and sort of this little logo on the side. And then when I was. One of the things, by attending swells, you had a chance choice for two gifts. One of them were like mints, like three different mints that had what do you want them in for? And the other one was a ripple hat, which is cool. But one of the guys that I was there with, that I know he's. He likes to remain anonymous, but he's here in from the UK and I was with him and he's like, hey, you want me to. I'm gonna check my coat. You want me to just check it with my coat? If you don't have to carry it. I'm like, sure, that makes sense. Well, he, he had to leave early, so he has my hat. So I, he said he'll post it to me from the uk. So I don't have my ripple hat, which, which I was missing. Cool. Cool hat too. So it was a lot. It was a lot of. It was a lot. Yeah. I felt I did Feel short. It's not often that that happens but you know, it's, it does, it does happen. Let's see what else you have here. Maybe Madison Square Garden. That would be interesting too. Msg. Sure, why not be there next year. Yeah, I'll be forward to look into it. Jeff didn't make it up so only because he never heard back. But again next year will be a whole different story. I expect to see a lot of the community there, a ton of the community there, which will be great. Hello from the UK says the Purple Ferret. There we go. So that was a lot of the breakdown from the event itself. Really, really had a phenomenal time there. I stayed, I was only about 2, 3 minutes away. The first day was kind of cold walking in and then the next two days the weather was fantastic. So it was really, really good. The Ripple events were all fantastically well put together, well planned. I got to meet Reinhardt, Kate. He does all their, all of their sort of all the videos you ever see that are put together, all the interviews, you know, the, the Ripple minute and all that stuff. So it's really a pleasure to meet him. I'd always admired his work for a long time and he's super friendly in person. I was really happy to meet him and, and some of the other folks too that at Ripple that I had met was really great. So I have to say that. Let's see. But it seemed like it went by pretty fast and there's only so many people you could talk to and things you could talk about and say. So it was a lot of, I don't know, I felt like it went by like that. You'd be in the panel, two panels would go by, you go out, get a snack, you go out and get launch, start having some conversations, talked to six or seven or 10 people. It was just fast paced, exciting time. And after covering it here on the chain swell for so many years from afar, it was really fantastic to actually be there in person, to take it all in. A lot of times I just soaked it in like, wow, this is really fantastic. Look at all the cool energy here. Look at all the cool people that are here. People from everywhere, all walks of life, a lot of business, a lot of people looking specifically for something. So I have to say that that was really, really fantastic to, to sort of see it and be there. What's up, Ryan? What's going on? So yeah, Ripple Swirl, a huge event, XRP community night. Wow, that was loud in there. I almost wish they turned the music down. A little bit like I was talking to you on. I was like, I could barely, you know, sometimes it was just boom, boom, which I like. I like club atmosphere. But now when I'm trying to have conversations, I kind of wish they had. And so there were parts where you could kind of travel and go. Then I finally realized that the rooftop bar was pretty cool, super quiet up there. There was no music up there. But I didn't discover that until right before I was leaving. I actually left a little bit earlier. But I did, I did discover that and there was a lot of great. I saw Rob Cunningham, hung out with Rob Cunningham, saw him last year up here up in, was up there in Atlanta last year. So I saw some people. There's so many people I ran into that was kind of, you know, I can't. They're not coming to mind. But probably with Jeff tomorrow I'll remember some more people. But it was really a fantastic event and I want to sort of break down some of the things here that did happen, in fact. So one of the big announcements, this was made day one. So when Brad, you know, Monica interviewed, had one interview with the NASDAQ person that runs up nasdaq. And then Brad came on, he talked a little bit about this huge deal. I mean, this is fantastic. When you think about Ripple announced, he goes, I just want to make an announcement. So it's just a small announcement. It's not really a small house. I think it's huge. The fact that Ripple closed a five hundred million dollar strategic investment. And what's interesting about it, it's a 440 billion dollar valuation. Now, if you remember, the last investment that they closed, it was at a 15 billion dollar valuation. Now what's changed? Well, in the two years you saw G Treasury, you saw, you know what. But it's now, what do they call it now, Ripple, a prime. You know, there's a lot. They closed out a lot of stuff. There was another little acquisition, Palisades, they acquired. So all of this investment that they had and acquisitions they had over the last couple years, they jumped from a 15 billion dollar valuation all the way up to a 40 billion dollar valuation. So, you know, the way you look at that $500 million investment, it's based on the company being worth 40. 40 billion. That's right, 40 billion with a B. And one of the things that was evident to me is, and just listening to the panels and what people are up to is how important a company Ripple is really starting to be. I mean, not that they never Were but this, you know, having the prime brokerage, having the treasury having the custody, looking to secure a banking license, it's not retail banking, it's in, in institutional. They'll have pretty much every piece that they really need all together. So 95 billion in total ripple payments volume, 1 billion in RL USD stablecoin market cap. You think about that. It was only introduced last December. So you're talking maybe 10 months ago, 11 months ago that it was introduced. It didn't, you know that they talked about it coming out. Now they hit 1 billion dollar our USD stable coin. I would probably imagine that by next year at the rate they're going, we could easily see anywhere from 3 to 5 billion or higher just because there's some momentum there. And a lot of what I heard at the conference based on what was happening with RL USD 2 leads me to believe that that's going to probably 2, 3, 4x easily. Then there's six strategic acquisitions we talked about in under two years and another reason why they're 40 billion valuation, 25 of the shares were repurchased, which is another big thing. So Ripple owns bigger part of the pie. 3x growth and ripple prime business. Of course you think about the Ripple prime business that's just since the acquisition and you know, obviously it takes a while. I think it completed last week or the week before when they officially renamed it to Ripple Prime. Right. So that was formerly known as Hidden Road. But if they're talking about 3x growth in a period of six months, pretty amazing. Now what's great about what Ripple is up to is that when they have a cus, somebody using their custody, there's a lot of cross pollination going on. So someone needs the brokerage services and somebody that's using custody might also need, you know, the, you know, any one of their, their services. So there's a, that's why I can see a lot of the growth probably came internally just because you know, other customers, one stop shop, you can get it all from Ripple. They're already using Ripple. It's a lot easier to do that. And not to mention there's 75 regulatory licenses globally. So that all sort of played into, you know, what they're up to and what Ripple's been doing. You go here, over to the chat here and take a look. What's that? Since Ship that saw the Sweet Lights. Let's. I don't know what that means, but okay. I don't know what that means. XRP Plumbing. Lester heard okay, so they're talking about something going on there. Something is going on there. Let's see. Ryan Sin. Each strategic priest brings Ripple up to the next level. What's up, XRP Army. Each acquisition was different part of the equation. Love this stuff. Yeah. Really good stuff, man. Fantastic. Alex, he in the building? Yeah. What's going on, Mama? Lacey, it has been a long time. Hey, just out of curiosity, how did you come to this? Did you. You saw us on X? Because I'm curious if you're still subscribed on. On YouTube, because a lot of people have been. We haven't seen us in a while. They're like, hey, I was unsubscribed, or I don't get the alerts, or something along those lines. So it's good to see you back in the house. I see you're coming in on X. So you see it on X, and it's funny, the viewership on X is three. Three times what we have, and it's even higher on the audio podcast. The hot audio podcast dwarfs everything. So, interestingly enough, more people would rather listen to us. You know, we show a lot of visual content, too. But if you're in your car, you're traveling, you're commuting, it's a great thing to put on. You can kind of catch up and listen there. The podcast is available anywhere you normally listen to podcasts, whether it's Apple or Google or any of the other platforms. So I'm really hoping that Elon Musk comes out with something. I think he could do a killer job by making a YouTube sort of equivalent. It could actually live on X, could be part of X. You could have a place where, similar to YouTube, where all of your content stays. So I'm hoping he does something like that. I'm hoping for sure. And then if we look here, Monica Long and again, she's. She's also very tall. I will tell you in person, she's pretty tall. I don't know how tall she is, but that was the other thing that I noticed, too. I was always thought she looked pretty tall, but she's just a delight in person. She's got this amazing sort of energy about her. And she, you know, and I'll tell you, like, for example, I was at this, at the sort of, the kickoff sort of event, little party, little, you know, some. Some hors d' oeuvres and drinks and, you know, conversation. And she walked in the room and you just knew she was in the room. It's just like she had that sort of personality. When she popped into the room, you, you could kind of just feel her before you saw her. You just like she lit up the room. So she's got some amazing energy in person and I was lucky to have enough. Just a short little chat with her, a couple little questions here and there. But just, you know, you don't wanna. These people are busy and important. They don't have time to be talking to some, some podcasting guys. So you keep the conversation short. You're not trying to, you know, a lot of people want to have a conversation and meet. But I'll tell you what, I saw that. What I was impressed with everybody from Ripples. They always were very excited to talk to people. They didn't. There's no attitude. They're like always excited to meet people. I saw that. I was standing next to Monica, I was talking to a couple other people and she's treated everybody just the same sort of energy with everyone. And I thought that was pretty cool too. Saw this name with Stu Alderadi was walking around. David Schwartz obviously was very popular. Brad in and out here and there, probably popping between meetings. I really didn't see much of Monica after that. But it did kind of have a nice conversation with Ashish Burla and we'll break some of that conversation down tomorrow nights. But let's get into this here. Monica's recapping the announcements at Swell. Talked about the 500 million dollar billion, you know, million dollar investment in ripple Fortress, Citadel, Pantera, Galaxy, Brevin, Howard and Marshall Waste clear validation of how far we've come. 100 agree with that. Also announced collaborating with MasterCard we bank or I'm sorry, web bank and Gemini to use the Ripple USD on the XRP ledger. Settle fiat credit card transactions on chain. This is going to mark one of the very first instances of a regulated U S bank settling traditional card transactions using a regulated stable coin on a public blockchain. Huge news there. Also full circle moment for Ripple on Monday. Welcoming back Palisade co founders. That would be Dave Matthan and also that would be. Who is that? Tom Kittle. Tom Kittle to the team. Let's see. There we go. Palisade has built a strong scalable infrastructure that directly complements ripple custody and payments with wallet as a service offerings. And a lot of people thought well this wallet is a service but the wallet is more for institutional. It's not really a. From what I had, what I had heard about Palisade. So Palisade was another acquisition then also rl USD crossed the 1 billion cap mark. We talked a little bit about that in an earlier announcement. So it was just a plethora of just different cool news going on. Really just amazing. Monica will get those views up. Yeah, she was really fantastic. Loved her energy. Really great. Another cool thing that happened during the conference was this news right here out of Ripple x which was 100 million ledgers closed. You're talking over a decade of operation. Values settles in seconds on to the next hundred million. So they had this cool little graphic right there that was something David Schwartz. Actually I have a video of him. I'll probably play that tomorrow night too where he and of course he did make an appearance. We were live streaming. I was live streaming from the XRP event and he walked by and I'm like David, say hello. You know, and he's sort of waving to the cameras. He got on the elevator to head up to the rooftop bar, which was pretty cool. And let's see what else we have here. What else do we have here in the grab bag? Yeah. So there's, there's a CoinDesk was there as well. Doing a lot of press on there. This ripple partner with MasterCard Web bank and Gemini. They reported a little bit on that. And then this was another thing too. And again Jeff and I've been talking about this for a long time. There's no reason for Ripple to really IPO at some point, will they? Yeah. There's a good possibility it might be one of the biggest IPOs ever. But generally unless you're looking to raise money which Ripple does not looking to raise money with all these acquisitions. If you study the acquisition close enough you would know what the, what these the value of each company was. A lot of times it's 2 1/2 times EBITDA. It's not always the case. It can be a 15X. It really depends. But there's a value there that you know and there's also what which that company makes each month or on an annual basis. Monica Long told Bloomberg at Ripple Swell Conference. The firm has no immediate timeline to go public. And why would it after that whole being dragged through the mud with the sec, why would you volunteer to now have to be go before the sec have a whole team that does regulatory compliance and just do does reporting only for the sec. You have to put your quarterly reports out. You got to put your 10k out every year. I don't, I don't know why you'd want to do that. Or you can remain a private company that owns a Lot of the shares that is very strong and has. It has a lot of liquidity. They've, as you've seen with the acquisitions Last couple are 1.2, 1.3, $1.1 billion. You know, they're spent, you know, for I think close to $4 billion in acquisitions. This is something that clearly Ripple doesn't need to do or something we've talked a lot about here. I know a lot of people were in the link to and they were buying stuff the pre ipo and who knows? I. I still think at some point it will go, but I don't know exactly how that will. How that will shake out. It's not that I'll get jokes, it's just that I am tired. I. I will tell you that. I will tell you that. But when you're trying to do this and read this and do the other thing, there's a chance that you're not going to get it. And there's lots of more stuff you have to do when, when Jeff's not here. I love when Jeff just goes on a ramp. I can just sit there and chill and enjoy it like you guys can, where if I'm trying to carry things and know what's going on. Unfortunately, I didn't have enough time to prepare because I did get back Thursday. And then there's a lot of running around. Yesterday was running around days. So it was a lot more difficult to put the show together, which is why not 100 prepared. But I want to, I want to show some of this. What I'm going to do is I'm going to see. Guys, let me know. I also have. I also have this here. I want to see if. Because I wasn't able to download all the videos. Sometimes when you share a screen, this should work. Let's see if it does. I'm going to see if you guys can hear the audio on this. When I share this. Let me see here. I want to share some of this. Let's go full screen and let me see if you can hear this. Let me know if you guys can in fact hear this. So let me know if you can hear that. There's a delay a little bit. Okay, you do hear it. Good. I'm listen. I'm having to listen to it on YouTube too. And there's like a 15 second delay from what I'm seeing to what you do. Okay, thank you also for letting me know here. Appreciate that. Let's go ahead and listen to a little bit of this. I wanted to just play a Little bit of this. This is one of the first things that happened. But this was a fantastic keynote. Well, there we go.
- [36:44]
B
Good morning, everybody. Great to be.
- [36:47]
A
I just missed being on camera. I was sitting like right around, right around here.
- [36:51]
B
So here, day two as well. Honored to be here with Patrick Witt. Before we get started. Well, first of all, say it's fun for me to be the interviewer versus the interviewee. So I, I don't.
- [37:05]
C
I just get to sit here and.
- [37:06]
B
Ask questions, which is fun for me.
- [37:07]
C
I'm hot seat today.
- [37:09]
B
In a hot seat for sure. So before we do that, I just want to take a minute. And this is the ninth swell, which, you know, the very first one that was in Toronto. We have come so far, Department of Defense for a minute, but both in government. But even before that. How did you end up in government?
- [37:28]
C
Yeah, so, you know, my background was a college football player briefly, very briefly in the pros with the Saints and then, you know, so after that went to law school, was a hedge fund trader prior to law school, then briefly with Credit Suisse as an M and a banker. Came out, went to McKinsey. So I was in the business world and had an opportunity, was approached by a friend that had joined Trump 45 the first term and asked me to come into government. And so I served for the last year of the Trump Admin. After that, ran for public office in 2022 with the President's endorsement. And my former boss.
- [38:04]
B
I didn't know that part.
- [38:05]
A
Where did you run?
- [38:06]
C
In Georgia. In Georgia? Yeah. From Atlanta, Georgia.
- [38:08]
A
Yeah.
- [38:09]
C
And my former boss in the Advent, a guy named Mike Regas, who is now the number three at the State Department, Deputy Secretary of State for Management Resources, when things were heating up, getting closer towards the 2024 election, asked me to get back involved if I wanted to rejoin the fight and so joined the team at AFPI initially. And then we got tapped to be the official transition team. So moved to D.C. and then down to West Palm beach where we ran the transition and was down there from day one, standing everything up. Very exciting experience. Nothing quite like it, running a presidential transition, only imagine. And you know, my, my colleague Michael Friedman, who's actually now the Chief of Staff to Secretary Bessant at the treasury, we kind of divided up the world, you know, of the different agencies. And so he took the economic portfolio because. Because he had worked on the 2016 transition with treasury and I took all the NATSAC agencies. So I was managing Department of Defense, Department of State, doj, the intelligence community.
- [39:06]
A
And we're not gonna listen to the whole thing, but I just wanted to put a little bit of that up just so you guys could see, you know, to hear a little bit about the. The way it kicked off. This was a really good panel. You can go see it on X. It was. Some of it was live streamed. Not all the panels were, but most of them were. So you can actually go back and re. Watch them as they happen. They did live stream some of them, like I said. But also I want to. There's another one here that I wanted to play a little bit of. Let me see if I can find it. Here we go. Let me see if I get the right. Right one. And we should be. Good to know. And you'll just let me know if you don't hear any sound and be like, oh, we just, you know, we don't see anything. There's nothing going on. So we'll see. Let's see here. There we go. We should be good. We should be set. Here we go. This is the Fireside chat with, with Brad Garlinghouse, Scarlet Food interviewing him from Bloomberg.
- [40:08]
D
Oh, my gosh. Hi, everyone. Thank you so much for joining us. Staying through the day and staying through the event, really finishing strong. Finishing strong. Brad Garlinghouse here, of course, CEO of Ripple. And given that it's the day after election day, there's a lot to reflect on here because I think about how the 2024 election was such a game changer for the crypto industry. Breathe new light. It gave the industry a new lease on life.
- [40:35]
A
Right?
- [40:35]
C
For sure.
- [40:36]
D
And Mike Novogratz was telling me on Bloomberg Television that the money from the industry swayed the outcome in 2024. I mean, it made a difference. And look at what's happened since. You've got a pro crypto White House with skin in the game, a pro crypto sec. You have the Genius act, which was passed on a bipartisan basis. And we know none of that happens on a regular basis here. So I'm curious, just to kind of start us off here. How pleased are you with the return on investment of the industry's political spending?
- [41:08]
B
For those of you here this morning, I should remind you I was, in that sense, seat the interviewer. It's a whole lot easier to be the interviewer than the interviewee.
- [41:15]
D
It is.
- [41:16]
B
But, like, you know, I agree with what Novogratz said, actually. During the 2024 election cycle, I tweeted out something to the effect that the Dems were gonna be led off a cliff by Elizabeth Warren and Gary Gensler and I think they, the Dems underestimated how passionate and how large the crypto community was. And I think it did impact votes. So when I don't, I don't think about it in the words of a return on investment. I think about it as we as a electorate should care about the United States leadership in innovative technologies in AI in the early days of the Internet. And certainly that's true in blockchain and crypto. And the fact that it became partisan, it always, I mean, I will be mind boggled this on my deathbed. This is a technology that can help people and be used to improve financial empowerment. We heard some great panelists today talking about this and why we would be opposed to a technology. People can use technology in ways we may not like, but we should regulate that, not the technology itself. I think that the community of the industry leaned in. Ripple was one of the key leaders alongside Andreessen Horowitz and Coinbase to support a super PAC that, you know, elevated and educated voters about these issues. And it certainly impacted some elections.
- [42:41]
D
And of course the SEC's years long campaign against Ripple basically went up in smoke following the election. You talked about Gary Gensler just now. You've described the SEC under Gary Gensler as waging a war against the crypto industry.
- [42:54]
B
Whether that's there, well, it's Elizabeth Warren's words and literally I'm not making those words. They said we're raising an army to attack crypto.
- [43:04]
D
So what would you say to Gary Gensler if you were to bump into him on the street or downstairs?
- [43:13]
B
I think actions speak louder than words. So you wouldn't honestly, I mean my honest view on this is I would not say, say, look, this is someone who I, I feel acted in bad faith. Of course there wasn't an honest effort to like engage and discuss. And I mean you got to remember this was when they sued us. I think many people would say, okay, you could see that maybe there's confusion about what is a.
- [43:43]
A
So you guys, what I'll do is I'll let you guys, you know, follow up and check that out on your own. But you can go to Ripple on X and go check out the rest of that interview. It's pretty good. I just want to play a little cool clips of these things. Again, just an incredible fantastic event, well put together. Let me see, I need to find some other stuff here. And then I wanted to talk. So interestingly enough, you know, being in New York City the day of the election for the new mayor I had asked a bunch of people, did an unofficial poll, right? So, and then Wednesday I talked to people and I would say, well, you excited about the upcoming election? You know, my cab driver that took me into the city, I had asked him, are you excited about the upcoming election? He's like, kind of quiet. And I was like, okay. Sometimes they don't like to talk. They just want to chill. They want to drive you, they want to get you to your destination. Right? When we stopped, I said, you know, just, just curious to hear your thoughts from, you know, a New Yorker, like your perspective. And he said, what do you think about it? I said, I think it's weird that, you know, that, that a, a socialist Democrat candidate would even, you know, and, and somebody who is, somebody who's a Muslim that is into, you know, globalizing the infantada. That's not like all Muslims are into that. It's just like that's particularly his flavor. Then the guy went nuts. He started speaking up and telling me about, he's not a good Muslim. He's not, he's not a good guy. He doesn't believe him. He had a pretty heavy accent. He said, I, I voted for Trump. I mostly vote Democrat. I would have, I voted for, for Como. And even though Como is not the best guy, at least he knows how to run a state. He run us around a state, he can run a big city. You know, I had mentioned some of the stuff that went on during COVID He agreed. He said it was the, it was the lesser of the two evils and the other one is far more evil. He just was unloading. And I had asked him like, so what do you think is going to happen? He says, I don't know. I think he might win. But I, the city's already expensive enough. This policies won't work here. It's going to drive business away, it's going to drive people away. And I said, why do you say he's not a good Muslim? He says he, he started citing some things. He's just not a good Muslim. I go, was it because he showed up in the, in the gay club at 1am Trying to do the DJ? He said, it's just, it's, it's the things he says and the way he conducts him, way he conducts himself. That was kind of what he said. And I ended it with like, well, thank you for sharing, like how you feel about it. I always want to hear from, from New Yorkers, you know, the people that are here that live here and have to deal with It. So I appreciate you sharing your, you know, your thoughts with me. And he said, oh. He goes, it's great. It was great to talk to you. I'm super happy that you know that you're, you also like Trump and you're also a big supporter and I really appreciate what you said about him. And then I said, he said, listen, give me your, give me your name. He goes, what's your phone number? He texted me and he said, I'm gonna come pick you up on, you know, when you leave in Thursday. Okay, let me know, I'll be there. I'll pick you up. Don't worry, I got you. And I was like, cool. It's a guy I met, had a great conversation. And in closing, I, I said, what's your name? He said, muhammad. I go, muhammad, nice to meet you, man. I hope all the best for your election. But. But yeah, he was not happy and satisfied. Now, when I was heading back from one the event Tuesday, I was walking back to my place and I was staying at a buddy of mine has a phenomenal, when I say a phenomenal loft, it some looks like something out of ribs, man. It was an amazing place to stay, I'll put it that way. And when I was heading back, I stopped in for a slice and I saw the girl Tuesday night that had the sticker. I voted. I'm like, oh, you voted for. I, you know, I ordered a slice. And I said, I see you voted today. Just curious, like, are you excited about the new Max Mary? She goes, yeah, I voted for Momdani. I'm super excited. Yay. You know, I was like, okay, well, all I can tell you is I hope you get everything you, you asked for and even more. And I said, and I hope there's a few surprises in there. And she said, oh, me too. And I was like, you know, I'm not going to get into an argument somebody. So I was just curious. Now, my unofficial poll out of the probably, I don't know, between 12 and 15 people that I talked to over the days and you know, people in passing standing in the street, standing in a queue in a line waiting for a coffee. You know, New Yorkers, not people from out of town, wanted to get their, their take on it. There was only one person was that pizza girl. There's only one. And I talked to other women and I talked to other men, but they were older than probably that, that set. And what I later discovered was the 18 to 28 year old women, overwhelmingly it was like 82 or 85 voted for Vandami. The other stat that was interesting was if you looked at the people who were born in New York, the New York born and bred people, overwhelmingly como one. Now if you look at people foreign born that voted, it was overwhelmingly Mamdani. So you can just see that people that weren't even from New York or born in New York or, or outside of New York, you know, maybe relocated there from some other country, overwhelmingly voted. But otherwise, if it had been, you know, New Yorkers, people born and bred in New York, people that grew up there, it would have been como that won. So I thought that was another interesting stat here that, that I learned about. Which, you know, interestingly enough, it is what it is. And Jeff and I were talking about, he says we're gonna have a lot of great content to talk about for the next four years. I'm like, yeah, if it goes four years, that might be the case. But Jeff and I were like. He's like, yeah, we'll definitely have the content. So I thought this was pretty interesting here. You look on the left, you got a photo of, you know, he almost looks like this guy. Almost looks like the way his hair is, the way, you know, the look. A little bit of beard action there. He's got like some kind of a scarf on. Looks like some kind of a hipster you might see maybe in the village somewhere, you know, kind of, kind of with it. And today. And that's Joseph Stalin. He used to be a hip intellectual atheist and he was a democrat socialist. And he basically led protests against the rich and powerful. He rose to power promising equality, and then took over private industry leading to mass poverty and famine. Killed 20 million of his own people. And of course you got mom, Donnie on the other side. And I always worry about people that are always smiling way too much. Like somebody could be like, you know, during the, during the, the debate, Coma was just hammering him and he's there with the big smile. Oh yeah, like these fake smiles and this fake that they, that they put on. Like, it's just like. How do you say you're full of without saying you're full of? That's what, that's what it looks like 24 7. But in a weird way, I've said it here. I believe that this is going to be great for New York because in order to feel pain, you got to feel a lot of pain. So when these people think they're getting free stuff, they're in for a big surprise. Now what's really funny to me is that When I think about what he's promising with the rent control and this and that, well, good luck with that. Now, supposedly, and again, I want to say supposedly, I haven't done enough research, but I have seen a couple people mention that he's looking to buy this grocery store that have been closed down for five years that apparently his cousin owns. He wants to revive it and start giving away free food. Well, that was tried in some other U. S. Cities, doesn't work really well. And if you see how socialism works, the SNAP program, which is a supplemental nutritional program, when the government closes down, that doesn't work anymore. So you're like, that's how government socialist programs work. When the government wants to make them happen, they make them happen. And if you look at Venezuela and Cuba and other notable places where socialism, communism has been tried, they're always like, no, no, they didn't do it right. If we're doing it, you know, it's always great for the top 1 2%. It's great. But then you're always looking over your back. There's always somebody looking to replace you, but you're the one that's going to keep the ruse up. It's because you're living the good life. So what eventually happens is it just goes. It devolves very fast into something poor like this. The grocery stores, the free buses, the free this. Maybe tomorrow night I'll play a clip of a guy who goes out on the street. He's like, yeah, are we excited? You're like, we're excited. He always pretend, tends to be one of them. And he says, are you paying your rent tomorrow? You're not paying rent anymore, right? And they're like, no, we're not paying rent. Mandami's mayor, so, you know, it's a little bit extreme and funny, but he's. He started screaming, globalize the infant globaliz. And the guy goes, well, what are you doing? He goes, I thought you were a Muanani supporter. He goes, I am. He goes, well, that's what he said. He's like. He, like. He looks like a little bit, like, lost. So when you think about all the things that kind of go on and people and things that people say, it's. It's fun to watch. So Jeff's right. We will have a lot of content. It'll be interesting to see what happens. I'm shocked at all the people that are mostly young people. You know, when you're not really. When you don't really study, they say that you only really Know the past two generations of people that are still around, right? So you might know your parents, you might know your grandparents. If you're younger, you only know Maybe the past 40 years, maybe, maybe you heard of World War II, but you don't know anything about World War I. You don't really know much about what you know any other wars or conflicts, but you kind of only know and then if you're indoctrinated one of these universities, you know even less so. Now you guys may have heard that Nancy Pelosi is in fact retiring. She's not running again, so she's out at 85 years old. I'm not surprised by that. I expect a lot of people to not continue to run. So but let's take a look at this. Now, when you think about Nancy Pelosi, you're like, okay, I'm wondering who's gonna step up because it's a Democrat area. It doesn't matter who the Republican is. You know, it could be someone like a well known movie star that people like. You know, it could be any actor, actress that would run if, but not as a Republican, right? Almost anybody can win. Well, you almost kind of wish it was one of those celebrities or maybe someone would give their try at a Senate seat. But look at this here. Now this is funny because Bad hombre put out. Just so we're clear, the two individuals vying for Pelosi seat are a pedophile who enjoys getting urinated on by strangers and kiddie pools. And in public known for lowering the age of consent for boys in California and an Indian socialist, Chica Brady, AOC's former campaign manager. And there you go going guys holding up to don't tell mom or dad book. And these are the two. So James woods, who's my, one of my favorites to follow, he says, please, this cannot be true. Grok, tell me what the facts actually are. Well, Grock chimed in and said Nancy Pelosi announced she won't reseek election in California's 11th district, opening the seat to candidates like State Senator Scott Wiener and Saket Chakrabadi. Wiener and authored SB145, which critics say weakens sex offender registration requirements for same sex acts with 14 to 17 year olds. You guys remember they passed that a couple years ago compared to opposite sex ones. And he praised the Folsom Street Fair featuring public urination and kiddie pools. Chakra body of Indian descent and AOC's ex chief of staff as the campaign manager with chief of staff aligns with Progressive socialist policies. The original post description holds up under scrutiny. So there you have it. That's who's going to be. So you can see what happens in the Democrat Party. It's constantly devolving into this, this mess that it is now. What's, what a lot of people have said is like, well, you know, the Republicans are doing the right thing. They're not paying attention because we lost in New Jersey, lost in Virginia for the governor's race, lost. But that weird looking dude out in Minneapolis, that mayor, the one that says it looks like the, one of the, the pirates from the Tom Hanks movie, he didn't get elected so. Well, there's one. Right, but you're talking about blue states. You're talking about states that went blue. Also, the candidate in Virginia win some series which I liked a lot, was not a fan of, of Trump. She was not endorsed by Trump. The New Jersey candidate was endorsed at the last minute when it didn't mean anything. I think that maybe Trump wanted to see how that would go, but technically wasn't even endorsed by Trump. So you've got, you've got all this panic going on. You have all this division in, on the right saying, oh, we blew it, we're not going to win. The midterms are going to be disgraced. I don't see it that way. You. Is the economy turned around as quick as people would have wanted? No. But you're not going to take four years of damage and then turn it around in nine months. It's not going to happen. Although inflation's down. Yeah, A lot of prices and, and maybe the, you know, gasoline's down. It takes a while to turn it around. It's probably going to take another six, eight months before it gets humming again. And also to get a new Fed chair in there to be able to, A new Fed chair will be, will come in in May. So you're looking about six, seven months out for interest rates to drop a little bit to sort of get the economy humming again. It's not going to happen overnight. Although there's a lot of great policies. A lot of people are like, Trump is not, he's all pro Israel, it doesn't care about us. Trump secured over $6 trillion in new investment capital for here right in the United States, which creates jobs, creates industry and he's bringing that in. I'm like, you guys are nuts. What about drill baby, drill? But my, my gasoline's dropped about a dollar a gallon and I was com comparing that to people in the UK this, they're paying about a £25 or £40, maybe a £50 for per liter. Which, the equivalent I pay here in the US is 50 pence per liter. And so if you look at that and then somebody, one of my buddies from the UK he said no, no 150 upon 50s, like 2 is, is not enough. It's actually more than that. Depends if you go to those crappy gas station, you know, like the, the Walmarts of the world, those type of ones that have garbage gas or if you want, you know, if you're getting a higher octane, like if you're getting 95, 98, they also have a, they have or 95 and they have a 99 octane. This guy drives high performance cars, so he's not getting the, the, he's not going to the gas station. She says I pay a lot more. I pay like 2, 240, 230. A literary £2 30 a liter. So there's, there's that one as well. So I don't, I don't subscribe to that. Look, these were blue, these were deep blue states. And you know, you could say Virginia for the. Might have been, might be purple. Sure. Because they're coming off of a, a Republican governor. But you got to remember when you have, depending on who the president is and not, you know, again, Trump, you know, didn't really endorse candidates. He didn't campaign for any of these candidates. He didn't really. I didn't see like it was going to turn out really any different. I hope for the best, but I didn't expect, I didn't really didn't expect New Jersey or Virginia. You gotta remember the people live in Virginia. All the people for the, from D.C. right. They live in Virginia because it's close by. So you have a lot of the D.C. folks living there. So that is going to be a lot of that as well. So let's see what, what else you have. It's about time there's someone else younger that had the position. Yeah, but hopefully somebody that. It just seems like with New York you thought like, well, it was such, such. I, I remember going there in the, in the late 80s and when David Dinkins was, was the mayor there. And I remember going to Times Square and Times Square is for full of porn theaters and there were needles on the ground. It was seedy, dark, it was disgusting. It smelled or smelled of urine. I mean it's like San Francisco. You just. The city devolved and then when Giuliani came up Came on board, it really just sort of like picked up. He cleaned everything up, got rid of the homeless, you know, opened up shelters, whatever. It cleaned up again. But you start to see it devolve again. You got a mayor that openly said he wants to defund the police, wants to do all this stuff, and then said, oh, I didn't say that. I didn't mean that. Well, I, the, the day after the election, you had something like 60 police officers take early retirement. They wanted out. You saw the, the, the, the, the fire chief resign the day after the election. So there's going to be a mass exodus as well. Who wants to work for someone like that? You remember, you know, the, the last mayor before Adams, the, There was a big ceremony. All the police turned their back on him. So you're, I'm not gonna, you're not gonna see a lot of people. You know, these cops have a tough enough job alone now. They're going to be even hated more and they're going to probably be out of a job. They're going to defund the police crime that he wants to take. Same thing they did in San Francisco where, you know, hey, it's anything under a thousand or two thousand dollars, please aren't going to bother for that. So now you're gonna basically hamstring the police. You're gonna have everything locked up in shops again, where you can't go in there and buy stuff. I had to go in there and buy some allergy medication and of course I had to find somebody to get me the allergy medication because it's all locked up in the stores. Some stuff you can buy, but it's amazing, like deodorants and stuff like that. This is New York City. This is what it's devolved into. Right? It's, and it's pretty, pretty sad or monkey business. Nancy's chair goes to the highest bidder. That is probably true. Also, Trump didn't say anything about drill baby, drill. He said, kill, baby, kill. No, no, no, no. That's, that's, I don't know what you're talking about there. Yeah, Dave Davey, acc said, I live in New York City and I voted Sliwa. Yeah, I got you. I hear you. A lot of people did. They're calling for Sliwa to, to drop out. Why would he drop out? He won his primary, you know. Oh, you like the guy or not? Again, no fan of Trump. Now, if you had somebody, this was not the cycle for somebody, a good, solid Republican to run. But after this cycle, this Is like you get a David Dinkins destroys the city. People get tired of it, wakes the city up. Unless you feel some extreme pain, nothing's going to change. So you're not going to have anything that's going to be anything different. So when you have a little bit of pain and they don't get the free stuff they want and, oh, mass exodus, loss in the tax base. I mean, when you openly say that you want to tax the white, rich neighborhoods, that's probably not a good way to lead. You know, it's probably not a good sort of way to, to sort of lead off. And Realtor friends of mine are saying that, you know, especially up in Palm beach, down in Broward, they're getting, they're getting lots of calls for people wanting to look for a place to live. It's going to be a huge exodus. Like what happened with, with the, the pandemic. You're going to see a lot of people moving to the Carolinas from New York, moving all over the place. I think Florida will probably be a very popular place, but you're going to see business leave. A lot of businesses want to pay more taxes. They want a tax break, right? So why would they. And not only that, but if you think about what businesses have to pay a premium for New York City, it's a lot higher. And if you ever look at it like sometimes they'll post these jobs and they'll, they'll put them by region. If you live in this region, this is the salary. But if you live in this region, which happens to be New York City, it's boosted up maybe 25, 30, it's a lot higher because the cost of living is high there. And so what everyone's been complaining about to me was that, hey, it's already bad enough there. It's, there's already enough problems up there. And now one of the things, Mandami came out and said that if these tenants or the, the, the, the landlords don't do certain things for the tenants, don't bring their buildings up, that the con, that, the, that he's going to seize the buildings. Okay, well, that's, that's what socialists do, right? They, they want to, you know, communists do that. They want to go ahead and seal industry. It would happen in Venezuela. Guys will have free gas, free petrol. The rest of your lives. You'll have this and that. You'll get food. What ended up happening, the currency was worth nothing. It was, it was dumped on the side of the road, it was blowing down streets the currency, it was useless, it was meaningless. You saw some people were lucky enough to get in the bitcoin. What happened to industry there was taken over by the government. Oh, you have this, you've had this in your family for three generations. Great. Now the state owns it. Good luck. And now you're talking about somebody that's talking. So all this stuff was out there, if you did a little bit of research. But people, you know, listen, the New Yorkers aren't that bright in general. They don't. Everything's emotional based. And really it was the women that elected, you know, responsible for electing Mum Dami overwhelmingly. And also people that weren't born in New York with mondami. So there you go. It's gonna be content, man. It'll be like the new content. We'll probably have stuff to always chat about. But the other thing, he wants to spend a couple hundred million dollars to prevent ICE from going there. He'll. He wants to lock up ice, all right? So you don't have to be a genius to understand that federal law trumps any, and excuse the pun there, but will trump any local laws. So ICE is the law of the land. You know, you are protecting the border. If people are illegal, they have the right to go in and go ahead and deport people. So I don't think he'll stand by that. I think he's a lot of hot air. I think he's a very small man when it comes to talking big but not backing it up because if he does, he'll go to jail. And, you know, it's simple as that. If you're going to obstruct ice, I thought there's been a lot of restraint. There's a lot of these politicians, there's a lot of governors that have been yapping their mouth about how they're going to prevent ICE from taking people. It's a lot of chatter and talk. They don't really actually do anything. They're not actually preventing them. They're not getting the way of that. But if they do, there'll be consequences. Look, this is a federal law, so that's how it works. So anyway, I'll tell you this in closing today, guys. We. It went by pretty fast. I got to get to, to a meeting, but I wanted to just say that I really appreciate you guys. XRP Plumbing, thank you for the, for that support. I really appreciate that. Thank you, man. Always been really positive. Great supporter here. Here we go. Great concept. Chip Combi Libra are valuable content generators for Us to gain and teach about. Yeah, unfortunately that's the way it's going go. We really don't have much of a, a choice, but again, sometimes you have to over steer. You know, it was funny when Obama came into power. People were so mad, angry and he got real. I was at a rally where Trump was toying with running against Obama in his second term, decided to hold off. But I had mentioned, I said, you know, Jimmy Carter gave us Reagan, Obama is going to give us another Reagan. And people laughed at me. They're like, they laughed at me. Well, it turns out it was right because we got Trump. Right. They, I said, because if you oversteer too much and if you piss people too much, you're going to have a counter, the counter balance is going to be the opposite direction. Going to get a good conservative in there. So when Trump came on the scene, now when you get somebody, David Dinkins is a horrible mayor. The city was in disrepair. You got someone like a Giuliani, right. So this whole process of having this mandami, it was a, he's kind of a goof even. You know, the guy's a trust fund kid. His parents own millions of dollars. He's pretending like he's, you know, he's never even held a job. He's a council member. This guy's a loser. Right. He's a typical, a loser. And it'll be fun to watch him just make mistake after mistake. But sometimes that's what you need to wake up the populace. You need people in there to understand, well, geez, I didn't get my free stuff. What about the three grocery stores? They tried that. We're out in Colorado. That place shut down. They couldn't keep the, the shelf stock. This is what happens. I mean, just be a, be a student of history to understand how it goes. Yeah. May initially look successful. You get free bus. The only way you can do any of this stuff is you got to raise the taxes. You want more? Yeah, the, the people, the people who live in New York are paying enough tax. They've got their, their, their county tax, which is like anywhere between 9 and 11%. You've got your state tax, you've got their. Give you an example. Florida, there is no state, there is no federal income. I mean, there's federal income tax, but there's no state income tax. So you don't get tax. So people that are paying 7, 8% in state tax can get the same, can take the same job, work remote, and all of a sudden they got an 8%, you know, increase because they're not having to pay that every year. So there's a trade off. I don't know. DeSantis was, I don't know if he was joking or goofing, but he was saying he was going to put a tariff on people from New York City relocating. I don't know how he does that, but I thought it was funny. Anyway, I think he's just goofing on it, but it'll be interesting to see how that sort of Reaganomics. There you go, Reaganomics. And I, I have had this debate with a lot of people saying that I was a big fan of Reagan. He was the very first president that I had a chance to vote for when I was old enough. And I will say this about Reagan, that he had a lot of great intentions. Also I look at Trump 2.0. Kind of an interesting thing that it's much better that Trump took a four year sit out because I don't think he would have been as strong as 2 Trump 2.0, his first administration. A lot of mistakes were made. All presidents makes mistakes. Trusted the wrong people. Had a lot of rhinos in there and look what he's done. He's got people like Tulsi Gabbard, you know, he's got people like Pam Bondi, he's got, you know, people like RFK Jr. You know, former Democrats, someone like an Elon Musk, another former Democrat, Trump, former Democrat. All these former Democrats that are kicking ass only because sitting out for four years. But people had to go through the pain. I see the same thing's going on in the UK with Keir Starmer. Keir Starmer is a tool. He's a wank, he's a jerk, you know, but you need someone like him to get a, to usher in someone like a Nigel Farage or a Ben Habib. I like Ben Habib. I think he's way more conservative than Nigel Farage. But that's just me coming from my position. But I've seen Nigel move a little bit further. But he's a little bit like, like a Trump Jr. In some of the regard, wants to do a lot of deportations and this and that. It's a whole different form of government with parliamentary in the uk. So you got to go through some pain. If you live in the UK and you got Keir Starmer, he's your Joe Biden, right? So people want to say like, well, geez, I didn't like that at all. The difference, I think a big difference in The UK versus the US is the Tories. We would call them Democrats here and labor, we'd call them leftist Democrats. Right. They're even further to the left. But the Tories do not measure up with to be conservative on any measure compared to what we look at here in the United States. So the Tories were horrible over there. You know, so called conservatives just absolutely a train wreck over there. So anyway, that's it. Cheaper to travel the world and stay in one place. We got a lot of people in this case. Okay. So yeah, one guy in America didn't pay his five thousand dollar water bill and they want to take his house now. Yeah, it's America's a club to kleptocracy. Yeah, it's. It really seems to be that way. Belgium's out. Mama. Lacey, good to see you again. Thank you for coming in here. Hope you subscribed over there on YouTube. He's probably not there. Trump and Reagan, both actors. Yeah, but Reagan, they were both actors, but Trump also. I don't know if Trump's an actor, he's a business guy. But Reagan, Reagan was phenomenal. Reagan was an actor? No, I watched some of his movies. I didn't think it was particularly good actor. I thought he was a much better president and he was a great governor. It's hard to believe, guys, now that Reagan was a two term governor in California, right? You got someone like Gavin Newscomb there. It's unbelievable that guy thinks he's gonna be president. I don't know, but you can see who, when I see AOC hanging out with Mom Don me, you can see that those two are probably gonna try to make a run for president, vp, I say bring it on, man. You know, they never went in the arena of ideas. They a lot about stuff but they don't have any new ideas. The same old tired playbook of things that don't work. So you can criticize Trump all you want with the tariffs. Tariffs are raising a lot of money. His ultimate goal was to, to eliminate ink federal income tax for people making $150,000 or less. That's how the government was funded back before 2013. And the Fed came on, on the scene. If you think about it like that, yeah, that's a, it's a pretty big deal. And I think like, hey, not everything you're going to try is going to work, but you give it a shot. Who's tried tariffs since 1913? Who's talking about the Federal Reserve getting audited? Who's talking about the, you know, The Fed being absorbed into treasury. Who's talking about. Like these conversations weren't really happening before. So I at least applaud that. There's new ideas. You got to try some new stuff to see how if it's going to get some traction or not. But if you sit around, do the same old thing, get the same old garbage you always got right, so you got to be willing to at least, at least try it. So my money business says I've got one kid in a pawn shop and one long cash generator. Okay, all right. Term limits. 100. 100 need term limits. Like that term limit conversation needs to come up. That would be a huge win. It would be two terms in the Senate. That means Warren would have been out. And I think it's four terms in the House, which is equivalent of the same period of time, eight years. The House you run every two years. The Senate is every six years. So. Well, close you'd be 10 years, but I think four in the House will be enough. Two in the Senate, so you got 12 years and 10 years is how that would work. Or eight years. I'm sorry, math's not so good. Two, four, six, eight. Yeah, eight. And that's it. That's all the time I have. Guys, we will see you soon. I want. Jeff's gonna be back here tomorrow again. He had a. He's trial. He has a work thing going on today. He's. I know he's in Miami, but he's got something that he had to do super early, wasn't able to make the show and he will be back tomorrow evening, but that's all we got. Guys, thank you for tuning in. Thank you for, for coming here. Thank you for the support. XRP Plumber. Much love to you guys. We'll see you guys tomorrow night. See you on the next one. Chip. 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