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On The Chain - Blockchain and Cryptocurrency News + Opinion
XRP Unhinged: Banking, Geopolitics and the Future of Finance
01:02:42
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- [00:01]
Jeff
Welcome to on the Chain. This is Jeff. What is going on, everybody? Today we're gonna have an amazing show. We have a lot to talk about, a lot of unhingedness in the XRP community. But that's to be expected. Lots of emotion, a lot of maximalism, a lot of tension. And yes, everybody's a bit unhinged. So we got to get into that XRP bitcoin ethereum. What are you guys invested in? Let me know, Tell me in the live comment. Tell me as you're re watching this, are you a bitcoin maxi and somehow you stumbled into the XRP unhinged video? A lot of good news today because XRP is becoming unhinged and we're going to get into that. How much unhingedness can we talk about and how many times can we say the word on hinged banking, geopolitics and the future of finance? That is what XRP is all about and that is what cryptocurrency is all about. Why? Because D5 equals freedom, the decentralized financial infrastructure. So an amazing day today. We're going to talk about Brad Garlinghouse. We're going to talk about the end of the ripple lawsuit. We're going to talk about how the SEC has finally decided to move on. That's right, move on. Big lawsuits will be incoming, but it's, it's gonna be a completely different dynamic as we get into it. So buckle your seat belts and get ready for liftoff because we are got. We are going to cover a lot in a very short period of time. So if you guys are ready to kick this thing off, everyone give a quick shout out where you're tuning in from and say we're ready. And you guys ready? Okay? Because here we go.
- [01:56]
Chip
We go.
- [01:58]
Jeff
All right, let's go. Time to kick this thing off. Got a lot to talk about. Checking the comments, seeing what you guys want to talk about, why you're coming in. Your show is our show, your conversation. Our conversation. So, all right, here we go. Let's. Let's get into Brad Garland House. What is Brad Garland House? What is the the big news of today? Did the SEC finally decide to end the major lawsuit that has been tying up the ecosystem for the past what, 20 odd years? At least the past three. And so here we go. Let us get into it. Let's go through this video because there's a video here with Brad Garlinghouse on stage at the Digital Asset Summit. That's right, asset. He's at the Asset Summit. And he has some commentary on the SEC dropping its appeal. We kind of knew it was going to come. New administration, new timing. Some people thought it would never happen. Some people thought we'd never get here. But guess what? We are here. We need to watch this together. We need to workshop this together. We need to have fun with this one. And you guys know that word. What is the word of the day? You know what? I. Hang on a minute. Can't believe I forgot to even pull that. That one up. So let me get the stream yard drawing drawing the stream yard drawing page. The giveaway tool. If we don't have the giveaway tool, how are we going to give anything away? And we've got something to give away. You guys know the word of the day. And the word of the day is Gary Gensler. No, it's not. So the word of the day is definitely not Gary Gensler. Three of you have already put it in there. And so man, Mark Smithson ain't got no yetis. That's a. We're gonna write a song about that. Got no yetis. So, all right, I've got this queued up. I've got Brad G. Brad Garlinghouse talking about the end of the SEC lawsuit. So let's see how this is going to flow. Well, wait a minute. Oh, so we have a breaking topic. This is pretty exciting. Somebody obviously looks like somebody recorded this as it was on a screen. That's what they definitely recorded the screen. So that's what we're going to be watching, the recording of a screen. It's like a. One of those when you're in a. See those movies from the movie theater. So here we go. Before we do that, let me give a quick shout out to Thomas Brennan. Look at that support. Thank you very much. That will definitely help us keep the lights on. That's what help keep these videos playing. So we get that we can keep the videos going and all that other good stuff. Xrbxlm, hbar and a few other appreciate you as well. Appreciate everybody here. So here we go. Let us add this to the screen right here. Get ready. Look at this. Brad Garland House, the Digital Asset Summit in New York. And so let's check the volume volumes up. Should be loud enough. So here we go.
- [05:40]
Brad Garlinghouse
Have we have a breaking topic. So it's on Twitter but Brad can probably save you the time and give you a summary. There's an, there's an update to. To the appeal. It's always good to make news while here at Digital Asset Summit just a Few minutes ago, right before we walked up here, I posted on X that we can now announce that the SEC is no longer pursuing their appeal in the Ripple case. We're obviously. Yeah, thank you. The whole industry.
- [06:17]
Jeff
This is a good thing.
- [06:21]
Brad Garlinghouse
So it's like it's been four and a half, almost four years and about three months since the SEC originally sued us. Certainly a painful journey in lots of ways. But as, as we said then, two things. I'll highlight what we said then. I, I really deeply believed that we were going to be on the right side of the law and on the right side of history. It's something we said then and it's something that I feel, you know, kind of vindicated. Looking at this now. I mean, the other thing I would say, which there's a video I posted on, on X a short while ago and one of the things I point out is the system just feels broken, that we had to fight this fight for the industry. And you had an SEC attacking the industry, particularly in the Ripple case. There were no victims, there was no investor loss. This was not something where the SEC was like, oh, something bad happened. They were trying to bully, they were just not acting in good faith. And luckily you did have courts rebuke them. But look, also, this is a moment to celebrate, I think we as an industry on the other side of it, that's good for, that's good for everybody involved. It's good for Blockworks, that's good for Bitwise, that's good for Ripple. And so I'm really happy about it, man.
- [07:34]
Jeff
Tell you what, that is, that is awesome. I mean, it's just absolutely awesome to see that. Hey, welcome, Patsy G. It's been a long time. Thank you for tuning in. From Canada, way up there somewhere on our northern border. Good to see you here. Mentalik showing up. Charles from pa. Good to see you here. So I like this one right here from old Greg. Cheers everyone. We deserved this day. Think about all that time of just trying to maintain the positivity and then while we have all the positivity, then, you know, get ready because then that's when the unhinged and you get a little bit of, you know, tension within the space. What's up? Ding dong. Look at that. Look at all the congratulations. We got a lot of that when we saw them. We saw the court case against the XRP portion when XRP comes out and it was declared a non security, right? So now, now we have actual legislation that is pending and circulating right now. Right? It's, I'm not. Let's, let's use a better word. It's percolating. So now the legislation is percolating on stable coins. It's going to be percolating on all these different assets. Is it going to be, you know, how, how is it going to be deemed? Does it fall as a commodity? You know, is it falling as a, as a currency? Is it going to be regulated by cftc? What portion potentially gets regulated by sec? Y need clear rules of the way that, that way you can't have a, an un unelected bureaucrat like a Gary Gendler or even an elected bureaucrat like a Elizabeth Warren that can just decide, you know, off the, off the cuff that they're going to attack this entire economic ecosystem, this financial asset class that has been burgeoning and growing and building in popularity on a global scale. It's not just us centric, it is on a global scale that we've seen all of this happen now for the past 10, 12 plus years. And then you have one person, that Gary Gensler, that was just hell bent on toppling all of it, bringing it down, trying to make it, you know, crumble. You know, he just had so much animosity, he had this desire for control, you know, populist control and you know, it all kind of, you know, fits into the, the overall narrative. So Link to SHIELD Team. That's a, another, another one. So you got a lot of that within the community. Interesting to see it unfold because sometimes you know what families have to get, they have to air their laundry, right? Sometimes you air your laundry out in public and you know, the big XRP family, people got to air it. You got to share your grievances. If you have grievances with what somebody did, what a better way to do. And then you have all the, all those that don't like the conflict and the tension of airing the grievances. Sometimes, you know, it's better for the community. You got to do it. I've been saying a long time, you get to a point in real world when you get into the real stock markets and real investment classes and you get into, you know, real estate and it gets really, really serious. And a lot of the shenanigans, you know, just don't fly any longer. All right? It just has to be. Things get more serious, you know, and you like to inject fun. Obviously there's a lot of corruption. There's always bad players everywhere on, on all sides of it. I mean, you look at, you know, from a, a Congressional perspective, right. You got Nancy Pelosi, you've got others that are making millions, tens, if not hundreds of millions of dollars that may be considered not, you know, not from a legal, you know, perspective. Maybe they had some insider information, maybe they had information that things were going to be voted on through Congress a certain way that would impact the outcome of certain stocks. So there's shenanigans everywhere. People get caught up in it as well. But then you have to make good decisions, you know, going into it there. There's some things that, you know, happen. You have to stay on the outside and look in and be able to dissect and workshop and apply all sorts of different scenarios to what is going on. That's why I love seeing what has been unfolding, you know, on X, you know, within the community, because you got to air the laundry. And a lot of people keep focusing back on Bitcoin maximalism. You know what I think people really need? I mean, everyone can, you can have your opinion, you know, I don't care. I'll stay, you know, firmly against Apple products and I'll support, you know, Google Prod or, you know, a Google product over an Apple product, mainly because that's what I'm used to. I don't like it. Didn't like Microsoft for a long time, but here I am working off of Windows 11, you know, streaming and using a Windows 11, you know, and so am I a maximalist? Would I ever use an Apple product? Why not? You know, if I had it and I was comfortable, you know, navigating the back end of the Apple ecosystem, I would probably use the Apple computer. But I'm more comfortable either in a Google or a Microsoft environment. So that, that's, that's me. That's, that's how I feel, you know, but then people come out, you know, in a, from a financial perspective, either it's making money or it's not. Do you really care, you know, about, you know, all the other components to it? Yeah, I mean, there, there is something to say about that. If you want to see is it a real asset or not a real asset when it's, you know, recognized on a global scale. Bitcoin, it was the first, you know, so whether you love it or hate it, it's in existence. It's going to continue being in existence. It's recognized on a global scale, not just by individuals, but by companies and by, by countries on a global scale. Live with is what it is at this point. It's growing by leaps and bounds. You can have, you know, opinion on it. Don't hate other people because they continue to say they like bitcoin. Don't come out and say it's going away because it's a bad technology. It's an existing technology that it's going to be there until from a global scale people decide that it's no longer valid. We're not talking about Betamax versus vhs. And only one will rise to the top. It's not just XRP or Bitcoin. There's a whole host of digital assets that are out there that all have value that people are building infrastructure on. And that's why multi chain is the most critical. And chip and I have always talked multi chain and interoperability. That's what everyone needs to focus on. You really should not stay maximalist on anyone because if you are and the others go away, guess what happens with your asset. It also goes away. It dissolves into the ether of nothingness. That is the bottom line. So as long as bitcoin exists, all the other assets exist. If Bitcoin's going away, that's because on a global scale, they've decided that the crypto ecosystem has no longer has no more value. Unless for some reason it's a, a steady, you migration away from a certain asset into another. But then it's going to have to be on a global scale. What are the, what's the predicament and chance that the whole world decides that silver is no longer a thing? Nope. You know what? Not going to invest in silver. Why? Because I like gold better. Or what about platinum? How many people have any jewelry made out of platinum? How many of you guys like platinum? I love platinum. I it, I like the weight of the platinum. I like that, you know, you can, you can shine. It almost has like a white gold appearance to it. But I prefer platinum. I like, you know, how it can be molded. I like the weight of it. Again, you know, and overall I think it's, it's a great metal now, you know, not a lot of people are familiar with platinum. And you could say, why use platinum when you can use white gold? Or maybe someone doesn't like white gold and they prefer the yellow gold and that, you know, and so there's so many different varieties of metals and one might have more utility than the other. Not a lot is made or utilized with platinum. You don't have a ton of jewelry on the shelves that's like, oh, that's made out of platinum. Guess what? You know that that's just how it is, it's just with precious metals. How about gemstones? You want to get into a conversation on gemstones? There's a lot of diamonds out there. It's probably the most overrated gemstone in existence because there's other stones that are much more rare to mine than the diamond, and yet it doesn't have the same affliction or affection within because it was built up by the markets and market demand and, and, and there's, you know, a lot more into it. But there's all these other gemstones that are amazing and yet they don't have the same attention or focus. So, you know, someone could be a diamond maximalist and someone else might prefer, you know, rubies or, you know, whatever, whatever the stone that they, that they prefer. And there's again, a lot of, a lot of great ones, you know, and stock market, you know, some people might love Apple stock. Other people might love Amazon. Some people out there might love investing in Palantir. Some people prefer to invest in ETFs or mutual funds or, you know, baskets of stocks. You know, there's a whole host of ways people invest. Someone might say, well, I don't like that product, you know, and then I'm going to become a maximalist because I don't like that product. I only like this specific. I only like trading options. Everything else is garbage. You know, if you don't trade options, then forget. I don't want to have a conversation with you, you know, or, you know, I like to buy and hold. Well, I'm not talking to you if you're, if you're gonna day trade, you know, that, that's, you know, you shouldn't do that, you know, so it's crazy that you see all these conversations unfold, but yet, you know, you know, I, I think, but it's healthy. At the same time, you have to have this kind of discourse and, and it's, you know, it's overall good for the community. Especially when we have a growing asset and we're moving in a certain direction. We got to figure it out. If we. People don't air the laundry, if people don't call, call other people out. If you think somebody has done something injust and has supported something injust, why not call it out when it continues? You know, if there's an injustice that has been perpetrated onto the community and people are taken advantage of community members, maybe those community members, you know, know that they're being taken advantage over. They, they take it for whatever, whatever it's worth at face value for the entertainment of it. There's so many different aspects of it. I, I, that's why I like it. You know, I, I like argument, I like discussion. I like you know, work shopping and figuring things out. I think it's, it's a net positive. So that, that's, that's my take. I don't know what you guys take might be, but when XRP flips btc, BTC will be shown to be one badass meme coin. If, if we get to that point, I still believe that X Bitcoin will continue leading the pack only because of the global identifier, the global recognition that it has become. Mark Smithson big win today. More to come. Derivatives, FX market commodities, etc. I agree. We're just seeing the beginning of it. This is why we got to figure things out. Also gotta break, break it up, gotta figure all of the different details out. A lot of people are coming out on bitcoin because nobody knows who this satoshi is. But yet Satoshi, you know, did leave a message back in 2010 and said we're not done yet. Well here we are 15 years later and you know, we're, we're still not done yet. We're just getting started. That, that's the whole point. You know, the people, this is one of the first times in history that the people have an opportunity, right? The freedom in the hands of the people have an opportunity to direct and dictate an outcome which has been phenomenal. That's where the institutions, the banking infrastructure, government infrastructure took a long time year. It's short, short time over the, you know, generations of history. But overall long time in the past 10 plus years in order to get on board with the direction things are moving in because of the people, not because of other institutions, but the people decided to gravitate, the people decided to build it. Now it's development, building. Watch, watch how we're going to move From FOMO and FUD type commentary right on YouTube and, and anywhere to strictly focused on can we build and develop in the space and how serious can we get? Think about the dot com era of the 90s. It was all FOMO and FUD. There were companies, if you had a dot com, oh it's a dot com and all the hype and a dot com, here's $10 million, right? And people just FUD it or FOMO it, you know, till the end, till the end of time. And it was all about one versus another. Whatever it was, you're going to succeed. There's no way you're going to succeed. They're a doom. Of course they're going to succeed. It's a dom. So pour money into it. And then where are we today? Now.com is, it's an obvious right. It's just everything's online on the Internet. It's a whole different ecosystem. Nobody is excited just because you have a dot com. It's like, okay, now, you know, are you found? You know, is the SEO generating? Do you have a proper marketing plan? Do you have a proper infrastructure? Are you actually delivering a product? You know, and you know, how fast can you deliver the product? How good is the product you're delivering? How fast can you change in the marketplace? Are there going to be major market shifts now? It's become serious. So in the 90s, the 90s for dot com was kind of where we're at now with crypto and it was all fun and, you know, chaos and all this stuff. And then it, then it became serious, then it became back to business and now it's about development. Now it's the tool that business is built on and this is the direction. I don't care what anybody says. You know, all the, the fomo, the speculation, all, all the nonsense, which is really just a bunch of noise. You know, I want to say nonsense because that's what's got us here for the past 10 plus years. But I want to say the noise that still exists today over just pure speculation and debating if one's better than the other is 100 pure noise. Because five years from now that noise will be completely gone. Gone. You know, anybody who's still, you know, focused on speculation and just focused on mine is better than yours gone. Because it's going to be about serious business. It's going to be about, about building development and overall technology in the real world. All of this other stuff that's currently kind of working its way out. You could also relate it back to what happened in the 80s with a personal computer between Microsoft and Apple. All right? And the garage fights and you know, the software, the software and hardware wars. So we had those in the 80s and in the beginning, the software and hardware wars is kind of where we're at right now. It's like, oh, mine is better than yours and they're fighting each other out of their garages. And then you get to the 90s, then it was dot coms, Then we get out of the 90s and here we are now we're fighting again over a new ecosystem, a new asset class. But the technology is blossoming and it's growing exponentially. But while this is happening, where the, the craziest thing is, as this financial infrastructure is coming in, we're starting to see a major shift on a global scale to, to help kind of redefine this, right? Good versus evil, socialism, communism versus freedom. And the battle is, is unfolding itself. You have the globalists with the central bank, digital currencies that are now losing their, their, their grip by, by, you know, by leaps and bounds, right? They're just, they, they're, you know, they've lost that part of the battle so far only because we had a m. A major turn of events with this election cycle. Trump wins. Freedom endures, Freedom persists. Feed freedom gets ready to grow. And the elite, the elite global class that wanted to regulate, control, you know, and, and manipulate is, is now losing their traction. This is all symbolic, it's all so critical right now as we watch this, but we're all watching the, the, the birthing of an amazing, amazing age. Today was such a pivot point because now we see that under this administration, they believe in the freedom dropping this appeal of the lawsuit ends the chaos and allows the entire ecosystem to begin to flourish. And that's exactly where this whole thing with Brad Garlinghouse is going right now. So boom. The EU just a warrant because of that rant. That was a major rant too. Because you know what, you know what, what am I going to do? Just I gotta stop talking. I'll have you guys talk over here in the, in the chat a little bit. So I'm, I'm talking while I'm reading, reading all your commentary. Real utility will now be in play. Exactly. That is, that calls for a, a major boom. And that was some of the debate that going on today. And we have some of the commentary on from the ex debates that we're going to go over today. Real world versus chaos and that, that's it. Forget the fomo, the fud, speculative bs. It's all real world utility. And now it's serious. Let's start building. Let's, you know, everyone get, get ready because man, it, it's going to be, it's going to be an amazing, amazing time. Thomas Brennan also brings up a solid point. What is scary is AI. So here's the other side of the coin with this whole financial class which we really have to prepare ourselves for because I don't know how this unfolds, but I know how instrumental AI has become in everyday workload. So if you think about if you're using it, not using it, but real day everyday workload with AI is, is now in Siri, one of my co workers, you know, he in, in my office, in my training center. And so he goes, they'll pull something up on Siri. I don't have Siri, you know, or Apple. I've got an Google phone. So. And so he says, hey, Siri, you know, search for such and such. Do you want me to, to, do you want me to ask GPT for more details or whatever? I'm like, what? Wasn't Siri built with all the intelligence to look into and search for all this stuff? It's like, why now is Siri saying, do you want me to ask Chachi chat GPT for it? And then Siri goes to chat GPT and does the search. To me, that's even more bizarre. But the factor of reliance and predictability of what we do and what we need, you know, is a whole different scenario. And, and that's really, really crazy, you know. So Chip has been waiting all these years for this day, Jeff, and he's traveling. I know. Can you believe it? Oh my God, all of this. And it's like, boom, done. That's it now, now what do we talk about? I don't know. What are we going to go? Well, now we're, we're going to cover the turmoil, the family turmoil within the XRP family. That's what we'll cover now because we got to talk about something. Rob McDermott. Five years ago we would say utility and we'd be laughed at. Today, it is the future. You better believe it is, man. It definitely, definitely is the future. I gotta, let me check, gotta check something real quick. Okay. Make sure that everything is set. Let me pull that down. All right, let's move on. I've been talking for like, you know, two hours already, but. Oh, you know what I forgot to do. Hang on a minute. While we're doing this, I gotta delete this. And I've got a new one. Number 11. I started working on a new background for this, but I did get some of the, I got what I wanted so that at least is processing over there. In the meantime, while that's doing its thing, let's go and cover some of the other good stuff. What is this, Chad? Siri is a first generation language large language model. Apple's waiting to roll out Siri. I think Siri 2.0 is going to have intelligence and that, that'll be the end. And then there'll be nothing. More then. Then it'll be over. Sup, Susan, Chippy, good to see you here. Even. Even if you're late, it's okay. We can just restart. We'll go back to the beginning and we'll get that done. All right, let me check this. All right, it's up. Let me. I'm gonna put up another video here with. With Brad Garlinghouse, and then we got a whole bunch to cover. Short period of time. Before we do that, let's take a quick commercial break.
- [30:51]
Chip
What's the word of the day? Get your s. Wallet ready because this one's gonna be epic. Get ready to claim your own legendary blue tri yeti of the clan. Spirit walkers Nickname is on store.
- [31:09]
Jeff
Let's go. All right, pretend you guys didn't see that, because even though it was all good, the timing of it was a little bit off. When I changed the. Gotta shrink that timing down a little bit. That first page and the name was off. So now we're gonna have to play that later. But the guy's name is Orm Stora, not Scald Far, because that was the other day. So we're gonna put in Orm Store up. He'd update that. And we'll play that again here in a little bit. But that was the commercial break, so get ready. Oops. Orm Stora. Did I spell it right? Orm Stora. There we go. Now I did that. Now I got to redownload it and we got to re upload it just so we are accurate with. So get those. Get your zaman wallets ready. You know what it is? You know the word of the day. And here we go. Check it, Check it. Well, before we put the video on, this is. This is the guy right there. Number 496. How cool is ormstora? This is a spirit walker from the blue tribe of clan. Spirit walkers. And these guys, they are the ones that communicate with all of the history. These guys communicate with the spirits of their ancestors. They carry that type of power. And so, man, I love these guys. It's funny. The first generation, this was gen one of the badass yetis with the blue tribe. Gen two were the. The white, the white tribe, bad ac, yeti, white tribe. And then we built out the yowies, so we got to roll those guys out. But then we still have the purple tribe and the black tribe. And so that will complete the complete badass yeti set. Then we put them and start let you know, then we can let them all fight. That'll be fun. When they go into battle, you bring your badass yetis into battle. That'll be a lot of fun. So that was Sunday's at. I know. I left. I left two words in there. So let me. Here we go. We're gonna get the video prepped. I'm gonna get the Brad Garland house video prepped. While I'm doing that, let's issue our correction that I upload now. I can't remember if I uploaded it. Oh, no, I didn't upload it. Just got done downloading. Then I'm gonna have to go here and. And upload number 12. And then for the next one, I've got a whole new background. So I'll have a new background, new color, new font, all that cool stuff. Where's our video? Here it is. All right, let's get into this. This is Brad Garland house on Bloomberg, so this will be good to watch. Here we go.
- [34:18]
Interview Host
Why do you think XRP wasn't specifically named in the executive order for the digital assets stockpile?
- [34:26]
Brad Garlinghouse
Well, so XRP was named by the president in Untruth Social. He posted something saying that there should be other tokens, that there's going to be a bitcoin strategic reserve and then a crypto stockpile that would include things like days later.
- [34:39]
Interview Host
The executive order didn't include it. Why was that?
- [34:42]
Brad Garlinghouse
I don't know what specifically is in the executive order. My understanding is there's going to be a bitcoin strategic reserve. There'll be a crypto stockpile representing other cryptos, and I would expect that will include xrp. Look, at the end of the day, I think the stark contrast is in the Biden administration. We couldn't get a meeting with people at the White House. Now we're welcomed into the White House, and that's just a massive change. I think we want this industry to thrive in the United States. We don't want to push it offshore, where you have fewer regulations.
- [35:13]
Jeff
Yeah, that this guy, Brad Garland House is Mag all the way chip. And I said he was MAGA from the beginning. We talked about him being maga. The guy supports this country. The one of the reasons why they didn't move Ripple offshore, which they really should have. You think about, you know, the past four years and everything that took place would have really positioned them to move their corporate offices to a completely different country, which would have been a little bit more regulatory friendly towards them. They never did it. And. And here they sit, you know, which is. Which is great to see that they had the long. The long Vision that and the long vision was, yep, we're gonna get beyond this and we're going to succeed. And I also like what he has to say in terms of, you know, how he's referencing, you have the Bitcoin strategic reserve and then you have the, the, the basket of good, the basket of product. So a basket of digital asset. And XRP's in that. I believe Solana's in that. Maybe Ethereum will be, there'll be some other assets. XRP being a key factor. And it's important when they really start considering how they can impact a strategic reserve with multiple different assets. It's kind of like, you know, we have oil in there, we have gold in there, we have other precious metals and, and minerals in the strategic reserve. If we can maintain many different strategic or, or products or goods within the strategic reserve, really important. Elantron Ripple move their operations to a giant cargo ship and sailed the seas till Gimp Gensler left. That's all. They just have to go offshore a little bit to international waters, which would, would be really good. And to El Jefe's point, another dumbass. Interviewing Brad and, and you hear the, the commentary, the questions are so just mundane and just, just a complete lack of forethought, you know, it, that go into it and you wonder how these people, you know, get their jobs and continue on. You know, we'd love to have Brad Garlinghouse on. I mean, it would have been, you know, outstanding. Over all these years, we reached out and tried to have Garlinghouse and, and David Schwartz and all of the, the, the, the crowd on the show and they wouldn't do it, you know, and they, they, but yet they would go on all these bitcoin maxi shows that hated xrp. They would definitely go on there. And, and it's crazy to see, you know, so. All right, let's continue.
- [37:52]
Interview Host
I think the reason I keep pushing you too is because I think now it's widely accepted that this is a pro crypto administration. But the details, that is what's causing an overhang, the uncertainty of the details. So to the extent you have confidence, right. About XRP being in that stockpile or otherwise getting more support for an etf.
- [38:11]
Jeff
Yeah.
- [38:11]
Interview Host
For example, where does that confidence come from? And what kind of timeline do you see it happening on?
- [38:16]
Brad Garlinghouse
So I have immense confidence on the ETF. I think there's 11 different filings pending with the SEC to launch ETFs from everybody from Bitwise to Franklin Templeton and a whole bunch of people in between. I think those will be live in the second half of this year. We have seen even outside the United States, you have live ETPs. And at a time when a lot of outflows are exiting some of the crypto ETFs, you're seeing inflows into XRP. And I think that's because you had this false negative pressure from the sec. This kind of, you know, a exogenous hand holding things down that's now being released. And that's great for the market, that's great for builders within the XRP ecosystem. Globally.
- [38:59]
Jeff
Builders. Notice how he talks about the builders, you know, in the XRP community. Globally builders, not speculators, not hypers, not fomo, not fud. But those that are going to be building then, then we start getting serious. Then we start looking at the transition point for, for this space. That's what brings in mainstream adoption. Mainstream. You know, we've kind of already moved it away from the dancing bears and the riddles. Even though that was kind of fun in the beginning years, we've moved on from that. That doesn't exist anymore. But it was replaced by a lot of hypers and things like that that were always looking for secret documents or insider information or whatever it might be. It's like, I've got the secret document, I've got the secret document. Then there's nothing. No secret document, no information. Chip and I proved it over and over and over and over and over again. It's gonna happen when it happens. It's got to run its course. And here we are. There's always a legal, political and business motivation behind all of it. And that's what we kept talking about. There was definite political motivation behind stifling the growth of, of a product like this. There was definitely, you know, economic incentives for others to withhold it. You know, so there's so many different components. And now the business side wouldn't grow at the rate it needed to grow because of the lack of a positive political climate. Right. So there's so many scenarios. That's why you have to look at all the different pieces. Not everybody is going to do the research. You know, Chip and I seem to have a passion for all those different key points. And so we look at all the points and we analyze and workshop things from all these different perspectives. And we have a lot within, within the chat that do it at a, at a whole different level. You know, when we read through the commentary and it's great to get that feedback up, but then you sit and watch some of These other podcasts and videos and interviews. Right. They just don't understand it. They, they only, they're so narrowly focused on one component. Even the way they ask the question is, is a little bit jaded. Right.
- [41:24]
Interview Host
So anyhow, one more on the stock.
- [41:26]
Jeff
Yeah.
- [41:27]
Interview Host
How much XRP would be in it? Where does it come from?
- [41:30]
Brad Garlinghouse
Well, my understanding what I read about the. I mean, I think there are some.
- [41:34]
Jeff
That's a good question, actually. That's, that's the best quote. I like that question. Here we go. How much XRP is going to be in it and where does it come from?
- [41:44]
Brad Garlinghouse
Questions. And the devil may be in the details as treasury implements. Some of this absolutely tells. But my understanding is that the stockpile will be represented by seized other cryptos other than Bitcoin, that then will be in that stockpile. So to the extent that various law enforcement agencies have seized cryptos which would include xrp, that those would go into the stockpile in addition to the Bitcoin strategic reserve. That's my understanding.
- [42:10]
Jeff
Interesting. They're going to get it from seized assets. That's interesting. How many people out there have asked what happens if the government ever says that you can no longer hold a certain digital asset because that digital asset in this country, other countries could be perfectly fine. There are certain countries that allow their citizens to hold US Dollars. There's other countries that don't allow their citizens to hold US Dollars if. Because. So there ends up being a black market for a US Dollar. So now imagine enter to the country not saying this will happen, not saying it's projected to happen in any way. But imagine if all of a sudden they said, you know what? You're no longer allowed to hold this digital asset, this specific asset. Can't hold it in this country, can't have it in a private wallet, can't have it in a, in a ledger. You know, here's punishment, you know, xyz, if you're caught trading it, if you're holding it, it's going to be hard for them to go through and navigate. You know, if you have a private holding, like in your safe, like, like when they said you can't hold X amount of gold, but if you add in your safe, what are they going to do? Unless you get caught for something else in one more, more issue. But if you were caught buying or selling or trading or doing anything during a period of time, that's a different scenario. So imagine if we were, you know, kind of rolling down that, that point now. Man, that could be really, really interesting. Think it's going to happen soon. But I've never said, you know, it's, it's impossible that something happens. I, I just don't. We were potentially walking down that path with the previous administration that they would have really, they were trying to destroy it. The next step for them had they won was we're going to be digital $cbdcs and revoke make it illegal to hold any digital asset. And the way they could have crushed that as well, right? Definitely, definitely not under the Trump administration. But they would have tried to undermine all the different crypto exchanges which the SEC came out and started suing crypto exchanges under Gary Gensler. So he was trying to topple them as well. Just so much. It's, it's just so amazing. Network effect versus nation states. It's actually, it's, it's so amazing as we watch the, the these scenarios unfold and it's, it's entertaining and scary all at the same time. It's exciting and intimidating. I mean there's so many different aspects to the direction that we're moving in right now. But it's all for the best. Right? So even all the, the discussion over tariffs, Tariffs are a net positive. Put us our country. Not talking for Canada or England or China or anyone. I'm talking about the US Put the US back on a level trading plat kind of a playing field. We were so upside down in, in fair trade agreements where we, we'd create most favored nation status which would allow us to trade with them at no, basically no tariff rate and that we'd go into a China or Canada or wherever and all of a sudden we're paying percentage on, on goods to bring them into the country or that country was penalizing their own citizens at, at ridiculous rates to bring those products in. But the people paid, they paid the high tax rates on the products because they wanted those products coming in from the U S And it's amazing. You go to a lot of these countries and they want American product and so but they try to stifle it because they want their indigenously made product to prosper. And hey, you know what, if you have good product and you want to play the game, that's, that's up to you. You know, make sure that your country could be as productive as possible. Make sure your companies can be as productive as possible. But if you don't have a fair market, free market economy, then you're not going to allow your, your own countries to prosper. And in many scenarios you have the Governments that are backing up and propping up those companies too. So it becomes kind of a disaster. But I'm kind of looking. Chad said treasury issues 10K T bills to buy XRP from the escrow Budget neutral. There you go. There's another scenario that could be really interesting also. I'm liking it. I like it. Look at. So this was Lotus Pond. What is this one? BTC is the King Queen ETH, XR Prince Soul Princess, 8080 Duke XLM marquee. I would like to see XR Prince decouple from BTC King coin. But I get then that right, there has been no decoupling. Right. The whole market trends pretty much for bitcoin. But now we even see the stock market and the crypto market almost trending together, which is also interesting. Stock market takes it, crypto market takes it. All the markets rally together based on overall global news. Right. So it's a matter of how much money do you have that's liquid asset. How fast can you turn it into liquid asset? How much are you going to lose if the markets turn sour? Should you bail? Are people selling? Are we dropping the markets because of, you know, the FUD and, and a lot of cases it's that negative turmoil, that push that you know is fermented on, on the news stations. And I just had the same conversation in front of a political group and I was saying that the media, I don't watch, I can't stand watching the news because it's so negative. And their whole agenda is to, is to put negative, negative energy and negative mental vibes into your brain. They want to keep you in a negative mindset. If they keep you in a negative mindset, you're. It's easier to control and dictate that you won't be positively productive. So you'll go through your day, kind of drone through every day. But it makes you. If you're negative, you attract negativity. It's like a magnet. If you're positive. And it's the hardest mental state to be in when you have negative things occurring around you. But when you try to maintain that positive state, and it starts from the moment that you wake up in the morning, you wake up with a positive mental state. You gotta take that moment. If you pick up the phone, the only reason why you're picking up that phone is to put positive affirmation type videos on your phone. If you have something written, read it. But you know, but don't turn on negativity. Don't turn on the turmoil of A stock market. Don't turn on anything that doesn't allow your brain, from the wakeup state to the moment that your day is started. You have to have that medit, medit meditation period from that initial that sets your tone for the rest of the day so you can recharge around you so that you can now start, you can be ready to kind of repel all the negative context that's going to occur. It's the hardest state to be in, but it's so critical. And, and this is what, you know, I was telling people, you know, in this, it was a smaller group and we had some pretty amazing people there. And, and that, and that was my message because one of them said, well, what, what's our call to action for the day? And, and I said, well, here's the call to action. You're not going to watch the news. You know, you know the news, you know what they're going to say. You know the direction there. Don't get angry about it, don't get, you know, vicious about it, absorb it, because that's the direction we're going in. Look at the news from an information perspective to build from a context beyond that. Don't, don't just sit there and, and allow your brain to be, you know, you know, negatively bombarded by all the messaging that they're trying to, to, to push on you. And it's, it's so hard. It's so hard. Chad says you don't control the environment, you control how you react to the environment. That's exactly right. You know, you have no idea what goes on here, but it's, it's so, so important. Rebel against negativity. It's critical. It's how you set that stage, right? It's mental state and it's physical state. And that to me is everything. It's like, you know, for me, waking up in the morning, if I go to bed too late, it messes up my morning because my morning, you know, my workout has to start at 5:30, punctual every morning. Now I want it to start even earlier. I would like to because I still want to have, I want my workout time. I want my time to sit outside and look at the water and you know, have coffee. I want my espresso and I want that time then I want to be able hit that point. I'm more alerted to, okay, now it's study time. And then you could put on, you know, a good podcast that's positive. You can put on something that's educational if you're looking like, you know, sales, educational, motivation, whatever it might be. It could be five minutes, 10 minutes, whatever that 15 minute. Now you set the tone of the day. Now you prep yourself and now you dive in to the day. But other, you know, so you know that the context of waking up first thing in the morning and the first thing you do is look at the news or the first thing you do is look at the stock market or the first thing you know, there. There's just so many different elements in and around it. And that is, you know, that's the hardest component of discipline. And I try to vocalize it. I was having a conversation with one of my business partners yesterday. It might have been this morning. Can't remember about this exact thing. And we're saying that, you know, he too, you know, tries to wake up early. I said, I want to be up at 5:15. I got to be, you know, working out at 5:30. You know, fortunately, I have the workout set up in my house, so I'm not driving anywhere. Just roll downstairs, you got refresh. Boom. You know, you gotta, it's. It's so hard, you know, first thing you do is get a cup of YETI coffee. There you go. Hydrate and coffee, man. It's hard music that motivates that. That's another good one. Whatever it takes, you know, it's. It's so many good things. So. All right, let's take a quick. Man, I can't believe I, you know, all the conversation, talk, two videos, a lot of content. We got the good news put in there. Let's take a quick 30 second commercial break. Here we go. I think I fixed it this time.
- [53:40]
Chip
What's the word of the day?
- [53:42]
Jeff
Yeti.
- [53:46]
Chip
Wallet ready? Because this one's gonna be epic. Get ready to claim your own legendary blue tri Yeti of the clan Spirits Walkers. His name is Ormstora.
- [53:58]
Jeff
Let's go. There we go. Ormond Stora. So how do you like that? We are ready. What is this? Holy crap. Okay, getting the, the fire it up here. And there you go. El fa. Appreciate that. Look at that. Big supporter. El Hefe. Really appreciate you, appreciate all of you guys. Thanks. Jeff and Chip bringing XRP Community together on your channel. Congrats all XRP holders. Congratulations. Thank you for that support. Thank you for being here. Thank you guys for all for being here. Helped us, you know, continue through every day, every moment, you know, just continually building the content, staying focused on and, and learning all from each other. As the, the court cases and everything unfolded and now onwards to continue focused on development. So excited about that. Caroline, what is going on? Good to see you here. All right, so guess what? Here we go. We're getting ready. We are getting ready. Where is it? Where's the giveaway tool? Here's. We've only got. We've got 20. 20 in the drawing. So who else wants to win a banner? And you guys know the rule, right? Bad is Yeti. You're here. Say you're here. Get your zombie wallet ready and we are good to roll. So we got 20 in. We are going to hit the draw and we're going to roll and see what happens. So you guys ready? You ready for this? If you already said yeti, it only takes once, but maybe somehow you're tricking the. You're tricking the system yet. High. See, there you go. Got to figure out different spellings of it. Figure out how it is going to be thrown in there. Okay, here we go. Oh, wait, I'm not sharing. No good. If I had to draw it by myself and nobody got to watch. There's Justin. Justin with number 21. Zed's Dead Sea scroll number 22. Look at that. We're getting. Got 22 in Peter, 23. Can we get the 24? Sure, we can get to 24. While we're waiting here, make sure you get your Zman wallet ready because we're going to get it going. All right, that's it. 23 are in. 3, 2, 1. Here we go. Oh, Mike Marath. Look at that badass Yeti coffee. Mike Marath, big winner of the day for the blue tribe. Matt J. We got your yeti in there too. All right. Look at that. Mike Marath, congrat. Congrats, Mike. Winner of the day. Do we have it? I'm going to double check. Let me double check now. I gotta. I gotta go pull up some reason I don't have the spreadsheet open. Let us see. Let us double check. Let's go through the. Go into it. We're in the blue tribe. Of the blue tribe. Hang on a minute. There they are. Look at that. Look at the repeat. The repeat itself. So we got. Look at this Mike on the blue tribe. It's been a while. This goes back to. Look at that. All right, let me scroll down, Mike. Here we go. It's been. Man, you won. Actually you won one in March. That's pretty good. March 5th. Look at that. All right, so I've got that. Let me go over to the XRP Cafe. That's where we're going to do the transfer. Going to get this going here pretty quick. Here we go. All right, Mike, Mike, Mike, get ready.
- [58:53]
Chip
Now.
- [58:53]
Jeff
I gotta find it. Some reason I closed it by mistake. Now we got to go and look for our guy. And there he is. Look at that. Oh, that's the wrong one. I could give you a different one, but this is the one right there. There he is. Check him out. Let us get this guy going. Here he is. Right? And boom. Right there. Rob McDermott. Have a good evening and congrats, all the XRP holders that made it all the way to this day, which was just crazy. Justin. I think a lot of people, you know, it's somehow we get. I get. Sometimes I get our own notifications, sometimes I don't. I got our notification pretty much as soon as everything started, which was. Which was really cool. So the first time, it was like instant, like within a minute. All right, transferring this bad boy over to you, Mike. Here we go. And I am going into the Zen wallet as we speak. Going to open this up. Oh, what just happened? Oh, there we go. It closed. The signing. I like it. You just kind of move it in that direction. QR code takes instantly we swipe it. And now I'm scanning and it's verifying. It's already been submitted on the screen. That's how quick it is. And it is now gone. Look at that. Submitted successfully. So you are now a proud owner, Mike, of a badass yeti. Number. 496. That's how it goes. So Mike wins again. Big winner. And that was 496. It's pretty good. What's today? Today's the 19th. Oops. Make correct. We have to track every one of them. Make sure we keep track of the winners. Congratulations. Thank you guys all for being here. Congratulations to everyone for sticking in there all this time for the past three. Was it four years? I don't even know where we're at at this point. Been a long time, long time coming. Big shout out to. Big shout out to everybody too. El Jefe for the big support. Big shout out to Thomas Brennan for the big support. Appreciate you guys. Appreciate everyone being here. We will be back here. I can't believe it's Wednesday. Can't believe the week's gonna be over. We will be back here Saturday morning, 8:00am Eastern Standard Time. Looking forward to seeing everybody. Looking forward to having some good coffee with you guys. And that's it. Chip and Jeff. There is no Chip, so just Jeff. I'm out of here. Should we play Where's Our. Where's Our Out? There it is, right there. All right. See you guys on the next one. Are you down with otc? Please, like, subscribe and click the bell to be notified when the next video drops.