Government Regulation | Token Taxonomy Act | Banks and Ripple XRP
You. Hey guys. Coming. In here, in the evening, doing a livestream, thought. It was important. To do this, and. What. I wanted to talk about today is the, HR, 735. Six is what it was known as, in. The 115th. Congress, so really last session, and. So for. This. Session. We're. Talking about the token. Taxonomy. Act I want. To really. Get a good conversation, going here only. To turn this volume, down here I want. To get the live chat going I'm gonna wait, here let a few people join, in if they if they, join if they jump in but. I want to thank mr., B for putting. Up the Twitter, post really, keeping. The community, at large engaged. And. Very, responsive. When it comes to. Updates. In, the community, so, let's, see if we can get a few more people to join, in here. Got. Five. People so far I know it's kind of sudden I just, got this kind, of this passion. Here had. A thought was. Gonna save it for the livestream on Saturday, but, I really thought even if we get a handful, of people in here to really engage and, really. Discuss. The. Taxonomy, Tokyo, taxonomy, act and how, we, as as. Individuals. Out, there that. Care about blockchain. That, care about digital assets, can, really help, engage. And. That's and that's the topic and that's the point of today's, discussion so, when, it comes to the bill and. Mr.. B really highlighted, it there. Really is no expectation, of. Legislation. Being issued tomorrow. There. Is expectation, for. The legislation. Coming this. Month however and. What. What. Is it that we can all do and, that's really what I want to get into so. Stand. By here and I'm gonna pull something up. Let. Me see here sorry, about the. Let's see I'm. Gonna go to the web here, alright so there's four of us in the chat five of us total six people watching, alright so what. I want to look at is, the. Financial. Services, Committee. On the, Financial, Services Committee, and I guess I'm not really sharing my screen here. Let. Me go back and look I've. Got this, I changed. Out the way my layout is on OBS. And I, left out the share. Screen, setup. So. We're. Gonna have to do without that again I've been having some issues I was having issues trying. To add in some additional windows. And. Now having some issues with with.
The. With, adding the share, screen so, alright we'll have to do without that for right now so, really. If, we. If we focus, in on and we say to each each. And every, one of us you know what can we do right now at this moment and, we're really coming up to the midnight hour of. Helping. To support, one. Of the more important. Initiatives. Right. Now that will be introduced, to, Congress and again, that's the token. Taxonomy, Act I made a video about it. A number of weeks back. And. Really, discussed, a little bit more in depth about what it was going to do but. Again today let's focus in, on what, it is that each one of us can do, and if we, look at and you can you can pull this up do a search for the financial. Services, committee, I've. Put a link in in a previous, video but. Even if you go on to Wikipedia, and that's, the list I'm looking at right now unfortunate. I can't share my screen with you guys right now but if. We look at the members, of the Financial, Services Committee, of the. 116th. Congress. So, the. The chair of the. Financial, Services Committee, is Maxine, Waters, what. We do know at this point when, it comes to the, new token, taxonomy, Act that. Will be introduced, to. Congress is that, they want to have a fair. Balanced. Bipartisan. Supported. Initiative. So, if we look at a lot of the other initiatives. The. The, balance, sometimes it was one Democrat, three. Republicans. Four Republicans. Two. Democrats and. It was it was a little bit you. Know out of balance to have, a full by part in an ish bipartisan. Initiative, we. Need to see a good, balance, of co-sponsors. To the bill being. Republican. And from. The Democrat side so, what it's going to take at this point and. Even if it gets through to committee, it has to go through Congress so each one of us look, up find. Your. Correctional, representative. In your area, you, can make a phone call call the DC office as to speak. To the legislative. Staff. The. Legislative, assistant, whoever. Might. Be at the DC office if you have a local office in your area you can start there if you can stop by and visit the, local office in your area that's, even better and. Make. It knowing, that this. Bill is extremely. Important, you can ask them first, and foremost because you can refer back to HR. 7 3 5 6 from the 115th. Congressional. Session, and you can ask them where they stand on the, token, taxonomy, act they must have had a stance, in the, 115th. Last. Year when it was introduced in December, they. Had a chance to read through it and, now it's relevant again and we should be able to reach out and ask them again where. They stand so, if we go through and let's look at the majority column.
And. These are the, Democrat. Representatives. That sit on the Financial, Services Committee, and this, starts with Maxine, Waters who's, in California's that chair. Carolyn. Maloney in new york, nidia, uh what. Is this vetas quiz in new york brad, sherman, in California. Gregory. Meeks in New York we, have lacy clay in Missouri David, Scott in Georgia, Al Green, in Texas, Emanuel. Cleaver in Missouri Edie. Perlmutter. In Colorado, Jim. Himes in Connecticut, Bill Foster in Illinois, Joyce. Beatty in Ohio. Denny. Heck. In Washington. Juan, Vargas, in California, Josh, goth himer in New Jersey. Vicente. Gonzales, in Texas, al Lawson in Florida, if you're in the northern Florida, area al, Lawson, Michael. St. Nicholas in Guam. Let's. See in. Michigan, you have Rasheeda. Talib. And then you have Katie Porter, in California. Cindy, axe knee, and Iowa Shawn Caston. In Illinois, Ayana. Presley, in Massachusetts. Ben McDade UM's in Utah. In New York you have Cortez. Of Jennifer. Wexton. In Virginia, Stephen. Lynch in Massachusetts. You, have Gabbard in Hawaii. Alma. Adams in North Carolina Madeline, Dean in Pennsylvania, ASIS Choi Garcia, in Illinois Sylvia. Garcia in Texas, and Dean Phillips in Minnesota, so the point here is that you have a, formidable. List, of people. That sit, on the Financial, Services Committee of this list of Democrats. There. Are inevitably. Some in that list who are going to vote against, a bill simply. Because it's being introduced, by a, Republican. And. Again. This had this is a by partying initiative, I talked, about this in a previous video, when it comes to economics, when, it comes to our finances, it becomes, bipartisan. It impacts, all of us equally, when it comes to jobs when, it comes to technology, when, it comes to the future of our country, this, becomes, a bipartisan. Initiative, so, those, on the Left who want to adhere to, their ideologies. Of socialism. They, really need to get a clue and they need to get on board and support. Initiatives. That, are going to be in. The best. In, the it, really and put the United States in the best effort, for. Being. A leader in the blockchain digital. Asset space now. The token. Taxonomy, Act again, is the initiative. That. We need to see not only be introduced. Again. But we need to see it actually. Passing. Through. Congress, so. They're. Right now if we look on the minority side let's. Look on the Republican. Side and, we, can already highlight. Three, who sit on the Financial, Services Committee and the, three and three who have already introduced, their, own legislation. Tom. Emmer of Minnesota, Ted. But of North Carolina, and the, one who will be introducing. This bill the token taxonomy, act who was the initial, sponsor, of HR. 7356. Warren davidson of ohayo so we know we already have three Republicans, 100%. For sure that. We'll be signing on to this bill now, of the. Other Republicans. I'm sure we're. Going to see a good initiative and I firmly, believe, that we can rely on the. Majority, of the Republicans, to get on board and will support, passing. This, legislation, through. The Financial. Services Committee on to Congress, that's, where the the real work starts now, if we go back and we look at the, two bills that recently. Passed one was HR 56, and I think the other was for, 28 or 528, I'm, off to go back and double-check all the numbers kind of rattling around in my head but anyhow. Those, bills were proposed, both of them proposed. January. 10th, and they passed by January. 29th, so when the bill is introduced. To committee, they. Can pass through Congress very, very quickly. So that, means, that it's up to us if we want to see, this bill pass and and I, know that, that, Warren, Davidson's office, is doing everything, in their power to make sure that they're going, through the language they're dotting, their eyes crossing, their TS on this legislation, to. Make sure that it meets every, possible. Legal, standard. To be a complete. Bill. To be proposed, because they're talking, about changing. The, Securities. Exchange. Laws. So, when. It when it comes to making, some. Changes. We're, not it's not like the first bills that pass through and the two bills that pass through Congress in January, were, very important. Now. Those. Bills were related. To security. And and, monitoring. That digital, assets, and digital currencies, weren't. Going. To be used by terrorists. So that was an important, base and I talked about that on the previous video but, we do want to make sure at this point, that this bill is introduced. It that's, on their side of it will be introduced with the right language our side, of it is to make sure that our congressional reps all get on board and pass, this through it means, so much more, than. A, partisan. Partisan. Ideology. It, means so much more than that this is again the future, of our, country, it's the future of digital assets. It's the future for. All of those who are, supporters, of, XRP, those who are supporters, of ripple.
Those Who are supporters, of the, ripple, net, solution. It appears. At this point, that, one, of the reasons, why banks haven't, all jumped. Onboard to truly, engage in, the utility, of X rapid. Mainly. In part, due, to the. Lack of clarity and regulation, at the Congressional, level in the u.s. because, a lot. Of business flows through the United States a lot of the banks are in the United States banks. And corporations do business with the United States and therefore. It. Does, create, a little, bit of a block, when it comes to banks, adopting. And beginning to utilize X, rapid which would therefore utilize, X R P and if we want to start seeing a streamlining. Of. This. Full solution, this, is where it's going to start let. Me turn to see some, of those who have joined in in the comments, David. Simpson. The. Great pate. Anthony, loose, it's, our Congress, rep was, that say it's our Congress rep we should be contacting. Right exactly, you want to get in touch with your congressional. Representative. So, you can easily go on look, for your area look it up by zip code my. Previous video I actually, did, post a link so. That you all you had to do is type in your zip code I forget the exact web site I can pull it up here in a second, it, was dot gov something, but. You can easily look up and find who your congressional, representative. Is nick. Black whatsup, xrp army, sec. Put, the quick brakes on the realty, shares proposal. Man the sec, there, there's you see kind of differences. Of, of how, they're managing. This space some. Of the statements whether they call crypto, mom i forget, our exact name but you know she's a huge, proponent, of digital. Assets, and and blockchain in, general, and she's, made some very very interesting. Statements. As of, late which, are very very supportive i mean at the same time giving some, explanation. As to why, the sec. Hasn't. Pushed. For full, clarity pro. Or con however. You want to look at that i thought that was pretty interesting, now. We got middle way commenting. Nick black, counting. The days until SBI. Launches. Hester. Pierce there we go hester, pierce crypto. Mom is Hester pierce thank you for that, so. With. This small group we have on now I'm I I'm. Kind of fired up that some people came on this. Kind of last second, that I posted, this my, stream health is kind of dying out here it looks like it's in the red for some reason let. Me look on OBS, looks. Looks healthy over there but. On YouTube, it's looking, bad. Video, I don't I don't know you, might be getting some delay I'm not sure so, any, outlets, let's take a look at the full list on, the Republican, side we've. Got Patrick, McHenry North, Carolina, is the ranking member, Peter, King in New York Frank, Lucas in Oklahoma, Bill. Florida, Blaine. Luke. Meyer in Missouri bill, Huizinga, and Michigan, if you're out in Michigan, reach, out to Bill Sean. Duffy Wisconsin. Steve Steve a Stivers, Ohio and Wagner. In Missouri and the vice ranking, member and these are Republicans, Andy. Barr and Kentucky, Scott. Tipton, and Colorado, Roger Williams, in Texas, French, Hill and Arkansas, Tom, Emmer we mentioned him Minnesota, Lee, Zeldin. In New York berry. Loudermilk. In Georgia, Alex Mooney in West Virginia, Warren, Davidson, the sponsor, of token, taxonomy, act Ted. Budd North, Carolina, David. Gustav, Tennessee, Trey Hollingsworth. Indiana. Anthony, Gonzales, Ohio John, Rose Tennessee, Bryan, stell in Wisconsin. Lance Gooden in Texas, Denver, Riggleman, in Virginia. So. Those, are the. Republicans. That, need to be contacted. Let. Me take a look here all, good on YouTube I appreciate, that thank, you very much, great. Page Jimmy, crypto John. Crandall, appreciate. The the, feedback so.
Hopefully. We can get a few, more people in I'm, not going to make this a long. Kind of drawn out video. But, I do have, if. We tune in on Saturday. I have a ton of topics, to cover on, the livestream Saturday. Morning 8 a.m., if. You guys have any questions, post them up now, but, I just wanted really to bring attention to, the importance, of what. It can take to. Get this bill through Congress once. It clears Congress, it still needs to clear Senate. In order to end up on president, Trump's desk, so right, now I would say the biggest hurdle, are probably. Those on. The. Democrat, side of, the Financial, Services Committee so. If you again go on check, it out look at the list, make. A phone call make it make two phone calls whatever. You can do would help pass, it on to two others send, it out on Twitter whatever, social media you can engage in but, just remind, people that its own important, that. They. You, know reps if we want to see some true, movement, with, the token, taxonomy. Act so, let me take a look here. No, no, other comments, here yet so. That's. Really it guys I'm really, glad that you joined on, again this is Jeff with a hotter report, my. Videos, planned. I was, actually getting ready to put, together a video for tonight I want to talk about what's. Happening in Venezuela. There was some interesting. Developments. On. With. With in regards to crypto. Currencies, or digital assets, from Maduro and. Taxes. And really, a UH the. One the one final, noose the. Really. Tightening. Down on, the population, in Venezuela, absolutely. Horrible, so I think I'll put, that video together, tomorrow. Or, Friday, before, the livestream, or we'll talk about it on Friday but. There's really a lot that goes into it I got a question here from Nick. Black, at. What point does all of the legislation. Remove. The significance. Of the sec, and are, they trying to stay relevant. You. Know that that's a great question, i think at this point and and. This goes back to my thoughts, initially. And i think it was hester pierce even brought this up, it. Seems, to be, anyways that the sec, is waiting, for some. Regulation. To be passed, by. Congress once. Congress does, pass and they make some changes. To, to. The laws they. Make some changes to the rules then. Everything. Changes so they can change the IRS, code from, 1986. They. Can change. And. There's a lot of things they can adjust that will have a positive impact on, digital, asset but also sets it, really sets not, just the precedence, but it's setting the it's setting the guidelines, so then the SEC has to abide by the guidelines right now the, SEC, is abiding by. By. A, test. And by, guidelines. That are antiquated. So we're talking about guidelines, from the 40s, you. Know so if we look at that how we test we, talked about that before and that's really they're applying that how we test to determine whether or not. An IC, o---- or, is, is a security. Or not but then they're trying to apply that same test, to, two, digital, assets, so, again it was crypto mama or has to appear as they came out and really, you, know broke it down to say you know here's here's exactly what it is and. So it kind, of excluded. XRP. And and most, of the digital assets from from. Being recognized, as a as a, security, but. At the end of the day it's. It's Congress, that's, going to legislate so. The. SEC can only abide, by legislation. On the books. Let's. See here we've got so that was that's a great question, appreciate, it Nick I'm.
Looking At my phone here for for, the questions, I can't get the the, streamed to, come up on my OBS, software. For, some reason. Let's. See here a middle, way I'm, guessing, the reason they're not pushing SEC, clarifications. Because lightning Network isn't fully complete, with, the saturation, levels necessary, for, a bull run who knows you know I mean anything, is possible yeah, you. Gotta believe there's stuff going on behind the scenes that none of us will ever know about we'll. Never you, know see any you know there won't be a leak somewhere on social media maybe there could be minor. Hints, here and there if you kind of piece things together based. On people's conversations and. And what, the SEC, is doing or not doing or, you know based on legislation, that isn't. It hasn't come out yet I mean that that's definitely possible who, knows. Alberto. See what, do we have here I just joined, sorry came from Twitter, so. No token, taxonomy, act to be presented tomorrow, no. I it's, not gonna be presented tomorrow however. Based on the information. That was given I'm expecting. That we will see, something. Introduced, before the end of the month if not but, by the very beginning of, of. March. Let's, see Nick black you'd, expect, that most of the congressional, legislation would, push the control over to, the CFTC. You, know I. I think there's there's always you. Know there's always gonna be a little bit of a. This. Is gonna be a little bit of a struggle but but still there there's some things. That need to be clarified. And, so. Let, me pull this up so let's, look at just, real quick I'm gonna pull up and, because this is important, I should pull up my my, list but I'm gonna do from the 115. And, why could it delay if I'm using my computer here. Some, reason that happens, occasionally kind, of slows down the stream but. I want to pull up the. Exact. So. You know we have the Securities, Exchange Act, of 1933. You, have the Securities. Exchange Act, of. 1934. You. Have the IRS. Code. That. Was written in 1986. And these are all relevant, and to. The, to the, digital asset space because digital assets obviously haven't, existed and they, need to be added, in. Some way so and that's really what the token taxonomy Act is addressing, but. Again it goes to legislation, it goes to putting, it into law, so. If we look at the Securities, Act of 1933 the, SEC, and any, other party, there thereof. Within, government, that is to monitor. They're. Going to monitor, based on the rules that Congress. Has legislated, and. So this I think this is the, critical starting. Point so they. You know you can't pass the buck so if the Securities, Act of 1933. It's. In black and white and if, everything is it has been adhering, to the. Securities, Act of 1933 and, the Securities, Exchange Act, of 1934. And the IRS Code of 1986. 1980-1989. We. Need we need some changes and if they're applying that Howey test from. 1946. That. Obviously, all of this is just so outdated. You know so we need to see we definitely need to see some changes. Let's, see here all right so. See, any other any, other comments, questions. Is a an, important, topic. So. Let's, see here I wanted to pull something out. Um. See. Something. Specific. It's. It's interesting too I mean with all of this going on I saw somebody's comment, the. Other day and it was. Some. Good. Things some bad things going on in general but there's there's another really. Important, act that. Though that has been introduced, to Congress, called, HR, 25, it's based, on the Fair Tax that. One's really important, as well. Definitely. Will have an impact on, on. What happens, with, with digital assets, when, you decide to sell. Let me see here. Alberto. See I, wonder. What lobbyists, are doing, which. Cones are going to read I can tell, you 100%, XRP, is or, not, it ripples. As is represented. In. Congress they're definitely, there, doing. Their thing you know talking who they need to talk to but. Even with all the lobbyists, out there you, know they're they've got a certain, level of influence, but. When it comes down to deciding. To vote not all the, congressional. Representatives, are always going, to you, know make their vote based on you, know information. That's given to them by the lobbyists, but. If they're giving information by the lobbyists, but they might be sitting on the fence all of a sudden they start getting phone calls from. From. The grassroots, from individuals, in their other constituents. In their district, out of their district, that, says hey this is really really important, and we're glad that you're taking, taking, it up in committee, and in Congress we, want you to pass it I think, that you know definitely has an impact.
Let's. See HR, 528. That's, a good one let me look that up real quick. And, I talked about that one the other day. Let's, see here. HR. 528. Whereas. The 1/16. This is blockchain. Regulatory. Certainty, Act so, this one was introduced, it was 428 that passed at 428, and 56, this, one was introduced, already on, January. 14th. It, was referred to the Financial, Services Committee, and. It also went to the Committee, on the judiciary. And. Right now per, the for the notes that's, where it sits it. Doesn't say anything in, the. Notes here about whether or not they're voting out on or not let me pull up the actions, we, can see kind of where, it is at this point. All. Actions. Hang, on one second. Oh hey. Okay here we go all it's. Just it's sitting there I I don't have any additional information, I haven't spoken to Tom, Emmer's office, to. Get any further. Information on this bill this. Is another important, one and I'm glad you brought it up because. Blockchain, regulatory. Certainty Act so if we, look at the if we look at the summary, text on it you, know what exactly is the 528, and again, this is each, bill each bill that's introduced, is is important, when. It comes to the, digital asset and blockchain space, to get some clarity on it but. This. Let's. See so this, bill exempts. From certain financial reporting and licensing, requirements, blockchain, developers, and providers, of blockchain services, that, do not take control of consumer. Funds. Basically if. You're not going, into a, I. Don't. Know why I always forget this this term, and now. It's just you've, aided me again for. Some reason but. Kind. Of so, basically, making. Sure that they're, not that there's no, taxes. Being. Applied to. Certain, entities. Especially. When they're there's funds, being moved, around. So. Maybe somebody can remind me I don't know like I always forget this term it's one, of those those words that I should, always remember. But. Anyhow. So let's, see. Appreciate. That. Let's see there's some other people that joined in. Funky. Zero zero how, soon will we see banks holding crypto for their customers, and. A debit card. I believe, there's already some credit. Slash, debit, cards available out in the market. But. As far, as banks, holding it I think, we're, starting to see some. Significant. Momentum. Especially. Spurred. On by entities. Like SBI, and. Some others in in the in the area and I and it was just reported today, Nasdaq. Is going to start listing. Bitcoin. And aetherium indices. On their, on. Their reporting, so I, little. By little we're starting to see things go mainstream, and. It's it's a matter of time is it the bank that, is going to begin offering digital assets, or are. Some. Of these exchanges. You, know what their term is custodial, their custodial, accounts, so, that's, I don't I don't know why that. All that where it always evades me but. The question, here is yellow. Man thanks Alberto, I truly, appreciate that, I really do, and. You know just trying to throw this in at the last second, you know things that I thought, was just critical, to to, start talking, right now and and. Bringing everybody into this conversation even. If it's a small group you know this, is this is where it all starts, I've, got a political, group to run tomorrow and I've. Got a whole nother conversation with. Those guys, I was, begged to come back in and take over the group and. Tomorrow. As to my second, we meet once, a month and tomorrow's. My, second. Official, meeting, and I've got a lot of important. Things to cover with them and I was kind of working on that as. Mr. B asked, me a few questions and, I, was doing some us typing, on my phone and started. Posting. On this I said you know what this has got a I'm gonna put this on the side and this is a little, bit more important right now, let's.
See. Nick. Black fidelity. Will have some. Type of custody. Solution, in March yeah, yep. Exactly, so it's, amazing, - yeah we don't know we don't know exactly you, know to, what extent, but. It's, it's, crazy right now right, and it and this goes back to some other conversations. That. I've had on video and and and, others have talked about this too but the, FUD that. These banks and some of these bigger financial institutions. Have been spreading, now for months and months and months really this whole past year and then, on the back end, they've, been working on developing, all of these solutions because they knew exactly, what. This digital, assets face and blockchain they knew exactly what, was happening here and on Saturday, I bring up another case another use case as. To why banks. Are really. Adopting. Blotching. And how important, they're seeing the the blockchain, and digital assets are but. To the point where, are we going to see you, know banks, really. Handling. Digital, assets and again. My point are, we gonna see banks, handle, digital assets or are we going to see exchange. Begin. To handle our banking, that's. That's the big question so, if we, have like. A, fidelity. You know introducing, custodial. Accounts, but then we have, Gemini. And we have coinbase. And we have. Uphold. And we, have you. Know a handful, of others that, are already. Beginning, to move. Kind. Of in a direction. To. Where they could become quasi. Banks, and I forget which one it was but they they I think they bought a bank or, something. Along, I forget exactly what it was e but it was in the news maybe maybe, two three weeks ago there's, so much news that comes out constantly, you, know trying to remember, and stay on top of every little thing that happened, it's just it's crazy I agree. Man Anthony loose, it's gonna be a fun few next months man, this this entire year I don't I don't as. Detrimental. On, the Honda on the heart as it's been you, know with the downturn, of the digital, asset space. I think, it's been super. Exciting, because and the reason why it's been exciting it's, because there's Const, development, in this space you, know it's not like trading, stocks and stocks go through a bear market and you're, like you, know I invested, all my money in these stocks and all the stocks going through a crash, and I can't do anything about it it's not exciting I'm just I'm miserable, you know yes we know that at some point in the future the. Companies, are gonna come back and that's what happened we look at a crash in 2008. Imagine. If we you know yet money and you just started buying stocks, like crazy when the stock when the bottom fell out. 90s. You, know. You. Know when you know when the the, the. High-tech boom crash boom. And then subsequent. Crash, but. With, the digital spate the digital, assets, we, know that it's. Speculative. And it's exciting, because there's. Constant. Development in the space and it's a brand-new market it's a brand new, class. Of. Acid. And brand new asset class and the. Whole world is going through this revolutionary. Change. Technologically. Through, blockchain.
And Then, financially. Through the digital assets, and that that's what keeps, us all coming back I believe, now. Let's see can back to other exchanges, be fined for going, live. Um you. Know I, I. Don't know if I can answer that question I'm not I'm not a hundred percent sure what would happen if. They do, or don't ya I'm not sure that's that's a good question, we'll have to look into that one. Nick. Black for banks it's a zero-sum game the, second the first bank that, handles, custody, presents, quarterly earnings at. That point you'll see a mad rush of CEOs start getting sacked. We, read that again. Yep. Yeah. It's. Amazing, you. Know, it. Really, is you know it really is. It's. A this I you. Know that those that are those. That are speaking. Out against. This space that are holding back that are spreading misinformation of. There's. There's going to come. A time where. You. Know where. Where. Where reality, is, going. To, really. Take. Take. Note, of what. What. You know what type of miss, again misinformation, they, were spreading, and. You. Know it's just a matter of time it's gonna happen fast you know I constantly. Look back I think back, on Jamie. Dimon from from JP Morgan you. Know and I think about that, the negative, things that he, said, about Bitcoin. In public. Over and over and over and over again well at the same time JP. Morgan was getting, into blockchain, and investigating. Ways to get into digital assets, but, there he is that the the face of the company constantly. Coming, out at some. Point there's a reckoning you, know because you can only do it you can only be wrong I, mean. You're right at that, moment in time everybody. In this smaller community, knows you're wrong but, when you're approved wrong that's when there's gonna be a reckoning you. Know it's, even this no Rini roubini well you know whatever his name is over, there, there's. Gonna be a reckoning for him as well and. Again many of us in this space that are investing, we know it's speculative, we're. Excited, about the possibilities. We're seeing that we're just in the very beginning, stages, of, it. We know that it's starting to ramp up faster, than we can ever imagine and here's, these guys that are just constantly, just. Naysayers. Just constantly, trying to push it down and maybe, they're doing it yeah I don't know I can't even can't, even imagine why, someone would stake. Their reputation and, really, their credibility, not. In their profession. On making. These public, statements. You, know it seems like every day they're being proved wrong it just it's just mind-boggling, to me. Let's. See here Alberto, see German, crypto currency exchange Bitcoin, group as he announced, it has successfully bought a 100 percent stake that's that's the one I was thinking about in an investment, bank yeah. That. That's. Huge that's. Really huge and that gets them into banking, so, that's that's where that's the transitional. Point you know what at at. What point does, the bank start the. Exchange, is the exchange gobble. Up the bank and I think the exchanges. Have. So, much profit. Potential. And so much money, it's. The, dynamics, are shifting, so fast it's it's crazy look at I, every. Time you read the news and you see some of these high tech companies, and they're, bought out by for.
A Hundred, million you're like 100, million that was any a billion. Then. All of a sudden it the, numbers keep going up and up where, they're, almost not even real anymore based, on you know how much money some. Of these companies sell for. You. Know so let me look here. Huh. Sorry, guys let's. See, Visa. Mastercard sparring. There's another good one so. We're seeing both sides of it you, know see. What happens to Visa and MasterCard they get gobbled up by somebody else. Hmm. How long will non crypto, compliant, banks last after, Bank of America JPMorgan offer crypto services. I'm not too long example, Western Union person might but, that's the thing is Bank of America, and, JPMorgan, are. They gonna offer crypto, services on their own are, they gonna buy an exchange, to, do it they, are large, enough to to. Go out and and potentially. Merge with an up hold up, potentially. Or you. Know buy out a coin. Base, are. They gonna try to create their own exchange, I mean they probably could, but. Why. You, know why go through that effort when you can automatically. Have a huge, customer base, that you don't already have you're acquiring a customer base that's. That's always a possibility. So. I see, it I think it's gonna be a constant evolution. In, this space right now I mean if you look at everything evolves. From. If. You look at cable companies, there used to be a lot of different when. You look at internet our. First dial-up, services, with AOL, and. Earth. Link and. I. Don't, have Netscape, I think once was it dial-up I'm not I don't remember I don't remember exactly but AOL. Is the first one that I ever logged into and then I moved over to earth link if any of you guys remember back in those days and you had to do a dial-up, and, then, it. Was exciting, getting the first. Cable. And so, the cable companies, but, then the cable companies, now are really. Becoming irrelevant, and they're, trying to maintain the relevancy, if you look at Xfinity, with. Xfinity, getting into their. Into their, getting. Into cell phones but, they're not doing their own cell phone they're piggybacking, off of Verizon. And, so you, know you, start seeing all of these, types of things happening. And there's, a lot of commingling. Of companies, but. It's always best if you have an existing entity, with. A customer, base it's, almost best, to somehow merge that and they have the existing, technology, and you can somehow absorb, it you know that's my opinion anyways. Fidelity. Buys coinbase, always, a possibility, I mean that's, that's the thing and that's what gets, even more enticing right, so what, about Ripple.
Uh-huh. So, ripple. And Swift you know battling, it out right now, ripple. Is worth a huge amount of money on, its. Own even. If you you know if you look at you. Know if you look at what they hold in XRP, if you, look at what this markets, worth, with. The with the number. Of customers, that, will, move over to ripple net that won't be satisfied, with. Swift GPI. And, so, and you're seeing now look, at Swift GPI and this is where all of this really, comes in and all you see all the dynamics, at play Swift. GPI, and Swift identifies, that GPI. On its own isn't, really enough even, though they've been bad-mouthing, the blockchain and so. Swift. GPI goes in and sets. Up a partnership with r3. Which. Will inevitably, use, the cordis solution, for, a payment, settlement which, is using X RP and so, this, this is the inner tangled, web of all. Of this technology right now and so, it's really anybody's guess which direction it's gonna end up going but I love it I actually I really love it. So, I'm. Glad you guys hung. In there with me for, I didn't, think I'd be on for for. 40 minutes I thought this was gonna be something I'd be you. Know maybe 10 50 minutes we'll talk about the token taxonomy, and, and, kind of move on from there really glad that you guys hung in there glad, that you guys joined. Moneybags. Welcome. To. Evening. Crypto, with, the jato report, glad. That you're here, example. JP Morgan, may use backed custodial. Services. III. Agree, I mean anything, like that is possible yeah. Man. Albertus, II appreciate that, Bobbi ripple. Yeah. Go back watch, it we talked went. Through the congressional. Representatives, some. Important, information over, there alberto see thanks. For the donation. To the channel truly appreciate, it. Check. It out there. Again, if you want to look up your representative. Easy to find them go, check out wikipedia, that's an easy spot to if you just type in financial. Services committee that's a good link if you go to their website it's, completely, useless because, you can't find who. Sits on the committee when you go to the Financial Services, Committee. Website. So. Saturday. Morning, 8:00 a.m., morning. Crypto, my next live stream look, forward to seeing you guys then, again. This is Jeff with the hotter report, and. Make. Sure you guys tune in, thanks, for joining me see you guys later.