FED | Cryptocurrency | Token Taxonomy Act Update | Brad Sherman Bad for Business |
Or. If, it is going to put me into a. Bad. Situation again. And so far it looks good, actually. I did do a full. Reboot. So. Let's. See if this kicks in and and does something positive. For us here. Let's. See we are live. Again, so. Let's see who we get. To bounce into the chat. Let's. See what we got going on here unable to connect, to the chat I, should. Be restreaming. Let, me refresh. This. Let's. See where we're at with everything just, give it a minute. Going. Through these technical, difficulties. What. A pain. The. Hope, let's. See. There. We go I think I'm popping back in this. Is good is, this. How you get that's right you know right. So, other. Than the annoyance, but. The stream health is good I did I ran a speed test and what, a pain I I should have two, hundred Meg's. Coming, into the house and, I'm. It, was and. The download. Speed was 0.5 it. Was like point two on the upload stream insane. Hour upload stream should be 25, so. I, went through I have the Google mesh and I. Ran up and I and, I just did a - ooh, things. Up here though, we'll find out, let me give everyone a little chant. Eggbert. Tina's back on and Ally's is on good to see. 1wb. Back, on. Gaming. Crypto, what's going on good. To see you hear, me. Pop, out the chat here I'm going to pull. Up the chat now on my, phone. So, we can monitor the stream, strengths, I, get. The, YouTube. Oh look, at that stream health is read again, you, believe this. Let's. See here and it's green coming out of OBS so. Hopefully. It stays, positive. Here, I'm gonna spend like 20. Minutes just going through stream. Health that's. Enough, to. Get. You get, you going here let me see here let me see if I can get back onto my live stream here we are alright, that looks is that the live one nope that's the original one. Where's. The live stream I can't get. Back to my live stream on. Here. See, that. At the end nope. All right well we'll figure out what goes on here it's live, let's see if I can get on there okay, so Spanish. Fly hey glad, you're here, Ferdie, well. What's up, good to see here. Huh. The. It. Took them five trips, to find the source of the RF interference and. I've had yeah I've had, Comcast. Come out so many times and. They they just seemed to every time they come out they seem to make things worse don't they though. They'll always blame. Inside. I had a guy come in and we rewired, the inside of the house redid, all the connections, then, he goes outside and, he said you know what let, me redo the box out and you know out next to your house redid all of that then, he came back in and said you know what I think it's something further down the line so we're not gonna charge you for everything we just did, but. Hey. Spanish. Flag glad, that you popped, in where. We were before and let's, get into some, of the some of the good stuff so, I. Wanted, to go, through and. First, I want to talk a little bit about really. Up. Drop. Out know OBS. Is solid, all, right I'm gonna do something except to tolerate, the, way. This stream. Is gonna keep freezing. Up like this let's. See and YouTube YouTube. Is red postponed. And I'm planning on streaming later on updates, with.
The Token taxonomy act and so I was really hoping to get a chance to focus on just. The token taxonomy, act on. It on a stream later, this evening, so Mike, Smith hey glad. To see you on from the UK. So, if you guys if the audio seems to be cutting out at all let me know if. It's just video cutting out you know I can, deal with that but if it's audio cutting out then it's, really gonna mess things up here so, just let me know in the stream if the audio cuts out then, we. Might have to table. This stream for for today but, well. We'll see how that that goes so I'll look, in the stream and see what you guys what. You guys are saying so. Let. Me pull. I'm gonna pull up this, interesting. Article that that, came in and. This was this was on the hill now, we, can obviously read, into it and try. To make a determination on, what the Federal Reserve may. Or may, not be, doing. However, we the one thing is that, though, analicia. Thanks, for that a little on the audio hopefully, we're. Back in it I'm able to monitor thought it, was so poignant with, what's happening, right now and. This was. And. The title of this article the, Federal Reserve overreaches. Again. And. So, let. Me there. We go okay, so, I'm. Just turning on my phone this is really getting. To me you know I'm sure watching. It makes it more frustrating, as well sorry about that guys I really appreciate you guys hanging in there going. Through this the playback, might be tough but May. 10th so yeah oh this was this was for sure yesterday, okay, so so. Federal, Reserve overreaches. Again this was on the hill calm. You. Know what I'm gonna do let. Me see I'm afraid to, mess. With things. When they're working but I'm gonna do this anyways, I'm, going to transition, this over here we go all, right so this. Is this is the hill calm, now. When. We we go through this and the reason why I thought this article is interesting, again the Federal Reserve overreaches. Again and the, point with this article was, really focused, on real-time. Payment. So, real-time, payments. Look at this this. Is why we need to get rid of we. Need to get rid of ads. Okay. So real-time. Payment now. We. See obviously, with what, ripple. Net is doing we're, able to accomplish not, just you. Know transparency. But. Pretty. Near real-time, cross-border. Transfer, of funds and. Here. We also and. I started doing some research I've. Been planning, this video for a while hopefully.
Eventually I'll get this video out, with. With. The regarding. The Fed wire which. Is a Federal, Reserve cross-border, payment, solution. That, had been pretty, much competing at, a level, with Swift and they do a huge. Amount of transaction. On. A on, a daily basis, on a regular basis, now the Federal, Reserve in this. Scenario. Now, obviously having, real-time payment. Transaction. Is critical. For many different perspectives, real-time. Payment transaction. Is important, for, a consumer. It's. Important, from a b2b, perspective. It's important, from the b2c, perspective. And it, can be very important, from a PETA peace perspective. When, we talk about real-time. Payment, this, can exist, in, many different forms, and, so. Oh. Anneliese. Thanks for that so. Think. About in real-time payment, in in, real estate think, about real-time payment in in a business transaction think. About real-time payment as to what it could mean for a small, business getting, funds a lot of small businesses, will, operate, on a, buy and sell but that you, know if they have a customer, the customer buys something they might have to run out and contact. Their manufacturer, for that product and not, every, business operates. In a terms structure. And, many of the manufacturers. Don't allow for terms and will do everything, ship. On payment, and so, for, a business, to receive real-time. Transfer. A payment, for in funds from, their customer, is really a big deal now, what, we're talking about in this scenario is, the, Federal Reserve according. To this article, overreaching. And stepping. Into a space that is really. Occupied, and should be occupied by the private, sector of now, a whole, different conversation is, that the Federal Reserve is not a, government, entity but. The Federal Reserve is made up of of private. Banks, uh-hum but with. With individuals. That sit on the board of the Federal Reserve that are, you, know their to manage. Or oversee. Our. Economic. Trends. And movement, and, so in. This scenario, the. Point, of this article is is the Federal Reserve overreaching.
And Stepping, into a space, that the private, sector should be now the question, that I have in this scenario is. What. Is the Federal Reserve actually, thinking, about when. They're anticipating. Creating. This. Clearinghouse. That they'll. Allow for, and accommodate, real-time, payment now, with. The real-time payment, structure, somebody's. Floating, the. The payment at some point during that process so. The question, here then becomes, if. The Federal Reserve is planning, on getting into, the, real-time payment space what. Exactly. You know does that look. Like. Who are they engaging, in. In. This in. This process to. Develop and build out the, technology. To step into a space, to, make that happen now in this article I thought it was really interesting and. So there were there really a couple points, that, were brought up throughout. This, the conversation. Or the the. The the, write up here and and. Really. In one of the points let me switch, back over here so you guys don't have to look at my notes if I pull, them up here as, I pull through this so so. There are really two primary points. That I brought that I thought about as, I was reading this number, one is you. Know why, are. Why, is the federal reserve you know why are they considering, to, get into the payment space to begin with are. They falling behind in. Control. Over. Finances, over economics. And do. They see an. Expansion. Of digital. Assets, as a direct, threat so. I guess that's a multiple questions. In one but. It kind of this you know continued. Continuous. Saw thought process, so why. Is the Federal Reserve you. Know why do they want to get into the into the into the payment space in the Clearinghouse for real-time payment, settlement, obviously. There's a financial, gain, there's money to be had, obviously, there's control, obviously. You stand out in the space they're. Taking, it to the point where they're potentially, competing, against, the, private, sector, now, the question, then we. Can really highlight you, know does the Federal Reserve believe, that, they're, falling behind and, and, falling, behind due, to the.
Expansion, Of digital, assets, as a direct. Threat to. What the Federal Reserve does so. If the Federal Reserve can. Dictate and control, our. Monetary, system, we, already see you know that there's there's definitely some. Conflict, some tension, between the Federal Reserve and and. The President, of the United States right now when. It comes to economic, growth the. Federal Reserve is going to do things, too. Well. Or can do things to, potentially, disrupt. The. Economy. So we saw that recently. Where, they incrementally. Began to increase. Interest, rates now, the economy, hasn't reached. A point where it's, it's, in a in a in a purely healthy, state although our economy, has been growing significantly, in the United States over. The past couple years it's still not in a place, of, you. Know where you could consider, it. To be a hundred percent stable. And so at the same time as the Federal Reserve is impacting. The economy with, an increase, in interest rates we, see we saw that reverberate. Through. The rest of the economy as interest. Rates on mortgages and. Interest rates on car loans and inka interest rates on, large. Capital, equipment purchases all, of that began to go up which. From. A mainstream perspective. And a business perspective you, start to see a consumer. Tendency. Towards purchases, you. Started seeing a negative. Perspective. And a decrease, and, it so is going to have a negative. Reverberation. Throughout the entire economy so, they put an immediate hold, on the increase of interest rates now. At the same point we. Are seeing an expansion, of the digital asset space we're, seeing what the SEC we're, seeing the central banks throughout the world we're seeing the SEC in the u.s. we're. Looking for regulatory, clarity, through. Congress, and. Then you have this Federal Reserve entity, that's watching all of these things that are transpiring. Obviously. The Federal Reserve is very. Cognizant. Of what's, happening, with ripple what's happening with, ripple, net Swift is very cognizant, of it on the, fact that the Federal Reserve has dabbled, with the Fed wire as. A direct, potential.
Competitor, Although, with, much larger. Transfers. Of money, so. That's. Part of their their seamless process now the question, then is again. Do, they see the, digital asset space as a direct threat, to. Their. I. Don't. Want to say it to their kingdom but. Basically the Federal Reserve, has, a, has. Sat on the throne of the economy, for, a long time being able to control and manipulate it, as they, see fit with, some interaction, and. Then you, have the, whole question as to what the. President, in the United States talks about when he talks about the swamp and then you have the. Lobbyists, and you have the banking, lobbyists, and you have all these different elements within, the political structure, and, then you have this Federal Reserve that, can manipulate the. Interest rates up, or down and have a desired, outcome. Of the economy, maybe based on what they, foresee, but, now you see the direct, counterbalance. To that which, is the growth within the digital asset, space you. See XRP and and it's interesting because, i think two, chips. Video the other day when he was talking about when. He when he was at the at. The crypto cafe, and the guy said well, XRP is the bankers coin well you know what that that's okay for right now you know so let, it be the bankers coin because what, what does that really mean and and through you, know a little bit of misinformation. And, misunderstanding. Of what XRP is there. Is a little bit of reality, because. Through ripple, net and ex rapid, it, is being utilized by. Banks, to provide, for cross-border payment, solutions and there's nothing wrong with that so yes, that is a part of it but that's not all of it xrp, is utilized. By banks hey you know what bitcoin, isn't, being utilized, by banks, so there's nothing wrong with XRP, being a banker's coin if that's their coin of choice so, be it now, the question, then becomes, you, know is the. Federal. Reserve again, are they seen, a direct threat and you, know are they, doing, anything, at this point, to, adopt, and be, part, of the. Digital asset, growth so, we see within the banking, industry. As much fun as you want to see whether. It was from Jamie Dimon. JPMorgan, or others. And then come to find out that they're actually fully, involved, and engaged in. This digital asset space and. Launching, their own coin Ajith, the JPM, coin so, so. Could. It stand to reason. That. The. Federal. Reserve is, looking. To engage in, digital. Assets, so. Oh first shot back at the gym awesome. This. This is the kind of stuff you want to listen to while you're working out.
Man. I might. I might ruin your workout I'm not sure. So. You. Know so again so so there's some real in-depth. Thought process, to think about when. It comes to the Federal Reserve and. The, possibility. Now that if they see the digital asset as a direct threat they're, trying to engage in real time payment, and, so if they're trying to engage in real time payment, what, backbone. Are they, going to create, or develop, in order to support real-time payment so, if they want to build real time payment on the old structure. And we. Have. Real-time. Payment being developed. On the new structure, through blockchain, and digital asset the, Federal Reserve is going to lose that battle the, only weapon. That they haven't and dni talks a lot about the weaponization. It, talks about the weaponization of. The. Of economics. And. So in this scenario can, the Federal Reserve, weaponize. Our economy. The US economy. Against. A digital. Asset is, that. Even possible or, is, it a losing battle you, know obviously it definitely, looks like it would be a, losing. Battle so black panther yeah there. Are they partnering, with Ripple you know it seems, that why wouldn't. They partner with Ripple it makes it, makes sense especially when we look at the expansion. Dni. Talks about the IMF let's, focus in the United States and. To me it stands to reason that if they're going to be getting into a real-time. Payment settlement. Or. Clearing, House scenario. Then. They would want to use the, digital asset, in a blockchain derived. Solution. That. Has proven, to be, compatible. With, with. Banking, and, so I don't see that the Federal Reserve would call, on JPM. Because. They still as as the Federal Reserve as a conglomerate. Of different, banking. Families that that control, the, Federal Reserve why, would they want to put control. Into, the hands of one, entity they, would want to use and. Be reliant, on a on, a on, a non, entity, which would be X, Arpi that really, at that at. A point where nobody can really nobody, controls, it and, so I think from. That perspective that. Is, a pretty amazing thought, process, to go down whether. It's factual. Or not but. I think time will tell when. When things do, come out in public now, or. We, could go through a period of years without knowing just as we saw again, fidelity. Etrade. No. No the list goes on and on of those, that were skeptical. They didn't want to get involved in they, weren't doing anything and then all of a sudden now oh by, the way. Nasdaq. The, New York Stock Exchange. Fidelity. Etrade. JPMorgan. And the list goes on and on are all somehow you. Know all of a sudden engaging, in, the. Investment, in digital asset, and creating. Their own exchanges, so that, doesn't happen overnight that, kind of planning and structure, and testing, and sandboxing. And whatever that, takes you, know months, and months if not a couple years, to, develop so, obviously. A lot of the negativity. Will cover up, reality. So. And be able to obscure, it Alfred, shod thanks again for. Another 499. That's awesome and I thought you're supposed to be working out. Okay. So, all. Right so, so, that's you, know that's really an. Interesting thought, process, and I think it would be something to keep, our eye on to see what happens, now. Let's. Now one of the other points that were brought up in this article is that we, have the private, real time payment. Settlement space and then you have the Federal Reserve now, just, like with the JPM. That. Seems, to be in a walled environment. Even. JPM. And there was another article I meant to pull, up and bring into this conversation. But even JP, Morgan is already. Restructuring. The. Way their solution, works because. They probably saw the inadequacies. Of it, now within. That thought, process if JP m is in a walled environment, where can we be utilized, within its own network, then. Then. You. Need to drop those walls now if you drop the walls you still have the limitation. That another. Banking, entity, is not going to want to use the. Other banks, digital. Assets so you still need a corridor. You still need a bridge. Currency. So, if we, are able to establish that bridge currency, which.
Which. Currency, is that going to be obviously, the, only one that has been tried, and true and tested at. This point is XRP, through. The through, the XRP ledger so, I think, that that really validates. A, lot, of this thought process now. Again. So if you have the private. Real, time settlement, and then you have the, Federal, Reserve real time settlement, how, is there a transaction. And in the article they brought up it's like having, two different Internet's that. Are that are being developed at the same time and you can't exact aunt exists that way so, you need to be able to tie them together you can't have websites over here and websites. Over here and not. Be and if you're you, know if you want to get into the, internet. A but, you're an internet B and there's no way to do it you can't have two structures, like that unless, you have an in-house internet, where, you only want, a certain subset. Of people to have access to it and you don't want anybody in Group B to have access to it obviously, you'll have walls but if you need interaction. Because that's how business is done you, need to have real, time settlement. Regardless. So you need to have a bridge so, at that bridge between the Federal Reserve and the private, sector. Then. You, need to whatever that bridge core bridge, currency, is going to be again, in, my opinion it falls back on XRP so time will tell. Hard to hard to say. Yeah. Exactly WB. You can't have silos, silos. Don't you know will not help the, economy could you imagine right now if every, country had. A silo, around it where, you couldn't have a transaction, of currency. And maybe, we had to ship fiat. Currency or way to ship gold to, another country, in, in order to facilitate trade. It, would be so impractical, that. You know that we you know what would our what would our global. Economy look, like it wouldn't you know so to. Me again what's going on with the Federal Reserve has digital. Asset written all over it whether, its intended or not intended, I think. That if they're not involved. In in digital asset and they're attempting to develop. The real-time, settlement. Without a blockchain without, digital asset they're, gonna find that within a very short period. Of time they're. Going to be, antiquated. And they're, going to be in a race, against. Time to catch up so, I don't believe that that, you know these individuals, as, we saw again if we want to use JP, Morgan as an example, JP. Morgan bad-mouthed the digital assets face badmouth. The. Concept, of a Bitcoin or etc or an X R P yet. At the exact same time that he's bad-mouthing, it JP, Morgan is JP, Morgan is developing. Their, own so. So. Again, time will tell I think we need to be. Very, cognizant. Of what. Goes on now with. All of these things that are happening around us, we. Have. To see that, mainstream. Is really, preparing, for. The inevitable transition. And, so, when we talk about the mainstream. Transition. Think, about visa think. About MasterCard. Think, about American, Express it doesn't get more mainstream than that because this, is how pretty. Much I don't know what the percentage is let's, say 95. Percent of, of Americans. And maybe around the world I don't know what the exact percentages, it's just a large percentage, of the world let's say that let's not stick, a number to it because I don't know what the number is I didn't look it up but a large, percentage, of transactions. Are. Credit. Card driven. Now a credit, card purchase, is not a real time settlement. It's a it's a promissory it's. Basically, still a digital, promissory, note of payment, however. The transfer, goes over. To the bank and. The, that a retail. Outlet will, accept, our. Payment. Obviously. The transactions. Can happen a lot faster we'll get notified, but, we're not paying our bill and, basically. The. The. Credit, issuer, is promising. The retail outlet, that, they will be sending money over, whatever, that time lag might be but. That's the promise and being, that Visa and MasterCard, American, Express, are, reputable, organizations. As a business. You accept, them now. To accept. That, credit, card transaction. You're, also paying a hefty fee, of up, to, 3%, as. A, as a business, receiving. Funding. That 3%, can, cut, significantly. Into, a store's, profit, on, a product. Considering. That you know some, margin. Profit. Margins, can be as low as 10% they, can be as 30%. Some. Obviously, have much bigger markups. 50%. A hundred percent depending, on the products, obviously, if you get a lot of these products coming in from China that are cheaply made and you're purchasing, them at a low price point they have pretty large markups, however, still.
Paying 3%. On. That money, can. Be can. Definitely be detrimental and can have a big impact on, your, bottom line, so we, have to take that into consideration that. That. Visa MasterCard, American Express has become our routine, mechanism. Of payment. Of transition. Of transaction. So, it's very significant. At, this point that, Visa has, purchased earth port and. So let me just take a second. Here just. Want to say what's, up to crypto. Bird dog thanks, for joining in glad. Glad that you you're, able to take some time this. Morning and and pop on I'm. Going to go a little bit past. Nine. O'clock only. Because I ended up getting started, late due to the, typical, Saturday, morning technical, difficulties, so are. You watching, welcome glad to see you here. Leonard, Gonzalez, what's up. Huh anybody. Holding, XRP will have a big smile on their face very soon the. Market, is trending, up. Significantly. Right now Leonard. If they ban crypto, xrp and other coins, will massively dump, these. Conversations. Will be insignificant, at, that point, if. They ban crypto, I think it's it's. A little bit late at this point for, them to do that the. The. Conversations. At, the government, level are, are. Not. Talking. About banning crypto. From. The major sense and I believe, that when, we see the, trend, of where the. Digital asset, space is going we see the trend of where blockchain, is going these, large, corporations. Would, not be buying into, and developing, platforms, if. If. There, was a plan, of banning crypto it's, not going to happen just just. Not, gonna happen it doesn't happen like that I think if we would have gone back a number of years if, you want to look at maybe. 2010. 2011. 2012. Maybe, even 2013. Timeframe, they, might have had an opportunity to, attempt, to crush it but. I don't, see that even, then. You. Know take a look at what's going on in China China. Has attempted, to, stop. The trade, of digital asset, and it's. Almost impossible for them to do that now if you get caught you, know maybe there can be other repercussions, but. How can they catch you unless they monitor. You know everything, that you do which they can do when. They can ban a Facebook, or else but even. In India people. Are finding ways to, hold wallets, and transfer. Currency. Now if the government is going to shut down the digital, asset exchanges. They're going to slow. Down the. Growth of that space, in India but, if India wants to develop as an economy, on the world stage they're, gonna have to adopt digital. Assets, they're gonna have to get. In with what's happening with the world and now we even see some of the rails that that. We're now duh what was it a week, or two ago that, even in India they're, beginning to utilize. The. Ex current, for. For transfer, of of. Money, so if, that's the case it doesn't, take much, to. Start you. Know indirectly. Or directly, utilize. Blockchain. And, directly. Or indirectly. Utilize. Digital. Assets, so. There's. A lot of great points here but Leonard. That's what you need to focus in on that as an. Overall look at the bigger picture. Digital. Assets, are not, going to be banned if you, see government's, passing. Laws right now to adopt, them it just isn't gonna happen it's our it's already too late you know again the conversation, would, have been a lot different right, now if that, were the case so, and. That's why it's so significant, to look at what, everybody, is doing now, there's, so much happening. In. In. Government. In the United States right now, conversation. Wise as. It. Relates to the. Token taxonomy, act as it relates to digital assets, Switzerland. Has passed some. Significant. Rulings. And laws Thailand. Has passed. Some real. Significant. Rules and laws as it pertains to digital. Assets, so this, is where we see the direction of this space going we see the growth and it's and the growth is happening. Exponentially. At this point so. Leonard you know look, at what happens on a much, larger scale now. What, you, can say is that many, of these, these. Blockchain. Based digital, asset. Programs. Or, you. Know companies, or whatever they might be many. Of them might not be around five. Years from now many. Of them the technologies. That they may develop may. Be assimilated, and bought out by, other companies, as you, seek a consolidation. Within. The marketplace and then, you see the leaders that that, kind of come forward similar, to a Google, similar, to Amazon. I mean think back to. To. The, early days of the internet and we had EarthLink. I'm. Trying to think of some of the browsers outside of the Microsoft, browser. But. You started, to see we. Had of. Firefox. I. Don't. Know I can't think of all the different browsers that that we had but then then. We had from a search engine, perspective. You had jeeves yeah Yahoo which. Still is around we, used to have AOL, and. Obviously Google pretty, much crushed everybody. You, had Bing, which, is still I'm not even sure if that store I think it's still around but.
They're But they're almost insignificant, at, this point from. A search platform perspective because, Google, beat them but now we're. Gonna see a shift. Even. Even, in this space because we're starting to see brave. Eat. Out chrome which, is pretty, massive if you think about that brave. Which, was developed, by the same guys who developed, Firefox, but. We're starting to see a shift in the marketplace we're, starting to see an adoption of, coil. An adoption, of digital asset, from a micro, payment, perspective. So, it's. Too late the, government is not going to ban. Digital. Assets, and if they try to ban it you're gonna see a most. Likely a circumvention. Of those. Those. Regulation. Now they don't want to push, digital. Assets, into, the. Black market either. And. And and, that has, been the biggest fear, of these, government, entities is that this is how digital. Assets, are being utilized to. Circumvent, laws. And and, and being you and used for the purchase of or being used for nefarious. Purpose. Which, is also incorrect as it leaves a trail, and, so I believe also we're, going to begin seen, you. Know a big a big movement in that direction so. Now. Let. Me see here, let. Me just bounce in here again. It's. Too late are you watching you can't stop it now I know there's a bit of a lag between. What I'm saying and and and some of the comments. Being posted, must. Get into space to stay profitable. Level. Playing field Anders, yeah I think we're definitely seen, the, development of a levy level, has levy of a level playing field across the board even, Trump talked about a level, playing field and. That goes. In. That that's really important, so trade, imbalances. When, we talk about a level playing field even in. These trade negotiations. With China are, we going, to suffer, in, the United States as, a, potential. Are. We gonna suffer, as a, potential, due. To any of these tariffs, that are placed on China in the short term you, know we may suffer, a little bit but at the same point are we really that happy, with, the type of product, that's being that's. Being pushed, out. Of this. Being pushed out of out. Of China I'm not I do everything, I can to not buy Chinese product, and the biggest, problem that we have with with China is that, is that they steal property they. Steal they, steal patents, they, steal trademarks. They steal everything and you'll. You'll have let's, say as an example Nike manufacturing. Real, product, here and then out the backdoor is, all the fake stuff that's, really Nike, product, but it's they put a small, little imperfection. Modification. Somewhere, and they shoot it out the backdoor and this would be going on for years and years and years, now how, what, kind of a detrimental.
Impact Does. That have on the, global economy. Sitting. Here in the United States I'm out of Europe now on the this, goes back a number of years but, I was on a trip in in in Italy, and this was really a big eye-opener for, me and I, was asking, them about, about. Their textile. Industry. And they said that Italy was struggling. Their textile, industry, which is what they were known for was, suffering, because, of China and many of the product, in Italy, were. Now manufactured. In China so, this is where we see you, know huge. Issues, and so, if the public want to walk around with, their eyes covered, and they don't want to see what's happening, they don't want to believe the reality on the ground they, want to read some headlines, and they say oh you know what's happening right now with these tariffs. Against China are bad. And, and we're picking on China. You know what China is is, a large, economic, force. To be reckoned with that doesn't, play by the rules and. At the same time you, know in the US or in Europe or, elsewhere that have given some, leniency, in. Trade, and, in in trade. You. Know. Providing. You, know basically free free, trade, providing. You know limited. Taxation. Or or tariffs. On on these products, coming, in yet when we export, into China they. Place, heavy, tariffs, on our, product. Market. You know we have to look at this as a bigger picture and the reason why I'm going down this path is because, this is really significant. To the overall. Picture. Of where. Our economy is going and why you, know it's so important, to develop. And build in. Transparency. Into this process, because. In the, u.s. we're very you. Know it most. Most things are very visible. And. In, China not, so much, obviously. The you have a dual. Political. Structure. In China. You have the communist, government, that, controls, and then you have the capitalist. Economy, that. That's in, conflict. With. The, communist, government and in the early years when they were attempting to develop their economy. The. Government, would pull back. Negatively. Impacting, their people because they didn't want their people to become wealthy um finally. When they when they pulled off a lot of the restriction. Of the, middle class boomed, over in China and. Then the wealthy class exploded. Over in China and now they have money they don't know what to do with their money the, one thing that we do know is that in China they. Don't want to buy their own product, and. It. - and it - an exception, there are some products, developed, in China that. Will, never have anywhere, else in the world but, for the most part in. China, they want american-made. Cars they, favor. They want a Mustang, more, so than, a BMW, or Mercedes they, want that american-made, car because, that is a symbol, of success in. China now. To, import, our product, over to China they place heavy tariffs, on those products, as you'll, see in many other countries where, you could have 50 percent 100 percent one, hundred and twenty percent taxation. On a. On a car so, imagine, a car that costs, $30,000. In the United States you go over to another, country, where they have a hundred percent 120, percent tax, that same $30,000. Car can, cause sixty, or seventy thousand, dollars so, that that's kind of insane, now, the reason why you know I want to really, focus in, on all. Of this and why it's so important, is. Because you. Know as we, start seeing, you. Know these these interactions. Within. Government, as we start seeing these, interactions. Within the economic, space in general we. Need transparency. We. Need also to have. As, we were talking about a level, playing field that's how this all started so, a level playing field in terms of free, trade let's, have everybody. On a similar, plant on a similar. Level. We. Can then make, an exception, to certain countries that need support and they need to export, we, don't want to bombard everybody. With with imports, they need to develop their local economy so they can buy more product, but when you take a rogue. Actor. Like. A China that is. Doing everything they can to manipulate. Their, own economy, to make their exports, look better and and, you know impede, import, a product, that doesn't work now in a digital asset sense, when you start building. A streamlined. Economy, and you're allowing others, within other countries, to, develop, and and, become, part of the.
World Economy and you, have smaller, businesses. And I don't know in Africa or parts, of Asia or, you, know in the impoverished, areas of India that, can become part. Of the global economy that. Has huge. Significance. To it the, other part of this is that you can't do trade, easily. With. A country that, manipulates. Their currency, or has, currency. That. Has huge. Fluctuation. So. Did. That that's definitely impactful. I think. About you, know some of the times and it's doing business with India and we'd, wait you, know for months and months and months and they would say no our you. Know the, the the rupee, right now just. Isn't isn't favorable, and if, we're gonna buy that product from you it's, now going to cost us two or three thousand dollars more due, to the exchange rate and we, can't sell the product for two or three thousand dollars or we can't change our pricing, so. We can't buy the product, and our customers, are going to go without and so, we'd wait for months so that's what happens when you're in an environment when, you don't have a stable, currency. And, the Chinese yuan. Remit. Whatever, you want to call it is not necessarily. Stable, and they definitely manipulate. It to their own benefit. So those are some of the issues that need to be addressed, on the global stage and can, be addressed when. We start utilizing a, digital, asset for a transaction, the, countries, can no longer manipulate. Their currency now. Everybody's. Going to be on it on a level playing field and doing, so in you, know relatively, fairly, so I think that's what is significant. Now at, the same point, those, technologies, can help boost up the, domestic, economies, and, so that's really significant. You know I think that that's, really really impressive so, let. Me let me just take a step stop, here I'm gonna go back and recognize some people that came in look at some more comments then we're gonna talk a little bit and I didn't even get into really. Getting into visa and the earth port purchase. We talked about why it's significant, but maybe that's enough and then we're gonna I want to talk a little bit about Brad, Sherman, and. Then I'm gonna give you guys a little, bit of an update on the token taxonomy, act I got so much information on it and. I'm, preparing. A video. Or actually I'm gonna go a live stream tonight only, to talk about token, taxonomy act and really, engage with everybody, on that topic it's, so critical, right now so let. Me look I wanted, to go back here because WB Chinese drywall with Radia radioactive. Was. That strontium, in, it bad, news baby. Formula, that's poisoned. Cheap. Product, you look at clothes, you know what it used to be you could go get a brand name whatever it was and it would be quality, and. Then all of a sudden they're like oh wait a minute everybody wants, this brand name and you. Know we, sell it for $100. And whatever they get costs made in Italy, or Spain or, the yes but, we go to China you know we can actually cut the quality, down because, people are still gonna buy the product, because of the logo, on it and then if you want the real stuff we're, gonna you know we're gonna double the price of it so you saw that with shoes used. To get Italian, shoes for a hundred, bucks a hundred and thirty dollars whatever, decent. Italian, shoes now if you want good quality Italian. Made shoes you're gonna pay four or five hundred six hundred dollars and the rest of its made in China and they decrease, the quality which, is just absolute, crap so, you, know that to me says a lot. Hang. On I, got. To go back up there were so many great. Comments. Here, let. Me see. The shermanator, the. Shermanator, that guys, sherman. Is a recipient, of big bank campaign, donations, crypto. Birddog exactly. That, is definitely, accurate. And, so, there, was some statement, that one, of his biggest ones is a credit card processing.
Entity. So. That that. Says a lot he's, he's just a subject, to his lobbyists, that's all, he's, in California, he did propose a bill outlawing crypto. Currencies in the financial, services. Committee but, I think he. Is going to be silenced, based on what you guys based, on the information that I can share with you guys on a token taxonomy act his voice is relatively, insignificant. Let's. See Leonard we always, have VPNs, if they do but. I hear what you're saying okay appreciate, that I know these comments, from a while ago I was, kind of on a tangent so I'm kind of going back, are, you watching as Sherman is he's, irrelevant whatever, he says completely, irrelevant. Let. Me see huh. Still, wanna call and tell, him what a jackass he, is you can do it go ahead and send, it out over Twitter. Be. Funny, let's. See it, would destroy all the things around it, Sherman's. Latest, contributor. As a payment, processor yep, exactly, so. That's kind of going back what, we just said you're. Talking about the radioactive Chinese drywall it. Would damage. Anything near it yep exactly. People don't understand, tech fear it if they fear it they want to ban it educating. Mr. Sherman would be beneficial, oh yeah, Kevin, you know what I mean anything, that we can do to educate him if he's willing to be educated, so the question. Then becomes his allegiance, is his, allegiance, to. His people meaning, to the people who voted him in or is. His allegiance, to his lobbyists, that are going to get him reelected, that's to, me is the biggest concern, so, if, he has, the. Best intent. For. The people in his district. That. Means that he can be educated, if his, intent, is to stay in Congress, now this guy has been in he's been, in the in, Congress. Since. 1997. 1997. So, for for, what what. Is that 22 years. Is. That 22 years yes. So. For. For way too long, you. Know so for, 22 years he sat in Congress what in the hell has, he accomplished, in the 22, years that he's been there other than enriching himself, and, taking. Money from lobbyists.
And Then coming out with. With misinformation. Lack. Of knowledge on a topic, bad-mouthing. A topic, trying, to propose a bill on something he doesn't understand, all to, appease, his, lobbyists, so I'm not mentioning his, of his party affiliation here. But. This guy is definitely, you. Know acting. With, ill intent, based. On those, who fund his campaign he's. Going into 2020, he needs to get reelected, and. That's all he cares about let's, put it at that if he can prove otherwise then. We can say you know what we'll work with you and let's see what we can do to educate you, but. Until he can prove otherwise that. He's not trying to fill his pockets with gold and. Only appease, his lobbyists, again, so he can get reelected, then. It's extremely. Difficult to educate someone, like that but Kevin, I agree wholeheartedly. That. The better approach would, be to educate these, people in. Congress. To, the technology, now that brings up the point that I'm going to talk about later when. We talk about the token taxonomy, act in more, detail, because. I'm proposing, to, actually, put. Together a series, of videos. To. Where we can actually reach out and educate. Many. Within. Within the space in, Congress, it's so, it's. So important, that they. Do understand. What they're voting on it's important, that they see that the. Significance. Of this, technology, now. I have to say that. Congressman, Warren Davidson, and congressman Darren Soto have, really done an outstanding job. To. Bring attention to, blockchain. And digital asset, in Congress. And there's a lot going on due to what. Their what their, accomplishments. Have been now. Hey. Larry welcome to the show, glad to see you on gaming. Crypto. Again. I'm. Glad glad that you made it in here, I'm glad that you're commenting you, know I'm glad that you know I'm seeing a lot of good engagement. From everyone. Kevin, Cranfield, I'm not I'm not sure, if you've if, you're new to the to the channel if you've watched before I, don't. Know that I've seen your comments, I'm really glad that you're participating, in the conversation, any. And be one as well anyone. That's in here that if you haven't. Subscribed. To the channel yet go ahead and subscribe, and. We do livestream, Monday, evenings, at 10:00 Wednesday at 10:00 this is Eastern Standard Time and Saturday, mornings at 8 a.m. tonight. I'm going to be doing a live stream specifically. On, token. Taxonomy, Act so. So. Let me let me give you guys a little, bit of a taste of what's, happening, with the. Token taxonomy, Act and so, number one the. Token taxonomy, Act is not, dead-on-arrival. Sitting. In the financial services committee. Number. Two, Maxine. Waters who is the chair of the. Financial, Services Committee is. Amicable. And is. Open. To. Actually. Facilitating. Pushing. And passing, the. Token taxonomy, Act through. The, Financial, Services Committee on. To getting. A vote within Congress, however. She. Has done so with some stipulation. Which. We'll get into more detail, on the, show later, later. This evening but. Part, of the stipulation. Is that some. Of the the language is actually, removed. Out, of the token taxonomy, Act and. That. Another. Democrat. Is, a major. Co-sponsor. To, the bill now we, already see a nice balance, aisle we see three four three three Republic. Three Democrats, who have been supporting, the token taxonomy, Act in the original, introduction. And, so, and. Having that balance having more, and more co-sponsors, is significant, but the primary, co-sponsor. To. The token taxonomy Act is Darrin, Soto and Darrin, Soto although. He's really taken, again with Warren Davidson, the two of them one, Democrat, one Republican working. Side by side to. Bring the token taxonomy, act to, reality, but. Darrin, Soto does not sit, on the Financial, Services Committee so in order. To elevate the status of, the token taxonomy Act to get it passed through committee they. Need another. Democrat. That sits on the Financial Services Committee to, participate, as the primary, co-sponsor. Of the event so that's really, important, and. Will get again again will get a lot more in detail into that there, are some amazing entities. And organizations that. Are very well-known that. Are supporting. The. Token taxonomy, Act so it's got some big, big backing, so. This, is actually. I. Would. Have to say that this is probably you. Know the most promising. Opportunity. That. The token taxonomy, has to, pass now, that being said. What. They're what Maxine. Waters said requested. To be removed, as it relates, to taxes. In. My, opinion is is. Not is not a good thing you know but based. On what her statement, was oh my, handle. My cup just popped off, wonderful. But, the the statement, that Maxine. Waters had, had. Made regarding, tax is that, it wasn't in her jurisdiction trying.
To Figure out exactly what, that means and, trying to identify. If. It's the Ways and Means Committee that needs to oversee, a change. In tax code or, is. The financial services committee truly, the right organization. To do so now, other. Positive. Development. Out of the. You. Know these are these cups were definitely made in China I got. To believe I don't know it doesn't say well, maybe it says on the bottom I'd have to finish this but, I, try, not to get any glass, products, that are made in China so no. These probably but well maybe this holder was I don't know I hope they're not because. Who knows what they're embedded with if these were probably. Too much lead in the glass if they came out of China. So. But. So there's two primary committees. Really that we we're, going to see the, token taxonomy act in which it is in one. Is the financial services committee the other is the Ways and Means Committee. The question. Is whether or not again. You. Know is is, the tax law or, the tax rule applicable. To. Be voted, through the. Financial, services committee or do. They have to break it out and put, it on its own as an addition, to and have two bills submitted, because, really the, tax aspect, is really significant. To, make sure that we're able. To trade digital, asset, without, every, trade being, a taxable, event so, and we'll talk about that more later as well. Something. That was born out of the. Token taxonomy, Act is, this, new, FinTech. Task, force, that. Will also identify what. So. Later we're gonna get into and talk about token, taxonomy Act I also want to talk about a, project. That. As, a grassroots, group, you, know we need to work on and. Help. Educate, to. To. Kevin's point help. Educate, those. Within Congress, that need to better understand. The, significance. Of blockchain, technology, but, more importantly, the significance. Of digital, assets, you know why are all the major exchange, major. Exchanges. Adopting. Digital. Asset chip man you're late you missed the whole thing now, I got to start over we're, good okay guys we're, gonna start from the beginning just.
So We can update chip, on everything that we're talking about so man. You woke up do, it it's like it's, like nine twenty, nine. Twenty. No. So, anyhow, chip, check, out check. Out Twitter, I put. Out a little message in in the group you'll, see some of my thoughts and. Chip, I'm going to be streaming, tonight we're. Gonna talk specifically. About. I'm. Gonna talk specifically. About the. Token taxonomy, act on a live stream tonight, maybe. If I can convince. Chip, maybe I can get him on the on, the stream as well to. Talk about TTA. The, token taxonomy, act we'll, see if there'll be a willing, participant, to, do that so I think, that'll be they'll be awesome, but. Anyhow chip there were two, streams I had some technical difficulty. And the first one, cut. It out went up redid, all my routers, and. Then now. I'm back, we've. Been back now for about an hour we're. Coming up on an hour on this stream had a little bit of glitch, but. Chip we talked about, we. Talked about brad sherman a little bit. Not. Super. In-depth. Yet but i had, planned on it we talked a little bit about the. Federal reserve potentially. Adopting, digital, asset, we, talked about the. Importance, and significance of. Visa buying earth. Let's. See. Green. Grounds, welcome, I first. First time on really, glad that you made it here if. You haven't subscribed to the channel go ahead and subscribe we. Have fantastic. Chats. On. These early Saturday, mornings and then, I stream, on Mondays, and Wednesdays at, 10 p.m. xrp. Minute who's on write. Your comment right above you if you've been on extra pee minute you know he is if you haven't he, streams, live on Tuesdays. And Thursdays. At. 10 p.m. as well, so. So. This is great, just, uh well we did talk about Brad Sherman so. We don't need to we don't need to rehash any of this stuff by the way Brad Sherman, is in district, 30 in, California. That, is, in the San Fernando Valley. So. Chip. I'm thinking, stream. I got I'll get it out there I'm thinking like eight or nine o'clock tonight, to. Do the stream on TTA. But, let's we, can discuss it offline, and, hopefully we can we, can make that happen so. Anyhow. This was this was awesome I'm. Really glad that that, we got things moving forward. Chip. Make sure you get your double espresso, and, if, you want to go back to that crypto. Cafe, up in Palm Beach make, sure you have all your XRP gear on and. Bring, a garbage can that says BTC. On it that might help so. Anyhow. So, so, that's it for, today I hope Feliz. End out a post here shortly it's. Either gonna be 8 p.m. or 9 p.m. tonight, we're. Gonna do a show all about, token. Taxonomy, Act there. Is a ton, of, important. Information, to. Go through on token, taxonomy Act and what. Our next steps have to be as. A community, as a grassroots. Approach, to. Helping like Kevin was saying helping, to educate those. Within Congress, on the, significance. Of digital. Assets, to the US economy and the global economy, so. That's what we're going to talk about looking. Forward to it. Let. Me see here, uh-huh, come on guys if you missed this show don't ask him to repeat what he already said just, reef watch it after right, that's. Right are you watching I pre says what happens so.
That's It again, Thanks thank you to all of you guys for coming on for Schad thank you for putting. In you, know giving, uh you know two contributions, today I really, appreciate that hopefully, you had a great workout, in the gym. Anneliese. Good seeing you on are you watching good seeing you on everybody. That came on, black. Panther, Larry. Kevin, kind. Of going through b1, Anders. Eggbert, inna again, so if, you guys have, crypto. Bird dog, WB. As always Mike, Smith Spanish, Fly was on earlier, gaming. Crypto so, just, kind of going through the list a lot, of great people on, today, definitely. Look forward to seeing you guys on this evening if. You're not overseas, if it's not too late log, in again I'm, planning on eight or nine o'clock I'll, send out a post. In a little bit so until, that time again. Look forward to seeing you guys on later. But until that time keep, on hot, alene your. Crypto.