1 00:00:00,160 --> 00:00:02,400 Speaker 1: No matter how you slice it, crypto certainly has a 2 00:00:02,440 --> 00:00:04,800 Speaker 1: bigger voice in the election cycle than ever before. 3 00:00:09,800 --> 00:00:11,840 Speaker 2: It's a great way to get into our next guest 4 00:00:11,960 --> 00:00:14,400 Speaker 2: Ripple CEO Brad Garling House, of course, one of the 5 00:00:14,440 --> 00:00:17,360 Speaker 2: companies we named when it came to the involvement in 6 00:00:17,400 --> 00:00:21,240 Speaker 2: this election cycle. And Brad, you know, it's interesting because 7 00:00:21,400 --> 00:00:25,720 Speaker 2: your co founder, Chris Larsen, has given a lot of 8 00:00:25,920 --> 00:00:29,000 Speaker 2: money to the Harris campaign. You had just told us 9 00:00:29,000 --> 00:00:32,800 Speaker 2: a little bit ago that you are fiercely independent, and 10 00:00:32,920 --> 00:00:36,160 Speaker 2: so when you think about the differences in the candidates 11 00:00:36,200 --> 00:00:39,239 Speaker 2: and how they might approach crypto, what do you really know, 12 00:00:39,479 --> 00:00:44,559 Speaker 2: particularly because the Harris campaign has been far more vague. 13 00:00:45,560 --> 00:00:48,080 Speaker 3: Well, I think there's one thing I feel very confident about, 14 00:00:48,159 --> 00:00:52,320 Speaker 3: and that is the Biden Administration's approach to regulation of 15 00:00:52,320 --> 00:00:54,760 Speaker 3: the crypto industry. That is coming to an end for sure, 16 00:00:55,000 --> 00:00:57,680 Speaker 3: and I think no matter where this plays out at 17 00:00:57,680 --> 00:01:01,280 Speaker 3: the presidential level, we will have a more constructive engagement 18 00:01:01,280 --> 00:01:05,199 Speaker 3: with this industry. It's a critical industry, it's an innovative technology, 19 00:01:05,240 --> 00:01:07,240 Speaker 3: and I think the United States should be at the 20 00:01:07,280 --> 00:01:10,520 Speaker 3: forefront and leading, as we did with the Internet of Information. 21 00:01:11,640 --> 00:01:14,280 Speaker 3: I think we'll get there. As I said yesterday at 22 00:01:14,319 --> 00:01:18,560 Speaker 3: the Philadelphia Federal Reserve, I think Gary Gensler's reign of 23 00:01:18,680 --> 00:01:20,480 Speaker 3: terror on the crypto industry is going to come to 24 00:01:20,480 --> 00:01:22,280 Speaker 3: an end very soon. Brad. 25 00:01:22,480 --> 00:01:26,920 Speaker 1: In your view, does it matter if Kamala Harris is 26 00:01:26,959 --> 00:01:30,479 Speaker 1: president come January twentieth or Donald Trump is president come 27 00:01:30,600 --> 00:01:32,320 Speaker 1: January twentieth, what's better for you? 28 00:01:32,440 --> 00:01:39,880 Speaker 3: What's better for Ripple? Well, I've taken a very neutral 29 00:01:39,920 --> 00:01:42,640 Speaker 3: point of view for the crypto industry. I think it's 30 00:01:42,640 --> 00:01:45,920 Speaker 3: clear that the Republicans at a macro level have been 31 00:01:46,160 --> 00:01:49,680 Speaker 3: more proactive in saying this is an industry that needs 32 00:01:49,720 --> 00:01:53,840 Speaker 3: clear regulation. You have seen a Republican led bill in 33 00:01:53,880 --> 00:01:57,560 Speaker 3: the House pass with seventy one or seventy two Democrats 34 00:01:57,600 --> 00:01:59,960 Speaker 3: crossing the alge to support that in a very bipartisan way. 35 00:02:00,440 --> 00:02:03,360 Speaker 3: So I think we have seen a more Republican centric 36 00:02:04,200 --> 00:02:07,440 Speaker 3: But I also think you've seen indications that the Harris 37 00:02:07,440 --> 00:02:10,880 Speaker 3: campaign wants to reset some of the very flawed approaches 38 00:02:11,000 --> 00:02:14,400 Speaker 3: that the Biden administration has had with the crypto industry 39 00:02:14,440 --> 00:02:18,360 Speaker 3: and other parts of technology. So what I'm optimistic about 40 00:02:18,440 --> 00:02:21,440 Speaker 3: is we're going to sea change, We're going to cea reset, 41 00:02:21,560 --> 00:02:23,280 Speaker 3: and I think we need that at the federal level 42 00:02:23,320 --> 00:02:25,880 Speaker 3: the United States. There's no question the United States is 43 00:02:25,960 --> 00:02:30,880 Speaker 3: behind other leading countries like the UK, like Switzerland, like Singapore, 44 00:02:31,120 --> 00:02:34,560 Speaker 3: like Japan that are way ahead and providing constructive and 45 00:02:34,600 --> 00:02:37,399 Speaker 3: clear regulation and rules of the road for this industry. 46 00:02:37,480 --> 00:02:39,280 Speaker 2: Bred. I also want to kind of switch gears here 47 00:02:39,320 --> 00:02:43,000 Speaker 2: and talk about another milestone, let's call it for XARP, 48 00:02:43,520 --> 00:02:46,560 Speaker 2: which is this idea that you have asset managers now 49 00:02:46,600 --> 00:02:50,360 Speaker 2: filing for ETFs tied to it. Started by bit wise, 50 00:02:50,560 --> 00:02:54,880 Speaker 2: what is the prospect of having that spot ETF tied 51 00:02:54,919 --> 00:02:57,800 Speaker 2: to XRP anytime soon and what do you think it'll 52 00:02:57,800 --> 00:02:59,080 Speaker 2: mean for the price of XRP. 53 00:03:02,400 --> 00:03:05,440 Speaker 3: Well, I think we clearly are seeing ETFs have been popular. 54 00:03:05,480 --> 00:03:07,760 Speaker 3: You know, the United States SEC was dragged kicking and 55 00:03:07,760 --> 00:03:10,720 Speaker 3: screaming to approve the Bitcoin ETF in January. I think 56 00:03:10,760 --> 00:03:13,960 Speaker 3: you've seen about seventeen billion dollars flow into that ETF. 57 00:03:13,960 --> 00:03:16,720 Speaker 3: I think it's the fastest growing ETF in history. It's 58 00:03:16,840 --> 00:03:20,800 Speaker 3: very clearly demonstrating those demand from institutions, demand from retail 59 00:03:20,880 --> 00:03:25,080 Speaker 3: to access this asset class. So the XRP interest has grown. 60 00:03:25,200 --> 00:03:28,880 Speaker 3: You've seen two or three ETF filings happen around XRP, 61 00:03:29,440 --> 00:03:32,360 Speaker 3: and to me, it's just inevitable. You're going to see 62 00:03:32,520 --> 00:03:34,320 Speaker 3: not just Bitcoin and Eth, You're going to see an 63 00:03:34,440 --> 00:03:37,200 Speaker 3: XRP ETF. You're starting to see there's a filing around 64 00:03:37,200 --> 00:03:39,560 Speaker 3: a basket ETF that has I think five or six 65 00:03:39,600 --> 00:03:41,760 Speaker 3: cryptos in it, which I think also makes a lot 66 00:03:41,800 --> 00:03:43,720 Speaker 3: of sense. But it also is just part of the 67 00:03:43,720 --> 00:03:49,119 Speaker 3: trend of more and more institutionalized participation in the crypto industry. 68 00:03:49,200 --> 00:03:50,720 Speaker 3: So I think we're going to continue to see that, 69 00:03:50,960 --> 00:03:53,840 Speaker 3: and I do think it creates upward pressure on the 70 00:03:53,880 --> 00:03:56,640 Speaker 3: prices for many different cryptos, including XRP. 71 00:03:56,800 --> 00:03:59,280 Speaker 1: It flows into the Bitcoin ETFs have been pretty remarkable. 72 00:03:59,320 --> 00:04:02,800 Speaker 1: Not so remarkable have been flows into the ETFs. What 73 00:04:02,920 --> 00:04:05,200 Speaker 1: indication do you have, Brad, that there actually is demand 74 00:04:05,280 --> 00:04:06,400 Speaker 1: for an XRP ETF. 75 00:04:09,520 --> 00:04:12,200 Speaker 3: Well, I would disagree that there's not. That. The ETH 76 00:04:12,240 --> 00:04:14,640 Speaker 3: ETF I think has done exceptionally well. It hasn't done 77 00:04:14,640 --> 00:04:16,599 Speaker 3: as well as Bitcoin, but if you look at the 78 00:04:16,720 --> 00:04:19,200 Speaker 3: kind of market dominance of Bitcoin compared to Eth, the 79 00:04:19,320 --> 00:04:23,640 Speaker 3: ratio is about the same in terms of the ETF participation. Obviously, 80 00:04:23,640 --> 00:04:26,039 Speaker 3: the Eth ETF is newer, so I actually think the 81 00:04:26,040 --> 00:04:29,200 Speaker 3: Eth ETF has done very well. I think we clearly 82 00:04:29,240 --> 00:04:33,760 Speaker 3: see a very interested and active community around the XRP ecosystem, 83 00:04:34,040 --> 00:04:36,200 Speaker 3: both here in the United States and beyond, and that 84 00:04:36,240 --> 00:04:39,240 Speaker 3: has grown, and so I think that the a XRP 85 00:04:39,320 --> 00:04:40,840 Speaker 3: ETF will will do quite well. 86 00:04:41,040 --> 00:04:43,680 Speaker 2: You know, I also want to talk about another overhang 87 00:04:43,920 --> 00:04:47,040 Speaker 2: on the XRP price, and that is the ongoing battle 88 00:04:47,080 --> 00:04:50,640 Speaker 2: you have with the SEC. And you have that recent 89 00:04:51,720 --> 00:04:54,800 Speaker 2: move by the SEC to appeal a court judgment that 90 00:04:54,880 --> 00:04:58,880 Speaker 2: had been more favorable for Ripple in this In this fight, 91 00:04:59,480 --> 00:05:00,839 Speaker 2: when does it I'm spread. 92 00:05:04,200 --> 00:05:08,200 Speaker 3: So, look, it's super frustrating. Obviously XRP. It happens to 93 00:05:08,200 --> 00:05:10,920 Speaker 3: be the XRP was rallying and then the announcements around 94 00:05:10,920 --> 00:05:13,880 Speaker 3: the ETFs and the SEC decides to from my point 95 00:05:13,880 --> 00:05:16,200 Speaker 3: of view, manipulate the market, and the price of XRP 96 00:05:16,360 --> 00:05:18,960 Speaker 3: goes down twenty percent. Now, the good news is they're 97 00:05:19,000 --> 00:05:21,520 Speaker 3: not appealing whether not XRP is actually a security, and 98 00:05:21,560 --> 00:05:24,200 Speaker 3: I think this is actually misunderstood in the market. They're 99 00:05:24,240 --> 00:05:28,680 Speaker 3: appealing kind of a nuanced piece around programmatic sales of XRP. 100 00:05:29,360 --> 00:05:32,200 Speaker 3: So the law of the land is clear, XRP is 101 00:05:32,240 --> 00:05:34,920 Speaker 3: not a security. It's a sad reality. There's only two 102 00:05:35,000 --> 00:05:38,880 Speaker 3: digital assets where there is regulatory clarity, that's bitcoin and XRP. 103 00:05:39,320 --> 00:05:41,000 Speaker 3: But do we really want to have to go and 104 00:05:41,040 --> 00:05:44,320 Speaker 3: litigate every single token to determine what whether or not 105 00:05:44,400 --> 00:05:47,040 Speaker 3: they are securities or not. We need clear rules of 106 00:05:47,080 --> 00:05:48,760 Speaker 3: the road. And the sec has just not been a 107 00:05:48,800 --> 00:05:51,799 Speaker 3: good faith actor, and luckily the courts and federal judges 108 00:05:51,800 --> 00:05:53,840 Speaker 3: have called them out on that and used words like 109 00:05:54,040 --> 00:05:58,119 Speaker 3: they're being arbitrary and capricious. That's a quote, saying things 110 00:05:58,200 --> 00:06:00,000 Speaker 3: like they're not acting with a good faith, a llegion 111 00:06:00,040 --> 00:06:02,600 Speaker 3: and still law another quote. So this is not an 112 00:06:02,640 --> 00:06:05,240 Speaker 3: agency that has acted in good faith to find a 113 00:06:05,279 --> 00:06:08,119 Speaker 3: way to regulate this industry in a way that works 114 00:06:08,160 --> 00:06:10,520 Speaker 3: for the industry and works to protect consumers. 115 00:06:10,920 --> 00:06:14,720 Speaker 1: Hey, Brat, we mentioned earlier that Ripple one of the 116 00:06:14,760 --> 00:06:19,240 Speaker 1: biggest donors out there when it comes to campaign contributions, 117 00:06:19,279 --> 00:06:23,479 Speaker 1: whether those are going to a political action committee or 118 00:06:23,520 --> 00:06:27,240 Speaker 1: two candidates, what are you looking for in return from 119 00:06:27,279 --> 00:06:28,200 Speaker 1: these politicians? 120 00:06:31,880 --> 00:06:37,600 Speaker 3: We are looking to get progressive, forward thinking, pro innovation, 121 00:06:37,760 --> 00:06:41,440 Speaker 3: and pro crypto people elected. And the fact that crypto 122 00:06:41,440 --> 00:06:44,200 Speaker 3: in any way has become partisan is it's kind of 123 00:06:44,240 --> 00:06:47,400 Speaker 3: madness to me. It's almost like saying one politician is 124 00:06:47,880 --> 00:06:50,400 Speaker 3: against email and one is pro email, Like it doesn't 125 00:06:50,400 --> 00:06:53,400 Speaker 3: really make sense. What I think regulators and elected politicians 126 00:06:53,400 --> 00:06:56,240 Speaker 3: should focus on is how are these technologies used, not 127 00:06:56,760 --> 00:06:59,800 Speaker 3: taking the issue with one technology or another. So we 128 00:07:00,120 --> 00:07:03,320 Speaker 3: have gotten active because we've had such a hostile environment 129 00:07:03,360 --> 00:07:05,800 Speaker 3: here in the United States, and again I'll contrast that 130 00:07:05,880 --> 00:07:08,640 Speaker 3: with we've had a massively growing business outside the United 131 00:07:08,680 --> 00:07:12,240 Speaker 3: States in markets where regulars and elected officials have engaged 132 00:07:12,440 --> 00:07:14,840 Speaker 3: and created clear rules of the road. So we've been 133 00:07:14,840 --> 00:07:18,640 Speaker 3: actually very happy and excited about how that has played out. 134 00:07:18,640 --> 00:07:22,560 Speaker 3: And I think we're seeing pro innovation, pro technology, pro 135 00:07:22,600 --> 00:07:26,760 Speaker 3: consumer protection candidates get elected over candidates who really have 136 00:07:26,800 --> 00:07:31,360 Speaker 3: had backwards views of in frankly, spreading misinformation and lies 137 00:07:31,400 --> 00:07:32,680 Speaker 3: about how crypto is being used. 138 00:07:32,720 --> 00:07:34,640 Speaker 2: Yad, I want to switch gears for a second here, 139 00:07:34,680 --> 00:07:37,200 Speaker 2: got to get your opinion on what we just saw 140 00:07:37,600 --> 00:07:41,480 Speaker 2: just this week, eye popping deal really for our Stripe 141 00:07:41,520 --> 00:07:44,480 Speaker 2: to acquire a stable cooin platform, a more than billion 142 00:07:44,520 --> 00:07:46,760 Speaker 2: dollar deal in this industry, when you look at a 143 00:07:46,800 --> 00:07:49,280 Speaker 2: deal like that, do you say, Okay, maybe we sell 144 00:07:49,360 --> 00:07:54,000 Speaker 2: Ripple or at least partner with another large financial technology 145 00:07:54,000 --> 00:07:56,440 Speaker 2: firm to expand in the world of stable coins. 146 00:07:59,360 --> 00:08:03,200 Speaker 3: Look at that as a very positive sign that this 147 00:08:03,280 --> 00:08:06,120 Speaker 3: industry is just coming more and more mainstream, more and 148 00:08:06,160 --> 00:08:09,640 Speaker 3: more integrated, and more and more demand and different payment flows. 149 00:08:09,920 --> 00:08:12,000 Speaker 3: So I've view it's a very positive thing for the industry. 150 00:08:13,000 --> 00:08:15,560 Speaker 3: As you probably know, you know, Ripple is about to 151 00:08:15,800 --> 00:08:19,440 Speaker 3: release our own stable coin called r l USD. I 152 00:08:19,480 --> 00:08:21,320 Speaker 3: think the stable coin market's going to continue to grow, 153 00:08:21,320 --> 00:08:23,520 Speaker 3: and I think Stripe is clearly indicating they think the same. 154 00:08:24,160 --> 00:08:27,200 Speaker 1: Ripple CEO Brad garling House joining us from DC Fintech 155 00:08:27,240 --> 00:08:29,440 Speaker 1: Week down in Washington and d C. Thanks so much 156 00:08:29,480 --> 00:08:31,400 Speaker 1: for taking the time to appreciate it.