Can I Sign Louisiana Banking PDF

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welcome to the future welcome to the show jamesrulexrp at royal xrp on twitter like and subscribe i'm not a financial advisor i am a crypto teacher all right welcome back to the show james rule xrp we're going to cover a lot of things in this video first of all i want to show you this video that was released on ripple's youtube page yesterday it says watch ripple's most recent commercial from the got it series with money transfer services using ripple net's advanced blockchain technology you could send your money anywhere fast check this out people [Music] he's got it i've got it let's get it [Music] all right now this commercial shows you how fast money moves with ripple with xrp on the xrp ledger we are invested in this technology and xrp is currently 56.6 it went over 63 cents yesterday and yes we had a pullback no worries we are still holding steady 56.6 bitcoins at 22 700. and my phone is blowing up i apologize i'm sure i'll be getting phone calls every time i go to make a video i either get a text message or a phone call but bear with me i'm james rp and we're going to keep going with this okay i'm going to read this i'm sorry we're going to watch this brian brooks was interviewed this morning on cnbc and before he interviews brian brooks about what's next for cryptocurrency in the united states he talks about coinbase going public and introducing the ipo to the sec so let's take a this is a five minute video let's take a look the largest cryptocurrency exchange is going public coinbase confidentially filing for a public offering last night marking an industry milestone the company did not say how it will structure its offering in particular coinbase has more than 35 million verified users in more than 100 countries and more than 25 billion dollars in assets on its cryptocurrency platform it's raised more than 500 million dollars from backers including andreessen horowitz tiger global management y combinator raylock partners and others now the coinbase ipo comes amid a record-breaking run for bitcoin prices which broke through the 23 000 mark a day after hitting the 20 000 mark joining us now is brian brooks acting comptroller of the currency brian is also the former chief legal officer at coinbase brian thanks for being here with us what exactly in particular has got you the most interested about the recent price action in bitcoin well let me tell you something dom i i can't speak to the specific price movement but i'll tell you what i'm worried about is that all of this is happening in an environment where we're about to have a change of presidential administrations and there's calls on capitol hill to dismantle some of the regulatory protections we put in place for this stuff so you think about the fact that my agency has tried to make it safer for people to custody in national banks we've talked about banks supporting some of these stablecoin projects if those protections aren't in place i really worry about the environment for these kinds of things so so that's what i'm most focused on is how do we preserve the safety for people who participate in that market so so i mean the perspective that you bring is interesting you've been on the side of coinbase before you're now working for the government what exactly is the future for crypto currencies given the construct that we're seeing with government entities and the need to regulate this kind of environment well tom we're at a really critical inflection point right now is what i would tell you it's kind of a fork in the road so one path forward is that we find ways of addressing money laundering risks and we find ways of addressing terrorism financing which i think can be done but we make this safe for the consumers and investors who participate that's why the banking system has such an important role to play but the other path which is a very real potential here is that we politicize some of these tech issues whether it's crypto or fintech more broadly we politicize it by undoing all of the good work this administration has done to make it safer okay to make it more real and if we do those things as for example chairwoman maxine waters letter recently suggested then i'm not sure if we have enough of a foundation to move forward here so it's all about consolidating regulatory gains and consumer protections that we've tried to put in place here that's got to stick around so so how exactly then do you make it safer for not just the investors but the people who are trying to traffic or use bitcoin to make transactions i i wonder whether or not the stuff that you're seeing right now with price action makes it that you have to put more of the kind of compliance impetus on the companies or more of the regulatory policing on the government well there's a role for both i think right so there are there are bad actors in the space as there are in other spaces and the role of the government is to make sure that markets are well regulated and well organized so the people who are transacting know that they're transacting with good people and not bad people part of that means that as in any financial market there has to be tracing and no anonymity but part of it also is that if you hold crypto or if you're in any other space like this you need to know that you're not going to lose it so that's why it's important to people that they'd be able to custody their assets in a bank for example the same as you might custody your stock certificates or any other assets that you own and again this is a real political debate right now people may not realize this but there's leadership in congress who's urging the incoming bible administration to roll back some of those protections i think in the name of politics not in the name of protecting investors so if that's the case then i mean we're watching what's happening right now with coinbase you know trying to kind of come up with an ipo and it's being scrutinized by all different regulators you're in the office of the comptroller of the currency that actually kind of implies that there is a banking angle to this whole thing is it is it fair to say that cryptocurrency is going to be considered like a banking type product in the in the coming years well i think the way to really think about it is cryptocurrencies are tokens that power networks right that's what blockchains are is their networks and in the future the role that banks really have is managing payment networks as they've always done crypto's a different kind of payment network in that it's faster and it's cheaper and bitcoin and other tokens they're they're assets that reside on those networks but at the end of the day all of us make our payments on payment networks when you swipe your credit card at the coffee bar this morning you're using a payment network so if we clamp down on these things in ways that aren't safe those networks can't really be allowed to go forward and what we need to do is preserve the safety of the network while also preserving you know the value of the asset those things have to happen all right that was brian brooks acting comptroller of the currency and he is aware that is going to take the government and as you know maxine waters is trying to recede some of these regulations in the new administration and there are a lot of things going on and he was talking about self-custody or these banks custodian crypto we that have been in this cryptocurrency space for over a year or two years or three years or even recently if you have purchased a cold hardware wallet and move your cryptocurrency to the cold hardware wallet you are a custodian to your crypto now these are some issues that are coming up and today on coin telegraph there was an article written by ben weiss and it says rumored us crypto wallet restrictions a step towards financial exclusion now what i want to know you know i've been investing in cryptocurrency for the past three years i've put my investments on my cold hardware wallet that it is my it's like putting my money in my wallet it's like going to the bank to the atm pulling out 300 cash and putting the 300 cash in my wallet on my person now if i've invested in this cryptocurrency and i have put it on my wallet on the blockchain but i'm holding the keys myself how is the government going to take my money away from me is that going to happen i'm going to read this article it says without proper crypto regulation the us government might create a massive roadblock to financial inclusivity i'm going to read it bear with me james or xrp teaching the teachers all right here we go the crypto community has a saying not your keys not your crypto which means that if you hold your crypto on a third party custodial wallet you don't truly have ownership of the coins like coinbase uphold binance all the cryptocurrency exchanges the entity controlling the private keys of the wallet ultimately has power over it self-hosted wallets or non-custodial wallets allow individuals to receive send and store their own cryptocurrency without the need of a custodial entity as life has become increasingly more digitized the use of cash for transactions and as a store of value has declined considerably for those in our economy with access to digital resources online transactions and money services have taken over however many individuals stuck in the cash economy do not have the luxury of shopping online or making use of the efficiency of digital transactions according to the federal deposit insurance corporation's 2017 survey of unbanked and underbanked households approximately 6.5 percent of households in the united states do not hold an account with an insured financial institution almost 19 percent of households are under bank meaning that while they hold at least one account at an insurance institution they still utilize financial products such as payday loans or cash checking services reasons for these individuals being under bank can vary from past financial mistakes a lack of trust in financial institutions not having enough money for the minimum balance or wanting to avoid fees these reasons remain relevant two years later according to the fidc's 2019 survey where a lack of trust is among the top reasons and this is the chart reasons for not having a bank account among unbanked households 29 by percentage number one don't have enough money to meet minimum balance requirements 48.9 don't trust banks 36.3 avoiding a bank gives more privacy 36 percent banking account fees are too high bank account fees are too unpredictable personal identification credit or former bank account problems banks do not offer needed products and services bank locations are inconvenient bank hours are inconvenient other reasons did not select the reason and if you didn't know cryptocurrency never sleeps xrp never sleeps you can buy xrp you can sell xrp you can send xrp to another person 24 7 365 days a year self-hosted wallets create the value thesis of cryptocurrencies they allow anyone secure equal access to a large and growing amount of financial tools such as d5 or staking enabled by blockchain technology individuals with these wallets are able to access their tools and securely send money without a third-party intermediary an impossible feat for the invention of bitcoin these peer-to-peer transactions do not require an intermediary entity because the act of cutting out the middle man is what enables the unparalleled efficiency and financial equality that cryptocurrency provides by potentially regulating the use of self-hosted wallets the us government would be creating a barrier for those underbanked and unbanked individuals from accessing cryptocurrency and hindering the greatest catalyst of financial inclusivity the world has ever seen at the same time they would also be giving more power to intimate intermediaries in the cryptocurrency space an internet connection is all that is needed to interact with the global financial system this is a huge step forward providing financial freedom to all making financial services available to the billions who currently lack access by removing this feature the government would be rendering cryptocurrency useless to americans without the specified identification in addition wallets aren't just digital bank accounts they're digital safes they're like your wallet your purse all of your cash is in your purse if you pull all of your money out of your bank and you stuff in them under your mattress mattress you are your own bank a self-hosted wallet allows people to store all types of digital assets from important documents to tokenize real estate to fiat tethered cryptocurrencies taking away an individual's right to own their own physical safe would be ludicrous taking away the right to own a digital safe is tandem out to an infringement on the rights of americans taking away the right to own a digital safe is tandem amount to an infringement on the rights of americans excuse me cryptocurrency has seen more growth and created more wealth than any other invention in recent history the us is at the forefront of this boom and has seen immense growth of american companies the creations of thousands of new jobs and greater financial independence of its citizens as a result imposing a regulation that requires wallets to be custodial would put the u.s behind the eight ball by stifling innovation and hindering widespread adoption while other countries continue to use cryptocurrency in its fairest and most streamlined form the us would be straddling the growth that cryptocurrency's free market facilitates these blockchain eco the blockchain ecosystem is still in its infancy and its true potential hasn't even been close to being realized regulating such an important aspect of this new and useful technology would have disastrous repercussions on innovation within the crypto space like preventing the future invention of revel in new revolutionary products and services that would live on the blockchain a clear and concise regulatory framework is something the cryptocurrency industry needs but this is not the approach to take when creating new regulations the us government must collaborate with industry professionals and scholars to find a solution that creates strong consumer protections stimulates innovation and ensures that all cryptocurrency users have secure access to essential financial services i tell you what ben weiss did a really good job writing this article he kind of breaks it down talks about us me and our own custodians those that have been doing this for years if the government were to take this away from us this would be taking away our rights our freedom to have our own value our own money in our own wallets just like i was saying having cash out of the atm or pulled all out of your bank and put under your mattress is just like putting cryptocurrency on your ellie pal titan and your ledger nano they are going to have to come take my wallet away from me i'm in texas and that would not be a good idea i'm heavily armed and you're gonna have to come take it away from me i'm not threatening anybody i'm just saying you're gonna have to come take it away from me these are my investments i've been doing this for a long time let's keep going okay yesterday the cftc released the digital assets primer a december 2020 document that is talking about the overview of digital assets digital asset markets regulatory response digital assets and the cftc cftc regulated digital asset derivatives and digital assets moving forward i will leave a link to this document in the description below as well as everything we've covered in this video today all right one last thing the sec is currently led by jay clayton who is going to be gone in 2021 hester pierre that you see below him is has been the commit on the commission since 2018 her term expires 2025 hester pierce is known as crypto mom and hopefully crypto mom gets to help regulate this cryptocurrency in the united states after jay clayton's term is done we're waiting on regulation we're waiting on regulation for things to happen in this crypto space and once all of these cryptocurrencies are regulated i'm specifically talking about xrp we are going to see amazing things happen in this spaces force price and wealth in all the above okay one la t last thing tonight at 7 30 p.m central standard time 8 30 pm eastern time i will be interviewing btc king d duncan with pundi x expos and we are going to be talking about payments we're going to be talking about retailers that can use this system to accept cryptocurrency payments and to sell cryptocurrency to individuals that have the app and the card that applies to this technology get excited i will be him with him tonight on the chat at 7 30 p.m central standard time don't miss it i will be posting it again on twitter for you to see before the video is premiered have a wonderful weekend people hold your cryptocurrency total hold hold don't sell just yet we're only at the beginning of this and if i click on return rates again and like i told you yesterday when you see your your financial advisor pull up coin paprika on his computer and pull up cryptocurrencies and pull up return rates right here and show him exactly what the return rates have been this year on all these cryptocurrencies for the year bitcoin 215 ethereum 400 xrp 198 and after you show him this ask him if your 401ks your stocks your bonds whatever you have through his company is making you these gains and if not tell him hey i'm done with you i want to be in cryptocurrency if you can't offer it to me i'm going to move my cryptos or you move my 401ks i keep saying cryptos in my blood people and i'm going to move all my money into crypto you have to put your foot down don't let these cpas or whoever that are making two to five percent off of your gains and they're moving all this money around on these crap stocks and crap dollar and everything else do it yourself be your own bank be your own custodian and make a ton of money without having to pay these guys percentages for moving your 401ks and your stocks and everything around so have a good weekend james roy xrp is out of here and yep you guessed it i told you so