RIPPLE XRP BOOM! MIC DROP MOMENT IN CONGRESS | PAY ATTENTION #Finance

one of the biggest things that I have been talking about on this channel when it pertains to xrp and The xrp Ledger has been institutional defi so welcome to the channel everyone my name is Nick for those that are new to the channel hopefully by the end of this CashNews.co you do become a

subscriber if we take a quick look at this post going all the way back to March of this year where Anderson actually posted this and I did bring up this uh job listing multiple times we have Ripple is hiring a senior manager Business Development institutional defi in New York the job description

specifically mentions leveraging the xrp Ledger and I suppose the amm will be a critical piece for their institutional defi Solutions us have been stated by several people institutional defi will likely become a multi-trillion dollar market and yes it will in fact this will lead to tens to hundreds

of trillions of dollars on chain over time but if we actually look at this right this was senior manager Business Development institutional defi in New York they also had a listing in London as well the work as part of this Mission Ripple X is increasingly invest ing in institutional defi which is

the application of blockchain Technologies and protocols to tokenized financial Assets combined with appropriate Regulatory and Compliance guard rails institutional defi is poised for massive adoption by the financial services industry and ripple is actively

partnering with Enterprises and institutions to develop Solutions and use cases leveraging on The xrp Ledger and its native digital asset xrp and also over here remember what David Schwarz told us back in October of last year which was amms are the weird defi trick every everyone’s talking

about why is this important well we’re going to come back to that in one second he also gave us this around November of 2023 which was I think Ripple Through The xrp Ledger is right at the Nexus of the convergence of these defi Technologies with institutional adoption and focusing on the

specific problems that are necessary and one thing that I want to really kind of mention here is The xrp Ledger is now getting everything it needs to fully Embrace institutional defi at scale with you know the amm the decks itself uh with all these great amendments coming smart contracts native

smart contracts the bridges with you know Axel for an example uh what they’ve been doing with archs I mean all these expansions everything that we’ve been seeing for the last couple months is all around closing that gap between trafi and Defi and it’s all going to be happening

around The xrp Ledger which is very significant when we look at Ripple and the name that Ripple really is they have massive amounts of players behind them that are institutional clients and guys I’m very excited about this now also over here we have from Bob wayy a recent employee at Ripple

reasonable criticism but automated market makers absent a solid fat offering stable coin isn’t really compelling now this is why we really look at the stable coin that Ripple is pushing R LUSD guys I think that that’s the the missing link once we have that the game is on now also xrp

locked in the amm has been skyrocketing this is only going to continue and continue and continue in my opinion defi on The xrp Ledger has been a very big success already now imagine if we brought on institutions this would not be looking at you know almost 13 14 million xrp it would be looking at

possibly hundreds of millions to billions of xrp locked on the amm that’s why we look at institutional Defi and also back in may remember that Ripple X put out a post the financial landscape is evolving and The xrp Ledger is uniquely positioned to lead institutional defi with its proven

performance Compliance features and ongoing innovation and these were the building blocks to Def to uh institutional defy on The xrp Ledger and they did already you know outline these you guys can see it the amm uh the did oracles mpts which is the multi-purpose tokens we just

heard from Jazzy Cooper actually from Ripple uh regarding mpts with institutions then we also have the lending protocol mixed with the stable coin I mean all of this is the perfect storm for institutional Defi and also more recently we have next up is Joel Katz discussing the build building blocks

for institutional defi applications on The xrp Ledger including unique features available in The xrp Ledger amm interop ability a robust lending protocol customizability decentralized identifiers oracles for real world data and multi-purpose tokens and also over here finally opening up defi

opportunities on The xrp Ledger is one of the biggest things we see and are prioritizing this is that Axel bridge that Axel bridge I’m telling you guys focus on it focus on Axel um massive institutional player now building on top of that we have been talking more so about payments you guys

probably already know about this post from Smoke Dog uh we broke this down talking about the networking effects and the network effects of Institutions we have here confirmation xrp will benefit from Network effects as the use of xrp grows Network effects will persuade clients to use the Ripple

network over the Swift Network and as the Ripple protocol becomes widely adopted the demand for xrp will increase leading to an increase in price and if we actually look at this let me open this up in a new tab and also this up in a new tab we have the Ripple blockchain uh strategy let me zoom in

and this is Ripple provides a sharp contrast to Fed now Ripple was able to start with a clean State uh or a clean uh slate and develop its blockchain payments system from scratch it used specific blockchain features to craft its disruptive application and offer customers advantages over the

existing Swift messaging system based Legacy alternative and we also have down here in summary Ripple addressed a major use case customer dissatisfaction with costly OPAC and slow crossb remittances and use blockchain to create its faster secure and lower cost application and us xrp use cases or

use grows Network effects could persuade clients to use the Ripple network over the incumbent Swift solution this would further grow Ripple’s business by expending xrp use as the medium of Exchange in crossb transfers and would benefit C by reducing their multicurrency working

Capital needs and also over here the role of xrp over time if the Ripple protocol becomes widely adopted demand for xrp may increase leading to an increase in price investors can directly own a stake in Ripple the value transport layer of the internet unlike information protocols

like the HTTP or SMTP protocols but what’s crazy about this right is that if we are talking about adoption and use institutional defi brings in the most amount of use and demand which will also lead to customers and clients of those institutions potentially even utilizes The xrp Ledger as

well because we think about tokenization on The xrp Ledger we think about defi itself around Yield bearing you know defi opportunities all of these things could lead to hundreds of millions of clients tapping in through these institutional names like Bank of America for example

example and that’s just one now why is all this important well if we go back in time a little bit this goes back to June 5th of this year this was a hearing with Congress Next Generation infrastructure how tokenization of real world Assets will facilitate efficient

href="https://cashnews.co/markets" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Markets AKA we are planning on tapping into tokenization to facilitate the next generation of none;">Markets and Finance itself and then we got this big update honestly feeling emotional after the first ever defi Hearing in Congress today I remember years ago when

defi was like 10 projects that no one thought would amount to anything now it’s on full display in the halls of power in DC this is so powerful from Amanda uh Tums yeah Amanda tuminelli and here we have Amanda tuminelli opening remarks from today’s hearing this is about 5 minutes long

but listen closely there is so much value in this CashNews.co clip testimony Mr tumor that way you’re recognized for five minutes to give your oral remarks thank you to the subcommittee for holding this hearing my name is Amanda tuminelli and I’m the chief legal officer at the defi

education fund a nonProfit nonProfit nonpartisan group that educates lawmakers and the public about decentralized Finance and advocates for

sound defi policy we believe that defi is the path to a more Equitable and more efficient Financial system one in which people have access to Finance regardless of where in

the world they live and regardless of the merits of their application I will leave you with two points today first defi is different from and an improvement upon traditional Finance because

it does not rely on intermediaries and second the existing approach of demanding that defi look like function like or be treated like traditional Finance has not and will not work so what is

Defi and how is it different as others have said today defi enables peer-to-peer transactions in which users self- custody their Assets just like with cash using defi a person can trade Assets make and take Loans or earn interest but it it’s

Improvement on the current system in a number of ways for example trafi relies on intermediaries that often serve as Gatekeepers to Finance traditional financial institutions

like big Banks can and do deny access to the system for discriminatory reasons or no reason but defi is open access anyone with an internet connection has access to a defi protocol and that is the epitome of financial inclusion trafi is expensive to access and slow to use even the simple Act of

sending money usually requires paying fees to third parties and waiting days for a transaction to be approved or processed but using defi I can send money or execute far more complicated transactions anywhere in the world 247 with nearly instant settlement and as one last example defi is better

because it’s self- custodial as this committee knows when trafi Services fail customers lose access to their Assets but in defi there is no fear of losing access to your money in a bank crisis because Assets in your self-hosted wallet are always available to

you so that brings me to my second point the existing approach of trying to apply rules for trafi to defi will not work the traditional Financial system requires intermediaries to function Brokers affect stock trades and Clearing Houses settle transactions and that means that we

need to trust intermediaries to do their jobs reliably and honestly and the existing rules evolve to prevent the abuse of our trust but defi doesn’t use intermediaries if I want to swap two digital Assets using a defi protocol there is no Broker and there is

no Clearing House def’s existence the very reason that this technology was developed was to eliminate the need to rely on intermediaries and Empower people to transact directly with their peers existing law assumes that there is some identifiable entity that can take possession of my funds

collect information about my transaction and even block a trade but that entity does not exist in defi the untenable position between the law as it stands and the reality of dii technology has led to an increasing amount of regulatory uncertainty seasoned lawyers with Decades of regulatory

experience cannot give their clients advice with certainty about whether their projects comply with the law that’s why judges in multiple district courts across this country have called on Congress to make new rules regarding digital Assets and this chamber has supported

bipartisan efforts and signal that the status quo is not working for Defi and digital Assets the existing approach of trying and failing to apply existing Rules to This Tech technology has led to so much hostility to Innovation that American jobs and businesses have been heading

overseas but the vast majority of defi developers are smart creative people with a vision of building a better Financial system and they want to do that legally so the US can be at the Forefront of that and create a clear path to building here or we can let other countries pass us on the path

towards our digital financial future but if you care about National secur and you care about Economic Development then you want this industry here on us soil we appreciate the efforts of members of Congress such as those on this committee who have engaged with us on the reality of the technology

and engaged with us on a path forward thank you and that is a mic drop moment from Amanda like I said guys this should not go unavoided you should not you know just say oh that was just a big nothing CashNews.co clip or whatever no she is speaking facts defi is very important defi is going to be

one of the biggest things around Crypto and I would ultimately say defi could lead to mass adoption all it takes is one institutional player to offer defi services to their clients in a

regulated and compliant way if we can finally fix that aspect and that’s it that’s it and I mean Mass adoption would immediately be achieved just through one name but we still need Compliance we still need regulations and we’re not getting anything right now so we

need Congress to step up to the plate we need some agency to be brought in not the SEC we need a new agency that is not only comprised of you know prominent Regulators but also even web 3 players CEOs people that understand the space but what an absolute bombshell statement and it’s something

that you know I think only Amanda can really put this into wordss because I don’t even want to comment on it because of just how straightforward this was this is basically everything that we’ve been talking about when it comes to regulatory movements happening around the space it is a

national security issue as well and um I do think that now is the time to act not later now so with that being said I hope that you guys enjoyed this CashNews.co if you guys did definitely leave a like subscribe notifications on more free content you guys are more than wel can follow me on Twitter

and join the free Discord down in the description below and with that being said guys it’s been Nick thanks for watching peace out