Gone, Gensler, Gone

Gone, Gensler, Gone! It looks like Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), might be leaving his position after Thanksgiving. This change isn't unexpected; I had a feeling it would happen. I've mentioned before that I believe Gensler might end up being the scapegoat for the issues in the crypto world as old and new economic systems start merging together. Recently, 18 states have even taken legal action against Gensler and the SEC, claiming they've been too aggressive toward the cryptocurrency industry.

Gensler has a background with Goldman Sachs and was part of the Biden-Harris team that prepared for federal oversight of banks and securities. He represents a strong traditional view of centralized capitalism and global finance. However, Gensler is incapable of holding back the inevitable.

His actions, along with Wall Street’s “over the counter” transactions with the FED, beginning Sept 17, 2017 to date, have put well over $37 trillion dollars into the coffers of the old financial institutional banking system while no one was watching. Was this to pump up the unregulated, over leveraged and failing financial institutions while new crypto regulations were being worked through? Was this simply a redistribution of centralized money going to the hands of the institutional financial leaders in order to position themselves into the global 24/7 decentralized new monetary crypto economic system? Was this to devalue the dollar during this new digital transformation?

Time will give us this answer.

As of the end of 2023 only about 14% of adults in the U.S. owned cryptocurrencies, but that number is rising fast. Over 93 million of the 420 million Americans now have at least one type of cryptocurrency. However, many people don't really understand how their investments work or how they can use them in real life. This confusion has led to some individuals losing money, in part because the government hasn't helped the growth of crypto with its strict regulations and legal actions over the past few years.

On the flip side, many countries outside the U.S. see the potential of decentralized currency. This technology can help them move away from relying on the traditional U.S. dollar for trade and commerce.

Cryptocurrency and blockchain technology are providing over 2.5 billion people around the world with new ways to engage in business. More than half of the world’s adults don’t have access to banks. For instance, spice sellers in Morocco are now able to use crypto for transactions, boosting their incomes. Small businesses across Africa are also benefiting from these new financial tools, enhancing their ability to buy and sell, which ultimately supports their communities.

Changing long-established financial systems takes time. The current global monetary system, set up in 1913 with the creation of the Federal Reserve, has undergone very few changes since its inception. The Federal Reserve manages the country’s monetary policy and regulates banks, but many believe it's not doing enough to keep the financial system stable, especially considering recent bailouts and the significant over the counter transactions that have raised concerns about the dollar's value.

If you want to learn more on this subject I urge you to pick up my book, "Quantum of Justice". Since the 2008 financial crisis, not much has shifted in the system. As a bit of history: Satoshi Nakamoto created Bitcoin in 2008 as a response to the financial collapse linked to Wall Street's practices and actions by the Federal Reserve.

This backdrop is part of the reason for the formation of BRICS, an alliance of countries including Brazil, Russia, India, China, South Africa, and others. Originally, BRICS focused on investment opportunities but has evolved into an influential group coordinating policies among its members since 2009.

Today, BRICS encompasses about 30% of the world's land and 45% of its population. Countries like South Africa, Brazil, India, and China are major players on the world stage in terms of economy and population. By developing a new digital monetary system, BRICS aims to integrate the 2.5 billion unbanked people from their member countries into the global economy. This strategy helps these nations break free from the control of traditional central banking systems.

Clearly, the future of global finance will heavily rely on digital currencies and blockchain technology, and platforms like Ripple's XRP are expected to play a major role in this transition.

XRP is the ONLY fully regulated crypto in existence. It is the blockchain international cross border payment platform that BRICS announced that they would begin using for their deals by this years end. XRP is the blockchain that Japan has announced that all of its banking in the country will begin using the platform starting January 1, 2025. Most recently SWIFT and its over 11,000 banks in the United States, and MasterCard have announced that all transactions will begin using the XRP blockchain in 2025. Other announcements come from Visa, Amazon, Apple, Tesla, PayPal, X, Venmo, and a growing endless list of commercial partners who have signed on with Ripple and the XRP blockchain.

Blackrock, Grayscale and many others have or are filing for XRP ETF’s, or “exchange traded funds”, so that they and other Wall Street players can get into this new money paradigm. Just last week XRP has seen over 100% growth. Currently trading at $1.12 today, the new more conservative financial players are finally coming to the trough. After the ending of the years long litigation against XRP, the upcoming big crypto platform and new financial stability to the crypto ecosystem the red carpet is beginning to unroll for this quiet crypto that nearly no one understands.

XRP was created in 2012 when the XRP Ledger was launched. The development of the XRP Ledger began in 2011 by its founders, and the cryptocurrency was released shortly after in 2012. It has a fixed supply of 100 billion tokens and with that it is designed to be deflationary. So far, over 55 billion coins have been issued, with retail investors such as Binance, Bitbank, and Coinbase controlling most of the supply. This is evident in how most of the supply is now on exchanges. There are 28 blockchain addresses with at least 500 million XRP, and all these addresses hold more than 20.3 billion of all XRP in circulation. This represents 37.3% of the circulating supply.

With what is happening on the global stage as we watch the transition of the centralized fiat currency of the dollar transition to the decentralized digital crypto blockchain currency of Bitcoin, XRP and others we find ourselves on a precipise of unknown territory. This new frontier will create a roster of new economic players. It is happening right now!

I feel that this new money system has the ability to create new generational wealth reminiscent to the railroads, oil, electricity, cars, radio, television, cell phones, computers, the internet and social media combined.

As time will tell we will see.