 Welcome to Digital Asset News to get top stories in crypto, current digital assets, and breaking down to bite-sized pieces. Today, we've got some pretty good stuff. First up, Novogratz plows ahead in DeFi amid the gamifying of crypto, and this article really is going to boil down to getting me into DeFi, and I'm going to show you exactly why. Also, our friends over at JP Morgan are going to have to pay $920 million to resolve a U.S. investigation into their dirty trading practices. This will be a quick article, but it just goes to show you that the real criminals aren't banking. Also, the presidential debates are tonight, so if you're going to watch, at least earn some T-Fuel over at Theta. And lastly, we're going to go over a poll where I ask the question, what's going to happen to the banks in the next five years? We had over 2,000 responses, and the results were pretty surprising even to me. But before we get into that, let's take a look at what's going on in the market. So it is the 29th of September, and it looks like it is around 2 p.m. trying to shore up some things, but here we are. So let's take a look. Down 1%. It seems like it goes up 1%, it goes down 1%. What are you going to do? Up 3% for the week. I'll take that little victory. And it's a 10-7-6, so hopefully we can breach that 11,000 barrier. Ethereum, down 1.4%, but hey, it's still up above 350, so I'll take that W. Tether's Tether, nobody cares. XRP, 24 cents. Watch out. Binance coin, $28 and up 3.5% in the fifth spot. That is amazing. Looks like it is jockeying for position back and forth between Bitcoin Cash and Polkadot. We'll see what happens, but Binance is really trying to get into the DeFi game. You can see what's happening with the Binance coin. Polkadot's down. Chainlink down big time, 6%, almost 7%, and followed by a $10 mark, so pretty awful. Bitcoin, still in top 10, don't know why. And everything else is pretty much just jockeying around for position. Any big news, any big players, Theta, up 4%, up 31% for the week, and I gotta tell ya, I gotta tell ya. Anything below a dollar like Digital Dave says is pretty much highway robbery. URIN Finance takes another plummet 20%, man, those are some huge swings for URIN Finance. I don't know how people stay in that game. I mean, I've got some pretty good ice in my veins, but to mess around with URIN, you've gotta be special. UMA, another DeFi product down 8%, down 4%, 3%, Celsius Network up 3%, almost gonna break that dollar barrier, and well deserved. Indigibyte down just a little bit, but we'll see how it goes in. Kusama, which I really have to take a look into is getting massive ground up 7.2% for the week, so congratulations all you Kusama holders. I do not hold it, but congratulations to you. Alright, let's get into today's top story. So speaking of DeFi. This was the article, I almost fell out of my seat because I was like, there's a lot of huge players getting into the game, and this is just one of those articles that just proves the whole point about where smart money is going. So title is Novogratz plows ahead in DeFi, and then the gamifying of crypto, which I think is a horrible title, what are you gonna do? Here's what's going on. Here's the meat and potatoes. Novogratz said that while banks are scared of what decentralized finance might do to their business, he's sure that DeFi is not a fraud and not something that's going to come and go. So Novogratz is right here. The banks are scared of what's happening to not just DeFi itself, what's happening in cryptocurrency and digital assets. I mean, look, just last week, Kraken, the cryptocurrency exchange, got essentially a banking license in Wyoming. What do you think is going to happen when you have Kraken, which is so far ahead of the curve? They know about custody. They know how to do cryptocurrency. They know how to do digital assets, and they're going to get into the game which is already established, which is all the different things that the banks actually provide. Checking account, savings account, debit cards, loans, high interest for savings or whatever you're going to put into the actual account, they're going to crush the banks, and that's only the start. So when you have something like that and you have something like decentralized finance or DeFi come along, what do you think the banks are going to do? Well, we answer that question actually, and what you think it's going to do in the poll, which we're getting into a little bit. Moving on, they state so Galaxy, and this is Mike Novogratz company, Galaxy Digital, is becoming a minority shareholder in ParaFi Capital, which makes DeFi investments. Other ParaFi investors include Bain Capital and Henry Kravitz, Kravitz, co-founder of Private Equity, Powerhouse, KKR and company. So if you're not in the whole game as far as finance, I'm not personally all around it. So I had to take a look at, well, Bain Capital, let's just take a quick look at what their assets under management are, and, oh, look at this, $105 billion, and then KKR, American Global Investment Company, a nice cool $148.5 billion. So this is what we might consider the smart money, and they are going into decentralized finance. So it's kind of a good indicator of where to look to actually put your money because they're getting in massively early. So this could be an opportunity, not financial advice, but I have to tell you, when I look at these types of things and see where people are going, I think to myself, Rob, you should probably look a little bit more closely at these projects. Moving on to states, it's probably 5% of our capital, roughly. So that's not a giant bet. Novigrat said of its entire investment in DeFi. But imagine this, 5% of your capital. He's like, that's not a big deal. It's only 5%. That's a huge, I think that's a huge amount, 5%. Look, when Paul Tudor-Jones came out, and Paul Tudor-Jones, you don't have to know this guy, he's like one of those legendary traders. He's only got like a little, you know, paltry 21 billion assets in our management. But when he came out and said, look, I'm going to put 1% to 2% of my total investments into not just, not Bitcoin, Bitcoin futures. People lost their mind. They could not believe this guy was going to come out of the woodwork and do anything like this because he is totally traditional finance. So when you have somebody like Novigrat's go, hey, I mean, we're in already in the space, cryptocurrencies or assets, but we're going to put 5% into DeFi. I think it's a bigger deal than what he's letting on. Just me. Let me know what you think of the comments section, but I think it's pretty big. Moving on. Lastly, really, he states, we want to stay close to the cutting edge. Novigrat said, my instinct is this is really an important part of the ecosystem. Perify was founded by Ben Forman, previously an executive at private equity firms KKR and TPG, which is the one we just talked about KKR and Perify began investing in DeFi in 2018. Can you imagine the steals that they got back then and its investments include apps like Compound, AVE and Uniswap? So here's my final thoughts. I'm looking at this and I've, I've been hearing great things about AVE compound, not too bad. And of course Uniswap, I love Uniswap. I love how they are building the community, how they did that airdrop, how they took and gave 400 coins away. They didn't give it to a bunch of whale investors and, you know, socket to other people and it's going like, well, it's only going to be in this little, little parts, this little small part. They gave it away to the community and it's a good project. It's a great project. I think it's, it can be huge and people have asked me like, well, you know, when are you going to sell your Uniswap? I don't think I'm going to. I think I'm going to stick myself into this ecosystem because I believe in what they're trying to do right there. And yeah, I'm going to take a hit on some profits, but who cares? At some point, you just have to ask yourself, what do I really believe in? Do I believe in what these projects are trying to do? How they're trying to change different things? Or am I just, you know, only in it for the money and then I'll peace out, depends on what you want to do. I mean, I understand I'm not not going to change the entire world, but I will take my stand in certain positions. And I like that. So when I think about Uniswap, great project. And now I really have to take a look a lot harder at Compound and Ave. So let me know what you think in the comment section, but I think this is huge. Moving on, this is a good segue to get into the actual poll that we recently did. And I started this on Twitter. And the question that I had was what will happen to banks in the next five years because of crypto digital assets? And there was some really good responses. And the comments are not going to go through all of them. But the ones that I did not expect to be the main one, which is banks will innovate or they'll create their own, was the clear winner by far. A lot of people do not have faith that banks are going to go away. They believe that they are in the pocket of the government and the government will actually bail the banks out at some point. And they will start to do things because, you know, that's just what the government seems to do for all the central banks and banks in general retail, what not. So banks will innovate 55 percent. And this was only four hundred and forty four votes, not too bad. And then over here in our YouTube poll, because as you can tell, I have a weak Twitter game. But in the YouTube poll, we had almost 1,800, well, over 1,800 votes and clear winner again, banks will innovate and continue leading finance. And I made that very good point. Will they continue leading? Thirty three percent said yes. And then in the close second, they'll create their own digital assets and take the lead. So I find it interesting that we are in this space and we talk about how great cryptocurrency assets are, but we don't believe that banks will ever get out of the way and just kind of lay down. Now, there is a big difference between innovating because it is the right thing to do and you want to upgrade certain things, do great things for your customers as opposed to innovating for survival. And I think that's essentially what's going to happen here. When you have to innovate to survive, it's amazing what you'll be able to do. And maybe that could be the case. Now, I see a blending, a merging of the old style financial and banks and what's happening over here in decentralized finance, DeFi, cryptocurrency assets and really come into a more open type of financial system. Hopefully we can get a little bit, you know, into that direction. I'm not for sure, but that's what I see. And honestly, I was surprised that it was voted this high. Anyhow, speaking of banks and how they should be a little more open, let's take a look at the next piece. Jamie Dimon. Oh, how we love you. JPMorgan Chase to pay 920 million, just about a shade under one billion because of spoofing. So what's going on here? Yet again, JPMorgan Chase is set to pay another record fines. This one almost a billion dollars to resolve probes from three federal agencies over its role in the alleged manipulation of global markets for metals and treasuries. And I have to tell you, I have to tell you, I can't believe the kind of nonsense that the banks get away with and they just get slapped in the rest. So I mean, sure, they pay are going to pay 920 million, but how much do they actually make? Three billion, five billion, 10 billion. So wouldn't it just be at in their best interest just to go, you know what, we're going to pay fines. Let's put the money away and just wait for these suckers in the government to actually, you know, rattle us out. We'll pay it and we'll move on, just like we've been doing for the entire entire lives in the bank. That's what I think is going on, but sad, but true. The figure was released Tuesday by the by the CFTC in a statement from Commissioner Dan Brookovitz. Bank is quietly settled. A long-running lawsuit that accused the bank of manipulating precious metals markets with spoofing trades. What's spoofing? Well, the penalty is a record, which is when sophisticated or spoofing when sophisticated traders flood markets with orders that they have no intention of actually executing and the practice was actually banned ever 2008 financial crisis and regulators have made it a priority stamp out. So all they do is that these big whales come in and they go and they put all these different orders and they go, I'm going to buy, I'm going to buy, I'm going to buy, buy. And people look and look and go, wow, look at all those buy orders. There must be something going on. And then they fomo in and these guys are like suckers. We're not buying squat and they just pull the orders. That's spoofing. And they ban it in 2008. I mean, they had a good solid 12 years to get rid of it or to get rid of that practice in 2020. But hey, JPMorgan, do what they ever they want to do. The conduct of the individual's reference in days resolutions is unacceptable. And they are no longer with the firm. Daniel Pinto, co-president of JPMorgan, said in the statement, we appreciate that the considerable resources we've I can't read the rest of this. This is just a prime example of how it just put out some kind of nonsense statement just so people are like, OK, something, they're really going to do the right thing. They're not going to do the right thing. They're going to continue on with the same practice. Like I said, if you are going to make 3X, 5X, 10X, and you only got to pay a fine of 10%, just keep doing the same thing because nobody's going to jail and nobody really cares. And they're going to turn a blind eye. And that's why we kind of need DeFi, cryptocurrency, visual assets to come in because this stuff's got to stop. Lastly, this is so sad, the bank, the biggest US lenders by assets has entered into a deferred prosecution agreement with the DOJ that will expire in three years if the firm satisfies its obligations on a deal, meaning you're on house arrest and just don't mess up anymore. And we'll just sweep this under the rug. That's sad. That is exactly how the world works. I'm sorry to say, kids. All right, let's move on. Speaking of how the world works, we have a new presidential debate, which is going on tonight. So if you're not in the US, this is not really interesting, but we're going to have another presidential election coming around in November, almost 40 days away. So we get to do these three debates, which are kind of useless, but it's always interesting to see what could be said. And if you're going to watch it, why watch it on CBS or ABC or what it's going to be, why not watch it on Theta? Why don't you support the Theta decentralization, Theta TV and come on over and watch it over there if you're into this type of thing and earn T-Fuel, which is pretty cool, right? You guys are just, you know, watch streaming services like this debate with no interruptions that however it does it and you're going to actually earn T-Fuel. I got a whopping 32. So yeah, just come over here and check it out. I actually do have a streaming key and I swear I will actually start live streaming when I get some time. And that's just an excuse. I really should do that. But yeah, I'll probably be there tonight. So stop on by and watch it with me and watch it with a bunch of other people and just start commenting. Oh, I can't wait for the comments. All right, and that's it for today. So a nice, easy, slick little video. I, we're not going to do Q of the day. I actually had two videos that I've already shot and I need to do some editing and it's going to be two different people. One is Freddie from Shieldfolio. He came in and did an explanation of the ghost pen and the ink that they use and the different chemists that he's actually gone through and actually got the different things, how long it's going to last. So I will put that up soon. And I also did a really good one with Ian Bellina from Token Metrics. And I asked him some great questions. I mean, I asked him some hard questions and one of those was about Shilling in 2017 when he had all the ICOs. So I will put that out and I will just say this. It was a very honest answer and I can appreciate that. But just to let everybody know, I also have a second channel. It's called Digital Asset News Clips. I did this channel for two reasons. First of all, sometimes I ramble a bit too much and I'll have like 30, 40 minute videos and that's just too much for some people. So I break them down into clips because time is money and I want to save everybody a little bit of time. And the second reason is because I don't want YouTube to come along and ban my primary channel, Digital Asset News. So I created this channel as a backup and I also do extra videos like here. They'll be called Dan Clips Exclusive where I don't have them here in ban and I put them over at Dan Clips. So if you got time, shoot over there, watch the Dan Clips Exclusive or just get the clips and subscribe. I'd really appreciate it. And that's it for today. So if you like these types of videos, I'm gonna need two more that's gonna pop up on your left and right. Not sure, YouTube kind of controls all that stuff. And that's it for today. So thanks again for watching, really appreciate it and I'll see you on the next one.