 Welcome to digital asset news to get top stories and crypto and break it out of bite-sized pieces today Just like the thumbnail suggests this is why I am smiling and I'm pretty happy and it really all comes down to J.P. Morgan And that they've decided finally to actually let some of their customers Oh, actually, I'm excuse me all of their customers get into cryptocurrency, but there's a catch I'm gonna go over that in a little bit, but to me I think this is big news and there's a couple of different caveats We really need to talk about but what it shows me is that J.P. Morgan is coming around and it shows that they see the demand and They are potentially Trying to get in front of the train that is Cryptocurrencies and digital assets and then to prove my point I just want to do just a little quick recap about what's going on with NY Dig and the small to medium types of Banks also what's a grayscale and B&Y Mellon are planning as far as like that's ETF potentially and finally I'm just gonna go over a couple things about what I say is like as I call it blockbustered and then the last story We're gonna go over is SEC chairman Ginzler outlines regulation of crypto assets relating to security-based swaps and what this really all comes down to is Synthetics and that is a not a great New story for Binance, but we'll go over all those things but first Let's take a look what's going on into the market and today it is the 22nd I think yeah, and hey markets up right 1.32 trillion. Everybody's happy. I thought it might go down a little bit after that's a Truly boring events called the B word the only thing that was great about that was Kathy wood But that's what the market's doing prices are up a little bit. Maybe four to six percent. Nothing fantastic I just want to get in the story So let's just break into why I talk about JP Morgan. Is this a blockbuster moment or just a great genius move So what I'm talking about here is this was a an article Just came out today. I Love this stuff. I love this because Jamie Diamond was so adamant about how awful cryptocurrency was and they were getting into Blockchain they were hiring blockchain developers and I cautioned people I said, you know what just because they're getting into blockchain does not mean that they're getting into crypto currency Those are two different things China made that abundantly clear, but when I see this story about cryptocurrency, I'm like All right, this is a good stuff. So what's happening in an amount ironic twist CEO Jamie diamonds well-established distrust of industry JP Morgan has reportedly become the first major US Bank to provide all Wealth management clients with access to Bitcoin and other cryptocurrency funds advisors in JP Morgan's 630 billion wealth management division can now accept orders to buy and sell five Crypto products including grayscales Bitcoin trust Bitcoin cash trust Ethereum Ethereum classic products and osprey funds Bitcoin trust the policy chains becomes effective on July 19th so real quick there's a lot to break down there and Actually was notified of this on Alex Masioli show this afternoon and Alex and and the crew were going back and forth and They were debating if this was actually even relevant to them actually offering and Alex said I don't want all these YouTubers tomorrow or today Talk about how JP Morgan is offering crypto currency to everybody. Well, here I am So the thing that I will say about this and then they all went they all had their opinions to me what it says to me is that JP Morgan they must have a level of Trust and they must have a level of Noted being notified that there is some pretty big demand for cryptocurrency or else They wouldn't offer it and you have to remember after a member that JP Morgan as much as we say that they are the evil empire And you know, they're like, you know devil incarnate, you know Their job is to make their customers and their showholds their shareholders happy So they're not gonna bring to them some crazy Ponzi scheme and go, you know Even if they are their wealth advisors aren't allowed to even talk to them about it They're gonna there if they're gonna bring something forth to them It should be a pretty solid product whether they are there to give advice or not because in this specific situation their wealth advisors are Told not to give any type of advice To any of the people that bring it forward any of their clients. So first of all, I will say this if you're gonna offer them if you're gonna say they could put it out there to your clients there is a A non-verbal Understanding that this is a good product if your wealth advisors say hey, we have this product I can't give you any advice on it, but here it is. Do you want it? What do you think do you think that they're just gonna give you some some slap-happy goofy offer? They're like, you know what this is just out there and it's up to you And why I think this is a genius move is because they're gonna put it out there to their clients kind of like look Kind of like my channel actually they're like hey This is investment opinion on investment advice what they're saying is hey This is a investment opportunity and I'm not saying you to get into it you can look at it and do your own research and Word is bringing it forward to you because there's so much demand and we can't go forward So one two things could happen when they offer these trusts they could go up massively and then What the customers all the different you know affluent clients and all the people that are in there They can look at JP Morgan. Oh, you know what you guys were right on. I will stick with you Fantastic work. I knew you couldn't say much. I'm just happy that you brought it to me, right? And JP Morgan looks like geniuses even though they're just they're just very stoic in the back I'm going. Yeah, didn't do anything then on the flip side of that. Let's say everything crashes I mean just for the sake of our right sake of argument everything crashes go down and Bitcoin goes to zero, right? They can just be in the backgrounds and be like well look We couldn't give any advice. We brought it to you to do your own research. That didn't work out But there was a you know demand. Let's get you into something a little bit more stable and again Remember we didn't give you the advice. You did it. I think it's genius I think it's genius because it just totally offloads all of their Their responsibility to this whole situation. I know some people will say well, you know You brought it to him and and then what are you gonna do? You know do something like that? It doesn't matter. It doesn't matter because they just get to sit back and go there it is You do do whatever you want with it. We're just here because of customer demand comes. It comes good They're geniuses. It comes bad wasn't our fault. Anyhow to finish this up We are excited to be on boarded to the JP Morgan wealth platform Obedc remains the lowest price publicly traded Bitcoin fund in the US and we believe JP Morgan's clients will see value in the product That's Greg King founder and CEO of Osprey funds told Forbes didn't really realize that that was actually a product But I guess it is so I guess it's not just grayscale out there But great anyhow to finish this up the new policy applies to all clients including self-directed clients using the chase trading app a Fluent clients in JP Morgan advisors and the richest here the richest tier of clients served by the private bank Advisors are not allowed to recommend crypto products to clients and the clients must ask to make crypto trade so again genius move they can just sit back and Here's the thing they know that there is demand for it. They see it all over the place I mean we're gonna we're gonna cover an article just in a bit So they know that that that the demand is there So they're going to affirm that by going look people want to do this But will they pull the trigger? Let's let's see if they do it and I think they will and I think it'll be a big splash And we'll see it all works out Previously JP Morgan only allowed private wealth clients to invest in actively manage Bitcoin fund with crypto firm NY dig Providing custody service and that leads me to my next point as far as NY dig and Banks and getting everything into it and actually before I get into that. I will say this If we're gonna talk about demand, we know the demands there right if JP Morgan's you know One of the largest banks in the world is offering this to their clients because they've already done the surveys or we don't everything else This is the thing that just gets to me black rock CEO is Larry Fink Sees very little demand for crypto lately. This is on July 14th surprise Your buddies over JP Morgan beat you to it And then which is funny because he previously said that Bitcoin has caught the attention of many people And I know when people talk to me about this thing. They're like, there's no manipulation sure Anyhow the NY dig story. This is just very quick and This was actually about this is almost a month ago now June 24th, and it's just that just a recap and Why I always like to reference this is because some banks just get it and they're gonna be out in front And the banks that don't are gonna get what I call block buster 18.3 million Q2 customers will soon be able to buy sell and hold Bitcoin directly from their bank accounts and just you know This is they're giving this option to like the small and medium-sized banks as well as to Credit Unions, which is exactly what it says 450 small new sized banks credit unions right there And then the big thing of course is according to Jean condo Q2's vice president communications The decision to partner with anyway dig was based on client demand again I still believe that there's a ton of demand out there which leads me to my next point when we talk about what's going on with banks getting into the fray and Gray scale so gray scale is going to be Not partying up but in close connections with JP Morgan They're also in close connections with BNY Mellon and what do these guys have in common? Well, they're old-school traditional finance and I think they can get the ball rolling on this thing called an ETF This is on July 13th gray scale investments announced today that it selected BNY Mellon as an asset servicing provider for the Bitcoin trust Through this agreement BNY Mellon will provide gray scale Bitcoin trust with fund accounting and administration Effective October 1st 2021 Additionally, it is anticipated that BNY Mellon will provide transfer agency and ETF services for the gray scale Bitcoin trust upon its conversion to an ETF now look I'm here my ETF for a long time since I got in and it hasn't materialized yet But I feel like we're a little bit closer. I feel there's no concrete evidence But you can kind of see where all these partnerships are going and the traditional space is actually gobbling up crypto So who knows let me know what you think in the comments section And the last thing I want to talk about before I move on to Ginzler and the SEC is this thing called block buster And block buster to me just means that when new technology comes in you can either get on board Or you can get run over by it and that's exactly what happened to block buster And that's why we have Netflix and Disney plus and all the different streaming platforms that they just missed the opportunity And I think what's going on here if you're a bank How do you make money as a bank? Well, I mean you have your fraction reserve lending And of course you move money around. That's that's also a great way to Add your had your account also, you know lending For loans mortgages those types of things also for all the different actually all the different transactions that are going on throughout the globe Couldn't they just be replaced and if not totally I'm not saying totally but by a fraction of Decentralized finance crypto currencies and digital assets and look here's the thing The crypto space doesn't have to totally take over everything. They don't they just have to just take up percentage here and there before you know it In traditional finance in the banks One to two percent slide per year is pretty big now extrapolate that as the technology speeds up And we get better and then we have different banks coming on board going, you know what we're tired of seeing All these Purchases go to these crypto exchanges and all the money leaving our accounts go over to there for that We want to get in as fast as possible before we get what I call block buster it so I See where things are going. I could be wrong. Let me know what you think in the comment section, but I just see that We're gonna I believe we're gonna see a lot more different banks like a JP Morgan like a BNY melon Just get on board because if not What what's gonna happen? I think there's room for both But they better step up and only only the ones that are fast are gonna actually survive and after that I think they're gonna fall the wayside nothing against people working the banks. It's not you guys I mean you guys are great people. It's the people that set the policy that just really suck Anyhow, let me understand the comment section Let's move on to our last piece where we talk about Gary Ginsler and the SEC so The SEC chairman outlines regulation of crypto assets relating to security-based swaps. What's going on here? So SEC chairman Gary Ginsler talked about crypto regulation Wednesday before the American Bar Association derivatives and futures Law committee virtual mid-year program and he states make no mistake It doesn't matter whether it's a stock token a stable value token backed by securities or any other virtual product that provides synthetic exposure to underlying Securities these platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work Within our securities regime. So that was a lot of that was a big mouthful, right? But what it really comes down to is this Securities or stocks really publicly traded companies synthetic exposure is things like on Binance where they say hey you can have a synthetic stock of Tesla or Apple or something like that and you can trade that over here Because you can just use your your cryptocurrency. It's not the actual stock You know own the actual stock or the paper, but it's since it's a synthetic part of that and actually interviewed a A project that's going to be built on the Cardano network called Indigo and they're doing the same thing. So I'm wondering how much this really affects them. So if Ginsler is saying look you guys are gonna have to come through us or else you're going to get Essentially sued just like what's happening with Ripple here He states if these products are security based swaps the other rules I've mentioned earlier such as the trade reporting rules will apply to them then Any offer or sale to retail participants must be registered under the securities act of 1933 and affected on national securities exchange To finish up. He states we've brought some cases involving retail offerings of security based swaps Unfortunately, there may be more. Let me read that again Unfortunately, there may be more There's not a maybe it's gonna be a positive. It's gonna be a definite. They're probably gonna bring some more core cases We will continue to use all the tools in our enforcement toolkit to ensure that investors are protected in cases like this so that is it a nutshell and We'll see what happens. I am I'm on the fence about this one Because I want a little bit of item a little regulation goes along a long way And I think if we can just get some clarity as to what is a commodity and what is a security? What is a currency that will be fantastic past that? Yeah, I don't know who knows but maybe it's a step in the right direction Maybe it's a step in a little bit too much of a direction. We will see anyhow So that is it for today So look, I know there's a lot a lot of things are going on if you liked the video give it a thumbs up the like Consider subscribing. Well, I think we talked about on this channel our time sensitive, but that is it so much for today Thanks a lot. I appreciate it. See you on the next one