 Welcome to Digital Asset News, the top stories in crypto and bring on a bite-sized piece. Today, we're going to go over some pretty positive stories. The first stuff we're going to talk about is the commissioners of the SEC and the CFTC have been urged by members of Congress to come together and give crypto clarity. I think there is only one way to do this, and that is for different organizations to come together as a joint task force and get this done quickly so we can all move forward. Let's take a look at a very odd story about China's NFT store. I don't really understand what that's going on there, and we'll just talk about that real quickly. Finally, we'll take a look at how Bitcoin active wallets are on the move and they are increasing rapidly, which could lead us back to Bitcoins all-time high and hopefully a little bit more of a rebound into the world market cap, and then we'll go over some final thoughts. We'll go over all those things, but first, some things to clear up. Yes, my voice sounds very strange because I'm just getting over this cold, so that's why I sound a little bit odd, a little congestion, but hey, you got to get things done, right? And don't let things bog you down if you can actually do things, just go and do them. And also the second thing is I want to wish my friend over there at Invest Answer James congratulations for 200,000 subs. He is one of seven or eight different YouTubers I watch pretty much every day, and you can find a list of all those people in the description below of all the different people that I watch, and so James congratulations, 200K subs, and he's only on his channel for less than a year I think, so guys doing great things. So let's jump into the market real quick. We are at apparently $1.91 trillion, this is over at Trade the Chain. Different places will say $1.94, $1.95, so yeah, we're under $2 trillion, what a bummer. But remember, just not too long ago, everybody was going crazy because we had passed the $1 trillion market cap for crypto, currency, digital assets, and everything was like this is the greatest thing of all time. And now we teeter on the $2 trillion and people are like well this is awful, why doesn't things go up? Just put it in perspective, it's not going to happen overnight, but if you just stick around I think there's going to be some fireworks. Also just a note that Audius here, let me blow this up so you can see it, Audius here on the left hand side or audio, that crypto is doing fantastic. There was a deal with TikTok where you can either download or use their music from Audius and that's a pretty great thing. And I've been talking about Audius for a while, I've been saying I've got to recover that, I've got to look into that, I've got to do that, and guess what, I never got around to it. So yeah, all these gains are gone, which leads me to my next point real quick which is this, you will never be able to catch every single crypto that goes up so don't beat yourself over it. I can't do it, you probably can't do it, I don't know anybody who can hit every single winner out there. And just because I don't invest into your cryptocurrency doesn't mean that I don't think it's a value or anything else, it's just that I don't have time to get into everything else and I only have so much funds. I am not a multi-billionaire yet. So for these things I have to pick and choose my positions and for all the Audius people out there and everything else that I've missed, congratulations. I'm happy that everybody goes up, I'd like people, more people to come to the crypto space. So that's what's going on the market, let's just jump into today's top story about the SEC and the CFTC and to me, I think this is huge. I think it's huge because this is really what's going to get some really big money into crypto and digital assets. So here's what's going on. US lawmakers urged the SEC and the CFTC to create joint working group on crypto regulation. US representatives Patrick McHenry and Glenn GT Thompson sent a letter to SEC chairman Gary Ginsler and acting CFTC chairman Rostin Benem Monday regarding cryptocurrency. McHenry is the ranking member of the House Financial Services Committee and Thompson is the ranking member of the House Committee on Agriculture. So no slouches they probably got in those positions because they know a lot of people and know a lot of things and good for them. So I will just say this, if you have time go and take a look over at Twitterverse Patrick McHenry looks like he represents North Carolina's 10th district and also Glenn GT Thompson looks like he represents Pennsylvania's 15th congressional district. These are two gentlemen who get it as far as cryptocurrencies and digital assets. So I would definitely follow them on top of Lummis, the senator from Wyoming and Thompson and all those great guys, the people because we need more people like that that have actually sat down and done the research and are on our side. So here's what's going on. So they sent a letter to Gensler and the CFTC chairman. They said, look, rather than regulate innovation and job creation out of this country, let me read that again. That's such a great sense. Rather than regulate innovation and job creation out of this country, meaning if you have so much regulation that it stymies innovation and it stymies these business to actually adapt and overcome and actually grow, then what are you doing for America? You are hindering us. You are essentially tying both our hands behind our backs or at least tying one leg behind us and we're in a butt kicking contest and we'll never win that. So you have to let things just work. He states, we should promote an active dialogue between regulators and market participants and open and collaborative dialogue with all relevant agencies, stakeholders and market participants is critical. But Kenry and Thompson explain this is the goal of HR 1602, that the Eliminate Barriers to Innovation Act of 2021, which passed the US House of Reps in April. I had no idea this actually passed and it has gotten no attention. So this is one of the things I really need to dive deep into. But HR 1602 is a bipartisan act, Democrats and Republicans that requires the SEC and CFTC to establish a joint working group on digital assets with market participants. Organizations evolve in academic research and investor protection organizations, among others. Nothing prevents the two agencies from creating a working group under the existing law. And the law makes letters, concludes like this, we request a response from you and your fellow commissioners describing the ways the SEC and CFTC plan to work together on these critical issues. So here's the thing. There is only one way to really get this going. We've all focused our attention on Gary Ginsler and the SEC. And is he going to say it's a security or not? Because I know that at some point they probably reach out, but probably not enough because they're in these high positions and even in the Army, you have just different peoples in different organizations and we're supposed to come together and we're supposed to be, you know, joint operations. But sometimes we didn't do a great job and reach out to our counterparts. And I think when you have to have a mandate from somebody above you or actually who appoints you, you would have to actually get back into there and go, OK, let's sit down and work this out. Why do you think this is security? Why do you think this is a commodity? Let's get this done because I got bigger fish to fry. So hopefully they actually come together. And I think that's the only way to actually do it because if you just have Ginsler just sit there and some eyes about what could potentially happen is never going to get done. I think we need the CFTC to come in. And this was this was my one of my thesis. I think just like just like in the medical field, when I was a medic, you would triage things. So as things would come in, you'd say, OK, is this security SEC? OK, is this a commodity CFTC? OK, is this a currency? OK, OCC. And then off you go. And if you just do something like that, you can actually get a little more clarity than the big money can come in. And hopefully we can actually get to huge enormous gains. So that is what I was thinking. And then the last thing I want to talk about real quick is when we talk about the CFTC, you have to remember that the person who is in charge, his name is Brian Kintens. Hopefully I said that right. But this is a tweet from August 4th. And he says, just so we're all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil or crypto assets. So in my opinion, this is my opinion, I think Brian here is probably saying, look, a lot of cryptos are assets and they are commodities and we want to keep it that way. Gensler, you have your own theories. And then this is the disconnect. If they don't come together, they don't kind of just clear it all out and say, why is this isn't actually go from there? Nothing's going to get done. So this is the fastest way. So I applaud these two congressmen for bringing forth this issue. So let me just think of the comment section. Hopefully it works out and we will see. Anyhow, on to our next story, the weird one of the day. This is very quick and I'll make this very simple. People that are new to this space, they just hear a blockchain and they think, oh, Bitcoin or Ethereum or whatever else, right? They don't realize that for blockchain, blockchain can be decentralized or decentralized. It just depends on who is actually owning and actually doing things. So we really want decentralized because it really helps for security and really helps to actually spread things around. You don't have centralized control, which is what we have right now, especially in a place like China. So this article concerned me. Here's what's going on. Alibaba's NFT marketplace allows content creators to copyright work via blockchain IP service. At first glance, we're like, great. Wow, China, who bans crypto every single day, apparently, is getting into the NFT market. This is great. I should probably buy some more Ethereum. Hold on. Here's what the story states. NFTs issued on this blockchain are minted on what's called the new copyright blockchain. Ah, it sounds fun. And what it is operated by the Sichuan Blockchain Association Copyright Committee. Remember, this is all in China. So it allows any content creator to copyright material via the blockchain and sell the rights as well. The copyright is basically tokenized and only the owner of the token truly owns the content according to the Alibaba NFT marketplace intro page. So here's the thing. There's so many things to go over. Alibaba, Jack Ma, the CEO, he was trying to go public and trying to do a lot of things. And the Communist Party of China said, no, you're not going to do that. And they shut them all down. And they said, that's because we're a Communist country and you don't. I did. Do you know where you're at? And we're just going to stop that type of thing. And we're going to take over control. And that's exactly what happened. And then also, you know, China kicked out all of the Bitcoin miners. And the reason for that was because they have the digital yuan coming out. And I want a competition. Bitcoin is probably the worst thing they could possibly have because it is so it is decentralized. And they want to control everything. So with a digital yuan, what you might want to think of as like digital dollar, they can turn on and turn off any type of currency that they want to or their currency and pretty much lock people out. So better pay attention. And if we don't like what you're doing, you're not getting anything. And sorry for Chinese people. So for this one where it says here, and it talks about that the NFTs issued are minted on what's called the new copyright blockchain. What that means, if we just listen to the story I just talked about, Alibaba, what that means is that if Alibaba is owned by China, essentially what's going on, even though it's really not said, that means that they own this blockchain. And if they own that blockchain, they own this NFT. And if they own this NFT, this is not a decentralized blockchain. This is a centralized blockchain run by China. And that is the real story. So really, if we take a look at these, anything that's going to come out of China, you just have to understand that China is they're done with crypto and we can't ever, not ever. But we probably won't get them back for quite some time. So when you take a look at this story, you're like, oh, this is great. And this is all related to Ethereum. It's not. It's a blockchain created for and by the Chinese government. And that's it. Let me just think about in the comment section. Let's move on to our last piece and we'll finish up real quick. And this was a this was a pretty good one. It was a tweet from a sentiment and sentiment, the sentiment analysis. But they also do some pretty great on chain analysis. And what they say here is that Bitcoin is inching back towards 47,000 as a long term addresses activity is showing signs of rebounding towards this level seen around mid April. Let me blow this up so you can really see it. So what we have here is back in March, April or something like that. When we see when we saw an all time high of Bitcoin at 64,000, you saw active addresses, not just addresses that were created and normally doing too much, but Bitcoin active addresses were at an all time high, meaning that the price was at an all time high. And this goes back to Metcalfe's law and the network effect and the more people on it. And I think there's a caveat here and it makes a lot of sense when you have the actual active users on your network, that I think is as a bigger indicator of what's going on. And it really helps places like Facebook when they are trying to get into the wallets of the advertiser. When I said, look, we have all these active participants and you can promote anything that you want to because we have all the data because we stole it from not just kidding. You sign the terms of service to use Facebook. So they stole it all from you legally. And that's where it comes down to. So active addresses, but for this one, Bitcoin active addresses are on the rise. So hopefully they're talking about this is one of their indicators that they always look for as far as where they can see as far as a breakout signal and potentially back to its all time high. And that's what's going on. So some good news on the horizon, some weird news and then some hopeful news where the CFTC and the SEC finally come together. And that's it. So look, there's a little bit of going on. So it wasn't too long today, but if you stuck with me the whole thing, I want to say thanks. I appreciate it. If you like that video, give it a thumbs up. Also consider subscribing. I think we talk about on this channel are time sensitive. So consider subscribing helps out a ton. But that is it for today. I appreciate it and we'll see you on the next one.