 Great. Welcome to Jalassa News. Take top stories in crypto and break them down into bite-sized pieces. So today, just the thumbnail and title suggests, J.P. Morgan just asked for something that I never thought that they would ask for. I never thought any bank would ask for, actually. And this one statement that was just made recently makes me more bullish on crypto and Jalassets than pretty much anything that I've actually taken a look at in quite some time. So we're going to talk about exactly what they're asking for. Hint, regulatory clarity. And then we're going to talk about how it's about time to actually got it, because if not, they're going to be left behind. Also, we'll talk about Colorado and Bitcoin, and if there's actually tax, but believe me, there is a huge catch. And then last thing we'll talk about just an abstract concept about when we come together. And then we'll finish it all up with a little Q&A. So hold your questions till the end. We're going to do five questions on five minutes, and that will do it. And also, if you're here live, thanks for stopping by, I appreciate it. If you're here for the replay, there will be timestamps underneath so you can fast forward to whatever you want to. And just so you know, news will take about 10 or 15 minutes, and the Q&A could take about five. So we try to condense things and speed things up, but make sure that they are concise, but not rushed. So before we get in that, let me just take a look. We're going to bounce very soon. Morning, Rob. What do you think of it? Okay, great. We're good to go. Let's take a look at what is going on in the market today. So we had a dip. Another dip. Not surprising. Now we're down to $2 trillion. We might fall below that. We might go above that. Who knows? I don't know. Leave that to the TA experts. They can tell you with 54% certainty it's going to go up, but you know, maybe 46% it might go down, whatever. It doesn't really matter. In the long run, I don't care. I mean, in the short run, I don't really care. In the long run, that's where all the money is made anyhow. So Bitcoin down almost 3%. Ethereum's down 2%. Binance going 1. Across the board, everything's down. Is anything up? Anything up? Cosmos is up. Great. That's one of those cryptos I actually picked up a while ago. Interoperability, I think it's going to be big, but everything else is down. Maybe it was because Fed emergency meeting came out and they talked about some rate hikes. Ooh, scary, but who cares? I really don't. And then if you really take a look at it, and not that I'm callous and toothed to the different problems that are out there, but you know, I was in the same position. If you bought at the top, I did the same thing in 2017. If you bought at the top right now, hey, if you don't like the price, just wait around. It's like the weather in Houston. It'll change day to day. So S&P 500 actually did pretty good yesterday. And also the NASDAQ, even on these reports. Actually, let's take a look at the NASDAQ over five days. Eh, not that good. One month. Eh, six months. Nah, not that good at all. In one year. Eh, so on and so forth. So I expect some volatility, and you can just see it right there. I know people don't think that we are correlated to traditional markets, but hint, we are. All right. So that is what's going on in the markets. Let's get into today's top story. And I got to tell you, I got to tell you, I think this is big. And it's not big that it's something that J.B. Morgan talks about. I don't really, I'm not a big fan of Jamie Dimon and the banks, but it's one thing to do stuff behind the scenes. And it is another thing to go out in public and say, hey, we need this to happen now because there's a pretty big demand for crypto and digital assets. And it's the same thing our partner, not partners, our buddies over at Wells Fargo laid out in this nice report. And I'll get to all that in a second. So this is what's going on. I tell you, when I read this, I honestly couldn't believe they said this. So J.B. Morgan, global regulation, urgently needed for banks to help clients invest in crypto. Because, you know, it's all about the clients for the banks. They want to serve you. They want to help you. They don't care if they make profits. They're here for a purpose. I'm just kidding. And it's not like I'm anti-free market. I'm just saying that sometimes banks take a little bit of advantage of us. Just a thing. All right, so this is Debbie Tonys. I think that's how I nailed it. Managing director and head of regulatory affairs at Global Investment Bank, J.P. Morgan Chase, talked about global crypto regulation applicable to banks Tuesday in an event held by the International Swaps and Derivatives Association. Boy, that had been boring. I will tell you this one thing. When I got in 2017, if there was any story in any way, shape, or form that had to do with banks or them even just mentioning this, the market would have exploded. It's amazing to me how far we've come along since 2017, which is four and a half years, five years ago, to where we are now, where all the banks are talking about it, all the countries are talking about it. We've even got a country, El Salvador, using it for actual, their legal tender. And then this is just in a very short time. Imagine from 2017 to now, imagine how far we're going to be in five years, which is why I'm always talking about I don't care about this short-term volatility. But I can understand why people are. I get it. So, but I'm just here to tell you, just wait around. It'll be OK. Not financial advice, just opinion. So to pick this up and actually to skip what Tony says here, this was a good one. A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to Wells Fargo, crypto has entered the hyper adoption phase. And if you missed our video, this was just eight days ago, about a week. And things move fast. And I will leave that. There's a link in the description. I'll also link at the very end. And what it was was this report right here, a real legit report from Wells Fargo. And pretty much what they said would I'll break it down in two sentences. They said this, crypto users are growing globally and rapidly off a low base. Crypto appears to be a hyper in a hyper adoption phase similar to that of the internet during the 1990s. And they just go over like just the game that you could have had the adoption rate. I think down here, there's even an S-curve. Yeah, for technology. So just watch this video and we break it down and talk about exactly how big that is. But to go back to JP Morgan, because now they finally get it, noting that some very large players had asked JP Morgan to hedge their exposures to crypto assets. Tony's opined. I do think we need a globally consistent regulatory framework. It's important that we get to a solution as quickly as possible. JP Morgan, head of regulatory affairs also said the real risk to all of our economies is that if we don't get to a solution that allows banks to engage with our clients in a hedge way, this activity will go outside the regulatory perimeter. And I am concerned about financial stability. So why do I think this is so big? I mean, it's great that they're doing this for their customers. And I know people out there will say, Rob, who cares? Because everybody should be with us and they should use cold storage and they should custody their own crypto. Look, man, man, whatever, there's a lot of people out there that are super busy and just don't have the time to do that right now. Let them just get Trojan Horst. The bank comes in and goes, hey, like crypto will obviously crypto. Great. Then they get some crypto and they start to do a little bit of research because they got two jobs and five kids and they wanted to have a social life. Let us do that. And then as time goes on, they're like, hold on, what do I need you for? Why are you guys doing this? Because I can use this thing called a ledger or a taser or a tracer. And I can just keep this away from you guys. And I don't have to have any fear about the run of the bank. And also, I learned about this thing called fractional reserve shares or loans or fractional reserve banking, excuse me. And it looks like the hundred bucks that I give you, you just loan that out anyhow. But are you doing that with my crypto? Because I'm going to take that back. That's why I'm just like, let's just give everybody a huge umbrella and come on in. And the second reason why I think this is so big is because this right here, let's be honest, it's just me and you and I have a secret. And the secret is, is that money, especially in politics, rules the roost. So if you've got a bunch of banks that give to your favorite senators and congressmen and women, and this is all over, this is in the United States. This is no secret, I think, their whims and wishes tend to get taken in more weighted or heavier concerned than just say, average Joe below me and you. So if we got banks, very large banks, one of the largest banks in the globe, I believe, at least top three in America. And they're saying, you know what, we need regulation, we need clarity because we want to offer crypto to our customers. Why do they want to do that? Because they want to charge them fees. That's fine. I don't care. But if this is happening behind the scenes and also in public, how far away do you think we are from like super mass adoption as people come in and go, well, I don't really trust crypto because, you know, mainstream media said that it's used for illicit activities. But, you know, my bank, which I shouldn't trust, but I do, said it's OK. And they're offering it. I'm going to get into crypto. That's what I'm looking for. So let me know what you think about that in the comment section. Maybe I'm way off base. Maybe I'm just too naive. But I think that's a pretty good play. And I will say one more thing. Let's see if this is it. Yeah, this part was funny. I had no idea that JP Morgan or Jamie Dimon was such a huge crypto fan because this is from I just repost this is from Bloomberg. Jamie Dimon has a portrait in JP Morgan's Metaverse Lounge. I thought it was pretty funny. And I thought to myself and the thing I was thinking of was like, well, first of all, maybe JP, maybe Jamie Dimon and JP Morgan are a little bit more into crypto than we think, even though they did come out with 146,000 Bitcoin price prediction, which is dumb price predictions are worthless. But I just thought it was interesting that there is Jamie Dimon's face right there in the lounge at their Metaverse play, which, you know, kind of is big in the crypto. So either he's a big believer or he's trolling us hard. Let me hear you think about that in the comment section. Let's move on to our next piece. Colorado's plan to accept tax payments in crypto. This is not a good idea. And I'll tell you why. And it's the same thing that me and Sheehan, Chandra Shakara, CPA and crypto expert talked about on our show a couple of days ago. And this is why. So I mean, it's a good way. It's a good thing to move forward. But here's what's going on. Colorado is looking to accept crypto for tax payments. It's governor announced Wednesday. We're touting Colorado as a center of the crypto economy. Great. Colorado Governor Jared Polis said in an interview ahead of the ETH Denver Conference on Wednesday. Well, that's good. We have not only very favorable favorable laws and rules, but we also have a great ecosystem of innovation here. Fantastic. I like to hear that. The state hopes to accept crypto for state tax payments and other state transactions, such as permits or licensed payments by the end of the summer. Our budget is still in dollars. Our expenditures are still in dollars. And of course, we don't want to take the speculative risk of holding crypto. So we'll be having a transactional layer there, meaning when they when you pay for your state taxes or when you pay for your real estate taxes or whatever else that you have or license and you say, I want to pay for them Bitcoin. They're not going to hold the Bitcoin. They're just going to transfer over to cash, which is what most do. But there was an interview with one of the heads of Coinbase and they were taking a look at the different reports that came in. They noticed that it was interesting that a lot of these large companies are not transferring over Bitcoin into cash immediately. They're actually holding on to it for a little bit of time and then cashing out because maybe they know something who knows. But this is why it's a bad idea. Colorado citizens looking to use crypto for the tax obligations gets complicated. Tax experts point out the challenge. I think most of us know this, but I'll go this is principally born by the taxpayers for whom the disposal of crypto is a tax event which will create a gain or loss that needs to be accounted for in the following tax year, said Preston Byrne, partner at law firm Anderson Kill. What a great name. She-Han Chamsakara says this, if you're spending appreciated crypto to pay taxes, it'll trigger capital gains, which is a neverending cycle spending an appreciating asset for something like taxes is not wise. In my opinion, I have to agree with She-Han. I don't think that's a good plan if you want to do something like that. So, I mean, I think that there's better options than to spend your Bitcoin to pay for taxes. Maybe there's another crypto that could potentially do that. Maybe you know what that is. Maybe you can put that in the comments section. But I just don't think it's a great plan. I know that we should be using crypto and digital assets to pay for services and things like that, but it is a big hassle right now. And hopefully, there's a new bill coming forth that said that if it's under $200, there's no capital gains, but that hasn't even passed yet. So we'll see how it all works out. I don't really have much faith, but that's what we got. And the last thing we want to talk about, and we'll get into the Q&A. This one pretty quick, good deal, was this piece right here. So yesterday, friends of the show, the Paul Barone Network which looks like this, they do a lot of good teaching as far as crypto and digital assets and things like that. And YouTube took their channel down. And I said, hey, man, can I get some help from my fellow YouTubers? Paul's channel does solid crypto education. I want to promote that. It's sad to see that YouTube doing this again, the crypto channels. And you know, back in 2019, they took down a ton of different channels. And now it's in what they're doing the same thing again. This happened to CryptoCros channel. And I put it on Twitter to help them with that. Tony's channel over at Thinking Crypto. And now it was Paul's channel at the Paul Barone Network. And I said, hey, can you guys help me out? Well, there was 108 retweets, five quoted tweets. And shout out to Guy and the rest of the people, like Mike, for retweeting and asking YouTube why it was. Because within, I want to say, 16 hours, they actually put it back up. And they actually sent a tweet to the team, or to everybody, and said, hey, sorry, that was our fault. There was some issue. And we take full responsibility, which is kind of crazy that YouTube actually did that. And actually, let me see if I can, yeah, right here. Let me blow this up. Well, let me really blow it up. Team YouTube said, yeah, confirming this was a mistake on our end and your channel is back up. So thanks for your patience while we sorted it out. We've shared feedback for the team to prevent similar mistakes in the future. So I hope when they make that mistake with my channel and they wipe me out, I get the same help from people to put the channel back on. So I just want to say thanks to everybody who retweeted and shouted at YouTube. And remember, it's just like a bundle of sticks. Like you can break a stick pretty easily. When you put a bundle together, it's pretty hard to break. And that's what it comes down to as far as community. So that's it. So look, I think there's great news today. I know that the price hasn't reflected, but if you were here to get rich quick, you're in the wrong place. You can get rich sooner than investing into stocks, but it's still a long process. And that's what it comes down to. So look, we're gonna do the Q&A right now. If you got to take off, thanks so much for watching. I appreciate it. Hit the thumbs up, subscribe. Me know as far as I'll subscribe, why not? And that's it. So thanks so much. Let's get into the Q&A right here. So we'll do five questions in five minutes and we'll get out of here. Deal? Good. All right. And what do we got? So start asking questions. Great show to you. Thank you. I appreciate it. I know that YouTube made any mistakes. I know it's crazy. I screw up all the time, ask my wife. So it's refreshing when somebody in like a pretty public way says, I messed up. It's great. I mean, it just reminds us that we're all human and we all make mistakes, right? I make tons of them. Sometimes my thought process as far as the title and thumbnails are kind of click baity. Some people tell me, so whatever. Ask Chloe, question number one. My dog is fine. She's 13 and she has problems with her ears and everything was good. So thanks. Thanks everybody, stereo. Good deal. Chewie's still going through, you know, still got lymphoma. Well, it's in remission. So but he's still gotta go through the, through the chemo crap. Well, what is this? Rob, can you address if when you will get your extra collateral that you put up when you got margin called on your Celsius loan? That's a great question. So if you don't know, there was a video we did about how we got this house. We had to pay cash for it, which kind of sucked. But we had to do a loan through Celsius. And one of the big parts of the loan was, was Ethereum. So I put up Ethereum and you can watch the video. Features, the Mooch, Scare Mooch is a pretty good video. And if it goes below a certain percentage, 65% loan to value ratio or even 80% loan to value ratio, then they really start to turn up. You get margin call. When you get margin call, it means you need to re-collateralize or collateralize more or we're gonna liquidate you. And for loans, loans aren't a taxable event. The liquidations are. So I was pretty keen. So I had to buy a bunch of different Ethereum. And they actually, so I bought a bunch of Ethereum. I put it onto the app. They said, okay, thank you. We're not gonna liquidate you. And then when it went up, they returned a little bit of it. But guess what? Now the prices are down, so they took it right back. So it's like, whatever, right now it doesn't matter to me. Again, three, four, five-year play. This is a great question. How to take profits? Do you DCI outside? This was an argument I had on Twitter, matter of fact. So like to take profits, it's one of those things where first of all, you have to understand where you're at, you have to know the tax laws. If you're in short-term capital gains here in the United States, it's pretty hefty, long-term isn't so bad, but then it depends on the state that you're in. So I don't know what the laws are in Canada or in Australia or UK or places like India. I have no idea. So like when you're taking profits, just know, first of all, what I do is I dollar cost average in and I buy debts. And then when I absolutely need things, I will sell, like when I did with this house. I didn't sell everything, but I had to sell something else. I'd be Airbnb in Puerto Rico forever. So what I do is like, let's say there's a big massive dip, like the 10, 20% things right there, right? I'll go in pretty good. And then if it goes even farther, I'll go even heavier. And then as time goes on, when it goes right back to baseline, I'll take a little bit of profit. So let's say if I put a thousand bucks in, I may take 50 bucks out, nothing big, but I got a little bit of money on the sidelines and that's where I like to keep my dry powder. But it's different for me. You have to understand, I'm in Puerto Rico. So those capital gains tax aren't as hefty. However, if you were paying capital gains tax on that, let's just say it's short-term, let's just say 33%. So a third of 50, now 16 bucks or something like that. So you're gonna have to pay that in taxes, but you still got some nice gains on the sidelines. So it just all depends on what you wanna do, but remember it has to kind of outstrip everything. And then you just reinvest and that's how I go. All right, I hope I answered your question. I can't pull this up, but Latin American crypto says, this is the third question. When are you gonna bring on Richard Hart from richardheart.com and do an interview? Are we good at that? Take a look, just search for digital asset news, Richard Hart, thing will pop up. Hope to answer your question. Two more questions ago, this is a good question. Do you think that Jamie Diamond really fired people for buying crypto? No. If so, what would that lead to Lawson's finding out that the company itself was doing the same? Well, in all honesty, I'm not a lawyer and I don't know their human resources department, but if they put out a memo and it says specifically, you cannot engage in activities related to cryptocurrency and if not, you'll be terminated and they do terminate people, probably be okay. But do I think they fired some people? No. And probably when he said that was in 2017, he probably promoted those people, let's be honest. I would have. I don't know what that is. And this is my last one. This is a very loaded question, we'll get out of here. Is it bullish news that crypto, that Canada has enacted the Emergency Act, which gives banks the ability to freeze accounts for that quarter? I believe it is. And I don't want everybody to get this twisted. I did a video on this a couple of days ago and the video was not about the protest and what they're protesting and da, da, da. That's a separate issue. The issue itself is that they can freeze bank accounts, they can freeze the public fundraising, which, and they can say, well, we're gonna put this under the Anti-Terrorism Act. And because of that, we can do whatever we want with that money. So that was a problem. And actually the fundraising account, I forgot the name of it, it's just blanked on me, but they actually froze those funds without the Canadian government and then they gave all their money back. And I think it was like 21, they raised a good amount of money. I wanna say $3 million or something like that, which was supposed to go to protests and things like that. I mean, that's not the thing. The thing is you have to think about is, let's say you wanna do something. Let's say you wanna do a protest. Let's say that there is, let's just take animal testing, right? I love animals, I love dogs or anything else, but no one wants to see crazy, cruel and inhumane things. And let's say that you start to protest and then all of a sudden they're like, to give the funds to help with this protest and you accept funds from a crowd raising platform. All of a sudden Canada and the banks like, no, we don't like that. And we think it's also money laundering and it could be for terrorist activity. So we're gonna confiscate that or just freeze it. So is that okay? Well, it's up to you to say. For me, it's not. And that I think is a pretty big, great reason to use crypto and digital assets dependent. So that's all we got for today. So thanks so much. That is it, five questions, five minutes. We gotta get out of here and that's all. So if you liked today's video, give it a thumbs up. All sincere to subscribe. And why don't you talk about our time sensitive? And that's it. So thanks so much. If you made this far, might as well subscribe. I'll see you tomorrow. Adios, bye.