 Local Digital Asset News take the top stories in crypto and bring them out of bite-sized pieces. So today, just like the thumbnail suggests, banks, or big banks, are going big into cryptocurrency. And to start off, we're going to talk about State Street, which has a paltry 3.2 trillion dollars in assets under management, is going to launch a crypto service for private fund clients. On top of that, we'll take a look at BNY Mellon, which is far, far back with only 2.1 trillion assets under management, as they join State Street to service new crypto exchanges. So we'll take a look at what's going on there as far as the big banks. But for every good news, there's a little bit of bad news. And that is that President Joe Biden to step up crypto tax enforcement to help fund 1 trillion U.S. infrastructure plan. We'll take a look at that and what I am doing to help me kind of relegate that a little bit. And also, we're going to have to go over the question of the day where I got a great question from a subscriber, where they talk about how things work as far as taxes and airdrop. And finally, we'll finish up by just talking about the Theta airdrop or Theta NFT drop, I should say. So that's what's going on. But first, let's take a look at what's going on into the market. So today, it's a great day. It's Friday. It's a little bit late. I wanted to wait till the end. I had a lot of things going on today, but I wanted to see what kind of happened throughout the day as far as news. And it did not disappoint. On top of that, we've got a pretty good market cap of 1.63 trillion. We're up almost 4% in 24 hours. We've got Bitcoin price around 42. I'll take it. I'll take it. This is a great night. It's Friday. I'm going to go finish up this video, then go out a little bit and do some things. And let's see what we've got as far as the price action. So Ethereum, wow, almost 2,500 bucks. Pretty good. Of 3%, just 24 hours. Everything's up. Let's just say what it is. 15% for Chainlink. Congratulations. So everybody who was being laughed at for buying the dip and buying the dip and buying the dip, good job. That's exactly what I did. And it worked out okay. Let's see what else. 3%, 5%. It's looking pretty good. So that's what's going on in the market. I mean, it's a great day. Let's just take the W and get the heck out of here. Also, since we're using Trade the Chain, this is what you can take a look at as far as trading if you're into that type of thing. And gosh, these aren't good ones. How about this one? Negative 0.06 to plus 6% with 90% assurance. Voyager token. I didn't do that. That's just what it is. And yes, I stand by my price prediction end of year, $30. Still saying it. Also, take a look at Neo, Orchid, Orchid, sorry. StormX, OKB, and Unibright as those might be going up between 6% and 8%. So take a look at the descriptions. There's also for Trade the Chain, which we'll use for sentiment analysis. All right. So let's break into the trillion-dollar banks getting it. And I got to tell you, banks, some banks are going to get it and some banks are not. And some banks are going to jump on board and figure out that, hey, this is the future and we want to get blockbustered. And some are just like, nope, we're not going to go through with it. We're going to just do the same old thing because it works. And they're going to love behind. So Straight Street, they get it and good for them. So what is going on here? So State Street to launch crypto services for private funds. Here's what we got. State Street, the second oldest bank in the US, announced Thursday that it would provide digital and crypto asset administration services for the company's private fund clients. Again, private funds, clients trying to get them into the game. The bank will enable its private fund clients to access a set of institutional grade, middle and back office offerings. That sounds shady, but it's not. That support diversified portfolios, including crypto-related features like collection, standardization, reporting, processing, and reconciliation. So on top of that, you also have to take a look at, there was an article not too long ago where the same thing was said, State Street Bank launches crypto division. And this was just, gosh, this is on June 10th, a little over a month, a month and some change, a month and a half ago. And people were like, yeah, yeah, that's nice. I mean, they launch it, but they're going to do anything with it. And again, here we are today, a month and a half later, they're like, yes, we are going to do something with it. And we're going to go full force. State Street signed an agreement with Luca, a US-based blockchain data and software provider focused on reporting audit-ready data on crypto transactions. And I was like, what is Luca? So I had to take a look at it. This is what Luca is solving the most complex data challenges, custom-built software and data for managing crypto assets on infrastructure made for the complexities of blockchain data. And this is what smart money does. They invest into companies, they build the track, and then they start to make big moves. And if you notice right here, State Street is known as a major investor in Luca, leading the company's series C funding round in December 2020. So I mean, look, that was like seven, eight months ago, but I can guarantee they did a lot of legwork and took a look at this. And they have a plan and action for crypto and digital assets way before they did this, this funding round. So when I started to take a look at what smart money's doing, smart money's moving into our market. And that's what I want to see. All right, to finish up, this will allow State Street to consume crypto assets mixed within private clients traditional alternative investment portfolios. That's good for some people with big money who don't like too much risk, I suppose, providing digital assets with the same quality and precision as traditional assets. That will ease some minds. And that will also, I think, help me with a little bit of regulation to get some clarity about what things are going on. What is a security? What is a currency? What is a commodity? But that's in there here and there. To finish up, the growth in popularity of digital assets is showing no signs of a slowdown, and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital asset service models to help meet our clients growing demands. State Street Digital Director Nadine Shakar said, so look, I mean, the runnings on the wall, the smart banks see it's the ones that are kind of just out there flapping. They're going to get left behind. And we don't need all these banks. We don't need all these huge banks to do all these things. We just need a couple of banks that get it. And surprise, surprise, it's the one with a ton of money that have trillions of assets under management. So let me know what you think about that in the comment section. Let's move on to our next piece. So we talk about B&Y, Mellon, and the exchange. This one totally just bypassed me. I just, I didn't even hear about this. I didn't pay attention or maybe I saw it. I don't know. This is from July 21st. B&Y Mellon joined State Street to service new crypto exchange, B&Y Mellon. And if you don't know, just real quick, State Street 3.15 trillion assets under management. B&Y Mellon has 45 trillion assets under custody under administration and 2.3 trillion assets under management. So I misspoke. It's 2.3. So not too bad if you have a lot of money and a lot of capital laying around. And maybe some clients might want to get into, well, I don't know, a little crypto, just a guess. So what are they doing here? Well, they're like, you know what? We want a bigger piece to pie. Let's do a crypto exchange. And I can't make this up. And this is exactly what's going on. So Bank of New York, Mellon, is joining a new crypto initiative by offering its custody support to a new crypto exchange backed by United States Bank, State Street. So amazing. The smartest monies. Well, it's debatable, but the ones with the most money seem to always have more. According to a Wednesday report by the Financial Times, B&Y Mellon has joined a consortium of six banks behind the launch of London-based Pure Digital, a new crypto trading platform venture that is scheduled to execute its first Bitcoin trade in the near future. So yes, they are getting into it. And this leads me to my final punching bag, as I call it, which is BlackRock CEO Larry Fink seeing very little demand for crypto lately. This is on July 14. When you see these types of stories coming around, I can't say it. I can't say it, but these are just lies. I'm telling you right now, this guy is flat out. Either he is so tunnel visioned on some type of project that he's got, or he is living under a rock, and that's just what it is. So when you see some of these big type of players out there going, there's no demand. It's not going to happen. There's going to be a bunch of regulation coming. You should stay away. It's going to be very dangerous. And then all of a sudden, you see all these huge banks just crushing it and doing things with crypto and the gel assets. You're like, sure. So that, again, it was just a little small snippet. I just like to Larry Fink to be in there and take his lumps because he knows when he said this. They're doing something behind the scenes. Anyhow, let me know what you think about that in the comment section. Let's move on to our next piece. So we had some good news. Let's round that all out with a little reality. President Joe Biden to step up crypto tax enforcement. Here's what's going on. So the taxing crypto transactions to fund U.S. infrastructure. The White House announced Wednesday that President Joey B and bipartisan group of lawmakers have agreed on the details of a once in a generation investment in the U.S. infrastructure. First of all, that is a marketing ploy right there. That is not something that they're like, well, let's spend taxes. How can we spend taxes? This is a once in a generation investment. Very nice. And then before I go on, I always have to say this, don't give the video a thumbs down because you don't like Joe Biden. Give the video a thumbs down because it sucks and you need to learn anything. But don't be very tribalistic and be like, I hate Joe Biden thumbs down. Look, the news is the news. Just take it as it is and then just roll with it. Whatever the news is, it doesn't really matter. You're in control of your own life and destiny. So just because this is happening, there's ways around it. Well, just be honest. So I'll give that a second. The bill will be taken up in the Senate for consideration. Again, it has to pass a Senate just because one side wants something doesn't mean they're going to get it. The deal includes 550 billion a new federal investment in America's infrastructure, measures to step up tax enforcement on crypto assets. We're added to the infrastructure bill at the last minute. That's never a good sign when they start to add things the last minute, but it is what it is. The measures impose heightened reporting requirements on crypto brokerages and exchanges. They will be required to provide details on crypto transactions of 10,000 or more to the IRS. So I mean, really just comes out of this. If you have more than $10,000, they're going to really want to know what the heck's going on so they can tax them and tar out of you. And that's really what it comes down to. Although, in all honesty, I think there's probably more to it to this bill and it'll be expanded and it'll be taken out and be shoveled around because that's what bills do because people are negotiating. They always start high. Remember, Joe Biden, he wanted to, for capital gains, he wanted to go from 20% to 40%. Everybody freaked out. And I was like, why? It's not like he's going to get it. It's just that he talks about it. That's the whole thing with negotiation, right? You start really high and then people start real low. You mean the middle or down low or whatever else, but he's not going to get 40%. And the same thing here, I don't know if he's going to get this part. It makes kind of sense, 10,000 or more, sure, but maybe they want more and they'll kind of go back and forth. But that is what is going on as far as Joe Biden. But I want to remind you of one thing and that is that if you're not a big fan of taxes here in the U.S., who is? I don't know. I have never met anybody who's like, I love Texas. They're awesome. Just remember that Peter Thiel, there was an article from ProPublica and they talked about, let me blow this up, how tech mogul Peter Thiel turned a retirement account for the middle class into a $5 billion tax-free piggy bank. I'm not going to read it. I'm just going to give you the highlights. Here's what he did. Because of his early, because he was one of the co-founders of PayPal and he had a bunch of shares and he put those in a Roth IRA and they weren't worth anything. So you have a maximum of, at that point, it was only $2,000. And the Roth IRA in America hasn't been around that long. So it's been around since the late 90s, which is crazy. And the backdoor Roth IRA has only been around since 2010, crazy. So what he did is he put all these shares into this Roth IRA, which was worth nothing. And then of course, when everything went public and everything and they shut up to the moon and he's like, hey, it was $2,000. When I put it in, I can't help with that. It just appreciated so much. And the same thing can be said, I believe for cryptocurrencies and digital assets. And that's why I got there is a link for I Trust Capital and is what I use. It's a Roth IRA. I did a video about it. The link's in the description. The video is like 20 minutes long. I can paraphrase right now. There's three types of IRAs. There's a traditional, a sep and a Roth. I use a Roth because you get taxed initially. And then for all the gains, you don't get taxed when you take all those things out, which is exactly what Peter Thiel used. So I Trust Capital has a boatload of different assets as far as digital assets. You can see, actually, and also you can use gold. You can actually put gold and silver into this Roth IRA. And as far as cryptocurrency, they have Bitcoin, Ethereum, Cardinal Chainlink, Polkadot, they got a ton. Compound, USOP, and they just added a bunch more too. Algorand, Engine, Bat, Curve, Solana, I don't know that, Uran and Sushi. I mean, everything that you really want to have there. And then also, if you want to trade within your Roth IRA, there's no penalties and it's tax-free. That's crazy. So if you think that Bitcoin's going to go down for whatever reason, you're a big trader, you can sell that Bitcoin in your Roth IRA. You can, and then that'll be cash. You can hold on to that cash. And then once it drops, you can buy it again. I'm not that guy. I'm just a simpleton where I just buy and hold. But that is what it is. Look in the description below. You get 30 days free with the discount code. And that is what's going on for buying and everything else. If you don't like taxes, that's just an option. All right. So now, I would like to talk about a pretty good question that I got in the comments section. I try to read as many as I possibly can, even the bad ones. Yes, I know. I can be a moron, sure. But the good ones are, I mean, there's some legit questions here. This was a good one. It says, this was after we did the actual, we did a video on the DNews staking pool, which I just did an update. If you want to, you know, stake with DNews, you get between 4% and 6% APY. And I talked about, there was a question I keep getting, which is, why would I stake with you when I can get it, you know, between 4% and 5% on an exchange? I answered those things and everything you want to know is in this video, links in the description. But the question that I got yesterday was this. States, I've been thinking about staking with your pool for a while. Thanks for the video. Anyway, what I don't understand is taxes. That's okay, because neither does the U.S. government. Will we be taxed on our gains, even if we don't cash out? Like other people want to compound my ADA over the next few years, how does this work? Maybe we can get your crypto account, friend. That's that's She-Han Chandrasekara. But he's a busy guy. But here's what it is. To answer your question, basically, it's like this. The government's taxes air drops when you get them. So even if you don't sell them, they're still going to tax you, which is pretty ridiculous. Let's just be honest. However, there is some little bit of a shining light. And that was from this article we covered a couple of days ago, crypto investors, Sue's IRS, Joshua Jarrett, one of my heroes, a new hero has filed suit against the IRS. He claims that taxing newly created tokens as income is in direct contradiction of over 100 years of U.S. tax law. And this is what he says. Jarrett and his attorneys argue that newly created crypto tokens are akin to a just completed painting and are not considered income until they are sold. And doesn't that make a lot of sense? So to answer the question, here's what it is. They're going to tax you when you get these air drops, when you get these rewards, even in your Cardano, if you use the Daedalus, your Roy or Adolite, and they're just going to say, well, we're going to tax it. You know, it's really, to me, unrealized gains. However, there is a lawsuit going on. I personally don't think that they should be able to tax you. It doesn't make any sense to me because you haven't sold them. They're in your possession. So why would you get taxed for it? It's just like they talk about it. It'd be like if a farmer has, he harvests all his crops and they're just sitting there and they're like, hey, you owe us for all those crops. Why haven't you sold those crops? So why would you tax me on that? So again, the government really doesn't have a good grasp of what's going on. And that's why when people say, we don't need regulation, we need a little regulation, we need some clarity, because right now these big banks are getting in, big companies are getting in. And if we could just figure out just a little bit of tax and just a little bit of clarity as far as like what's the currency, what's the security, what's the commodity, and everything else in between, I think we'd be in a much better place. So that hopefully answers your question and that is it for that piece. So let me just finish up by talking and just really just saying thanks to everybody. So we did our theta drop for the NFT and everything. I mean, they didn't sell out, but everybody bought, we had, it was all about the bids for the portfolio consultation, live zoom session with me. I think that was for six people. No, three people. YouTube brand shout out, I got two people there. And then I'll be doing that as soon as I get the information from theta and looks like some t-shirts, 35 bucks for a t-shirt. It's crazy. Anyhow, those sold out. And then this one was my favorite, the chosen one, 2,500 were sold. And I can't thank everybody enough. So what does that mean? That means that a lot of the proceeds, part of the proceeds at least is going to go to a couple of different charities. I know we're going to give to Kiva, one of our favorite ones, which is also what we contribute to for the DNews Steak Pool. Also probably going to give to the El Paso Humane Society, one of our favorites. And then dog is my co-pilot and we'll go from there. But yeah, I just want to say thanks to everybody for contributing and buying some great artwork. And also, I want to thank again to Ivory creatives, symbiotic creatives. I got that wrong. The link is in the description. That person can help you if you want to create any kind of like artistic type of NFT or anything that has to do with art, a very talented person. So that is it for today. So look, I know it's a little bit long, all things going on, but I think this is a great time. Look, we've got nothing but good news. The banks are coming in and the banks are here. Let's be honest. They've already done all their hard work. And then the actual market is looking pretty healthy right now. So I'm pretty happy with what's going on there. And we'll see if this can continue. I still see maybe a little bit of a dip to come up, but I'm a long-term investor and I could really care less for these dips. I just see what's going to happen in the next one, three and five years. Okay. So may all the way the end. Thanks so much. I appreciate it. If you like the video, give it a thumbs up. Also consider subscribing. I think we talk about our time sensitive and that's it for today. So have a great weekend. See you on the next one.