 Welcome to Jalassa News to get top stories in crypto and bring them down to bite-sized pieces. So today, just like the title suggests, there is a little bit of a slapdown from the government as Celsius receives a cease and desist letter. And that's on top of what happened with BlockFi just a little bit ago between New Jersey and Texas. Also take a look at Binance being under investigation for insider trading. Peter Thiel might have to take all of his gains out of his IRA and how that affects crypto IRAs moving forward. But on the horizon, there are some good news, which is ETH just had a record outflow from exchanges. And we're going to take a look at year to date, the top performing assets or cryptos so far. So we'll take a look at all those things. But first, let's take a look at what's going on the market. So today is a pretty good day. It's Saturday, beautiful day out here. And this is what we've got. We've got the market cap around $2.16 trillion. Bitcoin price is $484. So not too bad. Daily sentiment and Bitcoin daily sentiment as far as like sentiment analysis is looking pretty good. Around $46. And people I think are pretty positive. Here's what we got as far as like tokens and what's going on. We've got of course, like I said, Bitcoin $484. Ethereum is up a whopping 0.3%. Cardano 0.83%. And everything's kind of going sideways except for Solana yet again, up 14% in 24 hours. And we're looking at $162 price, but that pales a comparison to its ultimate of around $200. So that's what's going on. I mean, there's just it is crypto. So we're up and down. Let's just break into today's top story and what we see as far as this little gem that is going on. Season assist letters are the initial representation of what is happening legally for you to shut down some part or in whole or in part of your operation and just say, Hey, we don't like you to do this. It's even more daunting when it comes from a government agency. And that's what we've got right here. So securities watchdog file orders against crypto lender Celsius. And I'm just going to break this down in the easiest possible way I can. So as we talked about in the beginning, BlockFi had issues with regulators in New Jersey, Vermont, Texas, Alabama, and Kentucky. And they were up in arms because what BlockFi was doing, which I don't think was a problem, was that it was giving yield to its participants who would lend out their crypto to the platform, and they would lend it out to different institutions. And they didn't like that. And that's what happened. So now on top of that newly published cease and desist order from New Jersey Bureau of Securities or NJ Boss POS is targeting Celsius. And they gave them until October to have a hearing in February 2022. What it's saying is that if you live in New Jersey, they're going to tell you that pretty soon you're going to email from Celsius saying, look, if you live in New Jersey, we can't help you because your government agencies don't want us to service you for this way. And then there's going to be a hearing, February 2022, of course, that will get expensive for Celsius as they have to battle that out with lawyers. So anyhow, here's what the order states. A lack of a protective scheme or regulatory oversight subject Celsius investors to additional risks not borne by investors who maintain assets with most SIPC member broker dealers, banks and savings associations, accredited unions. Look, we had just talked about this as the SEC came in and even Gary Gensler said, look, we've got an agreement since the 1930s, which is you guys can take as much risk as you want. And we will try to protect you on this end. So in this, I see what where it's going, but in reality, it's what they're saying is we don't want you to take the risk. We want to put all the risk on us or we want to actually regulate the heck out of this because we don't understand it. And that's really what it comes down to, which is kind of weird because that is what Gary Gensler said. And then there's also what Senator Toomey said, which is look, we're just here to give a little regulation, but the risk falls on the investor. And this is like nanny state stuff. Anyhow, according to the NJ boss filing, Celsius must stop soliciting New Jersey customers in October. And then also the Texas State Securities Board, my great state of Texas, says the firm is not licensed as a money service business in Texas. And they also slap them with some paperwork. So look, here's what's going to happen. This is all going to go down. And they're going to have a hearing and they're going to go forward. And this is going to happen to more and more places that are giving out yield because they're saying, look, we want to protect them. And this is what's happening. So expect this to happen more and more. Expect the governments to really get in there and expect turbulence and crypto until we get clarity. And this is all we really need. We just need the government just to give, if they want to give a little regulation, fine. I know, of course, everybody says I'd overregulated to, you know, to no end. But that was the whole point back in the early 90s, when we got a little bit of regulation that states that the website owners couldn't be held responsible. And that opened it up for the internet to actually flourish because there was clarity. So why don't you think about that in the comment section? Let's move on to our next piece, a Binance investigation. So it goes from interesting to more interesting. So US probe is possible inside trading at Binance. Authorities are looking to whether Binance or its staff profited by taking advantage of its customers. The review involves CFTC, commodities, futures trading commissions, investigators who in recent weeks have been reaching out to potential witnesses. So this is all they're doing. They're just asking the question like, look, we want to bring you in and talk to you about this and see, did you or anybody you know or anybody that you saw, they take advantage of certain situations, which would be considered inside of trading. And depending on what these people say, they could be off the hook or it could blossom into something even bigger. But I will just say this on this one. I would assume that somebody knew something and these exchanges are all guilty of it. I remember back the day in 2017 when Coinbase listed Bitcoin Cash and just like a day before they did it, the price of Bitcoin Cash went super astronomically high. I was like, huh, that's interesting. Then of course, what happened? They got listed on Coinbase. So the same things happen in Binance. I'm not saying that it is happening. I'm just saying I would not be surprised if they did find some information. Don't sue me. So that's going on with that. Let's break into our third piece, which again, a little bit more bad news, but there is a lining here. So Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account. And then just real quick, if you don't know Peter Thiel is, he's one of the PayPal creators. He's big in a cryptocurrency. He's a billionaire investor. So hey, good for that guy. And what happened here is the House Democrats, and of course I know everybody's up in arms already because I said the word Democrats, but look, just take it for what it is. If you're going to give this, give the video a thumbs down, make it because it's the video sucks, not because you hate Democrats. House Democrats unveiled a tax package on Monday that would force distributions from one's nest egg IRA. If the value of individual retirement accounts for a 1k plans and the retirement stashes exceeded 10 million. So look, if you got a crypto IRA right now or any IRA, just know that they're trying to pass this through that if you have 10 million or more, and actually it will get to the specifics that you have to pay taxes on it. So they're limiting you, how much you can make, which is not right. Thiel owns a Roth IRA that was worth $5 billion in 2019. Here's the interesting thing. The IRA was worth less than 2000, two decades earlier. How do you do it? How do you make it from 2000 to $5 billion? Was it just good old savings and putting things in there? No, absolutely not. What he did was he put shares of PayPal and some other things that weren't worth squat in there in the beginning because it wasn't worth anything. And of course it appreciated astronomical amounts because it wasn't worth much or anything back then. And that's why I'm a big advocate for crypto IRAs. It's the thing that you see in the upper left-hand corner all the time called, I trust. So that's what's going on here. And then lastly, I would just say this just to make sure that we are concrete and understand what's going on two things. First of all, this is from the, what was it called, the ways, the house ways and means committee. And all they did is they passed this little part, which means it's going to go on to the house of representatives. And if they get all the way through majority vote, then it'll become law. Again, you can ask for a lot of things, but it's not means you're going to actually get it. That's how politics work. And then also for this, the formula is complex. The general premise is account holders, me and you have an IRA must withdraw 50% of accounts valued at more than 10 million. So I'm not there yet. Larger accounts must also draw down 100% of Roth account size over 20 million. And I'm not there yet. But in my personal opinion, I think, hey, you know, if it's a, I can, I can scrimp by on $20 million, I think I'll be okay. But the question then is, well, is that really freedom if you ruined it all the way, but now you got to give up with the government. And this should get spicy in the comment section. Go ahead and check that out. And that'll lead me to my next point, which is this, if you're looking for crypto IRA, I have a Roth IRA and a crypto IRA. I use I trust capital. I talk about a time again, it's that thing that's always in the upper left hand corner, I crypto IRA, I trust, and they've got a plethora of different cryptos that you can engage into and buy. Also, they do real physical gold and silver. And they've got some pretty good custody providers as far as coin base and curve. I did a video about it. It's about 22 minutes long. It breaks down everything you need to know. And then there's a link in the description where you can find this video and a link to get 30 days free for I trust looks like this. And that's it on that. And from there, let's break into two of our last pieces, which I thought is the good news. Because look, sometimes it doesn't feel like it's the greatest news of all time, but everything happens for a reason. And all honesty, if we get a little bit of clarity about what's going on, I think we're off of the races. And I think just like Mr. Wonderful, Kevin O'Leary says, there's a trillion dollars just sitting on the sidelines because we need clarity. So let's break into some good stuff, right? Which is over a billion dollars in Ethereum exits crypto exchange in 24. What this means. So if you knew to crypto, just know that when a boatload of crypto goes on to the exchange from cold storage, it means people want to sell, they want being an off ramp. But if they're going to take it off, they means they're going to hold it for quite a long time, hopefully a very long time. That means the price will go up supply and demand. So here's what's going on with a little bit of ETH exits exchanges. So ETH makes history as 1.2 billion ETH leaves the exchange. The London upgrade has changed Ethereum supply dynamics. That was the EIP 1559. Just so you know, what that means is that for all the fees, those fees get burned. And I didn't really take a look at this for a while. But this is how much this is etherchain.org forward slash burn. And just so you know, burn rate is three ETH per minute. And you got a burn rate of four for that. And then around here somewhere, it'll tell you it's over a billion dollars worth of Ethereum has been burned thus far. So again, supply and demand, if you keep burning all the Ethereum, because of all the, for the fees, guess what happens the price usually goes up. And then on top of that, this new supply shock is the biggest short term outflow for ether. And this was from was this old on chain metrics into the block stated this the amount of ETH leaving exchanges hit a new record or 1.2 billion worth of ETH left civilized exchanges yesterday. Last time this is the most interesting part last time a billion plus dollars worth of Ethereum left centralized exchanges, Ethereum increased by 60% within 30 days. Now, that sounds fantastic. But I will just say this, this is investment opinion, not a vestment advice. So those are good metrics. And those are something to look forward to. I personally think Ethereum will reach around nine or 10,000 by the end of this year. That was my price prediction. And this could just be the catalyst. So everything's being burnt. A lot of people taking it off the exchanges. And of course, the supply and demand going through the roof. So we will see how that all works out. But the last thing I would like to say about that is this, as far as like year to date, there was a great graphic which came up, which take a look at how the crypto performance by our friends finance. And you can see here that first of all, Bitcoin is an orange on the very bottom here, 63% year to date, which is, I mean, if you're talking about traditional, that's pretty great. But then take a look at in purple, that's Ethereum, pretty flat, but still almost triple or quadruple. Now, let's take a look at Binance coin, 969%. In blue, we've got Cardano at 1,252%. And then in green, look at this, 7,359%. So long. So look, all these things, and there's a lot more that I'm sure have gone up. Besides that, you can name that in the description. So look, there's a lot of good things to be looking forward to right now. It's not all doom and gloom. I put out these articles in these stories so you can understand what's going on, make the best decision for you and your family. But that is it. So look, if you stuck with me all the way to the end, I appreciate it greatly. If you liked the video, give it a thumbs up. Also consider subscribing. We do this every day. We talk about all the things that are pressing and they are very time sensitive. So consider subscribing. And that is it. So thanks so much for watching. I appreciate it. I'll see you in the next one.