 What digital asset news are down for short? My name is Rob and today I want to talk to you about is an amazing thing just happened That is that Individuals are actually agreeing on crypto regulation away. So we'll take a look at our first story as Vitalik Buterin head of Ethereum Foundation, Sam Bakman Freed CEO of FTX and Gary Gensler head of the SEC Actually, look at there might be agreeing on regulation also some more good news Institutions are getting ready to get into crypto a bit more and this is a surprising reason why they're not then lastly We'll talk about how Visa PayPal Western Union in and out talk He's in front of one file for crypto patents And before we jump into the big story may notice that we are not in the regular background We're not in Texas. We're back home in Puerto Rico. Unfortunately our house has no electricity so we are here in one of our Investment properties and you may hear the guys are working doing some construction construction in the back So there's a samplar banging. I apologize, but let's jump right in to the main story This is what good. This was a good story by decrypt and talking about how Vitalik wants to Not rush into institutional capital and it's a good article But that's not the big story. The big story for me was just how I didn't know that Vitalik was actually on board with you know a little bit of of regulation and he's actually broken up quite simply into two buckets one is to provide consumer protection and the one is to Stem the flow of illicit activities under crypto. He goes. These are the two things He's and I gotta tell you I I have no problems with consumer protection the the question is because some Some individual retail investors will spend a little bit and they'll lose it all I gotta tell you losing all your money is a great education tool and some people lose Their entire life savings for us here digital asset news We try to do a lot of teaching before people lose too much And we try to give the information out there as best as possible. However, some people are just a bunch of gamblers and One of the problems that as far as like illicit activities Vitalik is talking about here. It all stemmed from a Sam Bakeman freed post where he talked about how you wanted KYC and AML for DeFi I think that's ridiculous and Vitalik sums it up quite simply here He goes look KYC and AML are are used by financial institutions to prevent money laundering fraud and corruption. That's fine however The retail people like you and me if they have to you know, they'll be forced to then they'll do the KYC and AML But guess what the hackers won't do KYC and AML. So why would you do that? That makes absolutely no sense and I got to agree with him here and actually SPF or Sam Bakeman agrees with him the exact same way and then moving down There are DeFi regulations that be around things could be more helpful and these three I got to agree with him such as limits on the amount of leverage a user can trade with now You can see underneath here. There's rules right underneath me and the rules are what protect me And I try to abide by those as much as possible one when I say it's all gone It means don't invest money can afford to lose if you think that everything's gone You won't spend too much next one is everything's a scam everything's a scam until proven otherwise Remember that you'll be a lot safer. Also. No exchanges don't leave any of your crypto on exchanges There are a lot of things going on about FTX and Sam Bakeman freed and whatever is going on I'm not for sure But if you don't feel comfortable take it off your exchanges as a reason why You have a ledger or a tracer for cold storage also no leverage I don't use leverage and you can do whatever you want to but for me You can take a look at all the different leverage positions that get that get liquidated and people lose a lot of money And also take profits along the way because nobody ever went broke taking profits These are the rules that I live by you can decide for yourself. What are best for you? so on this one, we take a look at that first part of course No leverage or limited leverage second part transparency and code audits I think this would be very big for the DeFi protocols as we can take it as they audit their code And they can say these are the things that we are looking into these are things that work and don't work And this is what how we protect you because we have lost 2.6 billion dollars in DeFi protocols alone and the reason why is they say it was a problem with the code I am suspicious that maybe it's just an exit scam But that's just me and the last one is requiring knowledge-based tests as opposed to they say plutocratic net worth minimum rules or These are accredited investors. So look, we talked about this numerous times in the channel Accredited investors they get the run-on the ICOs they got to run on all the different great Opportunities that are out there, which you don't get involved into because you don't make a million dollars plus a year Or two hundred thousand dollars in the bank or whatever it is for the accredited investor However, if you could just take a test and say look, I know exactly what I'm getting into I know exactly what I'm investing I can take this test like improve that I know this so let me do my thing I totally agree with that. I think that has to be in place because a little bit too much people lose their their crypto because There's these Disclosures and disclaimers that are not made available I think people get a little bit ahead of themselves and they invest too much in the things that Really weren't very transparent Celsius So on top of that the next argument people would say is well Rob I can go to down the down the street the casino and I can gamble my life savings away true However, the casino still are pretty heavily regulated. This is what I'm talking about Did you know that the SEC overseas? parts of casino gaming So this is from the SEC website the ownership and operation of casino entertainment Facilities are subject to pervasive regulation of laws rules and regulations of each of the jurisdictions in which we operate Gaming laws are based upon declarations of public policy designed to ensure that gaming is conducted honestly Competitively and free of criminal and corruptive elements trust me if the casinos want to take every dime from you They will and thankfully there's a little bit of a regulation in place and it's not just the SEC You got the Nevada Gaming Commission state gaming commissions that over overlook them and make sure that they're on the up and up and not Scamming and stealing from all their patrons. So I understand the argument. I can go down and gamble it away. Well, you can But just know the casinos are also regulated to just to lay the land So on top of all this that we're talking about This was just the talak So to talk about Sam Bakman freed he responds to be around points And he says you know what those are pretty reasonable and express an openness to bringing The talak to DC like he is gone and also Charles Hoskins and has gone to talk to Regulators and politicians. I think it's a fantastic idea Especially with the common sense that the talak brings now the whole thing around this is This issue with Sam Bakman freed and what's happening? So Sam had a Twitter thread came out 10 days ago and what he tried to talk about is that He is capitulating to crypto Twitter after receiving pushback and potential rules Related DeFi such as requiring autonomous programs to comply with US sanctions And he revised the post and said he will continue to do so. So what he said he's he goes I would like people to for KYC name offer DeFi listening to Vitalik He goes, you know what I'm wrong when the facts change I change and I can respect the person that does that and doesn't just keep pushing forward and falls in a sword So tip of the hat to Sam Bakman freed Regulatory uncertainty is seen as a barrier the institutional crypto investing and I got to agree here and Before I move on because we're gonna talk about the next part which is institutional investors in the fidelity survey I know people are up in arms Especially with this what's a commodity and what's the security because that's under the umbrella of regulations that we're talking about right now and Good old Gary Gensler can agree on consumer protection But we can't agree on is what's a security and what's a commodity and people are afraid that a theorem is going to be labeled as a Security and I just think myself. What if it is? You know that this already happened this happened actually quite easily With EOS and that is a friend of the show beardies favorite favorite crypto EOS already had this happen They went to battle with the SEC over an unregistered security sale this happened in 2019 and Securities we ideal knows all well once a week. It's called stocks. I buy them on Robinhood it's not an issue and block one They went to battle with SEC and said okay. We raised four point one billion. We'll pay a 24 million the fines They transferred over from the ERC 20 token back to onto their own Primary block and Other own chain and that's all they had to pay one hundred million dollars So if this happens in the future as far as regulation and and Gary gets his way Alright register him pay some fines and move on. Let's just get going with what's happening So that is is that little snippet piece, but really what I want to talk about here is is this institutional investor study and What it said and I was wrong I thought that the reason why a lot of the Industry or institutions were getting in was because of a racket lack of regulation Well, this study said that only 16% said that was the issue. So what was the big issue? We'll get that in a second But they did say that 81% of the institutional investors surveyed view digital assets as having a role in Investment portfolios, so that'll lead me to my next point Which is the good news and it all comes from this Survey from fidelity. First of all, who's fidelity? Why should we care what they are? Well, I got a lot of money They got four and a half trillion assets under management just so you know and this was a survey that just came out and said that 24% of institutional investors Planned to buy crypto in the future. Well, what's the problem? What's holding them back? I'll tell you 58% of institutional investors were invest digital assets in the first half of 2022. It's pretty good a 6% increase from a year before I found that interesting because last year was the bull run and now we're in the bear market. I think if you want to say Smart money big money, whatever you want to call it. They realize that hey, there is a lot of potential We don't want to buy it when it said it's all-time high Let's wait till things cool off and this is the cool-off period 74% of institutions said they were planning to buy digital assets in the future Of course, we want to drops even farther 51% of a positive perception digital assets, which is up from 45% and then It's worth noting that the survey ended in June, which was June of this year when it was at its all-time low I thought people people probably think it's gonna go lower. Maybe it will maybe it won't Fidelity survey included a thousand institutional investors spread across the US Europe and Asia Institutional investors refer to hedge funds financial advisors and high net worth individuals So really what it came down to is why aren't they getting into it? Why isn't it? Well, really what it came down to was a couple of things where it said here So here we have the actual PDF and it talks about look the big reason is price Volatility is the greatest overall barrier to investments reported by investor surveys are half Consistent with priors of study and I gotta tell you over the last 30 60 days Our actual volatility is less than what we see in the S&P 500 as NASDAQ So maybe this will be one of those things that the institutions can look at and go You know what this is actually looking a lot better And there might be a asymmetrical bet or a far greater upside as time goes on the other concerns lack of fundamentals to gauge Appropriate values concerns around security like we just talked about Market manipulation. Well, it's very easy to manipulate this market because we're under a trillion dollars And that's just the soup the simplest thing of all time and also you can see that in precious metals They manipulate that as well and gold is a market cap of 12 trillion dollars So what can you do? Concerns around regulatory classification certain coins that were securities and this one says 33% Which makes a lot more sense to me. Anyway, you put all those together That's one of those things that that they say we're not too sure about that right now But I gotta tell you the step in the right direction I think as time goes on the institutions Nobody wants to be the first and nobody wants to be the last Anyhow on that piece we're gonna finish up also on some news and a little bit of Institutions B&Y Mellon America's oldest bank and one of the more crypto friendly institutions said earlier this month that Select institutional clients will be able to hold and transfer Bitcoin and Ether through its new crypto custody offering We know about this has already been going on The trend is not surprising tell you a client B&Y Mellon's head of digital asset custody commercial product And before we go on why should we even care about B&Y Mellon? Well, it's because it's got 42 trillion asset center custody and 1.9 trillion asset center management again a lot of money and We're seeing a lot of institutional interest clients said what is prohibiting others from getting into the space? What we've seen is that people require an Institutional grade provider and it was in a research report published alongside its cussing announcement B&Y Mellon reported 70% of institutional investors surveyed would increase their digital asset activity if services like custody and Execution are available from recognized trusted institutions So just add that on to one more reason why institutions aren't getting in so much right now but I gotta tell you Where there is a necessity where there's a demand then all of a sudden there becomes creation So look for B&Y to actually push that envelope and that is the good news and on top of one more Which would be Apollo Apollo holds crypto for clients that expands and digital assets another Reputable organization that is doing the custody route. First of all, who's Apollo? Why should we care? Well, they got a half a trillion asset management So again, I got a lot of money a follow holds crypto for clients real quick It's the validation of this incessant drumbeat that crypto is here to stay said Diogo Monaco President of Anchorage Digital crypto firm that hold a national trust bank charter from the office of the control of the currency This is a very long-term horizon process and tech and that for the large institutions It doesn't really matter that there is volatility short-term. So again, we can take a look at volatility We can take a look at a consumer protection and regulation all those things but all adds up to one thing and that is that Institutions are coming. I think the people that are investing are doing quite well as time goes on not financial advice I think we're the right place at the right time So let me just think about that in the comment section and then let's finish up With visa PayPal Western Union and some great stuff that's going on as far as trademarks So again, this just points me the right direction that I think we're probably going to do pretty well as time moves So according to visa's filings the firm is contemplating a crypto wallet Describing its software for users to view access store monitor manage trade send receipt transmit blah blah and NFTs PayPal's trademark application mentions crypto 18 times being with downloadable software for sending receiving accepting buying ball You talk to you so you talk to us Western Union is going bigger on digital currency Western Union's filing for patent appears to cover every aspect of digital payments Which they should because they're charging an arm and a leg for all those different cross-border payments ridiculous The management maintenance of digital currency and electronic wallets like the others plans downloadable software Virginia and cryptographic keys for receiving spending crypto So one thing to remember and that is which is pretty big is this just because We've heard about them filing patents doesn't mean they're gonna do it I have remembered covering a story six months to a year ago about Walmart and we haven't seen much of them doing but Trademark filings are often defensive legal actions Meaning why don't know what we're gonna do with it yet. Well, we don't want you to play in our sandbox yet They don't guarantee that the covered products and services will actually be developed and sold But they do demonstrate a company recognize a potential future market and wants to be prepared to enter it So people know that it's gonna be something's gonna happen It's don't know how big it's gonna be but again, no one wants to be first But nobody wants to be last in October alone web 390 findings that emerge from brands as diverse as Fender musical and instrument maker. I guess food Giants Del Monte crafts and burger chain in and out Takis wine and spirits company Hennessey auto racing firm final one online betting platform draft Kings and singer Liza and You can just see right here Applications have been gone and lastly NFTs and digital goods and collectibles appear to be the hottest category So far this year 6300 US trademark apps have been filed for NFTs and real items compared to only 2100 apps in all of 2021 So again, I think this is a step in the right direction Let me just think about that in the comments section I think it's gonna be big and lastly just to sum everything up Profits like the rules that we talked about don't forget to take profits Not only does that include the things that we talked about as far as in our traditional exchanges If you have any exchanges or in cold storage, but remember if you have a Roth IRA Like I do with I trust I'd like to thank also I trust for sponsoring today's video just remember That you can sell your crypto within your Roth IRA account and pay 0% in capital gains because it is a Roth IRA account So you if you take profits over here on a regular exchange Capital gains in a Roth IRA you can trade all day long and guess what you don't pay any capital gains tax Now you do have a trading fee which is assessed by I trust That's where they make their funds or their revenue because they don't even charge a monthly fee But I just a couple days have sold some my Ethereum and I'm waiting for a thing to go back down And I'll buy back in again again. This is I trust you can find a link in the description Looks just like this and you can see an overview video. I did about why I chose it I've been going strong with them for two years and Why they're doing good things especially for my retirement account, so that's it for today So look, I know it's a little bit long a lot of things to go over But if you liked this video give it a thumbs up also consider subscribing I think it's talk about our time sensitive and that's it for today So thanks so much for stopping by do appreciate it and I'll see you on the next one