 Welcome to Digital Asset News, I'm your host, Chris from Cryptocurrency Digital Assets. Break them down into bite-sized pieces today. We've got bad news for XRP and worse news for XRP. So which one do you want first? Let's start with the bad news. So the bad news is that crypto token XRP fell as much as 31% after Coinbase says it will stop trading it. And then of course it also fell much farther or a little bit farther when crypto.com announced that they're going to be delisting it. So let's break this down real quick. So what do we got? Well, this was actually from yesterday. I was at 729th, but I can't be right because I heard about this yesterday. And really what it just says is exactly what it states. Coinbase said it would suspend trading of XRP by mid-January. And this is all because of the SEC. They do not want to get caught with their pants down and be selling securities even though I thought that they could sell securities on Coinbase. Looks like they didn't want to play around with it. And they're like, you know what, just get out of here. Figure it out, get sorted, then come back and we'll help you as much as we can. But remember Coinbase is just a company and it's all about the bottom line. That's just how it is. I mean, let's not get emotional about it. That's just how it goes. So XRP was down 28% on the day and it went to about 20 cents. I think I remember not too long ago it was at 65 cents. So yeah, quite a bit of a dip right there. So that is Coinbase, what they're doing. And then just today or late last night, I forgot when it was, crypto.com also announced, hey, we're going to delist it. So some people say, you know, well, they're just going to stop trading. They're not going to be listing. Well, crypto.com is like, no, we're delisting this and we're not going to deal with it until everything gets sorted. But the interesting thing about this is this, of course, is only in the United States. This does this has nothing to do if you're in the EU or Australia or any other type of continent or country outside the US, you can still whatever you want with XRP. You can still buy it, sell it, trade it, hodl it, whatever you want. But in the US, they're not going to allow that. And really it comes down to like the mid-January. And I keep seeing this date 19th of January. I don't know why exactly that date is, but that's what a lot of these changes are picking. But just so everybody knows that even US customers, this will have no impact on withdrawals. You can still withdraw as much or withdraw as much XRP as you want to whenever you want to. I'm sure they'll probably pick a date to totally stop that. But that's what it's going on right now. So here's the official statement. Effective January 19th at 10 a.m. UTC, XRP will be delisted and trading suspended from the crypto.com app in the US. So this is going to be interesting because in the beginning of December, Brad Garlinghouse went on CNN or CNBC and one of those shows and he said, hey look, it doesn't matter what anything really happens in the US because 95% of Ripple's customers are not from the US. So it's not going to affect us one way or the other. And they were talking about leaving the US to go somewhere else because they're like, you know, we don't need this place. And I don't know why they haven't gone yet because they're still here. And I'm not saying that they should leave or they shouldn't leave. I'm just saying it's interesting that they're like, hey, we're going to leave, but they're still here. And then on top of that, so Brad is saying this, like look, 95% of our customers are not from the US. So once this happened, once all these announcements happened, you saw it go from like around 50 cents to 33 cents. Today it is December 29th. It is 10 a.m. El Paso, Texas time. And we're looking at around 21 cents. And I've seen it down as low as 19 cents. So I know that, yes, you know, these customers are in the US, so it really shouldn't affect them too much. But yeah, here we are. So this leads me to my next point. And I want to talk to you face to face and tell you exactly what I'm doing. So let's jump in the. Hello, everybody. Welcome back to the office. So interesting times right now, right? So let me just start off with this. I'm selling. I'm selling my XRP. And I will have you know that I've actually had XRP since 2017. And I bought it at 75 cents. I bought it at $1.25. I bought it at $2. I bought it at $2.85. I think it was the highest I ever did, $2.85. So I have massive, massive losses if I sell. And that's okay. I'm going to tell you why it's okay. So let me back up. I know a lot of people in the XRP army, they think, hey, this is great news because now we can get this out the way. And we can, you know, finally we can have to determine that we are not a security. And I'm like, sure. But really what it really comes down to is this. If you've ever been sued as a business, like I have, you know how difficult it is to get back into the market and regain the trust of your customers. So right now Ripple and Brad Garlinghouse, they were chipping away at the banks going, look, I know you guys are innovators, but with XRP, we can do a lot of things with on-demand liquidity. We can do a cheaper, faster, stronger, all that stuff. And they're like, yeah, sure. As long as it's not a security, we'll wait until we have clearance by the SEC. Well, now they're getting that. And it looks like they're going the opposite route. And then people will also say, well, you know, there's a new chairman coming in, the new head, and he's, you know, after Clayton is out. So this is going to be great. Sure. But in all honesty, I don't think it really is. And the thing about banks also is that they're not innovators. So when this happens, and they're like, oh, well, we don't really know. If they were such innovators, they probably would have gotten off a swift in the 70s, or the 80s, or the 90s, or 2010, take your pick, right? They're not really slow to action. That's really how it is. So all the progress that Ripple and XRP have done is going, hey, this is really going to do well. They pretty much just lost it. And it's going to be a long time for them to get it back. So to me, it makes no real sense to hold XRP any longer. And this is what I'm doing. I'm going to sell for tax reasons. Now, why am I doing this? Well, like I talked about, I'm going to incur heavy losses. But the thing about me as a business owner is I got some heavy taxes. And that's really how it is. I never, ever, I can't remember the last time, I've actually gotten a tax return. And that's really what it comes down to. I'm always paying because of all the different businesses. So I need tax losses. And this is what we call, as far as tax lost harvesting. Now, here's the great thing, too. It's not just about I can take this tax lost harvest. I can also do what's called wash trading. Well, wash trading is illegal in the traditional markets. But thankfully, we're not in the traditional markets. We're in cryptocurrency. So I'm going to back up and talk about what tax lost harvesting is with cryptocurrencies and how that relates as far as written in CryptoTrader.tax. Also, tax season is going to be coming up. If you look at the link in the description below, there's going to be a link to CryptoTrader.tax. And there's a pretty hefty discount, which trust me, if you know you have to do taxes like I do, this is going to save you a boatload of time. I used them last year and they were a lifesaver. So anyhow, tax loss harvesting. Cryptocurrencies are treated as property for tax purposes, exactly the same as stocks. This means that you can also strategically sell trade crypto to harvest losses and reduce your tax liability. Let me read that again. You can strategically sell or trade crypto to harvest losses and reduce your tax liability. Great thing about CryptoTrader.tax, the program is once you put all your information in and they have an API integration. They'll tell you like, look, since you bought XYZ on 2018, you can take this much and take it as a loss. And this is how much you'll save. It's awesome. So yes, I'm definitely going to do that here. But wash cell rules. This is where it gets a little tricky. A wash cell results when you incur a capital loss. And then buy the same security back within a 30-day window before or after the capital loss is incurred. So if you do this, if you sell it and buy it back in 30 days, you're like, you can't do that. However, the IRS specifically states that wash cell rules only apply to securities. I'll get back to that in a second. Securities. Cryptos are property right now, not securities as defined by IRS guidance. This means that wash cell rules do not apply to cryptocurrency at this time. So let's talk about the securities. So right now that is what is at the forefront of the actual lawsuit. Is XRP an actual security? So since there's no ruling right now, I am going to definitely do this quickly. And I will probably not actually ask for an extension this year and just file my taxes. Because if they come back, my worry is that this, as the SEC comes back says, yes, we run the ruling. XRP, you are a security. And then everybody who bought, they own security. So that would null and void me at that point. So this is a tricky situation. They could retroactively go back. They might not. But this is the game that we play because we are in this cryptocurrency and it's a whole new world. And we'll see how it all works. But I'm going to sell right now because I can incur massive losses. And then also I will probably buy back a little bit because there's a tremendous upside. Will I buy back all of it? I'll decide that later. But that is what is going on. That is why I'm doing it. Again, don't get too emotionally involved. It's just crypto and it's not life or death. So if you sell, you sell and you have to do what's best for your family. And that is it. So that is it for today's video. I want to say thanks for watching it. Also, I just know that we're going to be doing the alternatives to cash out, which we'll ship off up right there. And we'll be talking about how to use crypto loans as opposed to cashing out and taking massive losses as far as like capital gains tax and rolling them into four different criteria. Tonight we're going to talk about investment properties and using those as far as like Airbnb and VRBO. All right. So that is it for today. Thanks for watching. I appreciate it. And I'll see you tonight.