associated steel company withs the robert barrons and blamed companies for everything and ushered them through the 21st century and the powerful economic planet we've seen and at the same time they expanded the middle class. sending jobs to china and elsewhere cost manufacturing employment to peak in the later 70s and in a death spiral ever sibs replaced by drug addiction and suicides. i never thought i would do this, but i got to give a huge shout-out to senator fetterman and he's the only one when people are missing in action and he's wide awake on this. i'm wondering where his colleagues are and why they're not saying something. this is the wokism that's needed and critical moment in time and hope this deal is squashed. liz claman, over to you. liz: taking a stand, thank you, charles, very much. listen, coming to naughty or

nice. bulls unable to secure position on the nice list at this hour and they've got just 59 minutes left to turn it around. we're very close to session lows and dow jones industrials may not make the sixth record close and two hours ago, the dow spikes 82 points to a session high but right now, the blue chips completely reversed and now down 241 points. the nasdaq was on pace for a tenth winning session in a row but right now also completely reversing down 133 points, the transports, one member is really hurting the situation and that would be federal express. look at transports down 1.5%, several hundred points at a loss at the moment and looking down 222 points. fedex getting clobbered at this hour and at lows of the session down 11.3% or 31 after the bell weather weed and falling short

on what -- whiffed on what they fell short and the giant plans to purchase $1 billion in common stock in fiscal 2024. fedex committed the sin of lowering guidance and weaker commands hit sales in the expressed shipping unit. from fedex to the fed, philly fed president saying the committee is in no hurry to lower rates next year. can we just say that may be parking lot of the reason that you see all the red on the screen. we even have the 10 year treasury yieldalling with the markets at the moment -- yield falling with the markets at the moment and rally running out of steam and yet another voice as you see with the federal reserve members but he's not a voting member. they're conning to talk this down at the moment. it remains below 4.07% and

lowest since july. this is guesting sports grill working in the opposite correction and crypto piling 3.4% onto the 160+ percent gains this year. the price of bitcoin right now is $43,744. it was above 44,000 earlier. folks, stay tuned because we have exclusive new information about the two names at the center of the battle to launch spot bitcoin etfs, gray scale and blackrock. we should look at gray scale, bitcoin cross rather earlier and hitting and still appears to be hitting more than 52-week high here, up 3.5% on the cusp of what appears to be a near two year high. to put into perspective, gbtc owns over 3.4% of all bitcoin currently in circulation and then the second name, blackrock, which in june also filed a

application for its spot coin etf and cray scale up 129% and over six months and black rock up 12% and january eighth learning about they might do getting the drone light and we'll break down the news we're getting and ask gray scale on his opinion and thoughts and get to the traders teddy and scot. explain to us why the turn around here. we're hearing maybe. we've had incredible bull run over the past several sessions and what's going on on the floor of the new york stock exchange and why have the bulling turned tail and run? >> i think you hit the nail on the head and markets have been terrific, not for the last few days but few weeks and basically been straight up and rising tide

floated a lot of ships and time to give a little back. plus two weeks left in the end of the year and a training sometime of year and tax selling and so forth and so on and one bad day doesn't make a bad market and we can give a little back and maybe the fed comment had effects and interest rates not rolling back too soon and every day it's a different story and conjecture at best on everybody's part. liz: if the economy is strong, why cut rates? not my personal opinion and like to see rates come down. bring your thoughts into this and i'm looking at devils and dow jones above 37,000 by 27 points here. s&p above 4700. what's happening near?

rally getting gray around the temple s? >> he said stenoup days in the nasdaq and ratter highs and monthly highs and next week is when sang tafanely clause starts and starting with the small caps and mega caps and a normal pull back and refreshing for next year and not changing much. like you said, the street is a bit ahead of themselves and there's 100% probably they cut rates in march. would they really cut rate ifs the s&p at 4900 or 5,000? they need a bit of negativity to be validated for cutting rates. liz: this goes back to the old rates higher for longer and leave them where they are but, teddy, what flows on the floor and earlier a bunch of 52-week highs. >> right, this time of year, liz, i don't look at new highs but look at new lows.

it's very interesting time of the year and i go shopping where all the damage has been done and look at all the lumps of coal and look for next year's diamonds and in particular looking at large cap farm from bristol meyers pfizer to name a couple and plenty of potential candidates that stocks are trading at in year's lows, multiyear lows and they're there for a reason, but if you can make a reasonably good case for the fundamentals and future 24/25 going forward, every once in a while you can find a real bargain and a year or so coming for the trade and not looking at new highs at all. all. liz: can i just tell our viewers what teddy told you is a lesson in why you need to buy when things are cheaper. now, pfizer not going away, scott. pfizer has had a horrible year down about 45%, i believe,

year-to-date. and nonetheless pfizer has many different therapies and medications and farm cute calls. they're not going away but i was talking about netflix hitting 500 a share and not all time high but 500 a share and pulling back with the rest of the market. what other max seven stocks do you feel are at least a little cheaper today? >> they want to take losses on and not paying taxes on the winners in april and those lift in january and that's one trade, i like that trade, teddy. the other one like you said is netflix. they've been leading and made a new weekly, monthly high but just reversed so this is what trader haves been looking at to see a reversal here and all of a sudden the new high traders off the table and i don't think it is. so with netflix make ago new

weekly high and he tafanely, traders looking at -- meta and traders looking at microsoft and world is looking to see if apple, that had a bit of a negative news cycle or circle and those two stocks turn up and goatless for the new rest of the year and weekly or monthly highs and i think they can. liz: can we look at dow and heat map if possible? i want people to focus on disney at the moment because even before, teddy, even before the markets completely turned around and right now for those listening on xm113, the dow is down 348 points at the moment and falling. disney's at the bottom here down about 2.5% and falling. when you look at name like that, again, disney is not going away. is this one of those sort of unloved stocks that you would look at? >> getting my interest but, yes,

it's been way out of favor and listen, it's a bell weather company, it's everybody's favorite. certainly they have lost their way going back a couple years and they're trying to get it blued back together again and all the pieces are there and it's just a malter of can they get it going again? i'm sure they will. for me, for my purposes, for a year end play, it's not cheap enough. liz: scott, i want to quickly hit you on the ev names because lucid and lucid like a meme stock. one minute it's up 5% and next it's down. today it's one of the laggards when it comes to names and knee owe et cetera and people are talk names down. are you? >> well, like teddy said, the january effect look for worst napes that people don't care and they want to sell and don't care where it is. liz: tax, loss, sell. >> i don't think lucid is one to go with but i like k neo is a jy event and i would say rivian is better than lucid. i think traders are looking at that and i think if tesla cons

to act better and look at little ev plays and rivian, rivn andny indian is a good trade d measure ivian. liz: scott redler, have a happy holidays. teddy, i wish i could give you a hug but here's a virtual one at the new york stock exchange. happy holidays to both of you. markets are living and breathing and dow off the lows down 270 points. the houthi rebels in yemen warning now they'll turn the red sea "into a graveyard. up next, we'll talk to the man who sailed through the red sea more than 150 times while helming major cargo ships. captain james staples shares his close calls on one of the most

dangerous regions in the world and the ticker up 11% year-to-date and we're watching that closely and today it's up a third of a percent. plus, jerry mcguire has nothing on this guy. the colorful but suddenly controversial agent for new york giant's un-drafted but now starting quarterback has been making the covers of local tabloids. sean tells us how he's showing the money to his client tommy devito even as drama swirls. it's a fox business exclusive live coming up. ♪ [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. it changes how you eat, how you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have changed over 100,000 lives with dental implants, and they can change yours, too.

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that include several of the largest and most highly rated health care organizations across the nation. reliq health technologies. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner.

i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. liz: iranian-back #-d houthi

rebels saying if t they target them they'll attack u.s.-based ships and warned other countries not to interfere by protecting ships linked to israel or israel's allies and this after operation prosper guardians announced it is working to bolster security and create a safe corridor for ships trying to navigate through and around the red sea. more than 100 vessels carrying globalshipments of goods and oil have now been forced or chosen to divert from the red sea and instead go around the southern tip of africa, but the new journey takes ten days honinger. and a lot of fuel. i can only imagine. i want to bring in merri bowl time expert who -- maritime expert that's sailed the red sea water way more than 55 times with 23 years command and has been attacked by pirates. the instructor and principle of

ocean river and consulting firm and trains on how to handle maritime training. we're thrilled to have you here on fox business exclusive. captain james staples. we get the sense you've been there before, at least with the pirate situation, but this feels very new, doesn't it? >> oh, absolutely this is very new. there's a lot of different things and changing times, 2005 the up tick of piracy and the kind of cool down after about 2010, 2011 when the navy got involve when had there were transits. liz: and captain phillips, that was a classmate of mine and very good friend of mine. i remember when that happened because i was actually working with office of navy intelligence at that time and briefing them to that. this is a whole new aspect and we're trained to go around hurricanes, typhoons but having

missiles and drones shot at us, this is out of our realm of expertise and not what we do. we're civilian-based and trying to make a living out there and most guys are and as we saw with the galaxy leading nyk vessel that was taken, that's the first with a helicopter landing on vessels and up from the stern and putting a houthi team on board to capture the ship. so now we have 25 innocent sailors being held hostage in a gnat very favorable place to be and the worst thing for a mariner is to be at anchor and mariners like to be moving ships and doing their time. we've got a lot of problems with just that ship. it seems like it's been forgetten in the news. nobody is talking about it, but they're sitting there and probably running out of fuel, food, sanitary conditions are getting worse. becoming inhumane. liz: everybody stop and listen. you are right, this hasn't really gotten to the forefront of the headlines.

why? i mean, when you have these guys do you know any on board or familiar with any of them? >> no, it's transnational and from all over the world but human beings. christmas is coming up and away from their families anyways and probably can't communicate that well with their families and it's a bad situation. liz: would you say it's the most dangerous it's been in several decades in the red sea? you have maneuvered through the red sea more than 150 times through -- if it's four decades, you've seen real action whether it was around the time of the persian gulf war or needless to say all the other faceoffs that we've had. >> oh, absolutely. it's worse now than ever and never had to face the rockets and missiles and drones and had the pirates in 2005. liz: they want ransom and walk away? >> i don't know about the houthis. they're terrorists and they do things differently than the

pirates did much the pirates wanted ransom and wanted to make money and that was their mission to do it. they did it a bit different than the pirates down in -- off of singapore, you know. we've always dealt with pirates. pirate never went away and they've always been around and we've been dealing with them for a long time. but not like this. the so somali model was diffet and hold the ship and leave. liz: they want to kill you guys. >> they do and now the houthi rebels stepped it up a game and they're shooting at us. liz: you train the ferry operators and ferry captains here in the tri-state area to look for strange behavior, worry some behavior. we know that terrorists try to come state side. we don't know the half of it, but thankfully our military and cia and fbi catch these guys most often. but should we be letting our

guard down at all right now knowing they're coming after us and it's not just attacking israeli civilians and slaughtering 12 or 1300 of them. they want to kill anybody that's trying to fight for what is right. >> well, kris me christopher wrs blinking lights and thinks al-qaida is back up to speed before 9/11 or even more so. we should not be letting our guard down and we should be paying attention to what's going on and what a ferry operator can do or sandy hook pi pilot is dos be aware and watch the behavior and what's happening. we've seen some of the ships coming into ports carrying megaamount of drugs and the one in delaware that happened and unfortunately the crews are part of this. we have no idea who's on board some of the ships coming in, even though they do prompt them 90 days before they get here. as far as security, we should be

on the top of our game. if the fbi director christopher wray sees blinking lights every r i would start paying attention and that's the thing i try to promote to a lot of the captains that i train and to get this done. beware. liz: captain, thank you. thank you so much to hear what you've been through and what you see is the real danger now is certainly sobering. we appreciate the service that you do. thank you. >> well, thank you very much. liz: there's a new italian hero taking new york and new jersey by storm. new york giants third string quarterback and now starting quarterback tommy devito living the cinderella story with a larger than life agent. sean stellano has been by his side and he's here live in a fox business exclusive to give us the odds of devito's meteoric rise and he's coming up in

minutes and round hill sports betting and ticker bets up 22% year-to-date and we're coming right back. d by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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because these last 20 years are just the beginning. liz: fox business alert cinemark shares are sinking after wells fargo downgraded the stock from equal weight to underweight and the bank cut price target on the theater chain from $16 down to $13. it's above that right now at

$14.26 but getting hit to the tune of about 4.5% here and wells fargo set 2024 box office forecast at $8.1 billion, which is below expectations due to the weak set of movies slated for the first half of 2024. let's take a look at general mills. reporting revenue for the fiscal second quarter and lower than analyst estimated and that stock is down 3% and serial maker that owns betty crocker cake trimming annual sales forecast, which has been hurt by slowing demand for the higher priced cereals. maker of cheerios and everybody has cheerios and expects a slower recovery for 2024 than previously forecast. general mills bleak outlook dragging down the package food sector and pricing food pressure compound the problems and beyond meat down about 8.7% to $9 and change and lifeway foods is down

about 1.5% and haines celestial, the health food conglomerate down to $10.45. investors are hitting the breaks on winnebago after the company posted earnings that were much weaker than the same period last year. results dragged down by higher discounts and lower sales fell 20% and the rv manufacturer did announce that it was working to pass along the savings from slowing inflation to its dealers in 2024 after rv prices ballooned during the pandemic which lasted between 2020 and 2022 and winnebago down 4.5%. in is the story rivetting the sports world especially for new york, new jersey football fans and it's been called feasegate and un-drafted free agent tommy devito making an appearance at a new jersey shop and the carol

over the appearance fee and the very colorful agent sean stellato tells his side of the story and whether he's worry it had could cost him his relationship with tomny devito. it's a story with drama, big money and loyalty. that's a live picture of sean stellato, the nfl agent here next so stay tuned. we're coming right back. ♪ ♪ be ready for any market with a liquid etf. get in and out with dia.

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and i saved hundreds. with the money i saved, i started a dog walking business. i was a bit nervous at first but then i figured it's just walking, right? [dog barks] oh. no it's just a bunny! calm down taco. sit duchess. stop! sesame no no. archie! walter don't, no, ahhhh. ahhhhh! you're lucky you're so cute. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ liz: a new york star is born. tomny devito. aka tommy cutlets and third string new york giants quarterback that led the team 3-23 taking over the starting it 3-2 since take the over the role and take the new york city by role. the quirky hand gestures going viral in the last month to new

jersey charm and giants fans are absolutely loving what devito did for the team's image after losing two quarterbacks to injuries. and with devito comes the dapperly dressed agent sean stelatto making phone calls and talking to other agents and for a slice of the broil fan base involving a fee for appearance by tommy at new jersey mom and pop pizza shop. there's more to the story and joining me now is sean stellato and i guess, sean, the appearance that did happen for free after the first drama where the pizza place said the fee was hiked from 10,000 to 20,000 at the last second. i need to know about your relationship at this very moment with tommy. everybody is talking saying tommy is mortified about what happened and the free was raised by you. >> our relationship is as good

as it's ever been and tommy knows i have his intentions at heart on and off the field 24/7, 3465 and we have a -- 365. we have a great relationship and he's come a long way and it's been a treat to watch him evolve and we're both laser focused right now. liz: when did you talk to him last? >> last night, 9:30, i left his home. liz: and everything was cool? >> everything was cool. gave me a big hug and about to study film for getting ready for christmas day showdown against the eagles. liz: now, you are his agent still; right? >> yes. liz: i check because obviously he has and this has been in the press, he's handed over the marketing duties to a different company, max. so tell me about that and you say that you knew about the fact that that was going to happen. >> first of all, i appreciate the opportunity to be here today. there was obviously a miscommunication and if i cause that had, i apologize. that wasn't my intention, and like i said we're focused on

playing football and his brand has really evolved over the last few weeks and we expanded our marketing teem and we're fielding calls around the clock, and tommy's very cognizant of the fact that specific brands he wants to work with. tommy loves his fans and the giants and the ownership and laser focused on the last three games against the eagles twice and he knows this is the most important thing going on right now. liz: one that's thing about fee-gate, that's what they're calling it because the fee was hiked and do you feel that he regret -- what have you learned from this that the people reached out to us after we reached out to them and said we don't want to see this guy, sean, anymore. we're happy to have tommy, et cetera. what have we learned from this? >> you know, in life, sometimes there's miscommunication, and i'm owning up to that. my intentions have always been

to represent my client the best as i can. i have a fiduciary duty on and off the field, and i apologize if those -- any miscommunications that i caused, i really do. my intent wasn't that and we're ready to move forward and this is obviously behind us. tommy went in and met the owner and, you know, we're actually excited to next month do a charitable appearance there. he's not taking an appearance fee and it'll be great for that area. liz: all right, we all live and learn, and this isn't world war iii. let me move onto you and tommy. you found him back when he was at syracuse and you watched him and then he moved to a different university, and that's where you said, you know what, let's try and make a business relationship here. what did you see in him so many years ago when he was at syracuse? >> i saw confidence, i saw grit, i saw a very proud young man of his italian heritage.

i think the big thing when you're scouting talent is to project value. tommy's hit multiple speed bumps, but everyone forgets tom my was an elite 11 gab and a dark horse for the heisman and going up against tuning fork tum and scouted the play book and had a phenomenal year at illinois and re-invented himself and the pre-draft process, that's a time where you can evolve or hit the reverse. and it's a testament to tommy and not surprising me what he's been able to do and two minute drill against the packers and going down and winning the game and excited for the young man and a testment to how he was raised with his mom and dad and where he grew up and you've got to be unique blood to come from new jersey and for him to go out there day in and day out and work and prove the nay sayers wrong has been very refreshing to see.

liz: whose idea was this? he makes the touchdown and goes like this? you've been doing in in pictures too. >> i guess it's an italian thing. we're both very proud of our heritage. people have had some fun with it. certain people spike the ball, certain people point to the sky. liz: the icky shuffle. >> yeah, it's cool. there's a lot of italian fan base there. they're passionate about a little hand generation winter storm sure and he's focused and having fun but he knows at the end of the day, he's preparing for his next o entity point which is the philadelphia eagles. the giants have a very important game christmas day and first ever televised christmas day game and with tommy, as far as we know, as starting quarterback.

>> christmas game early being a starting quarterback in the nfl. he's worked his whole life for this and a great, great organization and tough duans and look, let's face it, there's 1696 roughly nfl players and the parody in this league and al al pacino said you'll never know what happened and i'm ready for the challenge and it'll be a hostile crowd. happy for him. liz: the eagles fans and what about his next step. have the giants telegraphed anything to him? >> i think in the nfl as an un-drafted guy, you were good as your last game and can't worry about anything except preparing to be the best you can be and not letting hype distract him from being the best football player he can be. liz: are you going to be on the field? there was question about the payton and eli manning show where they made fun of you saying what's an agent doing in the end zone and called you slimy. they did apologize, but what went through your mind about

that? >> i look at it like this, peyton manning, i was very disappointed to hear that. you're talking about one of the top players ever to play the game and to hear that out of his mouth was very disappointing. i have four daughters, a wife, and i live my life to be curious, not judgmental and for him to make assumptions, he doesn't know the road i've traveled, nor my clients they've traveled. it's been a lot of grit and cutting teeth. but doing it the right way. i can't control any of that. all the media and all the hype that's come around tommy and i, i'm focused on my clients, which every day i'm fighting for and staying resilient for, and i'm never backing down for. and anything else coming out of t i have no control. just the one thing every morn when i wake up, the diss you're making going to affect requesting family or your clients. i can look at myself in the mirror and i'm proud of the decisions i'm making because they're in the best interest of

those. liz: let me just say that you were just inducked into the italian american sports hall of fame this month. you're the grandson of italian immigrant and you get to this kind of big time and you'll be in the spotlight. you've got to comport yourself and do things and think everything through. we appreciate you coming onto set the record straight on many things. and tommy as well. >> i appreciate you having me. the italian american sports hall of fame and that honor, i'm so proud to be an italian american. you know, i do have a holiday gift for you right here. liz: now i'm happy. >> i figured this would be something around the holidays to put on your head. liz: the big hat. >> does it fit? see if it fits. liz: dude, i need a cleveland browns one. you must know i'm a browns fan. i'm cheering on the giants, okay, even though i'm wearing eagles green. liz: i like the green. >> it pops for the holiday. liz: thank you so much. sean stellato in a fox business

exclusive. please come back. >> i'd love to come back. liz: watching tommy and the giants. happy holidays. liz: a court ruling with 150 evidence of infection sews i can't tells of late sex offender jeffrey epstein and what the judge in that case is now saying about the sealed documents that could send a number of high profile celebrities, business leaders and politicians scrambling for cover. closing bell 15 minutes away. dow right now up 334 points and we're coming right back in just a moment. please stay with us. you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. sofi is helping me get my money right to achieve my ambitions. want to see? (♪) like saving for the ultimate tailgate setup.

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goli, taste your goals. find relief that can last. liz: a judge ordered the identities of more than 170 people be made public from the jeffrey epstein case. the names include sex abuse victims, witnesses, epstein's former employees and anyone in connection with the scandal. let's go live to mike emanuel of fox news. he is in washington. i can only imagine there are a lot of nervous people. >> reporter: no doubt, liz. anxious times for the friends of the late jeffrey epstein after a judge in new york ordered release of the names. the judge said 14 days for 177

people to appeal their ruling. the list of jane does, john does, include employees of epstein and sexual abuse victims. they are likely to remain anonymous. this is defamation case in front earth against ghislaine max well. he claims maxwell defamed her she was lying being sex trafficked of epstein. roberts accuse prince andrew of raping her when she was a victim of his friend epstein. tennessee republican senator marsha blackburn has been pushing for those names. >> who was on that plane? who was participating in this? they redacted those records in the ghislaine maxwell trial but getting to the bottom of this is important. >> reporter: congressman tim burchett, also a tennessee republican suggested the flight logs are not being publicly

release because too many of his colleagues could be compromised. epstein killed himself in 2019 while behind bars waiting trial on sex abuse charges. presidential candidate john f. kennedy, jr., said the records should be released to the public. he talked about his two flights on epstein's plane. >> i was on it in 1993 and i was on it, and i went to florida with my wife and two children to visit my mom over easter. >> reporter: in early january we should know plenty much other names who flew on the so-called lolita express. liz? liz: thank you very much, mike emanuel. tyke a look at the price move in bitcoin right now. we have six months to go before stock market trade. bitcoin trades 24/7. it is surging above 43,000. earlier it went past 44,000.

it has been rocketing higher since june 5th tenet that blackrock filed for a bitcoin etf. blackrock joining crowded group of fund, grayscale, invesco, arc vest and more angling to get approval from the sec to launch bitcoin spot etfs. so far the sec outright rejected or slow-walked the process. with sec chair taking the stand gensler said crypto investing is dangerous to investors even though many wanted to do so. gensler has become the crypto world grinch. sources close to the situation telling "claman countdown," sec will approve at least two of the applications. they will do so the week of january 8th. sources tell us the two most likely will be grayscale and blackrock, the world's largest asset manager. gray scale applied in 2022, the blackrock the world's largest

asset manager according to revised filings yesterday secured a ticker, ibit. before that happens sources tell "the claman countdown" the sec has efforted to slow the conversion of grayscale bitcoin trust to a spot etf. let's get more on all of this, from the ceo of gray scale, michael sonnenshein. he joins us live in the studio. your stock,gbtc is hitting more than a fifth high right now on quite a lot of optimism you might want to be these two according to our sources. what say you? >> it has been an exciting couple of weeks since your lead-in, liz, the court case came through the summer. grayscale unanimously won. vacated sec denial order. since then we've had nothing but constructive dialogue with the sec and every time we have meetings with the sec our slides are posted, the meeting attendees are posted. if you look closely what we're talking about, we're talking

about the underlying guts and mechanics how gbtc would up list to a spot bitcoin etf. that is where the conversation is focused. i never been more optimistic about it. many of our investors are optimistic we're closer than it ever has been to that listing. liz: what is interesting up earlier than blackrock but winkelvoss brothers filed in 2013. they were outright rejected. a lot of applicants figured out exactly what they need. they made multiple filings, they revised as have you. you continued to get positive court rulings here. there are all kinds of names out there, whether cathie wood's ark gets the nod, because this is a very liberal sec mostly. maybe they say let's give it to the woman et cetera, but why should it be you first in your opinion? >> it is not about being grayscale first.

what we've actually been publicly sharing on the record, i will share with you today, the sec should really apply an even playing field here. if there will be several issuers alongside grayscale who has, i maintain today, operationally ready to up list gbtc then those other issuesers should be able to go to market at the same time. liz: we asked the sec and got on the phone with easier purse one of sec commissioners, and told us i strugglinged for years why there is no approval for a bitcoin etf. she can note give us clarity what is going on this minute with the sec as you move forward, and closer have you secured the ticker. >> our ticker is gbtc. >> it will remain that? >> it will remain gbtc. we had hundreds of thousands of investors using gbtc the decade

the product has been in existence to get exposure to bitcoin in the brokerage account, retirement account. that catapulted gbtc to be the largest bitcoin investment vehicle. it paved the way for other financial incumbents to think about launching products of their own and coming to market. liz: what about this question that our sources were also mentioning that the sec at least initially, or behind closed doors would force anybody who has chairs of gbtc to sell first before then having to buy the actual bitcoin spot etf if that is eventually approved? you have said that is not folk to happen. it will be totally seamless. you are sure of that? >> anybody who owns gbtc at the time gbtc up lists there is no action required of them. gbtc is quoted on otexx market. you will see the same ticker

symbol in your brokerage account, retirement account wherever you hold gbtc. mo action required. liz: they will be able to put redemptions there, right? up until recently hard with the trust. also i want to see about the fees. what will be the change in the fees? >> well so that's two things there, liz. first of all is idea of creations and redemptions that is the core of what grayscale has been questing after, right? to actually move gbtc into the etf wrapper that has always been the number one priority for us. etfs function really well and offer simultaneous creations and redemptions. that is what we and other issuers are asking for in bringing these products to market. gbtc fee will be reduced with up listing to the new york stock exchange. we'll announce it as soon as the approvals come through. liz: despite all crypto assets are surging today, not just bitcoin, eater is surging, you have 3.4% of all about it coin out there. when you look at what you bought

them at, it has been pretty incredible run, has it not. >> it really has been. when i look back at this year we're earning 2023 in a very different place than where we started 2023. for a lot of investors they have been flock together bitcoin as and inflation hedge. i think you know, this morning we actually, we've been looking out ahead to the next presidential election. we actually did a poll with the "harris poll" and actually redeveloped data investors are worried about inflation as they think about the election this is reasons why people are moving into bitcoin. liz: michael sonnenshein of grayscale. as bitcoin riseses the markets fall. do you joan industrials turning around from the green. falling 475 points. s&p falling down 1 1/2%. nasdaq down 1 1/2%. [closing bell rings] we'll be back here tomorrow with the carnival cruise ceo. larry: hello folks, welcome to