crypto currency role members hope to work on the 2025 the 2025 legislative branch spending bill which provides $1.9 billion for house salaries and expenses. the u.s. capitol police would see more funding with an increase to more than $830 million. in the senate lawmakers will work on a judicial nomination. watch live coverage of house on c-span, the center on c-span2 or follow our congressional coverage with c-span now, our free mobile app or online at c-span.org. karen went back with jim burkard of s&p global commodity insight picky is a vice president and head of research for oil markets, energy and mobility. welcome back to the program tracking thank you. >> host: so tell us about s&p global commodity insight and what kind of research that you do try to s&p global caught insights as part of s&p global. the commodity insights, what we do is we do price assessments for all sorts of energy, david is part of the most well-known key oil benchmark. and we also do a lot of research into what's happening today and what we think will happen in w the enery markets. week out to many years out

with hopes rising, the sec close to approving spot crypto exchange gemini expects either etf could see the summer, here what the timeline investor anthony pump leona here in a foxbusiness exclusive. i think it's significant because the price has fallen, we have a significant envelope for the bitcoin etf. is this a gutsy or are aware crowd that says i want to participate in crypto currency? >> retail investors and institutions have realized bitcoin as an asset and worth a lot more, five or ten years and it is today and therefore when there are dips they look at them as buying opportunities. if you think of great investors, they understand what they own and when the assets go down, they buy more so is the people who question the price moves against me and should i buy for? they may not understand what they own so was interesting as we go back the last couple of bear market cycles we used to see a lot of 30% drawdowns in 2017, vix. in the last cycle a couple of 25% drawdowns. now what we are starting to see is 15% so the volatility is being dampened and persistent inflow from etf's which

is the crypto cop on the planet today and what they think is that the sec has essentially been regulatingh enforcement actions, notably with coinbase, a company that they gave the green light to list and they were sued last year and what's interesting to me, coinbase chief legal officer has shown up two trump fundraising events in nashville, this past weekend, before that at david sachs home in san francisco where they raised $12 million for trump. >> interesting. >> thank you very much. appreciate it. >>> so speaking of which, for more on all of this, bring in none other than jay clayton former sec chairman and we're so pleased, chairman, to have you with us. sirrat is here as well. right off the bat as tyler was asking, the way in which the sec chair has become such a political football, means what, exactly? do you think he would ever feel pressure to resign if the administration changed or anything like that? >> nice to be with you, and there was a -- there was a technical discussion of the chair of the sec and the body of the sec, and that's exactly right, that is, that while commissi

and when you have gary gensler and sec.t of turn it is frustrating. but you know, laye larry, not only bitcoin and crypto assets, but you see this across the board, they don't want to innovate with it comes to clean coal technology or energy. and it goes on and on and on. with every industry. they want is power, they want control. they want to make the decisions. and thank goodness we have gotten a good decision on chevron. we have court kind of go after the fcc for one of their funds. that is a good thing, because we need to get the federal government out of the way out of your pocketbook and off your back. and free up free markets so people with en n innovate and solve problems we face of day. larry: it's time for a change. >> it's time for trump. larry: thank you, so much senator blackburn. >> see you soon. >> you got it. larry: coming up. kamala harris can't escape her record, her record, period, end of sentence, we have liz peek coming up and caroline downey when kudlow returns. [jeff laughs maniacally] (inner monologu

big news in the crypto world. 8 etfs going from the sec, big deal when it comes to legitimizing crypto big names behind these etfs, black rock, fidelity, in theory would be institutional money flowing get into ethereum. you get a bigger comfort level on the investor side, overcome the psychological barrier. crypto was not as volatile as you might think. you would expect this to boost the price of either significantly. they expect billions to flow this year, we saw 15 billion investing in big bet -- bitcoin after its launch. it is not necessarily happening today. you could see a similar figure as you go through the lifecycle but bitcoin had a mass appeal. it seen increase in price this year but it has had a bit of trading that you can see. that might be what's going on. i went to zoom out, crypto is becoming a key issue in this election cycle. one in 3 likely voters consider a candidate's crypto position, donald trump is looking to tap into the voting block. to classify bitcoin to see the treasury by billions in bitcoin. and other assets, a lot of hype going into that conference, rumors

if she does it just catapulteds crypto into the stratosphere. is very orderly. jacob was on earlier in the show it was an ard early trade. >> take the political season a little further, joe biden wouldn't have the wherewithal to make that trip to "nashville.." he just not, we're praying for him. a man obviously declining in his health. kamala harris does and you think, where people, the trump camp is underestimating, you know, she is going to go toe-to-toe with him where biden couldn't. this is a whole new ball game. i know the polls are very close or show trump ahead. she will be well-financed. she will play hardball. liz: charlie, thank you very much. you want to talk about some kind of ball, there was a jump ball at the top of the show. even though all the markets were in the green, we told you they have been in and out of the red. now everything is changed, pretty much except for the russell 2000, the dow is down 73 points. s&p has also reversed course down 11. we've got the nasdaq down 22 at the moment and the russell up 23. maybe the rotat

around crypto and technology.nored them these are the inventors of net mark andreessen, smartest minds can't get a meeting in the biden-harris administration how antibusiness, that they have become. it is unheard of, whereas trump is embracing the intellectual mind smartest blinds in our country that want to create america dynamism, and secure our national security for using the latest technology. this is not happening under biden-harris administration. >> great point that is a great point to make you are right especially since trump wants to deregulate, and under biden administration they are reregulating ramping up rules quick before you go i want to ask about iran you've come on this program a number of times discussed it, israeli military says interpreted a missile fired from yemen sunday hours after strike on iranian backed houthi targets concluded gas and power stations in response to deadly houthi attack in tell strive friday landed in u.s. consulate "wall street journal" editorial board rights you you trui

agenda at a major crypto conference in nashville.peaking of that conference, trump had some strong words for current sec chair gary gensler. >> on day one, i will fire gary gensler. i will appoint a new sec chairman who believes that america should build the future, not block the future. upon taking office, i will immediately appoint a bitcoin and crypto advisory council. sonali: as we saw former president trump campaigning more there in nashville, we also know from the "financial times" and others that kamala harris is also starting to change her tone to the crypto community as well, right? >> yeah, sonali. this underscores that being procrypto might be something that is attractive for both cans dates. making the u.s. the crypto capital of the planet which does represent a bit of an evolution for donald trump. during his first team in office herb suggested that bitcoin was a scam that the value of these tokens were made out of thin air. so this is an about-face. he issue his own n.f.t.'s in the bloomberg terminal. donald trump himse

here is some of the things that donald trump said about bitcoin and crypto.. >> bitcoin is not threatening the dollar, the behavior of the current u.s. government is really threatening the dollar. on day one i will fire gary gensler. i will appoint a new sec chairman who believes america should build the future, not block the future. if we don't embrace crypto and bitcoin technology china will, other countries will. they will dominate and we cannot let china dominate. larry: yeah you know that, many good reasons, he is right, that last one by itself, cannot let china dominate. they're poking around in crypto too but we still have some advantages. he mentioned a bill coin stoke pile -- anyway, you were at this thing, senator blackburn. tell us about it. >> yes, indeed, it was quite a convention and a lot of bitcoiners were there. i was so pleased that the president spoke and following his remarks, vivek ramaswamy and i did a fireside chat and talked about how bitcoin and the opportunity to self-custody. the opportunity to have financial freedom and transaction

that loves crypto.hat go down with the industry, investors, the community around bitcoin? james: he gave a really long rambling speech, as trump often does. the one thing that got the crowd the loudest, by far, was him saying on day one, i will fire gary gensler. i'm pretty sure he does not technically have the ability to do that. that is standard when a new president comes in, they try to turn it over and get the people they want at the heads of agencies. it is a talking point and something people want. he talked about stopping elizabeth warren and her "goons." a bunch of other things out there they wanted to hear. actions speak louder than words. they definitely liked it. it was certainly different from his typical trump speech audience. but he had the points he wanted to hit. big winners seem to love it. yeah. ed: james seyffart, bloomberg intelligence who was there at bitcoin 2024, thank you. the u.s. election looms, bloomberg has a big take on trump's own journey with crypto going from skeptic to b

pro-economic freedom congress next year and they're well under way to doing that. >> it returned an secdance encouraging banks not to have crypto, including three or four of which you're all facing re-election bid. do you think these are people who will be criticized in the future for being under the thumb of the crypto industry or something like that or is the crypto industry then going to be a part of the american financial system which itself is ironic given the way that it started? >> well, when you have 17% to 20% of the adult population embracing something and seeing it as an answer to a financial system that they feel just doesn't serve their interest is something that policymakers have to be responsive to. there's always been a generational dimension in crypto and younger members get it and more readily, even older members do, but there's a transition that we're in and you're seeing it among a lot of the candidates who are in tough races who are looking around and seeing that there is a lot more there, and their constituents who have embraced this particular tech and they brough

custody due to the sec's misguided 121 which makes crypto less safe for consumers. we have the best of banks in the world they ought to be able to take care of the custodial banking piece i appreciate your attention to these important issues i certainly want to applaud you and your agency's important leadership and isolate dictators. the first questions about russian oil. in april i joined a bipartisan fact-finding mission to ukraine to show our support against putin's aggression and unprovoked attack on their country. after i met with president zelenskyy it was clear to meet we need to do as much as began to prevent russia from viewing the war with profits from their oil exports. if we feel the hand of ukraine to russia and m bolden putin will continue on to eastern europe. he was led oil price gap has reduced export earnings significantly. there's a lot more to do. on the whole the comply china india and russia have access to limited non- g7 shipping and insurance. what is strategy to address the stripe price cap and how do you propose and how do we hold it accoun

care more about bitcoin, what they would love to see is the sec revamped, regulation route crypto currency so i am not sing alarmed in a bad way, but just pay attention to-- pay attention to these guys they want to go from having ultimate wealth to ultimate power and deregulation is one of the great ways they are going to do that, and jd vance might help them. >>> don't go anywhere, we have the second hour of morning joe weekend right after the break. . my name's trevor. i've tried other diets in the past never lasted before too long my cravings came back especially my sugar cravings and i fell off the wagon. release worked fast. my sweet tooth is gone. i'm so happy with my progress and now i love myself. >>> welcome back to "morning joe weekend" on the saturday morning. it is 7:00 a.m. on the east coast . >>> let's pick up where we left off this week with this week's top stories. >>> as donald trump accepted the nomination from the republicans, president biden faces and continued growing pressure to get out of the race. several people close to the president telling "new york times" they n

, when the sec get smacked down in those rulings the stocks moved higher, that's what's happening, marathon14% hot is up 3.6% in block chain up 6% and quite base was up another 6% micro strategy up a third of 8%, bit farm up for naprosyn. political uncertainty, not just an american issue believe it or not, last week's great debate adding to turmoil around the world as it creates new challenges for investors and not just american investors in international investors the father of emerging markets mark mobius is here for some fox business to tell the subject of politics can alter your portfolio and where you should put your money now and why you need to pay attention. anna help? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪) wow... are you kidding me? you can do this. at truist, we believe the same is true for banking. ♪ i have type 2 diabetes, but i manage it well ♪ ♪ jardiance! ♪ ♪ it's a little pill with a big story to tell

these are the things that some people who owned crypto's, executives who invest in crypto space haven wanting to hear this since joe biden became president. since gary gensler became chair the sec. i don't know if that's resonating with everybody. their people in the crypto space who are open to listening and hearing of the vice president, vice president harris, but it's resonating with enough paper that if you watch that speech trump made, there was a standing ovation for certain parts of the. particularly where he took on gary gensler directly. they are saying -- these folks have wanted to hear at the end of the day. whether trump bans go ahead with these proposals if they get into the white house again remains to be cleared to be frank. >> you have to wonder what his ideology is going to be. people who don't like gary gensler detest lena kohn and while he has been a senator, j.d. vance has been a huge supporter of what she has done. not everybody, want to be clear, not everybody in the world of tech and the vc world is backing trump and j.d. vance. we are seeing political brawls w

the republican presidential nominee pledged to fire sec chair gary gensler, long-time crypto skeptic. president not do that, even if trump were to appoint a new chair after gensler's term ends in over a year from now, gensler would still remain a commissioner on the independent agency. but the main thing was trump's promise to launch a bitcoin stockpile compraised of roughly $14.5 billion worth of bitcoin that u.s. has seized in legal actions. >> if i am elected it will be the policy of my administration, united states of america, to keep 100% of all the partly sunny -- bitcoin the u.s. government holds or acquires into the future. >> the reaction on the ground was muted. people were hoping that trump would commit to buying bitcoin through a reserve similar to what independent presidential candidate robert f. kennedy jr. unveiled friday when he said he would direct the treasury to buy 4 million bitcoin, about $280 billion at current prices, the assumption if the u.s. did this, other countries would follow suit and plunging supply would drive up price. meanwhile i'm hearing from democr

this is the second crypto etf approved this year.ackrock and fidelity, and this credibility that it's lending to the space with huge for it. now, packaging ether, if you think about, in an etf wrapper likely makes it more attractive to invest ifers. there's a comfort level there. analysts are expecting this to be big, billions flowing in this year, up as much as $15-20 billion. that would be similar to the to the boost bitcoin saw after its spot etf launches. etherium, you can seest been up and down. it's already seen a 50% increase in price, but it has been choppy leading up to this approval. this all comes as a crypto is becoming a key issue in the election. i saw a harris poll, one in three crypto voters are going to consider crypto when they're thinking about their vote for president so, obviously, the candidates are looking at this. this weekend former president trump is expected to announce a plan to classify bitcoin as a strategic reserve asset, that would see the treasury buy billions in bitcoin to hold alongside other assets

makes it easier to operate a crypto business because of the inevitable changes at the sec. what will drive the price of bitcoin is lower tax rate and tariffs. he says those are inflationary, the trump presidency would be inflationary and that hurts the dollar and makes bitcoin a safe haven. bitcoin's become very mainstream because we have donald trump talking about it, we have silicon valley putting money and support into donald trump because of it. the last shoe to drop in my opinion would be the potential treasury secretary jamie dimon saying i have reversed course, i like bitcoin too. that has not happened, he's not going to be the treasury secretary as of right now but that would be another turning point. stuart: he hasn't said that yet. i want to talk about palantir. wedbush jan i've says the company that's driving ai, is that right? lauren: shares are up 4%, dan ivers season going to 50 a share in 2025 because this is in his words the messy of ai. businesses are properly investing in ai as they increase spending, putting it in the right ai places and palantir and data

they would love to see the sec revamped, regulation around crypto changing. around jd vance and donald trump even more wealthy. pay attention to it. suddenly these guys who are libertarians who are backing someone like a jd vance, this doesn't make sense. it is because they want to go from having ultimate wealth to ultimate power. deregulation is one of the ways they're going to do that and jd vance might help them. >> i've always had questions about andreessen horowitz. they're the most powerful tech investors. i would think they would like what lena kahn is talking about doing, which is trying to take on monopolies. think about all the new companies that are being stifled, strangled, choked off, the competition that's being restrained because of these monopolies. we all know what the monopolies are. so why would they support donald trump and jd vance? >> i think there's a confusion or complication with the jd vance of it all as it relates to regulation. you know, they do care about crypto. i think that's true. the dollar piece of it makes it more complicate

sec. yellen: you're talking about defy type of activities? mr. flood: we have to recognize there's going to be a decentralized angle. everything so far is centralized. so, yes. sec. yellen: your question is what about the regulatory approach to those markets? mr. flood: how are you thinking, when you look at this whole regulatory regime, how do you think about decentralized trading protocols? basically that do not create order book style markets or involve the custody of a customer's crypto assets. you have given that a lot of thought? sec. yellen: well, this is certainly something that the regulators are looking at. the s.e.c. and to some extent the cftc. perhaps some of these activities may fall under the regulatory umbrella of the banking agencies as well. mr. flood: fsoc released a report. one such risk is concentrated risk. i'd like to focus on a couple aspects of concentrated risk. if there are only a small number of entities that are able to serve as custodians of digital assets for registered investment advisors, would you agree that such

chair with someone who will build the future of crypto. he also proposed creating a national stockpile of bitcoin. he stopped short of promising to establish an official strategic reserve, an idea that's caught on quickly among crypto supporters. we'll swing back now to what is the sixth largest fire in our state's history. the help from the bay area coming in to fight the park fire up in butte county, plus the california education department stepping in to help fight the state's housing crisis. how it will also help teachers find more affordable pla flex alert! flex alert! a power outage is looming. that's just alert, he's always getting worked up about something. flex alerts notify us of preventable power outages. that way we always know when to help stop one. ok flex, just drop some knowledge on me again. oh, ok i will - i'll turn our thermostat to 78... i'll unplug the blender. the hair dryer. - my blankie? - yep! - let's talk about it! - nope. ooo, we can save the laundry til' the morning! oh, yes please! oh! little things like this h

not to go out there on a him particularly on crypto stuff right now.ereum etf. liz: much more quickly than the bitcoin etf. >> more quickly than he thought. his past statements that etherium might be a security, right, so. we understand, a lot of this is politics, you know the democrats now are trying to court the crypto vote. they think that trump is making huge inroads. it is 50 million crypto holders. liz: they're way late. >> they're way late. liz: democrats are way late on this if that is what they want to do. >> i agree with you 100%. why you're hearing a lot less from gary gensler lately. i think what you will see between now and november is pretty safe cases. andrew left case for the short selling. if there is one thing that has bipartisan appeal in corporate america buy-in, people just don't like short sellers. i'm not saying i agree with that. liz: they're healthy for the market. >> i agree. corporate america is constantly complaining to their trade groups, their lobby groups to put pressure on congress do something about short selling. along

and pulling them back from their very zealous positions against the crypto industry.t now we're setting up from a fundamental perspective to a really good run. franif president trump gets reelected it's off to the races fcrypto. crypto ties into the a.i. story which is fueling the market generally and the technology story line certainly is where the growth is. finally, i would say that the current technical pullback in crypto prices and volatility which has been pretty extreme especially over this weekend even, is really due to some technical selling that's going on. the german government is selling crypto that et it has seized from criminal actors, the u.s. government the same and a very old crypto exchange called mount docks is distributing proceeds of liquidation to its investors and to its account holders and those account holders may finally be selling the liquidation proceeds in terms of the crypto so there is a technical overhang right now which i think will get dried up in a short bit and then crypto will go ahead and march higher from here. cheryl: interestin

we have the sec that is taking a really completely unreasonable position of accusing everyone who hostsding in crypto tokens, virtually everyone violating securities law was they say they're all securities. and when you call the chairman before the banking committee and say is, well, tell me exactly which tokens are securities is and why, and he refuses to answer the question, that's pretty unreasonable. .. when you say, tell me exactly which tokens insecurities and why and he refuses to answer the question, that is pretty unreasonable. you cannot put technology back in the bottle. it is out. the world will develop this technology. the question is, does it happen in america? do we end up losing that position? do you think there will be a willing congress to restrict the power of administrative agencies in the executive branch if congress and the president are both in republican. >> i am not optimistic, no. no. i think frankly, that is part of the reason on the amendment. republican senators that said i don't know if i want to apply this

we have the sec that is taking a really completely unreasonable position of accusing everyone who hosts trading in crypto tokens, virtually everyone violating securities law was they say they're all securities. and when you call the chairman before the banking committee and say is, well, tell me exactly which tokens are securities is and why, and he refuses to answer the question, that's pretty unreasonable. .. when you say, tell me exactly which tokens insecurities and why and he refuses to answer the question, that is pretty unreasonable. you cannot put technology back in the bottle. it is out. the world will develop this technology. the question is, does it happen in america? do we end up losing that position? do you think there will be a willing congress to restrict the power of administrative agencies in the executive branch if congress and the president are both in republican. >> i am not optimistic, no. no. i think frankly, that is part of the reason on the amendment. republican senators that said i don't know if i want to apply this to our own side. it's not about which side. it

jay clayton, former trump sec chair, former sec chair went after ripple.fter even more. liz: listening to senator elizabeth warren. >> who is very close to gary gensler. that spilled out in the meeting. there was senior white house official there, apparently anita dunn attended. liz: sure. >> jeff zeints was invited. he did not go for obvious reasons. he is the chief of staff. there is existential threat to the presidency going on right now. liz: also the nato summit. >> nato summit. a lot of stuff is going on. the chief of staff doesn't need to be there. anthony scaramucci was there. ro khanna, i can say his name. i can say his name. liz: thank you. >> he hosted the meeting with mark cuban, good guy. known mark forever, crypto guy and a democrat. that is where there is coming from, reintroducing the democratic party to the crypto industry, trying to get them on board with the crypto industry and, i don't think they pulled it off just based on the sort of give-and-take that was going on. i mean, yes, anthony, used to be a republican, used to be trump chief

who the crypto community views as one of their top public enemies. he also said that he would created a crypto advisory committee that within 100 days would provide a new regulatory framework for bitcoin that is pro cryptocurrency. and he said he plans to make united states the bitcoin mining mining powerhouse of the world that was essentially everything. people in this room wanted to hear when we asked trump's campaign, what's behind this total one at flip on bitcoin. they really didn't give us much of anything answer, but i will point out that trump has received considerable financial support from the bitcoin community. many of its investors and founders have contributed to his campaign. trump himself has, his campaign has taken about 4 billion, excuse me 4 million worth of bitcoin. that's something we heard from his campaign and he also received a bitcoin on stage today as this community continues to call him, it'll be interesting to see how this court should though plays out with the rest of the country. you when you look at polling on bitcoin, a

that is a legal argument that the crypto industry hates.re fighting back against it, saying that if the sec beats them in the courts on this issue, then they'll be driven out of the united states. so that's sort of the crux of the debate, and trump went in front of a crowd of bitcoin supporters over the weekend and said, one of my first acts as president will be to fire gary gensler, and it got probably the biggest cheer of the day. william: so, do we know what vice president kamala harris might do if she were elected? is it safe to say she would discontinue the biden administration's current approach? david: it's hard to say for sure. she hasn't said a ton publicly about her views on crypto, but obviously she's part of the current administration and so a lot of crypto insiders are kind of assuming that if she wins, it'll be more of the same that they saw under the biden administration. with that said, both the biden campaign and now the harris campaign have extended something of an olive branch to crypto companies, sort of invited them to

that is a legal argument that the crypto industry hates.gainst it, saying that if the sec beats them in the courts on this issue, then they'll be driven out of the united states. so that's sort of the crux of the debate, and trump went in front of a crowd of bitcoin supporters over the weekend and said, one of my first acts as president will be to fire gary gensler, and it got probably the biggest cheer of the day. william: so, do we know what vice president kamala harris might do if she were elected? is it safe to say she would discontinue the biden administration's current approach? david: it's hard to say for sure. she hasn't said a ton publicly about her views on crypto, but obviously she's part of the current administration and so a lot of crypto insiders are kind of assuming that if she wins, it'll be more of the same that they saw under the biden administration. with that said, both the biden campaign and now the harris campaign have extended something of an olive branch to crypto companies, sort of invited them to come to the table

erie chancellor on get intraday one that got a lot of cheers and committed to a crypto presidential> we will have regulations but from now on the rules will be written by people who love your industry not hate your industry, the danger to our financial feature does not come from crypto it comes from washington, d.c. you mentioned how the prices been fluctuating, i tell you from folks on the ground there is a lot of worry that bitcoin and crypto stocks are going to move with speculation about his chances of winning in november, there was a funny moment he was speaking in the prices of bitcoin go like this he meant to the bitcoin reserve and all of a sudden it goes like this. >> he is the impact were on all of this, thank you for that, kelly o'grady, john wu is back with us the president very, very big player in this arena in early enthusiast backer and always good to have you. is this going to be a race for which candidate wins better for bitcoin for the political position and donald trump's into the white house or kamala harris does, what do you think of it. >> donald trump is showi

he says he plans to replace the current sec chair with someone who will build the future of crypto.tockpile of bitcoin. he stopped short of promising to establish an official strategic reserve, an idea that's caught on quickly among crypto supporters. >> 49ers practices will get far more intense, starting today. that's because players will now wear their pads, head coach kyle shanahan says. once the pads go on, practices are more lively. there's contact players start tackling each other. espn reports first round draft pick rick pearsall could possibly see his first action after missing the start of training camp due to a hamstring injury, but there's still no word about a contract resolution for either wide receiver brandon aiyuk or left tackle trent williams. >> runners took over san francisco streets for the annual marathon across the golden gate bridge. there were seven races ranging from the one kilometer dash to a full 31 mile ultra marathon. this was the only marathon in the nation held in july. and runners tell us san francisco's coastal weather makes for a great race. >> i t

he also proposed replacing the current sec chair with someone who will build the future of crypto.report missed analyst estimates for earnings and revenue. mcdonald's reported its quarterly revenue was flat compared to last year. earnings are down about 12% from this time last year. stocks down about 15% in that time. this also marked the first time since 2020 that same store sales dropped for mcdonald's. this summer. mcdonald's, taco bell, burger king and wendy's all launched value deals starting at just $5 to reach people struggling with finances. patelco credit union, based in the east bay city of dublin, facing a number of local and federal lawsuits after a cyber attack about a half a million customers were locked out of their accounts. the lawsuits claim patelco failed to protect the personal information of its customers and negligent in preventing the breach. on june 29th, if the suits are successful, patelco could be forced to pay as much as $5 billion. i'm pam cook. that's a look at your dollars and cents, pam. >> thank you. a longtime east bay theater company says it may h

has bluly yo'o register you know these are investment con tough on crypto too just so just to get outtext so simple to think of it is in the world there's things like gold which are classified as commodities and then there are securities. it's like the apple stock. and the main difference with security, there's sort of a group of people like the apple team who know something about like the future earnings of the company that is material to the ic stock. and therefore what the role asaround securities is to make sure it's a level playing field make sure that there's insider tradher's . those those rules do apply to things lik so gold just even though there's people that are probably on gold anud the kind of legal theory is gold is, you kn enough. there's just enough you know, there's no sort of company that controls it or something that you don't. you need a different regulatory and as you said, the with bitcoin sort of it's been deemed by regulators to be more like gold than like apple stock right but now of course, you know bitcoin, was created by one person owe group people, a pseud

vance is aligned with these guys, who are so deep into crypto and received the way the sec is put togetherore wealthy and having their control of j.d. vance would give them everything they want. how concerned should people be that we've got elon musk or peter thiel behind the scenes? >> there is no question that if donald trump returns to office, we will see the rise of the silicon valley elite, whether it is someone like peter thiel, elon musk. there will be a tremendous amount of influence that silicon valley will have, potentially, in the trump white house. in a lot of ways, we have silicon valley, which is donors, which are replacing old mainstream republican party donors who were with george w. bush, who were with mitt romney. there is this wholesale shift happening with the republican party. you can bet j.d. vance, now that j.d. vance is on the ticket, you will see a lot of money coming from someone like elon musk, who asked that he will give $40 million a month to the trump campaign. >> isn't that a transactional shift? not ideology. this group of business people have traditionally

i will appoint a new sec chairman who believes america should build the future not block the future whichat they're doing. >> i was there, the crowd erupted when he said he was going to fire gary gensler and he got more fired up, you have to wait until november to see how much of a difference the crypto voting block has but one in five americans own crypto. stuart: trump goes to the bitcoin conference, kamala harris did not go, she never showed up. let's get more on jeff sica, thank you for joining us this monday morning why is the endorsement of crypto and bitcoin in particular so important. >> is so important because as president trump said as a biden and hear his administration spent three and half years trying to kill it which is why i call it the freddy krueger of financial assets cannot be killed, now he's coming out and embracing it and saying one of the key points of the conference saying if the u.s. doesn't do it china's going to do it this is a very competitive strategic move and it can move up the price on bitcoin and the biden here's a administration is most likely going to co

i will appoint a new sec chairman who believes america should build the future not block the future whichot a little bit in the clip but the crowd erected when he promised the fire gary gensler on day one in the overall message seemed to resonate with folks most folks shared they can't stand for another four years of anti-crypto administration, we're going to wait until november to see the difference a denture crypto voting block will make that one in five americans own crypto so that could move the needle and swing states. cheryl: kelly o'grady, the spring and the word on wall street panel top investors watching your money, headington loss asset management president and chief investment officer kevin mahn and mark tepper, first your reaction to kelley's hit, interesting one in five americans own crypto. >> when you have an endorsement from president trump, someone that big and powerful that should be incredibly bullish for crypto and lead to more adoption of crypto and actual currency. i think that is great over the course of the last three weeks she watched bitcoin go from 56000 all the

would be the crypto capital of the planet, the bitcoin superpower of the world.he crowd cheered loudly as he said if he wins the election he would fire sec chair gary gensler's term is not up until 2026. and it was an eventful opening weekend at the olympics. simone biles and suni lee stole the chauffeured u.s. gymnastics. kevin durant power usa basketball to win over serbia and the u.s. secured its first goals with the men's freestyle relay. officials did cancel training in the seine after the rainy weekend elevated pollution levels in the river. overall the u.s. currently leading with 12 medals overall, three of those goals. that is your brief. jonathan: appreciate it. more in about 30 minutes. up next, ramping up the search for a running mate. >> i'm not speaking on anything personal on this. being mentioned is certainly an honor. my job is to make sure, and i trust that vice president harris will make the best choice she is going to but one way or another she is going to win in november. jonathan: that conversation up next. live from new york city this mornin

sonali: welcome to "bloomberg crypto. the technology shaping the world of centralized finance. sonali: lackluster debut for the second digital assets approved for the -- by the sec. tim: we will discuss the demand with the black rock head of digital assets. sonali: and robert joins the

just over this last weekend, he vowed to fire sec chair gary gensler to ensure that there are more or less regulations in place. and so this is something that we've seen happen over the course of time partially because he likes designing nfts is what we've learned forgive me for imagining that this might not be policy and might be more politics. i mean, does he sense that there is a way to juice his support with a particular category of, of tech bro kind of voters here is that, is that what he's looking to do? >> certainly the campaign has even told us that this is a prime group to get votes and donations. just since he is accepted crypto donations like already raised $4 so this is really a boon for them. and to the other portion of the electorate that they're targeting our voters that might otherwise support rfk junior, which is another dynamic in this race. have we have to count war, understood. >> it is the sense still that rfk junior's pulling votes more from trump than from, while democratic care candidate, of course, it was biden now a terrace. >> it's still unclear what the pol

i feel that is white people in the crypto space at least some of the major players have gone over tohe sec handles their industry and other sections within the tech industry having issues with things like the ftc and this is why some of them are going over to trump and it is and everybody and i understand that. but on the other hand to his point i feel like this coming off the sidelines to help the vice president in the new campaign would be a counterpoint to what you see with some of that support going over to trump and we have mentioned before elon musk who has endorsed him and will likely get millions of dollars in some capacity to a pac that supports president. so people coming off of those sidelines from the tech industry and going to support harris could be a real counterweight to what we see on the trump aside. >> we have been talking about this with them playing a major role in pushing president biden to step down and will voters who through their support behind joe biden feel the major donors had too much influence or feel angry over a decision like this? >> i thought one of

are dealing with that when they're there's not a lot of clarity and clarity that has come from the sechas been absolutely you've got to register you know these are investment contracts he's been tough on crypto too just so just to get out from context so basically the kind of the simple to think of it is in the world there's things like gold which are classified as commodities and then there are securities. it's like the apple stock. and the main difference with security, there's sort of a group of people like the apple team who know something about like the future earnings of the company that is material to the price of that stock. and therefore what the role regulators in that case around securities is to make sure it's a level playing field make sure that there's insider trading rules, there's disclosure rules. those those rules do apply to things like gold. so gold just even though there's people that are probably on gold and study gold, the kind of legal theory is gold is, you know, is decentralized enough. there's just enough you know, there's no sort of company that controls it

on day one i will fire in the.a new sec chairman who believes america should build america future whichwill do. >> i could tell you what he said, i will fire gary on day one. people erupted and we will see if it translates to the polls but people like to. >> it looks like they are having a great time. president biden leaving us with more questions than answers after his address earlier this week. >> the owner of my life to serve as your president but on the defense of democracy at stake, it's more important than any title. >> why did biden back harris? it may be to get revenge on obama. a close source close to the biden family telling the new york post biden group support behind harris is a quote if you to his former boss. democratic party source telling the new york post joe truly knifing obama and pelosi in the back for making him stand down. there was a long pause before the obama's came out in support of harris. you know if you saw the way they announced it, i thought it cringe worthy. i want your response on the other side. >> i can't have this phone call without saying to my girl