a crackdown on crypto deepens in the us. this time, regulators have taken aim at coinbase. welcome to asia business report. another day and another crackdown on crypto by us regulators and this time it's coinbase, the biggest crypto trading platform in america. the securities and exchange commission is suing the company for allegedly operating as an exchange without registering a swan. just yesterday, the ss

more from new york now. in more from new york now. in these latest charges, the sec said coin base acted as a broker, exchange and clearing agency for investments that are subject to sec rules but they did so without properly registering, and that, the regulator said, allowed the firm to escape oversight, including guards against conflicts of interest. the charges against coinbase were not a surprise. as a publicly traded company are disclosed in march of this year that the sec had notified it that these charges may be coming. in response, coinbase said the rules were not clear. testifying on capitol hill tuesday the chief legal officer for coinbase said it try to get new rules in place for crypto platforms like theirs, but got no response from the sec. since that time. _ no response from the sec. since that time. we — no response from the sec. since that time, we have _ no response from the sec. since that time, we have had - no response from the sec. since that time, we have had over- no response from the sec. since that time, we have had over 30| that time, we have had over 30 engagements with the sec to try

to work— engagements with the sec to try to work towards a sensible framework for regulation that would — framework for regulation that would allow for example the registration of platforms as either— registration of platforms as either broker—dealers or a tss or a _ either broker—dealers or a tss or a national security exchange. we received no response after our presentations as part of those discussions. gn presentations as part of those discussions.— presentations as part of those discussions. on the one hand, coinbase _ discussions. on the one hand, coinbase is — discussions. on the one hand, coinbase is basically _ discussions. on the one hand, coinbase is basically saying, i coinbase is basically saying, look, we want to abide by your rules but the ones as written don't work for these new financial instruments like crypto currency. on the other hand, the regulator is saying rules are rules, and you are running afoul of them. it seems the us is making good on its promise to aggressively enforce rules to oversee the crypto industry. rules to oversee the crypto industry-— industry. that was samira hussain — industry. that was samira hussain reporting - industry. that was samira hussain reporting in - industry. that was samira hussain reporting in new| industry. that was samira - hussain reporting in new york and in the last couple of hours, the sec has also asked a federal court to freeze the us assets of finance, and it comes assets of finance, and it comes a day after they sued the world's biggest crypto exchange and its ceo for allegedly operating a web of deception.

the re—election campaign of us presidentjoe biden has said that a decision by utube to stop policing force claims about fraud in prior elections is reckless and could lead to potential violence. a spokesperson for the campaign said the move by the alphabet owned video platform will "invite further democratic decay". on friday, utube said it would stop removing content that might have spread false claims, related to previous races. just under an hour, we are due to find out how the australian economy performed in the first three months of the year. economists are forecasting a slight expansion of 0.2% and if that's true it will be one of the slowest growth in almost two years. just yesterday the country's central bank raised the cost of borrowing by another 25 basis points, the 12th straight rate hike. governor phillip lowe said inflation has peaked, but at nearly 7%, the level is

still too high. peter maguire is the chief executive of axum australia and today he said he was expecting a weak growth number. it was expecting a weak growth number. , , number. it will be tempered urowth number. it will be tempered growth and _ number. it will be tempered growth and we _ number. it will be tempered growth and we are _ number. it will be tempered | growth and we are expecting around o.2% for that quarter, the first quarter, so that's where i think the water level will be, and we built on yesterday �*s rate rise of 25 basis points, the highest since april 2012. basis points, the highest since april 2012-— apri12012. also inflation comini apri12012. also inflation coming on _ apri12012. also inflation coming on quite - apri12012. also inflation coming on quite high - apri12012. also inflation coming on quite high as| april 2012. also inflation | coming on quite high as a surprise, so is it inevitable that, as you mentioned, the economy, the growth could be slowing down?— slowing down? absolutely, we have had an — slowing down? absolutely, we have had an unemployment i slowing down? absolutely, we| have had an unemployment go from 3.5 to 3.7% in april. we've had that gdp number as we are expecting, 0.2, the overall theme, and i think it will be weakness, yes so we are expecting it to be a little bit of a slowdown. the subsequent quarter as well.— quarter as well. another ma'or challen . e quarter as well. another ma'or challenge for d quarter as well. another ma'or challenge for australia's �* challenge for australia's economy is somewhat slower than expected recovery of china.

have you seen much evidence of that impacting australia?- that impacting australia? well, es we that impacting australia? well, yes we have — that impacting australia? well, yes we have a _ that impacting australia? well, yes we have a there _ that impacting australia? well, yes we have a there is - that impacting australia? well, yes we have a there is no - that impacting australia? well, j yes we have a there is no doubt we are an export driven economy, australia, very reliant on china is our largest trading partner, that's the first phase. secondly, china came out of the blocks quite quickly probably end of february and we thought they were going to move quite quickly, moving into this quarter, but it has since slowed quite considerably and china's appetite is certainly waning and impacting australia. i want to ask you about inflation as well, governor phillip lowe saying it has peaked. do you agree? well, may be not, peaked. do you agree? well, may be not. when _ peaked. do you agree? well, may be not, when you _ peaked. do you agree? well, may be not, when you think _ peaked. do you agree? well, may be not, when you think about - peaked. do you agree? well, may be not, when you think about it i be not, when you think about it we were at 6.3%, and we were expecting to actually see a phone handle. it has since bounced to the upside of 6.8%, so he probably has a better set of data than everyone else but at the moment i think it is possibly trending higher, and that's a difficult task for any central banker.— that's a difficult task for any central banker. peter maguire s-ieakin central banker. peter maguire speaking to — central banker. peter maguire speaking to me _ central banker. peter maguire speaking to me a _ central banker. peter maguire speaking to me a little - speaking to me a little earlier. let's stay with

australia because a senate hearing is now under way in canberra, and it involves one of the world's big four audit and advice companies, price waterhouse coopers, also known as pwc. that's because a former partner who had been consulting with the federal government on new tax laws she had a confidential draft with colleagues in a bid to drum up business around about. the company's acting chief compa ny�*s acting chief executive company's acting chief executive has publicly apologised and has named more than 60 staffers involved but there are claims that not everyone may have known about the confidentiality breach. let's bring on our corresponding phil mercer, who has been monitoring the story for us. the senate hearing is now under way but there seems to be some confusion over exactly what happened. can you just talk us through it?- just talk us through it? well, these are _ just talk us through it? well, these are the _ just talk us through it? well, these are the details - just talk us through it? well, these are the details that - these are the details that senators in canberra are working their way through. in the past hour or so, they've been asking questions of officials from key government agencies, the australian tax

office, the treasury, and also the finance department, as well, looking at how consulting firms get government business, and this certainly lies at the heart of the pwc case. a story of inside information if you like, how was a sensitive government information on tax reform leaked by a senior partner to help clients minimise their tax and earn the company millions of dollars in fees. now, australian lawmakers say this has been a betrayal of the australian people, the australian government, which is pwc�*s biggest customer, says it was an appalling breach of trust. so the company is trying to minimise the damage to its reputation, and it is worth pointing out that the australian media, sections of the media here, is describing vests as a reputational nightmare on pwc that is of its

own making. this nightmare on pwc that is of its own making-— nightmare on pwc that is of its own making. as you said, quite a lot of reputational _ own making. as you said, quite a lot of reputational damage i a lot of reputational damage there but what could be the outcome, the government decide not to continue using pwc because of this? it not to continue using pwc because of this?- not to continue using pwc because of this? it could be art of because of this? it could be part of the _ because of this? it could be part of the consequence i because of this? it could be part of the consequence forj part of the consequence for pwc. now this is one of the major consulting firms, not just here in australia but around the world. it's involved in much government business here, including agriculture, transport, defence and education, trying to advise the government on where it spends its money. so there is also a criminal investigation. the australian federal police has launched an enquiry. it was called in by the treasury department. the company is conducting its own review, and this parliamentary hearing in canberra that is ongoing in the australian capital, the committee is due to hand down its report in september, so you would have to imagine that

between now and then, there will be more uncomfortable moments for pwc and its executives, who have been desperately trying to minimise the damage to the country's reputation. the damage to the country's reputation-— the damage to the country's reutation. ., ,, . reputation. thank you so much for that, reputation. thank you so much forthat, phil— reputation. thank you so much for that, phil mercer, - reputation. thank you so much for that, phil mercer, who i reputation. thank you so much for that, phil mercer, who will| for that, phil mercer, who will be monitoring the situation thatis be monitoring the situation that is the hearing goes on. now to india, because it's internet economy is expected to grow six times, and estimated to be worth $1 trillion by 2030. the details have been published in a joint report carried out by google, temasek and bain company.— carried out by google, temasek and bain company. according to the report. _ and bain company. according to the report, india's _ and bain company. according to the report, india's internet- the report, india's internet economy last year was worth between $155 billion so based on these figures, the report says india is on track to hit that $1 trillion mark in the next seven years. this growth is estimated to be triggered mainly by the e—commerce sector, and within this, it will be the business to customer segment which would lead the way, followed by business to business

e—commerce. then, the report says, growth will be driven by software service providers and online media, led by ott players. a lot of the acceleration in the digital world has also happened during the covid years, which also saw an increasing shift from off—line to online. the report also recognised the massive market in india, putting the total number of internet users total number of internet users to 700 million, which included 350 million digital payment to users and 220 million online shoppers. overthe users and 220 million online shoppers. over the last few years, india has seen a huge rise in the number of start—ups. in fact, rise in the number of start—ups. infact, based rise in the number of start—ups. in fact, based on this report, india ranks third in the world in terms of the sheer number of unicorns. along with this, india's small, medium as well as big businesses who have also recognised the potential of the internet economy, happy looking to increase their digital footprints to remain competitive in the online market. ., , , competitive in the online market-— competitive in the online market. that is up to the programme _ market. that is up to the programme. thank i market. that is up to the programme. thank you l market. that is up to the i programme. thank you for watching asia business report.

—— that is it for the programme. bbc news, bringing you different stories from across the uk. . ., , the uk. huge crowds en'oyed live music i the uk. huge crowds en'oyed live music while i the uk. huge crowds enjoyed live music while soaking i the uk. huge crowds enjoyed live music while soaking up i the uk. huge crowds enjoyed i live music while soaking up the sun at brockwell park's mighty hoople official at the weekend but not everyone was a fan. peter brackley�*s 13th floor flat overlooks the park. peter brackley's13th floor flat overlooks the park. people sa ou flat overlooks the park. people say you are _ flat overlooks the park. people say you are a _ flat overlooks the park. people say you are a nimby, - flat overlooks the park. people say you are a nimby, and i flat overlooks the park. people say you are a nimby, and you | say you are a nimby, and you don't _ say you are a nimby, and you don't want — say you are a nimby, and you don't want it in your backyard, but you — don't want it in your backyard, but you can _ don't want it in your backyard, but you can see this is my backyard _ but you can see this is my backyard. and to have events of this loudness... backyard. and to have events of this loudness. . ._ this loudness... because you can naturally _ this loudness. .. because you can naturally feel— this loudness... because you can naturally feel the - this loudness... because you can naturally feelthe music, | can naturally feel the music, can't you?— can't you? you can feel it, i work from _ can't you? you can feel it, i | work from home, it's almost impossible to work from home when — impossible to work from home when events like this are going on. ., , when events like this are going on. . , ., .

meanwhile, the council apologised for any noise disturbance caused by the events and has already said it will see if there are any lessons to be learned for the future. ., ., , ., , lessons to be learned for the future. ., ., , ., future. for more stories from across the — future. for more stories from across the uk, _ future. for more stories from across the uk, head - future. for more stories from across the uk, head to i future. for more stories from across the uk, head to the i future. for more stories from i across the uk, head to the bbc news website. hey, i'm zof with the catch up. tonight — prince harry gives evidence in court, stis on the rise and a new tech surprise. it's clear to see disposable vapes are becoming increasingly popular amongst young people, but children's doctors are calling for a complete ban on them, as they may damage young people's lungs. an anti—smoking campaign group says a ban would make it harderfor some adults to give up smoking,

but a parent to spoke to us about her concerns. there are a lot of shopsjust quite willing to give them out without any idea at all, and they are addictive. they are very addictive. my son wanted to stop at one point, butjust couldn't, found it really hard, and he's only 1a. some other stories now. prince harry has been answering questions in court because he believes journalists at the daily mirror hacked his phone to uncover stories, including whilst he was at school. the mirror's lawyer says legitimate sources were behind many of the stories. and england is seeing record high levels of stis, mainly affecting 15 to 24—year—olds. cases of gonorrhoea have doubled since last year. people are being urged to practise safe sex and get tested if they may be at risk. next up, lewis capaldi has cancelled his upcoming gigs until glastonbury later this month

to rest and recover, as he's been struggling mentally and physically. time now to leave you with a few seconds of a new vr headset. developed in belfast, it's helping parents of visually impaired children to see the world through their eyes. and you're all caught up now. have a good night.