>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i am emily chang in san francisco. this is bloomberg technology. coming up in the next hour, antitrust reforms introduced by a group of house lawmakers includes going after big tech

megamerger's. we will hear from victoria spartz of indiana. plus, both sides of the crypto coin, the future of regulation with hector pierce and on the investment side, we have michael of the crypto asset scale -- grayscale. disney moves a documentary about the beatles from theaters to its streaming service. all of the stories in a moment but first, a check of the markets including the tech heavy nasdaq. kriti gupta is here with that. kriti: the nasdaq outperformed. you can see that massive surge higher before we went into that fed meeting yesterday that rock the markets. this is not just today's story. you are seeing this on a weekly basis. tech is performing.

crucial to say after the underperformers for the first five months of the year. june really let it hit its stride. the first two months of june are doing well for the tech sectors. it accelerated. with that defensive bed, you're seeing treasury higher as well. that correlation between stocks and bonds in positive territory. after we see the defensive bid back in focus, tech is really taking their cue from that. now trading in tandem. ed: right now i am watching meme stocks. another volatile day, up 10%. a little more muted. 3/10 of 1% -- up .3%. blackberry, our member that being an old-fashioned tech company. we know this is retail traders driving this narrative. one theory put forward by a

guest on bloomberg television is you're still seeing the rise of the retail trader and perhaps they are here to stay. there is no reason or rhyme, no news flow but we have seen rotations out. this reflation trade falling away. apple making significant gains. astonishingly, apple is a negative territory. the final change on the board, it is news driven news. they recently hosted the company possible cfo. they like what they have heard. they raised their price target on that stock. also, inmates peloton higher. mark zuckerberg zuckerberg, the facebook ceo, saying that they have a big future, they named check peloton. the final thing i want to bring you, the sec issued statements

saying that it will be closed for juneteenth on friday and the federal reserve board in washington has followed suit in the last few minutes. breaking news, day two will be closed to serve the g2 holiday. emily: ed ludlow, kriti gupta, take you so much for the roundup. moving on to big tech antitrust. that has been top of mind in washington. a new package is being pushed by representative david cicilline. here with me is victoria spartz of indiana. she is responsive -- sponsoring this act to ensure that the department of justice and fcc officials have the resources they need to enforce antitrust laws or so they say. congresswoman sparks, what do you hope this bill will

accomplish? >> i would like to stipulate, i would really appreciate that we don't have just one ominous bill with a lot of information in there where you hates him, loves him and can never really decide what is the best voat t -- vote to take. we can have six separate issues to debate. i do not like a lot of provisions. the bill that i am working on is the bill that was passed by the senate. it was unanimously passed in the senate judiciary. i decided to sponsor that bill because i believe the bill needs some work and we can provide more sources to the fcc to do a better job to deal with bad apples and have -- we have to

require more transparency and accountability from the ftc. they have to be accountable to congress. i am planning to make some amendments on tuesday -- wednesday. emily: how might the facebook instagram or facebook whatsapp acquisitions have been different? rep. spartz: if you look at my bill, it does not just particularly target any companies. we have plenty of monopoly problems but they have to look at some of the things created. any of the players exercising monopoly powers -- there is no

protection of people's rights, information and privacy protection. they have these crazy terms of service and no one knows what data they collect about you, how they deal with the data, what they are doing, we have to have discussion and debate. we have to see if it is useful or not. emily: what is your take on kah n's appointment? rep. spartz: there are a lot of concerns on the republican side about how she would aggressively enforce it. the ftc should do its job to see where aggressive monopoly powers have to be checked against the little guy and consumer. i think that is why it is important.

we need to have this discussion. my republican colleagues have legitimate concerns. we need to have the deliberation and debate so we can make the legislation. emily: republicans and democrats both want options on -- actions on big tech. democrats want more moderation and republicans are worried about infringement on free speech. where do you think you can find common ground? will you find common ground in order for their to be some movement -- in order for there to be some movement? rep. spartz: we have some common ground and we have some problems. if we have a technology problem that silences the president, it is a big problem.

if we have hospital monopolies dictating the prices, it is a huge problem. a lot of them are created by our government creating barriers of entry. we need to find some common ground to move forward. if we don't celebrate, nothing is going to change. it is hurting the consumer and the free enterprise and the markets. monopoly powers are not good. i used to work with fortune 500 america. i understand the importance to have a healthy market and healthy mna transaction. a lot of them are getting less and less healthy. emily: looking at big tech, i would love to hear some -- specifics. if you think about facebook,

amazon, microsoft, which companies do you see the best case for a possible breakup? is that not what you're looking for? rep. spartz: some of my colleagues and i are looking at breaking up but i think bottom of approach is much better. there are a lot of things in bottom up approach where you can have data protection. a lot of them are suppressing the market competition and the little guy. that will allow more competition. that is my personal perspective. that is why i want to make sure that the ftc is accountable and explaining to us what they are doing. i would like to hear the debate.

i think bottom up approaches work better than top-down. emily: can you give us any more indication of the does your looking to introduce? rep. spartz: there are six bells, they do that -- do them in different ways. -- there are six bills, they do them in different ways. i don't want to get into details, they will all be debated. they are legitimate concerns. i have strong concerns with the rest of the bill. including the bill that i am introducing. i want to introduce it. there are other parts of this bill that i don't particularly like. we should not just select your

criteria, it should apply to everyone. emily: that was republican representative victoria spartz. we will be watching for those bills next week. coming up, the ftc has delayed a ruling on bitcoin bts -- etf's. we will have a guest weigh in on el salvador. that is next, this is bloomberg. ♪

emily: bitcoin has had a wild

few months is reaching its high back in april but the coin has gotten a boost in recent days. just over 3% on the back of elon musk tweeting that tessa could resume accepting bitcoin. as long as they continue mining it sustainably. earlier, bloomberg spoke with the ceo of the crypto lending firm -- this crypto lending firm. >> el salvador is a small country and it has some troubles here and there. this is a great pr move. 20% of their economy comes through remittances. for them, it makes sense. i see some of the latin countries following up. sooner or later, is the u.s. going to follow suit? i doubt that. emily: i want to bring in the ceo of the crypto investment

firm grayscale, michael astonishing -- michael. michael: what we really see now is quite a few projects underway both in the u.s. and abroad where central banks are beginning to explore the development of their own digital currencies. we have seen that in places like china, the development of the digital dollar project beginning to get some traction in the u.s.. rather, i do see in the future that we will see sovereign currencies make a move on to a blockchain based system. emily: do you have any plans to pitch a tent on bitcoin beach in el salvador anytime soon? michael: this has been an

interesting time in the market, she moves like what we are seeing in el salvador, seeing an environment where we have some of the world's was followed and famous investors publicly coming out in support of bitcoin, major corporations beginning to add bitcoin to their balance sheet. investors are waking up to the potential that they can provide to their portfolios. emily: i spoke with -- he is legitimately concerned that china will surpass the u.s. in crypto and especially when it comes to regulation. what do you think? michael: what we are seeing in the u.s. is a regulatory regime

that has been very in tune with cryptocurrency. what you are seeing is guidance that has given investors the confidence they need to approach and be involved in the asset class. what we have seen in other parts of the world china is a stance that i think is a bit more prohibited. to fred's point, i do sometimes agree with that stance that there is a little bit of an arms race around it. it is about which countries and which regimes will be most accommodative to it and ensuring that the companies and people that are using them get that

advantage. there is some element of time being of the essence around those initiatives. emily: speaking of that, we are expecting an fcc decision on bitcoin etf's. michael: we have been engaged with the sec on bitcoin -- fcc on bitcoin etf's for years now. from our engagement with regulators and within the financial services, we are really encouraged by a lot of the progress. i think it has been very clear that there are certain aspects of the crypto ecosystem that they are looking to achieve.

before they put products around them, ultimately, they may have some of the same types of investor protections in place that they may have around equities and even other asset classes. while we are certainly making progress, i think we are not quite there just yet. emily: there has been a ton of volatility. are we back on the upswing? will we see some more laws before we get back to the high up cycle? michael: we have seen this time and again. we have seen lovers coming out of the ecosystem that has caused a correction in the price of bitcoin. typically, the investor behavior has been one of using these pullbacks to add to the position. if they fundamentally still

believe in the investment pieces but that investment is still available to them but it is 10 or 15% cheaper, investors often use these kinds of periods of time to add to their positions and build up a diversified portfolio when you see those pullbacks. emily: what do you think of elon musk's latest comments? does the whiplash bother you? ? saying one thing and then saying another? michael: you are talking to someone who has been run crypto for about 8 years now so i have seen those movements in the shortage of crypto price. some of the comments that elon musk has made has been focused on esg and some of the carbon footprint and energy consumption concerns around bitcoin mining and when it comes to that, i think it is important that we stick to the facts. i believe that the statistics is 75% of the minors are using

reusable energy as part of their mining. that could be hydro-, wind and solar. it is important to zoom out and realize we are only 10 or 12 years into the lifecycle of crypto assets. it stands to reason that this could be an opportunity for the industry to innovate advised to the challenge that is being presented to it. emily: i am sure over all these years, you developed the iron stomach to whether these ups and downs. thank you so much, michael for taking the time to join us. coming up, facebook launches new tools to help businesses reach more customers. is the social must work -- network muscling in on e-commerce -- amazon's e-commerce turf? we will find out. this is bloomberg.

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>> i don't think we are making a dent in amazon yet. we partner with a lot more of the ecosystem so we have a close partnership with cap a five which builds great close to shop on the internet. we partnered with a lot of companies like that. our approach has been to be pretty open and partnership oriented. we are not going to build all the tools that businesses need to grow and sell online but we have done some pretty good ones. if we can extend that by enabling purchases directly, we will do that in partnership with a lot of our companies. emily: mark zuckerberg speaking

at the geneva tech conference about the social network's e-commerce plans. in other news, the company behind tiktok announced a 2.1 billion dollar operating loss last year. that compares to a operating profit of $684 million in 2019. this when coming after the company issuing more shares to employees ahead of a widely anticipated ipo. it boosted spending to acquire users and support content creators. a number of websites operated by institutions, governments and airlines went down briefly in the second global internet outage in as many weeks. among those affected, hong kong exchanges. also, southwest airlines. some of the outages were linked to failures. the issue caused a one hour long

outage. it was restricted by a software failure. coming up, 23 and me debuts through a merger with the back sponsored by richard branson. that is next, this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." i am emily chang in san francisco. let's get back to financial markets where ed ludlow is keeping an eye on the markets. what are you seeing? ed: still coming. looking at the companies who went public with respect. 23andme, surging 21% on its debut as a public company. went public via reverse merger with a richard branson spec. but there are some big moves.

the hydrogen semi-maker of almost 8%. the fintech company up 4%. i like to look at the bigger picture. come with me and look at this chart. let's focus on the white line down the bottom. that's an index of companies that went public through a reverse merger with spac. they now treat with themselves. that white line is underperforming the blue line. that blue line is a gauge of all the spacs yet to acquire companies. there is a lesson here. it does not guarantee performance taking this route to go public through a reverse merger. if you come back to me in the studio, some year-to-date performance is worth noting. up marginal year-to-date. draftkings, marginal gains. what do they all have in common? they were subject to a short seller attack. as a short seller, they profit if the stocks drop. what is interesting is as a

spac, you can market future financial projections. very different than the traditional ipo route. but it means that sometimes people come digging. look at those spec's year-to-date. it is a really choppy road. going to watch 23andme. emily: choppy, indeed. meantime, the genetic testing and personalized medicine company 23andme began trading on the nasdaq. it went public through a merger with the richard branson spac. shares up over 9% on its first day of trading. earlier i caught up with anne wojcicki, 23andme founder, who once told me she never wanted to be a public company. i asked why now. anne: i am a firm believer companies should not go public until the time is right and they are mature enough to handle it. it is a lot of pressure. as you know. you are on tv every day and people are watching your ticker

and your price. you want to be public when you are mature enough company to manage that. 23andme is absolutely at that stage. we are also at a point where there is just an incredible opportunity on the consumer side of the business and the therapeutic side of the business and we absolutely want to build to scale. emily: now, i know part of the ambition here is to raise tax to double down on the therapeutic side of the business. you recently licensed your first drug developed in-house to another company. how many more drugs could we see, and when? anne: we have a large collaboration with gsk focusing on, really looking at all the genetic information and genetic insights, and can we turn those into therapeutics. we have under -- over 40 programs underway with them. the first is in clinical trials. we are excited to have hopefully another one soon. emily: i want to talk about the

dna testing part of the company which is how 23andme was born. you did have some layoffs through the pandemic. i know the business has slowed. ancestry for example, has taken their testing kits off the market. there have been privacy concerns as well. will those continue to be a challenge, and how does dna testing fit into the future vision for the business? anne: all great questions. i think what is really clear is people understand the idea of dna, and a personalized experience happening in your health care. but we do not yet have that experience. i think people are largely frustrated the health care, how it is. i think there is an opportunity for us to be better in the whole world of personalized prevention and treatment. that's really a lot of where we are focused now. what has been interesting in the market as you alluded to with the ups and downs is that people do not know yet exactly what do you do.

how is health care and genetics integrated? that is something 23andme is really pioneering and trying to explain more to our customers, what actually should they do with genetic information and how do they integrate that into their life and into their care. last, with respect to privacy and everything going on, 23andme has always said that there is a huge opportunity to actually engage individuals more with their health and in research if you treat them more like a partner and not like a human subject. that means if you actually provide them choice and transparency. what 23andme does, we do not ever opt our customers into anything. we are very transparent about the research we are doing. we gave people the opportunity to opt out even when we have done large partnerships, and we always found when people have this opportunity to have a choice, they want to participate. emily: as we have been talking

and i have been watching the stock price, it was 19% above list, now it is about 17% above list. we have been talking about a spac bubble, and if that will has burst. curious why you thought a spac was the right call versus a traditional ipo, when you are more likely perhaps to get that typical tech ipo pop? anne: i was really happy with the opportunity to work with richard branson and his team. frankly, we looked at the ipo process and the spac process, and the opportunity to work with them and engage with investors more was just an opportunity we wanted to pursue. i am really thrilled. richard branson is one of the few successful entrepreneurs who understands health care, the consumer side, why it is so hard, and he will be a great partner for us going forward. emily: paint a five-year picture. we have about one minute left. what does the company look like? will there be new products?

will there be new features? what looks different one year, five years from now? anne: there are two things we are focused on. one is truly helping our 11 million-plus customers, and growing, helping them have a personalized health care experience based on their genetics. very few physicians are trained on how to implement genetic information into care, and that is specifically an opportunity for 23andme to help all of our customers integrate genetic medicine into their primary care experience. second, we're absolutely going to run fast and furious with all the opportunities we see on the therapeutic side, and we are going to help our customers benefit by really being able to give them a genetically-derived treatment that came from the 23andme community. emily: you have done some really interesting covid research linking genetics to blood types, to the loss of taste and smell. are we going to see more discoveries, more that you on earth -- you unearthed?

anne: we are talking about more research on long covid. that is a perfect example where 23andme, because we have this ongoing engagement platform, we can engage our customers by putting out a survey to them, and filling out to more information and being able to do the analysis on that. emily: anne wojcicki there, ceo and founder of 23andme. coming up, my conversation with sec commissioner hester pierce about the future of regulation for crypto. she is generally known as someone who has been more favorable to crypto policy. that is next. this is bloomberg. ♪ is bloomberg. ♪

>> it is really hard to price things in dollars. we just do not know where the dollar is going to go. i am super bullish on bitcoin. i think $200,000 a coin by the end of the year is still a real reach. it may be a lambo with fewer options or a smaller engine. i think we are still looking at very lofty price targets here. i think we will see a new all-time high before the end of the year. emily: crack and ceo jesse powell on his price target for bitcoin. he also responded to a question about elon musk's concerns about the environmental impact of cryptocurrency. >> bitcoin is a lot greener than people give it credit for. it is a way to capture a lot of discarded and lost energy. it is a way to bootstrap

renewables. i think it is doing a lot for the renewable energy sector. i do not know how long elon has been studying this but i think he has some more studying to do on this topic. emily: after that interview aired earlier, elon musk responded on twitter, saying based on what data? meantime, everybody is waiting for the sec to make a move on cryptocurrency, and the house chair -- and how the chair remains a big question. i spoke with hester peirce, known for her more favorable position on crypto. hester: it is a little too early for me to tell you what to expect in terms of what our new chairman is planning to do on crypto. he has been outspoken already about wanting to have some oversight of the stock markets. whether that is the sec or another federal regulatory agency. but with respect to with what we

are going to do at the sec, i hope we can provide clarity in a few different areas. one would be, i have put out a token safe harbor to give some clarity around token distribution events. i think we need to approve an exchange rated product a stump eight -- based on bitcoin. based on eth as well. we need to provide clarity around custody for regulated entities. for broker-dealers. those are some of the areas i would like us to take action in. emily: the sec filed a lawsuit in december against ripple labs, creator of the xrp token. the claim is xrp is an unregistered security. why did this happen now? hester: i cannot speak to any litigation that is ongoing.

but i can say we have bringing -- we have been bringing enforcement actions now in this space since 2017. i anticipate as long as there is activity in this space, they will be enforcement in this space. that said, i have been very clear about the fact we need to provide regulatory clarity before we spend too much more time on enforcement where there is not fraud involved. emily: that leaves the question, xrp has been on the market for eight years. when does a digital asset become a security, or maybe something else? and how does the sec determine that? hester: well, i think that is a difficult question. it is something again, i have tried to get us to be a little more precise. when we think about a crypto asset, a digital asset as being a security, what we are doing is we are saying it is being sold

as part of an investment contract, which means there are promises being made around the sale of that asset. it does not mean the asset itself necessarily has to be a security. it means it was being sold as a security. then the question becomes, at what point can someone so that asset not as a security. and that is a very difficult line. emily: when it comes to elon musk in particular though, you find it at all problematic that one person, whose company owns a lot of cryptocurrency, bitcoin, can have such tremendous power over the market? is there a problem with that? hester: again, my focus as a securities regulator is to try and regulate the securities markets in a way that protects investors and the integrity of that marketplace. i always encourage people to make their own decisions.

regardless of what anyone, whether it is a celebrity or their brother or mother, tells them about a security or an asset of any kind. make your own decision, do your own analysis. if you are not able to do that, then go to a financial professional or another professional. go and get the help you need to make a decision and to do so wisely. emily: what do you think the odds are for a central bank digital currency? hester: well, certainly there will be, whether or not from the u.s., i am not the one to answer that question. the fed has said that they are thinking about it. so i expect we will see the fruits of that thought as they try to engage with the public on it. other central banks are coming up with them. i think it's a natural progression of money that will

see people moving into them. there are a lot of questions around them, around privacy, around whether people will feel comfortable using a cbsdc. in the u.s. we are going to have to grapple with those because we care about financial privacy. emily: what about when you look at china, does china have to much influence on the cryptocurrency market? hester: i think one of the benefits of crypto is that allows people all over the world to participate. crypto markets are very diverse. and so the level of participation by different people and different countries varies a lot across different crypto assets. so you kind of need to think about it in that way. but another piece of this i would bear in mind is crypto activity can move very easily.

it is much harder for any particular country or group of people in any particular country to retain control over any particular decentralized system, as long as it really is decentralized. emily: doesn't mean that crypto could be a real systemic risk to the traditional financial world? hester: the traditional financial world has obviously brought society really important benefits. and i think as we see crypto mature, it is going to open more doors to more people to participate with the financial system. and that is a good thing. that is something that we should encourage, right? so, do we have to watch out for risks? that is what regulators do all the time. we are going to be watching for risks whether they come from the traditional financial system, from a decentralized financial system, or some combination of the two.

but i think these concerns that there is something inherent about crypto that should have us scared from a systemic perspective are overblown. emily: fcc commissioner hester peirce there on cryptocurrency. of course we will be looking at how the sec weighs in on crypto in coming weeks. coming up, disney taking you to learn with its highly anticipated beatles documentary. why the company is holding off on theaters and taking it straight to streaming. that is next. this is bloomberg. ♪ this is bloomberg. ♪

>> 2, 1, 0. ignition. and lift off. emily: another successful launch

and planning for spacex falcon nine rocket. on board, a new gps navigation satellite for the u.s. military. this is the first time spacex has launched a national security mission with a reused rocket. meantime, hollywood is not quite sure movie theaters want to get back to that in-theater experience. so much so that disney is moving its highly anticipated documentary about the beatles from theaters to a streaming service. chris palmeri has all the details. this is a big one. why do you think they did this? chris: there's a couple things going on. one is it is pretty clear we have a lot of stories about movie theaters coming back. a movie like godzilla, horror mo vies, it attracts that kind of core moviegoing audience, 18 t 30-year-olds who maybe are trying to get out of the house. feel like they are invulnerable.

they are going out to see movies in theaters. the older folks like me, you know, are still very skittish, even if you are vaccinated, to get in a room with a bunch of strangers. i think that is probably part of the calculus here. the beatles movie -- to convince a guy like peter jackson, the lord of the rings director, to take this movie out of theaters, that took a lot of work. but they are thinking the beatles fans will feel more comfortable. the other interesting thing is they put it on disney plus, not hulu, no extra charge. as you know, how disney plus is important to this company. to put it on thanksgiving weekend, they are really trying to make a statement and have everybody talking about it. emily: that is what i was going to ask, because it was supposed to come out and theaters in august. why not put it out on streaming in august? chris: it was originally supposed to come out you'll -- come out last year.

it just has to do with competition and schedules. thanksgiving is actually kind of a time when disney releases some of their bigger movies. frozen came out then. but given the lag they have had with not being able to produce any movies the last year, they have a problem with content, so they have to fill these windows. whether it's in theaters or on streaming, with these big events things that get people talking. emily: so, what are the other big pictures that disney has coming up for the rest of the year? because if you look at what is happening in theaters right now, it's certainly interesting. and it does certainly seem that only a certain kind of audience is going back. chris: right. it's not a traditional year. the box office is still down 50%, even from last year's numbers, and last year obviously took a big hit. so we're going to see big

movies. f9, the fast and furious sequel is coming out. that is a universal picture, but that will be out later this month. that will do very well. disney has black widow coming out in theaters, that is going to do very well. again, it is that core audience of younger people who are feeling a lot more comfortable going out and spending time with their friends, and are looking for events like that. and these more adult-oriented films are probably going to keep getting pushed out. emily: meantime, looking at the bigger disney empire, are we seeing a rebound at the parks? back to summer, if you will? masks off, states reopening, california reopening. it is a big deal for disney. chris: oh yeah. they just opened this avengers campus at california adventure. as we wrote about, they did it

without the usual huge big publicity push like they did for cars land or star wars land. it still headlines -- it still had lines, even with the virtual queue system they had. people got there early to get a reservation. the park itself, you need a reservation to get into. it's sold out on a lot of days. and things are busy in florida as well. so it's not quite the good old days, but certainly people are looking to get out and get those experiences. emily: all right. bloomberg's chris palmeri. we will keep watching how this evolves. that does it for this edition of "bloomberg technology." tune in tomorrow, where we are going to be joined by the founder and ceo of hbcu vu. a really fascinating approach to a difficult problem.

you don't want to miss that. i am emily chang in san francisco. this is bloomberg. ♪ his is bloomberg. ♪

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haidi: a very good morning and welcome to "daybreak australia." sophie: we are counting down to asia's major market open. kathleen: the nasdaq hits a record with tech stocks back in favor. the inflation trade goes into retreat. asia looks sfo