Skip to main content

tv   Bloomberg Markets  Bloomberg  August 3, 2021 1:00pm-2:00pm EDT

1:00 pm
claiming he sexually harassed multiple women. leticia james says governor cuomo created a "climate of fear" in his office. >> the investigation found governor cuomo sexually harassed multiple women many of whom were young women, by engaging in unwanted groping, kisses, hugging, and by making inappropriate comments. mark: the report found that governor cuomo and his staff retaliated against at least one former employee for coming forward. let's go to albany, new york, where governor cuomo's press conference is just getting underway. governor cuomo: making only limited comments. it has been a hard and painful period for me and my family, especially as others feed ugly stories to the press, but i cooperated with the review and i can now finally share the truth.
1:01 pm
my attorney, who is a nonpolitical former federal prosecutor, has done a response to each allegation and the facts are much different than what has been portrayed. that document is available on my website. if you are interested, please take the time to read the facts and decide for yourself. first, i want you to know directly from me that i never touched anyone inappropriately or made inappropriate sexual advances. i am 63 years old. i have lived my entire adult life in public view. that is just not who i am. and that's not who i have ever been. there is one complaint that has been made that bothered me most.
1:02 pm
that was a complaint made by a young woman, charlotte bennett, who worked in my office and it's important to me that you fully understand the situation. charlotte worked in my office last year as an assistant. she was smart, talented, and eager to learn. she identified herself to me as a survivor of sexual assault. she said that she came to work in my administration because of all the progress we had made in fighting sexual assault. she talked about the personal trauma that she endured and how she was handling it. i could see how it had affected her. i could see her pain. people now ask me, why was i even talking to this young woman if i knew she was dealing with such issues? why did i even engage with her? that is the obvious and fair
1:03 pm
question, and one i have thought a lot about. the truth is that her story resonated deeply with me. i had heard the same story before with the same ugliness, the same injustice, the same damage. not only had i heard the story before, i had lived with the story before. my own family member is a survivor of sexual assault in high school. i have watched her live and suffer with the trauma. i would do anything to make it go away for her. but it never really goes away. i spent countless days and nights working through these issues with her and therapists and counselors. i am governor of the state of new york, but i felt powerless to help.
1:04 pm
and felt that i had failed her. i couldn't take the pain away. i still can't. and this young woman brought it all back. she is about the same age. i thought i had learned a lot about the issue from my family's experience. i thought i could help her work through a difficult time. i did ask her questions i don't normally ask people. i did ask her how she was doing and how she was feeling, and i did ask questions to try to see if she had positive supportive dating relationships. i know too well the manifestations of sexual assault trauma and the damage that it can do in the aftermath. i was trying to make sure she was working her way through the best she could. i thought i had learned enough
1:05 pm
and had enough personal experience to help her. but i was wrong. i have heard charlotte and her lawyer and i understand what they are saying. but they read into comments that i made and draw inferences that i never meant. they ascribe motives i never had. and simply put, they heard things that i just didn't say. charlotte, i want you to know that i am truly and deeply sorry . i brought my personal experience into the workplace, and i shouldn't have done that. i was trying to help. obviously, i didn't. i am even more sorry that i further complicated the situation. my goal was the exact opposite.
1:06 pm
i wish nothing but good for you and for all survivors of sexual assault. there is another complaint i want to address from a woman in my office who said ha i groped her in my home office. let me be clear. that never happened. she wants anonymity and i respect that. so i am limited about ha i can say, but her lawyer has suggested she will file a legal claim for damages. that will be decided in a court of law. trial by newspaper or biased reviews are not the way to find the facts in this matter. i welcome the opportunity for a full and fair review before a judge and a jury because this just did not happen. other complainants raised against me questions that have sought to unfairly characterize
1:07 pm
and weaponize everyday interactions that i've had with any number of new yorkers. "the new york times" published a front page picture of me touching a woman's face at a wedding and then kissing her on the cheek. that is not front page news. i've been making the same gesture in public all my life. i actually learned it from my mother and from my father. it is meant to convey warmth, nothing more. indeed, there are hundreds if not thousands of photos of me using the exact same gesture. i do it with everyone, black and white, young and old, straight
1:08 pm
and lgbtq, powerful people, friends, strangers, people who i meet on the street. after the event, the woman told the press that she took offense at the gesture and for that, i apologize. another woman stated that i kissed her on the forehead at our christmas party and that i said ciao bella. now, i don't remember doing it, but i am sure that i did. i do kiss people on the forehead. i do kiss people on the cheek. i do kiss people on the hand. i do embrace people. i do hug people. men and women. i do on occasion say ciao bella.
1:09 pm
on occasion i do slip and say sweetheart or darling or honey. i do banter with people. i do tell jokes, some better than others. i am the same person in public and i am in private. you have seen me do it on tv through all my briefings and for 40 years before that. i try to put people at ease. i try to make them smile. i try to connect with them, and i try to show my appreciation and my friendship. i now understand that there are generational or cultural perspectives that frankly i hadn't fully appreciated. and i have learned from this. the state already has an advanced sexual harassment
1:10 pm
training program for all employees, including me. but i want new york state government to be a model of office behavior, and i have brought in an expert to design a new sexual harassment policy and procedures and to train the whole team, myself included. i accept responsibility, and we are making changes. other complaints relate to the work environment. now, i have always said my office is a demanding place to work, and it is not for everyone. we work really, really hard. my office is no typical 9:00 to 5:00 government office, and i don't want it to be. the stakes we deal with are very high, sometimes even life and death. we have to get the job done.
1:11 pm
i promised you that i would. and i will. but now a number of complaints target female managers, which smacks to me of a double standard. first, when have you ever seen male managers maligned and villainized for working long hours or holding people accountable or for being tough? a strong male manager is respected and rewarded, but a strong female manager is ridiculed and stereotyped. it is a double standard. it is sexist. and it must be challenged. also, remember where we are. today we are living in a superheated if not toxic political environment. that shouldn't be lost on
1:12 pm
anyone. politics and bias are interwoven throughout every aspect of this situation. one would be naive to think otherwise. and new yorkers are not naive. i understand these dynamics. my father used to say, god rest his soul, that politics is an ugly business. as usual, he was right. but for my father and for me, it's worth it because despite it all, at the end of the day, we get good things done for people. and that is what really matters. and for those who are using this moment to score political points or seek publicity or personal gain, i say they actually discredit the legitimate sexual
1:13 pm
harassment victims that the law was designed to protect. my last point is this. i say to my daughters all the time that as complicated as life gets is as simple as life is. my job is not about me. my job is about you. what matters to me at the end of the day is getting the most done i can for you. and that is what i do every day, and i will not be distracted from that job. we have a lot to do. we still have to manage the covid beast. it is not dead yet. it's not over. we then have to reopen and reimagine our state because our future is going to be what we make it. i know we can do these things because i know the strength and the character of new yorkers. look at the progress we made on
1:14 pm
covid. it is amazing. we went from the highest infection rate in the country to one of the lowest infection rates in the country. nobody thought that we could do it, but new yorkers did it. that shows that there is nothing that we can't do when we work together. together, together as one, as one community, as one family, as new yorkers. we will. thank you. over the pastal months -- >> that was governor andrew cuomo speaking in albany, denying allegations of sexual harassment, denying allegations of inappropriately touching or making comments that were inappropriate with that intent. he said, i never touched anyone inappropriately or made inappropriate sexual advances.
1:15 pm
he said, this is a direct quote, that is not who i am or who i have ever been. he came out with some direct denials of the claim that was brought by charlotte bennett and also apologized to her. he also denied some anonymous claims. let's bring in our executive editor for legal coverage to talk about the facts of this case. tina davis joins us on the set. there is a lot to unpack there. both from the earlier press conference, a.g.'s press conference, and from this, what looks like taped response. what happens next at this point? we have had these allegations from leticia james' report that found the claims credible. does that mean someone has to bring an impeachment? tina: what she said at her press conference was that her office
1:16 pm
was charged solely with investigating the conduct and now it's up to other prosecutors in specific juresdists or the victims to bring charges against the governor himself. so what she's doing is leaving it open. we have had a referral in albany about a woman had told the police that she was groped by the governor. so that could be a potential criminal charge, but what it may amount to is civil charges. leticia james also mentioned this was a violation of federal laws. she talked about this being a hostile work environment, which may interest some federal regulators to look into these charges, and there is a political aspect. the new york legislature is already investigating this. they have their over separate investigation. we heard from the head of the assembly who said they will read this report closely but they're moving on their own timeline. we have heard renewed calls in washington for cuomo to resign. >> we have heard democrats all
1:17 pm
say he should resign. it sounds like from his statement that he is ready to fight this. i wonder what options he has because i am not 100% clear on how it works at the state level. on the federal level, if a president is impeached, as we have seen a couple of times now, there has been a trial in the senate. they decide guilt or innocence. i am not sure how it works on the state level but i think an impeachment would immediately bring cuomo out of office. tina: there would be an impeachment in the new york legislature. it's not exactly like the presidential impeachment. that's one way he would be removed from office. the other would be for him to resign. you mentioned some democratic representatives. we have also heard from gillibrand who called for him to resign. he could face some pressure from other members of his party and other lume marys in the new york
1:18 pm
-- luminaries in the new york political scene. >> the way the governor described it, he was using these gestures that a politician typically does. he showed a montage of him touching people's faces, kissing them on the forehead, being kissed by people, and clearly there is a difference between that and sexual harassment between groping and unwanted advances that are obvious to the people who are involved. is it difficult to draw a legal line between those things? tina: you have to prove beyond a reasonable doubt for a criminal charge but in a civil case it's preponderance of evidence. we have heard several interesting/creepy things out of the james press conference where she was describing in her report activities like making overtures towards people and saying what i would do to you if you were single, doing things like with a
1:19 pm
with with a state trooper running a finger down her back and saying hey there. there is a lot of behavior in that report, and it's also not behavior against individuals. it's also what the attorney general is saying is systemicwide, that the entire office acted this way. that there was a culture of fear, that there was a sense you would be retaliated against if you said anything and that the executive office was there to protect the governor's behavior. >> what does the timeline look like here? how long do these mechanisms take to get into motion and to work? >> i wish i could give you a ready answer to that, but it depends on what else happens. there's a lot of different parts in play. if there are civil charges that would come, they would go on their own timeline. i suspect the 11 victims, that some of them have been contacted by attorneys who eager to represent them. there is potential for criminal charge based on the behavior that happened in albany, and in
1:20 pm
terms of the new york legislature, they've already taken a lot of criticism for how slow they've been moving. they said they're moving on their own track, that they didn't want to wait for the a.g.'s report which took five months to come out. so it depends how much political momentum there is for them to do something. >> tina, thanks for joining us and discussing this developing story. we will continue to bring you headlines. the a.g.'s report took five months. maybe things will start moving a little bit faster at this point. let's turn back to finance, back to markets, back to earnings. lyft reports earnings after the bell today and uber results will be out tomorrow. what does the recovery of the ride sharing market look like for more, we will bring in the harold price professor at the n.y.u. stearns school of business, also the author of the book the sharing economy. thanks very much for your time and it's kind of an awkward
1:21 pm
transition to make from politics in albany to this, but we will try and do that because we cover financial news here first and foremost. let me ask you your take on what the gig economy has been through in this pandemic. at first it looked like it would be very difficult. now i am guess ago lot of companies like lyft have done very well because of the pandemic. where are we now? >> i think the knicks couple of quarters are going to be critical in assessing just how much ube and lyft have recovered in the ride sharing space. uber certainly benefited from having the food delivery business, which has probably quadrupled through the pandemic, but that's fundamentally a low margin competitive business and uber's signature product is the -- only product is the ride share. and so i am keeping a very close
1:22 pm
eye on how much they have recovered relative to q-4 2019 which is when they peaked before the pandemic hit. >> i don't think i've ever taken more ubers in new york. although i recently was on the subway and it was fairly empty and it wasn't scary. most of the people were masked. are we going to get back to 2019 levels this year and do we surpass that? >> i think with lyft seems to be on track, surpass 2019 levels by the end of the year. there are many factors at play here. on the one hand, certain there are people who have moved out of mass transit and are taking ubers and lyft instead and enjoying like you are the relative lack of traffic on the street which allows us to get from one place to another in an uber much faster. but there's also a set of people
1:23 pm
who have moved back to driving their own cars and other people who are not traveling as much. the office commute is cut out, so i am not going to sort of take this quarter's earnings to the bank and say hey, this is definitively bad news or good news for uber or for lyft but i have seen better performance on the front from lyft through the last four quarters than we have from uber. >> in terms of the top line, i also wonder about the pricing power of these companies. i've been using uber and i am not sure if it's a sign of my age but i feel like it's a lot more expensive than it used to be. >> i think it's an accurate perception. prices have gone up significantly in the last three months driven largely by a shortage of drivers. the drivers who were there in 2019 moved op to doing other
1:24 pm
things in 2020, as the ride share market collapsed and so uber and lyft are still struggling to bring them back. but again i think that this quarter's earnings will be a signal of how much pricing power they do have. i am also keeping a close eye for uber on whether they break down their local commerce. they've been delivering pharmacy stuff. they've been delivering local groceries and so on, and this is a huge untapped market, a trillion dollar market. so checking to see whether uber has established sort of a good foot hold there after the acquisition. >> absolutely, using all of these services now, as i am sure so many have. one of the things i wonder about most -- i used it talk to uber drivers about how much they were making, how they were doing. they were paying big leases and they were getting a smaller and
1:25 pm
smaller percentage of the revenue. what does it look like for those drivers now? >> well, i think that part of the price increases have been passed through to the drivers because part of the motivation for increasing prices -- yes, they are responsible and we need them more than we used to, but part of it was also as a carrot to bring the drivers back into the fold after a break of a year. so my guess is that uber and lyft are probably benefiting a little more than the drivers from the price increases, but the wealth is being shared to some extent. >> thanks very much for joining us. really appreciate your time today, a professor at new york university stern school of business, talking to us about uber and lyft, the gig economy and its recovery after the pandemic. we will take a quick check at what's going on in the markets right now as we head to break. you can see that the s&p has
1:26 pm
rallied higher for most of the day today. we were swinging back and forth between gains and losses but we are now solidly in the green. the u.s. 10 year yield continues to fall. 117.22. you are looking at negative 18 basis points. throw inflation in there and it's very negative. the u.s. dollar index not doing much at 1,139. crude now falling 57 cents to $70.69 a barrel. this is bloomberg.
1:27 pm
in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) back pain hurts.
1:28 pm
you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.
1:29 pm
mark: new york governor andrew cuomo maintaining his innocence in the wake of a report by the
1:30 pm
state attorney general that found he sexually harassed multiple women and created a "climate of fear" in his office. >> i want you to know directly from me that i never touched anyone inappropriately or made inappropriate sexual advances. i am 63 years old. i lived my entire adult life in public view. that is just not who i am. mark: women started coming forward with accusations against governor cuomo in december of 2020. the investigation began in march. in new york city, there are new restrictions in the wake of the latest coronavirus surge. it is the latest step from mayor bill de blasio to encourage new yorkers to get vaccinated. >> the key to nyc pass will be
1:31 pm
the first in the nation approach. it will require vaccination for employees and customers in indoor dining, fitness and entertainment facilities. this is going to be a requirement. the only way to patronize these establishments indoors is if you are vaccinated with at least one dose. mark: mayor de blasio says he knows not everyone is going to agree, but for so many people it will be a "lifesaving act." china and india agreed to pull back troops along the himalayan border. it comes after they issued an unusual joint statement describing talks between military officials as "constructive" sources tell bloomberg the militarized zone will be -- after troops withdraw and to the area will not be patrolled by either side. global news, 24 hours a day, on
1:32 pm
air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ amanda co. -- matt: welcome our audiences each day at this hour. here are the top stories we are following for you. beijing's campaign to rein in its giant internet industry continues. tencent falling 11% after chinese state media called gaming spiritual opium. boeing scrubs the latest star liner overt or -- orbiter flight for the third time. more on the company's space
1:33 pm
ambitions and more regulation they be on the way for crypto as sec chair gary gensler is expected to enact more oversights to protect investors from the digital token. amanda: that's potential for regulatory chill on both sides of the ocean not really playing into investors. we did see a reaction, a very localized reaction to that chinese crackdown. it appears as though investors are more willing to focus on earnings. some earnings have been strong. there are also positive developments for individual names. eli lilly moving higher. lots of attention being paid. elsewhere, other developments maybe not so positive. this is not falling off a cliff on speculation that u.k. authorities may hit pause on its acquisition of arm. amd moving higher potentially because of that.
1:34 pm
energy is the leader. growth starts -- stocks are the middle of the path. for what it's worth, be can't ignore the revelatory impact that keeps rolling in from china. the chinese government would like its own companies and perhaps investors around the world to remember that it is in charge. tencent bearing the brunt of this. it is hard not to imagine with this article talking about it being spiritual opium that there may not be additional follow-up. it is hard to tell exactly where this lands. matt: to me, it recalls a marxist, "religion is the opiate of the masses." in this case the chinese are saying do games or the opiate of the young masses. it is not just hitting hard in china. we see video game makers in the u.s. hit hard as well. take two down 10%. literally decimated. we talked to dave wilson, he
1:35 pm
rattled to me on bloomberg radio a number of videogame makers getting hit hard in this market. i am guessing china is a huge market for them as well. these things are not just played in their home territory. call of duty is something people play around the world. amanda: which is where the uncertainty gets problematic. it may be too broad to price in at the moment. every business looks at the chinese economy as a huge one, it wants to tap that growing middle class. these new reminders from the government that it is going to run its own show may change the to know little. it is hard to know in what way right now. matt: we are going to continue to pay attention. i am going to figure out what game that was. that takes us to our stock of the hour. senior stocks editor checking out the damage on tencent. they were telling me earlier
1:36 pm
that most videogame makers, even in the u.s. have been hit. >> to some extent, they have deals in china. this is important for them. focusing on tencent, they get about one third of their revenue from videogames of one sort or another. they have stakes and a number of game makers. what this economic information publication had to say, the spiritual opium comments, they also referred to electronic drugs. there in mind, this comes in the midst of a crackdown on all kinds of industries whether it is online tutors, ride-hailing services, food delivery, that is the backdrop here. tencent is already living with restrictions placed by chinese regulators in years past. now they are talking about no more than an hour of play on weekdays, holidays. matt: [laughter]
1:37 pm
dude, i can plug-in red dead redemption two and not realize eight hours have passed. david: that is just the issue for regulators. tencent is even talking about the possibility of banning children under 12 from playing at all. that is the sort of issue we are talking about. they also raise the possibility of not letting them buy anything on game apps. matt: amanda, can you imagine having to grow up without playing any sort of mario related game? not super mario, not mario kart. amanda: yes, i did. matt: really? amanda: what that tells me is that you were playing super mario in university, which is a bit strange. dave, i want to ask you about the peer group. obviously we are focusing on tencent, others are being hit on
1:38 pm
both sides of the ocean. what is the story here? david: it is a broad-based decline. while -- only trades over the counter in the u.s., other chinese gaming companies do have u.s. listings. -- you can see down more than 11.5%. the other two are my -- last month, a deal to put these two companies together was scrapped after regulators objected. guess what? tencent is a shareholder in both companies. you already see the regulatory arm hit tencent, now what more is to come? matt: fascinating story. this whole china internet crackdown continues and you wonder what is the next shoe to drop. coming up, boeing scrubs the launch of its star liner. again. we discussed the latest delay
1:39 pm
with lisa rich. lisa rich is the founder. this is bloomberg. ♪
1:40 pm
1:41 pm
1:42 pm
matt: this is bloomberg markets. boeing scrubs it's star liner orbital flight launch. boeing is one of those co-company -- one of two companies nasa hired to take astronauts and supplies to and from the international space station. hear from xplore, lisa rich. we appreciate your time today. this is an issue we have been following so closely, just
1:43 pm
because we find it fascinating but also the business possibilities in the future are almost on the minute. what do you think about boeing's issues? they have had to scrub this launch, which is not unusual because the weather conditions are poor. lisa: not at all. the logistics around the launch are complex. you have to get it right. when they say go, it will happen. in the meantime, they are looking at our orbital flight test will be launched and docking capability they can prove out so that they can advance efforts with nasa's commercial crew program, much like you saw spacex doing when they sent bob and doug to the space station. when they do achieve this goal and they have the ability to have astronauts flying, we are
1:44 pm
going to have more ability to have humans going to space. and advancing the number of human beings that have flown to space because to date it has been less than 600. amanda: help me understand the -- as match says, the potential is limitless. so far this has been dominated by governments and billionaires. what is the commercial opportunity here that captures everybody? ever ordinary people. lisa: the opportunity is vast because we've got the astronauts going to space is only the opening of the door to the space opportunity. once we are in space, we can have in space manufacturing which allows us to create materials in space that we cannot create on earth. imagine a metal alloy that is
1:45 pm
twice the strength and half the weight. how valuable would that be to our aerospace industry. there are materials that can be created, pharmaceuticals that can be created in a microgravity environment that cannot be created on earth. there is a lot of benefit to being in space for research and development that can benefit humanity as well as your basic exploration and looking at the prospects there of operating in space and the kind of communication capabilities we can have that advance what we currently have today. a lot of people don't think about wi-fi or using uber, that they are already interacting seamlessly with space. it is already part of our lives. matt: i can't wait until in-flight wi-fi genuinely works. your company is called xplore.
1:46 pm
when are we going to get back to the moon? when are we going to man --or woman a mars mission? lisa: we want to see artemis happening. the targeted timeframe for that was 2024 when we are going back to the moon. my company is offering missions as a service with the ability to have orbital missions that bring data back that can help us see nabel our understanding -- help us enable our understanding so we can have more access to them and more ability to fly missions to the moon. we are basically looking at this from a smaller capability perspective where we have -- or, a high capability but small spacecraft. xplore has a smaller spacecraft
1:47 pm
that can perform orbital missions at a lower cost. the more we can achieves these -- achieve these missions, it makes it a safer and better environment for humans. amanda: space -- is a big concern. in every imagine a tory or the potential for space, there is a horror if it view of what can go wrong. we brace ourselves every time humans get into a may sheen. how big a concern -- into a machine. before we get widespread access to near space, how much further do we need to go on safety? lisa: let's not forget that rosie the rocketeer is the star of the os p two mission. they have an anthropomorphic woman that is going to have 15 sensors on her gathering data
1:48 pm
during that flight to understand the human experience, the physical changes that occur and to make sure all of that data is gathered and we understand the full experience. we also saw on the virgin galactic flight that they were testing what was happening in that environment. they had never had data on the transition from earth to 50 kilometers -- 50 miles from earth. they were gathering that information. all of this advances the knowledge we have. i would say nasa, in its history, has focused on safety. we are really proud of the decades we have had of the international space station being a safe environment. we had a blip with russia knocking last week. -- docking last week. that was an anomaly, but they
1:49 pm
righted the ship and all is fine. we have not had incidences because of the layer's of safety protocols in place. amanda: great to have your insights on this. lisa: thank you. amanda: lisa rich, founder and ceo of xplore. we were waiting for a boeing star liner launched today that was rescheduled. we will bring it to you live on bloomberg. i've next, the latest. the sec chair and his thoughts on whether cryptocurrency exchanges need closer regulations. ♪
1:50 pm
1:51 pm
♪ amanda: gary gensler causing a
1:52 pm
stir with comments he made about crypto exchanges, including the question of whether some of the tokens may qualify as securities and would need to be regulated. in some ways, we know many tokens and others that have traded on exchanges have found ways around this form of regulation over time, but what made it mean? if the sec says you are all securities and will be regulated, what happens next? ben: that is a big question. even going back to chair gensler 's successor, the sec has come out and set a lot of these tokens are likely securities. they have gone through and brought dozens of enforcement. they have sued firms and individuals for listing and trading these coins. what we have not seen thus far is a comprehensive framework. we have not seen the sec come
1:53 pm
out and say across the board, look, this is specifically what this bucket is going to entail. they rely on this 1940's supreme court test that was laid out. what is a security and what is not. it is kind of left up to the general public and investors and people listing these securities, which some of them are and others are not, to determine whether they fall into that bucket. what we are seeing from chair gensler is him saying a lot of these things are securities and are subject to sec rules. matt: and there is a difference. this is a massive universe of coin. i do not know how many there are , but at least 6000. there is this big difference between bitcoin, and i know you asked him about that, there has
1:54 pm
been question on whether or not there will be an etf. but that is different from the fraud we have seen going on. ben: that is a great point. when you think about the crypto space, we are talking about a 1.6 trillion -- [no audio] -- as you mentioned, yes there are literally thousands of other coins out there. the question is, what is a security, what is not a security? what chair gensler is saying is that a lot of these are trading on platforms and there are gaps in regulation. under his watch, he is saying i am going to make investor protections first and foremost. that is how he is teeing off how
1:55 pm
he is going to go forward with this. amanda: one of the key ways that happens is through transparency and accountability. the beauty of the ledger is that in some ways it -- and the flipside is complete anonymity. it may not sit well with regulators that people can hide in blockchain. how does that work? ben: i think what we heard from chair gensler is that he is looking at this in two separate ways. on one hand, there is blockchain technology which he says he actually has an acidity for. he talked at m.i.t. about this. the other side is crypto. and digital assets. and some of the more secure ones in terms of bitcoin, but people trying to raise money for projects as if they were selling stock. as it comes to the sec and their responsibility is essentially
1:56 pm
looking at something as an investment or stock. technology neutral is what he is focused on. if you're trying to do a project, it he is saying it is a security. matt: if you found a way to hide, to be anonymous and the blockchain, you could be a gazillion air. it is the least likely place you can hide. it is completely public. everyone can see the ledger. if you want to hide, do cash not crypto. bloomberg's been bain. you can see a slew of all of these deep dives. from and allying, i am matt miller and this is boebert.
1:57 pm
1:58 pm
1:59 pm
mark: new york governor andrew cuomo is maintaining his innocence in the wake of a report by the state attorney
2:00 pm
general that found he sexually harassed multiple women and created a "climate of fear." >> i want you to know directly from me that i never touched anyone inappropriately, or made inappropriate sexual advances. i am 63 years old. i have lived my entire adult life in public view. that is just not who i am. mark: women started combing forward with accusations in december of 2020. the investigation began in march. he has stuff hide calls for his resignation. america's new covid epicenter hit a new record for patients in the hospital. the department of health and human services says 11,515 people in florida are hospitalized with covid-19. an increase

41 Views

info Stream Only

Uploaded by TV Archive on