good morning it is 8:00 a.m. at disney headquarters in burbank, california "squawk alley" is live ♪ ♪ this is how we do >> welcome to "squawk alley. bitcoin, once again, is on a tear our sue herera is back at hq with a break down of this morning's action >> good morning, carl. you have been talking about bitcoin and we want to bring to

your attention it trades on a number of different platforms but on coin base it moved over the 16,000 mark. matter of fact, it is approaching the 17,000 mark. keep in mind earlier this week, we hit 13,000, 14,000, 15,000 so far this week. now, it looks like we may hit the 17,000 mark on coin desk and bit stamp it is a little bit lower as you can see there but it definitely is on a tear this morning just an amazing run for this particular crypt ocurrency almost 17,000. carl, back to you. >> thank you, sue. obviously, our data, i believe,m averages the price of various exchanges, which is why you might see a price on coinbase that doesn't match the number on your screen. we appreciate that sue hew rea a the word mania is being used, henry. the question is whether or not that's fair. >> brings back a lot of

memories the same thing about bitcoin, when it was 300 which is a perfect asset. no intrinsic value and easily g to a million per coin or go to a dollar no difference. watch it rocket now. when is the break going to be? how much will it drop 90% and then are we done and then going to be 100 from there you just don't know. >> more than 90% remember, that was once the world's largest bitcoin exchange where is it now? bankrupt barely remember it >> another reason, henry, to your point of why it's the perfect instrument for this, you can't actually create new supply of it. defined how much exactly is coming out there there's not that much meaning to the price at any given moment. more than $300 billion in total value. don't know if that has any meaning. not like a pool of capital that is going to be put to some use out there. >> this is the other element

you can say things that sound very smart about the aggregate value relative to some fraction of gdp or relative to gold and feel like, very smart. and then it doubles again and everything gets revised up you can say anything the thing that people need to understand on the speculator side and we had this at 300, too. if you are a speculator you're s sayi saying, okay, my upside is 100 x or 1,000 x and all i can lose is everything so, as long as it's controlled, your down side is only 100%. that's why people expect it. by the way, before people yell at me,i i don't encourage speculation. it's fine. i don't get anything out of it do whatever you want >> we had a wall graphic up a moment ago with various quotes from people who were familiar with jerry yang i'm a believer jack bogle and and mark cuban

invested, if you're okay losing money. would you argue there is a consensus among people whose advice people listen to? >> it's the same thing that we saw in the dotcoms that we saw in the housing market. whenever things are going up, always experts you will gravitate towards the experts that say what you want to believe deep underlining it. the crypto currency. there is value here. people do use bitcoin to transat. it has some value. >> at the same time, so remarkable these very smart people saying something about bitcoin and going the complete other direction. and now it's becoming more and more intertwined with the traditional financial system what does that mean? where does this lead to? this many smart people -- >> nobody knows nothing -- >> the only thing we know. >> futures are about to start trading. i think every institution almost feels like they have to have some kind of a policy or they have to address it somehow

you see a lot of analysts having to address it for clients. so, the question i have on the block chain side of it, who are the net losers if this is going to take up vast amounts of the institutional transactional infrastructure, where is -- obviously, some cost is being taken out and revenues going to be lost. you're not seeing that kind of effect it really is just in the coins that is really where all the action is. >> usage of it is still very limited. if that were to spread, you could it's peer to peer. a lot of ramifications way down the road >> i wonder as well as the value goes higher and higher does it make the usage or people will say, i'll hold on to it. are they willing to spend it wht it's at 15,000 >> i think people tend to cling and ride it. everyone wants to sell right at the top. so, probably fewer and fewer are selling it as we go up $1,000 an hour >> there's the added theory that

the run up has really been a run up into the launch of futures, right? and that that might be arguably, to some, a reason to sell on news. >> it could be but, you know, go back the short history of bitcoin every eight, ten years flat, massive spike and 90 p% collapse >> how stupid you were and here we are at 17,000 it's just classic. the movies replaying, again. >> even right now being called one of the greatest shorting opportunities. >> you can't short it. until the futures show up. >> here's the problem with the greatest shorting opportunity. all you can make is 100%, that's it you could lose 1,000 it could go up forever the big difference between this and dotcoms there is some idea that at some point those companies were going to trade at a multiple of cash flow. in this case -- >> although, i tell you this, we had this discussion off camera

yesterday. icos are completely new concept. which the cloud was at one point. which apps were at one point bots were like, what, what's a bot. now they're common and not going away >> they're common because everyone is excited to rush into the casino where they appear to be handing out money by the shovelful. the moment they start to fail, you will watch the enthusiasm fade within seconds. >> our residents and bitcoin expert this morning i heard him on "squawk box" say icos like the internet in 1995 a whole lot out there right now, but we haven't seen the end of it >> i wonder if it will take to really parallel that example, not the icos, which are kind of a side show. but actual companies that are kind of trading on the block chain bitcoin phenomenon if you get 50 of these next year, it creates another outlet for the speculative interest and for the investment interest and

you sort winners from losers as we said, you can't create more of the actual stuff people want to speculate on >> so, other currencies are popping up >> to meet the new ones. >> the ironic thing is, you need a centralized authority if you need to expand the supply. >> before we change topics mark was just on said he wished maybe he had bought somewhere -- >> not sure too many people in the world would honestly say -- >> at this point, i did enjoy the story on twitter of the poor fellow who lost the thumb drive with what now amounts to $51 million for bitcoin. must be a bummer. >> meanwhile, some more developments on that potential deal between disney and fox. sources telling cnbc that he will likely extend thiz contract beyond 2019 if the company's deal to buy most of fox's assets go through comcast also continuing to pursue fox, despite the fact that fox sees disney's bid as superior you had murdoch conference last

week >> yep >> and the line was what >> the line was, we're not commenting on speculation and rumors, but we talked to an executive who worked with the murdoches for a long time. many times look, i'm just shocked we reached this level they are an inquisitive family and things have changed. same thing looking at what's happening in the media industry, this makes a lot of sense on both sides if you buy the idea that james murdoch may go with the assets to disney to take over for bob iger, they have been looking for successor forever. that makes a lot of sense. >> does it >> do you see the disney board bringing in james? >> i think so. they have been looking for successor forever. bob iger's great you have to have somebody in the wings. >> stay on for longer. does this push back? >> integrate a little bit. have a successor at some point the story that james murcaulk, that makes sense. >> also, you could see it as somehow solving the succession issue in the murdoch empire. it's kind of on both sides --

>> very strong personality >> essentially unwinding to create something else. >> why isn't netflix, i guess, well, trading down to some degree why isn't fox asset for disney even a more powerful tool against netflix. there it is. >> it's one of the advantages to disney disney is talking about going direct now if they were to use hulu to do that which they will now own a controlling stake in great starting point way, way easier than launching something from scratch you put all that content together and suddenly it becomes more credible. netflix is in a great position you can put everything else together not like it is going to stop their value proposition. >> are you saying they could roll in disney -- but at the same time, hulu investment in 2017, $2.5 billion compare that to netflix they have a long way to go to compete. iger himself a lower price point

and the video on demand proposition and it would have less in it >> if you put all of disney stuff in it and all the fox assets in it and you buy other stuff. you use the 2.7. you'll have a very credible offering >> it seems what the market is doing is, one, try to value netflix's head start and also globally making note of the fact that this is not an either or world you'll have multiple ones and the price points are low and lots of room for kind of your strong two or three potential director consumer competitors. plus, sports is a big part of this deal. netflix has no interest. >> roll espn into hulu, that would be a good deal >> make the mistake that you're talking abouttop necknolo techns 95% -- more than one winner. >> would this deal closing set off a wave of other acusitions and how does the anti-cloud --

part of what is happening here is that even 21st century fox is not big enough you need to combine. that's how you get the level with other content distributers. you'll see more of it. >> even more franchise-type films. one thing bob iger did he got rid of stuff that wasn't identifiable as disney or lucas and it's sort of a process of bankable content and try to lower the effect that netflix is dealing with. >> it's said they're going to spend a lot of money on content and looks like a big push into video. >> amazon's advantage is part of what you're paying for in prime beyond that. you just get the video for free. they are also increasing their budget they are a great position to be another player and then you've got google and you've got facebook and apple and all these companies with just untold amounts of cash. >> tax advantages. >> so, it's going to be a big,

waltz of elephants now and a lot of players involved. >> s&p says in the last two weeks since thanksgiving over $111 billion in us has been announced and this is even more on top of it if it's announced next week, which favors says is quite possible great to see you. >> great to be here. >> thank you. come we come back, bitcoin with a market cap over $250 billion is getting harder and harder for regulators to ignore. we'll talk to a former sec commissioner ahead. waiting on senator al franken to speak publicly. we'll bring you that as he's expected to speak on the senate floor, potentially step down amid sexual harassment allegations. food delivery. $100 billion market. uber is making a big play for itsome new numbers from that company when "squawk alley" continues. ♪

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welcome back we are on bitcoin watch today and that is certainly keeping us on our toes. the current currency surpassing the $17,000 mark hitting 17,589 on coinbase. in the last 30 minutes, builtcoin surpassed 16,000 so the pace of its acceleration is speeding up just to put that in perspective, guys it was less than $800 at the

beginning othis year >> accelerating to the upside. becoming chaotic on the way up >> we were just talking about it being a mania or not >> the instability of it. >> what the average. how recently the players have got in who are paying these prices not as if strong hands coming in and adding at these levels who knows. part of the story here meantime, broad com reporting better than expected results for its wireless chips and company also projecting current quarter numbers that are above analyst estimates and the stock up about 1.25% we'll say the stock was at about 285 less than two weeks ago. so in the broader semi conductor sell-off the sharp reversal and the strong trend it did get hit and a little bit of a comeback and get qualcomm as their bidding >> they're working to convince shareholders >> exactly not a lot of good incremental

whether it's still likely. definitely still trying. >> i want to hear how they're going to sell the legal problems they need to make a case why they may need better positioned. >> so many moving parts. qualcomm doing the acquisition >> there you go. athletic wearmaker lulu lemon beating estimates on the top and bottom line. above street expectations and authorizing a $200 million stock repurchase program we heard from lululemon ceo in an exclusive interview just a little while ago explained how the male strategy is driving its positive ad look. >> in q4 we are acquiring the largest number of new guests ever in any single quarter i mean 21% of that accusation is through males. and doubling in q3 last year

format stores where we really show the product for men and we see, you know, guys like -- i have yet to see a guy try the product and say it's not for me i think we have so much runway >> now, guys, lululemon one of my home town and they have been making great strides in male athleisure wear. my dad wears the abc pants to work even because they're that, you know, flexible >> i've been told by very many people to try. but it is is kind of interesting that, you know, that this franchise is about tbigger than initially thought. more resilience. >> kramer this morning called it the report of the quarter from retail, at least and the stock price reflecting what we heard last night as we go to break this morning check out shares of ge we are watching the company announcing it is cutting 12,000 jobs from the power unit and in a few moments, senator al

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two years after launching uber eats the fast food delivery business, it's a bright spot for the company in an otherwise very difficult year the company tells us as of this october, food delivery business was making money in about 40 of the 165 cities in which it operates compare that to march of just this year. uber eats was in 71 cities and it was profitable in just three of them. now, we also spoke exclusively to the bp of uber everything the only other to make top 100 people of tech that made the biggest impact this year he reports directly to the ceo and he tells us uber eats was a pleasant surprise to the new chief when he came in a few

months ago. >> he was pleasantly surprise would the growth and progress we made given the tough year that we had i think a business that is growing like this that is profitable in many cities for a new ceo coming in i think it is a bright spot in what he plans to grow into 2018. >> guys, uber eats not only good for uber's business and a lot of chaos, but very good for their partners, too. mcdonald's signed up with uber eats to deliver. they want to extend that to 10,000 restaurants next year and jeffrey says that is going to be driving the uber partnership. >> interesting i was noticinnoticing, grub hubt its highs. i guess the category is growing fast enough for uber in the cities that they're in >> they're up 80% this year at the beginning of the year there were some worries that uber eats, as well as amazon.

amazon is only in just over 20 cities uber eats is now in 200 markets. that is what thought. >> and just piece meal other companies unveiling delivery concepts pizza hut, campbell soup, kroger not to mention the meal kits that have been competing with each other now like the race, it used to be the race for your living room and now for your kitchen >> without a doubt everything on demand >> what makes amazon unique in this case, they have the massive logistic networks. uber has 2 million drivers worldwide and the technology that mapped the most efficient routes in many cities. interesting to see if some of those names go to deliver. but another kind of delivery, guys, that would be robots another pang ge in the robot revolution a robotic delivery service in los angeles today. that's part of a partnership with bravo for the new season of

top chef owned by our parent company nbc universal. our whole previous discussion is moot, robots in the future. apple unveiling its list of most popular albums of the year. this song along with the rest of the albam topping the list coming up 70 million in bitcoin stolen the currency starts trading on major exchanges and as we hit new records, we'll talk to a former sec commissioner about bitcoin when "squawk alley" continues.

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good morning, once again, everybody. i'm sue herera here's your cnbc update at this hour speaking in vienna, secretary of state rex tillerson responded to criticism of president trump's resolution the president is merely recognizing reality. >> the president is simply carrying out the will of the american people. the reality is, israel's government, its courts and prime minister office and it is just an acknowledgment of what is reality on the ground. >> a federal judge ruling that

the former south carolina police officer michael sleger committed second degree murder when he shot an unarmed black motorist to death in 2015 the judge will now decide how much time he will spend in prison fueled by strong winds and dry brush, wildfires continue to burn in many parts of southern california this morning. these are pictures of the thomas fire burning in ventura and santa barbara counties that blaze is only 5% contained. nbc news has just learned that senator al franken will resign his seat at the end of the year and basically, he's been serving since 2009 he said that he feels he can no longer be effective and his fellow democrats, as you all know, called for him to resign yesterday. we will take his address live at about 11:45 a.m. eastern time. nbc news saying that senator al franken will resign his seat at the end of the year. you're up to date. that's the news update this hour i'll send it back downtown to you, carl. >> thank you very much. let's get the european close

here >> so, carl, modest moves today in european stocks technology shares have rebounded for the week and we also have financials and health care among today's big gainers. the german dac up a third of a percent today. miners helping after the chinese banks may face a potential capital shortfall. commentary there on chinese health meanwhile, the eu setting a sunday deadline for theresa may to offer a brexit deal and the stalks are ongoing also in the uk, shares of l ladbrokes. it's in renewed talks to arequire the bedding house for $2 million in a mix of cash and stock. the final price will depend on a government review betting terminals amid complaints those

machines have left gamblers with heavy losses that would allow the combined company to better compete with big-name rivals and, of course, both of which are in the green today, as well and things are getting a bit worse for steinhoff. along with the resignation of its ceo. tumbling again in german trading on top of wednesday's 60% drop the country's main government pension fund is one of the biggest holders of steinhoff stock, carl. back over to you. >> thank you very much obviously, some interesting moves in bitcoin this morning. coinbase by the way saying they're seeing record high traffic. some performance issues for some customers they're working to resolve. bob is here with us. crazy day, bob >> i think the concern is here as we hit these stratfeospheres

prices, it adds to the concerns that the futures industry is having right now a lot of chatter from the head of the future industry association and the head saying, hold on a minute here. we're getting our members are a little bit concerned about what we are seeing here because remember what happens. there's a clearing process in this whole thing with the futures, as well and somebody stands in between the people who are buying and selling and says, i'm going to guarantee that this is happening. it's the members of the industry and these people could potentially be on the hook if this thing blows up. so, you do have to post, of course, a certain amount of money when you're trading. but if that money is not sufficient, if all of a sudden bitcoin drops 50%, people who are clearing this are going to be on the hook for the difference in that money and they're saying, wait a minute there's so much money now involved in here, it could potentially affect the clearing business and our membership. i think that's a legitimate concern. when you start seeing moving

hold on a second, we're on the hook here. >> not just the price, but the discrepancies between the different exchanges and the difficulty in finding what a benchmark price is, exactly how the settlement is going to work of these futures contracts and can it be manipulated into the settlement and all this. >> here's the funny thing. the hope here that this might introduce some level of reduced volatili volatility this is a cash settle futures account. not bitcoin. you could come in and play cash. we'll add some stability to it if you see a sudden, sudden drop here, those people could potentially lose a lot of money. the people who are actually in there. the people who guarantee the whole clearing business, which is a very important part we never pay any attention to clearing because nothing ever happens in the equity side it operates very, it's boring, efficient, very profitable business in this kind of situation, nobody knows what is going to happen and i think the futures industry is saying, wait a minute >> moving very fast.

we'll see where it goes from there on the futures >> let's stick with bitcoin. professor at stanford law school and former sec commissioner. professor, good to are you here with us. what role from a big picture perspective, what role sec and other regulators have in this market when bitcoin, you can't even necessarily define it as a security initial coin offerings and not all ownership stakes in company. where does a regulator start >> it's a great question and the answer is really quite complicated. many financial instruments that are involved over here bob was just talking about the situation involving the futures on bitcoin clearly, the futures on bitcoin are going to be reregulated by the ctfc bitcoin itself is a different story. you have bitcoin which is trading on a peer to peer exchange that at a certain level is beyond a regulatory reach of just about any in the world.

on the other hand intermediaries who sit between bitcoin and the actual bitcoin market itself and that's an area that is still open to discussion in terms of what the bitcoin will at one point be considered a security will it just be considered a commodity. the other possibility is that different countries will take different approaches to the regulation of these intermediaries, as well. >> i wonder if the regulation piece of this is making sort of it may be safer to buy bitcoin because the regulators are coming in. as because was telling us. it's very unclear what will happen next week when you can suddenly trade futures >> the wild west phase over here snap ahead of where the regulatory infrastructure is

really understand everything that's happening in this market. we're about to embark on a very remarkable experiment beginning next week with the trading of the futures. there are many, many questions about how this trading is going to occur and who is going to step into this market and who is going to want to short it and who is going to want to go long. where are the natural longs. where are the natural shorts with this level of volatility in the market, how quickly are the limits going to be and there are questions with regard to financial stability of many of these clearing exchanges and you've got many large financial institutions that don't want to have anything to do with bitcoin. they'll have bitcoin exposure because of the introduction of these futures of markets on bitcoin. >> even as we were talking, profess professor. bitcoin on coinbase is now below 17k, which is, obviously, a dramatic drop even from a few moments ago.

do you think the exchanges that are introducing futures are doing it too soon? what's the rush? >> everybody involved in these markets is involved for one reason and it's not complicated it's to make money we know as a practical matter the way futures markets operate, there tends to be one dominant market for each under line and here we have competition among the various futures markets to try to own the future's markets in bitcoin and you can, therefore, imagine various forces s trying to bece and different markets trying to take different risks in order to become the dominate market for bitcoin futures. >> now, when it comes to these initial coin offerings, a yub l obviously a lot of opportunity out there creating their own coins or essentially trying to rebrand themselves as a block chain or bitcoin play, is that

an area that the sec or other regulators should become more active in right now or, hey, buyer beware this is just like beanie babies? >> number one, it's not just like beanie babies number two, let's remember what happened with beanie babies. a lot of people lost money over there. number three, this is a more straight forward situation a very, very large percentage of these initial coin offerings fall squarely within the traditional definition of what a security is. these coin offerings are not registered with the sec. as a legal matter, they are required to be registered with the sec and the interesting question from my perspective is, what's taking the securities and exchange commission so long in terms of initiating actions to shut down many of these icos, many of which are pretty blatant. you read the white paper and you go, that can't possibly be the case and yet these offerings continue to be out there

and the sec appears to have taken action against a very, very small number of them. >> professor, you mentioned the sec. the sec has turned down requests for bitcoin etfs already this year i'm wondering if you can comment on that. the sec specifically said that bitcoin is an unregulated market do you think that the fact that it's being the future's business now exists is sufficient to create a regulated market for the sec or is it just the fact that the underlying cash market itself is inherently unregulating and creates a problem. how do you resolve this? >> that's a great question and you foreshadowed a question that is going to be tossed in the sec's lap. the technical answer is, even after the future's markets are launched, what we have is a regulated future market and to the extent you can call a

bitcoin a physical so, the sec could still take the position that the market in bitcoin itself is unregulated while the market in bitcoin futures is regulated is that a curious position to be in you betcha we will continue to monitor the price action on bitcoin. in a few moments al franken is expected to address the senate floor and expected to announce he is resigning from the senate we'll take you there live as soon as he begins to speak dow uisp 83 points now. "squawk alley" will be back right after this looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country.

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ok well we'll- phone: yeah- let's just go ahead- phone: oh alright- the award-winning geico app. download it today. coming up today on the half time report. we are live from the wells fargo investment leadership forum in the heart of new york city with three exclusive interviews for you today. first up, omega advisors lee cooperman is with us and we'll catch up with scott minerd along with mike mayo so much to talk about today. the markets, where are we going to go in 2018? what is the impact of the tax plan going to be and bitcoin you can be sure will ask about that, as well. all coming up a short time from now on the halftime report carl, we'll see you in a little bit. >> see you in a few minutes, scott. in the meantime, we're waiting on senator al franken to address the senate from the floor. of course, expected, according

to nbc news to announce his resignation from the senate. when he begins to speak, we'll bring it to you live. in the meantime, the north american market for cannabis is worth more than $6.7 billion and it's expected to grow to more than $22 billion by 2021 one company looking to bring order to this massive market is a sort of sales force for marijuana dispensaries and suppliers. joining us now, eric, managing director and ryan smith, leaflink co-founder. good morning and thank you for joining us today >> good morning. >> really a question for both of you. what happens if tomorrow federal regulators changed their policy and cannabis was all of a sudden federally legal. what is unique about your business that other online platforms wouldn't be able to offer or do? >> so many differentiators for cannabis companies we do everything we can to follow the black and white regulations by state we're following and looking to the federal government when they

put out any difference from last year right now everything seems to be status quo and we continue to move forward >> eric, came question to you. what if, excuse me one second. i think we're going to be breaking in to >> getting a shot of senator al franken arriving at the senate again, when he begins to address the senate floor in a few moments, we'll take that but for the time being, just now entering the building. >> keeping a close eye on that meantime, sorry, eric, we'll get back to you. same question. what if cannabis was federally legal tomorrow what makes it unique >> it's the primary softer platform that connects the marketplace in the states which is where it is legal at the moment expanding very rapidly to california had is going to go fully legal next year. massachusetts, new jersey is now talking about going legal, as well so, it's a snowball effect and it will be present in all these markets. >> you're getting the head start. >> for sure. big head start >> i wonder will instillry

companies like leaflink demand the same return that public cannabis companies are commanding >> it's interesting depending on the market cannabis firms and canada and in the u.s., at least, i think there's a lot of room for the house companies to grow up, but right now private companies are where capital should be placed because we need to keep growing and we don't have to face the same pressures >> so, is there a bubble and it's overvalued? >> there's a lot of growth in canada, but we'll see when it goes legal next year if it's confirmed. >> i wonder what you make of long term institutional resistance from banks, for example. in colorado, is this a sign that that is beginning to loosen? >> well, banks are kind of their hands are tied because of the federal ban. so they can't really process the activity so, everything is done in cash >> right hence, there's a big security business as a result >> leaflink, actually, is not part of that cash business it's a softer business so, it collects credit cards in

other ways but it's inevitable that the federal government will have to lift that ban because the sheer volume, the sheer number of people who are involved in the marketplace sooner than later it's going to happen >> and what about canada is the other picture, too right. which seems to be more committed. more sticking power in canada than perhaps in the u.s. we'll see. >> conilation brands did a huge deal a few weeks ago and that will set the pace for other companies and they'll come up here when the time is right and that's the notion. >> the growth estimates that we cited that beginning, is that dependent on new states legalizing or the existing known states that are going to have this as a legal market >> you guys said $6.7 billion but a report that came out yesterday $10 billion by the end of this year a lot of it they're factoring in regulations if we see them go the way they go in prior states. >> it could be higher. it doesn't count for new jersey. it doesn't count for the inevitable florida and new york

and other states >> now, eric, would you, quick one here, would you invest in a company that actually touches the plant that is not an insillry company to the cannabis industry >> we decided not to do that until the federal government lifts its ban. >> okay, thank you very much for being with us this morning eric and ryan. >> thank you nchsh as we mentioned, we just saw senator franken headed into the senate he is expected to address the floor in a few minutes and announce he's stepping down from his post we'll take you there live as soon as begins to speak. dow hanging on to a 74 point gain "squawk alley" is back in a moment

senator al franken now addressing his colleagues. >> the moment was long overdue

i was excited for that conversation and hopeful that it would result in real change that made life better for women all across the country and in every part of our society. then the conversation turned to me over the last few weeks, a number of women have come forward to talk about how they felt my actions had affected them i was -- i was shocked i was upset. but in responding to their claims, i also wanted to be respectful of that broader conversation because all women deserve to be heard and their experiences taken seriously. i think that was the right thing to do. i also think it gave some people the false impression that i was admitting to doing things that

in fact i haven't done some of the allegations against me are simply not true others i remember very differently. i said at the outset that the ethics committee was the right venue for these allegations to be heard and investigated and evaluated on their merits. that i was prepared to cooperate fully and that i was confident in the outcome you know, an important part of the conversation we've been having the last few months has been about how men abuse their power and privilege to hurt women. i am proud that during my time in the senate i have used my power to be a champion of women and that i have earned a reputation as someone who

respects the women i work alongside every day. i know there's been a very different picture of me painted over the last few weeks, but i know who i really am serving in the united states senate has been the great honor of my life i know in my heart that nothing i have done as a senator, nothing, has brought dishonor on this institution and i am confident that the ethics committee would agree nevertheless, today i am announcing that in the coming weeks i will be resigning as a member of the united states senate i of all people am aware that there is some irony in the fact that i am leaving while a man

who has bragged on tape about his history of sexual assault sits in the oval office and a man who has repeatedly preyed on young girls campaigns for the senate with the full support of his party. but this decision is not about me it's about the people of minnesota. it's become clear that i can't both pursue the ethics committee process and at the same time remain an effective senator for them let me be clear, i may be resigning my eat, but i am not giving up my voice i will continue to stand up for the things i believe in as a citizen and as an activist minnesotans deserve a senator who can focus with all her

energy on addressing the challenges they face every day there is a big part of me that will always regret having to walk away from this job with so much work left to be done. but i have faith that the work will continue, because i have faith in the people who have helped me do it. i have faith in the dedicated, funny, selfless, brilliant young men and women on my staff. they have so much more to contribute to our country, and i hope that as disappointed as they may feel today, everyone who has worked for me knows how much i admire and respect them i have faith in my colleagues,

especially my senior senator, amy klobuchar. i would not have been able to do this job without her guidance and wisdom and i have faith or at least hope that members of this senate will find the political courage necessary to keep asking the tough questions, hold this administration accountable, and stand up for the truth i have faith in the activists who organized to help me win my first campaign and who have kept on organizing to help fight for the people who needed us, kids facing bullying, seniors worried about the price of prescription drugs, native americans who have been overlooked for far too long, working people who have been taking it on the chin for a generation, everyone in the middle class and everyone aspiring to join it.

i have faith in the proud legacy of progressive advocacy that i have had the privilege to be a part of. i think i've probably repeated these words 10,000 times over the years, paul wellstone's famous quote, the future belongs to those who are passionate and work hard. it's still true. it will always be true and most of all, i have faith in minnesota. a big part of this job is going around the state and listening to what people need from washington, but more often than not, when i'm home, i am blown away by how much minnesota has to offer the entire country and the entire world

the people i've had the honor of representing are brilliant and creative and hard working and whoever holds this seat next will inherit the challenge i've enjoyed for the last eight and a half years, being as good as the people you serve this has been a tough few weeks for me but i am a very, very lucky man. i have a beautiful healthy family that i love and that loves me very much i'm going to be just fine. i'd just like to end with one last thing i did not grow up wanting to be a politician i came to this relatively late in life. i had to learn a lot on the fly.

it wasn't easy and it wasn't always fun, and i'm not just talking about today. this is a hard thing to do with your life. there are a lot of long hours and late nights and hard listens, and there is no guarantee that all your work and sacrifice will ever pay off. i won my first election by 312 votes. it could have easily gone the other way. and even when you win, progress is far from inevitable paul wellstone spent his whole life working for mental health parity and it didn't pass until six years after paul died. this year a lot of people who

didn't grow up imagining that they would ever get involved in politics have done just that they have gone to their first protest march or made their first call to a member of congress, or maybe even taken the leap and put their names on a ballot for the first time. it can be such a rush, to look around a room full of people ready to fight alongside you, to feel that energy, to imagine that better things are possible. but you too will experience setbacks and defeats and disappointments. there will be days when you will wonder whether it's worth it what i want you to know is that even