disclose that. at the moment, the world is in trust but verify mode at this hour. this morning's report the russians were pulling back from ukraine's border now refute by the nato secretary and u.s. ambassador to the united nations. secretary of state antony blinken saying moments ago he needs to see verifiable, credible and meaningful deescalation from vladimir putin's troops on the border of ukraine. not there yet. we'll get an update on the situation straight from the president's mouth during this hour, but so far the markets appear not to be deterred. at least the bulls. we have the dow, the s&p and the nasdaq all running as they look to snap a three-day losing streak and running fast. the dow up 386, the s&p up 62, the nasdaq up a full 2.25 percentage points here, up 305 points. tongues on wall street wagging at this hour on the black buster "wall street journal" report that the sec is looking into

improprieties between some of the nation's biggest banks and hedge funds when it comes to massive block trade. sec chair gary gensler is here live in just moments to talk about that investigation, the binance situation that's breaking right now, meme stocks, crypto regulations and when we might actually see a bitcoin spot exchange-traded fund. it's a fox business exclusive. plus, gamers, wannabe athletes and athletes wannabe gamers, and phase clan is bringing them under one roof. they now have their eye on another prize, wall street, and a public listing on the nasdaq. the is ceo is here in a fox business exclusive. but first, we get to this fox market awill letter. investors trying to overcome european and u.s. skepticism of troop withdrawal claims, and we say claims because right now eyes on the ground, according to

the u.n., say no russian troops have retreated from the border. but nonetheless, at the height of the session the dow was up nearly 500 points, still holding on to 400 points at the moment. that would snap a three-day losing streak and the nasdaq surging 2.33%, up 316 point, and we're watching these numbers climb higher and higher. russian president vladimir putin says moscow has begun withdrawing some troops but, as we say, u.s. and europe are not buying it. they've seen no evidence of a significant drawdown. despite that, crude prices are falling because tension is leaving the market here. and we do have them down about 3.8% in the after market, this after a touching a seven-year high yesterday. crude at the moment at $91.83 a barrel. the u.s. traded russia etf jumping 5%, but again keep in mind that this was very much a participant of the earlier news, although these gains are still holding for rsx, and the 10-year treasury yield which jumped

above 2.02% bringing the fed firmly into view especially after the outrageously high january with producer price index, we now have the 10-year at 2.04%. look at this, the labor department reports prices at the wholesale level -- this is what manufacturers have to pay -- rose ap unadjusted 9.7% year-over-year to a record when it comes to data going back to 2010. so with cross-currents hitting the tape at the moment, let's get right to our fear show -- floor show traders. scott pullman, talk to me about exactly what investors are turning their heads away from when it comes to this ukraine situation. what do they see that's giving them so much risk-on strength? >> i think it's a twofold scenariod today, liz. first of all, i think we -- because oil futures are down, people are getting a little bit more confidence to go back in the market. again, oil is a major contributor to inflation, and that is part of the reason why

we've been seeing the ppi and cpi numbers rising so high, because basically everything has to be shipped. oil goes into many different products. it's a major -- whether it's direct or indirect, it's a major contributor to inflation. the other thing is i think you're seeing a bit of short covering today following the declines that we've had. short sellers are taking profits here especially on that news this morning about the pullbacks on ukraine by russian troops, and i think they got a little nervous and said, you know what? we made some money, let's cover here and we'll come back tomorrow and see what happens. liz: yeah. coming into the session we should still people oil still up about 25% year to date. i do want to make this point though, guys. natural gas is what is really kind of the proxy for the tensions between the ukrainians and the russians. nat gas is still jumping at the moment, i'm looking at it. we do have it up about 4.5%. there you see it in the after-market, $4.39.

george ball,s technology is suddenly the darling once again. what are investors to think? is it value? is it growth? right now growth, obviously, outpacing value. >> growth is outpacing value today, liz. the bang for the bang -- [laughter] liz: yeah. >> everyone knows is very badly in the last month of and a half to two months. and so i think this is sort of a pepto bit mall rally for tech and for the market. relief is just a mile away. i remind you of one historical fact. in 1805, even before my time, the russians were fighting with the french in czechoslovakia. napoleon pretended to pull his forces back and then turned them around and ambushinged the russians -- ambushed the russians, won a great victory, and i think mr. putin who trained under the kgb may remember that. the early rally should be treated with some degree of

circumspection, i think. liz: well, yes. and you go back to this history, and you understand this guy cannot be trusted. and i can say that because i'm half russian. scott fullman, let's go back to the markets -- actually, it was novo russia, which is now ukraine. a history i often wonder about when it comes to me. as we look at the possibilities for investment in the fear-driven markets day-to-day, it's hard to play this. isn't the best idea for investors to similar simply sort of -- simply sort of pick the good companies that aren't too expensive and continue to buy them whether the market's up or down? >> well, i think that's a always a great strategy, but especially when these stocks right now are on sale here. good opportunity to get in. and still, equities still remain the asset class of choice for most investors. they a can't go into other asset

classes that are not liquid, and there's no other asset classes out there that potentially offer in a liquid environment also the opportunity to earn a return that still can exceed the rate of inflation. so it still makes equities really attractive. if and the fact is, you know, with them being beaten up here and earnings numbers that were fairly good so far for fourth quarter, i think this is still an opportunity to go in and just play for the long term, you know, find those attractive stocks that you wanted to own before and buy them now. be aggressive. liz: okay. i'm looking at volatility, and it's actually fuel are fall -- falling, george, down 9.5% for the vix. and as we look at the markets here, all green on the screen. the transports still looking strong as well. the russell, how about that? 2.6% higher. you look at the small and mid caps and say this could be a real opportunity here.

>> i think there is a good trader's opportunity in the small and mid cap stocks. they've done terribly this year, liz, and the russell 2000 is down 10% for the year. so with a relief rally even if it's transitory, i think that the very low-priced stocks, the small cap stocks are going to do quite nicely over the next couple of days, especially if the ukrainian tensions ease somewhat. i think at the same time there's going to be a shift toward companies with high and dependable, growing dividends. i'll mention the master partnerships as one example. you can get a 7.5% yield, well covered and growing, and i think for security people are going to look at that, and they may try to trade the small caps for a quick bounce rally and then out. liz: dividends. that's right. let's always go back to the dividend plays. george ball, scott fullman, thank you. we do want to remind our

viewers, 3:30 p.m. eastern time, president joe biden will be speaking on the russian-ukrainian situation. stay tuned for that. in the meantime, "the wall street journal" reports the securities and exchange commission is probing trading firms with links to crypto giant binance's u.s. arm. plus, the reddit rebels battle against the last year's short last year set off that meme stock frenzy and subsequent temporary halts that froze out the individual investor. is an outright ban of payment for order flow the sec's only answer, or is there a better solution now? in a fox business ec cluesive -- exclusive, we're about to ask the chair, gary gensler. we'll also get his trade on the blockchain investigation that's reportedly landed subpoenas at goldman if saks' and morgan stanley's door. plus, a spot etf, what will it take to get the sec to yes? with the closing bell ringing in about 5 minutes, we -- 51

minutes, we do have a major rally on our hands. the volatility index is falling dramatically. we're coming right back on an extraordinarily busy day and lots of questions for sec chair gary gensler in a fox business exclusive. ♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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♪ ♪ liz: crypto in the crosshairs again. news breaking this afternoon that the securities and exchange commission is scrutinizing the relationship between the u.s. arm of binance, that's the world's largest cryptocurrency exchange, and two trading firms with ties to the founder. "the wall street journal" is reporting that the two market-maker firms have been controlled by zhao but that those relationships were allegedly not disclosed to investors or customers. this latest news only adds to the very detailed focus the sec has been giving to the crypto space and as the multitrillion dollar market continues to grow, investors eagerly await news on how the sec plans to regulate it. let's see if we can find out and get some news here.

[laughter] joining us now in a fox business exclusive, sec chair gary gensler. welcome, chair gensler. we appreciate you being here. >> good to be back with you, liz. liz: look, i know you don't speak to individual cases, but on this breaking news about a binance can you tell us why a crypto exchange not disclosing relationships with market makers would be an issue for the sec? >> let me take it to a little higher level. most of the activity in as set class, as you said, $2 trillion, is happening on centralized exchanges or lending platforms. and you saw yesterday we had an announcement that i can speak about with regard to one to have large lending platforms -- of the large lending flat forms. and why does it matter if 95 percent of the activity is happening there, what's important is investors get basic investment protection; protection against fraud and manipulation. and many of the tokens on these

platforms may well be security, that's where the securities and exchange commission comes in. liz: well, you're talking about the flockn -- blockfy settlement for handling, at least putting together people being able to park their crypto in an exchange for a pretty incredible monthly interest payment. you said they have to register. are they now registering? can you give us an update on that? >> well, they have been driven to a settlement arrangement to do so in a timely way. and importantly, what we found there is that not only was it not complying with what's called this 1933 act or registration, but also the investment company act of 1940. offering the public returns by pulling those assets and investing those assets to crypto assets. and -- but we're working with them. we're trying to see if we can get this whole area, these

crypto exchanges and lending platforms, inside an investor protection envelope, and then if the public wishes based upon whether or not to invest or even to speculate, that's up to the public. but to have the basic protections of protection against fraud, manipulation, to have disclosure. these are the things that we have in our stock markets and really important if this technology is going to go anywhere. liz: well, i get it because you want to protect investors, and i truly believe that that's at the heart of what you try and do. but it has been an exponential growth spurt that we have seen. did you see the super bowl, gary? all of those crypto commercials, they had them calling it the crypto bowl. >> well, but just think about this, liz. in 2005 the advertisements at the super bowl were a bunch of mortgage companies like ameriquest which was right into the '08 crisis.

back in 2000 there were 14 super bowl ads about dot.com companies, many of which went defunct later. so i wouldn't sort of confuse the advertisement with the credibility behind some of that or the viability of these projects. liz: well, let me tell you why i'm not. banks have advertised in the super bowl. they've gone under. certain, you know, drink companies. it's, you know, part of sort of the free market. and i understand that this is very much a brand new and nascent investment operation or opportunity for people, but it really feels like it's been a transformational 12 months. you look at how many people and businesses are choosing to invest in or accept cryptocurrency. so i want to get to the sec's approval of futures etfs, bitcoin futures etfs. my question to you is this: you've rejected a bunch of offers when it comes to bitcoin spot etfs whether it was

skybridge or all kinds of names. you had grey scale's application that's being obsessed, you've rejected wisdom tree's, fidelity. every single time the sec cites you need to know more about how they're going to prevent share manipulation, fraud and lack of liquidity. what could any of these funds that are dying to get their etf out there say to you that would get you to yes when it comes to preventing manipulation? >> well, again, i don't want to get ahead of any specific project that comes in front of our five-member commission. but generally speaking, what's really important is these underlying markets, bitcoin and the other market, the underlying cash markets for trading on exchanges. and those exchanges, i continue to say come in, work with the sec, register under the securities laws. it's probability weighted, but you've got 75 or 500 or

thousands of tokens on your platform, pretty unlikely none of them are securities. so we did this working with blockfy trying to find a path forward and protect the investors at the same time. if. liz: but here's where i get confused. if you're comfortable with a futures etf on bitcoin, why are you not comfortable with a spot etf? >> let me just walk through this a little bit. the staff hooked at this closely over a number of years, actually, and bitcoin futures that you referenced trading on the chicago mercantile exchange, that chicago mercantile exchange has had a regulated market since 2017 by our sibling agency, the commodity futures trading commission, an agency i was once proud to chair. so you should know i think really well of the cftc. so that's part of that framework. we don't have that framework for

the underlying cash market at this time. liz: okay. i want to move on to a haut that the sec has filed -- to a lawsuit against ripple xrp. and, again, without commenting on specifics because i know you don't, what's the sec's theory on certain elements of the crypto world that are considered securities which would subject them to the sec's stricter purview versus currencies which are or not held for that kind o? >> so it's pretty straightforward, actually. in the 1930s after the collapse of the markets and the public getting defrauded, there was a basic bargain, and congress wrote with a very broad brush the definition of security. it included, like, 30, 32 different terms. and amongst those terms, the conceptual framework is was the public investing money anticipating profits on the

efforts of others. and the supreme court in the 1940s and multiple times since then had the same approach. my predecessor is, swrai clayton, said it -- jay clayton, said it as well as i could say. in looking at these tokens, it's rare to find one that -- the public is investing hoping for a profit based on the efforts of some other group. liz: okay. but that's with any investment. there is that caveat emptor, buyer beware, element to all of the stock market. what confuses a lot of people, gary, and if you could really clarify here is, you know, where do you draw the line, the cities 2006 between what is a security and what is an actual currency? you know, example a a, what ripple did, selling xrp to build out its underlying blockchain network, no different than example b, etherium floating an ico, you know, a coin offering, to help its underlying e

etherium blockchain. there is no difference, a lot of people say. >> so, liz, you started by saying you weren't going to ask me about specific cases, and so if i can -- liz: example a, example b. [laughter] >> it might help the audience know that i'm not really allowed to talk about specific cases. but it's pretty straightforward. raise money from the public as you say, you have a basic bargain, full and fair disclosure and anti-fraud protections, and you register with the government agency called the securities and exchange commission. and that's really what we're trying to do is help continue with that basic bargain. we're technology-neutral. if people want to invest or speculate in this field, then these tokens and, most importantly, the platforms, the trading and lending platforms come in, register, do it within the law, not trying to skirt can the law telephone -- skirt the

law. liz: i do want to ask you about payments for order flow. this was, of course, an issue that came to the forefront during the meme stock craze a year with ago january. the question became is it a conflict of interest on the one hand. i do get that there are people who look at this situation and say, well, wait a minute, brokers are getting, you know, are getting paid by market makers just so that individual investors can have free commission trades. you know, on the one hand it is helpful to the market, but is the answer to ban payment for order now, gary, or simply solidify disclosures so that people, investors can make their own decisions about whether they want to pay a commission and not deal with a market maker? >> so we're looking at, at the sec, is to how to facilitate and drive greater efficiency in this market so investors yet a better deal. payment for order flow, as you mentioned, is a payment between a broker that the broker receives for your order flow,

and there are inherent conflicts of interest there. we're looking into how we can insure greater competition. when you place a market order in the u.s., a market order, a retail platform, well over 90% of those trades go straight to the dark market. so a wholesaler that bought that order flow rather than competing trade by trade. and that's what we're trying to think through under the authorities we have. ♪ liz: sounds like there are a lot of open, open doors that we need to get inside and look more deeply into. chairman gensler, thank you very much for joining us. we appreciate it. please come back. >> thank you so much, liz. you stay well and be well. liz: thank you. up next, charlie gasparino standing by with instant analysis of the sec chair's interview. charlie breaks it next. closing bell, we're about 35 minutes away. the dow holding on to 386 points of gains. ♪ ♪

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♪ liz: breaking news, we want to take you live to the east room of the white house where we are expecting joe biden to give an update on the russia-ukraine situation at the white house. he is just walking in. this as president putin of russia has said he'll retreat his troops. >> today i'd like to provide an update on the crisis involving russia shah and ukraine. from the beginning of this crisis, i have been absolutely clear and consistent, the united states is prepared no matter what happens. we are ready with diplomacy, to engage in diplomacy with russia and our allies and partners in europe as a whole, and we are ready to respond decisively to a russian attack on ukraine which is still very much a possibility. but all the events of the last few weeks and months, this has been our approach, and it remains our approach now.

so today i want to speak to the american people about the situation on the ground, the steps we've taken, the action as we're prepared to take and what's at stake for us and the world. and how this may impact on us here at home. for weeks now, together with our allies and partners, my administration has engaged in nonstop diplomacy. this weekend i spoke again with president putin to make clear that we are ready to keep pursuing high-level diplomacy, to reach written understandings among russia, the united states and the nations of europe to address legitimate security concerns if that's his wish. their security concerns and ours. president putin and i agreed that our teams should continue to engage toward this end along with our european allies and partners. yesterday the russian government publicly proposed to continue the diplomacy. i agree. we should give the diplomacy every chance to succeed.

and i believe there are real ways to address our respective security concerns. the united states has put on the table concrete ideas to establish a security environment in europe. we're proposing new arms control measures, new transparency measures, new strategic stability measures. these measures would apply to all parties, nato and russia alike. we're willing to make practical, result-oriented steps that can advance our common security. we will not sacrifice basic principles though. nations have a right to sovereignty and territorial integrity. they have the freedom to set their own course and choose with whom they will associate. but that still leaves plenty of room for diplomacy and for deescalation. that's the best way forward for all parties, in our view. we'll continue our diplomatic efforts in close consultation

with our allies and our partners. as long as there's hope of a diplomatic resolution that prevents the use of force and avoids incredible human suffering that would follow, we will pursue it. the russian defense minister reported today that some military unitses are leaving their positions near ukraine. that would be good, but we have not yet verified that. we have not yet verified the russian military units are returning to their home bases. indeed, our analysts indicate that they remain very much in a a threatening position. and the fact remains right now russia has more than 150,000 troops encircling ukraine and belarus and along ukraine's border. an invasion remains distinctly possible. that's why i've asked several times that all americans in ukraine leave now before it's too late to leave safely.

it is why we have temporarily relocated our embassy from kyiv to laviv in western ukraine, approaching the polish border. and we've been transparent with the american people and with the world about russia's plans and the seriousness of the situation. everyone can see for themselves what is happening. we've shared what we know and what we are doing about it. let me be equally clear about what we are not doing. the united states and nato are not a threat to russia. ukraine is not threatening russia. neither the u.s. nor nato have missiles in ukraine. we do not, do not have plans to put them there as well. we're not targeting the people of russia. we do not seek to destabilize russia. to the citizens of russia, you are not our enemy. and i do not believe you want a bloody, destructive war against

ukraine, a country and a people with whom you share such deep ties of family, history and culture. 77 years ago our people fought and sacrificed side by side to end the worst war in history. world war ii was a war of necessity. but if russia attacks ukraine, it would be a war of choice, a war without cause or a reason. i say these things not to provoke, but to speak the truth. because the truth matters. accountability matters. if russia does invade in the days and weeks ahead, the human cost for ukraine will be immense. and the strategic cost for russia will also be immense. if russia attacks ukraine, it'll be met with overwhelming international condemnation. the world will not forget that russia chose needless death and destruction.

invading ukraine will prove to be a self-inflicted wound. the united states and our allies and partners will respond decisively. the west is united and galvanized. today our nato allies and the alliance is as unified and determined as it has ever been. and the source of our unbreakable strength continues to be the power, resill yens and universal appeal of our shared democratic values. because this is about more than just with russia and ukraine. it's about standing for what we believe in, for the future we want for our world, for liberty, the right of countless countries to choose their own destiny and the right of people to determine their own futures. the principle that a company can't change its neighbors' borders by force. that's our vision. and to that end, i'm confident

that vision, that freedom will prevail. if russia proceeds, we will rally the world to oppose its aggression. the united states and our allies and partners around the world are ready to impose powerful sanctions on export controls including actions that did not, we did not pursue when russia invaded crimea in eastern ukraine in 2014. we'll put intense pressure on their largest and most significant financial institutions and key industries. these measures are ready to go. as soon as and if russia moves. we'll impose long-term consequences, we'll undermine russia's ability to compete checkically and strategically. and -- economically and strategically. and when it comes to nord stream 2, the pipeline that would bring natural gas from russia to germany, if russia further invades ukraine, it will not happen. i not send american servicemen to fight in ukraine.

we have supplied the ukrainian military with equipment to help them defend themselves. we've provided training and advice and intelligence to the same purpose. and make no mistake, the united states will defend every inch of nato territory with the full force of american power. an attack against one nato country is an attack against all of us. and the united states' commitment to article v is sacrosanct. already in response to russia's buildup of troops, i've sent additional u.s. forces to bolster nato's eastern flank. several of our allies have also announced they'll add forces and capabilities to insure deterrence and defense along nato's eastern flank. we'll also continue to conduct military exercises with our allies and partners to enhance defensive readiness. and if russia invades, we'll take further steps to reinforce our presence in nato, reassure

our allies and deter further aggression. to be clear, if russia decides to invade, that will also have consequences here at home. the american people understand that defending democracy and liberty is never without with cost. this is a cause that unites republicans and democrats, and i want to thank the leaders and members of congress of both parties who forcefully have spoken out in defense of our most basic, most bipartisan, most american principles. i will not pretend this will be painless are. this could be impact on our energy prices. so we are taking active steps to alleviate the pressure on our own energy markets and offset raising prices. we're coordinating with major energy if consumers and producers -- energy consumers and producers. we're preparing to deploy all the tools at our disposal to provide relief at the gas pump: and i'll work with congress on additional measures to help protect consumers and address

the impact of prices at the pump. we are not seeking direct confrontation with russia, though i've been clear that if russia targets americans in ukraine, we will respond forcefully. and if russia attacks the united states or our allies through asymmetric means like disruptive cyber attacks against our companies or critical infrastructure, we are prepared to respond. we're moving in lockstep with our nato allies and partners to deepen our collective defense against threats in cyberspace. two pasts are still open -- paths are still open. for the sake of historic responsibility, russia and the united states share for global stability, for the sake of our common future to choose diplomacy. but let there be no doubt if russia commits this breach by invading ukraine, responsible nations around the world will not hesitate to respond. we do not stand for freedom

where it is at risk tomorrow. we'll surely pay a steeper price tomorrow. thank you. i'll keep you informed. [inaudible conversations] liz: well, president biden in a a very forceful speech before the nation kind of hastily called this afternoon. the word president biden used is ready. he basically said that the u.s. is ready, its allies are ready for diplomacy to calm the russian hostilities aimed at ukraine, but also ready if russia refuses to deescalate. and, of course, if russia were, in fact, to invade, the president was very clear in saying -- very, very clear in saying -- that there will be an enormous cost. just looking at these notes here and, clearly, it is quite a situation where the president was very crystal clear as he outlined what the u.s. and the

allies are ready to do. right now we're looking at the markets. a little bit of erosion here. the dow is still up 272 pointings. i was personally keeping an eye on natch natural gas which is still up about 4.5% even as the president said the nord stream 2 pipeline between eastern europe, germany and, of course, russia will not happen if russia invades. right now we do see that the dow is up 265 points. still green on the screen for all the major indices. that's an interesting point. pretty resilient market when you see exactly what the president has just indicated. but, again, very clear, nord stream 2 will not happen if there is a russian invasion. we will be right back in just a moment. we're 18 minutes from the closing bell. stay with us. care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪

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♪ ♪ liz: folks, we need to take a look at the markets. the bulls are standing firm after what can only be termed a forceful message just with sent by president biden. if russia refuses to deescalate, the president bluntly stated that an invasion remains distinctly possible, russia invading ukraine, and that the u.s. has not yet verified russian president putin's claim that he will pull back some of his 150,000 russian troops surrounding ukraine. biden saying, quote: if russia attacks ukraine, it will be met with the full force of american power. dow is still up 322 points, the nasdaq at 309. s&p up 56. but look at the 10 is-year yield, no fear at all. the yield is continuing to rise. we see it standing right now at 2.049%. let's get to edward lawrence standing by at the white house. quite a speech there. >> reporter: yeah, very interesting.

you also heard the president set up the american people if there's possibly an invasion, it could affect gas and oil prices here in the united states. he did leave the door open, as you heard, to diplomacy for the russians. he also spoke directly to the russian people saying the u.s. does not want direct conflict with the russians but then warned the russian president not to invade, basically. he also says the white house is under the impression right now, i understand, that he has not made the final decision yet to go into this. but listen to what the president had to say just moments ago. >> united states has put on the table concrete ideas to establish a security environment in europe. we're proposing new arms control measures, new transparency measures, new strategic stability measures. these measures would apply to all parties, nato and russia alike. we're willing to make practical, result-oriented steps that can advance our common security. >> reporter: andlated today

cyber attacks have started in ukraine against the defense ministry and two of the largest banks. we've learned that quietly over the past six weeks the u.s. has helped the ukrainians fortify their cyber defenses, so they don't know if this is a greater attack that had minor impact or if this is exactly what was intended for this. the nato security secretary-general in moscow signaled there was diplomacy still on the table here. liz, we're going to go back to you. liz: thank you very much, edward. and we're still looking at pretty significant gains for the markets at the moment. we're keeping an eye on it. and then there's this, securities and exchange chair gary gensler on fox business moments ago articulating the sec's views on everything from payment for order flow to the future of cryptocurrency. >> -- most of the activity with them, we're trying to see if we can get this whole area, these crypto exchanges and lending platforms, inside if an investor

protection enve elope. and then if the public wishes based upon whether or not to invest or even speculate, that's up to the public. but to have the basic protections to protect against fraud, manipulation, to have disclosure. these are the things that we have in our stock markets and really important if this technology is going to go anywhere. liz: what is still not so clear to investors and particularly the 65,000 xrp investors, charlie, is what is the difference? there is a double standard between ether and etherium and ripple and xrp. >> yeah, because as you know, ether did its own ioc, initial coin offering -- ico -- which is kind of no different than what i here to yum did which is kind of no different than what ripple did to fund its platform. i'm going to get to that in a minute, but let's get to the broader concept here. your interview underscored just

how divorced from reality gary gensler's agenda. payment for order flow is a huge issue, which there's no evidence there really is. gamestop and amc meme stock frenzy showsed that. you know -- showed that. block trading is a big deal. well, okay, where's the victim there? rip and xrp is a big thing that they didn't register their crypto, and everybody's hurt because of that. really? where's the damage? if you go down one thing after another, esg investing, he is basically divorced from the reality, liz. over the past two or three years, particularly the last year, the fed has basically added so much liquidity to the market that you have thousand -- dozens, i am said thousands, it may be thousands, but dozens of new asset classes created. nfts, spacs, meme stocks,

all these new asset classes that investors flooded in. in an era of high interest rates if that's what the fed does, particularly if you listen to joe biden's speech we're going to have to take some pain here at home, we're going to have a spike in oil prices and, this thus, more inflags, those risky assets are going to sell off. there's going to be a massive correction. small investors are going to get crushed. and when that happens, people are going to turn around and say who instigated this market pumping, okay? that's one. and number two, where was the sec in protecting investors on all these new asset classes? where was the warningsings, where were the examinations? and i think, you know, gary gensler is so worried about environmental standards and carbon footprints being disclosed by corporations in their 10qs or in their documents that he's missing this. and this is potentially huge. liz: well -- >> i know the market's up today. it's taking a breather, and i know amc is off its lows. it was low as $15 a year, it's

at 18, 19 now, but it's down 80% from its highs. and if it goes down to $10 a share, which it really could if the fed starts tightening, if it does 50 basis points, people are going to say where was the investor protection? and i'll tell you, these esoteric things. ripple's unregistered xrp, did that really hurt anybody? no! if. liz: well, charlie, hold on. the one thing that i thought was really important here, number one, i did try very hard to push him on what is the difference between what ether, etherium and ripple's xrp? and, you know, they do that. >> liz, that is so pathetic he punted on that. he is taken a case that he was handed by jay clayton, sec chair under trump, he's pushed it forward aggressively or more aggressively than jay clayton did. it has -- literally what was

done on ripple is not that much contextually or materially different than what ether did. liz: okay. >> why is one okay and not the other? it's mind-boggling -- liz: i, again, i tried. [inaudible conversations] liz: can i say one thing? there is a victim when it comes to block trades. big banks -- >> no, there's no -- [inaudible conversations] liz: for the hedge funds out there, that means the little guy does not get a shot at that kind of information early. all right, charlie, thank you. we're at session highs. we're coming right back. ♪ ♪ whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler,

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♪. liz: we are minutes away from airbnb reporting earnings and we do right now see airbnb higher by 5.73%. tomorrow ceo brian cheske joins me time. living full time in rotating

airbnb property, what about the numbers? what is the future as the world begins to reopen? 3:00 p.m. with brian chesky airbnb ceo. nasdaq hits it out of the park up 2 1/2%. we hit a high for nasdaq up 350 points. let's bring in independent advisor alliance cio chris sack sackarelli. this president biden came on and made it pretty clear if russia invades ukraine there will be full power of american forces out there? >> the market is doing great, a pretty big relief rally. clearly a bunch of headwinds with the federal reserve potentially raising rates 50 basis points six or seven types this year, talking about reducing the balance sheet. or tensions with ukraine. we're getting a nice relief rally. s&p is up almost as much and

stocks are really bouncing back. they have been resilient in the face of everything that is going on this year. liz: conventional wisdom is that financials do well when rates start to move higher. is there a favorite that you have among the financials, knowing that the fed will raise rates at least 3:00 times if you can believe anything? >> absolutely. we believe the fed will raise rates at least five times potentially more. we're looking at big banks. we really like bank of america. price to book around 1.6 times. a little less than some of its peers. it has a great leverage to rising interest rates as well as a broad businesses that will help from consumer rebounding for the rest of this year. so as the economy continues to open we think bank of america is very well-positioned to take advantage of lending to consumers, to auto loans, to mortgages, et cetera. liz: well, chris, independent advisor alliance, great to have you. thanks very much. a lot of breaking news this

hour. it appears market are about to snap a three-day losing streak. the dow is climbing up higher and higher up 432 points and climbing. s&p seeing very significant gain. russell the percentage winner up 2.7%. [closing bell rings] that will do it for "the claman countdown." airbnb ceo joins us live tomorrow. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. some breaking news just before we went on the air, president biden gave a very, very brief press conference. i don't think he took any questions at all. one of the things that struck me, i'm just reading some of the highlights, i'm just reporting here, i don't know any depth, he said there is more than 150,000 russian troops along the ukraine border which suggests there was no pullback as was rumored or discussed today or vladmir putin