reporter: i disagree. the reason mike is fighting tonight is because he doesn't believe in legacy. he already has a legacy. he is known as one of the greatest boxers ever grace this earth. he has nothing to prove. $20 million doesn't hurt but that's someone who doesn't believe in legacy making change, going after things, because he will continue to fight. charles: you want someone working for you if they didn't believe in legacy like it's no big deal? reporter: i think so because i think the average american, this is again, very philosophical. the average american doesn't care about legacy. they want a good life, make a good impact and bring home a good dollar. so i'm happy with that. taylor: i like he compared it to ego. charles: right. well i can tell you someone whose got an amazing legacy and that's our colleague liz claman. liz: wait a minute. aren't legacies for people -- charles: we're building it daily. we're building on it daily. liz: okay, all right okay. thanks. thanks so much.

breaking news, folks we are looking at pretty much the most pronounced sell-off in the broader market since election day. we kickoff the final hour of trade for the week. the dow is taking about a three-quarter of a percent hit or 328 point loss. the s&p down 86 or 1.5% and it's really the nasdaq and the russel enduring the brent of the bears, mostly the nasdaq. take a look here we've got it down 463 points or 2.5%. russel 2000 down 1.5% or 36 points. the recoiling in part triggered at least by what jay powell said yesterday. that's when right during this hour, the federal reserve chair said in a speech that he "sees no rush to cut interest rates given the strong economy." and you know, we started to see stocks tumble yesterday or at least take a deeper dive down and it's following through today, and as stocks fell, bond yields spiked. the 10-year yield earlier today soared above 4.5% around 9:30 a.m. east erp this morning

and right now it's at 4:428%. so, we're looking at bond yields pretty much staying elevated here but at least when it comes to stocks, the trump news feed takes part, at least, for part of the sell-off. we look at vaccine maker moderna it is the biggest drag on both the s&p and the nasdaq after the president-elect nominated vaccine skeptic rfk jr. to head health and human services. i'll pull up moderna for you but again as we said, it is the worst performer on both the nasdaq and the s&p down 6 and one-third percent followed by pfizer another vaccine maker down 5%, biontech, down 4.5%. i'd caution it's not just the vaccine makers. you've got a lot of other names that are tanking. eli lilly is down significantly too. if you're rushing to the prediction markets, yes, rfk jr. does lead the pack. the betters only though get the payout when a candidate

gets confirmed. coming up in a fox business exclusive, tarik monsour will join us live on how the odds are trending for all of the open positions, including treasury. plus, you know, energy. all of the names that donald trump hasn't filled yet, plus he is going to weigh in on the fbi raid yesterday of his chief rival, the ceo of poly market, you can't miss it coming up exclusive. we need to show you crypto right now, big trump trade here, all week, and since election day. you take a look at bitcoin, and xrp. they are both moving higher. xrp of course is the ripple blockchain's native token. both on the move after boiling up above 93,000 post-election. that was for bitcoin and then retreating you've got bitcoin resuming its climb gaining about 2.9% and stands above 90, 500 and look at srp up about 7.5%. it had a great week to date

performance here, and right now, it stands around $0.90. that's a lot higher than it was last week. yesterday, so what's the news? 18 attorneys general sued the se sec for allegedly over stepping its reach. coming up ripple ceo brad garlinghouse is fighting the sector years and they have been battling him and he's here in a fox business exclusive to react to that lawsuit and the big punch-up in ripple and xrp. major newsmakers coming up during this whole show. you've got to stay right here. meantime let's get to the floor show to tackle the drivers of the market sell-off you see. joining me now, hudson valley investment advisor gus geko and chief economist brian jacobson. brian, investors are trading in the post-election euphoria and they are trading it in for uncertainty. is it powell's comments paired with the hotter-than-expected october retail sales number we

got or a combo of both? >> i actually think it is a straight line to powell's comments causing the sell-off here. he's trying to accentuate the positive, put a positive spin on things even though the retail sales numbers, yes, exceeded expectations but when you look at core retail sales, it only grew .1% so that's very slow. you know, it seems like the fed, they were ignorant to the damage they were doing when they waited too long to hike rates, and now it's almost as though they are ignorant of the damage that they are continuing to do by saying that they might not cut rates as quickly. so i think that this really squarely falls on powell's shoulders. liz: gus, what agree? >> i'm concurring with your guest. we're looking at earnings that should be better-than-expected but rates in the short-term will be vasoline it lating back and forth and that's going to cause volatility in this market. liz: was the market over bought though since election day we've seen this incredible run-up. >> technically yes it was so you could see a 5% pullback here but we expect you'll have

an upward bend in terms of the market through year-end. liz: brian let's look at the retail sales numbers and what i find really interesting about them is not that they beat, which they did, but the september retail sales number was upwardly revised from four-tenths of a percent to up eight-tenths of a percent and the consumer doesn't appear to be having problems spending do they? so what does that say about the potential for the fed to back away from a december rate cut? we're looking at fed funds futures which a couple of days ago, the odds were about 80% for a december rate cut, and now, they are more like 60 something percent, 62% so markt is scaling back those odds. >> yeah, the retail sales numbers especially the september revisions as you highlight were really eye popping. i think that we have to put that in the context of what's been going on. we have had election uncertainty. so we knew that people were maybe pulling forward, some of

the consumption into september. we also had people doing a little bit of preparation work for the hurricanes that were in the forecast for late september, early october, so there's a lot of messiness with that data where i'd really hate to see the fed act on the september and october retail sales data, only to find out that people were just stocking up on goods or going out because they knew they would have to hunker down a little bit more come october. liz: but, gus, talk to anybody who voted for donald trump in this election, and they will tell you, high prices are still here, and we also got import prices out today and import prices saw the biggest jump in six months? >> you have to look at the breakdown. if you're looking at goods we expect them to continue to go lower and the only thing we're worried about is housing prices and we think those will kind of be in a muddy position for the next year or so, but consumers have good balance sheets so do companies and we

expect more consumption to come and the feds focus was on employment. it shifted from inflation to employment, so we think you'll still see rate cuts might not be one after the other but you should see lower rates as we move through the year. liz: let's talk about opportunities that you see in the market as a stock picker, gus. baker hughes is an oil services company. donald trump has said he's going to choll gas no brake so you'll end up getting baker hughes as a technology company in the oil field services area so it's an a.i. play. you get more efficient drilling and if we'll drill baby drill they are one of the players you want. liz: you also like blue owl capital that of course a private credit market company. ceo has been here many times and they just bought a big portion of a hockey team in florida. good for them, and then you like a big major construction firm. brian? looking ahead, you believe that there's some sort of gusts of

wind at investor's backs but there are also headwinds. what about high-value wageses in stocks that we still see at this point? >> yeah, i think the two biggest headwinds that investors face are related to market multiples, just concerns about are companies, we know they are doing well fundamentally but will they be able to grow into the prices? grow into those valuations? we're actually optimistic about the idea of a more favorable regulatory environment where perhaps allows some of the higher multiple larger cap companies to buy the lower multiple, smaller cap companies, so through m&a transactions so that's how we're positioning portfolios on that basis thematically but one of the other headwinds of course is going to be the policy uncertainty. you know that the red wave isn't necessarily a blank check. especially when it comes to say tax reform. are there going to be headlines about some hold-out they aren't going to extend the tax cuts and jobs act? so it's more related to that

policy uncertainty. that's a headwind but it's not enough of a headwind for us to really move away from this theme of america first when it comes to investing. we really firmly believe that corporate america is the place to be. liz: well, by the way, for those of you keeping score, because i've been watching the debt clock over the past 48 hours and it was at 35.999 a couple of hours ago it just tripped over to $36 trillion in debt. we gotta be watching something about all of this and we'll see if it ends up affecting the stock market. gus and brian, great to have you both thank you so much. >> thank you. >> thank you. liz: warren buffett has been swimming in a record $325 billion stash of cash and now, we know, where the oracle of omaha has finally decided to take the plunge. we'll reveal which stocks, berkshire hathaway has just scooped up. and we've got a huge lineup ahead. a major development breaking in the crypto world folks a lawsuit has been filed against the sec

and ripple ceo brad garlinghouse is in the house to talk about it, and his xrp tokens future under the self-proclaimed crypto president. former sec official norm champ, people are talking about him in running to replace gary gensler if and when gensler leaves. champ is here to tell us how he would handle crypto if nominated and investors have been sprinting to prediction market site kashi to bet on all donald trump's cabinet nominees, the co-founder is here in a fox business exclusive on the latest odds. the "clayman countdown" is coming right back. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios.

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liz: okay, 45 minutes before the closing bell rings

for the week. we have the nasdaq getting hammered here down 2%. a lot of the nasdaq names include some chinese stocks. while alibaba stock is falling about 3%, while earlier it was down 3% now down 2.5% following the second quarter earnings report out this morning. us listed shares of the chinese e-commerce giant missed analyst sales estimates and the ceo said you know what? chinese a's e-commerce competition remains intense. that be j. d..com which yesterday fell because it blamed the weak chinese economy. from baba to warren buffett, berkshire hathaway, those guys must be planning a great party. 13 f filings show the conglomerates taken a new position in domino's pizza and pool corporation. both companies, swimming pool, pushed higher on the news but domino's since pulled back down under just 1% and pool up two-thirds of a percent, also

off its session highs. there's a new player on the nasdaq and it's palontier stock announced late last night they are moving from the new york stock exchange to list on the nasdaq. palantir up about 8.25% right now the data analytics software company expects eligibility to join the nasdaq 100. big news for investors who use that index as their benchmark. and it's fight night. we are just a little over four hours away from, this has to be one of the most anticipated boxing matches in what, a decade? jake paul, the youtube guy, versus mike tyson. tensions flared yesterday when tyson slapped paul in dallas. at least he didn't punch him. security proceeded to separate the two. this is so classic boxing.

is this a show, james or what? >> it's make-believe. liz: well they proceeded to separate the two before the altercation. here it is in slow motion. oh, my god. whose the winner? well, you would think netflix. netflix is going to air this fight. it's down 1.6% maybe a little sell ahead of the news but the fight will act as a huge litmus test for the streamer before expanding its live offerings with two nfl games christmas day and wwe's raw starting in january. securities and exchange commission chair gary gensler appeared to kind of give a farewell address in his speech yesterday, so who would replace him possibly in the second trump administration if he were to step aside? some think former sec official norm champ could be that guy. we've got him right here in studio to discuss his chances and whether he would want it. and what's more powerful? the a lure of a big wall street

job or the glitter of launching a business? in the middle of late night study sessions, two harvard business school mba students realized a life of mergers and acquisitions involving other people's companies wasn't exactly for them, so they decided to reach higher for something shiny. amy jane and danielle yakabovski turned down high powered investment banking jobs and began building their very own bling business. it went from a few products on a website to global powerhouse offering both affordable costume and higher-end jewelry, hair accessories, home decor, customized jewelry and partnerships with everyone from disney to the nfl. today, 200 retailers in more than 25 countries sell baublebar products but they knew all along their small business would sparkle and shine. how did they pull it off though and wow. you get your harvard mba and turn down a wall street gig?

they are this weeks guest on the brand new episode of everyone talks to liz podcast that drops tomorrow. i hope you download it on the weekend listen on apple, google, spotify, iheartradio wherever you get your podcasts. nasdaq still losing about 423 points. the "clayman countdown" coming right back. stay tuned.

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liz: yeah, we've got a market sell-off here. lots of red on the screen. we've got to talk about has the securities and exchange

commission chair gary gensler signaled his swan song? i don't know, you know, during the securities regulation conference yesterday, gensler spoke about his time at the agency which has led since, he has led since april of 2021 saying, "its been a great honor to serve with them, doing the people's work and ensuring that our capital markets remain the best in the world." well, gensler did not say he was resigning. his speculation about his replacement is so rampant right now. joining us on a fox business exclusive is the former sec director of investment management, norm champ who served at the sec from 2010-2015. i don't know, his tone was maybe nostalgic but how do you interpret gensler's remarks yesterday? >> so it be traditional for the current sec chair to leave when a new administration comes in. there have been various rumors he's been saying he will stay, perhaps, he's now acknowledging the inevitable.

liz: he has said elections have consequences and he sounded like he would completely understand and the president should be allowed to put certain people they choose in those positions. >> that's right and also on january 20, the president, the way it works, typically when the republicans is designated acting chair, so mr. gensler would lose his chairmanship immediately. liz: president-elect trump was at a crypto event in nashville, a couple of months ago, and flat out told the crowd that, "on day one, i would fire gary gensler." he can't exactly do that, can he? >> that be more difficult. i actually think it might be better if he's demoted from being chair and just has to sit around. liz: so that's legal to do? >> well, yes it is. the president designates the chair so the president trump can do that at 12:01 on january 20. liz: so in the next segment, or so, we have the ceo of kashi which is this predictive market platform. everybody was going on this during election night and

ahead of election night it correctly predicted donald trump as the president and now people are betting on cabinet positions and big positions in the administration, and while bloomberg is talking about as a potential, you're not on at least the short list here on kashi. robinhood's chief legal guy is there, the current sec commissioner, a republican commissioner, former banking reg uglybankingregulator, but you'vn mentioned. have you had any discussion with the trump transition team? >> so obviously, couldn't comment on anything around the transition. liz: just between you and me. >> i would say that i be honored to serve if the president xied. prespresprespresident did ask. if we look at the election the president has a mandate to restore prosperity and make sure the economy works for working americans.

the securities and exchange commission is a part of that, and in particular, under the obama policies and the biden policies, the number of public companies in america has been cut in half from 8,000 to 4,000, and the numbers of ipo's have been reduced by 90%. that is limiting investor choice, and increasing investor risk in americans retirement's accounts. those policies have got to be turned around. liz: a lot of times, people at companies pull ipo's because of "market conditions." they are worried about potential, you know, recessions. they are worried about interest rates, or perhaps a particular sector. you don't see that as weighing into why there haven't been as many ipo's? >> in 2021 when president trump's policies were mostly still in place we had over 1,000 ipo's. liz: it was spacs too. >> well they are the only instrument that flattened and reversed the decline in public companies in the last 30 years

so they are not perfect. i've written columns about potential reforms, but nonetheless, the biden sec went from 1,035 ipo's under president trump down to 180. that's a 90% cut. we've got to get that reversed and make sure that it's less expensive to go public. liz: there is an etf called the renaissance ipo etf and it has spiked over the last year under president biden by 34%. so, i believe that there are ipo's that people want to invest in and the quality must be good. >> well, i don't know, i'm not sure i'd go that far. remember, when you cut the number of stocks this dramatically, and money is still flowing into people's retirements accounts every two weeks from their paychecks that money has to go somewhere, so, as you i'm sure well know, the top 10 stocks in the s&p 500, account for one-third of its value. so we're all being crowded into the same stocks, in our retirement accounts so, i think

it's hard to know whether ipo's are going up because it's quality companies or is it just this flow of money that has to be put somewhere, so this goes to the heart of capitalism in america. henry ford, steve jobs, elon musk, raising money publicly to expand your business. we cannot cut that off. it's important for jobs. it's important for growth, and we've got reverse the policies that have cutoff and really harmed the public us capital markets, which are so critical to the economy. liz: can we play what if? what if you were named to the head of the sec? crypto regulation and we're about to talk about it with brad garlinghouse of ripple xrp because 18 attorneys general have just filed suit against the sector alleged over reach of the crypto industry when it comes to regulating it. how do you view crypto and the regulation it does and does not need? >> so what it does not need is

what the sec pursued the last three and a half years which is dreaded regulation by enforcement so they have been suing everything in sight as that lawsuit talks about, saying that it's a security. every crypto instrument, every digital asset instrument saying it's a security and saying it should fit within the securities laws. i would advocate that we flip that around. no more regulation by enforcement, right? let's go back to regulation by actually looking at the issues, so the president has proposed an advisory council on cryptocurrency and he has said that that council should guide the appropriate regulatory framework for cryptocurrency. i support that 100%. we should be having dialogues, and industry round tables and other ways to get information and then figure it out. liz: really quick before we go. the sec, under donald trump, will probably, if you believe the mandate that he has from all of the people who voted for him,

we'll see unraveling of sec rules that were imposed under gary gensler. i'm talking about climate disclosure rules for businesses, proxy voting, hedge fund rules requiring reporting short positions. what be the number one thing you'd like to see? >> so things like that esg disclosure rule, these are political disclosure rules instead of materiality which we all lived with for hundreds of years. now it's mandated disclosure. when you have mandated disclosure and mess it up then the plaintiff suits you and then you increase the cost of being a public company. we have to get the costs down. liz: i agree. climate disclosure rules for every company slows everything down. >> it makes no sense. liz: but let's go on the record as saying we care about a clean planet. >> 100% but that's my materiality is the best standard. it works in whatever is "the situation." what's material to a reasonable investor. this mandate is a terrible idea. it's expensive to prepare, so

you need lawyers like me to prepare it and if you get it wrong you get sued and worse you get a trip down to the senate finance committee in front of elizabeth warren if something goes wrong, so we've got to get costs being down. liz: you head back to your great job and we'll see what happens, and either way we would love to have you back. >> great to be here. liz: thank you so much norm champ. question marks aren't just hovering over the sec. what's the prediction market site that accurately called the trump election night victory now saying about whose going to get the nod to run treasury, commerce, and energy in the new administration? the ceo of kashi joins us next on who the betting markets are leading toward and what betters have to get beyond naming the nominee correctly, in order to get the big pay off. tarek mansour of kashi is next. . asking smart questions about opportunities like ai.

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gauge. look at the big spike here and this is intraday. it's the highest level since election day where now at about 16.3, and i think we went as high as 17, and the gain at the moment is 14% gain. a little bit of heartburn here with this sell-off at the moment, and we do have the dow down about 301 points, nasdaq down 432, s&p losing 79. is the federal radon predictions betting platform poly market a case of breaking the law or political retribution? wednesday, the fbi executed a search warrant and raided the home of poly market founder shane copland, seizing his phone and electronics. the betting platform surged in popularity leading up to the november 5 presidential election as the site said it be more successful in predicting outcomes compared to pro adtraditionalpolling. so the us justice department is

investigating whether poly market accepted trades from us-based users. by law, americans are barred from gambling on offshore and unregulated betting platforms, like poly market. copland wrote the raid off as backlash from the biden administration for poly market correctly predicting president-elect trump's win ahead of the election. but rival prediction market kashi also called the race correctly well-before the polls. now kashi is different from polymarket. it legally operates in the us and is regulated by the commodity futures trading commission. the company saw 1 million concurrent users on election night with 476 million in total bets on the outcome of the race and at one point, they had something like 400 to 800 million people continuously pressing the button and checking the site to see who was ahead, donald trump or kamala harris. joining me now in a fox business exclusive, kashi co-founder and

ceo tarek mansour. let's get right to the point here, first about the news, this raid, on polymarket and the founder. they took his phone and other things. he's saying it's political but there is a question about whether they were doing some kind of sketchy work-arounds. give me a sense of what your idea what's going on is. >> well, i think first of all thanks for having me, liz. i'm excited to be here again. maybe the thing i have to go on the record and clarify upfront, well, first of all, kashi did call the election actually earlier than anyone for president trump and we were forecasting the trump odds of winning way ahead of the election as well and the second thing i'll say is kashi or myself did not get raided by the fbi in any way, shape or form. liz: of course not, yes, we made that clear. it's polymarket ceo. >> yeah, and actually i can't quite comment on what's going on. obviously i don't know what goes on in these types of

investigations, but you know, we forecasted trump odds and we didn't have any regulatory issues, because our approach for kashi has been legal upfront, regulated on trump. liz: you are regulated by the cftc. you were successful in the lawsuit that the government had filed to keep you guys from active trading and even in appeals court with some pretty liberal judges agreed with you and allowed you to operate, so i don't know. let me just do, i'm doing a lot of what-ifs today but if polymarket were interrupted, business were interrupted by the feds are you ready for what could be a massive influx of people rushing to your site to bet on all different kinds of things including these cabinet positions. >> yeah, well as you know it's interesting because i don't know if it'll have a meaningful impact on the business and liz you mentioned statistics about kashi so for context, we legalize election markets in

october and we had approximately, you know, two full blown weeks of trading on the markets. we had two weeks versus some other competitors are offshore unregulated like polymarket which had a year and by election night we were already, you mentioned we did $470 million of volume on election night and i believe polymarket did half of that, 244 million and also more customers around 1.2 million customers in that week which is higher than the polymarket number and number one on the app store, so i don't know if actually it's a meaningful uptick. once there was a legal regulated version we seen a massive influx already once we legalized the whole thing because people prefer legal and regulated and safe first, right? liz: well it's definitely safer and now the big bets at least in the moment in the political space are these cabinet positions that have yet to be unfilled. i want to talk about treasury because the treasury secretary is squarely in front of our

investor audience on a regular basis, so here are the people in the lead. scott bessent has about 74% of this bet on kashi. howard lutnik, 9%, robert lighthizer, 9%, and our own larry kudlow is thrown in there too but is it you putting up some of the suggested names or simply who gets the most bets? >> it's a great question, liz. look, i think people suggest they think anyone has more than a 1% probability of being in there, then we add the name and very expensive in the names of names you add and if the market leads they have a low chance and it's amazing to see these cabinet positions are very much so in the spotty light, and the market has been calling one after the other, so we're seeing odds of the two candidates kind of move in realtime, as you see they actually just moved since the time to spoke to now it looks like scott bessent is up 77% and howard lutnik is up

55%. liz: can you repeat that? bessent looks like 77% and what is it? >> 5% now. liz: okay, that's interesting, because according to our charlie gasparino, bessent is definitely got the edge, so we'll be watching all of that. let's get to the fact that it doesn't matter if you pick somebody, if you make the bet, and you pick the guy or the woman who gets nominated, you only get the payout if they get confirmed. is that correct? so what does that mean for all these bets for rfk jr. for health and human services because it is extraordinarily controversial. he's known as a vaccine skeptic and tanking the pharma industry right now wanting to look at the stocks there, so explain how that works for our viewers. >> yeah, well that's a great question. so the market settles on who gets confirmed, not nominated right? and it's interesting, because

you'll see this with matt gaetz and rfk. there is a spread. there's a difference. so right now rfk is trading at 77% right? what this tells you is there is a 23% chance he may not be confirmed by the senate. right? matt gaetz is trading at less than 50%, he's at 41% which is now the market still believes there's a very high likelihood that even though matt gaetz got nominated he may not be confirmed by congress, but as i say always, i told you this before the election. the market is as close as it gets to a crystal ball but it's not a crystal ball. things move and they move and new information comes in and new things happen, and the administration is obviously going to be super dynamic and things change so we'll see. liz: matt gaetz obviously, you're even hearing from republicans who do not understand this nomination. lots of investigations in the past, and it's somewhat of a head scratcher, so it's interesting that people are still keeping him in the lead, and maybe that has something to do with the fact that

the president, when he does get into the oval office, does have the power to do recess nominations so we shall see. really quickly. let's leave the political world for a second. please. a lot of people are saying enough with that. give us sort of one of the more interesting trades that's going on right now on the site. we started looking and we saw that gladiator ii rotten tomatoes score people are betting on that at the moment. it's hilarious. the 13% believe it's going to get above 77 and 81% above 70. what other ones are you looking at? >> yeah, i mean look. i think that there's three i'm personally really excited about. one, bitcoin hitting $100,000, which a lot of people are talking about, when will it hit $100,000 and the market is giving it a 60% chance by the end of the year, so a lot of the crypto lovers i think, probably celebrating right now. number two, the market is incredibly popular and people love to forecast the success of

the movie and the new gladiator is incredibly successful and the last one i'm a big fan of star wars and there's an 88% chance there's a new star wars next year, so star wars fans should be excited about that. liz: oh, okay fabulous. i'm a big fan of the bad news bears original movie and i liked the second one not the third so let me know. i know. forget it that's not happening. tarek, thank you. thank you so much. it's great to have you on the show please come back. >> thanks so much, liz. liz: kashi, tarek mansour. he was just talking about bitcoin but xrp is seeing among the biggest gains this hour on reports that ripple ceo brad garlinghouse met with president-elect donald trump. ripple is the fintech behind the token xrp that's been in sec chair gary gensler's crosshairs. brad garlinghouse is here in a fox business exclusive. nasdaq is falling 45 oh, points 450 pointsthe dow down about 34r

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liz: market sell-off but not for xrp. it is exploding toward the $1 mark. right now it stands at $0.87 a gain of 4.5% as investors in

the 7th largest cryptocurrency are optimistic about the future of the now $3 trillion industry under a trump presidency. the blockchain payments company ripple, which uses xrp to enable transactions, jumped dramatically since election night, and it saw big surges earlier this week on speculation that its ceo held a meeting with the president-elect following his victory, and speculation that anti-crypto sec chief gary gensler might soon announce his resignation which we just talked about with former sec director norm champ. ripple ceo brad garlinghouse is here in a fox business exclusive, in studio, to discuss all of this. okay, a 70% gain since election day. let me guess, you are a donald trump fan at least of a presidency as he oversees a crypto world he's open arm to. >> for sure what a difference 10 days makes. we for years in the united states have had an attack on

the crypto industry. its been war and we finally i think have, you know, a crypto president, the crypto industry has embraced trump, trump has embraced the crypto industry. liz: he really has. >> he sees the opportunity. he sees innovation. he sees entrepreneurship, and look, i'm very excited about what the future holds. i'll point out if you were saying that xrp is up 70 plus percent. since election day, the best performing crypto assets are us companies or us technologies. this shouldn't be a surprise. the united states sec has been manipulating and putting pressure on these us companies, us technologies, and now that pressure comes off and they explode upward so we shouldn't be surprised by that. liz: so that is since when that it's all us? >> really since election day. liz: okay since election day and that really makes sense. >> it does and you could even put a number on this like what has gary gensler's war on crypto. you could put an amount on it. we went from 2.2 trillion to

basically 3 trillion, so this was an $800 billion unlock just because we now are going to have rational actors who act lawfully. as you as you know well, states have even participated in suing the sec saying you're not acting lawfully and enforcing the laws. liz: i've got to ask you, the price of xrp earlier this week, spasmed and jumped 10% after you liked a tweet earlier that suggested you may have met with president elect donald trump. any truth to the rumor s? >> like many of your guests, i'm not commenting on too many specifics. liz: to me that's a yes. but i respect that. >> we've been active throughout the election psychountil being very pro crypto, pro innovation and how do we make sure this congress and, you know, the president obviously is a totally new day, and i could not be happier alaska a congress that

is -- as norm said earlier your guests and we've got to get away from regulation and enforcement and that make no sense. >> ripple mass been fighting this since the very beginning and spend over $150 million fighting the sec, unlawful war. i'm thrilled they're joined. i wish they would have joined earl yes but, you know, even in their case, what they filed s cites the ripple case over and over and see what's happened and gensler overreached and wish there was a way to hold sec and gensler and some of the people accountable. liz: we should say earlier this week, robinhood relisted xrp on

the platform driven by what they believe might be the new more welcoming regulatory environment. >> for sure. this goes back to the u.s. finally unlocking in hostility and -- liz: robinhood up 37% alone this month. >> he said it's an order of magnitude a. 10x decrease in cost in order for him to trade. liz: thanks for stopping by. great to see you. brad garlinghouse. our next guest is eyeing the potential impact of a procrypto trump presidency, how should you a retail investor, invest? vance howard is here. advance, give it to us -- vance,

give it to us the best way you see to invest in crypto. >> the etf is the best way and you've got apparat market. ibit is a wanderful etf and for individual investors and money managers also. this is a buying opportunity and trends are up and market is positive and all the s&p 500 have come out with the earning ands 77% on the beats. it's a great time to be an investor. the market could reach 6200 on s&p by year end. liz: right now, we're at 5871, that's a big aggressive push for s&p. vance, the fed, we can't ignore the fed and jay powell kim out and said i don't think we should be in a rush to cut interest

rates because there's such a strong economy. we'll keep the bull market going. liz: vance, thank you. great to see you and always appreciate you weighing in. vance howard. here come the bells on this friday and a bit of a crimson tide here and going to close out the final hour of trade we'll see you monday. did i recollect hello, folks. david: hello