are taking place at the moment. everyone is jumping into the war and going to make it worse with his aunty international. and so in the vacuum of space, the last bastion where politics typically set aside the crew, of course, on, after all, it's from america, russia, and you have arrived at the international space station. this will be a 6 month mission of the team, dr. the opening laboratory author a successful launch from the u. s. companies space ex. i expected a conductor, roughly $200.00 experiments during the mission that also assess possible future trips to the moon and mars. collaboration headed by america and russian cruise space station is tossed with a variety of scientific research that would be nearly impossible. back down here on the it is a half past 3 in the afternoon local time here at moscow straight as i'm breaking news for you. right now, as we understand, the ukranian plane has been shot down in the don republic near the town of again,

according to the mayor of the town, both pilots were able to object. he noted the details of where the plan originated from remain unknown. in addition, the russian defense ministry report, se ukrainian fighter jet was shot down west of dawn, yet near the city of cross automobile. as of now, we do not have details if the 2 cases are related. we'll bring you as many updates as we can. the moment we get them all over the meantime, that's it from me for now. here on our team to national, we are back soon with the ah, 600 b c. the 1st official currency of the lydian estate, or was meant that the coins were mixture of gold and silver with pictures stamped on them for differentiation values. we have come

a long way since then and with almost every other aspect of life, finding a digital component. it was only time before money became an option, enter the world of crypto currency. and while many have yet to understand the system fully, as popularity quickly grew, as individuals want to do a financial transactions without relying on governments or banks. i'm scared of huge on this episode of $360.00 view, we're going to look at the rapid growth of crypto and what it says about the sentiment towards government. and if it will be able to survive the recent scandals plugging the digital currency, let's get started. ah, the fall of that has been closely watched around the world. will this also lead to the end of other crypto currencies? as we know it?

large national course might roxan us a lot of breaks down the craze of crypto roxana. scotty. when c e. o. sam beckman fried, filed bankruptcy, leading to the collapse of f t x. this jump started men investigations including from the securities and exchange commission, the department of justice and the commodity futures trading commission. while back men freak made multiple appearances after his fall from f t x in the media, he never discussed if he's liable for the company's failures or loss of billions. it wasn't until the f d x founder was arrest that in the bahamas. he could no longer evade questioning. bahamas prime minister philip davis tweeted a press statement saying, while the united states is pursuing criminal charges against b, it individually the, the bahamas will continue its own regulatory and criminal investigation into the

collapse of f d x. while that continued cooperation of its low enforcement and regulatory partners in the united states and elsewhere, the fall of f, cx has sent shock waves through the world of crypt, the currency. it could change the future of crypto as we know it f, the x became on of the largest crip of currency in the world. that is to make a marketing deals with the life of the curry and tom brady. now with the company sought insolvency, a loss of faith from customers. other rivals like coin base and bitcoin are beginning to worry. each saw their worth full drastically in the weeks after the ex collapse. but what led people to invest in this alternative currencies to begin with? is it does the people are looking to get in the ground floor of the next big thing? is a just for the rich with extra money to spend looking for the hud new way to burn it

. crypt occurrences begin in popularity as an untraceable on taxable and regulated form of currency change. unfortunately, with the false f d eggs, this has led to investigation that could actually in the new regulations on this type of currencies, causing creep goes to loose. it's initial appeal. some back my freight is facing a total of 12 charges as b f, as he is refer us is currently awaiting trial, roaming free on up to $115000000.00. build one. i'm brooks and us alumni for 360 view. back to you, scottie. very interesting. to watch this, it will have an effect on other possible trials that happened with crypto down the road. thanks for joining me now to discuss is arthur a wilmarth, a professor at g w law school. here in washington, d. c. author of attaining the mega banks. why do we need a new class, a stick,

all act and he's also testified before committees of the u. s. congress, the california legislature and the dc counsel on financial regulatory issues. thank you so much for joining me, professor wilmarth. i appreciate it. thank you. nice to be with you. ok. so crypto currency has only been around for about a decade. it's not as simple subject yet. it gained very rapid popularity around the world. why do you feel that says, and are there any common factors amongst those who are attracted to this form of currency? well, i think it mirrors a lot of other so called innovative ways that we've seen in history the recent way with crypto currency. it looks a lot like the dot com boom that happened in the 1990 s for example, where people said, well this is the next big thing. and the normal rules of financial gravity don't, don't apply that. the technology will curie itself. i think this is an additional

wrinkle which wasn't, it wasn't just investing in high find stocks. it was investing in a, in a whole new class is usually a currency which wasn't really linked to anything other than the companies that issued it. and the notion was it, well, this was an entirely new form of financial services outside the nor regulatory system. and so how this would give people who weren't involved with mainstream finance. i think your present or indicated a chance to get on the ground floor. and there was a lot of marketing and saying, you know, don't, don't miss out on this unbelievable opportunity to become rich, literally overnight, or at least within a, within a few months. and i'm afraid a lot of people, you know, sell for this and to their misfortune that a lot of unsophisticated, poorly informed investors, you know, put a lot of money into crypto currency is as they were peaking and then last a lot when they crashed. what's interesting,

you do bring up several reasons why people are attracted to it, but i also have to ask you believe that this rise in this, what's considered being alternative currency has anything to do with the insecurity felt by the public regarding their own financial security being controlled by a government. ah, yes, i think that that is certainly the pandemic yoke crash and, and, and then the boom to follow all the stimulus. money coming out into households. and people are becoming disenchanted with traditional forms of investment, which follow their own. you know, boom and crash cycles. they, they felt that the, that this would not be manipulated by government. this, this would be somehow free of government finance lane. you might say the problem is that it was also free of government regulation. so there were no real restraints on the ability of crypto currency providers to engage in classic you know,

pump and dump. market manipulation on the scheme type of pyramid scheme, types of, of, of frauds. which unfortunately, we've now seen played out a, with the crashes of terror form celsius voyager, you know, on and on. and most recently after axis, these look a lot, i think the classic ponzi scheme pyramid scheme pump and dump schemes. we've seen repeatedly in financial markets, particularly where they're not regulated. that's how i get to the government regulations later cuz it's definitely something we need to address. but often talk about another element is a 3rd party option in regards to crypt out. and that would actually be forget the government, but you get bank oversight. could this be, do you think an acceptable compromise? oh yes, i think so the problem we're seeing already is that some banks have gotten heavily involved encrypted currency activities. for example, signature bank was holding

a lot of the deposit accounts of celsius when celsius failed. we now find out that silver gate bank was holding deposits of f t x one f t x failed. not clear where those deposits are and who will get access to them. also made it through alameda and investment in a small bank. currently known as moonstone bank. it's not clear, you know, their deposit went up by some tens of millions of dollars afterwards. not clear. you know what the, what the story is behind that. currently sophie bank is engaged in crypto currency trading activities, but is under a temporary authority to allow them to do that for the next few years. and again, this seems to me very poorly thought out because we haven't had a systematic review of this problem. and regulars really haven't come up with

a systematic approach. i mean, i've argued that for firms are offering so called stable coins, that promise that they're going to maintain, let's say $1.00 to $1.00 parity with a dollar that has to be done by f d. i. c insured banks inside f d. i. c insured banks that are fully regulated because that's essentially money. i think what we're seeing is if you allow what looks like money to be created outside government regulation, government control, particularly outside the banking system, all sorts of problems develop. people begin to think that, that, that's what they're holding is just as good as money, but it's not regulated like money. it's not controlled like money. well, so it's interesting, as you've mentioned, several banks, which also mentioned already several forms of crypto. there is, do you think it helps or hurts the crypto industry that they're actually thousands? i think almost more than 9000 different crypto options available. and do you think this makes it currency like you mentioned?

that's one of the reasons why we can have fraud and the lack of accountability. well, so we should distinguish between i think 2 major types of crypto currencies. one would, i would call generally called variable rate, or variable interest script or currencies like bitcoin for example, or a theory i'm, that their value goes up and down. it's not paid to anything else other than its own, supposedly intrinsic value. that looks like very much like an investment to me, whether it's a security or commodity is it is the source of active debate. but certainly one should think that the fcc with regard to crypto currencies that should be viewed as security as and the c, f t. c, with regard to those that should be viewed as commodities should be actively involved. both with issuers and exchanges to make sure that the traditional investment investment protections that we are familiar with for security and commodities are applied. and if there are gaps in those protections congress ought

to fill them. the other in general category is again, this notion of stable point is that it's a crypto currency, a digital point. the promise is that it maintains parity with it, with a currency, almost always the us dollar. to me that kind of currency is money is really equivalent. it should be viewed as equivalent to an f d i. c enter deposit. and then for me that means that it ought to be an f d i. c entered bank, regulated like other f t i see enter deposits are regulated to give people the absolute protection they're going to be able to get their money out dollar for dollar when they need it. after the break, we're going to continue our conversation with dr. mark about whether government will get more involved in the currency, the ah

no look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings, except where such orders that conflict with the 1st law show your identification. we should be very careful about on official intelligence. at that point, obviously is too late trust or rather than fear. i would like to take on various job and with artificial intelligence. real seminary with a robot must protect its own existence with oh, we're going to continue our conversation with professor of law. arthur

e will martha, an author of taming the mega banks? why we need a new glass to gall act and has testified before. several committees, including the u. s. congress covering legislature and the dc counsel on financial and regulatory issues. thank you so much for continuing to chat with us as obviously this is going to be a conversation that's going to happen in the future. and president biden, of the united states, actually in the spring of 2022, signed this order for oversight of crypto currency. what did that order do? and was it actually a good move for a head of state to get involved in a currency still trying to figure its way out? well, i think that these actually water really called upon the different agencies the federal government to develop if you like, action plans to deal with the growing risks and challenges posed by digital assets of different kinds including crypto currencies, try and stable coins is

a part of that of that universe. you also have congressional committees looking at this issue and several bills have been floated. i've been very concerned that some of the congressional bills that were seen you know, really try to approach to what i call sort of a regulation light approach. much, let's set up a special program for crypto currency or stable coins that has less than the normal protections we would expect or investments in securities or commodities when we talk about variable interest or variable rate, crypto currencies or less than the, the protection and accountability we have for bank deposits with the f d c system and the federal reserve system that supports it by view is we can't, we can't treat these crypto currencies as something different in kind. they are

simply a digital representation of the same kinds of investments in the same kinds of deposits that we've seen and traditional finance. if we treat them differently, they're not going to be properly regulated. people are going to be disappointed and what happens to them. and then they're going to turn to the government and say, look, i mean you, you claim that you are taking care of the situation. but in fact, you didn't give us a oversight protection as we have with the fcc, the c f t c, the f d i see in the fed. so this notion of creating the alternative system that somehow is, is, is promoting innovation, i think is a very bad idea. unfortunately, one of one of the innovation said that often occurs is fraud when something isn't properly regulated. and we have certainly seen that in very bright colors with the f t x collapse. ok, so moving on from the united states, obviously it's not a small world after all. what effect you believe crypto has had on the global

economic market and what you predict for the future was really every, i think every government is going to have to grapple with the same issue. and there's a big question about whether the global regulators can agree upon a common set of regulations to deal with capital currencies and stable points. certainly, as we've seen with f t actually, you know, chose at different times to locate itself and hong kong or singapore, the bahamas by nance. no one exactly knows where it's located. these other firms have generally been located an offshore jurisdictions with very weak forms of regulation. certainly, we have to, you know, we have to avoid this race to the bottom problem because it bo, regulator is, don't adopt a common approach that is satisfactory and adequate. it will sure. i encourage

operators to, to run to the jurisdiction with the weakest form of regulation. and unfortunately with the internet it's, it's not, it's not very feasible to sort of say, well, ok, you may have been a week to restoration with poor regulation, but you can't reach our investors. we know that people can unfortunately reach people, people worldwide through the internet. even when they're prohibited to do so, you know, how do you stop that from happening? well, it's interesting because as you go through all these different things and not only be in the united states, but across the globe, fraud is going to show up what is one of the few things you would suggest could be done to help combat fraud within a crypt are not only in the united states but across the globe. well certainly i think it's important that regulators work through the basel committee, the financial stability aboard the international monetary fund, other international bodies to, to, to develop common standards and to develop penalties for those who don't follow

them. certainly through our financial criminal enforcement networks in san and treasury sanctions. we have other ways of, of dealing with things like money laundering, sanction in terrorist funding and things like that. so there are other ways that we can deal with it, but i think that it's important that we work through international bodies to try to develop robust and adequate oversight and safeguards for these these sort of, i call them make believe currencies. because when you look at it at bitcoin, what's behind it? i mean there's no, there's no intrinsic value behind it. it's just that the feel is, is sort of the greater full theory. somebody else will pay more for it than i paid . and i think that's a, that's a very important basis to encourage people to invest well. and it's really interesting, rather than i have to ask, you know,

it's recently we are not only about the rest of sam davis fried who was affected the trust in crypto. i want to know, how do you feel about these private individuals using crypto to interact with government? should governments be taking forms of payments from private individuals via system that's still so insecure, unregulated like crypto is at this point. one of the most struggling aspects of the sam bank and fried store and they have to story is that they were funneling tens of millions of dollars into our political system. and he was one of the largest donors to political campaigns during the 20 to 2022 cycle. and they were definitely, he and others were definitely trying to influence legislation. and as in my view, get, get light, touch, inadequate regulation. i think that should be considered a quite an embarrassment to those who accepted his campaign contributions at the same time as they were considering legislation to regulate what he was offering. i

think this should be considered a lesson for our political system that we should be very we should have oversight and accountability of people who are funnelling money into our political system at the very same time. they're trying to get advantageous regulatory treatment for so called innovative products. that to me is usually a recipe for fraud and misconduct. and that's one of the things that you order well they actually want to self placed himself is given the point is asking the kid with the cookie jar to regulate themselves. it's almost making the opportunity to much that they can pass up. alternately looking into the yes yes, he was considered a great celebrity right when he was passing around all this apparently free money, but now we find out that a lot of it was actually his customers money that he was misappropriating. and if you, if you, if you read the indictments and the charges from the fcc that have been leveled

against him. well, it's interesting, you know, going on as continue on. the asked some people including p buddha, judge has said that he's going to return the money to campaign money that he was given. you already actually did that? do you think others who contributed or you see 1st the others actually giving their contributions back as well? i was just that some i would be surprised if all did, but i suspect as the as disclosure is made about how much different campaigns received there will be, i think public pressure to do that. and i think that it really should. i would hope that congress would begin with a completely clean slate and, and not try to push forward legacy bills that were being aggressively lobbied by sam bank meant treat and other crypto currency operators in 2021. in 2022. i think, i think, i think we need a new slate after thoroughly investigated exactly what happened because as i see,

as i said, i see a real commonality real common pattern emerging from what i read of these various classes of tara forms burridge or celsius. and now there's a very disturbing pattern of committee lane, customer funds, misappropriation, false promises market manipulation that is very disturbing. and i think our raises pattern that should cause us to completely rethink our approach to this whole area. which brings the question, speaking of what you just said, all the different reasons are coming to light about crypto even after 10 years. why would someone today still want to invest into the currency? and when you look at the, their options are the majority of them coming from the united states, are we seeing more and more options coming from other countries? right. this, this is, this is

a problem because i've been saying for several years now that i couldn't see any investment case, you know, for critically the so called variable rate crypto currency is like bitcoin, other than the greater full theory that somebody else will pay more for it than you did, which is a very bad that's essentially a pyramid scheme and there has been pretty strong. busy as a market manipulation, encrypt or currency is by the promoters. so i, i saw a, i've never invested and i wouldn't encourage anyone else to do so. but i think, therefore there's, there's really a strong case for rigging more aggressive regulatory action than we've already seen . i mean, the action against the bank brachman free, the f t x and alameda is welcome. but there's, or is there a question is why it didn't occur? you know, at least a year ago. i think that there were questions being raised for

a number of months about the operation that was going on. well, thank you, arthur wilmarth for such an in depth conversation about crypto. we'll talk to you soon. i have little doubt. the reason why so many around the world embraced crypto currency so quickly was because of their own fear and doubt in the established systems already in place. and for good reasons. many investors believe it can hold its worth during times of rising inflation and economic stress, which is something almost every country around the globe is dealing with. the more uneasy someone feels about their own current government and the economy, the more they look to secure somewhere else. as i call it to say, one of the other strongest factors influencing crypto trading is follow the fear of missing out. now this comes from a history of booms like the dot com era and apple where people does it early and made millions on a short term. and while we hear often of those companies and ideas were successful,

there was a far greater number which failed either because of a faulty product or faulty management. you know, this is the risk which comes with any relatively new product. and how little or no oversight is one of the major attractions, having no structure, makes it right for corruption and fraud. as we are seeing now emerge because of this one day will crystal currency have to accept government involvement hall in order to survive. the one institution which motivated its creation in the very 1st place. only time will tell i'm to you, but your 360 view. thank you for watching. ah huh. ah, a

was reason is munoz cards and like if you speak russian, keep your voice down while out and about. so we like about a couple don't put your human symbols on display a little space each night. all right, so you guys don't talk to strangers. i. 7 avoid noisy gatherings and rallies with your colleagues and perhaps also your friends think you're guilty because you'll, russian a. ready glad to with being

a minute. so i wasn't sure if i need specific struggle with a small issue, but for the other one, annual g d. p per capita is about $4000.00 euros. a normal dollar a i watch this live up of man. i got a new primary coffee seal from quite a few. many kids totally near printers where you'll find them on the line to come out. see a little thought they would have thought of unemployment is off the charts, moldova territorial integrity and sovereignty. we respect a country which enjoys financial support from the u. s. n. b, u is constantly roth by political and corruption scandals. but all that didn't

stop mo, google obtaining you kind of the state is in 2022. ah, now if up headlines right here, we're not the international. at the head of the wagner group says russian forces have essentially so rounded, the stronghold of ukrainian troops in the don't republic. the city of trauma, also known as black mood correspondence are on the ground. we are in the very yet we sent ill be wagner's company zone slaughter in the city of thomas the white smoke you can see rising over there while it is rising from ukraine's positions just a couple of drops away russian authorities to release footage from the scene of a deadly terrorist attack and which civilians were killed near the ukrainian border on rush.