i think the biggest improvement in the crypto ecosystem in the last few years has just been the adoptionstable coins. stable coins are dollar-like assets that are pegged by an arbitrage mechanism or by deposits at a bank, and stable coins are the next generation of venmo and square and sort of square cash. right now when you want to make a payment -- say you have $20 in venmo, and you want to spend it at robinhood to maybe buy some shares, you have to go through your bank, so you transfer from venmo back to your bank. there's no boundaries, so your dollar can be spent anywhere. instead of having a venmo dollar and robinhood dollar be different, you could actually transfer one to the other and basically be much more efficient with capital. on top of that, there are services that you can sort of use that are the automated for borrowing and lending and for trading, and these services, unlike their fintech counterparts, are much more autonomous. they are very hard -- very hard for people to take down, and they have been battle tested. sonali: where do you think the traditional wall street ha

our entire team had all their infrastructure built from the crypto ecosystem. licensing side, we have been involved in brands and licensing for decades. just like the crypto industry where trust is paramount, you have to know if you can trust something. it is the same in the licensing world. at the end of the day, you want to make sure you are working with the right people and you do your own research. emily: thank you so much. we will keep our eye on you guys. cofounders and co-ceos of recur. for more now on how tech companies are responding to the antiabortion law, salesforce is relocating employees from the state if they wish. they sent this in a to beat saying if you want to move, we will help you exit. bumble and match saying they will create relief funds for employees affected by this law. uber and lyft have responded by saying they will cover all legal fees for drivers who could be sued for giving somebody a ride to an abortion clinic. taking a look at the markets. oracle is falling after hours after quarterly sales fell short. after they should progress

if tether collapsed it will cut the whole crypto ecosystem if you own crypto, i recommend taking something i wouldn't be surprised if crypto goes mainstream owning crypto is a crowded trade. i don't want you to lose money if this space gets hit by evergrande these could be truly vulnerable thanks to the tether connection. take tether out and it wouldn't be if the chinese communist party liked tether, that would be one thing. they don't seem to have much interest in stopping this problem at the source by bailing out evergrande or they don't want to bail out the shareholders and creditors i know crypto lovers don't want to hear me say sell. if you have what i do, i'm begging you, sell some wait and see if china changes its attitude towards an evergrande bailout i like to say there's always a market somewhere and i promise to help you find it. i'm ji >>> the search for brian laundrie now the fbi's in charge. i'm shepard smith. this is "the news" on cnbc gabby petito's boyfriend still nowhere to be found after human remains thought to be hers are discovered by the fbi. the new state of the inv

what's it mean for rivals like coinbase and the rest of the crypto ecosystem. >>> and we'll speak with's national security advisor recommittee on how to address the global chip shortage as we head to break, here's a look at the dow 30 heat map on a pretty strong day across the board for equities we're back in a moment green bonds give investors an opportunity not just to get a good return, but also to do good with their money as well. ♪ ♪ green bonds are like any other traditional bond, but they come with a commitment from the company to invest in specific projects that achieve an environmental or social outcome. when the green bond market first started back in 2007, 2008, they were small retail-targeted transactions. now, it's over 200 billion dollars a year in issuance. we've seen a full spectrum of projects being supported by green and sustainability bond transactions. everything from more energy- efficient ice cream cabinets, to better forestry and farming, through to developing affordable and social housing. the bond market is a natural home for sustainability. buying green bonds

sort of oversight regimes and transparency requirements for stable coins and exchanges in the crypto ecosystemowing the industry to flourish but i do think that we have seen a lot of negative noises coming out of washington. and that there is a chance that that results in some fairly -- fairly onerous regulations >> thank you very much, sam, it's good to see thank you for your explanations. sam bankman fried. >>> that crypto collapse is something our next guest warned could happen the regulation and volatility have been front and center for crypto critics ish war pass at of cornell university is author of the new book "the future of money, how the digital revolution is transforming currencies and finance" for anybody who wants a basic explanation about crypto, def aye, these perot coals class actions, this book is exceptional. it covers all of that ground seems you are not taking a position, you are trying to be part of the educational move, i think. is there anything you feel strongly about, having written in a that needs sort of immediate regulation. >> thank you for saying that, kelly b my

released in 2011, light coin is one of the oldest digital currencies in the crypto ecosystem. >> wow, it is similar is to bin coin in that it uses the same cold. >> the oldest, ten years old. >> and assures many similarities very specific genus. >> can you pay ransomware with light coin >> it was designed to be used for cheaper transactions and be more efficient for everyday use. >> so walmart is just like every day low price, so it's keeping with all of walmart's ethos, right? >> also announcing i think a partnership with t-mobile to put some stores. >> i saw that. >> i'd like them to announce better earnings. that would be -- i think that would do the trick, david. how about the fact that this walmart plus is going nowhere fast. >> maybe it's all designed for that reason. >> by the way, speaking of all of that, the goldman initiations today, including amazon, which they started a buy 42.50, facebook a buy and a lot of neutrals dash, chewy. >> how about the sell. sell on airbnb >> i thought that was astounding. >> i read it, though, and they really did everything they could not to so

lauren: they're falling as are most companies related to the bitcoin crypto ecosystem.of bitcoin as legal tender. stuart: i'm interested in morgan stanley, one of the huge investment firms, big hitters indeed, haven't they just downgraded the whole stock market, all of it? lauren: the u.s. stock market to underweight. they say a bumpy fall, september, october, going into what the fed disa i hads to do with taper and interest rates. wealth management team says they expect stocks to fall 10 to 15% by the end of the year. they say we're vulnerable. the market seems vulnerable right now. talking about the megatech stocks. they just can't, they're 20% of the s&p. it takes a lot to make them go down these days. they say they will defy the logic of the market. they will continue to do well. morgan stanley likes big tech but they say the rest of the market is vulnerable. stuart: that makes me worried when a company like that starts talking about a 10 to 15% correction by the end of the year, good lord we're already into september. lauren: we've seen goldman sachs cut their thir

this asset class is assets within the crypto ecosystem no longer have a beta of one to bitcoin. n used to drag along alt coins and ethereum now with nft gaining on top of crypto and seeing crypto equity exploding. there are a lot of different channels which the demand is coming again, we cannot dismiss the fact that investors are looking at crypto and macro markets. to me, what is happening in crypto is no more ridiculous than amc or robinhood. actually, some of the fundamentals are more sound given the fact these assets are limited in supply and starting to become utilized as utilities in the different ecosystems to feel nfts are trading pudgy pen penguins >> i don't know. just because you say you will make it. i don't know if that really makes me feel that much better vida keep trying. >> joe, i'm going to say she is absolutely right you need to have an optimistic coffee today i believe the nfts are great, but look at the finance. $90 billion asset under management some of the bigger projects is changing the game. now nfts along with ethereum are making $1 trillion markets read

number one making sure we do this with enough safety and safeguards in this wallets and crypto is an emerging ecosystem we want to make sure we can expand the access to the market so that's one reason the second is we're trying to take a different tact here by building it in public. what i mean by that doing a phased rollout and include some of the customers and reiterate on the feedback and share the feedback back and so on. the reason, again, stepping back we've done the same thing for robinhood on the stock side. taking something really accessible, unaffordable for most people and made it intuitive to use we wanted to do the same thing with wallets by the way, the other thing here is that the investors that are in the market are very different from, you know, what you think some morediverse set of investors to qualify women on robinhood platform and invest in crypto we want to make sure we get this right. >> i should have said from the outset you spent more than a decade at google product, engineering there. on the tech side, silicon valley launching products and really about user engagement and mob

its application in various ecosystems, crypto, is becoming competitive.oss-border payments, cbdcs it imprison like hong kong, that landscape is dramatically shifting. so of course, if you have a jurisdiction that is looking to implement at scale, a currency that is used in additional context and that encourages cleanness of use as well, that will be one of the drivers for a competitor value transfer mechanism. that also signals that there are pboc credit drivers that will be different for other markets. it tends to be the most restricted market from those that other controls. on the flipside, we have markets throughout asia that are embracing the sector, recognizing perhaps the diversity in the value ecosystem, that are recognizing the potential role for these assets within worth management -- within wealth management. the drivers may be in mainland china, they looking feel very different in other markets. rishaad: we have brought up some interesting ideas. that one could have something so ephemeral as, what is money, ultimately? but this is not new, what

we have to remember that crypto is still a retail dominated ecosystem.s move-in by the day. that is creating a lot of excitement. there's a lot of retail money, a lot of leverage, $4 billion in liquidations that happened in a short period of time. that is mostly leveraged offshore. the market got too long. it got long for good reason. i think in the last eight weeks, there has been a giant realization that crypto is not just bitcoin being bought as a hedge against bad monetary and fiscal policy, but maybe more importantly it is web 3.0, the internet of value transfer. we see companies like visa making digital goods is a big part of their future. walmart and amazon, the two biggest retailers in the world putting up crypto experts. there is a realization that this is a technology fund. no investor wants to miss the next internet. solana, a new level 1 for most institutions, i think we just got too excited, a little air popped out of the balloon. romaine: i am curious as to what role, if any, governments will have. the el salvador approach was much more str

crypto space? where within that ecosystem would you be looking? konstantin: i'm a big fan of arbitrage strategy.nto any particular cryptocurrency. arbitrage is where we have a lot of possibilities. a lot of volatility in the markets. that's why i like arbitrage. tom: you invested with high network individuals. what sense do you get from them as to their appetite? how much liquidity are they prepared to put into play? how much cash do they have on the sidelines? what is the mood at the point? konstantin: the combined wealth of ltc members is about 20 billion. i don't see any changes in their behavior. we still have a lot of liquidity in markets and there's a lot of liquidity throughout all of our members. tom: thank you very much. 33 million u.s. dollars this year. a night on ai and fintech. thank you very much. coming up, the trading scandal. will the fed be forced to review its rules? this is bloomberg. ♪ ♪ francine: welcome back to the open. 43 minutes into the european trading day. we are holding onto gains. there were questions about whether we would follow asia lower. pretty dire warnings a

we have to remember crypto is still a retail dominated ecosystem.ave institutions moving in by the day, creating a lot of excitement. but there is lots of retail money, a lot of it leveraged. there was about $4 billion of liquidations that happened in a short period of time this morning. that is mostly leveraged offshore in some places, and the market got too long. it got long for good reason. i think in the last eight weeks, there has been a giant realization that crypto is not just bitcoin being bought as a hedge against bad monetary and fiscal policy, but may be importantly, it is web 3.0, the internet of values. we see companies like visa buying and fts, saying they think digital codes -- digital goods are a part of the future. amazon and walmart are putting up help-wanted signs for crypto experts. there is a realization that this is a technology thing and no investor wants to miss the next internet. this is the next internet. there was a lot of great price movement, going from $29,000 to $53,000. a new level 1 for most institutions burst onto t

we have to remember that crypto is still a retail-dominated ecosystem. >> we do not really focus on theze, so it is not something that we comment on. the important piece we care about is, how many developers are getting into the ecosystem, how fast our companies being formed and getting funding, and seeing that progress, i think, is really driving everything. >> there is a realization that this is technology, and no investor wants to miss the next internet. this is the next internet. anna: some bloomberg guests reacting to el salvador's troubled real a -- troubled rollout of bitcoin as it plunged 17% overnight, the lowest in the -- in a month. bitcoins steadied as asian trading got underway. jane foley is still with us. here we are. we have officially recognized bitcoin as a means of exchange, as a currency in el salvador. does that change your view, if we have a country that has officially recognized this as a currency? jane: i suppose it makes it a little more interesting, but it really does not change the outlook for cap -- for crypto or bitcoin. there has been a lot of criticism tha

and gen z consumer and this movement that is underpinning crypto or a whole range of other components rolling out through the finance ecosystem you know for that is incredibly exciting where. that gets to i think the combination about respective ecosystems creates a great framework to bring that to life. >> in the various markets where you operate, which regulators are doing the best job >> from day one, we have been pro-regulation it is about being a fit for purpose framework i think that all regions are naturally at different phases we have been flew a lot more in australia and in the u.s. the framework is pretty well defined. from our perspective, it starts with, does this have the consumers' best interests at heart? and how do you make sure there is the appropriate checks and balances and you know, that high net promoter score, the results that we see from a merchant and consumer perspective i think play into that conversation. >> we will see what gensler has to say here at code later. nick, thank you for joining us from afterpay. back to you, tyler. >>> mg up we are watching energy stocks best performer in the s&p 500 to

crypto and bitcoin as an element of our portfolio. we have never included that before. when you consider the ecosystemd bitcoin and the way that it has cannibalized precious metals as a stored value, it needs to be taken seriously? jonathan: you think it is a good store of value than? what gives you that impression? anthony: if you think about what currency is supposed to do, the blockchain provides certain security. there is a new layer above the blockchain called light ring which is why they were able to launch bitcoin in el salvador. that provides a means of exchange. cap every transaction needs to go into a blockchain. there is such a deep ecosystem that has been created that it is difficult for a sovereign state to create a competitive cryptocurrency. even though bitcoin is not perfect by any means, those attributes, the blockchain and ecosystem it has is very attractive. those are some of the reasons we are considering bitcoin, though it is expensive right now. jonathan: come back another time and we can have a deeper conversation about this. talking about cyclicals. this week -- yesterday morni

ecosystem. our team has been involved in brands and racing for decades. just like in the cryptoere trust is paramount, it is the same in the licensing world. at the end of the day we want to make sure you are working with the right people in doing your own research -- and doing your own research. emily: zach bruch, trevor george, we will keep an eye on you guys, cofounders and co-ceos of recur. for more on how tech companies are responding to texas's controversial abortion law, salesforce is offering to relocate employees from the state if they wish. the ceo said in a tweet pop, if you want to move, we will help you exit. dating platforms bumble and match with saying they will create relief funds for employees affected by the new abortion law. uber and lyft also responded by saying they will cover legal fees for drivers who could be sued for giving someone a ride to an abortion clinic. taking a look at the markets, oracle is falling after hours after quarterly sales fell short of estimates. shares hit an all-time high in august as investors cheered the company's progress in gain

ecosystem? how do you see the future with crypto and uala? >> i think it's an interesting space.teresting times and space. the problem with situations like ours is we just bought a bank in argentina, a traditional bank. the regulators haven't been clear about what they want for the intersection between the crypto world and the fiat world. a similar thing happens in mexico i think what the region needs in general is regulatory clarity. i think we're starting to see some of that play out in the united states with several players making it clear that at some point there's going to be some clearer regulation but in latin america we don't have that clarity. so if you are in a highly regulated industry like the financial industry, you really need to know what the regulator will allow and what it won't argentina has capital control. what we need is a clear directive from the central bank about what we can do and what we cannot do. el salvador, i think it's an interesting experiment as we saw yesterday, there were quite a few glitches as is normal in the beginning of any experiment i thi

crypto currency's. of you got the story? >> blanket benaquisto transactions, the currencies were down and look at the ecosystem, the block changese day is nike. the supply chain problems are still down 6.7%. lauren: they cut their full-year sales and supply problems have iterations. half of your sneakers are made in vietnam. do they move their factory stateside. did a 3-d print sneakers? they started to a couple years ago. the biggest customers on the wholesale level are full locker and dick's sporting goods. they won't of the inventory they need for the holiday season, and do they say fine? there's going to be a change after the supply chain issues impacting every company and every industry is status quo. they will change something. >> and and delta airlines band 1600 people for bad behavior as soon as the pandemic, the taliban is bringing back executions, what happens to all those americans left behind. donald from moving his headquarters tomorrow lago. is this another hint at a 2024 run? i will ask his former campaign manager next. (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progres

from being a buy now, pay later thing to a ecosystem and -- >> remember, we're running out of time but how is it doing? >> credit card, debit plus, cashback, cryptoding look at that show. >> on the show >> who's show is that? >> that's your show. the one you do all the booking for. >> i want to know about. >> spac? >> i did one for my dog. 37% australian cattle rusler that's the dominant. yeah, 2% doberman. look out that's that nasty side i suggest it highly. >> all right well, have a great show later. >> i want to stay here with you but i have to interview sawn jay and then benniof >> coming up -- >> he's the happiest -- it's okay >> but we have a lot more on the markets after the sell off yesterday with the s&p up half a percent. keep it here ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good.

think we're talking about continued use cases developing around the ecosystem trying to avoid counterfeiting it is an early part in the cryptofor sure. >> thanks, michael see you. you are a worry wart you worry about the tulip. you see "anchorman" pudgy penguin. $12 million. >> we had this question. 5 years from now, 10 years from now? >> why 10 years from now >> i'm long nfts in the context of smart contracts and all sorts t rolngs. >> iisli into break. >> a tim cook picture. >> announcer: what's working is sponsored by comcast business. bounce forward at com comcastbusiness.com. we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. c

crypto and kcrypto-exposed stocks. >> during the course say the last week or so from the high market cap to the lows, bitcoin lost roughly $125 billion worth of market value in terms of that particular ecosystem, and in the ethereum ecosys ssystem ssyethos off another 2% trying to find stabilization after a sharp sell-off yesterday. ether a hair off actually green after a massive sell today it's interesting many of the coins sold off much more than bitcoin did as well and dogecoin off one-half of 1 percent. below one quarter a token there. overall picture how we've seen the price development ethereum in particular. up 361-some percent. the 15% or so drop here, context of lar larger 60% drop from highs earlier in the summer to lows over the last couple of months to put things in perspective there. like julia pointed out, jon. some of the equities, most closely associated you mentioned some of these s.e.c. friction with coinbase with regard to lend product. coinbase isn't getting help, down 4%. robinhood a good amount of its currency and revenues from cryptocurrency trading up 4% micro strategies, half of 1% square down about 3.5% as well a quick check how the ripple effects are going. jon, bet