that said, the cftc has paid out $300 billion since they began with the program in 2014.s is the largest payout to date. the rules allow up to 30% of the sanctions received or collected by the regulators to be paid to the whistleblower. that explains why there was such a large payout here. the whistleblower's attorney saying they are very thankful that the significant payout was made. they do feel the a significant contribution was made on the part of the tipster in this case. paul: let's get back to the fed banning top officials from buying individual stocks and bonds. as well as limiting active trading. molly smith is joining us with the details. this was inevitable, these reforms. >> yes. [indiscernible] shery: we are still having difficulties there. let's get to vonnie quinn. >> evergrande may seek debt talks if it fails to meet a deadline. china's banking regulator has dismissed concerns of a fallout from the crisis while allowing to maintain control on the property market. chinese regulators are nudging didi toward hong kong. it is said to have raised the idea of ta

the cftc does not. they are derivatives regularly, but they have enforcement over commodities., what happens when we have a platform that has a fuel commodities, but mostly m securities on it and the coordination between the two of us and that oversight and also, authorities in that regard. i mean, there are many, i would say secondary and third level issues as well. >> i appreciate that. just a final point before i run out of time. we have heard some colleagues talk about esg and investing.at i want to mention the debate about climate change. for the record, there is a debate about evolution by natural selection. you can debate it, but the science is clear. what you are doing by making it more transparent is important and contributing continues. chairwoman, i wouldik like to yield back my time and i would like to request consent to include a letter from the association, national association of financial planners. >> thank you. very much. are there any members on the form who we have not recognized because of their action early on and they have returned now? if not, i would lik

perhaps onlya few of our colleaguesremember the amount of time when you were cftc chairman and i was at committee chairman . but it's good to be hearing from you . course you always note that things are important at home and today i would like to with my particular perspective on the upcoming climate risk disclosure rulemaking. it's generating a lot of interest in oklahoma but since we are both producers of renewable energy and as well in the agricultural area it consumes a great deal of interest so with that mister chair publicly traded companies are at varying stages of decline and est disclosure. and related recording climate modeling is still an evolving practice. chairman, are you concerned with the upcoming climate risk framework could have an outsized burden on small to medium-sized companies and how much how might the sbc account for this ? >> i'm looking forward with the support of my fellow commissioners to check with public comment and in a question you just raised to include questions like that to the public as to large issuers versus small issuers as you mentioned and al

. >> or a big combined one s.e.c., cftc and this. >> we'll see you tomorrow.>>> hello! and welcome to "closing bell." i'm sara eisen nice rally today for stocks. major averages positive for the week. >> thank you for letting me know that it was me next. i'm wilfred frost. have a look at what's driving the action walgreens after strong earnings this morning a good showing from the bach banks. and good economic data this morning with weekless jobless claims and september ppi lower than expected. >>> coming up the chairman of wells fargo on

divide between which assets may in fact qualify as commodities which could cause them to fall under cftcversus some that may in fact, be securities in which they would fall under the sec's jurisdiction so some industry participants are actually calling for the creation of an entirely new federal agency that could oversee many parts of this asset class, but it's still very early days, despite the popularity of the growth and the right run-up so it's hard to see exactly where these issues are going to fall. liz: i know you don't have a crystal ball. how long have you been waiting for the approval of this etf conversion and when do you think it might come? >> well this is a project for our team that we've been working on since the better part of 2016, engaged with the sec and regulators more broadly. it's really a matter now of when , not a matter of if. the approval process that we're engaged now in has a statutory 240-daytime line associated with it, so we anticipate continuing to have a robust dialogue with the sec as well as seeing public comment letters posted on the proposed filing, s

gensler, long time liked bitcoin, liked it when he was at the cftc -- liz: well, the sec just approvede's the one who, out of blue, all these other big fund companies waiting in the wings, he's the one who got it. it's going to launch in the next couple of weeks. >> but remember, anything that legitimizes bitcoin, you'll get the runup, and that's what you had here. it's legitimizing bitcoin as something that is essentially sanctioned by regulators while others aren't totally. again, some of this is technical, it's being hoarded by crazy, 85% of it still from what we understand. people are holding it, wanting it to go up in value. last time that happened it tripped in value -- tripled this value. fundamentals sometimes come into play like something like this which gives -- it's more of a fundamental play because -- liz: and we see a bitcoin winter. that's a thing. >> that too. but in the meantime, it's being legitimized, okay? and i think in a world where crypto is in disarray, and i say this a lot because it's true, the regulators are picking winners and losers, this is -- and it's hor

secretary and assistant secretary focused on financial markets as well as department chair with the cftc and chair of the sbc you are uniquely positioned to describe what would likely happen it treasury is blocked by republicans from paying its bills. can you describe what would happen in our markets both in the coming days and if the treasury is in default and i would like to know what would likely happen to people's retirement investments and to americans businesses trying to raise capital and create jobs. >> madam chair i think we be in very uncharted waters. the uncertainty abounds around this but at the base of our entire capital markets is treasuries. one of the reasons why we are working so hard to fill the resiliency is there but we would be in a period of uncertainty. what would happen to money market funds, what would happen to banks that rely on that market play. the mortgage market is priced off the marketplace. the automobileloans that everybody takes out on a daily basis . and those uncertainties would be very significant. i think that we don't know for sure, we have signif

etf but not without clear understanding of what his regulatory bound is and whether he's part of the cftcs to work with. who else who else in regulatory agencies do we need to get a clear understanding. i think it really does -- might require congressional approval at this point, carl. >> bob, he also talked about the changing nature of platforms, not just financial but from retail to streaming to gaming. and what that means for finance. and what we've seen this year certainly is a lot of gamification over the last few years. i just want to point out, throw to the sound bite from cathy woods recently take a listen. >> a lot of people are concerned about the gamification that the robinhoods of the world represent. but i'm not worried at all about that i think what happened during the -- after the tech and tell come bust and the '08 and '09 meltdown, the fear and risk aversion that permeated the markets took the joy out of the markets and took the creativity and the imagination. now it's coming back and i really think it's starting with the millennials. they are excited >> now gensler talke

regulatory description is it's a commodity it's not a security in the cash market we have had the cftcrket, this is something to understand the cftc has only indirect jurisdiction over the cash market of commodities. bitcoin has introduced what i would sigh a bit of a paradigm here there is not a great deal of retail trading in the cash market in commodities as we traditionally know them. there is some currency trading, oil trade, things like that. the amount of retail trading in the cash market globally is something. >> jay, real quick, i wanted to pivot and get your thoughts on what happened here becky wanted to jump in on this report from game stop. it didn't say much i couldn't tell what that meant. >> i think it said a lot if people are willing to take the time, probably a half hour, maybe a little more the read the report it's an incomprehensive overview of how it works a. take away at a macroper spect theive is just how efficient trading has become liquidity in markets is not free in the equity markets, it's very much approaching pennies, pennies on large trades. that's a tremen

federal regulator and cftc and that's being wrapped inside of something within our jurisdiction, callede of invester protection it's still a highly speculative asset class and listeners should understand that, underneath this, it still has that same aspect of volatility and speculation. >> well, here to discuss, is digital assets analyst, mark palmer first, i dowant to start with bitcoin at fresh record high it's been a strong rally up something like 50% since september and doubled since midyear levels how much of this can we attrib aught to the bitcoin futures etf and the fact that you have more demand within the futures contracts market right now because of these types of funds being rolled out >> well, it's certainly been a catalyst for bitcoin's appreciation but it's not the only thing going on here. i think if you look at bitcoin in the broader context of crypto currencies, in a sense, it's become a safe haven. bitcoin has been, essentially, blessed by regulators, as a nonsecurity. and as such, it doesn't face the same challenges that the so-called altpoints, other cryptocurrency t

the cftc has an important role to play.hich the bureau can help level the playing field quick. >> we have a whole host of tools including with respect to our partnerships with the banking regulators but of course we administer law by the transfer act there may be places we need to bring enforcement actions or issue guidance to make sure they are is not a rollover and played it mentality when it comes to but i made my position clear with you want but in the meantime if you have regulators, using every tool that is available to them that they protect the marketplace and small business and america's families. thank you very much for your work. good luck. >> am a half the chairman brown i recognize chairman read. >> thank you very much. nice to see you again and have a brief conversation this morning. thank you for a comment you made in regard to relationship banking which is a phrase that i used i'm very interested in what i call relationship banking at home and i have been an advocate for a different kind of treatment for tho

. >> or a big combined one s.e.c., cftc and this. >> we'll see you tomorrow. "closing bell" starts right now. >>> hello! and welcome to "closing bell." i'm sara eisen nice rally today for stocks. major averages positive for the week. >> thank you for letting me know that it was me next. i'm wilfred frost. have a look at what's driving the action walgreens after strong earnings this morning a good showing from the bach banks. and good economic data this morning with weekless jobless claims and september ppi lower than expected. >>> coming up the chairman of wells fargo on the company's earnings report and emg capital founder eric jackson joins us to discuss the names that he's most excited about. mike santoli tracking what's driving the rally and wilfred with bank earnings mike >> a better rallies in months. a one-day basis. we talked about signs that the market is gaining traction below the surface. refusal to go to new lows and today release to the upside. yes the good earnings and decent economic data? all seems to have caused one day this recovery move and

cftc and been wrapped inside of something that is within our jurs kings called the investment company of 1940. so we have some ability to bring it inside of investor protection it is still a highly speculative asset class and listeners should understand that underneath this still has that same aspect of volatility and speculation but there is our sister agency is overseeing this for four years and then it brings it inside as i said an 80-year-old law here at the s.e.c. >> move on to the gamestop report usual thorough report from your staff. i think this will be the historical record of what happened but about the recommendations you have been talking for many moftings of payment for order flow and the guam if i case and the effect on the u.s. trading system and no discussion of how this might have impacted the trading for gamestop i'm wondering if there's a connection was payment for order flow and g gamification an impact the report doesn't say. >> i think that the events of january revealed a number of things and as the staff suggested for additional consideration these two topics p

he just needs to regulate the bitcoin cash market and, of course, the cftc, something he was chairmanere but i do think that is s a big opening. i think that's the reason why you are up over 50% in bitcoin in the month of october. >> when you think about regulating the cash market, if you will, what do you think that looks like and when that happens, you can look at it two ways. you can look at it, it depends how it happens, i imagine, now it's here to stay and, therefore, it has even more value or you depending on how severe the regulation is, it could be tougher, right? >> yes, so remember, it's easy on stocks, they trade on exchange you get to see the order flow in a two-way market it's a little less easy on bonds, because of the massive size of that market, you are seeing enough of the order flow to know there is no price manipulation i think in bitcoin that's happening if you look at ftx, coin base, pick the exchange, are you starting to see that scale. do i think the sec will get comfortable with this. it's anybody's guess when they will do that but i think it was seminal i thin