the fdic update. on friday, the agency called out five different crypto companies saying they were confusing customers. this is a significant development. they sent letters to the five companies, including ftx u.s the exchange controlled by sam b bankman-fried. confusing about the insurance of the funds. the fdic covered federally regulated up to $250,000 per account. the fdic is saying it seems like your cryptocurrency is fdic insured. it is not. it is a huge sticking point in the recent months. the bankrupt digital voyager owes $1.8 billion to creditors it was called out by the fdic for doing exactly this it is factoring in the price moves most likely. a grab bag of things that are pushing prices >> meme stocks getting crushed crypto down again. they all go together, it feels like mackenzie sigalos, thank you hope to see you again. thank you. >>> all right. all ahead, we are watching the apple relief rally take a pause with the rest of the markets what your next guest says you should do amid the pul

so by law, fdic only insures banking deposits such as cash.o the list of what it doesn't include, well, bonds, stocks, mutual funds, commodities or crypto assets. and of course that's the key here. the head of one company tweeted out, we didn't mean to mislead anyone, we didn't suggest that the company has this kind of crypto that benefit from fdic insurance. by the way, interest in crypto continues to grow despite recent losses, big selloffs. according to bankrate.com, nearly 60 million americans own some form of cryptocurrency last year. despite the losses people are still very interested. which is why the fdic is being a little muscular on this. >> why are you looking at me? >> you always talk about it. >> all right, thank you, deirdre. >> the conversations we have off camera about crypto is a loft lot of fun. >>> time now for a check of the weather and cheryl scott from wls our abc station in chicago. >> it was beautiful here in the city yesterday, a little hot but we're still looking at the flooding rains, a big concern across the deep so

. >> in the correct way, especially when it comes to things like fdic insurance, they've thrown fdic around a bit, which leads some to believe that these things behave like bank accounts and we've seen they do not. >> ftx, i know we're going to have kay bernie on the show later on how much they have spent in marketing, at a time when consumers were trying to figure out the entire space, what does fdic insured mean for a crypto account. i'm looking forward to hearing from mr. chopra how they're thinking about it. there's clearly so much misunderstanding about the space, and marketing played into it you still see it out there. >> yeah, and carl, while we're waiting for the director to be ready, i mean, it's not just crypto, of course, we've seen a lot of retail activity in the markets lately, you know, so many different types of financial products that are out there as fintech firms target consumers. you wonder, to what degree he's getting involved in that as well. >> yeah, dee made a great point just about the marketing to the retail consumer, bloomberg had data out last week, guys, s

why is the fdic trying to monkey around with legitimate crypto bankers? >> first senator toomey does a great job every time he opens his mouth in relation to crypto and it's well thought out and he's willing to take a stance. kennedy: what does he get that others don't get? >> he understands that a lot of invasion is based on education and he himself is willing to educate his team and the people him to build these kind of statements. there's senators coming out with both a policy direction and a statement. so when we look at regulator. a regulator's job is not to invite. their job is to support and enforce -- kennedy: a preexisting system. >> correct. the an tis sis to it is regulation. the problem a banks as usual, the banks need the system to stay the way it is which is you give us, the banks, your money, and we'll do things with it. their business relies on that. when you take something that like a distalissed tool that -- de-centralized tool that takes the money and removes it. there's a problem. regulators are not sure how to support that system and

we will be joined by the fbi see vice chair -- fdic vice chair. the university of texas constitutional law professor will join us, talking about the search of mar-a-lago. stick around. ♪ >> history of pulitzer prices, very few winners have turned out these awards. one of those who did was a famous armenian american. his name, william. he turned out a pulitzer for time of your life in 1940. he was opposed in principle to awards in the arts and is quoted as saying such awards vitiate and embarrass art at its very source. a well-known poet in his on right has written about about his father and his relationship with them. we asked him to talk about has book last rites. on this episode of buck knotts plus, but that's plus is available on the c-span no app or wherever you get your podcasts. >> over the past few months, the january 6 committee held a series of hearings revealing the findings from its investigations. only, watch c-span as we look back at the eight hearings featuring never before seen evidence, depositions, and witness testimony on the u.s

the feds to raid the former president of florida's estate, and new reports on what exactly made the fdic's receipt from that raid, also expected to be released. it's "the faulker focus." i martha maccallum in for harris faulkner. yesterday, announcing that the doj set a motion to unseal the search warrant. that's the topline permission to go in. it's not a very thorough document, but there is good reasoning for going in and what they are looking for. release it. he could release it himself, but his attorney, they are so far saying they will go through this process with the courts. encouraging that he did not release the document, and you can really sit -- on his own, for the attorneys and everyone to coordinate this move. >> merrick garland, days long silence on this very large-scale raid. he revealed in that briefing yesterday at 3:00 that he personally approved a warrant but did not oversee the search. i'm guessing that he did not know the timing. house republicans held a news conference this morning. >> i'm hearing it from both sides of the aisle, worried about the weaponization, politi

in the case of voyager, they were led to believe the deposits were fdic insured. they were not.we enter the territory, they will get into the bankruptcy weeds and set new precedent. >> it has to be. mackenzie sigalos, thank you. >>> shares of pinterest are taking off despite missing on the top and bottom lines we dive in to the surge for pinterest and how it and some of the other stay at home plays are stacking up this season. keep it here "worldwide exchang ibae"s ck with pinterest shares up 19% right now. e your it syste so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solu

elizabeth: and fdic insured and that's an attraction for a lot of people. are you even -- yes, you're a fin tech but a bank as well. who do you look at as your rivals? is it the ally financials, singnies, the jp morgans or more of the other sort of up and coming companies? >> we are first and foremost a technology company. without technology, we offer nothing to the consumer and not manufacturing anything, we do not have branches. our platform is built on technology and without that, we can't reach our members. then on top of that, our business model is a financial service company. the name fintac is appropriate and monetize through traditional financial services methods. i would say there's not one direct personal that i'd compare us to. it's a combination for the companies that you mentioned. the market share we're taking is largely from big banks and large institutions, and we're focused on a younger demographic that's upscale. elizabeth: you know, the younger semi-graphic has student loans, wants student loans, payments. you saw a trench affair with you

i'm working with fdic. i'm working with irs, with postal inspection services, with everybody else.designed for me alone. plus, administrative remedies that sba can undertake to go after the lower dollar ones. for me with my 50 working agents, 64 total, is that we have to prioritize to get the biggest impact. in some instances that would encollude some small dollar ones but only if they're in part of a wider and broader fraud ring where everyone who got money within the ring is caught up in that net. other than that, we're -- >> understood. >> right. >> you have a tough job. you have a very tough and very important job. mr. ware, thank you so much for being here. i appreciate it. this has not gotten enough attention, so i'm glad you're here. >> thank you very much. >>> let's see what you're saying via social media. katherine, what do we have? while the program was needed, it was run badly from day one. hey, bobby tyson, the 87,000 -- and i realize through attrition the net/net is probably going to be less than that because a lot of irs agents are leaving, but can anyone dispute what

the feds to raid the former president of florida's estate, and new reports on what exactly made the fdic's

of the house intelligence committee, adam schiff, says he has not seen evidence that materials the fdic'srom donald comes home were properly declassified. everything taken was declassified or covered by executive and attorney-client privilege, trump says. adam schiff says the argument is absurd and he is asked u.s. intelligence to do a damage assessment of seized records. global news, 24 hours a day. on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: right then. still ahead, on watch for china's second quarter gdp due later this hour. the world's third-largest economy is forecast to return to pre-pandemic size. we will have more, but first the lockdowns in china are set to wait on earnings. we will expect the lingering effects of covid zero lockdowns on the health of the economy png's chief economist sarah hunter joins us next. this is bloomberg. ♪ shery: you are watching daybreak asia. here is a look at the week ahead. markets are watching for any clues in the july feds meeting minutes o