combine that with what gary gensler said that changes at ethereum.hey're changing their business model of the block chain from something that resembles -- used to be just like -- liz: proof of work. less expensive. less energy intensive. >> but it centralizes stuff more and that is one of the sort of tests that you give when you think something could be a security that the enterprises centralized like a company that issues stock. it should be registered if you issue something and it centralizes something he said. put those two things together and there's a lot of worried people in the crypto space right now that gary gensler is going after ethereum next after ripple. we're reading tea leaves a bit here. you have to look at this case here that came out e cently against a trip toe -- recently against a crypto influencer that he was doing fraudulent stuff on various platforms including ethereum and take that in isolation and go out and look at what gary gensler said about proof of state versus proof of work and business over at ethereum and on their bla

other thing i want to talk about, senate finance committee, senate banking committee hearing, gary genslerec chair. he will likely get grilled on esg and environmental mandates the sec is handing to companies but also crypto. there will be a lot of questions. is he stepping, opening your mouth what is the matter. liz: i have the tmj thing. >> i thought you were yawning. >> i thought i was off-camera, thank you, charlie, pointing out my tmj exercise. >> i thought you were yawning at my report, it was so boring. come on. i got feelings too. i have feelings. in any event -- liz: we're tensing up. >> against letter tomorrow, he will grilled whether going to far in the whole crypto regulation. republicans will go after him on that from what i understand. >> charlie, thank you, that is not yawning. >> no. liz: minute ago we were all in the green. just a second ago, dow, nasdaq, s&p were in the green. >> market is so boring. >> the market is. the dow back down five points. nasdaq better by 75. okay, joining us now, er shares coo, chief investment strategist eva ottos who manages 500 million, half

securities and exchange commission, gary gensler, testified on ways to protect families saving for the future. he also talks about the risks of cryptocurrencies. the hearing before the senate banking committee is just over two hours. [indistinct chatter] [indistinct chatter] >> the senate committee will come to order. today's hearing, as usual, it is in the hybrid format. witnesses are in person. the witness, mr. gensler, nice to see you. our witnesses are -- members have the option to appear in person or virtually. welcome back, chair gensler, to this committee. workers and their families do not measure the economy by the stock market. neither should we. it is why in the senate and in the new biden administration, we work to create an economy that delivers results for people who get their incomes from a paycheck, not an investment portfolio, raising wages and good paying jobs and lowering costs means fighting the corporate price gouging that so often hurts consumers and the unfair labor practices that so often hurt workers. that means investing in the future of american manufacturers

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> coming up today on c-span, gary gensler president's ability to change procedures within the federal workforce. on c-span2 the senate is back at 10 a.m. eastern to vote on judicial and executive nominations including david pekoske to serve another five years as head of the transportation security administration. at 2 p.m. on c-span3 officials from the veterans health administration testify about access to health care for women veterans. everything also streams live on the c-span now video app which is free to download on your mobile device. >> c-span is your unfiltered view of government. we are funded by these television companies and more including buckeye broadband. ♪ ♪ ♪ ♪ ♪ >> buckeye broadband supports c-span is a public service along with these other television providers giving you a front-row seat to democracy. >> cspanchat.org is c-span's online store. browse through our latest collection of c-span products, apparel, books, home decor and accessories. there's something for every c-span fan and every purchase helps s

emily: what do you think about gary gensler and how he is approaching it?ie: they are very confused because they get told come in and register, talk to us. you have the one company that is in the ultimate act of going in and registering. there was a lot of saber rattling going on i think. i do not want to single out the fcc. i do not want to suggest anything that they are doing is bad. i think right now there was a lot of confusion, and one of the pieces of confusion stems from the fact -- and it started with the ico, maybe us back in 2016, 2017. where the fcc was very loud about securities. the space has changed. to still view it through the ico lense i think is a mistake. emily: what do you have to say to the skeptics out there? and do not see where this is going? katie: do not judge the current state of innovation. i am friends with a lot of these skeptics. i do not want to only live in a crypto bubble. when am i going to use it, what will i use it for? one of the things is not appreciated is how quickly the infrastructure is catching up, and once you ha

you senator toomey and today we will hear from the securities and exchange commission chaired gary gensler. it's his annual trip here and he often does that more and we thank them for that. shared itzler you're particularly welcome because we have a very good well above average turnout today so enjoy that. thank you for joining us shared gensler. >> chair brown ranking member to me and members of the committee and honored to appear before you today. i want to start by thanking you this committee and all of congress for two new commissioners who worked up here on the hill and on the other side of capitol for 32 years, terrific commissioners in its welcome we have a full -- i want to say i'm speaking for myself and i don't speak on behalf of a fellow commissioners were staff in this hearing. i'd like to start a discussing two key years in policy making a while back. 1933 and 1934 when chair fletcher sat in the seat and chair brown if i recall but it was in the middle of the great depression in president roosevelt addressed a number of landmark reforms reforms in one of them congress panettie

joe gary gensler says inspectors are about to fly to hong kong to audit chinese businesses listed inoid 200 firms being delisted from u.s. markets. the possible removal stems from beijing's long-standing refusal to let u.s. watchdog tech documents of companies based in china and hong kong. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: coming up next, china's credit market showing signs of discovery -- signs of recovery after months of distress. more next. this is bloomberg. ♪ ♪ shery: look at how equities are trading across asia. the nikkei at a one-week low-end continuing decline as we see a little strength of the japanese yen the kospi continues to lose ground alongside the korean yuan which is close to the 14 hundred level despite the jobless rate out of south korea really coming in at the lowest level on record at 2.5%. the asx 200 led lower now by energy and materials and industrial companies. and at least stocks are losing .1%. haidi: ch

securities and exchange commission, gary gensler, testified on ways to protect families saving for the future. he also talks about the risks of cryptocurrencies. the hearing before the senate banking committee is just over two hours. [inaudible] >> witnesses are in person. mr. gensler, nice to see you. members have the option to appear in person or virtually. >> welcome back, chair gensler, to this committee. workers and their families do not measure the economy by the stock market. neither should we. it is why in the senate and in the new biden administration we work to create an economy that delivers results for people who get their incomes from a paycheck, not an investment portfolio, raising wages and good paying jobs and lowering costs means fighting the corporate price gouging that so often hurts consumers and the unfair labor practices that so often hurt workers. that means investing in the future of american manufacturers and the workers and farmers who drive it. it means making sure our financial watchdogs keep our economy and our markets stable. at the fcc, that includes goin

security and exchange commission chief gary gensler saying inspectors are about to fly to hong kong to review audit papers of chinese businesses listed in new york. it is a first step to avoid some 200 companies being delisted from u.s. markets. the possible removal stemming from beijing's long-standing refusal to let u.s. watchdogs check ordered documents of firms based in china and hong kong. and that is a look at your first word headlines. david: just ahead, we look at the outlook for energy and the energy sector. europe's gas renaissance will be hitting china's gas terminal. yvonne: first, vladimir putin and xi jinping owe their first meeting since moscow's invasion of ukraine. details, next. this is bloomberg. ♪ yvonne: here is how chinese markets are doing. a modest boost i guess we are getting from the day that we just got, better across the board. retail sales, industrial production, fixed assets. maybe some signs that this rebound as some legs. maybe that power crunch may not be as bad as feared. rishaad: let's have a look at the geopolitical side of things. having a look at t

gary gensler, he makes so many encouraging statements and other nations around the world have prohibited the practice and hedge funds, they don't yield as much power in the other countries so that also is not going to happen according to bloomburg. couple of things we rooted for to level the playing field and hasn't happened just yet, maybe one day. liz claman, over to you. >> you're looking at the fall of the market and after the bell they released a dismal warning? that was a week ago that sent the markets into a selling frenzy. fedex dropping 21% that day, worst day ever for the stock but this is strange. for the chipping giant just released first quarter earnings moments ago and scheduled to release after the bell. maybe this is some type of unexpected release here. look at pop intraday. what's going on? fedex quarterly revenue rose 5.5% to $23.2 billion, adjusted eps came in at $3.44 per share. that's in line with last week's preannouncement. but the one week picture is still horrifying obviously but we're going to try and figure out exactly was it a fat fingered trade or release? s

gary gensler the sec chair. re to bet, he wants to be treasury secretary and brian diez is likely to leave as well and head of the economic council and gensler can flick in if he wants a economic policy related roll inside the administration and diez is leaving as well and probably more shakeups and getting into the treasury secretary and huge staffs. it becomes a different economic ball game, and i think -- now, what does this mean for policy? i don't know. i mean, you know, biden has always run on being a centrist democrat and it's moving so far left with the picks and unclear if the treasury secretary has much of a role and unclear how big of a role brian diez had and advocate of esg and when at blackrock. that was his main roll at blackrock to push esg. it's unclear if this will mean policy changes, but it's definitely happening, people take the fall all the time when the economy turns bad and it's probably going to happen after the midterms. if i was to bet, i'd say in the new year but, you know, anything's

chair gary gensler among loudest critics asking for more disclosure and skeptical of potential conflictsomplained of power potentially concentrated among select marketmakers. the other side, advocates argue getting the best price, retailers, and why brokerage firms can offer for free and if pfof were banned, back to old days paying for trades robinhood really pioneered that free trading model and executives twl told me they didn't expect a total ban. if it came to that looking at other sources of revenue for context, guys, pfof made up about 68% of robinhood's total revenue in the last quarter. >> robinhood stock trading around $10 a share thank you. >>> robinhood ceo vlad tenev joins "squawk on the street" tomorrow morning a lot to talk about there, 9:00 a.m. don't pomiss it. >> where markets stand there we go. bring up the screen. industrials flat s&p 500 off half a percent but nasdaq is the problem child here as it has been for so many days. >> subsector within the nasdaq chip stocks, semiconductor names continued to be under pressure ceo of qualcomm talking about software economic he

gary gensler, he makes so many encouraging statements and other nations around the world have prohibiteding to bloomburg. couple of things we rooted for to level the playing field and hasn't happened just yet, maybe one day. liz claman, over to you. >> you're looking at the fall of the market and after the bell they released a dismal warning? that was a week ago that sent the markets into a selling frenzy. fedex dropping 21% that day, worst day ever for the stock but this is strange. for the chipping giant just released first quarter earnings moments ago and scheduled to release after the bell. maybe this is some typ

is the securities and exchange commission chief gary gensler going on a hiring spree ahead of the mid-termst? charlie gasparino breaks it next plus, a wrap up of the trading week as the bears dig in their clues ahead of next week's federal reserve meeting. closing bell we're about 14 minutes away. dow is down 152. all right we're continuing to try and scratch our way back to the flatline. with my hectic life you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ that was quick. and rewarding. i earn 3% cash back at drugstores with chase freedom unlimited. that means i earn on my bug spray and my sunscreen. you ready to go fishing? i

charles: what do you make of the sec, gary. genslerif cryptocurrencies are securities. explain to people, what does that mean, the howie test? >> sure. the howie test determines what qualifies as an investment contract, and if it is an investment contract, it would be subject to u.s. securities laws. so an investment contract is this: if there's investment of money in a common enterprise within a reasonable expectation of profits to be dearrived from the efforts of others -- derived. so it appears today that the sec is taking the view that almost everything outside of bitcoin may fall within sec jurisdictional control. and that these digital assets meet testify in addition of the howie test. and when we look at this, it's applying a rule from 1946 to an emerging technology of today's time it's really not a fair application, and the sec is looking at differently. and the i have today is really asking for clarity on what is a security and what is not. so we can have companies that'll build in the united states -- charles: right. >> -- an

securities and exchange commission, gary gensler, testified on ways to protect families saving for the future. he also talks about the risks of cryptocurrencies.

securities and exchange commission, gary gensler, testified on ways to protect families saving for the future. he also talks about the risks of cryptocurrencies. the hearing before the senate banking committee is just over two hours.

gary gensler was making a point, again says the s.e.c. has a lot of jurisdiction here he's saying most crypt ooh tokens are securities, they come under the s.e.c. lending platforms, you come in and register, some stablecoins, maybe securities, this is going to be met with a lot of host hostility. they don't want gentzler gensler is, again, making a big place it's the s.e.c. that could play a major part. >> interesting to see that needing moving forward. >>> when we come back, roger ferguson with some reaction to chair powell's remarks as we go to break, how treasuries are faring today. i get the act you could argue largely viewing the powell appearance as somewhat incremental. you do have some movement in treasuries, oil reversed higher, the s&p holding. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your driv

today we'll hear from securities and exchange commission chair gary gensler. this is his annual trip here but he sometimes does that more often and we thank him for that. and chair gensler, you're particularly welcomed because this will be -- we have a very good well-above-average turnout today. enjoy that. but thank you for joining us, chair gensler. mr. gensler: chair brown, ranking member toomey and members of the committee, i am honored to appear before you today. thank you for confirming our two new commissioners, mark uyeda who worked up here on the hill and jaime lizÁrraga. terrific commissioners. it's welcomed we have a full complement. as is customary, i will say i'm speaking for myself. i don't speak on behalf of the fellow commissioners or the staff in this hearing. i'd like to start by discussing two key years in policymaking, 1933, 1934. i think it's when chair fletcher sat in this seat, chair brown, if i recall my history right. it was the middle of the great depression. president roosevelt and congress addressed this crisis through a number of la

interesting enough, you've been here more than gary gensler has. i wish we would pay as much attention to the actual regulators, the folks, by the way, who we have constitutional duty to have oversight of, then those who the regulators are supposed to regulate. mr. dimon and miss fraser, i want to give you a brief moment. do you comply with u.s. and international sanctions? i think that is the implication earlier, when you are interrupted. >> absolutely. >> absolutely. >> those are u.s. and international sanctions, got it. last time those of you who are returned members and return players, you will remember i asked everybody what their one issue was that they thought was going to be the biggest barrier. on mr. moynihan, you said the economy. fraser, you touched on cybersecurity. mr. scharf, you touched on cyber as well. mr. dimon, you talked about public policy. i'd like to give you a moment to clarify that. this is multifaceted, the various elements to that. but if you could just lend a little color to that, i'd appreciate it. >> pleasure. public

gary gensler, you are particularly welcome because we have a very good well above average turnout today. enjoy that. thank you for joining us. >> chair brown, ranking member toomey, and members of the committee, i'm honored to appear here before you today. i want to start by thanking you, this committee and all of congress, for confirming our two new commissioners, and [inaudible] terrific commissioners. it's welcome that we have a full complement. i want to say that i am speaking on myself. i don't speak on behalf of the new commissioners in this hearing. i would like to start by discussing two key years in policy making awhile back. 1933, 1934, i think that is when chair fletcher sat in the seat, chair brown, if i recall my history right. it was in the middle of the great depression. president roosevelt and congress addressed the crisis through a number of landmark reforms. among them, congress and fdr came together to craft the first two federal securities laws. in 1933, president roosevelt also suspended the use of the gold standard. in other words, in those two critical years, one

gary gensler is trying to get rid of payment for order flow. the air by professors really showed in stark relief be pending on which firm you use and your trade is processed and who is processing it, the execution is all over the place. the execution is real in results. robinhood came out in the middle of the pack. >> we did. >> interestingly citadel which processes most of your trades. >> i would not say most. we have -- >> we long thought that robinhood and citadel were together >> they do process our trades. some of our trades we have, you know, a wheel of people that are processing as well. >> citadel has been criticized over and over again as somehow being a terrible processor it happens to be the best process oror and being the bestn the exchange which is fascinating. >> we have the obligation to deliver the best execution we measure that. >> what did you make of that st study? everybody says they have the best execution clearly the distinction of trading on td and fidelity it was so different, so different and everybody saying we have an

boeing will pay $200 million muilenburg will pay $1 million the chair of the s.e.c., gary gensler said they misled investors about the safety of the max despite knowing about serious safety concerns. 346 people died in two 737 max crashes in 2018 and 2019 boeing paid $2.5 billion already to settle the doj criminal investigation into the 737 max look at the shares of boeing you have to remember we are going all the way back to 2018 with this chart to show you the impact that the max crashes and investigation and everything that happened. it was grounded for 20 months, guys it wasn't until 2020, late in 2020, that it was lifted the grounding was lifted by the faa and most other agencies around the world boeing, we reached out to them, says we do not admit nor deny the allegations from the s.e.c we made changes since the max crashes with the safety of the aircraft the company believes it has been moving forward since this investigation first started back in 2018. guys, back to you. >> phil, we can look at boeing stock and see what's happened to it over time the other question is what happ

interesting enough, you've been here more than gary gensler has. i wish we would pay as much attention to the actual regulators, the folks, by the way, who we have constitutional duty to have oversight of, then those who the regulators are supposed to regulate. mr. dimon and miss fraser, i want to give you a brief moment. do you comply with u.s. and international sanctions? i think that is the implication earlier, when you are interrupted. >> absolutely. >> absolutely. >> those are u.s. and international sanctions, got it. last time those of you who are returned members and return players, you will remember i asked everybody what their one issue was that they thought was going to be the biggest barrier. on mr. moynihan, you said the economy. fraser, you touched on cybersecurity. mr. scharf, you touched on cyber as well. mr. dimon, you talked about public policy. i'd like to give you a moment to clarify that. this is multifaceted, the various elements to that. but if you could just lend a little color to that, i'd appreciate it. >> pleasure. public