bloomberg tv. ed: we are going to talk about the state of crypto regulation ahead of gensler's appearance. is bloomberg technology. ♪ ed: sec chair gary gensler appearing before the house financial services committee tomorrow to testify against regulation to the crypto area. sonali: the reality of the situation is the sec has a lot on its agenda and crypto being a part of it. lawmakers facing a potential government shutdown. a lot going on. how do you win the attention over for the needs in the crypto industry when there are so many directions? >> thank you for having me. it is a pivotal toll -- pivotal moment. we are bringing the faces and voices and americans who own and care about crypto coming to washington for the first ever stand the crypto day tomorrow. we have 50 companies representing thousands and thousands of jobs across the united states and they are coming to meet with their members of congress to talk about why they care about crypto policy and that is historic and it just so happens it is on the same day chairman gensler is testifying. sonali: what does this mean for the con

welcome to bloomberg crypto.up, sec chair tells the senate that crypto is ripe with fraud and misconduct. he says claims that u.s. lacks rules for

kailey: from our studios in washington, d.c., welcome to bloomberg -- two bloomberg crypto. sentiment growing more positive amid a declining crypto trading volumes according to k33 research. kailey: reg

crypto. this is bloomberg "wall street week", i am david westin. summers of harvard on the more jobs numbers out on the eve of of labor day. larry: i think the road to a

we will have more out of the crypto space from the event in singapore. this is bloomberg open, they could be active after their latest iphone and watches launch. tencent also only focus after it secured the rights to the mobile edition of the bandai protocol. asian suppliers of airplane technology could fall after boeing delivery -- delivers a drop for the second time this month. haidi: our markets coverage continues as we look ahead to the start of trading in hong kong, shanghai and shenzhen. a muted trading session. bloomberg markets china open his next. this is bloomberg. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. (announcer) enough with the calorie counting, styles and textures. carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make wei

crypto industry is rife with fraud and abuse. or highlights from his testimony in just a moment. this is bloombergt is inconsistent with decades of legal and commissioned regarding conflict of interest including the commission's own. alix: sec chair gary gensler testifying this hour saying the crypto industry is rife with fraud and abuse. kailey leinz is outside the hearing room. what have we learned so far? kailey: some of this is stuff we have heard repeatedly from chairman gensler including the line about being rife with fraud and abuse and said he couldn't talk about any ongoing litigation processes. he has been dealt some poor hands in court lately. i spoke with the chair of the committee and he was asked that the sec should be regular in crypto differently and he said some judges are hand picked. and there are some who will say the sec is overreaching doing these things but he is broadly defensive of chairman gensler and his leadership of the agency. it has been divided on partisan lines, democrats are supportive of what gensler is been doing and are in some cases pushing him to do more on t

bloomberg markets, i'm matt miller. breaking news on crack income of the crypto exchange lands to offer trading in west listed stocks andexchange traded funds, marking the 12-year-old company's first foray outside its cryptocurrency roots. an interesting story i thought we should bring to you. we will continue to bring in details as they come across the wire. in a few minutes the owner of facebook is unveiling its latest products and software updates, let's turn to mark gurman in l.a. to find out what we should be watching for and how long they will test how well they compete with apple. the product from facebook is going to cost 1/7 that of the competitive apple product. are they in the same market? >> they are in the same market if -- but not the same league. they're both in the mixed reality, the x are market. meda is repositioning their foray into headsets from the metaverse, from devices where they thought you would communicate with people or video chat with people virtually. they are transitioning to more of a productivity and gaming device, something more of a computer replacement using mixed reality, which is wh

crypto pioneer chris larson. we will talk more on that next. this is bloombergout going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire university has changed my life. and it can change yours too. ♪ - [announcer] visit snhu.edu. alix: it is 23 past 7:00 on the west coast. silicon valley starts its morning. it joining us is ed ludlow. san francisco was supposed to be where the crypto world blossomed. you spoke with cofounder of ripple, chris larson. that is not how things panned out. ed: the conversation was supposed to be about how he fixed it but we changed to lamenting how the regulators killed the industry in the city and it lost his title as a blockchain capital of the world. he had sharp words for gary gensler the chair of the sec this is what he said. chris: gensler's decision in gauging this by en

but the collapse of sam bankman-fried's ftx sent waves are the crypto market it is in time for a new book called number go up. bloomberg'sorter zeke faux goes down a rabbit hole to learn about digital tokens. in my fare in saying you came back underwhelmed by the whole situation? it felt as though it was funny, absurd, but at time shopping. remind us how it began. zeke: i started out fomo. i saw my friends getting big scores on two point. i thought the whole thing was annoying -- on dodgecoin. i got sucked in and decided to investigate and i found myself on a crazy adventure. two years later i was in cambodia investigating crypto fueled human trafficking and i was at sam bankman-fried's penthouse in the bahamas just before the cop showed up. even though i resisted i am glad i went down the crypto rabbit hole. caroline: i imagine when you start to describe writings around human trafficking those are the moments you need but do not want. what was the dark underbelly of what was happening? zeke: you hear things that crypto might be used for money laundering or other illicit purposes stop i found their whole office parks in

crypto, digital assets. there is some fundraising going on. his firm just raised $580 million. we will get into it. this is "bloomberg technology." ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com we can barely keep in stock. blendjet 2 gives you ice-crushing, big blender power on-the-go. so you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are! recharge quickly with any usb port. best of all, it even cleans itself! just blend water with a drop of soap. what are you waiting for? order yours now from blendjet.com before they sell out again! caroline: the chinese been tech was planning to unwind its investment pulling back from the fund on digital assets. it seems unclear if the venture firm will continue to operate for will snag a new key investor. bucking that trend and the concerns around crypto, we have someone who has raised new funds . pleased to welco

bloomberg. ♪ vonnie: let's get you the latest corporate stories we are tracking. former ftx executive has pleaded guilty to criminal charges stemming from the collapse of the cryptoexchange. he admitted to one campaign-finance violation and one charge of operating an illegal money transmitting business. he also agreed to surrender $1.55 billion in assets. he was the co-chief executive of the ftx bahamas subsidiary before they imploded last november. disney has narrowed its federal lawsuit against florida governor ron desantis and his political allies. the lawsuit now focuses only on the first amendment claim the company was subject to retaliation for criticizing the republican's policies. the company dropped claims to santos and his allies reached -- breached disney's -- and violated due process. coming up, chinese president xi jinping will be noticeably and -- absent at g20 as other world leaders prepare to make their way to new delhi. former u.s. ambassador joins us next. this is bloomberg. ♪ so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a ko

crypto. talk about the application right now and more broadly where we are seeing fintech firms finding some concerns around wanting to become banks. discuss the figure cofounder mike cagney this is bloomberg.. ♪ sweat isn't sweet. it's salty. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. caroline: we wait with baited breath for potential statement to from the white house. president biden speaking about the strike action inc. underway -- underway. uaw voted to strike at midnight after negotiations force stellantis, general motors, ford all filtering. -- all fell through. >> we are ready for this as we dealt with covid and semiconductor storage and other supply chain challenges that have continued to persist from covid. our team knows not how to manage the situations -- knows how to manage these situations. caroline: president biden is addressing the nation. pres. biden: the past decade auto companies have seen record profits, including the last few years because of extraordinary skill and sacrifice uaw workers. those record profits have not been shared fairly in my view with those workers. just as the treasury department is released a repor

bloomberg. ♪ vonnie: former ftx executive ryan salem has pleaded guilty to criminal charges stemming to the collapse of the cryptoy exchange. su keenan has the details. he is the fourth ceo of sam bankman-fried's inner circle to plead guilty. su: he was hired in 2019, based out of the bahamas unit and he had bought a private jet and opened a restaurant and had a fancy car during his job there. he was the co-ceo of the ftx bahamas subsidiary and was in federal court dressed in a suit and bitcoin socks. he admitted in court to making $24 million to support republican candidates. he said he knew it was prohibited by law to make contributions in his name that money that was not his own. he also added that the funds were categorized as loans and he never intended to pay them back. in terms of the plea, it was one count of account finance violation, another of operating in illegal money transmitting service. he agreed to surrender more than $1.5 billion in assets. there was a lot of focus on whether this latest member of the inner circle might agreed to testify against sam bankman-fried, it appears that is not part of