emilie: coinbase is built on a very big foundation of security with the things brian armstrong built on, so the way we have built infrastructure in the way we add assets, launch features, launch products is predicated on this foundation of security, and sometimes slows us down, but in a good way. there will be hacks. there are hacks and the current financial system. our responsibility a coinbase is to make sure we are doing as much as we can to protect consumers on our platform. when other things happen off of our platform, we cannot necessarily control them, but we can learn how to better protect against hackers. emily: looking at centralized and decentralized finance, which is bigger in the future? emilie: it is interesting because the whole foundation was built on centralized finance, then our founder and ceo brian armstrong recently wrote opposed about how much of the future will be from decentralized financial applications. we don't know how long that will take. we did not know when the app store was launched how long it would take for a robust ecosystem happen. when the interne

brian armstrong had a tweet storm describing in saying 1099s are good, but other companies shouldn't information to the irs saying it's choking and stifle innovation the argument fortunate kripo industry back to libra >> look at what happened to libra and then someone was making the analogy yesterday on the world economic forum panel talking about defy and one of the panelists said the internet, said if it was too regulated early on it wouldn't have developed but on the flipside of that, regulating later when the industries have become so large is also really difficult proposition >> absolutely. the libra example they clamped down and it's all about semantics. we were talking with a senator supporting the amendment and she said the rest of the senate doesn't necessarily understand the industry let alone what a word like broker would mean. it's so subtle and there are a couple of senators paycheck the way as crypto friendly and states going that direction >> that's the challenge, wide range of levels of understanding. thanks for being with us >> absolutely. >>> "techche" llckwi go to

we will hear from the ceo brian armstrong.o not miss the cfo alesia haas tomorrow morning on "squawk bo box. the business is inherently unpredictable, so it makes it hard to forecast for some of the an lifrlts. >> seems like a problem there. >> that's good and that's bad. >> here is the interesting irony about this whole situation the centralized platform, that's a great on ramp to trade decentralized crypto assets is seeing competition from ethereum which is gaining market share because of decentralized finance. we know they are doing a lot of volume we are talking about that when this company went public through a direct listing it's going to be very hard to predict, especially if we see some of the other protocols take off. coinbase is hard to justify a $56 billion market cap that it has right now. here is the other thing, we know this, this is a big part, is that the fee compression is going to happen. you see all this volume go off to decentralized exchanges, so that's the other thing. >> you say basically that this centr

. >> that was the industry's main complaint, with everyone from jack dorsey to elon musk to brian armstrong of coinbase, accusing the government of picking crypto winners and losers still, it would take unanimous consent in the senate to make the change this late in the game eamon, it's not entirely clear despite this agreement, if the new language will actually make it into the final version of the bill. >> ylan, what are the chances there? do you think we'll see some language change here in the next couple of hours? people have been watching this all through the weekend, watching that definition of who has to file these 1099 forms in terms of crypto. you think we'll see a change at the last minute or do you think things will be pretty much locked down? >> i think it's going to be a nail-biter, eamon. we're expecting something to happen on the floor of the senate around 3:30 this afternoon. keep your eyes there for any more developments, but because you need 100 senators or 99 in this case because one senator is in quarantine, to agree to this in order for it to happen, that's a very high

but maybe there's a bit of fomo here and brian armstrong wants to engage in all of that upside and allmes along with currencies like dogecoin you have to wonder, though, that its competitors like a falcon x and a binance they're starting to get more in the regulatory line and compliancn as a streng. we'll see how this shapes up >> mike santoli, what's the read these days from crypto back to the traditional markets, things like gold, inflation where does it fit in your dashboard? >> it is interesting because it doesn't really seem to track with day-to-daymacro type inputs or even necessarily act in concert with inflationary expectations it to me is a risk asset, and it behaves largely like a risk asset. it traded very closely with some of the more speculative parts of the market i'm on board with the idea that it's electronic gold, digital gold but gold also, by the way, was always a little bit of a side sort of orphaned asset class for 100 years after you were able to trade it i don't think that means it gets to the core of the markets if in fact you think that's what it is >> yeah, we

we've had jack dorsey, elon musk, brian armstrong, ceos in the crypto space, people who are advocatesthere's a consensus about. even all of them, all of the folks that you just talked about, which is that we need to have proper informational reporting for cryptocurrency just as you would for an investment in stocks, bonds, other financial instruments. a broker for cryptocurrency should provide individuals a 1099 to be able to know what their basis is in many cases to know what the gross proceeds are this is great for everyday cryptocurrency holders because right now as you know you have to figure out your own basis option although some brokers provide it, some don't it's standardizing the process i think if there's a consensus about that across all party lines and certainly in the cryptocurrency community, the question is how do you do that without bringing other people into that reporting requirement in addition to brokers i think that's a very serious issue and we must address it treasury and the joint committee on taxation believe that the legislation as it's written handles that p

armstrong. ♪ miles davis. charlie parker. ♪ meeting the young mick jagger, keith richards, brian jones in a bar in london when he was 21. >> they came and sat in. it was a blues band. and they came and sat in. a little while went by. then they just asked me to join. >> reporter: the mid-'60s filled with screaming girls, wild outfits, and the stones' signature sound with hits like -- ♪ i can't get no satisfaction ♪ >> reporter: "i can't get no satisfaction" and "paint it black." ♪ i see a line of cars and they're all painted black ♪ >> reporter: watts' drumming was at the foundation of those genre-crossing hits. ♪ the phone is ringing i say hi it's me ♪ >> charlie had been playing since he was 14 years old. he could dig professionally as a jazz musician. he was a notch above not just anybody else in the stones early on, but most people out there doing this. he could push music along, he could drag it back, he could slow it down, he could speed it up. he followed them as he was leading them. that's extraordinarily complicated. >> reporter: he was especially known for his musical partnership with front man keith richards. >>

brian sullivan has more on that. hi, bri. >> yeah. frank referenced it. good morning, becky, as well by the way, there's some music to louie armstrong used to work in that building an anyway, 2.3 million barrels a day of refining offline. that's about 13, 14% of u.s. capacity also 1.7 million barrels a day of oil production offline. most of that, of course, coming from the gulf of mexico, offshore, 288 rigs do remain evacuated. workers could begin to trickle back out soon to assess damage and try to restart those all right. refinery begins to restart to joe's point, and frank, it's hard to know couple of problems to restarting a refinery one, you need people to do it. there are reports that people simply can't get to the refineries because the roads are flooded, closed, trees down, whatever it might be number two, still no power in many areas some refinishries have massive backup generators. we'll see if that gets them going before the overall power rirns. it takes a lot of power to, well, create power one refinery owned by phillips 66 south of louisiana took in a bunch of water after a levee failed that one certainly could be a while before it comes back online