brian armstrongs on words, he said it's to improve scalability and usability of crypto.e wanted to get in on the builder energy, ed. i want to point out if you look at the initial tweet which is kind of the twitter handle which is known as hello world is how it starts. it's a very intimate term for the developer community here. let's see how much this starts to take off i think it's an interesting concept of krista c and exchange like this get close to the decentralized world. ed: it plans to not issue an native token. staying with us, caroline we are tracking a lot of stories today. caroline: it all revolves around the future regulation around crypto we have one person who is at the heart of that conversation. chris lehane i'm going to ask you to take it away with the first set of questions. >> i'm curious about the thoughts about the efforts to get into the decentralized world when they are facing so many questions really about the centralized world when it comes to u.s. regulators. what is and what isn't a security what kind of questions does this open up now that the

>> i was going to say how excited i am to talk to brian armstrong next week. it's going to be great to understand what's going on. >> i wonder if you tell him some of the twitter comments that we get that bitcoin is a ponzi scheme and it'sworth zero because it's not backed by anything he has a weird company if that's really true, isn't it? i mean it's based on a beanie baby or net rock do you still think it's possible the day comes when these things are worth zero >> for me, i think that's hard to believe. >> somewhere between 0 and 5,000 in. >> it could be more, it could be less i don't know. bitcoin has to have more it could be imbued with it could be worth more and be worth 5 cents and that would be fine for the whole system to work so i don't know. >> there are things -- i haven't finished it, but there are vol volumes, wait represents, what are the five fundamental things when you work doing one thing and somebody else works doing another thing. there's reasons why gold has stored value because it's scare. >> in the end it's all theoretical. >> it is, but

you have just a couple of days ago brian armstrong talk about how institutional interest is growing inpace even despite some of the crypto winter issues. but what happened since the sec brings down a stronger arm on the industry, do the traditional players get spooked? caroline: ticket back to why the sec is so vast about crypto is because of what happened with ftx. bring us up to speed with sam bankman-fried. >> what a day. we knew sam bankman-fried as well as his lawyers have been trying to get the name of the guarantors behind this record-setting bail package. but now we have the judge saying this does not apply to these particular instances because these guarantors decided to be involved in such a public case. these are two people that are very closely related to the parents of sam bankman-fried. this is barbara friede and joseph brinkman who are stanford law professors. larry kramer was a stanford law dean. if you take a look at the statement, he makes it very personal and has nothing to say about the legal matter, but his family has faced the harrowing battle of cancer he says an

brian armstrong did make the case this is a long term play, all about the crypto economy he says theng and we're in a despair phase. there was mixed reaction from analysts this morning. you had bank of america among those that were underwhelmed by the results saying there's nothing thesis changing in the print. others upbeat about the cost discipline operating expenses down 25%. and coin base expects earnings to improve in 2023 regardless of the crypto backdrop and markets. executives said trading fees are not compressing yet. that's the bear case for coin base new risks on the table coin base talked about a potential lawsuit with the s.e.c. carl, back to you. >> a quick reminder to check out more crypto coverage at cnbc.com/cryptoworld >>> still ahead more on the markets with a long-time bull, tom lee. why tom says a rally is still in the cards as it dips slightly. stay with us >>> i'm frank holland with your cnbc news update the city of awe claire, wisconsin is forecasting as much as 20 inches of snow as the national weather service describes itsz move across the country, 1,000 fli

coinbase ceo brian armstrong tweeting ahead of this he said, it would be a terrible path for the u.s.that was allowed to happen. he also said, if regulation by enforcement doesn't work -- or he said it doesn't work and encourages companies to operate offshore, which is what he says happened with ftx. i caught up with coinbases chief legal officer who said coinbase's offering is not a security he said the s.e.c. doesn't have jurisdiction he also says they tried to engage with the agency to no avail and that a lawsuit is on the table. he said, we're not eager to go to court, but we believe that the law does matter. if we're not able to resolve this -- these matters through an administrative process unfortunately, sometimes courts have to be involved. coinbase's staking business makes upabout 3% of its revenue. you can see shares down sharply this week, dee. >> just how difficult it is for them to diversify away from those trading fees kate rooney, thanks. >>> up next we're joined by the ceo of draftkings ahead of the super bowl, and then during february we're celebrating black heritage

it's something that coinbase has also talked about, the ceo of that company, brian armstrong yesterday tweeting about this issue and some of the rumors that the s.e.c. may be looking to end staking as it's called for u.s. retail investors. he tweeted saying that he hopes it's not the case. he believes it would be a terrible path for the u.s. if it was allowed to happen. this has been seenl as a big moneymaker for some of the crypto exchanges coinbase shares have been down for the last day or so, not necessarily after this news but taking a hit bitcoin has been down as well. you can see coinbase down here as well today. the latest action from the s.e.c. back to you, mike. >> interesting, seems like going after what they call unregulated securities is the path end for the regulators at this point thanks so much. >>> shares of solar tech company next tracker are jumping in their public debut today after pricing above their expected range. up next we'll talk to the ceo of another solar firm, sunnova about what that strong debut says about his industry. you're watching "closing bell" on cnb

of coinbase also getting slammed after ceo brian armstrong said rumors are floating around that the secto -- want to end staking for its u.s. retail customers. so i'm going to just pull up coin. coin's down about 14%. not a good session here. and earlier -- it opened at about $68, it's now at 59.66. >>> ftx founder sam bankman-fried in a new york courtroom just a few hours ago to discuss bail terms with the judge as the crypto exchange's collapse still casts a pall over the entire currency sector. kevin o'leary joins "the claman countdown" live in just minutes to react to today's events and tell us what he really thinks now about the one-time crypto wonder kind, sbf. you may be surprised what he says. closing bell, 23 minutes away. you must not miss our interview with kevin to leery, that's next. next. ♪ right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate tax calculations guaranteed. (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant des

i'm brian armstrong in the newsroom. lancashire police say a body has been found in the river wyre.ve been for nicola bulley, who from the area more than three weeks ago. police say they can't yet confirm if the body is that of the missing of two and they're working on formal identification . they're currently treating the dasani explained and say our family's been of the latest development . a cabinet minister development. a cabinet minister says boris johnson's intervention on the northern ireland protocol is not unhelpful . mr. ireland protocol is not unhelpful. mr. johnson's warning the that scrapping the bill would be a great comes a day after rishi sunak and the european commission president ursula von der leyen said they'd made good progress on fixing problems with the post—brexit trading arrangements . the trading arrangements. the protocol bill introduced mr. johnson gives the uk the to ignore eu rules. johnson gives the uk the to ignore eu rules . and leader of ignore eu rules. and leader of the house of commons penny mordant, believes that gives the government a stronger

su: brian armstrong, the ceo, is saying there strategy of being an all-weather crypto company is startingeans by that is he believes that coinbase is well-positioned for this type of environment, in other words, increased regulatory scrutiny. he believes regulation benefits the firm. they put controls in place in anticipation of going -- growing clarity in the crypto regulation space. look at the chart year to date. you have seen shares come back in a big way, in correlation with the return in bitcoin's value, up some 50% year to date. >> bloomberg's su keenan. coming up, we get more interviews from the goldman sachs global macro conference in hong kong, including jose manuel barroso. plus, coronado global resources joins us to talk through earnings. ♪ go. go brain. no, not that one. go this one. go optimizing data. go efficiency. go results. emerson's plantweb digital ecosystem is the brain for smarter, safer and more sustainable performance. go plant go. go boldly. emerson. the eagle has landed. that's one small sust step for man...nce. hey, what's up? uh... houston... we have a situati

we will talk about this because we have a interview with coinbase's ceo brian armstrong he will be here at 8:30 a.m. >>> and altria is in talks to buy a vaping start up njoy this is a wall street journal report that says this and the deal could be announced as soon as this week altria paid for a 35% stake in juul in 2015 before juul became embroiled in lawsuits with the federal regulators came close to filing for bankruptcy last year altria now values juul at $714 million. n njoy obtained clearance to sell in the u.s have you ever spmoked? >> no. >> no. >> i smoked. when i was much younger. >> every day smoker? >> yeah. like when i was 23 and a stockbroker. marlboro reds. a lot of people switched to marlboro lights, obviously they were $3 a pack. you know what it costs in new york city, sorkin? >> more. >> $15 for a pack. if you watch anything 10 years old, a movie or series, people still act like -- oh, dude i got to have a cigarette. normal people. lawyers. it is not like that. i see someone smoking now and i wonder what you're thinking. >> did you not get the memo? >> right are you w

of police chief leronne armstrong are calling for him to be reinstated, but the oakland mayor says this is a personnel matter as he has been placed on administrative leave. brian curry with supporters who are demanding the federal oversight monitor step down. >> i say today, reinstate armstrong. can we say that? >> gathering police headquarters, leaders and supporters of leronne armstrong are calling on the oakland mayor to reinstate him as police chief. >> you cannot get us to believe that somebody working this hard to keep their job does not love what they do. ryan: armstrong has been on administrative leave since january 19 following a report from oakland's oversight monitor citing possible misconduct. the mayor stood by her position to put armstrong on leave. >> it is an ongoing investigation. we take the allegations very seriously. it is a personnel matter and we will leave it at that. ryan: armstrong's legal team sent a letter to the mayor asking for reinstatement. both armstrong and his supporters say the parshaw. >>is tenre that we come out of monitor ship. every time we are about to come out, there is always something. ryan: we reached out to him and

brian mcfadden said , who wishes all of mcfadden said, who wishes all of that off your latest news headunes. that off your latest news headlines . it's 433 i'm aaron headlines. it's 433 i'm aaron armstrongnews. liz truss has admitted she blameless in what happened her time as prime minister but has criticised the lack of political support colleagues. writing in the sunday telegraph in her first major comments since leaving number 10, ms. truss claims she wasn't given a realistic chance to act on her policies . but she said she policies. but she said she stands by her low taxes agenda, calling it a break from leftwards within the party. truss resigned after just 14, nine days following economic turmoil caused by her mini budget. earlier gb news, the business secretary grant shapps defended the government's economic plan. think that liz's instincts are very conservative instincts are very conservative in the sense we want to see taxes go lowered over period of time. but i think everyone recognises we've been through, you know, hell with coronavirus which added what , £400 billion which added what, £400 billion at least of expenditure . we then at least of expenditure. we then had a war in