there's already a regime for regulated derivatives under the cftc and crypto derivatives included ing in this space is no different from the existing regime. >> does it lead then -- could it lead then to more regulation of the trading of cryptocurrencies themselves as opposed to the regulated trading of derivatives of cryptocurrency i guess is really cutting to the number of the question there. >> sure. so it's an interesting question abouthow will spot cryptocurrencies be regulated in the future right now there is no existing regime specifically for spot cryptocurrencies there's no similar framework for regulating crypto exchanges the way there are for equities exchanges or options exchanges so it will be interesting to see where we head in the future with the s.e.c., the cftc some split jurisdiction between them in terms of coming up with an actual framework for cryptocurrencies and how that might relate to the existing derivatives regimes, things like crypto futures. >> so i was surprised to learn, maybe i shouldn't be, maybe it's my innocence and naivete, that the vast volume of

there's going to be a battle over who has jurisdiction between the cftc, the treasury department andind. i did speak with hester peirce a little bit about that, and we're going to get into that. but another agency might be getting into the fray. at least, sources are telling the fox business network that the consumer financial protection board, the cfpb -- you've heard of them, right? they're a banking regulator that was created at the behest of elizabeth warren, the powerful progressive senator from massachusetts following the financial crisis. they were somewhat laid back during the trump years, but they could get active again, and they could get really active in crypto. we understand they are weighing when they have the direct regulatory authority to get into crypto. they've been talking about -- they've been receiving a lot of complaints from consumers about the ripoffs in crypto. the american banker did a story last week that highlighted the complaints to the cfpb and showed there was a significant number of crypto complaints in there about potential ripoffs. but from what i und

and then the cftc also has fraud authority over the crypto market. so there is a lot of regulation in place today. where we agree is that this sort of patchwork of regulation, where you have some state, for some federal, it does not really make sense for cryptocurrency markets to be shoehorned into this, and we think having a fresh look at how to property -- properly regulate this in a more uniform way is definitely a conversation that the industry has. we have a lot of ideas as to how to do that. but by doing this on the tech side, kind of pushing this provision through, it just is not make sense. i putting these requirements on entities that do not have the information. that does not make any sense. that is going to stifle the innovation happening in this space because software developers will not want to live here and work on these networks. investors will not want to invest in mining capabilities here. so we are really hopeful that as we go to the house, there will be an opportunity to change this language before the will gets signed into law, be

coming up, the former cftc chair. this is bloomberg. ♪ pres. calling on more companies in the private sector to step up the vaccine requirements that will reach millions more people. guy: the president speaking yesterday, talking about the idea that corporations need to now do the heavy lifting when it comes to requiring their people to be vaccinated, and company after company have, subsequent to that news, come out and said that they will be doing just that. news on the tape right now, deloitte the latest company to be doing it, saying that vaccine requirements now going to come into place if you want to enter any of its u.s. locations, effective october 11. they are giving a little bit of breathing room there, but remember, many people aren't going to be going back until after labor day or maybe a little bit beyond that. dr. william schaffner, vanderbilt university school of medicine professor, joining us to talk about all of this. the question is how tough do we think brits should be. do you support, do you think doctors generally, support t

that's her person at the sec so you can see why the cftc is worried that she's tilting the scales toor that, and if this is worrying those who invest in cryptocurrencies, again, they would have a funny way of showing it they are all up last month recouping about a third of the ground that was lost. brent leonard joins us right now , blockchain ceo, very big in bitcoin mining, the process by which a lot of these bitcoins are entered circulation. you know, i was thinking of you and fascinated with your background and how you looked at this as a promising avenue before many did and low and behold i'm reading usa today today and there's this , you know, full push among millennials in particular diving into the crypto craze. does that worry you when it gets to be that frothy? >> yeah, so i mean, it's unbelievable what's happened. obviously you guys have seen it as well, and kind of what he was talking about earlier as far as regulation and things like that. everybody that's in the crypto space, they'd be lying to you if they didn't tell you they knew it's coming and good regulation would

regulation and i'll tell you, our group is made up of futured and leveraged products traders when the cftce out with regulations about a year ago that touched on crypto, coinbase and others that are trying to follow regulation, they shut down their futures and leveraged trading products they aren't operating. binance ignored it now look where we sit. >> david, finally before we let you go, kelly and i have been talking at length today about this particular story. what exactly do you think will be the reaction from binance when it hears this arbitration case being brought it's being brought in hong kong. the claimants, what kinds of stories will tay tell to try to persuade the arbitrators over there to rule in their favor >> i mean, we're -- i'm as curious as you are to see what they are going to say. i'll tell you that they've set up this private dispute resolution mechanism it costs $65,000 per case, okay? so you have to pay for the arbitrator and the center. based on their view of this contract, if even the 700 people in the discord group want to bring a claim, that's $45 million that ne

the cftc lots of cryptos commodities because they are derivatives that trade-off it therefore, guessotection bureau is saying hey, guess what? we have a broad mandate to do anything that's consumer protection when congress created us, ironically, elizabeth warren helped create them, following the financial crisis so maybe we can get involved. they haven't decided to get involved yet but they are getting a lot of complaints from consumers about crypto fraud and you know, as you know, gary gensler is now on the war path looking to do this , so i think of you're worried about regulation, and you're a crypto investor, or you're a crypto executive that you create exchange, one of the good things about these guys fighting each other is that it kind of leads to sclerosis, right? nothing gets done, maybe they just are so busy fighting they don't do anything specific, but you know, once they get this sorted out they are going to do stuff specific, and more regulation, depends on who you talk to. i talked to the sec commissioner , known as crypto mom, and she thinks the regulation is already s

thefutures market is regulated you have the cme the cftc you have the clearing house. in a mutual fund that people understand, well, you can get in and out every day. so we get the advantages we're pleased to bring it to market we think there are a lot of ways that people want to get bitcoin exposure, but this is one way that will appeal to a constituency >> much more on the prospects for a bitcoin etf with dave and simeon on etf edge at 1:00 p.m they'll be joined by dan egan, managing droerkt of behavioral finance and investing at betterment etfedge.cnbc.com if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. ♪ ♪ for smarter trading decisions, experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr fi

he has an interesting background, wall street partner at goldman sachs, worked at the cftc, was assistant him there, and that's clearly elizabeth warren. she has sway over just about every regulatory position inside the biden white house, and if it was -- and it wouldn't matter. it's democrats look to her as the nod. she's kingmaker when it comes to regulatory affairs and appointees. neil, back to you. neil: that is very interesting. charlie gasparino. >>> the dow is holding its own, little flight to quality in treasury bonds and notes, dollar more than holding it own. the irony being here that this collapse of afghanistan, a lot of people are putting on the united states or more particularly the biden administration. when push comes to shove, they still put their money into u.s. assets, especially those guaranteed by the full faith and credit of uncle sam. ♪ ♪ iness, is to be on a journey. and along the ride, you'll have many questions. challenges. and a few surprises. but wherever you are on your journey. your dell technologies advisor is here for you - with the right tech solutions. .

some is regulated by the cftc. you have to be a security to be regulated by the sec.y. it's a currency. it doesn't have underlying value what you think it could do in the future. not like a bond represented by you know, the cash flow of the company. so, she would like some framework. she does say she has a good working relationship but again they remain at odds over regulation. if lester pierce has her way, she wants a self-regulatory approach regulating with crypto, down the pike given what gary gensler said. she disagrees with the blanket statement that the business is the wild west. yes, there are some wild west aspects to it. the whole business is not, it is not just one big rip-off. as a matter of fact there is lot of innovation going on there and the blockchain technology is the currency of blockchain is something that may be very good in the future. it may be innovative how we transact business. you don't want overregulation essentially to stifle that. that would be her view. one interesting thing, she did say congress is working with own regulatory approaches