why did you pick cftc over fcc? >> when you look at the crypto world, it is so broad and all kinds of things going on out there, i think almost everybody agrees that these two aren't commodities. so we're working with chairman gensler and chairman denim and i had the opportunity to work with them and i was the subcommittee chair financial services when he ran cftc, but really to get this right so they're going to need to be talking and there's going to be a lot of work that needs to begun. a large part of the crypto industry will be regulated by the sec because it is securities. so we're trying to get this sorted out in a simple way so that we can get some regulatory certainties as the industry wants and very importantly as consumers want. >> industry and consumer plus don't we want to be at the forefront in a safe way with digital money because it feels like that's the next evolution or at least part of evolution when talking about money. benom is the head of the ftc and servinged as senior council to debbie staben

but why are you convinced the cftc is the place for all of this >> the cftc already has authority overud and manipulation so they do have their feet in the water here and they're also have jurisdiction over futures. so we've had a lot of discussions with the cftc. we think that they're very used to large, wreckelectronic markes it seems to be the best home for the crypto space it's not that we couldn't do it at the ftc, it just seems like the cftc is the better fit >> and i hope you can come back so we can get into the weeds about what you don't like about the bill but to the extent this bill were to be passed sha, how do you thk it changes the dynamic >> i think 2023 is the year we can get things done. i think there are two big areas and secondary issues as well but the two big areas are stable coin regulation, we need to figure that out and a spot regulator. this is too big of a market not to be regulated. we want to be a constructive partner in that. if you do those two things, it will give comnsumers more confidence and put in a solid foundation for the u.s. to be the leader in the

>> yeah, that debate i'm sure will still wage on and will take longer to sort out, but, yeah, the cftcas already previously asserted, at least from their perspective, that the big de centralized cryptos like a bit coin, ethereum, a litecoin, et cetera, are commodities, should be treated as commodities and regulated as commodities, as we already see bit coin is. that alone i think would help to have that clarity and sort of move it off. the whole debate with hundreds of thousands of other coins, trying to figure out what the rule set is what exactly is security versus at what point is it considered de centralized enough it is a commodity that gets to be hacked out. but i think what investors would like is to see the senate, congress, the government moving forward on this. they kind of keep saying, look, we can handle whatever regulatory framework you want to put around this and we can operate within that. we just need clarity on what that is so the industry can move forward. >> yeah, we have tried to pin them down. it hasn't been easy. maybe in the months to come. lisa, fascinating day.

this is a visual that showed some changing from cftc data reported on friday. the federal reserve from going into jackson hole, how do people position for the markets? some of them remove their shorts. it is going to be a crucial question the next couple weeks. alix: it is hard to understand positioning in the middle of august as well. breaking news for you. dallas fed manufacturing and ask for august coming in slightly worst than estimated. it is significant better than the prior read. normally we don't pay that much attention to these surveys. when you look at real-time data, it is more significant. down by -4.9. but better than the prior read. equities around down .3% for the s&p, anna. anna: all about watching the data, aren't we, alix, and the data points really do matter. former treasury secretary larry summers praised jerome powell after powell's jackson hole remarks. he spoke to david westin on "wall street week." >> he did what he needed to do. it is clear that inflation is the overwhelming priority. it was clear despite some earlier confused talk abou

fcc and cftc cannot get on the same page there is almost a regulatory land grab now.d the sec about an insider trading case with coinbase and in that the sec really alleged at least nine cryptocurrencies were securities but they didn't name coinbase in that complain. and so we're seeing the sec continuing to try to pull more and more cryptocurrencies into their space and the only cryptocurrency that the sec and cftc really agreed about is bitcoin being a commodity and not in that sec jurisdiction. charles: as someone who believes in this, maximalist, would you call yourself that? >> yeah, i would probably call myself that. charles: would you welcome this? i look at, i have just 1.1 bitcoin for the record. i put a toe in the water but i'm dubious. i get worried. i know it needs guardrails. it is kind of like the wild west right now. do you think there might be some nefarious you know, alternative really measures by the government for wanting to be involved so deeply? >> i think we need regulation really are got clarity, so it opens up more avenues for people to invest,

the bill sets standards for transparency, consumer protection and advertising and also directs the cftc trading and it would impose fees on crypto platforms to pay for all that oversight. this proposal comes from debbie stabenow and john bozeman. senator cory booker and john thune have signed on, too. it would close regulatory gap, and other agencies have jurisdiction over other types of cryptos. the chairman of the cftc rostin benham says he's encouraged by the movement in washington to work toward grants his agency more authority >> what would be the time rline for this >> i think this is still far away, andrew i think they're still sort of testing the water and sort of socializing these frameworks with other members of congress, other members of the senate. but i think what's interesting is the two big bills around crypto regulation o so far, the one from gillibrand, and now this one both give the cftc quite a bit of authority i have yet to see a bill that outlines what the fcc wsec woule authority over they have been using youthe pow of their authority to go after some platforms con

should it be the ftc the treasury primary regulator, cftc. that means that futures are regulated.tant is that you also have treasury oversight with regard to fraud, money la launderring. cyber crime. >> are you good or are we chasing you off? >> it's good to be here, although in becomky's seat. >>> coming up, will nearly $54 billion help the chip sector we'll debate washington's spending spree and whether it's doing more harm than good for the economy. "squawk box" will be right back. >>> all right, still to come, washington's spending spree. will it help or ultimately hurt the economy. add to inflation plus, kevin brady will be here a lot more on squawk, we're back right after this as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> all right, we

the cftc loved to embrace financial engineering. the leader of that >> robinhood going to -- actually opens up about 3% here, jim. trying to push back on the notion there's somehow a target. >> well, i mean, they do have a good cash position, but i can't think for the life of me who would want them because their core base was decimated. and i don't know how strong -- i mean, they have these, you know, 22 million, 25 million, but if you don't use it a lot or you've been crushed in the options market or in the -- let's just say more bizarre crypto -- by the way, when i speak to vlad, vlad'se ee e adamant it's like -- i call brokers sand say would you why robinhood in the answer is always the same, why are you bothering us a lot of times you ask smart questions. why are you bothering us then you realize making calls isn't the best way to make people think you're working hard. >> this is what vlad said about interest in an acquisition >> in one word, no i think we're in a great position as a stand-alone company. i love us as a stand-alo

help with regulation and ylan mui is with us and has more >> jon, this bill exclusively gives the cftc power to regulate bitcoin and not cryptos deemed commodities it's got bipartisan support and the leader pointed to the solana hack as evidence that congress needs to step in and close the patchwork of regulation. >> these firms can't play fast and loose with people's money pep that's the whole point of all of this and the bottom line is protecting consumers and we're creating fraud abuse and creating a transparent and accountable marketplace. >> the bill sets new standards for transparency and consumer protection the agency would get the power to impose fees on crypto platforms to pay for the enhanced oversight stabenow said she hopes to hold a hearing on this bill in the fall guys and this isn't a messaging document they really want to get this done >> ylan, thanks. we'll see. >> and listen, "tech check" has a podcast. don't forget to follow and subscribe to it. we'll be back. ♪ ♪ ♪ >>> one more thing and that is softbank continuing to rack up losses a new piece from the journal poin

i think to get a meaningful rally, we'll have to have more regulatory framework around whether the cftc or the ftc as to who's overseeing who we definitely need a regulatory framework. it's nice that blackrock is getting into it. longer term that regulatory framework will be needed to go meaning of higher. >>> turn our attention over to the transports one of the outperformers this week, the group up 20% from its june lows and breaking above its 200-day moving average we've got quite a bit of ownership here on the desk jim, i'll start with you what's your take on transports right now? we were talking about a freight recession a little earlier this year and now it doesn't seem to be a concern anybody is having. >> i think it's a referendum on the idea of a big recession, not just a freight recession but a real economic recession. the first half of this year, particularly the second quarter, the drumbeats really started to pound louder now we're looking at less fears of a recession they're not totally gone and i believe it's not going to be a recession but a growth slowdown that leads into

everywhere and that you should be buying stocks into the weakness >> now you're referring to some of the cftc data we got that hedge funds are putting on some shorts in advance of jackson home >> they're not up for the year >> hedge funds have been horrible throughout, most of them >> yes, and they're horrible again. >> they were caught on the wrong side during this rally, short a lot of those names that we saw skyrocket as a result of course of short covering. a lot of them took their nets down, meaning their overall exposure, way down to very high cash levels as a result and therefore did not benefit from the rally. and by the way, we're not looking good prior to that those that have private investments, we know have had to mark them down significantly if they've chosen to do so. >> except for what except for the university of texas. >> why >> that's right. >> they own a big part of the -- >> threatening harvard as the richest u.s. university. because i didn't get big this year it was the 35th. you're not a cramer scholar, are you? >> i'm not >> you have to have been kicked out of the schoo

michael, i just wanted to get your thoughts real quickly on a new senate proposal that would give the cftcrol. >> everybody wants digital property like bitcoin, everybody wants digital currency like the u.s. trdollar it's pretty obvious that the 24/7 friction-free mobile app is the future of finance. and that means everybody wants to get in on the action. av every regulator is interested. this is an ongoing debate in europe, in the middle east and singapore. i think that wheat's happen ♪ ed is we've catalyzed. it's above my pay grade to opine on which bill will be successful in the senate and which regulatory committee but there are mega investors who have afraid to put huge amounts of capital into this asset class until they understand the rules of the road. as the regulators sort out the rules of the road and provide the clarity, it's going to be good for bitcoin >> does the move to chair, does the overall change in the management structure imply any change in strategy or any net selling of bitcoin at the margin >> you know, our officers and directors are unanimously committed to the bit