the cftc should have more authority over that.want to make sure someone is not trying to do an end run. we want to make sure we can protect the market against manipulation. at this point, it's going to be very difficult for some exchange to self certified that what they put on is readily susceptible to manipulation. it's really kind of coming up with the new process because it would be a new market and it would need strong oversight. >> what was so interesting is perhaps the lack of oversight and due diligence from some internal players as this new area of crypto evolved there was a lot of money. people pouring investment into now failed companies. many of us asked what about those institutional players? what about the due diligence that was lacking? people have been around for years that seem to lose head of the situation. are those questions being asked about accountability? read for think you hit the nail in the head. there are serious questions about whether they fulfilled duties to their clients? what kind of due diligence di

joanna: right, and one of the cftc commissioners was saying some of the ways exchanges are allowed tolistings for the future might be scrutinized because there is a fast-track method that may not work for crypto. regulators are definitely looking at what has been the case for traditional finance and saying, does this work with such a volatile and new industry? rishaad: thank you very much indeed for joining us. joanna ossinger. looking at what is going on with wti, it is coming off at the moment, down 1% plus. also looking at what could be in the mix with regards to this because what we have is goldman sachs seeing a bullish concoction for global commodities and prices as well. looking at oil stocks too, and perhaps looking here because we have had traders with big profits by using the higher oil price. we have got right now some of these oil companies in this part of the world headed in only one direction. china oilfield services down over 8%. we are going to be hearing from malaysia's trade and industry minister and talk about his government's plans to outshine its southeast asian n

it's regulated by the cftc one 100% regulated.t is not bankrupt would have the other entities been regulated were ever they were they too would not be bankrupt. and so just look at this this is a huge case of why we need regulation for they would not be distracted yet all or this drama and the loss of billions of dollars. the lack of regulation has caused problems here and will continue too. and the evidence is right here. the only entity that did not go to see her and ftx portfolio, cftc forced scrutiny. forced transparency. force the truth over the assets were held in the reserves. force the lack of co- mingling they forced it they did it. proof positive you can regulate this asset class. >> 20 thank you all for being here today. i will have questions for the record i appreciate. >> senator hagerty tendencies recognized to be quick thank you, mr. chairman, wrecking while recommended to me thank you for holding this for all of us here appreciate being here. i would like to touch on something that has been troubling me for some ti

he had regulators from the cftc that were consultants and contributions to democrats.ernie was known as the jewish t-bill safe and secure at u.s. treasuries. >> it's similar how they worked the regulatory system and built that sort of -- brian: rigged the game. >> i wouldn't say rigged. it's only rigged if one side allows you to be rigged. when the regulators say, bernie would never do this. one of the reasons they do this is they might want to work for his market making firm. brian: when they get done. >> it's similar with sam bankman-fried on ftx. you build that sort of trust through regulatory capture, you are going to have people looking the other way in terms of scams. madoff didn't fool everybody. sam bankman-fried didn't fool everybody. we don't have to get into all that. what they did do, though, is convince enough people through different measures. madoff was the madoff bond. put your money with me. and you can't just get in. you have to beg to get in. brian: wasn't it similar with sam bankman-fried too? you are giving money to way to great cause. >> the sec i

it's regulated by the cftc. 100% regulated. it is not bankrupt. had the other entities been regulated wherever they were, they would to not be bankrupt. and so just look at this. this is a huge case of why we need regulation. there wouldn't be this tragedy, all of this drama, and all the rest of the stuff. the loss of billions of dollars. the lack of regulation has caused some problems here. and it will continue to. and the evidence is right here. the only entity that did not go to zero in the ftx portfolio, cftc forced scrutiny. forced the transparency. forced the proof of where the assets were held in the reserves. forced the lack of commingling. they did it. proof positive that you can resident -- regulate this asset class. >> i want to thank you all for being here today. we'll have some questions for the record. but i appreciate the hearing. >> thank you senator hagerty is recognized. >> thank, you mister chairman. ranking member toomey. thank you for holding all of our guests. i appreciate you being here. i would like to touch on something th

coming up, cftc commissioner kristin johnson joining bloomberg at 2:30 p.m. new york time. bloomberg. keeping you up-to-date with news from around the world, i am ritika gupta. there will not be a tax cut any soon in the u.k. chairman of the exchequer journey hunts for it spoke today -- exchequer jeremy hunt spoke today. >> where i would like to see cuts would be business tax cuts. what they want even more than lower taxes is stability. inflation is a fundamental threat to stability in the economy. it is a worry for households. it stops them spending and puts off businesses from investing. ritika: hunt pushed back on u.s. and european plans to subsidize green industry. bloomberg has learned vladimir putin is planning a new offensive in ukraine and preparing his country for a conflict with the u.s. and allies he expects to last for years. the kremlin was to show its forces can regain the initiative after months of losing ground. it is hoping to force ukraine and its backers to agree to some kind of truce. president biden's chief of staff, ron klain, is stepping down. he says

that is astonishing prop -- pressure from the sec and cftc. the other story that caught my eyes, reporting around the nyse and what was responsible. according to a source, it was they basically did not turn it off and back on again, the backup system. caroline: human error, basically. a deeply technological area where you are trying to ensure there is never any disasters. and one person and one personnel issue, a disaster and shoot. ed: in the markets, that's right. as many companies restructure, servicenow inc is not doing layoffs. this is bloomberg. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the pa

remember sam bankman-fried has been accused of also civil charges separately by the sec and the cftc.tors in addition to working with the judge set a court date for a trial ahead and have sought to modify his bail terms to include restrictions when it comes to any potential assets of ftx or alameda well it's. this is something that sam bankman-fried himself has tweeted and said he has not done it does not have access to but is something the prosecutors are separately looking into. we will have more details in the coming days. in the coming weeks, we also have prosecutors put forward evidence as it pertains to their charges. they will also seek to hear motions from sam bankman-fried's attorneys. we will hear much more in the coming weeks but we will also be looking for to any changes as it pertains to a speedy trial set for october 2 2023. i am sonali basak in new york for bloomberg television. francine: that is a latest on the ftx founders court case. let's get to the first word news with laura. >> the eu is moving towards a requirement for masks and pre-flight covid testing on travel

on which digital assets are considered securities regulated by the sec or commodities regulated by cftccompanies that want to follow the rules and don't want to get in the middle of the turf wars so they're taking a step back or taking that activity overseas and this is the type of collator i'm talking about that investors and businesses and consumers deserve and we're working to achieve. ashley: that's a good question because i was going to finish there. if i'm going to invest in crypto for the very first time, how much information, what kind of research can i do that i feel comfortable that i can actually invest in this space? >> this raises such an important issue. there is huge demand for access to crypto currency products but yet you have to leave your brokerage or financial advisers to invest in this space and we've been advocating to bring a spot etf to the space and retail investors can invest with the advice of their brokerage or through financial advisers and my piece of advice is do not invest in things you don't understand. if you don't realize what type of product you're bu

>> yes, definitely, this is an area where the sec, cftc and others including congress could get involvedi don't think they necessarily understand all the pieces. on the one hand you things like stable coin, you should trade 1-to-1 for dollars or other currency and then you have these mining type crypto, bitcoin and others and then you have kind of completely wildly speculative things that are worth 0 but people, all you need is a willing seller to buy what you have. it is the wild west. a lot of these are securities, the sec should be involved a lot of this money bankman-fried was paying was to keep the feds out of the crypto market. stuart: it sounds like it, doesn't it? to by political influence to protect your company and your operation. seems to be cryptos really soured badly after ftx or across-the-board. matt whitaker, you know what you are talking about. come see us again soon it have a happy new year. >> happy new year to you. stuart: elon musk laid off thousands of workers after he took over twitter. have they received their severance? lauren: he cut half the workforce. that was

don't know answer to that yet most people in critic frankly bipartisanship on capitol hill calling for cftcstep sec has done aggressive step to enforcement actions, lawsuits, i don't think a good way to regulate to begin with. maria: , of course, do we have info on pending court ruling out of new york federal court on your coin with whether or not it can be used as security. >> we don't yet, that case is fully briefed, setchc brought that lawsuit two-plus years ago very expensive very arduous the good news in 22, 21, good years people outside u.s. irony ripple pays u.s. taxes, u.s. is becoming more difficult to do business, investing more outside united states. >> you are bullish going to continue seeing growth in this market. . >> i think as long as industry focuses on solving real problems utility i think going to continue to thrive. >> thanks very much. >> thank you. >> ceo of ripple,. >> december did producer price index retail hitting tape markets trading up to cheryl casone with numbers. cheryl: data right now, let me start with ppi for december, that is the most important, point that

coming up, the cftc commissioner joining bloomberg tv at 2:30 p.m. new york time.e from news from around the world, bloomberg learned vladimir putin is planning a new offensive in ukraine. the russian president is preparing his country for a conflict with the u.s. and allies that he expects to last for years. the kremlin wants to show its forces can regain the initiative after months of losing ground. forcing ukraine and his backers to some kind of truce. customers using american express spent a record amount last quarter and the creek car giant critics revenue profit will surge well above estimates. amex has been tweaking rewards on many cars that helped add millions of new cardholders last year. global news, on-air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in 120 countries. alix: let's stay in that space, visas stock up by 2.5% and beat earnings estimates and analysts pumping price targets today. a large part of the success across the border, travel. here with more is the company's cfo. good to see you and always good to tal

stuff, futures track spot bitcoin really well the cme futures market is regulated by both the fec and cftcer party risk is managed well by the clearinghouse itself and then you put the etf wrapper around it, bito is a very rough solution >> i said price decline. when i had you on when you went public october 2021 with bitcoin futures etf you said this is the way to go. you have to own the futures because don't worry about with usdy, don't worry about money getting stolen in light of what happened is your position vindicate snd. >> i should say so and you should never control organizations that have something just bad happen. even in the middle of last year we saw the largest exchange tell us your account may be coming -- >> very quickly, we've got to go but you had two hugely successful etfs in the last year that have been trading massive quantities these are three times long and short the nasdaq 100 can we say anything about sentiment protects so far this year because they are the biggest etfs out there >> what we know those are tools investors can use to hedge their portfolios and target

regulatory, big cheeses from the justice department, cftc, host of others cracking down on this. concerns founding majority owner of this cryptocurrency exchange, bitzlato. was arrested last night in miami for an alleged operation involving transmitting funds illegally, money laundering. he is a 40-year-old russian national. he is from the peoples republic or living presently in the peoples republic of china. he set up this sort of shell crypto investing firm that was all a sham. and the feds cracked down on it. and had a spillover into existing cryptocurrencies in this country. even though they had nothing to do with it. so most of those are rebounding from their earlier losses but still under pressure. this on the same day we got some disturbing economic news has a lot of people anty about the course of the markets. one day a trend does not make. down 374 points amid signs inflation is easing. unfortunately too, so is the economy. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces,

to provide a patina of regulation, baby regulations from the cftc. one comment from my colleagues. do not trash sam bankman-fried and then pass his bill. i fear that could happen. same is not the only crypto bro with packs and lobbyist. there are no paxton obvious here to work for efficient tax enforcement. or sanctions enforcement. now, i have heard from some on the other side criticizing the fcc. in july in this room i criticize the head of the sec. -- the head of enforcement of the sec for not going after crypto exchanges. the change -- the fact is, without objection i would like to put into the record a letter signed by 19 republican members designed to push back on the fcc. a brush back pitch if you are familiar with baseball. >> without -- so ordered. >> firm attacking the fcc for the purported risks of digital access. i would like to put in the record, without objection, comment from eight members made in this room that were designed to design the scc and being a luddite and anti-innovation. for their efforts. mr. ray, you are going to be looking at after. we know that sam b

. >> reporter: this is christy goldsmith romero, one of five commissioners at the cftc, an agency thatng crypto. what do you say to american consumers right now who feel like all of this is too little too late? >> we need to do everything we can. we need to police this industry as strong as we can. but we also need greater tools from congress. >> reporter: it's a call echoed by the head of another regulator, gary gensler at the securities and exchange commission. >> we could always use for resources. >> what can congress do differently? >> they can give us money for a few hundred people to do this stuff. >> that's what you need? >> yeah. >> what's your advice to a pcon now? >> this is highly risky, and ultimately you need to be really careful. like what are you willing to lose? >> will you ever invest in crypto again after this experience? >> i would reinvest, especially now that the market is down. unfortunately, i don't have the money i once did to do it but i would. >> such a sweet family but curt really surprised me there that even after everything he is still a crypto believer and

, you know, congress first needs to make sure all of its agencies, the s.e.c., you know, treasury, cftcy start to take what will probably be legislation from the banking sector and applying it into crypto, because there are distinct differences and i don't foresee major legislation coming down, you know, in the next six months, but i think what congress should try to do is to get the agencies to do a lot more with respect to the obvious grievances that you've seen where there's clear violations and they've been doing that. the s.e.c. has been doing a lot of enforcement actions but an overarching policy framework for crypto, i think, is going to take more than a few months maybe we'll start to see something at the end of this year >> okay. william quigley, co-founder of tether, thank you for joining us. >> thank you bye-bye. >>> wayfair shares popping after not one but two double upgrades today. stock's up 75% since the beginning of the year. we'll talk about why jpmorgan is getting bullish with the analyst behind that call in just a moment dow's up 210 tay at a vrbo you always get the w

understanding the interplay between what will happen with the doj, what will happen with the s.e.c., the cftcankruptcy and trying to optimize for a number of variables, of course, you know, the administrative justice, bringing mr. bankman-fried to justice. but all of those other elements, there will be communications back and forth to try to optimize both recoveries for the victims as well as, you know, justice in the case. and that's -- it's complicated, requires communication it requires -- and it requires experience it's good that we have people who are experienced on the case here >> we have a little time left. you want to talk about yesterday? we have a great system in this country. but there are some things that happen occasionally. it's a narrow -- they've got a narrow majority. each guy guys you've never heard of some of these guys in the republican party that you've -- i've heard of matt gaetz, but other guys that you've never heard of, now are very, very important. how is this going to work out? what were your comments on what happened yesterday >> i will tell you the observation i