in september of last year the cftc dpraed and they rejected kalshi's request concluding that bettingtions is contrary to the public interest and would undermine the integrity of our elections. but kalshi sued and that's what put it into the d.c. district court, that led to the decision last thursday of a district court judge siding with kalshi and allowing them to start offering or taking bets on who controls the house and senate. now, i have in my opinion hand here some of the legal language for the cftc, and here's what it says. it says under cea section 5cc-5, capital c-i, the commission may determine the contracts in certain excluded commodities are contrary to the public interest if they involve activity unlawful under federal law -- terrorism, war, assassination, gaming, or similar activity determined by the commission by rule or regulation contrary to the public interest. now here's the thing, this law clearly gave the commission the power to proceed to control gaming. and what is gaming, but a bet on an event. despite the clear language that's in the law, despite the fact tha

>> i think with the -- this has been going on within the cftc for over ten years.t challenge, there was a court decision by district court a few weeks ago, we appealed and the court of appeals in the district court in d.c., and i think people are understanding that, you know, this is the position of the commission, we're not going to back off of it, we will respect the decision of the court, whatever it may be, but one would assume that acts as a deterrent for folks outside the scope of our regulatory regime that are maybe thinking twice about offering these products to u.s. investors. >> chairman behnam, thank you for visiting. >> thanks. good to see you guys. >>> it is just past 7:00 a.m., about 7:03 on the east coast. you're watching "squawk box" right here on cnbc. i'm andrew ross sorkin with joe kernen and becky quick. among the top stories this morning on this wednesday morning, the union representing thousands of striking boeing workers saying their members overwhelmingly stand against the latest contract offer. boeing describing that offer as its best and i

cftc has extremely important mission. how is this? the best way i can think to describe it the easiest way that we try to promote free and fair markets and commodities, things that people use every day like agricultural products, wheat, corn, sugar, digital assets, foreign exchange, precious metals, any sort of foreign currency. that's the mission of the agency and the whistleblower program that we have is a really important part of a very important mission, we have statutory authority to make cash payments to whistleblowers who come forward and help the agency bring cases that results in recoveries. so far since the inception of the program the agency has awarded over $370 million to whistleblowers that came forward. the thing that i think about the most about the program, though, is the following statistic and that is for the entire division of enforcement for the cftc approximately 30 to 40% of those matters involve whistleblowers so 30 to 40% of those enforce matters brought by that agency either originate with or rely on the whis

at the cftc, she serves as a voice for participants in a spot for sound and competitive and efficient markets. prior to joining, ms. johnson served as a professor of law for more than a decade, teaching courses in banking law, the law, and regulation securities. and systemic risk law and policy. early of course you work for large financial institutions and a private law practice in new york city. good to see you, ms. johnson. thank you. the final nominee is the only one that is not a woman. the president has nominated mr. itoh to serve as the insurance expert. if confirmed, he would be one of 10 voting members at s sock responsible for monitoring and identifying financial instability risks. and mr. ito's decades have prepared him to serve. like the other nominees today, mr. ito is qualified. he first joined at the hawaii division of insurance some 30 years ago and has served in multiple rows within the office. as insurance commissioner in the state, he has been a strong preparer for a strong and competitive insurance place. and he has played an important role in helping hawaii recover

i work for the cftc lower office. we have an extremely important , mission. how is this? the best way i can think to ng describe it, the easiest way is that we try to promote free and fair markets and commodities. things that people use everyday like agricultural product. wheat, corn, sugar, digital assets, foreign-exchange, precious metals, any sort of foreign currencies. that's the mission of the agency. the whistleblower program that we have is a really important part of a very important mission. we have a statutory authority to make cash payments to whistleblowers who come forward and help the agency bring cases that result in recoveries. since the inception of the program, the agency has awarded over $370 million to whistleblowers who came forward. as mr. colapinto said, recoveries and civil monetary penalties have been in the billions of dollars, resulting from these whistleblowers coming forward. the thing i think about the most about the program, though, is the following statistic, which is for the entire division of enforcement, for the cftc, approximately 30 to

he inspired my own service. 22 years under four presidents at the sec, treasury and cftc. this nomination and your consideration are a testament to the american dream my parents were to achieve. i've dedicated my career to the stability of our nation's financial system so it can serve families and businesses in search of their american dream. i protected investors and markets and counseled chris cox and mary shapiro during the financial crisis. after witnessing how a crisis on wall street can take a toll on main street i wanted to be part of the solution so i helped to build an independent office at treasury called the office of the spec -- special inspector general. congress created it to provide $442 billion for more than 700 banks, housing, autos, insurance and derivatives. secretary paulson said t.a.r.p. was necessary to restore confidence in the baking system. i was privileged to lead for 11 years where everybody pulled together to accomplish the massive mission. brought transparency and oversight through reporting and recommendations and protected t.a.r.p. funds reco

because he's really positioned himself adds crypto candidate but not everyone likes the choice of the cftchearing from some that it's the smallest financial regulatory agency and it's regularly underfunded and understaffed so there's concern there. at this point, it's probably better than moving through court cases. stuart: getting into it after the election. >> that's right. stuart: what happens after the election. election. madison, great stuff. thank you indeed. tens of thousands of port workers could go on strike soon. a strike of the size right before the holidays could really hurt the economy. lydia hu brings us the latest from the port of new jersey. that's next. ♪ so, you know, han is 22 years old, and we've been together most of my life. not often do you have a childhood dog that, that lives this long so i think it's really unique and special that we've experienced so many, so many things in life together. knowing that he's getting good nutrition and that he has energy is a huge relief for me and my dad. “such a good little bean.” we're so grateful to have had this time with him,

the cftc, the regulator, they're existence it.ng them in business. they're against it. by 3:30 p.m., 50,000 transactions were processed. people love this stuff. critics say this is a way big money can come in and put their thumbs on the scale of presidential elections and outcomes. you can bet on all sorts of things too, the fed, for instance. but for sports, you know, i feel like this is the way of the future. ashley: they have been doing it for years and years and years in the u.k. you can bet on anything. you can bet on christmas day if a snowflake lands on the roof of the -- lauren: are you a bettor? ashley: i just -- no, i'm useless at it. i just don't touch it. lauren: yeah. ashley: i've been tempt thed sometimes, but i don't. you? lauren: not at all. i don't understand it. ashley: no. well, that's a good reason not to bet. [laughter] all right, thank you -- lauren, thank you. >>> show us the dow 30 stocks to give us a sense of the market as we like to say this time every show. intel and ibm at the top. just two in the red,

the cftc has already filed an appeal.ow it's time for our abc seven mornings advancer our way of highlighting some things happening in the day ahead here in the bay area. >> first up, ex shutting down at san francisco headquarters today. the company is reportedly notifying employees about two weeks ago that today was the final day that the offices on market street would be open. ex has been here at this location since 2012. ceo elon musk announced earlier this year he planned to relocate x to austin, texas. the new york times reports local workers will be moved to other bay area offices. >> a celebration today for the pride flag flying over the castro district. the san francisco board of supervisors recently gave the flag at harvey milk plaza landmark status. today, a ceremony will be held when mayor breed will sign that legislation. gilbert baker designed the iconic flag in 1978. according to the gilbert baker foundation, harvey milk plaza is the only place in the world with a permanent installation of the flag, a musica

. >> the rub on that, the cftc would have a lighter touch, because it doesn't have as many employees things senator gillibrand and i proposed is that the watch sale rule be changed to provide adequate funding to have enough personnel to adequately regulate. >> switching gears. about a minute left. now at least according to consensus, it's that the senate goes republican but the house perhaps goes democrat, and a lot of people are hanging their entire investing future on that, because of divided government. they don't want either presidential candidate and are hanging their hat on divided government. which is nice? right? for investments it's better if congress and the white house doesn't do anything. that's always a better default position than when the government gets involved, which is odd. do you think that's what's going to happen? >> it's certainly not true it's going to be better for digital assets. i think what's going to be better for digital assets is if the senate is republican. that's a definite truth, because tim scott will chair the banking committee, and he's much more

if you look at cftc data which will be more of an institutional look, that data makes new highs and that'sve levels we were at in early 2018 and early 2023 covid and it's well above the highs we've seen marked the peak in that post-covid era. positioning is not the only thing that drives stocks. we can stay overbought -- we can stay overbought for quite some time. it tells me we are not really sitting here we can absorb any kind of bad news easily. those are just those free, keep me up at night. >> d.c. connection from a trump win in small caps rallying. >> it is a great question. if we look back to 2023, 2024, we really just haven't seen that linkage trump is doing well in the betting markets in small caps are outperforming and seeing trump more closely aligned with large caps and growth. things are starting to change there. i would say we will have to watch the data. one of the things we mentioned in our piece is if the harris corporate tax increases raising the rate from 21% to 28% we will go through. i don't think it's negative signal for small caps. if you go back to the 2016, 2017 sm