i think you're referring to the cftc regulated definitely a new space and something that if it evolveshere are opportunities, it was put in place to stop illegal betting back in the 60s you just mentioned with the cftc regulated markets. a pro kind of business approach. just time to tell you... tesla sales plummeted in europe injanuary, he backed the far—right afd party ahead of the country's elections sunday. hi —— of germany's elections on sunday. 45% less than the same period in 202a.shares of tesla more all of stories/ business, but that is your today. see you soon. welcome back, you are bbc news. what he called the biggest sustained increase in uk defence spending since the cold war. a "generational response". income to 0.3%. welcome here to the programme. your reaction to this announcement? l your reaction to this announcement? ., , 7 announcement? i am completely blindsided, _ announcement? i am completely blindsided, to _ announcement? i am completely blindsided, to be _ announcement? i am completely blindsided, to be honest. - announcement? i am completely blindsided, to be ho

and cftc to develop rules and guidance and to stop regulating by enforcement. that is now happening. the s.e.c. has dropped enforcement cases and launch a crypto task force to tackle these issues. be sure shall letise greg guthrie issues initiatives make progress before rushing to rewrite the security. many of the structure proposals made today in my mind would create more confusion than clarity regarding when a digital asset is a security, a commodity or any other. and they have the potential to undermine our securities laws. that is particularly true with proposals that focus on decentralization. that turn and the fact used to describe a lot of things that are not decentralized. there are almost always some hundreds of control and even if a process is decentralized or automated kit that does not mean it should be exempt from regulation. as i discussed my testimony i think there are other ways for congress to advance the goals of clarity in market structure without substantially rewriting and securities laws at this time. finally, with all due respect, to subc

can we go through the cftc? what is the safe play? it is possible to run a federally regulated sports book or an exchange market that includes sports events, they might want to do that. it is really about letting regulators drive clarity thune about what is allowed and what is not. this is a huge day for bringing in new customers. ice i think they see this as a potentially competitive threat. caroline: it has been great talking to you. we all look ahead to sunday's big game. jackie: coming up, shares of a firm jump after posting a second-quarter earnings beat and a strong outlook. we speak with ceo max level chen next. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase

that they believe they were in compliance with all applicable regulations, but they did agree to the cftcymond had launched the betting options on monday through a partnership with caci, which is the online prediction market. caci is barred from listing contracts that involve gaming and that are against public interests. but the definition of gaming isn't spelled out in the law. caci does offer one contract on which team will win, but other contracts are for things like which companies will run ads during the big game, and what songs will be played at the halftime show. robinhood said that users who placed bets before it removed the options will have the choice between either closing out those positions or keeping them through resolution of this situation. robinhood went on to say that they thought that they had signaled very clearly to the cftc what was coming. they were surprised by this, and i think it was something like 1% of their clients that this had been rolled out to before it was pulled back. >> robinhood has expressed a willingness to explore actual sports betting, which of cou

ftc, fec and cftc, cfpb.yron, hang in there with me, ferc, fd ic, the federal reserve and even more. alphabet going for them and going for them to have control over them. mr. trump wants to exercise his presidential executive power and exert control over them and run them through omb and >> it's about 100 years overdue and go back for history and wood row wilson and fdr and congresses decided to create a new kind of regulatory body that wasn't under control direct of executive bran and have reports to congress and yet those executive functions and these things have spiraled. i did a count, there's more than 100 of them these days and all the alphabets and you just mentioned and yet, this is a step towards remedying the constitutional problem. larry: we thought about doing it and didn't have enough time. disempowering the regular tafanely lori agencies and byron, the president has the right it seems to me to ask the regulatory agencies who he appointments to follow his policies. going for them. going for them

away with financial services i'm talking about whether or not the irs merges into another agency, the cftcans. >> we are examining everything but again the hysteria that things will be merged and liquidated a thorough accounting and like i like to say at treasury we move deliberately and we fix things and were going to fix this and if there is overlap and as far as irs i have three goals it is collection, privacy and customer service i don't think there's anyone in the country who thinks the irs has achieved its potential in either of those three. >> one of the things that president trump says was wasted a lot of money producing the penny, does it cost 2 cents to make 1 penny? >> it actually cost a bit more than that. we're going to stop producing the penny and there are examples of this all of our government where the machine runs on until someone says why it is a cost cutter elect president trump in with the does it's with the department of government efficiency. and they wanted to run better for. >> engine american taxpayer. there plenty of civil servants at common and want to make thin

like the idea that you're separating the commodity and for what it is and the oversight there at the cftce also recognizing that the securities and exchange commission needs to have a role here too because i think that's been where the confusion has been. too many regulators, too many hands in the pot. >> that is an issue. there is a court test that has existed for decades called the howie test that helps non-crypto assets sort between what is a security and what is a commodity. so senator gilibrand and i are recommending that. maria: if i wanted digital assets on a very basic naive level i could say i already have that. i use my credit card. i use pay pal or apple pay. so walk us through the reasons that someone would want to use crypto in that regard, given the other options out there. >> well, bitcoin has a couple of qualities that you can't get from either fiat currency, meaning u.s. dollars or government issued currency. it is both a store of value and a means of exchange. it is scarce so it will -- it's digital gold but it's much easier to use than gold. it's easier to transport. yo

i'm just going to read you -- sec, fcc, ftc, fec, cftc, cp -- cfpb, ferc, fdic, the federal reserve. agencies, nobody even knows how many there are. people who ran the oversight committee don't know how many there are. >> yeah. [laughter] larry: they should be urn reviet number one, and they should be subjected to presidential policy to. this idea that they're a fourth branch of government is craze i. and again, alina, i appeal to your legal scholarness because this also is about executive authority. this is article ii as well. >> yeah. it's very simple, if we do not have an executive running this country under that a executive authority granted by the constitution that you mentioned, then we do not have coordination with hundreds of thousands of individuals, thousands of people, cabinet members would have no if coordination. it would be nonsensical. the president is supposed to run this country, and he does and he is. and that's the truth of the matter. and, by the way, this is acronym mayhem in d.c., i can tell you can. manager i did not foresee. every meeting i go in, i go, no acr

what about cftc and the overlap with the s.e.c., are you expecting further consolidation in governmentand his team look to cut out costs? >> so, i think that's been efficiency has been a long-time goal for republican presidents when it comes to federal agencies. i'm not sure. i'm not sure if we'll get more consolidation other than the cfpb. i know that if we do have let's say a democrat win in four years, they could revive the cfpb again because this is really about how the cf be pb is funded with federal reserve profits and they don't have profits right now. but i think generally speaking even if we don't have the consolidation, maria, i think the chevron case was really critical in terms of how the agencies interpret law and generally speaking i think we'll have more rational regulation and supervision ahead. maria: mark, what about you? let's talk macro story for a second. small businesses cut 17,000 jobs during president biden's last six months in office but they rebounded last month, optimism for president trump's economic agenda for sure. small businesses adding 39,000 jobs in ja

i'm a little more on the cftc side, but in general i believe markets need rules and that people in your position will have to play an even larger leadership rule so those of the questions i will be asking for it thank you mr. chairman. chair. cruz: thank you and as demonstration that you are the big cheese mr. lutnick, you are to be introduced by the vice president of the united states and as i am reliably informed that he is about three minutes out, so we will do something in the senate we are quite familiar with witches filibuster. and i took the chairman's prerogative to ask the senate majority leader if he could fill three minutes with words of wisdom so i recognize senator thune to say whatever he wants. sen. thune: i certainly can fill three minutes with words of wisdom but i can fill it with words. let me just say congratulations mr. love nick -- mr. lutnick, we are excited to have you nominated in this position. as the chairman shared your very powerful and compelling life story and it is an example of the american success story and someone who's been able to experience the amer

there's also speculation that the cftc and s.e.c. have overhappened, maybe you want to merge those.re you expecting mergers within some of these government agencies as another way to cut costs, senator? >> maria, let us pray. let us pray that it happens today. one of the things that's exciting about the trump administration is cf be pb, don't come to work, don't do anything because you wrecked the economy. they put so much pressure on small businesses that they literally had a chilling effect. good news is, it's a new day. i believe the cf pb can go away and have no negative impact. maria: interesting. so we're about to talk with tom homan in a moment on the bore deparborder.i know you've been r a ton of times. the administration is moving too deputizing irs agents and sent them to the border. dhs sent a letter to scott bessent requiring the irs provide agents for immigration enforcement efforts. you introduced a bill to send irs funding to help secure the border and you have another bill which grants president trump to sanction individuals who promotes illegal immigration. tell us

you know, they're talking about maybe even combining the cftc and sec.s, again, one of these rumors in the bitcoin community. both of those things last night led to a rise in spot crypto trading activity. the past few months. coinbase was up yesterday 8% yesterday after robinhood's report, which detailed a big jump in crypto trading. so it already kind of priced in some of these results. and then it's selling off about a half a percent. culturally i don't know cftc and. >> sec i. >> don't know how that. >> but there is this gap where like look at the meme coins, right. are they a security or are they not? >> i know, that's tough. >> do you need one big. >> in the old days to get. a cta? >> and i got one. >> i think it. >> was $50. and if you had $50, you could be a commodity. >> trading advisor. >> whereas the sec, i. >> mean. >> the series seven. >> and 63. >> and you had to do a. lot of stuff. and then you remember some of. >> the guys that ran. >> the cftc, you. >> know. >> they almost looked like. >> they were. >> in the commodities. >> i think. >> i

one is these are cftc federally regulated event contracts.instead of, you know, betting against the house or setting a line, this is an exchange, a designated contract market where buyers and sellers are meeting. so you're not, you know, setting a line. so i think it's very different. i also think that, you know, if you think about the news, right, i like to think about prediction markets as the next generation of the news. and we know the news is economically valuable. you know, people pay for getting the newspaper. they pay indirectly for shows like this through advertising. and so if you get the news before it happens, that should be even more economically valuable. so i think a lot of people, it's easy to just kind of lump it in with, with gambling. but this is a liquid market that gives people information in real time. and i think there's a ton of economic value in that. >> what about private markets? you wrote this op ed in the washington post. it was fascinating. you talked about this retail revolution, but the accredited investor rule

if cal xi and crypto.com going through, the cftc can offer what is essentially sports betting, but dowithout paying the sort of extravagant billions that we've seen from the sportsbooks in terms of lobbying, licensing, legalization, making sure that regulations are up to date, state taxes which are going up if they can do all of that, how big of a competitive juggernaut are these events? contracts for the likes of draftkings and fanduel? >> it's a great question. it's the million dollar question. you know, we always have to remember that the gaming operators paid to have the rights to operate in that state, right? everyone isn't valid to offer a sports bet there. so that's something that draftkings worked really hard for, to, to have that opportunity to, to offer a contract there. now the contracts that you're talking about, they're very different than what we see with regular sports betting here. we still believe that the gambling industries will try to push down some of these, these new competitors here, they've done it with things like sweepstakes. they've done it with the undergro

they'll ultimately be classified as commodities and fall under the smaller cftc.armstrong on squawk box called it a huge day for coinbase, and said the company won't pay any fine as part of the settlement. on the flip side, the ceo of industry watchdog better markets, dennis kelleher, had this to say about the lawsuit. the unilateral surrender in its lawsuit against coinbase is a historic mistake that endangers investors, markets and financial stability. the sec used to enforce the law without fear or favor, but is now favoring the crypto industry and fearing billionaire crypto kingpins who are publicly belittling the agency. brian. >> all right, one stock to watch this week. is intel really an epic bounce lately? up 30% this month, down 60% from its highs of about four years ago. so talk kelly, as you know, intel could be broken up. 38 analysts cover intel. the average price target is $22.42. stocks at 24.86. right now it's down 5%. so it's about the average price. target's two bucks below where the stock is now. you don't see that a lot. so huge run. but if you

functions that they're performing that's now going to live at the sec now, that's now going to live at the cftc everyone. if you want to say there's too many agencies and there's redundancy. i'm there. but they haven't told us where those functions are moving to functions that. >> protect the. >> american consumer. >> so my biggest. >> concern, pardon me, is the thing that i'm most worried about is the depth of expertise. more than anything else, if you begin to take away a regulator's ability to hire qualified people who actually understand things, mundane things, you know, arcane things, accounting, financial, you know, activities in some cases, improprieties. if those people are just consolidated into an existing branch of government without having the requisite number of experts in the field, this is where the holes in the system begin to emerge. and this is how a crisis is born. >> but why do you think they're not laying it out for the american people? right. if a new ceo comes into or if a company gets restructured, it makes sense. they could say, we don't need this department or that, bu

. >> um, i just want to thank you chair melgar and the cftc staff for helping to schedule and hear this item today. and i'm extremely grateful to you, jerry, for wanting to continue in this role and extend your service not only to district two but to all of san francisco. >> jerry is now served as the district two representative to the counter county transportation authority's citizen advisory committee for over five years and beyond his time serving on the cac. he's extraordinarily well traveled. he's brought lessons learned from other cities back home to san francisco to help guide our transportation vision both near-term and long term. i'm honored that you want to continue to give back to our district. jerry i look forward to continuing to partner with you now and during the very important work ahead. >> thank you. >> thank you, commissioner cheryl. madam clerk, let's go to public comment on this item. >> i'm just there is no public comment. >> okay. my notes are deborah. okay. i'm sorry. commissioner cheryl did mr. levine want to say a few words to you? >> yes. seems to be the answe

i'm a little more on the cftc side then i am on the sec side, but in general, i believe the markets need rules, and i believe people in your position are going to have to play an even larger leadership role, so those are the questions i will be asking. thank you, mr. chairman. senator cruz: thank you, and as a demonstration that you are the big cheese, you are to be introduced by the vice president of the united states. as i am reliably informed, he is about three minutes out, so we are going to do something in the senate we are quite familiar with, which is filibuster. i took the chairman's prerogative to ask the senate majority leader if he could fill three minutes with words of wisdom, so i recognize senator thune to say whatever the hell he wants. senator thune: thank you, mr. chairman. i certainly cannot fill three minutes with words of wisdom, but i can certainly fill them with words. let me just say, congratulations, mr. let nick. welcome. we are excited to have you nominated for this important position. your powerful and compelling life story truly is an example of the american s

. >> um, i just want to thank you chair melgar and the cftc staff for helping to schedule and hear this item today. and i'm extremely grateful to you, jerry, for wanting to continue in this role and extend your service not only to district two but to all of san francisco. >> jerry is now served as the district two representative to the counter county transportation authority's citizen advisory committee for over five years and beyond his time serving on the cac. he's extraordinarily well traveled. he's brought lessons learned from other cities back home to san francisco to help guide our transportation vision both near-term and long term. i'm honored that you want to continue to give back to our district. jerry i look forward to continuing to partner with you now and during the very important work ahead. >> thank you. >> thank you, commissioner cheryl. madam clerk, let's go to public comment on this item. >> i'm just there is no public comment. >> okay. my notes are deborah. okay. i'm sorry. commissioner cheryl did mr. levine want to say a few words to you? >> yes. seems to be the answe

tim massad of the cftc didn't take that view. overseas because they have even less faith in their currencies than we have. and it's got a lot more portability than gold. look, i'm a huge believer in it. i don't know if i'm a believer in the big bump, but i am a believer in bitcoin because i believe the 36 trillion i don't know what to do with the 36 trillion in debt. i haven't figured that out yet. david. i thought when you spoke to mnuchin you would push the 50 year bond that, you know, i'm a huge believer in. >> at least he confirmed that there is gold at fort knox. i thought that was important. >> i thought that was. >> you bring everything back to bond. yes. you're focused on bezos and bond. you are truly agile. >> exactly. >> i goldfinger. >> was one of the best. >> do you want me to talk, david? do you want me to talk? >> no, i want you to die. i don't, i really. >> don't, but. >> i expect you, i expect you to. >> what is. >> seen, i expect also. >> i think he liked the name of the actress who was on that. >> yes. i love th

brian: consumer bureau, sec, cftc. there are 100 plus regulators in our building every day.lators or try to avoid them? brian: i would like to spend time when they are telling us we are doing good stuff. we spend a lot of time. i have a great chief risk officer who organizes all of that. the day today regulators are trying to help us get better. we understand that. we are on the road to perfection as a company. you strive for perfection. if they have ideas, we are all years. -- ears. simplifying the organization would allow for us to take costs out of the regulatory side. it wouldn't be the worst idea. david: when interest rates go up, the theory is banks can charge more for loans, therefore are more profitable. when interest rates go down, is that a concern for banks because of less profitability or you don't really care? brian: the toughest time to be a bank with $2 trillion deposits is when interest rates are zero. we cannot charge people to store the money. we are not like a self storage unit. you have a floor on interest rates. when interest rates came down, you start s

nutrition and forestry, cally hennabury be granted floor privileges through may 9, 2025, and that cftc detailee kevin webb also be granted floor privileges through the end of the 119th congress. the presiding officer: without objection. mr. boozman: thank you, mr. president. mr. president, i'm honored to speak on the floor of the senate and support brooke rollins to be secretary of agriculture. the senate will vote on her nomination to this cabinet position today, and i encourage my colleagues to vote yes. america's farmers, ranchers, fo foresters need a leader at usda who will be an advocate for their livelihoods in rural america, and be a strong voice to address the pressing needs of our agriculture community. brooke rollins is that person. in her hearing before the senate agriculture committee, she pledged to do everything within her ability to ensure that our farmers, ranchers, and rural communities thrive. and we know she will follow through on that because rural america helped shape her into what she is today. she's leading a life of service that began with membership in her smal

and i think the new cftc chair, brian quintenz, is certainly very thoughtful on this topic.t where these things can be built in the united states so americans can use them, but also make sure that consumers are protected. so as an example, you know, you'd want to make sure that you don't have any sort of prediction market where someone might be incentivized to harm another person. right. just sort of basic rules like that. but overall, i think that people are going to use prediction markets to figure out what's actually happening in the world. i actually think of it, it's less of a trading product, and it's more of like an alternative to the new york times or something. if i if i can say that on your program, you know, i know you work with both companies, but i think people are trying to figure out what's happening in the world. they're increasingly worried about misinformation, and they want a source of truth and prediction. markets are emerging as an important source of truth, where people have real skin in the game. and that's an exciting development where crypto can help

if you look at the cftc data. >> back then it was optimism on tax. >> this time it's a lot of optimism on regulation. you also had. >> the trade war. >> that didn't really hit. >> markets until. >> the kind of third and fourth quarter when companies came out and that, you know, kind of took reporting season and said tariffs are going to cause us. >> some trouble. >> and then also went away after that. >> yeah. and but. >> then. >> you also. >> have fed concerns. >> right. it was concerns about too many hikes. and you did have economic growth. >> concerns because. >> of the fed and the. >> trade war. >> so if you got into something like that again. you could do 15 to 20% real fast. >> but we're. >> already up a lot by the time that happened in 2018, and we're already up now too. all right lori, thank you. >> kalasina okay. coming up on the other side of this, a big deal for one of the world's biggest food delivery players. we get to bring you details after the break. and a programing note. jpmorgan ceo jamie dimon is going to be on the exchange today at 1:45 p.m. eastern time. it's a cn

i'm a little more on the cftc side than on the sec side, but in general, i believe markets need rules and people in your position are going to have to playay an even larger leadership role, so those are the questions i'll be asking. thankk you, mr. chairman. >> thank you, and the demonstration that you are a big cheese, mr. lutnick. youee are to be introduced by te vice president of the united states and as i'm re-librarily inform -- reliably informed that he's about three minutes out so we're going to so something in the senate we're quite familiar with and that's filibuster. i took the chairman's prerogative to ask if he could fill three minutes with words of wisdom and i recognize senator thune to say whatever the hell he wants. >> thank you. thank you, mr. chairman. i can't always fill it with words of wisdom but definitely can fill it with words. we're excited to have you fill this important position and you will share and as the chairman shared, you're a very powerful and compelling life story and truly is an example of the american subsyces story, and shall a be -- success stor

we're still overseeing the cftc until some later date it's decided somebody else administers that. are there any plans to transfer that property over once oci dissolves? as a matter of our entity or be transferred over to city property? >> yeah. i think we're looking at mark sorry. sorry. commissioner brack if i could address that we don't own any of the property in cfd one but we are responsible for maintaining it and as part of the agreement for cfd one. >> correct? mm hmm. and are there any other parcels throughout the city that we also maintain in the similar fashion and or that we own and have maintenance responsibilities for? we do have you know, in the transbay thing. we have nothing in mission bay that we own in trans bay. we have properties in the shipyard and obviously we have properties. we have. during the meeting you were at ellis driveway is still the property that is under ours as well as the fillmore heritage center, you know and as is so those are still under our ownership is ellis center under oci or under mou city owned it is under our ownership. >> we were here

i am a big crypto person in general cftc oversight. but, this issue about tether and the amount of illicit market funding of tether. the analysts who do this work now, i am for a more robust system. the analyst that do it now think as much is $19 billion on tether could be illicit activity by the north koreans, the russians, the chinese. and so what we do about that? what is your solution? >> the number one instrument of the world of criminals is the u.s. dollar. the number two is the year old. these are just the things people use. tether is the largest stable coin so criminals is that more than circle which is the second largest ratio of the same. it's a blaming apple because of criminal use apple phones. it's just a product we do not pick on the u.s. treasury. this is just a product they are and i've asked them to they are signed up with all u.s. federal law enforcement. they follow all law enforcement instantly. the majority leader. mr. thune: mr. president, i ask unanimous consent that with respect to the lutnick nomination, motion