ben: i think what we heard from chair gensler is that he is looking at this in two separate ways.nd, there is blockchain technology which he says he actually has an acidity for. he talked at m.i.t. about this. the other side is crypto. and digital assets. and some of the more secure ones in terms of bitcoin, but people trying to raise money for projects as if they were selling stock. as it comes to the sec and their responsibility is essentially looking at something as an investment or stock. technology neutral is what he is focused on. if you're trying to do a project, it he is saying it is a security. matt: if you found a way to hide, to be anonymous and the blockchain, you could be a gazillion air. it is the least likely place you can hide. it is completely public. everyone can see the ledger. if you want to hide, do cash not crypto. bloomberg's been bain. you can see a slew of all of these deep dives. from and allying, i am matt miller and this is boebert. mark: new york governor andrew cuomo is maintaining his innocence in the wake of a report by the state attorney general th

that is obviously i think we're chair gensler wants to go.mily: going more mainstream as we speak. thanks so much for weighing in on that. appreciate your insight. coming up, squares massive acquisition shaking up the by now pay later industry. this is bloomberg. ♪ emily: the buy now pay later business has a big new k on the block. squares $29 billion bet on after pay shaking up the ever evolving credit landscape. just one example of how quickly the banking industry is changing. competing with after pay. this is a big move. as a competitor, what you think of it? >> definitely a big move. the direction, where we have been leaning, we are seeing a massive transformation. there's going to be an area of big players. the tech company, big tech, the transformation. what surprises me, currently in the u.s. this massive momentum for by now pay later. growing at a 400% rate. we are surprised to see what might be a distraction over the next year. when all of us are trying to shape up this market. emily: have you gotten more interest in the last 24 to 4

also as you mentioned before with chair gensler at the sec, he outlined several different work streams he is looking at related to the crypto space. we are eager to participate in those conversations and bring ideas to the table and figure out a better way to regulate the cryptocurrency space. there has been a tremendous amount of new interest. we have new players in the crypto ecosystem that are wanting to get to washington. we are going to be doing the policy work and being a place where the crypto industry can convene in order to interact with their policymakers. host: block chainassociation.org the website for the blockchain association. kristin smith their executive director. coming up, reid wilson from the hill will not only talk about what the numbers mean coming out yesterday but the potential impacts on redistricting. reid wilson of the hill joining us next. ♪ >> weekends on c-span to bring you the best in american history and nonfiction books. saturday on american history tv, at 2:00 p.m. eastern, on the presidency, a discussion on the results of c-span's fourth historian sur

ben bain spoke with sec chair gary gensler.ou have been speaking to chair gensler for a while now. how is what he is telling you now -- hold on. we will get to president biden, who was just about to speak. president biden: i want to's peak about the progress we have been making on the bill back better agenda here at home. i just got off the phone with the leaders of the house. the house of representatives has taken a significant step to making historic investments. it is going to transform america, cut taxes for working families, and position the american economy for long-term, long-term growth. when i became president, it was clear that we had to confront an immediate economic crisis, the most significant recession we have had since the crash. but that was not going to be enough. we also had to make some long-term investments in americans and america itself. the first thing we did was to write and pass the american rescue plan, and it is working. our economy has added 4 million jobs in my first six months in office. economic g

inferior product >> thanks for having us, bob really appreciate it we read chair gensler's comments toe because the story is no longer if there will be a bitcoin etf but when there's going to be a bitcoin etf. at grayscale, we've been committed to converting gbtc into an etf. that's the start of our ambitions. and we're not ruling out any structure. could be futures based, spot based. and you know as well as anybody through the entire evolution of the etf market, they've gotten comfortable with each new asset class investors want to be put into the raptor. >> you were in the right place at the right time. you launched the bitcoin strategy etf it's a mutual fund that holds bitcoin futures. do you agree that gensler is likely to approve a bitcoin futures etf before a pure etf product? and what's gensler's rationale for just doing a futures bitcoin etf first? >> sure. i'm going to be careful not to opoint on what we think the s.e.c. might do but right now the only way to do this is with futures and we were very ploe pleased to be the first out to use futures to get bitcoin exposure in a m

and i think what the senators have seen for the first time and what hopefully chair gensler realizes is that cryptocurrency is not just something for criminals, not just fraud. that is a very small portion of the activity, just like we had in many other industries. but what we have here is a really passionate user base that is excited about these assets, that wants to participate wants to help create them. so i think that where we are right now in washington is, for the first time, the broader set of policymakers are having to rethink some of the preconceived notions they have about cryptocurrency because there is such a response from so many individual users and constituents across the country. host: can a cryptocurrency impact the value of a traditional market, like a trust bond, etc.? >> i do not know if there is a direct correlation there. i think it depends on broader macroeconomic conditions, but i think they tend to be sort of separate, and it is not like the price of bitcoin might impact something else. the exception would be companies that are publicly traded that have some

that's already in place and the sec and chair gensler reiterated that timeframe is what we are looking at. come 2024, we could be looking at serious consequences. haidi: ben bain, who covers the sec at bloomberg. let's key to vonnie quinn who has the first word headlines. vonnie: any report from the cdc says efficacy of covid-19 vaccines on front-line workers dropped to 66% from 91% after the delta variant became dominant. researchers say the sustained two thirds reduction in risk underlines the benefits of vaccinations. findings echo earlier evidence from israel and the u.k. suggesting covid jabs lose some potency over time. the u.s. top infectious disease expert says a third dearth -- third dose of pfizer or moderna vaccine could lead to protection against covid-19. it's entirely conceivable a third shot may allow for prolonged protection, adding that means booster shots may not be needed indefinitely. singapore's government says migrant workers who recently tested positive for the coronavirus in a dormitory were all fully vaccinated. all 62 individuals were either a symptomatically

. >> i think the other issue for chair gensler is in some cases, the corporate structure, the shell companiesking about based in the cayman islands and elsewhere, the idea that your investing in not exactly the operating company in china, that a company that has a relationship with that operating company is something that in particular is something they do not feel has been disclosed purposely. i think regulators here have long had issue with the idea that things are not disclosed as clearly as they should be. i do not know if that is only for chinese issuers. the language you see in the u.s. are also pretty confusing and written in a complicated way. >> we really appreciate that. coming up, bitcoin got back above six $2000 yesterday for a little while. we will discuss some of the moves we have seen in the crypto space. we will talk to the ceo of bitgo . ♪ >> this is bloomberg market. bitcoin made its way back up about $60,000 and will have more on that in a bit. with people interested in the direction of the currencies and what is the best way to plate the crypto space. we are bringing in mi

liz: fox business alert, securities and exchange commission commission chair gary gensler putting outt to travel into china stocks. the message from the markets top cop coming along with the demand for more disclosures from chinese companies which lists shares on u.s. exchanges. the sec chair also ordering a pause on approvals for new ipo's coming out of china and these names are getting hit pretty hard, allie alibaba down 4.7%, tencent holdings down to 55.26 and not stopping there, j pink's regime today continuing to tighten the screws on its publicly traded tech titans with a new round of anti-monopoly measures so as you saw baba is taking a hard hit with these trans-pacific regulatory assaults, but take a lack at shares of tencent music that's the arm that involves music publishing just cratering into the close. china's recent crackdowns are showing no signs of stopping and a miss on revenue creating worries over the music streamers future shares hitting a new all-time low, $7.77 down about 13%, but one china stock fighting the red tide into the close, and that is didi, the ride ha

also as you mentioned before with chair gensler at the sec, he outlined several different work streams he is looking at related to the crypto space. we are eager to participate in those conversations and bring ideas to the table and figure out a better way to regulate the cryptocurrency space. there has been a tremendous amount of new interest. we have new players in the crypto ecosystem that are wanting to get to washington. we are going to be doing the policy work and being a place where the crypto industry can convene in order to interact with their policymakers. host: block chainassoc also in these times contributor on her recent article about gerrymandering and how activists in wisconsin are trying to change the voting process. watch washington journal live at 7:00 eastern on saturday morning and sure to join the discussion with your phone calls, comments text messages and tweets. >> weekends on c-span2 bring you the best american history and nonfiction books. saturday at 2:00 p.m. eastern, a discussion on the survey of presidential leadership with historians. the survey ranks pre

today comments from sec chair gensler aiming to defy the whole space suggesting peer-to-peer networksnti trust founder, caitlyn long. bitcoins have staged a pretty impressive rally in the vocal regulatory threats and opposition from around the world. they say bring it on, maybe regulation is a good thing. is it? >> we've known the regulatory crackdown has been coming since april. the washington, d.c., policymakers very clearly have been telegraphing that the whole time. i think that is one of the reasons why we saw the big correction that started this spring. the smart money smelled this was coming. so it is already in the price. every day we're getting more news, and you're right, there are a lot of institutional, shall we say incumbents that are, that don't like the new technology but the new technology just marchs on without them. charles: right. >> if they want to have the on-off ramps into these systems controlled they can but they need to lay out the pathway to do so and our bank,, avanti bank has had an application to with the federal reserve since october to do that. charles:

continuing its crackdown on everything that moves including new action this morning, you've got the sec chair genslerckrock saying heck are you crazy? triple up in the meantime the gold dragon etf down 34%, chinese etf down 41% whose going to win this , who do we follow, listen to gensler or follow blackrock and pile in? >> you're not going to be happy with this answer because again, it's sort of a both situation. charles: [laughter] >> well, yeah, because right now, things are free-falling and we don't like to buy falling knives, but i looked at fxi for example, the etf in china, the relative strength on a monthly chart is at 1%. that is so crazy oversold and if blackrock is right and by the way they aren't the only one , jpmorgan, jamie dimon just got approval to go in and have 100% control of the securities in china, tim hortons coffee going into china, also fidelity so these companies are banking on china going from an emerging country, to an actual dominant one, so i think, you don't buy the falling knife but if fxi to get through 40.50 then i think actually, you might see a decent bounce. charl

also as you mentioned before with chair gensler at the sec, he outlined several different work streams looking at related to the crypto space. we are eager to participate in those conversations and bring ideas to the table and figure out a better way to regulate the cryptocurrency space. there has been a tremendous amount of new interest. we have new players in the crypto ecosystem that are wanting to get to washington. we are going to be doing the policy work and being a place where the crypto industry can co

sec chair gary gensler will be speaking at the security forum.pto lovers are not happy about what was put in the infrastructure bill when it comes to more crypto regulations. that is of course when i will be watching. guy: absolutely. tomorrow, comments bank. plenty of data to sort out as well. u.s., german, european, u.k. services will be coming out. we get that treasury fully refunding announcement that a lot of people are paying attention to as well. alix: that will be quite fun. heading to radio and cable at the top of the hour. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and there you have it - wireless on the fast

vonnie: sec commission chair gary gensler has issued his most direct warning yet on the risks of investing in chinese companies listed in the united states. he says he order the sec to pause green lighting ipo's of shell companies firms use to list shares kid the agency once listing companies to increase his closures including the fact beijing may change roles unexpectedly. >> that we take a pause for now when such listings of shell companies associated with china-based companies. vonnie: alleges prime minister and his cabinet -- malaysia's prime minister and his cabinet have resigned. this feels a crisis of leadership in a country hampered by a weakened economy at a surge in covid cases. the palace says he will stay on as caretaker prime minister until a successor is named. the king says fresh elections are not the best option during a pandemic. pfizer and beyond tech have submitted early-stage data to u.s. regulators on booster shot trials. they say third dose of their vaccine leads to higher levels of protective antibodies when given eight to nine months after initial doses. lards there

this after the sec chair gary gensler said a full ban of payment through order flow is on the table.ss involves sending customer trades to financial firms to execute and accounted for 80% of first quarter revenue. there had been controversies about payments for overflow over the course of the last year. . we will watch how that plays out. indian ride-hailing start up a -- an indian ride-hailing start up is said to have picked citigroup and morgan stanley to manage its mumbai ipo. giving the company evaluation of more than $8 million. -- $8 billion. they are joining a strong pipeline of indian startups ready to tackle private markets public markets in the coming months including digital payments company atm and flip cart. coming up, the long-awaited trial of elizabeth holmes gets underway this week. what we can expect in that case, which stands out as one of the biggest scandals in recent silicon valley history. meantime, the thriller "candyman" reached the top of the u.s. box office over the weekend, knocking "free guy" out of the top spot. it premiered exclusively in theaters. the r

sec chair gary gensler warns there is a lot of u.s. investors not knowing about chinese companies and says beijing could change the rules in the middle of the game. we have doubled the bubble from the bottom last year. can it endure. can u.s. exceptionalism endure it's tearing ahead? the question is, can anything unseat this rally? dani: it would seem to be equities are the only asset class where you are not seeing it creep in. you have an fx base where havens are the ones that have led. of course this bond rally just seems to be invincible at this point. manus: i'm drawn to the warning over at citigroup. he said the market could drop over 10%. you and i both looked at something more malevolent. let's have a look at it. in other words, the options of volatility. everybody has gone to the south of france, in theory. let's have a look at the v vix and the vix, the differential is widening. this is what causes nerves to jangle. when you have this kind of implied volatility over the cash , there is only seven times we have seen it this wid

chair gary gensler says a full ban is quote on the table after the conflict of interest robinhood sharesere down before the comments on the back of paypal exploring ways to set up its own stock trading platform >>> global consumer internet company process agreed to buy one of india's platforms in a deal worth $4.7 billion. the acquisition would enable to boost fintech platform prosus is the biggest shareholder in tencent >>> zoom shares plunged after the company said it expects revenue to rise a little over 30% in the third quarter compared to triple digit growth last year. the revenue from the small customers could decline as the vaccine rollout allows people to return to work the selloff came despite the second quarter earnings pbeat our u.s. colleagues will speak to zoom cfo kelly steckelberg. >>> let's take a look at how the u.s. markets have performed over the month of august as we enter the final day of trade this month. dow jones industrial average up 1.33% month to date. actually makes it the worst performer of the three indices the tech heavy nasdaq is up 4.4% month to date. ref

chair gary gensler speaking exclusively to cnbc about the retail investor. our next guest says s.e.c. needs to do much more to level the playing field. bring in citadel trader and of urban ai great to you have with us. >> thanks for having me on appreciate it. >> nice gensler is engaging with the twitter community, but i know looking at the twitter communities's comments about what he said today a lot of skepticism whether or not the s.e.c. can or will in fact do anything from your perspective, what do you think is the number one thing the s.e.c. should be focused and when it comes to this particular matter of rowdy order flow to wholesalers as opposed to lit exchanges >> i appreciate the skepticism i've been in this conversation almost ten years now and i've heard about holistic reviews of market structure and the need to study, and i feel like it's, you know, something we hear a lot of and see little action. i think the most important thing we should be focusing on for a market structure perspective is the fact almost half of all trading is happening off e

this as sec chair gary gensler plans to regulate what he calls the wild west of digital currency, butood in part because not every member of the sec is on the same major. to charlie gasparino who a's not only watching the spiking prices of these coins, but he spoke with gensler's fellow commissioner, also known as crypto mom, hester peirce. charlie. >> yeah. we have some breaking news right now exclusive to "the claman countdown" that we just were able to confirm on crypto. so gary gensler wants to get into crypto bigtime in terms of regulation. there's going to be a battle over who has jurisdiction between the cftc, the treasury department and gary gensler, so keep that in mind. 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 massachuset

chair gary gensler on the program, and we were talking about crypto, which leads me to this question. report at this time we always focus on what our customers want, so we'll continue to keep our eyes open >> what do you think about that, though internally? i'm sure there's had to have been a conversation or two about that >> yeah, i mean, i think there have been a few conversations. our payments team has been part of organizations looking at how to do this and the best way with the least amount of volatility, but again, nothing to report at this time. >> john, we're going to leave the conversation there we appreciate you coming on. we look forward to continuing to follow your progress i feel like we've been following it from the very beginning, so it's exciting to see you reach this milestone. >> thank you very much. >> thanks. >> joe >> thanks, andrew let's get down to jim cramer you were tweeting about lyft earlier. the company indicated some of the unemployment benefits were distorting the labor market to some extent. then we got the adp report, this is still something that's a pr

okay, sec chair gary gensler describing the world of cryptocurrencies as the wild west.ping an eye on robinhood, because of the way it actually makes its money. its revenue because the service is free, right? let's check the stock right now of robinhood. right now, it is up, up, and away but would you believe up 47 % it had been 82% earlier. robinhood stock gains the result of the poor taking from the rich in the form of a short squeeze, this time around. charlie gasparino has been working both of these stories want to start with robinhood first? charlie: by the way who looks more like dr. evil, bezos or gary gensler? liz: um, neither. charlie: that's the politically- correct answer. all right, kiss up to your sources, go ahead, liz, i don't care. liz: [laughter] charlie: i do it all the time but anyway, there's a lot of conflicting stories about what's pushing robinhood higher. here is what i know just from talking to major short sellers, talking with institutional investors, some other traders, is that you do have short seller s worried that there's like a gme amc-type

chair gary gensler and his staff and what concerns they have about the explosive growth of indexing they'rebout the explosive growth of day trading. would gensler be an ally of yours or not >> you're right. happy birthday, dow jones. 125 years. in terms of regulation, look, we don't take any forward views we actively engage as the world's biggest provider we want to become constructive and helpful in that process. what we want to do is continue to provide independent indices which we've done for 125 years >> yeah, i think the important thing as a lot of people say you'll provide whatever they want to provide if you want to provide an index that has certain things in it or not in it, china or not, you'll be theep do that. a good example of indexing is the growth of esg. billions benmarked to esg. but there's a lot of confusion about what esg is. what role, if any, does s&p play in clarifying that confusion >> as you mentioned, bob, esg is growing all over the world including increasingly here in the u.s. our job and long history is to provide information and benchmarks, barometers and new in

chair gary gensler who is now calling for more disclosure from chinese firms regarding their ownershipter a decade where investors have increased exposure to china, many are debating whether china should be considered a separate asset class from the u.s. and from the rest of the world. joining us, kevin carter, who runs emqq. they invest heavily in the chinese consumer and the founder of freedom 100 frdm that weights exposure to emerging market equities based on personal and economic freedom metrics. kevin, we talked about this for many years you've repeatedly told me, invest in the chinese consumer right now. is that still feasible with this increased regulatory risk we're having >> i think it is ultimately investing in china and emerging markets, the real story, the thing that's emerging are the people billions of people moving. they want stuff. more and better food, clothing, et cetera. and that's, you know, many ways the biggest growth story in the world and it's going to continue but it's migrated to a smartphone consumption model and these really are amongst the best growth compa

earth movement underneath whether it's an earthquake or just a tremor because we know that sec chair gary genslerent a letter to liz warren , the senator from massachusetts, and in it, he warned pretty dramatically that investors are not protected in this current environment in the crypto world and in fact, we can put up exactly what he said, and it was pretty specific. he said investors using these platforms are not add it request ly protected regulators would benefit from additional plenary read, total authority to write rules for and attach guardrails to crypto trading and lending. i get , anthony, that he wants to ring fence any problems, but how do you foresee that playing out in the entire crypto space? >> yeah it's a great question. i think that one of the things regulators, investors, market participants and also politicians have to be careful of is kind of painting an entire industry with a broad brush and what i mean by that is i think everyone can agree they don't want crypt internationals, they don't want terrorists money launderers participating in these markets so it's a commonly he

the rest of us are, sec chair gary gensler hinting at new regulations for digital currenc ies saying the sector is "ripe with fraud." bitcoins down about 3% to 38, 166. you can see ethererum is still above 2,400, and litecoin down slightly at 139. like father, like son. shaquille o'neal's son is going for a slam dunk not on the court , but in the business world as college kids aim to cash in on new relaxed ncaa rules. the ceo of "influential" are here next on the early adopt ors , closing bell 48 minutes away, we just hit a session high , we're slightly up but with the dow up 238 points the bulls are on the run, "clayman countdown" is too, we're coming right back. [sfx: psst psst] allergies don't have to be scary. spraying flonase daily stops your body from overreacting to allergens all season long. psst! psst! all good our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. front desk.

securities and exchange commission chair gary gensler also warning investors about these risks joins k you so much for talking about this incredible risk for investors what can you tell us about risks that you see today. >> first maria so great to be back with you i wish it had been in person like last time sitting at new york stock exchange i think, in terms of risks i think that investors are always ---lawed to traifksz we are trying to make sure they have appropriate full fair closure been generally not buying directly into company in china applying a company usually cayman islands that is terrific but in cayman islands they do not own the chinese -- they are service arrangements, two chinese authorities last 17 years have not allowed parts of the u.s. government to look at the books and records of these companies through specing auditors two issues taking very close look at congress weighed in on bipartisan basis. >> well this is really important point that you make so-called vie, you invest in these companies you think you are investing in a chinese company and yet it is a shell

we spoke with the chair overnight gary gensler and in keeping with the changing times as a regulator,is now basically coming out and saying that maybe the level in the pipe and content from chinese companies in terms of the risk pullout, that needs to jump. rishaad: this what we are looking at. it is those companies set up in the cayman islands and a bit opaque and terms of the way they are structured and that is one of the things he is looking at. yvonne: the question is whether all of this bark has bite or rather his agency has the ability to force these companies to delist. the 200 some listed in the u.s.. our bloomberg opinion colonists talked about that. this is what we heard from gary gensler. our disclosures stick to the times about the regulatory risks, the political risk. that was an exclusive interview as well and we were talking to our deals steam as well about how some of these companies, if you look at these perspectives and filings, when it talks about political risk and regulatory risk, is front and center. david: i want to chime in there. it is one thing to require a c

also as you mentioned before with chair gensler at the sec, he outlined several different work streams looking at related to the crypto space. we are eager to participate in those conversations and bring ideas to the table and figure out a better way to regulate the cryptocurrency space. there has been a tremendous amount of new interest. we have new players in the crypto ecosystem that are wanting to get to washington. we are going to be doing the policy work and being a place where the crypto industry can convene in order to interact with their policymakers. host: block chainassociation.org the website for the blockchain association. kristin smith their executive director. coming up, reid wilson from the hill will not only talk about what the numbers mean coming out yesterday but the potential impacts on redistricting. reid wilson of the hill joining us next. ♪ >> weekends on c-span 2 bring you the best in american history and nonfiction books. saturday on american history tv at 2:00 p.m. eastern on the presidency, a discussion on the results of c-span's fourth historian survey of pr

sec chair gary gensler is ready to crack down on crypto. says, that will not be so easy. charlie gasparino will be here to explain. plus the ceo of raising canes is here. how his company is raising the stakes to keep his employees happy. jason, did you know geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save. we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network. up here, s

stuart: dropped to 44,$000, sec chair gary gensler talking about crypto regulation.rstand it. >> we had gary gensler half an hour ago talking about these projects. pay attention. listen to what he said. >> innovative technologies but not neutral. somebody in the product offering security, should come in and register and decentralized finance platforms have a lot of centralization. >> it will be regulated by the sec. i didn't hear anything new. regulation by the sec legitimizes crypto currency which is a good thing. stuart: bitcoin -- i will try to understand later. the stock market which i do handle down 230 points, 60 for the nasdaq, "the opening bell" is next. ♪♪ got my mind set on you ♪♪ i've got my mind set on you ♪♪ i've got my mind set on you ♪♪ it's going to take money ♪♪ a whole lot bundling for example. you've got car insurance here. and home insurance here. why not... schuuuuzp.. put them together. save even more. some things are just better together, aren't they? like tea and crumpets. but you wouldn't bundle just anything. like, say... a porcupine in a ba

having me today it's clearly a big week in the crypto ecosystem on monday, we had gensler comments the current s.e.c. chair last end of the week and weekend, we had the infrastructure bill on the floor of the senate which includes cryptocurrency tax provisions. going to gensler, i think his speech was not unexpected. gensler is trying to be pro market regulation despite being a former goldman sachs partner crypto is not the wild west. they are monitored by agencies in the united states youand abrd for several years now. some of the things in the crypto currency ecosystem what i feelt is it is a commodity. the s.e.c. is trying to establish mandate and the way gensler positioned his take as the s.e.c. should have oversight overall cryptocurrency it sounded like a plea for more money and resources and authority to regulate. we will see what happens and the response >> you raise an interesting point. it is not clear who exactly should have oversight over cryptocurrency because it crosses so many barriers it is requires a knowledge of computer science and the markets. a clear gap in understanding from many inve

chair gary gensler told barrens that banning the practice of pay for order flow is, in his words, on the table that practice involves back end payments that brokerages receive for directing client trades. gensler said in his words, has inherent lconflict of interest it is the reason robinhood can provide zero commission trading. whether that gets any traction could make a huge difference for the business model >>> coming up, we take you live to new orleans and recovery and clean-up operations under way after hurricane ida ripped through louisiana. that's next. as we head to break, a look at the s&p 500 winners and losers >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. ere. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pic

. >> finally before you go, last week we spoke with sec chair gary gensler about crypto assets i wantn here's the take. >> if people wantto take risks that's all right what we want to do is provide some of the basic protections against fraud, manipulation. the trading platforms they're on are not currently under regulatory regime that protects them like they're trading on the new york stock exchange. it just isn't. i think those are gaps and that's not good for investors and it's not good for the technology >> what do you think do you agree with him? >> we share a lot of those views around investor protection we share the views around protecting for market manipulation so i think we can find a lot of common ground to align on we are not regulated as an nms exchange most crypto is not a security. we believe that we need to work with the sec, educate them and find the right regulatory framework that we can offer access to these products in a way that is safe for investors but i don't think it's easy to say everything is a security and let's make it an exchange regulated by the sec. >> w

now if gary gensler wants to go, the sec chair, unilaterally and try to ban it, he's going to get a lotat, okay, charlie thank you. we are now down 313 points you can see the nasdaq is gapping down, names like microsoft have suddenly completely flipped over and gone negative, dow is down 323. we are coming right back with today's countdown closer, and what is going on in these last minutes of trade. ♪ ♪ it's a wishlist on wheels. a choice that requires no explanation. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. visit your local mercedes-benz dealer today for exceptional lease and financing offers. ♪ ♪ . . . others, weaker. that's the nature of being the economy. i've observed investors navigating the unexpected, choosing assets to balance risk and reward. and i've seen how one element has secured their portfolios, time after time. gold. an element so agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advant

the chair of the securities and exchange commission is preparing more oversight of crypto currencies to protect investors. gary gensler expertise in assets, but says he's not on board with the oversight approach many enthusiasts hope to see. at the tokyo olympics, american gymnastics star simone biles made an emotional return and won the bronze medal in the balance beam final. that came a week after she withdrew from several events to focus on her mental health. meanwhile, in track, the u.s. won the women's 100 meter. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: discovery is the place where european sports fans can watch the events. so far, over 275 million viewers have tuned into the broadcast. here to talk about how the games can play to the bottom line, discovery's cfo joins us now. thanks for joining us in studio. it is a pleasure to have you. >> thank you for having me. alix: what has the a olympics done for you guys? it is about one million new subscriber additions. the olym