coinbase has been looking around in this area. we think it would be extremely good fit for them to be able to offer etfs and other products. of course, bitcoin etfs, crypto etfs are not yet legally in the u.s., but we do believe that by creating that framework, coinbase will be positioned to be a leader in that space when they are finally approved, which we believe could be in 2022. sonali: i asked you about robinhood competition but this goes the other way as well. we have some other competitors, particularly binance. we saw the u.s.c. will step down late friday in a surprise move -- the u.s. ceo step down in a surprise move, the retail investors not care? mark: i think coinbase certainly would like to see some sort of a shakeout on the regulatory standpoint. coinbase has positioned itself as strict adherence to regulatory guidance. it has played it straight since its founding. if there were to be a shakeout, if you were to see some of the other players in the space come under pressure as the regulators crack down, frankly, coinb

maybe coinbase is a $70 billion company.hen nasdaq has to be worth a lot more than a $30 billion that it's traded at i think things have gotten out of whack here. if coinbase is viable at $70 billion, then names like nasdaq should be worth a lot more, in my opinion >> coming up, another earnings alert coming your way. shares of ww sinking we are digging into moderna's record highs one analyst sees another drop ahead. weil wl dive into that when "mast "fast money" returns this is the card built for... ...real life. (dad) she's gonna be a drummer. (cashier) yeah she is. that's gonna get loud. (dad) right? (vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases. that's real life ready. the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq >>> welcome back to "fast money. shares of the company formerly known as weight watchers a

at this moment, all the coinbase lists are that. it become that come there will be an opportunity to play in that, but what we're seeing right now is frankly there is some confusion amongst regulators about which parts of the crypto ecosystem they want to monitor, what they want to regulate, so what we want is more clarity and want to work with him on figuring out the rules of the road and how we can regulate and avoid this and protect the consumers, the customers, but at the same time does not inadvertently hinder crypto innovation, because it will move offshore. crypto is a decentralized movement. if you try to put that genie back in the bottle, it will morph into something else in another part of the world. emily: interesting. meantime, a huge defi hack was just revealed on poly network, $600 million worth of assets stolen. what about the risk of defi for you? given hacks, frauds, scams can happen? emilie: coinbase is built on a very big foundation of security with the things brian armstrong built the company on, so the way we ha

>> look, i think coinbase is a neobank.g around to get people to sign up for their neobanks for a tiny bit of interest here, we have a cool app there. the reality is a lot of these big companies including coinbase are making serious moves to be your day-to-day bank if you're a gen z, a millennial you don't need to walk into a brick and mortar bank. where you're buying and selling stock and crypto is where you're going to earn interest, get debit cards, as that happens i think we will see these products are much stickier. >> sarah kuntz, thank you for your thoughts on coinbase. we appreciate it. >> thank you. >>> coming up on "squawk box," an exclusive conversation with coinbase's chief financial officer. 8:40 a.m. eastern time right here on cnbc a must-watch interview here. >>> now for some of your morning's top stories. the ftc is reportedly scrutinizing a partnership between uber and gopuff over anticompetitive behavior they're looking at uber's proposed 1$1.1 million bid to bu drizly they are focused on whether the deals

coinbase is one of them.o you invest in equity that is so heavily tied to an asset class that many would say is completely disconnected from fundamentals? >> at the end of the day, the fundamental that matters is you want to buy low and sell high. while crypto is largely uncorrelated to the rest of the market, that is not necessarily a bad thing. it is just following, to a large extent, the price. because that has a large impact on the price of stock. amanda: to kailey's point here, we know there is a massive amount of volatility in bitcoin. anybody invested is going to have to accept that fact. coinbase is a strong correlation to bitcoin. which is not typical, and exchange should not necessarily have that kind of correlation, one would argue. do expect that to diminish over time? or, is that the nature of coinbase, that you will invest, and are going to get the bitcoin volatility. >> over time what you might start to see more of, will coinbase track to some of the other currencies, although most of those are

tonya's last communication with coinbase came in late may when coinbase gave her back access to her account after she was locked out for a month. >> there was always a struggle with customer service. >> reporter: former customer service employee jason rose said the company's customers needed reassurance taking the plunge into crypto. >> they need that touch of somebody being there while going through this complex transaction. >> reporter: he worked at coinbags from 2014 to 2016 add the company was phasing out live chat. >> the decision to do that was disastrous because the time that it took to respond back to emails took a lot longer than it would for a live chat. >> unfortunately, most people who contact me would tell you it's poor customer service. >> reporter: david silver, an attorney who specializes in cryptocurrency cases, represents the couple. >> they're being almost victimized twice. >> reporter: while the company was happy to go on camera to talk about its ipo and earnings, it repeatedly declined to sit down for an interview on customer service, instead sending a statement saying

visit indeed.com/hire and get started today. >>> coinbase had a beat on revenue.ly coinbase investor sean williams, along with dan dolan from mizujo rasean, what are the metrics that stood out to you? >> i think eps and revenue are two of the main revenue. it's about take rate, about verified users, about the retail trading activity, so we're looking at theoverall picture, but most importantly the continued mass adaptation, and the more mainstream this becomes, the more institutions and global adoption that we see in the currencies, i think it company is hoisted to do really well if you're making a bet on digital occurrencies and on blockchain, there's no better company to invest in >> dan, that said, the release, as morgan pointed to earlier, it does use words like unpredictable. do you think the latest trading volumes weave seeing are sustainable? >> as we said in the note just now, we think the outlook is a bit of a coin tows one day the volumes could be very, very high. the nest day volumes could plummet. that's what makes this thing different to predict event

emily: coinbase has been beefing up the policy side of the team.e working to talk with regulators. what kind of regulations do you want to see from regulators? emilie: ultimately we want a fair and even playing field with the rest of the financial services industry. so one of the really interesting kind of scratch-your-head moments with this amendment was thinking about, if you send money to your sister, that transaction is not going to require any information about your sister, unless it is tagged as something that is dangerous, nefarious, or some threshold of dollar amount, right? so if you were sending that through wells fargo, for example. so why would crypto be regulated in a different way than the traditional financial services industry? we simply want an even playing field with financial services. emily: sec's gary gensler call the crypto industry recently by the wild west and once investors better protected. what are you looking at? emilie: we did not know it will be regulated as a security. we need to figure out the rules. we pioneered thi

customer service saying coinbase left them hanging.tion. crypto nightmare >> tanya and jared discovered crypto currency through a coworker a few years ago and thought the boom attracting so many would give their young family a financial leg up. >> it was going to be a way to retire and be secure. >> so the florida couple started buying bitcoin and ethereum using the coinbase the largest cryptocurrency exchange. >> how did it go at first. >> until recently it was great. >> but earlier in year they say their account was hacked, investment which had grown from a total of about $45,000 to some 168,000 was essentially wiped out. going down to $$587. >> i sign on the computer and i see a ton of security alerts, password changes and i saw the crypto was gone. >> to their astonishment they couldn't get coinbase on the phone. just email turns out they weren't the first to have that problem more than 11,000 complaints since 2016, mostly related to customer service have been filed with the federal trade commission and consumer financial protectio

. >>> plus coinbase is reporting earnings after the bell. we'll tell you what to expect and look at the potential regulatory threats from capitol hill "the exchange" is back in a moment don't go any wrchl retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire every single day, we're all getting a little bit better. wwrchlhwrchlewrchlrewrchlt.wrchl matching your job description. we're better cooks... better neighbors... hi. i've g

a question coinbase expects trading volume lower in the third quarter good reason. 95% of coinbase's second quarter revenue came from transactions coinbase countering, used to volatility, embrace the volatility why wouldn't they, guys? especially if it means more transand and volume? sticking out to me, institutional volume greater than 50% growth, retail volume half of that. on that front, guys, talked to big players in the space this week and know that competition is increasing. falcon x yesterday, platform dead dedicated specifically to crypto investors and saying wanted regulation, compliance in place. a bid to get big players as well. >> yeah. i mean, carl, seems to me this is back to that, today's story is not tomorrow's story. heard from robinhood, what they expect in the second half. volatility cooling down in crypto hitting their top line as well no reason we shouldn't expect that from coin bees. people used to say i don't know about bitcoin but believe in blockchain, yell the valuations lately based on all of this excitement around bitcoin and the likes of that. if that coo

rose worked at coinbase from 2014 to 2016, said the company was phasing out live chat. >> the decisiont it took to respond back to e-mails took a lot longer than it will for a live chat. >> unfortunately most people who contact me would tell you it's poor customer service. >> david silver, an attorney who specializes in cryptocur cryptocurrenciy -- while the company talked about its earnings, it repeatedly declined to sit down for an interview on customer service, indeed a statement saying, we grew to 68 million registered users s through all of this growth, some of our customers unfortunately experienced challenges and delays reaching our support team the company would not disclose the number of accounts that have been taken over. bus a spokesperson said only a small number, less than 0.1%, have been impacted by account takeovers. law enforcement officials are seeing cryptoaccount takeovers across the country we were told these crimes are different in one important way. >> one of different things is that they're irreversible. when the attacker withdraws those function from the exchang

most crypto investors have little recourse when hackers drain their accounts coinbase is the largesttomers across the country are taking aim at its customer service, saying it has left them hanging. with a cnbc investigation into their crypto-nightmare, here's eamon javers. here's eamon javers. >> >> reporter: they discovered crypto a few years ago tonya thought the boom would give their young family a financial way up so the florida couple started buying bitcoin and ethereum, using coinbase how did it go at first >> up to recently it was agreed. >> but earlier in the year, their account had shack. their invest that had grown to some $168,000 was essentially wiped out, going down to $587. >> i see a ton o >> i get onto my computer and see a ton of security alerts, password changes and everything. i signed onto the crypto and said, it's gone. >> reporter: to their astonishment they couldn't get anyone on the phone from coinbase more than 11,000 complaints since 2016, mostly related to customer service have been filed with the federal trade commission and consumer consume financial pro

coinbase mercy -- murky outlooks. propping up shares of the largest cryptocurrency exchange. we speak to the ceo of fintech start up upgrade. amanda: a commendation of factors for investors today. the cpi data, one of them bolstering the view of the doves out there that they may stay on the sideline longer than some had feared. we are seeing this many rotation. out of growth and into more cyclicality. materials leading the s&p 500 higher. weak spot showing up in the nasdaq. we are seeing still story sox -- story stocks, and then the pilot error did -- volatility of markets. double-digit decline from a dharna. the macro story, for what it's worth, is getting our attention because that is the kind of slow movingluence. there is something for everybody in some ways, but where we have seen big jumps moderating a little bit here, the very things jay powell had pointed out as what he thought were transitory. lumber and used cars. we sell used cars come down in this report. if you think this is an argument for the fed to tak

i have no problem with coinbase. i have a coinbase account. fees matter to me.ee with the most liquidity and above all compliance, compliance, compliance i think there's lots of players. the institutional interest is massive. there's trillion dollars amount of interest in bitcoin i'm going to work with everybody on the street to do that but wow my compliance department squeezes my head in a vice every day on this. institutional clients are looking for these very large platforms that can integrate with their compliance departments and i think we're just getting there there's two or three private companies doing it what an opportunity i see ahead for crypto by the way, you know, just on usdc, i own a lot of that. >> did you know? >> i'm well aware. there's no question it's a moving landscape however you have to realize something. a money market as scott mentioned or whoever was saying that is in some ways similar i'm writing 30 daikon tracts, 60-day contracts, 120 daikon tracts, one year contracts and making 3.5 on usdc and still part of my portfolio and i still g

you need what coinbase has done, and what coinbase is doing with coinbase cloud.garry tan cofounder and managing partner of initial last capital. . so much more to get to, we will save that for another conversation. it was great to have you on the show. coming up, suspending production. toyota says it is blasting output for the month of september in part due to the global ship crisis. after the break, we will hear from the toyota executive vice president of sales, bob carter. this is bloomberg. ♪ >> we believe that the worst is passed. >> it is very fluid. >> it is going to run well into 2022. >> the chip shortage is also driven by the capacity. already the action has been taken by our suppliers and this will also go away. >> we do think we will publicly be included at least 2022 until we start to see supplies rebound. >> whether it will go away in the short-term term, i don't think so. >>. >> we have seen shortages of summer between 5% to 20% maximum production compared to our initial plans. emily: you heard if there. the global chip shortage remains top of mind.

coinbase says it symbolizes how the cryptocurrency has entered the mainstream.arlier, the coinbase president spoke exclusively with emily chang. >> zooming out, this was actually a really big moment for crib the and i think it -- for crypto and i think it was a positive moment for crypto. the 1.5 trillion dollar infrastructure bill was held up because of a small crypto provision that frankly lawmakers did not understand the implications of blood -- of what that provision might be. it speaks to is crypto is going to be a major source of tax revenue to fund infrastructure. that is something we think is really positive for the industry. it is no longer a fringe thing. crypto has entered the mainstream here. this was a setback. there is no doubt about it. we are playing the long game here and we think the more education coinbase and other members of the industry do with lawmakers tile thumb understand -- to help them understand the potential, the more we can shape the right regulation to make sure we are protecting customers and not hindering innovation from happeni

bitcoin going higher, coinbase going higher. little today come bits will be interesting to see what they put up on their quarterly report today after the close. . guy: thank you very much, indeed. abigail doolittle looking ahead to those numbers. we've got an exclusive interview with the coinbase president and coo at 5:00 p.m. in new york, to a clock p.m. in san francisco. alix: just wanted to give everyone -- 2:00 in san francisco. alix: just wanted to get everone a heads up, we are now seeing the nasdaq firmly in negative territory. the s&p giving up all of its gains. a touch of selling on the long end, and some bid coming into the u.s. dollar index. i don't know if there is a catalyst for that, but your different leasing positioning put on ahead of cpi at 8:30 tomorrow. this is bloomberg. ♪ ♪ ritika: let's check in on the bloomberg first word news. i'm ritika gupta. the european union has decided not to reinstate restrictions on non-essential travel from the u.s. despite new covid cases in the country exceeding the threshold.

coinbase is a tremendous partner.them. >> jeremy, thank you for coming on this morning and try to help explain some of this to us i think we are all getting educated about this space every day. we look forward to talking to you again soon. >> thank you so much >>> scott. >> thanks. stocks to watch. we will go through sonos and e-bay next >>> and joining us next is dr. scott gottleib talking about the timeline for the immunocompmid.rose >> announcer: currency check is sponsored by interactive brokers. professionals gateway to the world's markets. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. ♪♪ the ey entrepreneurs access network has a tremendous im

plus coinbase, cathay and china. we're serving up all those in rapid-fire but first the markets this hour. record highs i think dom chu has the numbers. >> they are on fire. rapid-fire, those topics the markets are on fire right now. it's not a massive amount to the upside but as kelly pointed out we still do have gold stars for the dow industrials and the s&p 500. both of those stocks are near their highs of the session with the dow and the s&p again hitting records. underperformance in the nasdaq overall. the nasdaq is right now hovering right around some key support levels as some traders are watching to see if there could be a further possible breakdown in that big and powerful nasdaq trade that we've seen over the last year. with regard to a key part of the markets right now kelly mentioned dallas fed president robert kaplan. irpt rates still a very key focus here ten-year note yields, by the way, have risen for seven straight days. that's seven straight days of selling pressure on the ten-year governor note. fi

emily: coinbase has been beefing up the policy side of the team.e working to talk with regulators. what are you telling him? what kind of regulations do you want to see? emilie: ultimately we want a fair and even playing field with the rest of the financial services industry. so one of the really interesting kind of scratch-your-head moments about this amendment was thinking about, if you send money to your sister, that transaction is not going to require any information about your sister, unless it is tagged as something that could be, something that is dangerous, nefarious, or some threshold of dollar amount, right? so if if you were sending that through wells fargo, for example. so why would crypto be regulated in a different way than the traditional financial services industry? we simply want and even playing field. emily: sec's gary gensler call the crypto industry recently by the wild west and wants investors protected. what are you looking at? emilie: we did not know it will be regulated as a security. we need to kind of figure out what the

on coinbase, i'm a big fan of coinbase i like crypto currencies it's a very competitive space. i'm playing it is i own the stock. if you own at least 100 shares, you can sell calls and something like coinbase, you're getting close to about a 10% premium if you go out to december or january. the stock has been very volatile it's gone from 220 to 270. about 250 today. take that option premium get really nice call premium while waiting. i'm definitely in the stock long term i think ryan armstrong is great. he's a great founder/ceo i'm long the name for the long term but using those calls on small cap, i think i probably more agree i talked to steve about his views on small cap but if i can just kind of guess, if you look at the russell 2000, there's a lot of really weak companies in there and so what we did is i wanted to have exposure to the economy, get as close to the economy as i can and actually small cap value is the way to do that and so this factor-based strategy, it's really smart. they take the russell 2000 and then eliminate the stocks with the lowest liquidity like mar

this crypto thing, coinbase, phenomenonal.'ve raised 52 billion in the first half of this year, shattering the record ray, you know, is it time to assume that we know government hurdles are out there but just assume that okay, they are going to be there but ultimately, crypto, blockchain, is going to win out. >> completely right. crypto is here to stay, i mean, there's a lot of demand for eth er, but i'm betting on things that have transparencies and asset value. ether is big because everybody sees the potential for trading i'm not much into that but actually think you'll see some changes like nft's and airline mileage programs. for example, you could take an airline mileage program that has 762 million fliers and actually turn that into crypto because it's tax-free, cross-boarder, value exchange and it's funded a penny per mile and redeemed at 1.6 cents a mile and have the world's largest crypto on day one and on day three, take the 2.2 billion people that are unbanked and give them a banking capability. that's the type of po

this is what coinbase is doing for some trails and end of business.mily: always fun to talk to you. there is so much more we want to get to and we will say that for another time. toyota is slashing output due to the global chip crisis. we will hear from the toyota vice president of sales next. this is bloomberg. ♪ >> we believe the worst is passed. >> it is very fluid. >> this will run into 2022. >> the chip shortage has an effect on capacity. the actions have been taken by our suppliers and this will also go away. >> we think we will probably be into it mid-22 before we start to see supplies renowned. >> we have seen shortages compared to our initial plans. emily: this is front of mind for carmakers and investors. the crunch is a big reason that the auto company has cut production for the month of august. it is also facing other supply chain issues for southeast asia and europe. carter spoke earlier with my colleagues guy johnson and alex. >> we have the supply chain disruption very well over the next four months to six months. due to disruptions we

being drained by hackers, which has happened to thousands of coinbase customers.ast one customer tells cnbc, he sold all of his cryptocurrency on friday, mo are than $65,000 to keep itsecure, but the company says a hacker was not behind this, instead it was simply a company error a spokesperson told cnbc, we believe the only way to build trust is to be transparent when we mess up the company says the problem began on friday afternoon with e-mails pacific time those notifications were an area and no security settings were changed. they say, a second e-mail was sent out at 3:07 p.m., again pacific time for those e-mails last week we reported on complaints from coinbase customers about a lack of customer service there's almost no way to get someone on the phone this news incident also prompted quite a bit of similar criticism over the weekend coinbase said company employees spent most of the weekend working with customers and answers questions about all of this back to you, wilf. >> thank you very much, eamon. appreciate that. that is very confusing presumably they h

. >> shares of coinbase are on the move profits surging following a volatile stretch of crypto trading. we'll start out with the cpi used cars and trucks last month were up 10-5 this month almost flat >> the index showed you, very predictive i'm thinking about what you tweeted this morning about maybe consumer slow down more available cars are the less index decline. more availability as major company went back. i don't know it had caught fire in japan and went back online so i know ford had more cars gm still troubled because of covid. david, i think we may have hit some sort of wall here how much people want to pay for this. >> you think so? that's because you see the wall? >> used car, you're paying in some cases above new car pries and i think in the end people are saying look, let me just wait wilt come down. >> if i can wait i will wait >> the if i can wait >> yeah. the kind of insight you come to expect here. i froze here >> see something say something >> i have a keen sense of the obvious. >> we may have hit some level where people are saying it cost too much to travel i don't

and even when you look at coinbase, coinbase knows they're not going to be able to make as much per cryptousiness matures and more enitant comes in and more capital and more regulation, those bid/ask spreads have to narrow that's every tradeable instrument in the history of the world. there's no way that will be as profitable an endeavor you tell me that robinhood will go from 22 to 44 million customers over the next three years? that narrowing of bid/ask spreads won't matter they'll have outgrown it i just don't think it's going to be that easy, especially with gemini out there especially with coinbase and fidelity decides to get serious here, lights out so that's my issue with being a bull from these levels it's going to be really tough going forward. imagine when they have to comp against january, february 2021, which is only a few months from now. that's going to be the toughest comp ever. think about what was going on back then with amc, gamestop we don't have any of that going on right now >> let's hit cisco earnings. robinhood down 4% after hours. kristina partsinevelos with cisco.

breaking down the noise in the hood later on three reasons why you're dropping too much coin for coinbasend why a fed official calls crypto hype, noise and confusion. >>> the nasdaq is alternating of losses and gains down day would be the third straight day of losses but a pullback this week as i look at the charts just trading around the flat line. >> it is and from the record high levels that we have seen we haven't seen that being of a pullback. looking at the nasdaq specifically the nasdaq 100 and this particular etf that tracks it over the course of 12 months we have seen significant pullbacks. around 14% last fall here. 10% right here 12% here and around 8% pullback this spring into summer so as they go this doesn't seem terrible right now but it could get worse. so that's why some traders are waiting with more of an i guess patient attitude towards what's developing with the nasdaq since the selloff began there's been a notable part of the market that has been fundamentally with chinese internet stocks. still jd.com, these three stocks represent the three worst performing stocks on

in the most speculative, bitcoin, coinbase, tesla, meanwhile best-known the housing crash and a big shortit's rowing out the 31 million-dollar short bet on kathy woods organization etf, a bernie has been really outspoken about some of our biggest medians and he told barron's were running out of new money available to jump on the bandwagon. jack: what is kathy's response to this? >> she is basically, she said you had a great call on the housing crisis but i'm not sure you know or understand the fundamentals of innovation or how to price them. jack: i'm going to put you on the shot. >> call me old-fashioned but the only way i know how to analyze these things is by looking at the evaluation and there's not a lot of compelling evaluation case to be made for most of the stocks that are in the rt tf and holds more than $2 billion for tesla, billion of coinbase in zoom and a billion of square and there's many other big positions. jack: i looked up the fund on morningstar in the portfolio on average is that 120 times earnings. those beds work really well until suddenly they don't and it can get u

[laughter] it's partners with coinbase and sap to incert a crypto-.vast bank ceo brad scrivener joins us. how did a family-bank become the first to pull off the e integration of crypto investing with traditional bank accounts? >> well, thanks for having me on the show x that's a great question. we have an awesome if team, that's the simple answer. but, you know, this has been five years in the making. we've put a tech platform in place, and you mentioned sap is a key partner and coinbase. and when mr. brooks came out with the announcement in july of last year, we jumped right on it. fortunately, the family that owns the bank, we have shareholders that understood and were able to react to this. and at the end of the day, what we're trying to do is to embrace changing customer preferences, make hire that we stay relevant so that we don't have to sell over the long term. liz: hold on, let me back up. you said five years ago? bank -- >> yeah, we started -- liz: -- was working on this option five years ago? >> well, these things are pretty complicated, you

tell me about coinbase.an: one of the world's largest crypto exchange, probably the largest in american they say-- the stock is up 4% in the premarket with the most important metric i think people were captivated by his active accounts, almost 9 million monthly traders on the platform. they made more sales and more profit in the springtime. they do more trading volume and monthly users and that activity will come down this summer which kind of makes sense given bitcoin has gone sideways lately. susan: coinbase says nine thousand financial institutions use the platform and that includes elon musk. stuart: that made crypto's more acceptable doesn't it? was the word? susan: mainstream. stuart: yes. enhances their reputation. i have this one, the senate passed what's called the framework of a three and half trillion dollar budget reconciliation package. they passed it. got it. now what you? susan: now it's time to negotiate in the house. i think we have differing views of how this plays out. let me get through t

we have coinbase, binance. saying we are completely okay with reporting to the irs. a tweet storm describing in saying 1099s are good, but other companies shouldn't have report certain information to the irs saying it's choking and stifle innovation the argument fortunate kripo industry back to libra >> look at what happened to libra and then someone was making the analogy yesterday on the world economic forum panel talking about defy and one of the panelists said the internet, said if it was too regulated early on it wouldn't have developed but on the flipside of that, regulating later when the industries have become so large is also really difficult proposition >> absolutely. the libra example they clamped down and it's all about semantics. we were talking with a senator supporting the amendment and she said the rest of the senate doesn't necessarily understand the industry let alone what a word like broker would mean. it's so subtle and there are a couple of senators paycheck the way as crypto friendly and states going that direction >> that's the challenge, wide

i went to talk to you about coinbase as they report "after the bell" today.ou looking for? >> good morning, stuart. you had a great interview with jason robbins a minute ago and coinbase is crypto what draftkings was-- is to sports. may be the next amazon. it's a great way for people to belong the crypto space to have exposure without just buying or selling one of the coins, bitcoin or ethereum. however, it's had a big run up from 230 to 280. we don't need to jump in before the earnings. let's see what they announce and what the future looks like and then for the people at home with ways to get exposure if they want exposure to crypto, it's a great way to play it i think. stuart: why are you sticking with uber? i know you bought them probably in the 30s. it went to the 60s and it's back down to 43. why are you sticking with them? >> i think stuart, we talked draftkings and coinbase, uber has created a whole new category but it's not just a company that takes from point a to point. they are now food delivery and in so many different areas. they now have a busi

coinbase saying it would purchase $500 million in bitcoin, and today's announcement that paypal willrs in the uk trade digital currencies it seems like whenever it passes some sort of milestone, b.k., then the calls for 100,000 start coming out >> sure, yeah, and even higher sometimes, right momentum seems to get those price calls out there a lot. but let's remember what's happened here in bitcoin the seeds of this rally have been sowed weeks ago, and really what we've had is in adoption phase. that's what you're buying bitcoin, it's going to be adopted versus regulatory headwinds, but when we have the budget deal and the crypto lobby became so strong, that i think c -- changed the regulatory headwinds to potentially what could be a tailwind. there's a strong crypto lobby, this is actually being adopted and you look at a survey from deloitte that came out last week, 76% of their responders think that physical assets and physical money is on the way out and 73% think that if you're not in crypto blockchain, this new technology, you're going to be left behind. so you're firmly in the,

. ♪ >> emily: garry tan, one of the earliest investors in coinbase, sharing his thoughts on bitcoin.in hit it three-month high on friday. joining me now is matt hougan, chief investment officer at bitwise asset management. it is a good day on your part. where do you think the price is going next? matt: i am very excited and i think the future is looking bright. we are seeing two primary drivers. we are seeing significant progress on the regulatory side, as well as the new application -- nfts, de-fi booming and adding to a story that was already very positive around bitcoin. we are positive today and positive on the outlook for the rest of the year. emily: the race is on to launch the first bitcoin etf. gary gensler has indicated he is open to this. who wins? matt: investors. that is the answer. they have been after a bitcoin etf for years. it will make it easier for advisors to allocate it in the space. it seems like the f.t.c. is pushing the industry to launch a futures etf. i think it will unlock the ability for many investors to enter the space. i think the sec is likely to allow

jonathan: that is the coinbase president and coo. good morning.ne and lisa abramowicz, i'm jonathan ferro. your inflation report is 32 minutes away in america. your yields are higher by about a basis point or two to 1.3638% on 10 year treasury yields. crude rolling over to $67 $.51 on wti, down a little more than 1% -- $67.51 on wti, down a little more than 1%. the national security advisor saying opec+ needs to raise production. national economic council director brian deese saying the ftc needs to look into potential illegal activity in gasoline prices. tom: i just want to know where the number is going. 3.5 trillion dollars down to $1 trillion, that is a huge move. if they go to $1.3 trillion, that is going to set up a lot of argument. jonathan: clearly, right now, 3.5 trillion dollars is a number that makes the senator from west virginia a little bit uncomfortable. lisa: in less than 90 minutes, we will get that cpi prints. i wonder how much that will color the debate. the idea that we are moving towards a bigger plan at a time when people are

, which gets reiterated over atlantic today overweight, and microstrategy, yes. >> i thought the coinbaseuarter only because they're the best show of a kind of bedrag led group. if you read the conference call, i think it's a conference call about crypto, and why crypto is about accepting and you've got to understand if it's accepting, then you should buy coinbase you don't need to buy the actual currencies meanwhile, treasuries keep, you know. >> yes. >> that's typical of people who think that the economy's got to slow down. then you get a stock like apple and you say, okay. 12 5g these stocks that are just like -- they don't dance to the music. like hey, you know, things are down, go buy apple it's a great market when it says things are down, let's go buy shopify. i need some shopify right now. but can you let them come down people who are buying, could you just wait a little you might get a better price that could be terrific >> no dip too shallow, jim that's been the lesson lately. no dip too shallow. >> isn't that amazing? i talk to people about the market it's never like i'm thinkin

we are going to be joined by the coinbase ceo. i emily chang in san francisco.rg. ♪ 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. total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers full body results like total gym. and right now you can try it risk free and enjoy special savings too! get on demand workouts free, free shipping and more. call now! haidi: a very good morning. welcome to "daybreak australia." sophie: we ar

disney or some of the other names catcher your attention more >> i'm looking at coinbase and this thing50% from its ipo day high came down to $200. i think it flushed out really all the negativety at this point and ironic, if you will, that when bitcoin sold off is really when this ipo happened, too. so, the timing wasn't great, but, again, that negativety is flushed out and user growth will exceed verified users and a benchmark that they'll continue to feed on and trading activities where they get paid on, as well. even if bitcoin continues to sell-off, i think the activities will pick up overall, though, i've been pretty vocal about i am invested in the crypto space. 32,500 was the first buy back into bitcoin and 1, 800 in etherum and it has a good place in the portfolio good trend line and broken out of a wedge of resistance where the 50-day moving average was on wednesday. i think this thing can go to 29,300 and the positive and the guidance should be good. >> we'll watch that as 290 or 300 and shares are up ahead of results. for more trading nation, head to our website or follow us

>>> coinbase global, and blockchain up as well. andrew, a lot of movement n green. back over to you guys. >> dom chu, thank you for hanging out, melissa see you tomorrow >>> "squawk on the street" begins right now >>> good monday morning. welcome to "squawk on the street", along with jim cramer and david faber. kind of a wild morning dow futures are week goldman sachs cuts its china forecast our road map begins with under pressure we'll explain wine plus an upgrade for tesla. this is over at jeffries the shares have been moving up lately. >>> a win for norwegian cruise line a federal judge ruling it can ask passengers for proof of covid-19 vaccination >>> we'll start with this crazy day of commodities action. jim. >> do you think it's all tied to the goldman china call >> but bitcoin goes up, that's our store of value, so what do we sell? we sell gold they seem to relate to each other. i don't really -- remember, i'm a believer in crypto i totally get it, but i used to think when you pick up inflation like with the employment numb, that's -- gold does well, but inte

coinbase is moving higher by 7.6%. they report quarterly numbers tomorrow. marathon digital jumping 7%. let me get to tesla. scott redler was just mentioning tesla, investors breathing ease easy after jeffrey's this morning said buy this stock now, $715 at the very moment, because it's going to $850. shares are higher right now, up 2.25% even as the ev giant confirmed that its cyber truck is going to be delayed until 2022 due to production issues. by the way, tesla becomes the late company to require all employees and visitors to wear masks at its nevada factory regardless of vaccination status. tesla, we should mention, yes, up 50 quadrillion percent if over the past two years, but it's flat year to date. [laughter] amc looking at gains of 1,550% this year, and after the bell today we're going to see if there's a reason for it to go higher. the theater chain, which is trading right now up 4.7%, looks to report a quarterly loss of 94 cents versus a $5.3-8g loss a year ago. -- 5.38 loss a year ago. gamestop having a solid session, up 7.6%. and, news flash, ad

you have entities like coinbase who are trying as hard as they can to follow regulation and i'll tell, our group is made up of futured and leveraged products traders when the cftc came out with regulations about a year ago that touched on crypto, coinbase and others that are trying to follow regulation, they shut down their futures and leveraged trading products they aren't operating. binance ignored it now look where we sit. >> david, finally before we let you go, kelly and i have been talking at length today about this particular story. what exactly do you think will be the reaction from binance when it hears this arbitration case being brought it's being brought in hong kong. the claimants, what kinds of stories will tay tell to try to persuade the arbitrators over there to rule in their favor >> i mean, we're -- i'm as curious as you are to see what they are going to say. i'll tell you that they've set up this private dispute resolution mechanism it costs $65,000 per case, okay? so you have to pay for the arbitrator and the center. based on their view of this contract, if even the

is a good way to get that exposure and is a good time to invest >> i think coinbase is inexpensive,ecause i think they threw out a lot of stock when they started they should be buyers, not sellers. i think the listing went poorly. i think the company sa repository of the crypto i own ethereum directly, i think you should have up to 5% of your portfolio in crypto. i am a believer in crypto ken in illinois. ken. >> hi, jim, should i use the pull back in mtch to add to my position >> i don't think the quarter was nearly as bad as the seller said and i think the company is worthwhile maybe what we have to do is revisit it, but i think everything we said about it, and we have liked it for some time i reiterate, i like it very much don't forget, i also like bumble, so perhaps i'm not jaundice enough about that group. michael in florida. >> jim, my stock is royalty pharma. >> what is that stock doing under 40, i was thinking about doing a segment on that stock because that is so cheap versus what i'm seeing in the actual field. they own a lot of stocks you should buy it. melanie in maine m

and for its part, the crypto exchange also up on its latest bitcoin buy, shares up 3.25% for coinbaseheading back into the ring tomorrow night if defending his title as welterweight champion as a cuban boxer. i think i got that right. yugas, yes, boxer -- >> you got it right. ashley: our own resident boxer, charlie, "the hitman with" gasparino. >> my amateur word was, i believe, 3-1, this guy has eight, eight world championships. so just -- ashley: that's pretty good. >> and i think one of the wins was a guy that didn't show up for the fight. but anyway -- [laughter] we got all that straight. welcome back. ashley: the girl scout didn't show up. >> great boxer, as we all know, eight-time world champion. he's fighting tomorrow night. great entrepreneurial. political activist. we're going to get into it all today. but let's start with his boxing career, where he sees it going. let's hear what he has to say. >> my plan this time is just one at a time. finish this on saturday and then another fight, if there is more. but it could be this is my last night or there is more. i don't know. i m