coinbase and robinhood down. our next guest says it's time to bet on coinbase. even if bitcoin drop, coinbase will remain a leader in the industry for years to come devin, welcome we'll go back to him in a moment sorry. again, coinbase and robinhood down 1 to 2% >> you can see how a company like coinbase would make money no matter which way the trading goes you get the vig. >> the vig >> all right we're going to take a break, maybe we can patch him back in if not, we'll just move on trust us it's going to be fun we've got richard branson's virgin industry. now upended by the comeback. but does this ship have what it takes to steal market share from the big three? and the cruise stocks are lower today. we'll take a look at it in a minute, but higher over the past month. and later, our trading nation team takes on the energy sector with names they say are the best plays as prices take off we've got more "power lunch" ahead. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'

coinbase has. they have about 30 times the user base we do. it is a pretty stark difference. it's a reflection of the differences in the approach in price we have. coinbase has been a new leader in western retail products for crypto. it has been the leader by a very wide margin. ftx has had a lot more professional users, more institutional users, or at least more institutional volume. and a lot less of a print in terms of the broad base of consumers. we are trying to branch out and really increase our footprint. and sort of reach some of the people who might be learning about crypto for the first time. a lot of what we are thinking is what we can do to serve highly engaging, powerful, and reach tens of millions without diluting our brand. i don't think there are a lot of people in the world to get that. but tom and steph are two of them. we have been excited working with them. they are great guys. and they are engaged, that makes us a lot more jazzed. emily: reese witherspoon tweeting that she boug

just to mention coinbase shares still slightly lower from the april ipo.ace of crypto, lately decoupling on regulatory issues. we want to check back in with you soon we appreciate it >> good talking with you kelly >>> we are continuing to watch all developments from apple's product event today. coming up next, we'll get the word on the street what do analysts think of apple shares where do they see them going from here after being up 12%, 13% year-to-date apple up about .4 of a percent right now. stinton catch this show by lieng and following "the exchange" podcast. we're back in a moment - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. [slow electronic notes fade in] [fast upbeat music begins] don't thank them too soon. [music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops] today, global markets are challenging traditional assumptions like never before. there is a new, accelerated sense of re

i don't think it should have surprised coinbase either.ther types of lending instruments. that is exactly why coinbase is talking about setting up. you know, you can look in the statutory language and it mentions notes, bonds, debentures, things like that. so, you know, first we've got the language of the statute. then we've got years and years of court rulings including supreme court rulings that have looked at this. so you know, the supreme court says hey, what you do, you look at a family resemblance. let as look at the coinbase lend program. what does it look most like? well, to me it looks like either a money market account or a bank account. so if we say okay, how, it is most like a money market account, well that is a security so, regulate it like a security. if we say, oh, it is like a bank account, well, i don't think coinbase is signing up for you know, they're not agitating say we want to be regulated just like banks, you know? that is a whole lot more than what they are looking at in the securities industry. so -- charles: but

. >>> up next a crypto clash coinbase and the s.e.c.s upcoming crypto lending platform is the regulatory platform coming home for the digital currency firms i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. incomparable design makes it beautiful. state of the art technology makes it brilliant. the lexus nx. experience the crossover in its most visionary form. experience amazing at your lexus dealer. >>> shares of the crypto exchange

okay, but i'm glad you brought up coinbase.tarted a whole new sector, and you had to deal with the lobbyists and regulators and a lot of local municipalities to beat up on you how then do you view what the sec is doing, i guess, to coinbase at the moment and to the whole crypto space, as they try and wrap their arms around this very new industry and sector. i mean, do you think that they risk ruining something that might just be the next big thing >> probably shouldn't comment too much except to say one of the things i've learned is, you know, it's really important for business and government to sit across from each other face to face. i used to think if people don't like you, you should avoid them but what i learned is that you should actually do is like meet the people, educate them about your business, learn, and i think that's the whole education process, sometimes can be a little bit messy but i think they are just probably an educational process from both sides and i'm optimistic. liz: it make sense you've got to talk and

this big move testing coinbase, which was down today >> coinbase told us they did have some problems related to volume that was cleared up at about 1:30 eastern here's a tweet transactions are now going through normally and service issues have been resolved. we've taken steps in order to mai maintain stability and keep services up. thank you for your patience while we work to address this. so what happened here to cause this here's the explanation from coinbase a sudden increase in market activity led to a degradation in our services we're seeing improvement with our app services, however, transaction services are still degraded so not a clear answer in terms of a lot o e detail of what happened here, but they're saying simply volume was the problem. a lot of interest in crypto today and others as we saw what happen nd the overall crypto market today then there you see coinbase's taking a hit as well they do say that now got it worked out and things will be gelti getting back to normal before too long how that actually plays out. >> eamon, thank you. tracking this for us meantime, th

meantime, coinbase is bowing to pressure from u.s. regulators and tabling plans to launch a product that would pay users interest for lending out tokens. it comes as the sec chair takes a line on crypto products that may fall under the agency's purview. jesse westbrook joins us now. what do you make of coinbase giving and where they have indicated they were going to stand their ground? jesse: this is pretty remarkable. it is very unusual for them to be this aggressive about threatening to sue a company before they launch something or before any actual misconduct occurred. usually they are going after conduct that has already happened. it is a really new tactic from the sec and i think it sends a signal to the entire crypto industry that if you were considering things that we do not like, we will come after you. and it is a pretty strong hammer to get the market responses they want. obviously there is a situation unique to coinbase that they are a public company, so the risk of an sec lawsuit -- and they are u.s.-based, so the risk of

what is the average account size of crypto for a robinhood customer versus coinbase i'm guessing thatoinbase is much bigger but it seems like the robinhood is more active that's interesting and how they are going to make money. he is sort of convincing me. >> coming up, what just happened on capitol hill that sent cannabis blazing higher. >>> and piling out of peloton today. that and much more when we return charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com we see smarter software delivering cleaner power. emerson's breakthrough technology enables the power industry to integrate renewable energy sources to modernize and improve the electric grid. emerson. consider it solved. as i observe investors balance risk and reward, and improve i see one element securing portfolios, time after time. gold. your strategic advantage. >>> welcome back, the house of representatives passing the safe banking act. the bill heads to the democrat controlled senate. tim,

coinbase says they're looking to be the most trusted full suite of crypto first services coinbase's coreiness of trading seen more competition with robinhood, square and sofi offering crypto trading. it is a big move into traditional banking and it comes at a tense time in crypto regulation s.e.c. chairman genz ler sharpening the criticism lately with comments for the need of more oversight last week and coinbase canceling the plans to launch a separate product, a high interest crypto lending product after the s.e.c. threatened to sue the company over that issue. back to you. >> i love this announcement. i'm not sure what it really contains surely if they're allowing people to depositive it from the paychecks that's not different from the customer deciding what time of the month and how much to put in the coinbase unless employers start to offer the service themselves to say we can pay only 75% of the wages in dollars into the bank account and willing to pay 25% directly into coinbase. surely this is up to the customers to decide what they do. >> it is up to the kusz her. you have seen a

coinbase calls the s.e.c. sketchy receiving a wells notice over their lend program. >>> plus paypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. apple announcing new products unveiled next week and we have what to expect julia? >> and shares of coinbase moving lower this morning after the company received a wells notice from the s.e.c. over a product called coinbase lend lending crypto assets. now those plans have been put on hold until at least october. coinbase says they are caught off guard by the s.e.c.'s actions. ceo brian armstrong tweeting the s.e.c. refused to meet with him in may during a trip to washington, d.c. saying they weren't meeting with any crypto companies at all direct listing price up less than 5%. going public, since going public in april what do you make of armstrong taking a relatively aggressive stance and will lend be able to launch at all? >> julia, in a way makes sense to take an aggressive stance, because he wants to move hi

let's turn to this battle brewing between coinbase and the fcc, the regulator threatening to sue coinbaseproduct that allows users to earn interest on the digital asset. the ceo is calling the approach sketchy. su keenan is here to break it all down for us. could this impact the industry? >> absolutely, and it is well known that -- views cryptocurrency as the wild west. it is the result of a planned launch that would offer interest on stable going. that triggered a warning by the sec effectively to the entire industry that it would sue coinbase if it let investors earn interest. coinbase blessing the sec saying it would create an unfair market if it tries to shut down lent. shares of the biggest crypto exchange were down 5%, managing a loss to the closed by almost 3%. coinbase did reveal in a blog post that it had received a notice, a formal rather scary notice by the sec to any company that they may pursue enforcement action and have opened a formal investigation. it is also a request for more information. the coinbase ceo as said we are being threatened with legal action before a single

coinbase is probably frustrated. they would like to see more clarity coming out of government regulators so they can figure out what they can and can't do and they would look to see it faster. i think that is consistent with the entire industry view which is the industry will benefit from more clarity. i think the fact that coinbase became public this year was a good thing. coinbase doesn't offer the same range of products and services that you can get from offshore crypto exchanges. i think that they would like to compete in a crypto industry, but there're still murky regulations as to what's allowable. if all of the rules are clarified for everyone and everyone competes by those rules, that will alleviate some of that frustration. emily: meanwhile, there was a 17 hour outage this week. you have someone saying an employee was trading and fts on inside information. does that suggest that this technology isn't ready for prime time? >> in the market, there are three things. the blue-chip asset, the institutional grade

coinbase calls the s.e.c.ypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. appl

i think what people need to understand is, last quarter coinbase did about $2 billion in revenues, i think $1.6 billion in net income. they also have $4.4 billion in cash so if you look at their runway, this company is growing so fast. i think over the next year or so, you can see their net income for a year come in close to $8 billion. the stock is at about a 50, $55 billion market cap they also just entered, they got regulatory approval to offer coinbase in japan and germany, which are really big crypto markets. i think similar to when paypal last year announced they were gone over cryptocurrency, just like square, very accretive to their bottom line. i think it's early days for coinbase i took the volatility yesterday to add to the position >> good stuff, we appreciate you updating us on that. let's talk about the stock of the day, lululemon, soaring on its earnings s the company raised its outlook. dr. j., it's up 12.5% right now. i'm paraphrasing cramer who said basically they're doing things now you thought they would be doing in 2023. >> that's what the ceo said too, scott. th

coinbase cancelling plans to launch a high-interest rate after coinbase was threatened to be sued. >>eresting to see if it is the next move on deposits. thank you very much. >>> coming up, high stakes on capitol hill with key legislation and potential shutdown hanging in the balance. can house democrats strike a deal to deliver a win for the president's economic agenda? >>> plus, fuel stations are running on empty in the uk where the british government is considering calling in troops to help deliver gas we will look at the shortage and fall-out for global energy space. >>> look at shares of wells far owe. you saw them in the red earlier on, down almost 3%, about 2% now on a report that the bank is being sued over foreign exchange services wells fargo down about 2%. we will bring you more details as we get them we're back in a moment >>> this is "the exchange" on cnbc is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a

coinbase said they were getting fighting words between the cryptocurrency spaces. guy: we are getting details and we will come back to that story. i think it is a fascinating story. that is where the action is. details from the bank of canada. little short against the dollar into this but making a few gains. dollar dipping back against the canadian dollar. unsurprisingly the bank of canada keeping the benchmark overnight rate. nobody was expecting any change. it is the commentary on what comes next. people are going to be looking for that. we bring you the details as we get it. bank of canada maintaining its weekly bond purchases at 2 billion canadian dollars. we are seeing reaction but not much. what about the jobs number? taylor: really interesting. you want to think about jobs opening, job opening survey coming out. numbers look a little higher than expected. the actual job openings are 1.093 million. you are getting a revised number that is higher than the previous months to 1.019 million. you continue to see a lot of these job openings rising and that brings u

those pointed comments from the ceo of coinbase last week, and of course mr. gensler had a nu number of thoughts on the subject particularly in terms of whether or not any of these tokens and the lending aspect of the business as well sort of represents security. take a listen. >> i think the laws are cleear, the case law, the supreme court's weighed in on this multiple times, and at many of these tokens do come under the securities law and to the extent that a platform, a lending platform or a trading platform, whether it's centralized or so-called decentralized and i say so-called, has securities on it our investor protection regime is there to protect the public i think the public benefits from that, and that's what we're trying to do >> any takeaway from that in terms of what it means for whether you want to own coinbase and/or other related issues? >> i think that what -- i own ethereum by the way, senator toomey has a position in some of this crypto, and i felt that it is vital that we find out what is in tether. what is in the stable coin i think the fi

all related activities illegal it's hitting coinbase and robinhood, as well. >>> plus iphone 13 models hit the shelves today, but you may have to wait a while to get your hands on one a deeper dive on apple demand. >>> and then one software name soaring. why an analyst says it's a must own for growth investors, john >> we will start with stocks lower today. a selloff to start the week, a rally followed mike santolli is putting this week's volatility into perspective for us mike. >> yeah, john, pretty much a round trip for the s&p 500 from last week's close but a lot of movement under the surface the breakout higher in treasury yields might be one of the more significant ones and kind of says a lot about style rotation, things like that take a look at the year to date chart of the nasdaq 100 etf along with the s&p 500 value a lot of contrast here right here where the nasdaq 100 was really suffering into that early march, that's when ten-year yields were racing above 1.7. that was the huge selloff in treasuries and saw the value flying through there similarly another run above 1.7 into m

today coinbase is lower on a nigh from the s.e.c. and small caps are getting hit hard down more than a percent. we have 59 minutes left to go in the trading session. wilf >> coming up, wall street heavyweights are weighing in on whether americans should invest in china hedge fund manager kyle bass will join us with his thoughts >>> plus, live nation expects millions of fans at its festivals in the second half of the year but will the delta variant keep customers away we'll have the company's president. >>> let's get to the big stories we're watching mike santoli and seema mody with the latest on the brewing battle between coinbase and the sk. mike, what are you focusing on >> morgan, continued hesitant feel in the market some unease out there. more strategists coming out saying brace for a little bit of choppiness in reality, not creating that much net damage at the index level. certainly in defensive leadership, the majority of stocks down today. we've absolutely kind of capped out and stalled to some degree if you look at the s&p 5

coinbase had a big had announcement today.ced it would at least put off plans for its lending product due to pressure from the securities and exchange commission, so coinbase is getting hit to the tune of more than 3%, robinhood, square, pay pal, anything that deals with crypto, in the red. now, no surprise that after seeing moves, the bit-wise crypto industry innovators etf which owns everything from coinbase to square, pay palace well as marathon and blockchain has been seeing its own downward spiral lumping 7.25% to $22.55. cathie wood's crypto exposed etf 's also under pressure the ark innovation etf sliding more than 4% at the moment, and we do have it down $5.88 that's ark with the two k's there and then you've got fintech innovation down 3.7%, so, as we stay with crypto, ripple, xrp, staring down the sec as it fights with the commission over xrp, the question is, will sec chief gary gensler blink? joining us the aforementioned charlie gasparino, the first time i've seen you in 18 months. how you doing buddy? charlie: ve

>> well, i think coinbase and companies like gray scale as well are the types of industry participantst are ask for permission, not for forgiveness types of organizations >> right >> making use of existing security regulations to provide products and services around digital currencies so it would be tough to say exactly what coinbase did wrong, but, unfortunately, i think that, you know, where we are today there needs to be some more guidance from the sec and we have to move to a place of actual regulation beyond just enforcement action which we continue to see. >> and i guess the distinction you are making goes back to other platforms like we were talking about with kate rooney yesterday that offered yield products with higher yields it it is unclear how they're generating those yields and they're not asking for permission, are they >> well, i think it depends on the company and the product or the service, but there is no doubt that crypto as an asset class in investors' minds is here to stay some of the features like taking, lending, yield, these are the type of services becoming inc

so coinbase just an hour ago says it will not launch coinbase lend which would have allowed users tor currency. finally, we saw a big night for streamers. i want to show grow "the crown" winning best dramatic series, first time netflix has nabbed this award. only took them eight years, and apple's "ted lasso" sweeping the comedy series at the emmys, and it shows you streaming is dominating and, yes, they're spending a ton of money on their content in order to grab those awards. jackie: they sure are. the tide is turning. the pandemic might have sped it up, but it is remarkable. susan, thank you so much. >>> all right. turning to another looming net over the markets, our next guest says it's not just the fed and china, it's the threat of ransomware attacks. black heights ceo paul padgett joins me now. great to see you. according to your research, roughly 15% of the nasdaq 100 would be susceptible to a ransomware attack. that's pretty scary when you think about it. >> it is. in fact, 40% are susceptible. what's particularly important about the 15% is they are in the critical red zone,

. >>> we are getting a news alert on coinbase.pulled its plan to launch an interest bearing product. they're saying this is after sec scrutiny remember that a couple of weeks ago. they had been sort of in limbo officially, coinbase says they are not launching that they are pulling plans to do so after regulatory scrutiny. they are also canceling their wait list for that so putting those plans on hold for now. back to you. >> kate, obviously we've been watching the back and forth between the company and the sec. i think gensler's a keynote speaker today. i wonder if he would address it. does it suggest they will become a little less aggressive on their growth prospects >> it's interesting. they had sort of put this out there and said they were waiting for more clarity from the sec, but they have tried to really position themselves as the most compliant regulatory friendly u.s.-based crypto company. so if anything, they are hesitant and if so more hesitant than some of the global players. you have block by celsius also under scrutin

we also had news on coinbase global.y saw as much as 4.9 at one point, after the sec warned of the company of launching a product to allow consumers to earn interest on crypto holdings. the coinbase ceo accusing them of sketchy behavior. any time we have had drops for these crypto assets, or these meme stocks, we have had retail traders crowding those assets sort of the buy the dip momentum we have seen. in your research saying it might help risk-adjusted returns, but not really help accumulating wealth over time. haidi: it is the only answer, it seems. bitcoin taking a tumble, buy the dip. gamestop, all of these reddit names are seeing a selloff, buy the dip. we are may be starting to see some of that fatigue. but you understand the psychology of it. you see so much money being made, valuations having gone up so much, it is perhaps understandable people have that moment. they don't want to be left out of that momentum. relative to where price has been. that dip is being seen as good value. we will continue watching that

coinbase is going to slide, give or take that >>> coinbase shares took a hit once the news hit the news it really is necessarily all about the el salvador unveiling, but we did see this before when there's a bit of the sell the new, it's a signature event that a lot of people were waiting for in crypto, which in the last case was the listing at coinbase. maybe there was that same kind of impulse, and make some fever breaking on the nft business >>> most of the major averages finished in -- the index posted on the record close. >>> let's bring in eric jackson. eric, good to see you. thanks so much for joining us. hey, wilf. >>> one of the factors despite that record close, as mike was pointing to earlier, was the rolling over of the russell intraday that's something you've been keeping an eye on as well? >> yeah. russell didn't have a good day today. i think as the russell goes for the balance of this year, i expect so will the rest of the market despite the fact we're all-time hi highs there were a lot of stocks that is haven't, one of the growthier tech names, there are many that are s

coinbase says it's not a security product. >> brian had 20 different messages to explain the coinbase situation. >> look at those things and see what everyone is saying. see, i don't want to see that. >> yes >> you didn't want to look at that recently? >> i look at it all the time the point is he makes the argument that these are not securities so the idea that they're going to have a -- effectively lending -- not a lending feature really because what they're doing, they're guaranteeing they're going to give you something for it. >> whatever they need to do to get it to -- whatever regulations need to happen sooner than later. make regulations that are going to be seen as onerous or not one or the other, you need clarity. the reason el salvador would want this is pretty compelling what's coming down here is a lot. at this point, small money and you can do it in bitcoin, you save a lot of money and you don't have to go to a place and pay what one person set up i don't have to get up in the morning. lying in my bed and receive money coming in from bitcoin there is a rationale >> like th

time will tell check out shares of coinbase the sec has threatened to sue coinbase if the company movesward with a program allowing users to everybody interest if they lend their assets crypto will delay the launch of the lend product until october they raised concerns that allow crypto users to lend out in return for interest. arguing they would not comply with certain security laws coinbase argued the product is not a security fight it out and we'll see what happens. >>> let's see what's happening in the european markets. get your trade get some of your top stories julianna tatlebaum in our london newsroom with a trade. i saw your insta post, tweet 10-year anniversary. >> hopefully you've got me there. we've got red across the board here in europe this morning. we are tracking very similar moves to what you're seeing in the united states. we've got red for every major region here in europe. the losses have accelerated from yesterday but it is worth noting that we have bounced off the absolute lows of the morning so perhaps investors have found a floor. we have the cac 40 in flans down

thanks so much it's an exciting moment for varro, for investors your question on coinbase, i do feel number of fintechs are bringing innovation to financial services it's not my role to necessarily opine on the position of some of the other players in the space but i do think that many players are working very hard to create innovations that have better consumer outcomes. it will be interesting to see how that plays out in terms of the debate as far as our news today, i think it's an incredibly important moment for our industry, because varo has been working incredibly hard to help many millions of consumers who, as you said, have been dissatisfied by banks. they've been overcharged, underserved, and in many cases marginalized by the system i felt the way to really bring true progress and innovation to the banking system was to do it from the inside. i look forward to talking more about the journey that we've been on to really create a unique bank. >> let's talk about that i'm not trying to get you to trash talk coinbase specifically, but i do think there are so many institutions rig

the notice does allow time for responsivity lawsuit filed coinbase already came out with a statementhat this is about. it pokes the sec in the eye with this statement. coinbase program which was pushed back to october even before the sec threat does already have a waiting list. coinbase ceo brian armstrong responding on twitter calling it sketchy and pointing out the many other crypto firms already offer the same kind of program. why are we being the victim now. coin based in the $259.94 fellow trading platform and potential sec target robinhood sliding at this hour as it confirms it will begin offering recurring gradual investments for crypto currencies, that is not helping the case today, down four and a quarter% crypto minors down after yesterday's bitcoin route courtesy of a shaky start to el salvador now legal bitcoin debut making it so-called legal tender. you can use anywhere in the country marathon and riot are getting hit you marathon down four and three quarters% right down five and a quarter% of the purchase is 3000 micro bt high-performance bitcoin minors. we have got to

this is a coinbase issue right now where coinbase came out and initially really came out swinging againstp down on our lending, you know,ed idea where, yeah, we pay a little bit of interest on this, and now they put it off. they've backed down. will you back down? and i know it's different9 from the question charlie just asked, but is it really smart, and what is your in-house counsel telling you? >> well, i'm going to keep the attorney/client privilege intact, and he'll be happy -- [laughter] hook, we have a clear -- look, we have a clear vision of how xrp can be an incredibly powerful tool not just for how ripple's using it, but across other industries. there's a lot of other people in the crypto and xrp communities doing amazing things with xrp. my view is, look, we're going to keep pointing these things out, we're going to educate the market, educate the judge involved here, and, you know, i think as we have discussed here, i don't think the role of the s exe c should be to pick winners and -- sec should be winners and losers. but i think we as an industry deserve and need the clarity

as you can see, coinbase is higher and that etf, taking a look at it, up more than 2%. >>> all right,ng else. hormel getting spammed into the close today. you like my joke? the packaged food giant slumping to the bottom of the s&p after warning that hire costs would cut into its full-year results. the spam and skippy parent hoping that price hikes on its products are are going to help cushion the blows of those rising costs. this is the inflation story, folks, we talk about it all the time. hour tell is down about 4.75%. and finally, for all you animal lovers, chewy shares in the doghouse right now. so stock is down almost 9%. pet products retailer sinking after missing estimates for both second quarter profits and revenue as well as third quarter or forecast. and and as you can see, there is the stock under pressure right now. >>> all right. gas stations on the oil-rich gulf coast falling short due to hurricane ida. we're going to go to new orleans for a live report of the recovery effort there. still underway. people still trying to find dry ground and get the power back on. grady t

my old friend anthony scaramucci was saying, look, coinbase will win in this fight against gensler.ell, you never win against regulators that doesn't work. remember, gensler is not trying to shut down coinbase, he's saying we have to regulate it as a security the chinese are saying it's a security, and we want to own who owns it and how much that's not what gensler witness. he just wants to call it a security crypto is on the defense -- i own ethereum i'm taking a beating here. everyone saying it's fine are making a mistake the chinese have revealed themselves as being the enemy of the wealthy, the old way the communists were. if the wealthy are hiding money, they will be found and reeducated >> this is what gensler said, regardless engagement with the industry >> i look forward to further engagement with the companies in this space and the market participants it's really about how we bring basket investor protection to protect people against fraud and manipulation this is an area that's been fraught with fraud and abuse >> that was our conversation with him on the 15th. >> i speak

it will be interesting to keep an eye on coinbase.s fell yesterday with regard to bitcoin, but late last night, they disclosed that the fcc here in the u.s. actually issued a notice and threatened to sue them over a product where you can earn interest on your crypto holdings. it is a controversial practice that the sec has flagged before. coinbase has not said specifically if they would stop offering the product, but the chief legal officer basically said they were given the opportunity to respond but said it would be "futile" because it did not understand the motivation. paypal holdings moving higher. this is a big japanese by now, play later. $2.5 billion deal. remember, jack dorsey's other company hand that $29 billion deal in australia. both of his companies, really moving into that model. much of netflix moving earlier. if it manages to hold the gains, which are only up about 2/10 of 1%, that would be the longest win streak on record. there have been no real catalysts here. some have turned bullish on this, berkeley talking about

[no audio] emily: tries to sue the exchange if coinbase earn interest on their digital assets.

we are also watching coinbase, looking to raise $1.5 billion from a bond sale. we are also watching ark's next generation etf, as we heard from kathy wood that they will be investing in a canadian bit owing etf. it has been all about the tax plan and congress, the ways and means committee releasing the most detailed picture yet of the tax overhaul. the market trying to digest what this means for capital gains taxes, corporate taxes, taxes on individuals as well. haidi: what are the implications for the inflation outlook as we count down to the cpi in the u.s.? we are looking at data that perhaps suggest inflationary pressures, while we are seeing them across the world, they are perhaps strongest in the u.s. looking at the inflation in the united states versus other major economies seems to suggest stronger inflationary pressures is coming through because of stronger demand but also because the economy has received so much more in terms of powerful stimulus. what does that mean in terms of the come down? we did see data when it comes to what is expected, and rese

our commissions are about half as much as the next lowest person who is gemini and one-third of coinbase and others are even higher. so we have been itching to do this for a long time, really happy to be able to do it. >> i wonder what you think of its use as a payment mechanism, the ceo of amc theaters tweeted in the last 24 hours they're going to accept litecoin and ether and bitcoin by the end of the year as a payment. is it stable enough to be used to pay for stuff >> well, the value frankly doesn't make sense to me because what is the advantage of these cryptocurrencies vis-a-vis stable coin so stablecoin is just like the dollar and it's better, easier and related and the mechanism of paying using it for payment is equally as simple, right, so i don't see it but you know, you never know so there is a small chance these cryptocurrencies could become very, very valuable and you don't want to not be exposed to that so that's the story. i have had bitcoin for three years in my portfolio. >> good for you. for sure what do you expect this to do these low fees great for retail traders for

we also saw coinbase bowing to pressure from the s.e.c. and halting a launch of a crypto lending. this is aboutface and halting this program which could have geffen yield to many that were holding crypto. much like a bank might pay interest on its accounts. the s.e.c. has made it clear that they plan to sue coinbase if they went, followed with this plan, and so quietly coinboys put a blog post on an earlier posting announcing they were not going to go ahead with this. all of it coming as the s.e.c.'s chair gary gensler takes a tougher line on crypto products at that could fall under their purview such as paying yield on similar platforms. and the stock managed to cut its intraday loss billion in half by the close. it did launch in an i.p.o. in july. let's talk about robin hood. shery addressed the fact that there would be a wall the product trading. we did see robinhood rise 2% after hours before giving that back. haidi: in the next hour captrust, don't give up on cyclicals and value. he will be sharing his market outlook amid the turmoil. from evergrande. and moneyline founder an

c coinbase shares as this is up 3% today. the epic battle in payment for overflow sheila bair out with a new op ed doing more to curb this practice ugs eo other corner, virtu c dolascifu "fast money" is back in two. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. hey lily, i need a new wireless plan for my business, but all my employees need something different. 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, like 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 pick the best plan for each employee and get the best deals on every smartphone. . >>> welcome b

also cathie woods buying a ton of coinbase. should you be doing that trade as well?right back. ♪. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones to run a growing business, is to be on a journey. and along the ride, you'll find many challenges. your dell technologies advisor is here to help. so you can stop at nothing for your customers. so many people are overweight now, and asking themselves, your dell technologies advisor is here to help. "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ♪. charles: so folks when the market is under pressure, people are pullin

shall we look at coinbase, please? it's up 2.5%ed today.ing buy that dip? susan: because the stock could go up another 40, so they're saying buy the dip. it's worth $335, in their view, so that's quite a significant amount of upside, right in and that's because crypto is here to stay. it's not going anywhere. also coinbase has some new exciting products, but, you know, last night this is something interesting, coinbase 's ceo surprisingly weighed into the apple app store debate saying that apple taking a 30% cut on all digital payments is wad policy -- bad policy, but coinbase also wants to build a kind of crypto app store in the future. so this might be an early jab at the competition. stuart: and then we've got mets owner steve cohen, a very wealthy man, billionaire, i believe. what is he doing in the crypto market? susan: heath sending the crypto -- he's sending the crypto world wild. more adoption with billionaires, he's buying a firm radical. point 72, his hedge fund office, manages about $28 billion, so if he's willing to spend a port

there are issues of coinbase may be pressuring crypto today. something but overall bias seems to have shifted big time particularly the past few weeks. why is that? all the issues that drove these coins down, none of them have gone away? >> as you said there is always a narrative to fist any price top. we saw a price drop today. everybody talking about coinbase, nothing changed there. the truth this is reserve asset. people few it as a fledge against inflation. bad behavior by central banks. as long as that behavior exists people will need bitcoins. charles: here is the thing. i'm looking over the weekend. i think it is good. bitcoin is not just cryptos, not just synonymous with bitcoins. like tissues were always kleenex. that is not the case anymore. how important is it we're starting to see some other cryptocurrencies gain credibility and following? is that good for the overall space? >> it is absolutely essential. we're seeing ethereum become another legitimate asset viewed by institutions as a real investment. we're seeing other protocols a

, coinbase seemed to back away from it from the interest oriented product how do you see that, thosef a stalemate. i think coinbase is going to win because as i pointed out to people they wanted to shut down uber they couldn't shut down uber because the people wanted uber and even though the regulators were trying to figure out a way to kill it, they couldn't kill it and they accepted it and started regulated. brian is a smart guy and recognizes that he doesn't want to have that fight right now he's hbeen to washington and he explained you don't want to lose the financial engine services of the united states. we are still the most powerful country as it relates to our financial services sector. why have a brain drain on crypto and blockchain by overly regulating that system i think brian is waiting i think it's a very, very good idea for him and i think he will win this think, frankly, because people want it, andrew when the people want something, the regulators have a tendency to back off. >> let's talk about your etf how it works why you own that as opposed to owning the underlying

senate banking on tuesday. >> yeah, he's going to get schooled by coinbase people.id say it was not moronic, it was just stupid. you do not challenge the agency. you just don't david, the agency is part of the federal government >> i'm aware i'm aware. >> imagine if charlie scharf said i'm not paying that $250 million. >> i get it. you've been outspoken on what you believe -- >> outspoken, i haven't even started yet. >> you clearly believe it was a mistake for them to speak publicly and chastise the s.e.c. for what they seem is a lack of clarity in terms of what's the rule making and in terms of what's being done whether or not -- it goes back it to lending, right, and securities >> when you write that there's some sketchy things going on with chairman gensler. >> as the ceo of coinbase said. >> he's the chairman of the securities and exchange commission kind of a hallowed institution. >> they can make your business more difficult >> he taught crypto at m.i.t so when i hear someone say that he needs to be schooled, i question what school they're from they went to fa

think is inherent when we are looking at the ripple case, when we are looking at the recent move for coinbase wealth notice on their landing program. the sec has been moving in the enforcement space rather than in the guidance space and when after they are afraid to act because the full weight of the sec is coming behind them, there is no question but that will stifle innovation. romaine: how much of that, with regards to the sec -- and i understand we have at changing administration and policy -- how much of this is also the shortcomings of the industry policing itself? with regards -- whether you are talking about finra or the other oversight bodies for the industry, have they not done enough for addressing the issues? jennifer: i think in the crypto space, we have difficult questions. crypto despite chairman gensler's statements that it is clear that crypto -- most crypto are securities, the debate on capitol hill today really highlighted that that clarity is not there. the industry is going to have a hard time policing itself, period, if it does not know the rules to operate under and the

would allow users to owner 4% annual percentage use allowing coinbase to lend to borrowers coinbaseiday weekend. amc attendance record the chain says over labor day weekend more than two million people went to the theatres in u.s. more than 800,000 people to international theatres, big turnaround for amc they warned last year may not survive the pandemic as a company, thought they were going out well they are not stock down almost 2% right now some headlines from here. maria: all right, cheryl. thanks very much another headline zeroing in on this morning blackrock raising one billion dollars, for the first ever mutual fund allowed to sell to chinese citizens, completely run by foreign company hedge funded tycoon george soros con deputized the investment in op-ed the other day in journal calling it a tragic mistake blackrock responded to soros saying globally int integrated markets provided capital that supports economic growth across the world no word fact ccp want to overtake united states as number one superpower blackrock expanding funding of that doing this-billionaire investmen

coinbase from what i understand is still weighing its options.e product and choose to have the sec come after it and sue them and they will fight them in court. they don't know yet where they're going to do it but you know if they do that, and win, they will essentially be making law. again, i'm telling you, this is a very strange sec tenure, neil. if the republicans get congress, particularly the senate, the direct regulator of sec he will be grilled, he will be spending a lot of time on capitol hill. he may want to think about other employment. maybe go back to goldman sachs or mit. i don't know. back to you, neil. neil: thank you my friend, charlie gasparino following all of that. we've been on my shows all this week looking back, looking forward, 20 years ago looking what we were doing that day. one of the things people forget, of nearly 3,000 people killed in those attacks, they came from every state in this country, every single one, and more than 50 countries around the world which could explain why memorials are all over this country, inc