there are the data point tied to coinbase. the percentage of transactions revenue or coinbase.t least the latest quarter. it also navigates the regulatory waters. sonali: conboy asked a judge to dismiss a lawsuit against it pointing to a recent decision by another judge who ruled the srp was high-security when it was sold on exchanges. last night i spoke to coinbase cfl about the relations impact on the business. >> there was a -- we are seeing the impact on some of the longer tale of crypto as says because of the regulatory headwinds. however will work do that and i think we are excited to share with the markets tomorrow our solution to this on the case of the sec has brought against us and share why we think these assets can be traded. sonali: i would like to tell you the market is not not if about the uncertainty but even with the volatility it is up this year. jon: the industry looking for clarity. that seems to be the message from coinbase. we will keep watching. this is bloomberg. ♪ y. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh busin

is this good news for coinbase in that if more people migrate away from owning coinbase and moving intothat help or hurt you? could it help you if you then become the custodian of the bitcoins, of the cryptos? >> well, we're the custodian for gbtc, so it is an opportunity there. but ultimately it helps facilitate the massive institutional interest that there is in crypto. etfs are an instrument that are much more familiar and much more, you know, accessible for asset managers and a whole range of institutional investors who have a significant amount of capital that we are interested in deploying in to the space. so i think that this is enormously important for institutional adoption which i think then allows for broader adoption. >> and my question was going to be how do you think about investor protection in this? the potential for a whole new group of investors to come in. typically when you buy an etf, you are buying a basket of securities that ultimately have a company behind them, buying caommodities which have a thing behind them whether food or raw materials. here you will have a

the point we are making is what does it mean for coinbase to become a features clearing merchant. idea of this was they tried for a couple years and the derivatives market and the futures market around bitcoin has become large. for coinbase to become a futures cleaning merchant, it adds another player in the market which has become smaller over the years in the broader derivatives market. for coinbase to be doing this makes this option more available to retail trailers -- traders and institutions. this is not something that will be rolled out tomorrow. it will be offered in becoming weeks. ed: approval to sell crypto features in the u.s.. in that era of tech showdowns and cage flights, there is one relationship that we pay attention to which is coinbase and the ftc. does this represent a turn in the road for the relationship? abigail: back in wall street, there is a cage fight between the fcc and the ftc one house under agricultural when it comes to congress and one being housed under the world of banking and finance ends -- allows more crypto products to be allowed under the wing

and coinbase is heating up, as the company asks a judge to dismiss the law sought -- lawsuit >>> it's one of the hottest companies in health care not a drugmaker, no, nothing weight loss or alzheimer's the co-founder of figgs will join me. and here is a quick check on the markets. nasdaq is leading the way with a 1% gain. (♪♪) i was having relationship issues with my old bank. next to no interest, the fees sfx: [typing] it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.50% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi. get your money right. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're ing on a goldmine. call cove

coinbase jumping by the most in more than six weeks. colleagues are bloomberg intelligence have a note out that kind of implies to all of these -- applies to all of these names, each part of the universe related to crypto may benefit as more etf's get approved but they note there are multiple applications. blackrock being one institution that has an etf application in. how does coinbase benefit as an example from servicing those, up 14 -- 13.4%. going to understand what happened, it was a surprised let's bring in sonali basak. a good place to start, what did the appeals court say about the original sec decision to block an application for bitcoin etf? sonali: i think the part important here is this idea the denial of grayscale's proposal and this is according to their ruling that the denial was arbitrary and capricious because commission failed to explain the difference of treatment of similar products which was a key part of the grayscale argument here. and you look at the decision by the court, and remember there are three judges that

and it got coinbase getting a bid today. surprising move there, on one hand, the etf could take volume away from coin base if people are using more traditional brokerage counts. some are saying it's a loss for the s.e.c. and agency may have a little less influence in enforcement actions going forward. coinbase is locked in its own high profile legal battle with the s.e.c. mel? >> all right, kate, thank you. kate rooney on this major decision in the grip poe world. the discount for the gptc is very steep, so, it really hasn't closed that, if there's hopes that's still to play. >> and, a lot of that discount is still making its way back from, you know, everything, where we were with ftx, et cetera. i'll continue to say more regulation is better for this industry, but the right kind of regulation. and there's no question, you can imput a lot of things from today's announcement. the sense was, you were seeing the major etf companies already getting the green light, or, at least, that's where we were positioning. so, we've had th

coinbase in the green after it gets the green light to operate a crypto futures trading service. so is this moment u.s. retail customers have been waiting for in we're going to ask the ceo of crypto exchange kraken next. and by the way, the closing bell rings in about 48 minutes from now. "the claman countdown" coming right bag. ♪ -- right back. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones i'm saving with liberty mutual, mom. they customize your car insurance so you only pay for what you need. you could save $700 dollars just by switching. ooooh, let me put a reminder on my phone. on the top of the pile! oh. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could

coinbase transferred etherscan data shows that the wallet controlled by the money started moving its ethereum stocks from friday and in total , within a week , we have transferred 13 million dollars to the name. binance exchange announced in an announcement that only one the year after the launch of the trading system, binance has closed binance connect because this exchange intends to focus on its main products and long-term goals . digital makes it easier the system supported 50 digital currencies and all payment methods , including visa and mastercard. saeed, head of sed and sima news agency , thank you for your cooperation . in the name of god , we are at your service with a follow-up program. we don't have gasoline supply, and we respectfully ask people to use fuel cards, because according to the law, the use of fuel cards should be replaced by the cards of station holders, and before 17% of people used fuel cards , and now 70% of people use fuel cards. they should use it themselves and we, mr. samari, will use it we sent to the field to see the executive status of the country's

defense against the sec and the lawsuit against coinbase that sec has brought.ict in new york, was seen as pretty much a rejection of that and complicates some of the use of coinbase's looking at that ruling for its own case and the legal defense there, and that has been pouring a little bit of cold water on the enthusiasm that came out of the first case sort of conflicting rulings out of the same court system in new york we did get analyst calls this morning that were pretty bullish. you see the stock down 7% now. that's not having much of an effect but coinbase this morning seeing bullishness almost doubled its price target ahead of earnings. the company reports on thursday and likely hear more about the regulatory landscape. >> kate, thank you kate rooney. >>> speaking of crypto, tomorrow morning don't miss our interview with bitcoin bull michael saylor who has joined us a number of times and great interest in what he has to say. his company micro strategy will be out with results after the bell and they own a significant amount of bitcoin in the 10:00 a.m. t

as part of a long running battle between the sec the ruling gave coinbase permission to keep doing what it's doing, which is merchandising a lot of coins yesterday, another federal judge said the same. said the opposite position in differing case so this is far from settled. tough one. coinbase reports on thursday and now i want to wait even as there's a 23% short position, enough to send the stock through the stratosphere if numbers are good jury's out right there. turns out, sofi took out a tremendous amount of deposits. they have 6.2 million members now. we interviewed the ceo when the stock was at 4 bucks when asked if the stock was in trouble, he said no. he was right stock jumped 37% last month. probably not done. so far, the banks that are rallied deserve it but key numbers deliver weaker numbers weaker yet in this environment with such negativity toward the already downtrodden regional banks, didn't really matter. both stocks rally respectively might seem frothy but in the case with the 6% yield i think should be bought the stocks never should have gone where they went to. too c

i think that the marginal buyer, one big catalyst for me will be coinbase and airbase chain. i think they are really disrupting themselves with that and they will do a lot to bring retail and other assets on chain. i think we saw in the demise of the last crypto bull run blowups of centralized entities. i think coinbase israel -- is really laying the groundwork for retail to put their assets in decentralized entities, d5, eft's, decentralized apps. there the shift in a rotation from where the marginal buyer calms and where they park their assets. caroline: the gives impact ceo and cofounder. a return to volatility when it comes to crypto. it has been a volatile week friday and. -- adyen. it raised about $20 billion in market value yesterday. in an interview with bloomberg television the cohead says on back of the weekend there will not be sure buybacks. lesson. >> we are focused on building a business and we have always had a policy where we continue to invest our funds in the business. that is what we continue to do. it is clear we lost some trust yesterday. and, yes, i thin

application and had to re-file and mentioned to the surveillance company would be they mentioned coinbasee. >> let's talk about surveillance sharing it's not from the issuer not from grayscale or but blackrock it's between coinbase and the ets nasdaq nyse ls a share information about trading in the underlying spot market. this is not a need to have the sec already has that surveillance based on the bitcoin futures. liz: it was a need to have an blackrock check the box after they realize maybe not. >> if you take a step back and examine what this buys us the information is are neither. liz: you guys filed a lawsuit is seems that many companies are emboldened to hold on and fight city hall at the sec, coinbase is fighting, bite dances fighting, ripple has been fighting for many, many months. more than two years, judge torres decision and the ripple case was seen as a big win for the crypto industry. it ruled in ripple's favor she stated the token sales through exchanges are not securities and they could go forward. judge drake off, were getting into some detail but judge drake off has said

coinbase shares up 5.5% on that, melissa.et's talk markets with seema shah great to have you with us. >> thanks for having me on. >> you make the point that the consumers, households are actually pretty well off i'm wondering how you view target's results through that prism. does that make you rethink at all or is this a target specific story in your view >> i think it is a fairly specific story to target what we're seeing from this earnings season, not just on the consumer space, broadly across the sector, across the economy, the thing that you're hearing is that everyone is quite pleased with the way the performance has gone this quarter. but still, ceos are still concerned about what comes forward what is coming next. and are worried a lot of problems for consumers are starting to build up we are expecting that, yes, today, consumers are resilient and you can see that with the cushion we have been talking about for quite a while now. but the pricing pressures are starting to build. and so by the end of this year, into 2024

. >>> plus, take a look at coinbase. shares surging as a federal appeals court rules against the s.e.c. and its denial to crypto firm grayscale over turning its bitcoin trust asset into an exchange traded fund. good news for crypto enthusiasts. bitcoin up sharply as well. stay with us. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ >>> welcome back. european market set to open in a moment commenting on the ecb. rate hike odds up 50%, up from 40% last week. once again, the story abroad is china as its largest banks cut interest rates on existing mortgage rates and deposits as part of a broader stimulus measure the state is implementing to try to boost china's slump issing economy with gina raimondo in beijing expressing optimism over u.s./china relations while calling for significant changes to be made before assets would again become investable. that's kind of the keyword for our audience. there

coinbase, which traded at $48 back in may, is hitting $85 and change right now, coinbase being maimed in a host of spot etf applications as what's called a surveillance sharing partner. basically, they need that to help control fraud and manipulation by setting up a mechanism for keeping track of trading, clearing activity, customer identity. that's coinbase that's getting the prompt to do that, so it sees a nice gain of about 15.8%. bitcoin, for its part, nice move, up 7. .33% or more than $1,902 bringing it to $27,911. all right. yesterday at this time we flagged you to be prepared for a day-to-day luge this week that a may be would have the muscle to pound or power the markets higher, and that's precisely what we got. this morning from the july jobs report, job openings in the u.s. fell to 8.827 million. still a lot of job openings, but it's a bigger or fall than the 9.5 million expected. it's the sixth time over seven months job openings have dropped, weakening labor demand triggered hopes the fed is near the end ebb of its rate-tightening cycle. so stocks went up and yields went

and kate rooney has the setup on bloc and coinbase.re the s&p 500 down half a percent earlier in the morning, found buyers once it cracked below 4500 you see where it sits relative to the 50-day moving average that's what we had since the highs of last week, 2% to 3% maximum downside if we got a routine pullback, that's around 4400, put a good scare into the market even though it would still be in that uptrend. treasury yields big part of the story all week you're seeing the ten-year yield threaten those fall highs. that was back when the market bottomed in october above 4.2% that's challenging a lot of the asset allocators out there, making valuations a little bit tougher. we'll see if this proves to be the top end of the range markets rotating energy relative to tech, actually has been outperforming on a one-month basis you go back any further and tech has built up a lot of the lead the market is finding things to actually support it, even as some of the best performing areas of the market do back away, which does bring us to apple.

a lot of questions for the model itself but coinbase has been sticking to its model while we see bit throw in the towel. ed: also what about ftx court filings? sonali: you are watching them look to galaxy. this is still a bankruptcy process in which ftx and john ray had looked over and looked at galaxy s8 management that would oversee a certain amount of assets. what happens from here? certain amount of these assets will essentially be liquidated and sold so they can shore up money to pay the creditors at ftx. there is a fee that galaxy would take. things could change until the court approval but there is an aspect of this where they don't want to get rid of the bit coin right away because the value in the price could change. certain number of these tokens can be sold to the market, there will be a number that will be held, managed and hedged in order to maintain the most value for the firm. c caroline: there have been some frustrations to say the least about fear they were losing money because the assets were not being sold off in a meticulous manner. sonali: the ideas they would gi

i think of circle because of the way coinbase for example uses circle and usdc to manage their kind ofldings as almost a proxy, given that it's backed so much by very stable liquid u.s. dollars in treasuries. the expansion of how paypal works with the existing crypto ecosystem in that way, how much can you use the paypal stablecoin given that it's backed by treasuries and cash? when more companies like coinbase feel comfort in doing that, will they work with paypal in the future? ed: bring up that shark again. look at the market for stablecoin. it is clearly dominated by one name, break down the market for us. tether is a big part of the stablecoin market and i think you have to look at this because 21% is usdc and how much are people using stablecoin inside and outside the united states and paypal is still a u.s. domiciled company so there is a rationale for them to work with paxos. pack sosa's been a truck should issue in the united states with a lot of u.s. adoption in particular. ed: all things crypto out of new york, the push to get tech work is back in the office. this time, the

coinbase higher.hotly rated for physical etf, they said that crypto markets are ripe for fraud and manipulation. grayscale then sued. now we have the d.c. circuit court of appeals potentially overturning this decision the company had called arbitrary. this would pave the way for a bitcoin etf. coinbase jumping, bitcoin jumping. a huge moment for crypto. other trading stocks, the session right now. we are seeing some big moves. volume quite light. abigail: another jump, trading for the s&p 500. the last three days the best since the middle of july. we have had to kinds of 2.1%. tracking the s&p 500 within a chart, still below the 50 day moving average, but the s&p 500 is trying to take out the august downtrends. as for what is outperforming on the day, china stimulus of nearly 1%. apple getting a nice bid. nvidia, so much selling. tesla up 4.7%. let's take a look at the nasdaq 100. that is holding the uptrend. some consolidation in march. when we first showed this chart, we were suggesting we could see

stocks of marathon rioting and coinbase all moving higher, double digits.er closing at a record-high yesterday when it announced an ai partnership with google. the stock is now up 230% this year making its the best performer this year. federal regulators are ordering tesla to offer driver assistance data systems. pvh rising following an earnings beat and a % to 4% remember knew growth. the company says it plans to improve inventories and reallocate resources for a more efficient supply chain. >>> and the tsa says labor day weekend will bring the busiest travel season. >>> the august adp report is out at 8:15 eastern followed by the investment report and then pending july home says at 10:00 a.m. look for earnings from brown foreman and then after the close, crowd source, chewy, they all report. taking a look at futures, they were in the red. we're seeing the same situation right now. this would provide a mini upset. joining me now to discuss if this trend can continue. >> roy is it going to say as you see futures in the red right now? >> i think it has. we'l

american securities exchange commission filed a complaint against iran's leading exchanges, binance, coinbase, and the american securities exchange commission claimed that these exchanges support unregistered securities. cardano's currency was one of the digital assets that the securities and exchange commission has covered. a certain political party has received significant funding from someone involved in fraudulent activities, so the commission can simply file a complaint and after the complaints enter higher legal procedures, like what happened to ripple , it will face failure . more than 6 million certificates of deposit of goods in the sports goods exchange, 267 billion tomans, were traded in the week ending in shahrivar, more than 477 thousand certificates of all gold coins were concluded . this basic asset recorded a value of 132 billion seven hundred and 18 million tomans 160 thousand sheets certificates of deposit of gold bullion, sports , 48 ​​billion and 700 million tomans were traded, cement also experienced a transaction of 14 million certificates of deposit worth 4 billion and

network 20-based decentralized efi electro-optic linked to the coinbase exchange suspended its activity to concerns about possible abuse. network 20 it was adopted, band currency is one of the loudest scam meme coins, its developer removed 6800 ethereum equivalent to 12 and a half million dollars from the liquidity pool of liter of water, the question emphasized that some liquidity pools may have been compromised , this decentralized exchange in now working with the security experts in the chains to recover the locked liquidity is played to remove the locked liquidity from the pools, saeed, the head of the sed and sima news agency, thank you for your cooperation . nineveh will be until the day he saw the incident and fire and fire in 1361, nineva album was created by hossein alizadeh, born in shahrivar 1330, and it is the 10th night of muharram . when he heard the word nineva , i still love the hair. which i always told me, my mother said you were born on ashura, hossein, i have always loved and i have a work which, according to its creator, is also the middle of both the reed music and

there's a bunch of news regarding resolute in the u.s., and then coinbase today. beats, but they do guide light on q3 sub-revenue. more interestingly, they are continuing to comment on their battle with regulators, and some commentary sees a bipartisan pathway to some regulation regarding crypto over the medium term >> for better or worse, coinbase is really the company that stood up with some regulation, future regulation in mind, and now that it is engaged in this legal battle with the s.e.c., it is kind of forging the path forward in terms of the regulatory environment, the legal precedent around what trading and cryptocurrencies and the classification of cryptocurrencies is going to look like, and that got my attention to the commentary that "in the u.s., we're seeing a path toward bipartisan communication." this has been seen as the thing that's going to be the overhang on the stock yet maybe not so much. >> the industry and even really the regulators have wanted congress to try and, you know, essentially break this and say, let's have something solid on pape

pursuing the problem of coinbase exchange wallets and the complaint of the us securities and exchange commission, a closed media company , today is the news of the field of cryptocurrencies. it is time for the internal revenue service of the united states to introduce new rules for tax reporting of cryptocurrencies in this country, and these rules are trying to preventing tax evasion in the currency space digital has been set, on this basis , exchanges and brokerages use a new method to register taxes, a method that is easier and seems to be able to prevent fraud and tax evasion of cryptocurrencies in the united states . iran, the manufacturer of sefid ran pa zwanto, the coinbit exchange bus , announced that it is investigating an error that caused the balance of some users' wallets to show zero . if you don't, your funds won't stay in the stock market either us securities sues media company for selling unregistered securities los angeles-based maker of educational and entertainment content, inpack theoretic, allegedly raised about $30 million through energy sales , the us securities

it is said that this decision is the result of regular monitoring of coinbase. the journey of the assets in the exchange is to ensure compliance with the listing criteria, so from the beginning of next month, all deposits will be suspended, although users can still withdraw these stable funds. expanded in canada at the same time close cooperation with the legislators and officially started its activity. mastercard, which provides international financial services, announced that ripple lens , along with other innovative companies in the financial fields of the central bank's digital currency development program , has joined the card of this alliance. to help understand more the advantages and limitations of the central bank digital currency, how to implement it in a safe , integrated and useful way has been formed. in the past few years, in the field of national digital currency development , it has had various collaborations with central banks based on blockchain data in may 2023 means may and june this year, the total number of approved smart contracts in the d

prompting coinbase to fall as much as 9.5%. story in crypto, the ftx co-founder claims revoking his bond and jailing him for speaking with a newspaper reporter would violate his free-speech rights. for more, sonali basak joins us. i hard one to understand but what is his argument? sonali: let's take a minute to talk about what got us here. july 20, you had the new york times publishing the story that got into here, google documents had the private writings of caroline ellison who would have conflated to be a star witness if you look at the trial would happen between sam bankman-fried and his workings in ftx. caroline ellison was one stating sam bankman-fried and some of what she said according to the new york times reporting was she was uncertain about how she had ran alameda, that she did not particularly feel well-suited to run the company and it felt weird given they had been dating on and off these two. within a day, the u.s. prosecutors alleged spf of providing the press with these writings to discredit her as a witness. n

coinbase is up. you know, c3 ai is up 6%. nvidia. say that perhaps the concerns about reits and the markets have been overdone? >> yes, i think so. people have been really hoping for a recession, because historically, you would expect with such a big increase in short rates would be on the brink of one. but the economy keeps on chugging along. third quarter looks pretty good. you can see these economically sensitive sectors, so clearly the market does not think we're in a regular recession. so that is what is lifting those parts of the markets. >> how much more of a lift are we going to get? we have the jobs report where i think wage data will be in focus and, you know, we have united auto workers, perhaps about to strike. so even if it looks like wages are under control for now, maybe not for long. >> well, i think those are all rather small factors influencing the market. but basically, the economy is good. there's no sector that is out of bounds. and really, we have seen over the last year the economy, consumers and business is ra

can happen in the next week next month in the field of the american economy, and the exchange is coinbase, the us securities and exchange commission asked this exchange to file a formal complaint against all digital currencies except bitcoin through according to the report of kaleske website, brian armstrong, the ceo of combiz exchange, regarding the request of the us securities and exchange commission, he added that the officials of this commission, without citing a specific law, declared that any asset other than bitcoin is like a security. the rejection of the request of the american thief commission stated that if this threat is accepted, the cryptocurrency industry in the united states will end . in june, the american exchange commission (ac) also sued the large exchange binance for offering tokens that are considered unregistered securities. thanks to mohsen bait chob cheko for mourning, which is the opposite of the persian language. it has been 100 years since the age of ashura has hosted this traditional ritual for the mourning of the martyrs . at the end of the morning, the cerem

. >> coinbase, we're long term bulls on coyne base.t is rocky road that require as bit of a strong stomach but we see a lot of positive catalysts liking coming for coinbase the next few months, today being one of them, approval of a bitcoin etf. there are few other legal, regulatory hurdles we're looking forward to over the next few months that should hopefully pave the way -- charles: bitcoin gets 32, 33,000, it will make one of those patented bitcoin runs, out of this world, everyone will jump in. i have to bring up a sore spot. the dutch payment company, iod, okay, wow. i had a guest on the other day who said they still liked it. they liked it before the bad news. they like it now. do you still like isn't. >> i would say this is a time to take small to medium-sized position in idean. the stock is oversold but needs to work through some adjustments. it is under fierce pressure from paypal in the united states. i think that took a lot of investors by surprise how fierce that competition is and how much it affected them. they have some

coinbase and the securities and exchange commission warning hong kong futures about some closed cryptocurrencypanies today, delving into the capital market, the coin jacko website has published a new classification as currencies that the us securities and exchange commission considers to be securities. and american securities and the main exchanges of digital currencies, namely binance coin, are current. it is said that the list of tokens that were considered as securities of the curious securities category in the past lawsuits includes 48, including the unaddressed statement of the total market value of the curious securities tokens category. and 110 billion dollars will be cryptocurrencies that are considered securities and will be subject to the regulatory rules of the stock exchange commission , based on the published reports of the income of sesame exchange, the volume of transactions of retail and institutional investors of this exchange in the second quarter of 2023 compared to the second quarter. the year 2022 has decreased by 754% respectively. the bottom voiced that this significant

at the time, shares of coinbase and marathon digital were surging. across the board with bitcoin has not moved. we have been sitting on $29,000 range for some time. $29,491 for those folks on the radio. >> resilient to me coinbase, i did not realize they were up that much. stock at $85 right now that is a move >> that is a move. >> for a company with a wells notice. >> interesting coinbase moved, but bitcoin has not. resilient. bitcoin went on a run before the market went on a run and basically held steady. >>> check out shares of alibaba. adjust d eaed earnings above estimates. alibaba bought back $3.1 billion in the deposit shares during the quarter. stock up 2.5% this morning. >>> coming up, chinese officials are criticizing the biden administration executive order restricting investment in chinese firms. michelle caruso-cabrera which will join us >>> and coming up, don't miss linda yaccarino's interview. we look forward to hearing her thoughts about how t binheusess is going we'll be right back after this one prawn. very good. did i say chicken w

. >>> welcome back now to the stock we mentioned before the break the answer, of course, is coinbaseres have been volatile in the after hours trading. a loss of 42 cents a share that was better than 77 cents. revenue beat expectations. on the conference call, coinbase chief legal officer addressed the lawsuit against the company filed in june. he said he thinks coinbase can win and will present a motion to dismiss the suit today the stock up 1.25% the shares up 160% year to date boosted by the gain of 70% from the price of bitcoin. >>> when we come back, greg brown will join us to talk about the company's quarter and artificial intelligence boom and anything more we can squeeze out of him >>> you can watch or listen to us live any time on the cnbc app. at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. you got this. let's

coinbase? ripple? these are not frauds. on pace for two back to back gains for the week, week after week. losses for the s&p and nasdaq. and as we finish out the week on this friday, it has felt like a volatile one, but the dow is going to close higher. s&p and nasdaq will close lore. that's going to do it for us. "kudlow" is next. ♪ ♪ >> hello, folks, and welcome to a potential edition of "kudlow." i'm sean duff duffy in for larry kudlow are. attorney general merrick garland

this was seen as a huge boost for crypto firms with oversight and sent shares of coinbase and marathon digital surging this morning, shares are higher in the pre-market. >>> virgin is set to launch the first private space tourist into the skies today during the second-ever commercial space flight the move caps 20 years of development and allows finally start clearing the backlog of ticket holders. passengers on the flight include an 80-year-old accomplbritish on dom, would you do it >> i don't need to be a first mover with space travel. i'll wait for the commercial development to take hold. >> i would do it >> thanks, silvana. >>> time for the big money movers disney saw an earnings beat, but revenue shy of estimates disney reported 10 million fewer subscribers than consensus the key take from the quarter is streaming. the media giant looks to reset the business through price hikes and password sharing crackdown similar to netflix and its partnership with espn and sports book franchise bob iger doubling down on the economics of streaming during the conference call saying it is a top pr

to 53.5 billion losses in july and $175 billion losses this year this is adding to the names like coinbase and nvidia. those are the least profitable short sales of the month let's talk about this with the partner at the wall street alliance group. >> great to be with you, frank >> we will show you $53.5 billion in july. short covering is a factor in the market it is one factor do you see short coverings continuing to the upside or down si side >> that is one of the phenomena happens when people have a fear of missing out on the market we do think in the short term the market is poised for correction september is the weakest month of the year in the stock market. the s&p has had the best first seven months of the year since 1997 a correction is in the cards. >> we have a big week for bond issuance starting today. the 3, 10 and 30-year auctions the 3-year yield 4.4% a lot of competition for the equity markets how do you see the bond issuance impacting the markets? >> we have clients that are making use of the cash and taking advantage of the bond yields if you take a longer term point of vi

grayscale surged as much as 17% as well as coinbase which is involved in litigation with the sec, theyre related by the decision and expect to win their challenge with the sec. the biggest gain is in the penny stock, silver gate capital, which collapsed in march, one of the first regional banks to collapse because of its exposure to fdx. the failed crypto exchange and its mid majority crypto holdings. haidi: what happens now? >> nothing will happen soon if you look at the decade long fight that many financial firms have taken to try to get this far, it will be another long, hard slug according to observers. many in the industry are trying to get advancement or approval are now very much encouraged in terms of the sec, they may appeal the decision, they are already finding another lower court ruling over the sales of the ex rp token, that is a decision that risks undercutting the jurisdiction over crypto and again, a representative for sec did not immediately respond to our comment. other to say we arguing the decision, you are looking at the huge spike in the grayscale coin trust as so

otherwise you have to go to coinbase, go on chain to actually get that exposure to bitcoin.t would allow large warehouses, brokerage accounts to give retail investors that exposer to the spot to coin -- that exposure to the spot bitcoin. haidi: but is emily griffey out and the grayscale ceo is joining us live to talk about that -- that is emily, and the grayscale ceo is joining us live to talk about that. early thursday morning, if you are watching in sydney. some corporate stories were tracking, goldman sachs will pay 5.5 million dollars to settle allegations of a failed attempt to retain thousands of phone calls. the bank relied on two separate external systems which failed occasionally in 2020. at least one of them failed to increased usage of services used to record rubble phone calls during the pandemic -- robot phone calls during the pandemic. ubs said for its latest quarterly earnings on thursday. the biggest one fall profits recorded by the banks after its takeover of porta suisse. it is expected to unveil what could be billions of dollars in write-downs on assets an

then we have been watching coinbase's stock, staying with the technology team, where we saw the approvalthe u.s. stocks down right now. one stock that is flat at this point -- one stock that is notably weaker on the session is tencent, as the china weakness is evident in the latest quarterly results can also softness in the technology sector in china. matt: let's bring it back here to north america. tech stocks have struggled recently. the nasdaq 100 in new york rallied a whopping 44% through july. has had a steeper drop this month that than the s&p and the dow. our next guest is one of canada's best known tech investors. leading early investments & co.'s like shop -- in companies like shopify. john ruffolo is the head of maverix private equity. angst very much for your time. i have got to ask about grades. we saw mortgage rates go up 7% officially. larry summers is going to be on david westin's program "wall street week." he says he think the 10-year will average 4.75 over the next decade. how are rates like this affecting your business? john: i actually think the rates are actually com

. >> i would say the most interesting immediate reaction to this is the rally in coinbase.uitive because if you introduce a retail friendly product that can be held in normal brokerage accounts in a wrapper that every retail investor knows how to use like a bitcoin spot etf, especially if you end up with seven of them including something from fidelity, something from blackrock, vanek, et cetera, if that happens, what does anyone need to use coin base for if they're primarily doing bitcoin, the whole market cap of crypto right now? that stock rallying is strange unless it's short covering because people think it means the s.e.c. is running out of steam and momentum and will maybe be curtailed from bringing more suits. i'm not a lure so i have no opinion on that. quarter over quarter like $50 billion to $20 billion i don't think gets better i think it gets worse. so that's an interesting move to bring out here. >> i think bob pointed out one of the big things is the manipulation and it's used often in ransomware, that there is a supply of cryptocurrency. >> you wouldn't inves

hany: the majority of american trading crypto volume since coinbase is very well represented.derlines come from the sources. from the regulators' standpoint, they get a view, they can investigate, monitor any potential transactions they might have issues with. that should, in our opinion, address all of those concerns. jon: let me just ask you about market reaction. if we are looking today, obviously you saw some tiptoes shares yesterday on the move. it does seem at least based on today's action, you could characterize this as a muted market reaction. what has been your assessment? hany: cryptos have increased 5% to 10% across-the-board, especially in the summer and the bear we are in right now. it is hard to predict how big this is but it is no doubt this is a massive, massive, massive deal. we think up to 10% or more of all of crypto, specifically all of bitcoin, should be within an etf format within five years. that is a very large market that is quite attractive. sonali: what has changed? for someone who has been through this process with the sec, one of the biggest things

. >> watching coinbase trading revenues drop 50%. also reiterating it will win its battle with the s.e.c. which charged it with operating at an unregistered securities exchange broker and clearing agency in june. shares are now down about 2% stay with us lls are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> shares of open door cratering after reporting a deep second quarter revenue decline and a pretty weak outlook. our deirdre bosa sat down with carrie wheeler for a "techcheck." >> this was carrie wheeler's first broadcast interview since taking over open door late last year it comes on the back drop of that 20% drop today. i asked her what the street got wrong about the outlook. >> i don't think they nec

. >>> your bitcoin exposure, you have the grayscale ethereum trust, you used to own coinbase.nteresting thoughts. >> these are small positions, i think for investors gptc, there was a 50% discount, the price of bitcoin to gptc has moved up to an 18% discount. you've seen this 32% squeeze just because of this can go public. i'm still, though, in the camp of what use cases are all the other cryptocurrencies. this is a small position. i think the whole nonsense and the fraudulent activities that happened last year, to me, were a game changer. i want to see the open ai of crypto. i want to see actual use cases before i even remotely think about stepping into this in size because i think that's so far out and yet to be determined. >> up next we'll talk about salesforce and crowd strike. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovatio

fidelity now offers it and so does coinbase, but seen as a way to really broaden it there.and then lastly, the spot coin is more accurate in terms of tracking underline prices. a lot of excitement around that. you see it in bitcoin prices. >> kay rooney, thank you on that. i want to talk about as we hit the two-minute warning, and now under that, the one sector green for the month, slightly, energy. i keep hearing more calls like this is primed, a lot of stocks are above their 250 day moving averages. they're primed for a bump here. >> people love the charts. for decent reason. energy mostly held on to the big year it had last year. 60% gain. continues to outperform crude. it feels like this mix of obviously good charts, but also a cyclical element and if nothing else the oil and gas staying range bound keeps you comfortable with the cash flow figures. i think more broadly, one thing during this little pullback we had in the broad market is you didn't see cyclicals buckle. it wasn't about worries about earnings growth and worries about the macro economic cycle. if anything,

block, coinbase, air b and b shares of expea didropping, as well we'll break that down when "fast money" returns you wanna take what was given to you and you wanna build it. and you wanna pass it along. if i can do that, i would have done well. that's why we're here... to help make it happen. fly to paris. see the tower. smaller than you expected. wait in line. see the mona lisa. smaller than you expected. check in. see your room. bigger than you expected. join one key, where gold and platinum members get travel perks, like room upgrades. (vo) verizon small business days are coming. join one key, where from august 7th to the 13th. now is the time to partner with our experts. get started today with verizon business. it's your business. it's your verizon. new nature's bounty hair growth. clinically shown to help grow thicker, fuller hair with just one capsule a day of advanced hair complex. conquer hair thinning... ...and fall in love with your hair all over again. only from nature's bounty. >>> welcome back to "fast money. a beat for block, but shares are falling into the red cr shares o

interest in that particular stock if there's enthusiasm for crypto, there will be big interest in our coinbasele stock etf. likewise for china tech, for alibaba, for example it's much like the actual market itself the demand for these products is going to be intrinsically linked for enthusiasm for the stock itself. >> what's the benefit of going long or short a stock using an etf? >> well, i like to think of these as a kind of convenience arbitrage. obviously, there are other ways to express either a super bullish or negative opinion about tesla, but when you do it in a single stock etf wrapper, you avoid having to say, go get margin borrowing to get extra exposure for cash you may not have or you avoid having to go find a locate for a short, which usually isn't that big of a problem, but you do have to have an account that's available for shorting for a lot of investors who are, perhaps, playing speculation around the edges, these products really do offer a level of convenience. i would also say they can do it with less hangup around position sizing obviously, if you go buy a set of options,

coinbase which was involved in litigation with the essence see they are happy about the decision.y were up big. the biggest gain of all was for a penny stock. that is silver gate capital. it was one of the first regional banks to collapse because of its exposure to ftx and crypto. it is now in bankruptcy, but it trades. yvonne: thank you. we will be speaking with the grayscale ceo, you can watch that interview wednesday in hong kong. also early thursday morning if your watching out of sydney. rishaad: a quick look at what is going on. rishaad: great the moment. we are seeing the overall benchmark up 0.9 percent, supported by s&p futures. investors elevating birth of the federal reserve is arguably near to the end of its type to monetary policy cycle. hong kong equities extending gains for a third day. that is quite something. of course, a lot depends on what we get out of these individual corporates. yvonne: yeah it is a big day when it comes to china earnings. when we crunch the numbers, look at the size and scope of the market cap. $1.9 trillion nearly. it is everything from the

coinbase as listed as a partner in a lot of bitcoin etfs up double digits.ting a pop as well. it could pave a way for the first of its kind etf. analysts have seen this as a way to open up the flood gates to allow the everyday trader get bitcoin and make it easier to allocate to crypto. grayscale says this is monumental step forward for american investors, the bitcoin ecosystem and all those who want to use the bitcoin environment. and grayscale team is actively reviewing the details outlined by the court's opinion. you have blackrock and fidelity also in line. this has been seen as a major catalyst for prices. bitcoin in particular. the cryptocurrency has been trading side ways as volume drops and retail investor interest has slowed down along with prices. back to you. >> kate, a key part seems to be the commissions, unexplained discounting of the obvious mathematical relationship between spot and future falls standard of decision-making. that's from the decision. can you explain what that means to our viewers? >> well, so, one of the things they worried ab

expectations is that we could see those futures trading contracts tied to bitcoin and either soon on coinbaseit's under pressure stemming from the regulatory scrutiny the s.e.c. sued them in june saying it was operating illegally because it failed to register as an exchange. the stock has fallen 30% from the july highs but still doubled from the lows we saw check out bitcoin prices, trading at a tight range though gradually drifted lower from the midsummer highs. just around the 29,000 mark but well within the mark so keep an eye on the bitcoin prices the vast majority of trading resolving around the derivative of prices around bitcoin and either sara, back to you. >> not getting a ton of help from that news, up 2%. but maybe the run up to that is part of the story there. thank you. >>> just about an hour into the trading day and stocks are mixed. s&p is a little bit higher nasdaq still under pressure after a tough day yesterday. let's get to bob pisani. >> tjx is helping retail elsewhere, about even on the advanced decline line not getting a lot of help from the old market leadership. bank s

look at the stocks most closely linked to the crypto trade, flaps terms of exchange operators like coinbaseo a certain degree, also bitcoin proxies like microstrategy, owns a lot of bitcoin on its balance street, overall you can kind of see here, micro strategy has been the out performer among those with the exchange operator seeing relative weakness it's a dynamic to keep an eye on >> thank you very much >>> still to come more on the markets as big tech under performance and small caps on pace for the worse week. we'll breathgsk in down with art cashin next. stay with us this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. (fan #1) there ya go! that's what i'm talkin' about! (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have

. >> so, coinbase is going to get in trouble not because they had bitcoin but because all the other stuffdifference when people talk about crypto between raising capital, you coming to me and saying, give me money, and providing trading services we treat the secondary trading of securities, commodities, and other things differently from a regulatory perspective than we do the initial distribution. the rigorous protections around initial distribution are what we focus on, but trading has a different set of rules >> right >> so. >> that they violated or didn't violate? i don't mean to press you on you. it's just confusing. >> it is but think about those two different ways the distribution and raising of capital from retail people, we regulate that very seriously trading, less so there are lots of things to trade that don't trade on exchange >> sneakers. well, i guess they do on exchange >> there are blue chip companies that are jonesing to get into all these things >> right and they have -- they to have responsibility they do. fiduciary duties to their customers. and the best argument right