options on crypto currency and finance which options space on crypto. recently, the cz commissioner osenate speech that unregisterd t5 exchanges may not be legal of the commodity exchange act. i've also used the protocols called pancake spots which often advertises very high profit and low percentage rates in exchange for walking crypto currencies into the pot farms liquidity pool. probably not the right metric to try to attempt to use what the crypto community called army as a race can very wild even on a single day went one example in early may, they posted a tweet saying you can get over 100,000 percent apr if you locked in your is going on pancake slot. he later stated that special rate is only there for 30 days which is questionable to use for an apr and users complained that the rate offered was nowhere near what they were advertising on twitter and if they tweeted again the same day, the quote no longer the less free money you get. "i believe that congress should examine if there regulatory capitol required new legislation in order to ensure cons

crypto currencies are a digital or virtual currency that is secured by sophisticated coding. they are not issued by any central authority and they offer users a high degree of anonymity, complicating intelligence community frts to identify and disrupt threatening activity. bitcoin is the market leader, but there are thousands of other crypto currencies including privacy koins, which provide a greater level of obscuobscurity. this means that users can easily hide who is sending or receiving a transaction, transaction amounts and individual units of currency. since at least 2015, we have observed terrorists seeking to use crypto currencies to procure materials and slit funding for their operations. most of this activity has occurred by terrorist groups and associates overseas spanning the spectrum. for example, supporters of isis and al qaeda have solicited donations. a media group offered a reward of 1 bitcoin worth $60,000 at the time to the first person to kill a police officer in a western country. we have also seen foreign motivated extremists claim they were sported by th

the real city that crypto, and crypto companies receive different types of regulatory system. this is how the system works. the internal revenue service issued a notice in 2014 that crypto would be treated as property, but if you are paid in crypto for your work, it is treated as income, and taxed as such. the securities and exchange commission may regulate the crypto if it meets howie test unless it is eligible for an exemption. in some cases, it may be regulateded by the ftc, and there are many types of companies that interact in the crypto world now that have different authorities such as national trust charter from the office of the comp troll over the state. and so we have a number of states introducing their own regulatory frameworks. and so we need interregulatory frameworks to lead that within the high level. epsoc has a mandate through dodd/frank to prevent systemic risk, and in addition it has the ability to form a technical or advisory committee including one that would work with the states. in addition, the epsoc is charged with setting policies is that are interna

so, how do we better regulate crypto? the cftc and the sec should be empowered by congress to move quickly to provide retail investors with a broader array of regulated crypto products that are attractive to market to participants, but come with the robust market oversight of these regulatory regimes this should happen now congress should also direct the sec to immediately create clear workable criteria as to which digital assets are security is and therefore subject to us security laws and regulations. second while regulators in new york and wyoming in particular have been very crypto forward regulators and will continue to be leaders in the space congress needs to pass legislation to provide for the product federal preemption of the current state by state licensing requirements for the direct purchase and sale of cryptocurrency. this will ensure that these transactions are subject to the level of market oversight that we currently have in the futures and securities markets. a logical regulator here is the cftc, but you

regarding crypto currency, basically any crypto currency firm is required to register with the f c a and to also provide anti money laundering. take essentially steps to prevent money laundering. so what are those steps? what more than likely it's k y c? it's no your customer rules that say nobody can open an account without proving who they are, biling and filling out certain paperwork and all of that being turned over to the government. as you know, rachel, the crypto world doesn't lend itself to that. that's the crypto crypto currency is you're supposed to be able to open up wallets and hold tokens without having to disclose exactly who you are. it is in contradiction to what many of these regulators actually want. and that's the biggest concern with all of this evening with crypto currency is becoming more popular. is that a big exchange like this one can just be shut down by a government and that it can actually be successful. now we're seeing in el salvador that bitcoin is set to become legal tender on september 7th. and as part of that, the government is planning to give away

crypto binance u.s. seal will be joining us on the regulatory for crypto's wild ride.his is bloomberg. ♪ romaine: we are talking about crypto, the regulatory crackdown around the cryptocurrencies has been escalating. we have heard this story before. also warning consumers repeatedly of the risk of trading in cryptocurrencies, saying in january that investors should be prepared to lose all of their money. we heard all this stuff before. the question now is maybe things are getting worse? joe: exactly right. it is global as well. nothing is definitive, nothing has really struck a huge blow, but we see u.s. regulators getting more anxiety, imposing some sort of regulation. mexico, every day there is something. thailand and so forth. lots of stuff going on all over as everyone tries to grapple with this new asset class. joining us now is sonali basek and binance u.s. seal brian brooks. sonali: thank you for joining us. you just hired a former regulator at finance u.s. how are you looking to maneuver some of these regulatory concerns that exist in the u.s., let alone across

a huge shift in the crypto world. as finance, the world's largest crypto currency exchange has been banned from operating in the u. k. it is the latest sign of the growing crackdown on crypto markets worldwide. britain financial conduct authority said saturday that finance markets limited. the u. k division of buying and is not permitted to undertake any regulated activity in the u. k. from june 30th the company which already offers brits crypto training through its website must add this notice for u. k. users. due to the imposition of the requirement by the sta, finance market limited is not currently permitted to undertake any regulated activities without the prior written consent of the f b a. so joining me now to discuss is boom, moscow host can crypto analyst been swan? r a been, let's start with the biggest question here. why did the u. k. take this step against finance right now? yeah, it seems like there's a, there's a couple of reasons for now. the regulator itself has not said why they did this. and by the w

in fact, crypto crosses borders. there are places where there are gaps in the regulation, and the best way to address that is through international standard setting. >> so do you think that the federal agencies have the tools necessary to coordinate their efforts around blockchain and crypto regulation, or do you think it's going to require congressional action? >> i believe that we have the authority in place to coordinate through the financial stability oversight council. that said, i think we have a lack of clarity in the regulatory framework, and i strongly believe that we need to have official public data sources. in order to create a framework for cryptocurrency regulation, we need a map, and to have a map, we need data about where is crypto, where do the risks lie, et cetera. >> ms. hammer, i'm sorry. my time has expired. i appreciate your answer. with that, i yield back. thank you. >> the gentleman from illinois, mr. garcia, is now recognized for five minutes. >> good morning to everyone. thank you chairman g

that includes a new amendment targeting crypto currency users. in a statement, the european commission said, quote, today's amendments will ensure full traceability of crypto asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing. they went on to claim the proposals, we'll hope the crypto acid industry develop, and it will benefit from an updated, harmonized legal framework. so what is this new legislation really about and can it be enforce? joining us now, this justice co host an crypto analyst, christy. i know christy, who in the crypto industry is the targeting with these new proposals well, according to the use they are targeting any and all crypto users indiscriminately because they're setting the threshold very low. essentially they're saying that if you transfer a $1000.00 or more of crypto currencies, then the service provider will have to report you. so by sending the threshold really, really low like that, they're basically saying, hey, basically if

joining us now co host an crypto analyst, christy i. now, christy, who, in the crypto industry is the targeting with these new proposals, well, according to the use they are targeting any and all crypto users indiscriminately because they're studying the threshold very low. essentially they're saying that if you transfer a $1000.00 or more of crypto currencies, then the service provider will have to report you. so by sending the threshold really, really low like that, they're basically saying, hey, basically if you own crypto currency, you're going to have to report this. and while they say this legislation is used to target drug traffickers, money, loaners, and likes the real reason as been and has the time and time again. it's just a very simple fact that the e u. the entire man is basically bankrupt after having to fight coven 19 for the past year. and they're basically seeing this new opportunity to tax the crypto currency wealth because of this new acid that has emerged from the pandemic, unscathed. and this new crop of people that

digital assets which include cryptocurrencies, crypto assets or crypto tokens, among others, are a digitalresentations of value. the current regulatory landscape for digital assets is perceived by certain industry observers to be fragmented. multiple agencies apply different regulatory approaches to digital assets at the federal and state levels. regardless of the terms used to describe digital assets, depending on their characteristics, some digital assets are subject to securities laws and the regulations that are designed to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. others such as bitcoin and -- are not considered securities and generally not directly subject to those requirements. the securities and exchange commission is the primary regulator overseeing digital asset securities, offerings, sales and investment activities. my testimony focuses on issues related to digital asset securities regulation. digital assets increasing presence in capital markets raises policy questions regarding whether changes to existing laws and regulat

i want to stick with crypto.reessen horowitz recently launched a fund to bet on the rapidly growing ecosystem. it was one of the early investors and has a growing team of investors working to spot the next of what has been many crypto waves. joining me, and investor leading the charge, katie. you have worked with regulatory agencies from the sec to the fbi so you have seen both sides of the coin, if you will. seeing how fast the environment is changing, what do you see as new opportunities to put that money to work? katie: what makes this moment so unique is crypto, by its nature, has been cyclical but one of the things we have seen in the past year's honu audit -- audiences are coming in. and one of the things we've seen for the last year plus are entirely new audiences coming in across things like nft and many other kinds of application. these are the kind of leading edges of crypto that we are very excited about and we are excited to put the new fund to work. emily: i know you are investing at the earliest sta

for example, support of isis and al-qaeda have solicited crypto currency donations. earlier this year april al-qaeda media group offered a reward of one bitcoin worth about $60,000 at the time to the first person to kill a police officer in a western country. we've also seen for an racially or ethnically motivated violent extremist claim their activities were supported by use of cryptocurrencies. in 2019 the perpetrator of the mosque attacks in christchurch, new zealand, claimed in his20 manifesto to have made money dealing in crypto currency. later that same year a racially or ethnically motivated violent extremes who t attended anad atk in a synagogue in germany claimed he received financial support for his operation via crypto currency. beyondpo terrorism use crypto currency has become even more common among cyber actors and criminal organizations. north korea and cyber actors with the regime have executed lucrative crypto currency thefts valued at hundreds of millions of dollars. cryptocurrencies increasingly being used to buy and sell drugs on the dark web, and

one is a crypto, and they are they resistant? these sorts of things. you can only end up doing damage rather than, than helping anyone. she talked to manipulation of prod, you know, a good way to not be manipulated or be defrauded is to avoid the sector and which anyone is free to do. one of the reasons people really like crypto crises it's, it's a democratic way for people to participate in financial markets, which comes of course certain risks. but, but tentative warren doesn't want to talk about tab or think that way. she wants to go back to the old days where government was in charge for everything. but here's another problem which we sometimes forget, a big credit all come to grants is our global instrument, financial instruments, and protocols of ownership for the entire world. so into some extent, you know, the, the us senate and us regulators can, can only affect the status of crypto in this country. and even then only the on ramp from the off ramps, but they can't do anything about the rest of the world. so the completed loss and i get it. thi

through crypto.hree years from now, it could be 10, 20, 30% action. everyone is trying to get in the space for payments. jack dorsey said in the previous segment it is about accepting payments from any courtesy -- currency in the world. he believes that crypto is the currency for the internet. caroline: -- is that a competitive threat? sonny: i think that's great. the more people that have crypto and hold it securely, the more they will spend. crypto has a lot of different use cases. some people use it just to store value, some use that as a way to hedge against government currency, some use it to spend money online, repentance, cross-border payments. the more use cases, the better it is for the ecosystem as a whole. caroline: how much is elon musk a help or a hindrance? sonny: elon musk, jack dorsey, kathy would -- kathy wood, a triple crown of speakers about crypto. they all have their different beliefs. crypto has a different leaf depending on where you are in the world. all three had a different

she talks about crypto currency, specifically that is used for scamming, poor investors. it is used to assist criminals and also the fact that it works and the climate crisis. so, i mean, if we break this down a little bit in terms of skimming investors fishing attacks nigerian print scans, those have existed way before the advent of crypto. and let's not forget the pinks, get pink slip scans and the penny stock scans that were sold to uninformed investors boiler room style that existed in the equity market also way before the advent of the crypto currency market. so i really don't see her trying to tackle any of those issues when it comes to that. and in terms of assisting criminals, let's not forget, once again that the us dollar is undoubtedly the number one preferred currency for criminals. and this is a fact, this is a fact by the united nations office on drugs and crime that publish that over 2 trillion dollars of u. s. dollars are used annually in terms of money laundering and drug trafficking, not crypto currency. so simply by simply stating that it's just a smear

what else is be doing to make crypto more mainstream? so we've watched visa partner with more than 50 different crypto firms in coin base or bit pay. and what they're doing is they're trying to give a more tangible way for the consumer to actually use their crypto. whether that's having that car getting to swipe it and then having their crypto directly converted to the currency or whether that's actually getting to work with the stable point and using that directly. but on top of that now they're also moving to use credit cards that actually give you cash back using crypto. so you're going, you're using your credit card for your regular purchases, and now you're getting one to 2 percent cash back in that coin and getting to add to that fund. so it really is fascinating to see how they've seen that gap in the market for people who maybe want to get into crypto. don't know how it works or even for businesses who maybe want to use crypto, but aren't really too sure about getting on the block chain and how that work. and i mean $1000000000.0

all three had a different vision as to why they loved crypto. that makes crypto so great.aroline: many we have talked to here, the arrival of institutional money and how you need institutional adoption, and in some analogous way you need to centralize it to have everyone take forward the centralization mantra that is crypto. we had scott minerd on earlier, key man at guggenheim. he is saying bitcoin is going to go to $15,000. this is in the right time to buy. how much is this a worry when institutional money is still on the sidelines? sonny: fairpoint, but three years ago when bitcoin had its big drop, everyone thought this was the end. the sky is falling. now we just had this drop, the institutions that got in six months ago like fidelity, none of them have sold. all of them have reiterated their belief that we are long-term holders of bitcoin. we don't mind this recent price drop. that's why i believe -- i think by this year bitcoin will break its all-time high again. it might not get to $100,000, but it may break $70,000. caroline: is bitcoin the future? scott minerd ha

crypto currencies are a digital or virtual currency that is secured by sophisticated coding. they are not issued by any central authority and they offer users a high degree of anonymity, complicating intelligence community frts to identify and disrupt threatening activity. bitcoin is the market leader, but there are thousands of other crypto currencies including privacy koins, which provide a greater level of obscuobscurity. this means that users can easily hide who is sending or receiving a transaction, transaction amounts and individual units of currency. since at least 2015, we have observed terrorists seeking to use crypto currencies to procure materials and slit funding for their operations. most of this activity has occurred by terrorist groups and associates overseas spanning the spectrum. for example, supporters of isis and al qaeda have solicited donations. a media group offered a reward of 1 bitcoin worth $60,000 at the time to the first person to kill a police officer in a western country. we have also seen foreign motivated extremists claim they were sported by th

you get paid in crypto.ryptocurrency in your account at block price and you can hold them or use them like miles or cash. in that sense it's a great innovation that allows people with crypto to get paid in a way they may find appealing. caroline: also, what were you think being spent in terms of the crypto they are spending? i know you said it is to do with your partners and certain crypto assets in other parts of the world but stable coins are something we have talked about an awful lot. as the fed isaac, a much are you seeing stable coins being sent -- as the fed eyes it, how much are you seeing table coins being spent? guest stable coins: take a while to be held. it is backed dollar for dollar with us dollars and you can relieve them at the same value with stable coin. we are minting people who are minting stable coins and depositing them into their accounts to use them. we allow people to pay out in usdc at the end of each day. in many ways we are bring stable coin into our system like we would any other

last student manuel invests and crypto currencies. i bought a not a can. dina farrah many opportunities in argentina these days. and when you come across one like that, where you can see from a graph that an asset value has shut up 1000 percent for 300 percent inside a year. and then you say, i've got to try that. but a lot of basically it's a form of gambling, isn't it? that's what we call it in our language gambling, it's max of casinos and poker tables, not serious investments. economist and university lecturer ones on arity warns the crypto currencies are highly risky. investments don't want to throw currencies are generally highly voluntary. they have no bagging, they have no economic assets behind them or power. he says their scene is prone to financial bubbles. anyone who invest in these bubbles without knowing how they work is taking on a very high risk and stands to lose everything. even those who know the role. these are in the velocity and other is also worn about the phenomenal energy consumption of crypto currency mining.

and crypto currency — making more of it. and crypto currency is _ making more of it.a perfect way of making mone . , , .. , . money. interesting because the chief executive said _ money. interesting because the chief executive said that _ money. interesting because the chief executive said that he _ money. interesting because the chief executive said that he believed - executive said that he believed in block chain, the technology behind it, and despite all the there are some very big banks and i think even j.p. morgan of years ago that said this was a waste people's money but i think a lot of banks and indeed some governments are now investing in it because if they are wrong, they cannot afford to be outside, can they? they cannot afford to be outside, can the ? ., ~' they cannot afford to be outside, canthe ? ., ,, , , ., , can they? no, i think his statements were very- -- — can they? no, i think his statements were very... interesting _ can they? no, i think his statements were very... interesting to _ can they? no, i think his statements were very... interesting

last student manuel invests and crypto currencies. i bought a not a can. dina farrah many opportunities in argentina these days. and when you come across one like that, where you can see from a graph that an asset value has shut up, 1000 percent of 300 percent inside a year. and then you say, i've got to try that. but a lot of basically it's a form of gambling, isn't it? that's what we call it in our language was gambling. it smacks of casinos and poker tables, not serious investments. economist and university lecturer one vulnerability warns that crypto currencies are highly risky. investments don't want to currencies are generally highly volatile. they have no backing, they have no economic assets behind them, or power faces are seen as prone to financial bubbles. anyone who invest in these bubbles without knowing how they work is taking on a very high risk and stands to lose everything. even those who know the ropes in the velocity and other is also worn about the phenomenal energy consumption of crypto currency mining. as well as

crypto crunchies are basically legal. you can't use crypto crunchies for illicit purposes because that's when you get a call from the fbi or the justice department but there's a lot of thinking going on in the space. we have a number of regulatory agencies that are tangentially involved with there's the securities and exchange commission, the commodity futures trading commission, fincen has role in all of this. the justice department when there are violations of criminal law. so it's a very interesting time. in the last year or so there's been an incredible rise of interest in cryptocurrencies. so investors, , individual investors but also institutional investors are increasingly getting into this space. it's a very active space right now. it will be interesting to see what the new administration does about crypto currency in general. >> host: how are the regulated today, if at all? >> guest: so there is very light regulation. particular offerings might qualify as security in which case you would be regulated by the sec a

actors and the other half were policy issues, particularly on the side cyber front cyber issues, cryptorency and encryption, essentially anything dealing with digital information for emerging technologies. >> how did you get angela. >> it is a long story in a way, i started my career as a prosecutor the district of mammon and i increasingly start working on technology and privacy related issues as part of my everyday prosecution job and ask time went on, i started gravitating toward amendment type issues, electronic evidence issues, national security issues and i work for brock rosenstein, u.s. attorney for many years and when he became attorney general, he asked me to join him at headquarters to work on cyber for the. >> now that you have left d.o.j., what are you doing? >> now i partner in a law firm from international law firm, i am based here in the washington d.c. office but i work with clients around the globe. >> what kind of matters are you working on? >> i translated the expertise i developed in our government to the private sector, we have a number of clients dealing with inte

the people who are in the crypto space are going to stick with crypto. they're not going to flock to a us back digital point. now, christie competition aside. i mean, it sounds like by september, the fed will have a report on cbc. so what are we expecting from that report and well, we know more about this digital dollar. well, they're just basically dragging out their feet at this point because this report was supposedly supposed to be out in july already. but it's basically just going to be an extension, talking about the risks and the considerations and how we're going to roll this out . how we're going to get payment processes on board. and probably the most important question is do we actually need this? because again, this is exactly going to be the same thing. it's going to be basically monopoly money. essentially it's going to be the exact same thing as the us dollar that we currently own except in digital form. so it doesn't actually fix anything. you still have this inflation problem, you're still going to be losing 2 to 4 percent of your wealth

so big news in the crypto world today here in the u.s.company is going public. core scientific is planning to list on the nasdaq through a merger with a spac that values the company at about 4.3 billion. now, so far this year, core has minted more than 3,000 bitcoin, half of which were for its own account which puts it ahead of its north american rivals. what is key about this company is that it runs a 100% net carbon neutral business. 56% of its electricity comes from sustainable sources, including solar, wind, hydro and nuclear. and it buys carbon credits to offset the rest. bitcoin's carbon footprints has been a huge topic of conversation when it comes to mining with china expelling all of its crypto miners, many have started to expel that in the u.s the mining companies that prioritize being powered by renewables is helping to change the narrative around bitcoin's environmental impact >> mackenzy, we appreciate it. a lot going on in crypto today it's quickly become a space where holders can find decent yield at a time when savings acc

last student, manuel invests and crypto currencies. i bought a not a can. dina farrah many opportunities in argentina these days. and when you come across one like that, where you can see from a graph that an asset value has shut up 1000 percent or 300 percent inside a year. and then you say, i've got to try that. but a lot of basically it's a form of gambling, isn't it? yeah, that's what we call it in our language was gambling. it's max of casinos and poker tables, not serious investments. economist and university lecturer one vulnerability war instead crypto currencies are highly risky. investments don't want to currency, it's are generally highly volatile. they have no backing, they have no economic assets behind them. or power faces are seen as prone to financial bubbles. anyone who invest in these bubbles without knowing how they work is taking on a very high risk and stands to lose everything. even those who know the ropes in the velocity and others also warn about the phenomenal energy consumption of crypto currency mining. as w

we've seen governments crack down on crypto and governments embrace crypto like in latin america.pto has lasted a long time it survived the last crackdown and probably will this one as well >> thank you for your time and insight today. we appreciate it >> thank you >>> we have some breaking news on the charges filed against the trump organization and its cfo shep smith has the details hi, shep >>> tyler, thank you criminal indictments against the trump organization and its money man, chief financial officer allen weisselberg, have been unsealed in a courtroom in manhattan. i want to show you some video. this is weisselberg in the white mask being led into the courtroom in handcuffs there and now a look, it should be noted, former president trump has not been charged at all. these come after a two-year investigation by the manhattan district attorney by the company's company including tax and insurance fraud. a spokesperson for the trump organization called the charges political and accused prosecutors of using weisselberg as a pawn in a scorched earth attempt to harm the former pr

i don't think by outlawing crypto or crafting down on crypto is the single answer.nd a way to get paid. knowing your customer when you're dealing with crypto can be helpful in trying to at least understand the trail of where that money is going. emily: earlier, i spoke to microsoft ceo and he described cyberattacks -- the throat -- cyber threat landscape as a new pandemic. take a look at what he had to say. >> somebody said, why will we have a pandemic? we have another, cyber. that is going to be there with us. at the same time, i think what is really now much more, i think, in the consciousness of people is the level of attacks for sure have increased but the need for a response, to be top-notch, has increased. emily: would you echo that description? the threat landscape is a new pandemic? mr. kurtz: it certainly has become a pandemic. over the last four or five years, it has gotten worse, with cybercrime. what we have seen is cyber criminals take a lot of the techniques from the nation state actors and apply that to cybercrime. you have to look at it from the pers

crypto currencies playing into crypto's decline moments ago it was back above 38,000 it was 29,000 amorgan they said, you know, we're looking into it. they were just denying it would be -- >> so soon. >> it would be so soon but i don't know what finally happened that's a long word there, isn't it, cryptocurrency, lot of letters. >> say it three times fast. >> i can do that becky has one that's impossible. something about sea shells but you say a dirty word when you say it. >> oh. >> be careful. >>> big slate of corporate earnings also posting positive cash flow, that was a surprise. quar quarterly revenue got a boost at ge's aviation and power divisions, also upped guidance do not miss ge's ceo larry culp around 9:30 a.m. eastern time on "squawk on the street. 3m posting better than expected profit and revenue the company roadwayed its full-year outlook as its various businesses recovered from the pandemic logistics giant u.p.s. is actually lower after posting its own set of quarterly numbers the company beat overall revenue and profit forecast as the pandemic fueled surge in e-comme

this would be the more nato crypto -- native crypto company. think if i am cheering anyone on, i am bring people into that. robinhood deserves a lot of credit, they have been revolutionary at bringing people into it. people have a right to express their opinion on the world and their money. this is the narrow idea of who gets to decide to invest, i think that is not finished. quite give me this comment about how you think this will be the financial system of the future. there is no way the big banks don't fight back on that idea. i am wondering how soon you think crypto can really start to replace some of the mainstream functions we have on wall street. >> michael is being disrupted by bitcoin. -- mike: gold is already being disrupted by bitcoin. bitcoin is starting to inflate gold. that is not wall street, that is stored value. defi is two years old. banks are fascinated with this. they are starting to invest, experiment, understand it. i was on a call today with one of the bright lights in defi, all talking about working with regulators to ge

crypt current things or 10 or 12 or 50, why not just make our own crypto currency? and so i can further rule the world right with expects for someone ledger basis to think that way. it makes me think of another tech type mark zuckerberg, right. he tried this also remember the libra association and we saw that the libra token bowl was the problem with that, the problem was that banking regulators got involved. and what i think my executive board found out, and i think what jeff diesels will find out is this is a much more difficult game than they think that it is. and part of the reason why is because when you do this, you've got the fcc bringing down your neck all of a sudden and trying to determine whether or not you've created a legitimate token, whether it's a utility, whether or not it's the actual security. there are a lot of questions that's around crypto parentheses, and if you're already one of the richest people in the world, it stands to put some of the other things you're doing at risk. if the fcc starts to create pressure, i think that's why facebook sto

they also like that crypto farms do not admit carbon dioxide. but when not all hydro power plants are green. if this is so called, plain blade should have power, not mounting by clay, it's a lot of disturbance of nature like assistance. huge water is that we've change of climate damage for far as beverage for nature. therefore, ecologists are very skeptical about large hydro dams, and they're very skeptical to speak, that electricity produced by these dams are green. river ross is building new sites and rushes eastern siberia bordering mongolia and elsewhere. chinese clients in particular one to move the serve as they're using excess power generated by existing hydro electric power plant in cold siberia seems to be a better way to mind bitcoin than using coal powered mines in warm a china, which need a lot of fans. nice during business with ah, the news of gold was right in front of it. then suddenly we agreed to postpone the or olympic games that tokyo with 2020 from. of course, during the qualifying ground for sports heroes, count down during

has that turn anyone away again from crypto?interesting, the guy who wrote the black swan, the trader who saw what happened with the first financial crisis, he did own bitcoin and now he is saying it is too volatile. it is a failure, he calls it. what do you say to critics like that? >> overall to your first question, in terms of does any of the market volatility driveway -- drive people away? sure. we have seen this, block chain capital, we have deploying this for several types of crypto now. we saw surge in 2016 and 2017, that maybe walked off the playing field in 2018 and 2019. a lot of those people who come in, they don't disappear. when square and paypal coming to build products, they don't makes that product roadmap just because prices fell 30, 40, 50%. these are companies building products over a 10 year time horizon. caroline: thank you, spencer bogart of blockchain capital for your time and insight. coming up, making their mark in the effort to accelerate drug development. we meet the ceo next. and, regeneron, all of sh

but there's no clear crypto derivatives license.like 1.2x and you can only access it if you can interface with the cme through brokers it's not an easy way to trade. you know, i think that may change over time i think people are going to figure out ways to get licenses and/or the ftc will roll out some crypto specific framework at some point. i don't think that's coming tomorrow and i think that makes a big difference in the ecosystems. >> we're short on time, sam, and the next time you come back, and you will come back i hope, because i want to ask you about why you would choose to put your logo on major league umpires because they're people that everyone loves to hate but you see it i go what is that? wow, it's cool let me ask you about this, though you're domiciled where, in hong kong is that correct? >> i'm there right now we have -- >> why is that and what is the risk why do you do that and what is the risk of being there? >> yeah. so we have the u.s. platform, which is headquartered in the u.s. and we have the global platform

taylor, we have got to turn our attention to crypto.lor: unfortunately, a little bit volatile as we saw bitcoin tried to hang onto the 30,000 level. we had an incredible conversation earlier where we were talking about ethereum. trying to hang on the 1800. this is our bloomberg galaxy crypto index. not as big a swing as we have seen. let's do it all and get more insight with the ceo of graysc ale investments. people come to you and say it is to volatile. how do you respond? >> investor allocating to crypto know that volatility will be a part of it. most investors we deal with are not looking at short-term volatility. their allocations are over medium to longer term time horizons. i don't think people feel safe when they see sudden movements -- feel phased when they see saddam movements? -- when they see sudden movements. it is a diversification for a a lot of investors. does not seem like there is any asset class that can avoid some of that liquidity coming out of the market and a lot of the deleveraging happening. taylor: how are you t