all these rules and regulations around crypto, especially china outlawing crypto. they don't have any effect, it really has no effect on the average minor out there doesn't really care. and the average person with crypto doesn't really care about crypto transactions are gonna occur in china. whether the chinese government happen or not, that's one of the keys, that's one of the benefits of this. and that was one of the benefits of the original internet. it was it again, routed around damage and damage. in this case, very specifically as regulation. i'm all for keeping people safe and keeping people who aren't familiar with the stuff out of it until they've educated themselves enough. but that said, it's almost impossible to stop being somebody from being smart on the internet and also some impossible stops somebody being stupid on the internet. glenn goodman, and all we talking about a universal system of regulatory authority that takes place globally. are we talking a financial un security council of sorts? is that the only way of actually managing critic currency

crypto and way of transacting. meaning that it is, it is not easy for anyone to come within the system to say we're going to make a version for europe, abraham, for the west and a different version for china. it doesn't happen this way because there is no a single person behind in charge of making such changes. so we do see in did something which has been called the brussel defect. but he made the called the chinese effects, which is that if you regulate 1st, then you impact the entire world. and i think it has to do again with the nature of what we are talking about, which is a infrastructure for tomorrow's transaction. and this is why we see china being wanting to, to regulate that because the wants to control the infrastructure. i think this is why we're going to see you as soon regulating blocks in itself instead of just regulating certain applications such as financial obligation. and it might be why we're going to europe also doing the same, which is again to regulate the infrastructure instead of simply focu

it used to be the crypto currency. should have been called cryptic currency because no one really had a clue about what it was. here we are a decade later. and not only do we understand what cryptic currency is, but governments are trying to get in on the act. and that was exactly the reason crypto currency was set up for to stop government regulation. what the chinese are doing, and let's begin with them. first is protecting their own digital currency rather than trying to regulate all of them. is that right? yes, completely, right. really, the idea with the chinese government is simply to banish all crypt currency from the country altogether in any of their guys's and a lot of digital you on one when it's launched eventually to basically take over the role. that's crypt currencies would've originally had had the chinese government not interfered but also a very much in host road because really the digital you on is a kind of empty crypt currency. it also provides opposite of what countries like bitcoin was set out to

so why did crypto markets react to it? the way they did? or markets react the way they do because of the same reasons as the equity markets because of the massive amount of bots and algo that pick up on key words. i mean, it was literally only a few months ago that of a rally to all time highs near a 1000 because a bunch of crypto trading algo picked up that all of it was trending on twitter. but unfortunately for them are they on twitter actually stood for african american vernacular, english rather than the crypt decline. but nonetheless, they got push to new all time high before traders recognize their mistake. but the same thing happened here. i'll goes picked up on negative china headlines and dumped, but it's not much because then the trader as quickly realized their mistakes, but quite dipped back to their support levels at 40000 and as the dust settled, they're kind of stressing that this was a completely false alarm from china. i mean, this is not absolutely not new news. this band is simply a reiteration of the p. b c's existing r

a crypto cracked temp unit china bands all crypto transactions.ing and mining in china now illegal. will other countries follo

at the latest count there are 11,704 crypto - there are 11,701; crypto currencies in existence.isn't actually even a big crypto currency. at the time it is now 3162nd in the rankings. so, we are not talking about a major crypto currency here. and the confusion could be that ethereum max could be conflated with ethereum which is the second—biggest crypto currency at the time you're talking right now. ultimately there are two issues here, first we have these celebrities are endorsing crypto currencies which have not been tested and secondly the crypto currencies can have a name which is very similar to the major crypto currencies that are out there. it the major crypto currencies that are out there.- that are out there. it does seem like _ that are out there. it does seem like a _ that are out there. it does seem like a strange - that are out there. it does i seem like a strange strategic decisions. kim kardashian obviously very wealthy and well known for doing these ads and things like that. why choose such a relatively small and obscure project to work with? that is a very good

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

regards crypto regulation?now what might be coming down the pike but what's your sense of things i am sure you must have a decent presence as it regards involving the thinking of lawmakers and different agencies. >> yeah. >> what's your latest thinking on this? >> it's -- well, it is complicated but i think that's not an unreasonable claim to make i think on some fronts we have actually seen some progress. i think obviously we are excited about the work we hope to do with the cftc through aftec u.s. on the futures side but we have seen negative news coming on senate banking, the ftc and treasury i don't think that it is yet clear where that's going the lead exactly i think frankly everyone involved is trying to figure out the details of that. and i still think there is quite a bit of a room for a productive compromise there which might establish sort of oversight regimes and transparency requirements for stable coins and exchanges in the crypto ecosystem while allowing the industry to flourish but i do think th

that is how crypto tends to trade. bitcoin, which we have in the bloomberg, it has been one wild ride and this appears to be another roadblock for the currency. bitcoin has rebounded better than 1.5%, back above 43,000. ethereum up more than 5.5%. it will be interesting to see how this latest chapter plays out. many bitcoin and crypto observers saying this is far more serious than prior missives from china. shery: su keenan here in new york and we will watch this crypto related assets at the open. let's turn to sophie for what to watch. sophie: futures pointing to a soft start after we saw asian stocks with a two-week drop and saw a rally in japan. we saw the hang seng getting dragged lower by properties and switching out right now, let's look at what is going on with chinese materials stocks. they were a drag on friday amid growing reserves -- concerns of an energy crunch on the mainland affecting various industries. as they are pushed to meet admission goals. i want to highlight this from tomorrow -- cautioning anoth

a crypto cracked temp unit china bands all crypto transactions.pto trading and mining in china now illegal. will other countries follow suit or sees an opportunity? we will discuss. the huawei ceo on house arrest since strikes a deal with the doj to resolve criminal charges against her. could this breakthrough ease tensions between china, canada, and the u.s.? details this hour. the man of mystery who has wielded his power to influence tech, trump, and game irs to make billions in, we talked about his book "the contrarian," a look into the continuing power plays. straight to the top story. beijing's campaign against crypto taking on urgency. the people's bank of china has deemed crypto related transactions illegal. it has vowed to and mining and stop offshore exchanges from conducting business with chinese citizens. this crackdown cements a shift in the balance of power away from one of the first countries to embrace crypto. covering the stories from all angles but i want to see how investors reacted to the news. all the details and what a rocky r

the opposite is actually happening on the crypto side. it's not that the crypto currencies are growing out of control and there's no one to regulate them. they're being over regulated right now, to the extent that no one seems to know what the regulation is, right. and so, so you have various different forms of crypto currency that are being essentially run down and tackled from behind because they were supposed to be a security. and now the fcc says they're not, they were supposed to be utility. and now the fcc says they're not so it's very confusing, but something else that he says, which i find very interesting is he's basically saying there are people who are die hard crypto enthusiasts. i think, i guess you have a couple of on your show here. and then those people, he says are the, are the mindset that they believe in this crypto. however, you have mainstream users who are coming in and they're not so die hard. and so they may freak out. if things don't go their way until they'll, they'll cause disruption in the market. that's absolu

they will be the one to, to the buying and selling the crypto. you think it's yours, it's actually not. it's sitting and robin hood's wallet. and so if the government decides that you're not paying enough taxes, or that if you're skirting something they don't like or that if you're involved in some kind of illegal transaction, they can simply take the money out of your account because it's not your account. it's robin hoods, wallet and so i would just say is it as a warning kind of closing warning here. if you believe in crypto currency you want to be involved in it, do not make a coin base or a robin hood your primary wallet because it's not yours. it is there's and they can do anything they want with the currency inside that great information as always they consider boom bus, bent on and chris the i thank you both. thank you. and that, that for the time you can catch boom bus on demand on the portable tv app available on smartphones and tablets through google play in the apple app store. by searching portable tv, portable tv can also be downloa

and last week, and i think this is very important, is that when we talk about crypto exchanges, crypto exchanges, if they are attacked. and if you, you set them up as being the bad guy, you ignore history. because history shows us that rance where long predates crypto currency. it's not the product of crypto currency. as jeffrey said, crypto is efficient, therefore it's been adopted by ransomware is not exclusive to crypto currency, but all of this creates a narrative around crypto that makes it look like it's bad unless the good guys, the government is the one running it. and one of those rare cases where the government early says, are there one of the good guys know, jeffrey, how do you see that working out? you know, when we're talking about this crap, now we've got about a minute left here, but do you see it having any actual impact when it comes to these exchanges? you know, i can believe anything these days. i've seen terrible things last year. you know, i mean, i've seen the feds rating safety deposit boxes stealing hundreds of millions of dollars of personal property. you know,

crypto futures and other quick to-related assets. -- crypto-related assets.appears it is common list for everybody, everybody should have a little percentage of their assets in crypto. if you want to stay in business, you don't have a choice. you have to offer that. otherwise, customers will leave and go to other brokers who offer that capability. that is where we are. amanda: we know that you been looking at this for a while. one thing that we know is that more regulation is coming. everything from the sec to the federal reserve, lawmakers are looking at ways to regulate parts of this industry. how much will change about the way that you can trade on your platform based on what happens next? thomas: i do not think much will change that is visible to the customer. when the customer comes to our platform today, even though we are offering these cryptos, to them, there is no difference as a stock or future or option registered in bitcoin or live coin, whatever. matt: i wonder if customers are going to be able to cross margin there crypto positions? will i be ab

crypto despite chairman gensler's statements that it is clear that crypto -- most crypto are securitiesbate on capitol hill today really highlighted that that clarity is not there. the industry is going to have a hard time policing itself, period, if it does not know the rules to operate under and there is a need for clarity here in order to make progress in that space. caroline: really great to have time with you, jennifer schulp. cato institute director of -- alternative director of financial regulation studies. she is doing great work. the gamestop hearing is when she caught everybody's attention with the depth of knowledge she had about transparency in the markets. romaine: i think she made a good point about the its idea that it moves to enforcement type of mechanism with the sec rather than just guidelines and guidance. taylor: and the impact of what that means for people trying to innovate. they know the full weight of the sec is coming. certainly a good conversation. bloomberg technology with caroline is next. romaine: this is bloomberg.

understood crypto.e wants to protect and ensure that people won't be exposed to fraud in any way per head -- anyway. romaine: i thought it was interesting, there was a story on the bloomberg terminal about getting tough on crypto and how it surprised a lot of people. he really hasn't laid out fully, release publicly, what is strategy will be with regard not just to dealing with crypto but to retail investors and protecting them. he is supposed to be on capitol hill week where we may hear a little more about it. but just trying to read into some of his comments he made in the private sector and trying to piece together what that means for him. taylor: caroline, you nail this every time. in response to the sec, i think we will be doing that soon enough. we will have much more after the break. this is bloomberg. ♪ taylor: we want to get back to talking about some of the paths for nontraditional stocks and bonds. our guest joins us to discuss. talk to us about a world that was built for bonds and equities.

shery: great conversation, coming up next china bans all crypto transactions and vows to root out cryptoke a look at the fallout. this is bloomberg. ♪ shery: let's delve into renewed efforts by beijing to correct at digital currencies, two crypto exchange giants have cut back on chinese users. su keenan joins us with the latest. >> they are making it absolutely clear no doubt that it is illicit behavior to engage in transactions involving cryptocurrencies. chinese regulators have been talking for months, the release on friday it was from the central bank along with nine other government agencies, and this message specifically called out offshore exchanges targeting chinese users and banned them from hiring locally for a number of roles. we did see some crypto's drop as much as 5% or more. there has been a rebound, bitcoin still under pressure, but what we saw over the weekend was two of the world's biggest crypto exchanges halt registration for new chinese users. one will retire chinese accounts and the monster come to comply with the latest crypto ban. trade for bitcoin, you can see whe

but ransomware is not exclusive to crypto currency, but all of this creates a narrative around crypto that makes it look like it's bad unless the good guys, the government is the one running it. and one of those rare cases where the government early says, are there one of the good guys know, jeffrey, how do you see that working out? you know, when we're talking about this crap, now we've got about a minute left here, but do you see it having any actual impact when it comes to these exchanges? you know, i can believe anything these days. i've seen terrible things last year. you know, i mean, i've seen the feds rating safety deposit boxes stealing hundreds of millions of dollars of personal property. you know, so what worries me is that the feds are not and by the fed, i mean the, the pads and also the fed are not just looking at regulating crypto but really, really cracking down. and that the sanction of the select, the changes might be designed to create a precedent for going back, you know, going after gemini and going after ways. and it would be a disaster for the, for the american

would you say that the more government's adopt rules for crypto the more crypto is actually here to stay? yeah, i think so. i think the governments are usually the last ones to adopt things. we think about technology and how it emerges, how it moves kind of through societies, governments and politicians themselves are, are rarely brave or visionary people. most of the time. there are people who simply follow where the trends are going or where the crowd is already gone and they want to look like very important. so they try to catch up and, and then establish law. so in this case, what ukraine has done is you're going to enshrine and law things like virtual assets, digital wallets, that's going to become a part of some of that terminology will become a part of ukranian law. this is not the same as what we just saw in el salvador this week. you know, certainly big coin becomes legal, tender, obviously, crypto currencies, big point among them is not going to be on the same footing as ukraine's national currency. and it will not the government there is not going to facilitate taking bitcoin

unlike stocks they don't have to wait 30 days to buy back the crypto the loophole has allowed crypto holders to harvest losses. the house has caught on. their proposal applies to crypto investors will have to wait at least 30 days after selling crypto and buying it back to get the direct tax benefit they estimate this plan would raise $17 billion. the house plan includes new tax rules around options and the proposed capital-gains tax to 25%. the good news, there's a little bit of good news here is because the infrastructure bill requires trading platforms to send 109 -b reports to crypto investors. it will be a little easier to keep track of those gains and losses because they will get those reports. tyler? >> robert, this talks about moving a tax loophole involving sales but it doesn't do anything to change -- anytime you execute a transaction using a cryptocurrency you are creating a taxable event, aren't you? >> reporter: absolutely. even if you use bitcoin to purchase something or ether to purchase an nfk if that is appreciated crypto you have to pay. there is so much tax evasion

isn't a true crypto hobbler? yes, he's an investor. he owns quite an investment, and a lot of it puts significant capital into it. but now he's not a hobbler, as he doesn't understand the technology or the true purpose of bitcoin. he literally said in the same interview that bitcoin has no intrinsic value. so that statement alone shows how little he understands about bitcoin, because bic with intrinsic, is the value derived from the control. it gives the users to own the asset. its non confiscated bowl has unprecedented levels of financial freedom and as censorship resistant, what is the and what is the intrinsic value of the us dollar? it's not backed by gold anymore. so what dahlia means that the us will try to take control of it or attempt to, i think it's always about a potential risk. but pass precedent has shown all of us that these attempts have failed. because i mean how many times of china tried to ban bitcoin and india tried to ban bitcoin. china has literally tried to ban bitcoin every single year in 2017 . they actually man

and how do you see it impacting crypto users? not as chris said, they're going to try to redefine things really. everything is, you know, suddenly several kinds of become a security. and she's going to fight back is going to go on like that's mostly this is all pets, least i'm sorry to say, i mean by the ministration just yesterday or maybe this morning went on about how they're going to crack down on ransom where and on this russian company called that truly evil corp, for true leases that ran from red eighty's. so the whole thing is trying to stream like a james bond movie, but that they just don't have the power to control the world. i'm sorry to say a lot of this is a lot of pomp and a blow hard as them, but they're not going to be able to control the finally control the trip. the world is too big, too powerful to innovative and the regulators are too stupid and parallel. sorry. and we can't, we keep saying and making the same statements, but you always wonder, are they going to finally be able to catch up? well, it doesn't s

and crypto will move even faster. we know that, you know, renewable energy is the cheapest source of energy now. and every new project, in fact, some australian projects that are really quite interesting, modular mining projects, they're part -- that can actually empower the energy transition. i think, you know, crypto being something that can be located, crypto miners can be located onsite. we're seeing projects that are setting up on site dealing with excess supply. we've got excess supply issues in australia when it comes to peak solar in the middle of the day. and you can leverage some modular consumption here. so bit coin is not just the enemy. it's part of a tran addition. and it's an interesting tool. and the real issue is generation and we're seeing that change and crypto will follow. shery: we have seen this new experiment of cross-border digital currency by the bank of international settlement not to mention the monetary authorities of china and hong kong. what will digital currencies do to other crypto asse

over a product called coinbase lend lending crypto assets. now those plans have been put on hold until at least october. coinbase says they are caught off guard by the s.e.c.'s actions. ceo brian armstrong tweeting the s.e.c. refused to meet with him in may during a trip to washington, d.c. saying they weren't meeting with any crypto companies at all direct listing price up less than 5%. going public, since going public in april what do you make of armstrong taking a relatively aggressive stance and will lend be able to launch at all? >> julia, in a way makes sense to take an aggressive stance, because he wants to move his product forward. had this thing in the pipeline tried to meet with the s.e.c wouldn't meet with him meanwhile, competitors who aren't public are already doing the same thing look, i can see why the s.e.c. might be wary. the sort of product my mother would tell you not to go into. these -- i mean, yields of 4% when banks are offering so much less and guarantee the principle but just the principle looks like a savings account

there's no crypto bull who is never a crypto bull.k gary gensler was against coinbase but the fact that it showed that this shouldn't be a security. i think everybody that would really love any of these wants it to be a security and regulate it but there's just a lot of people who say i want to be able to do this and not have any government regulation you know, that's the anarchy i don't think either china or the united states wants anarchy but the chinese want to find out who's rich and the americans just want to make it so if something bad happens like tether goes under at least we have some handle on it i know the crypto, look, i owned ethereum and made a lot of money in bitcoin, but i still recognize that not everything is positive if i came out right now and said salesforce cutting numbers big and taking the numbers down but i raise, i go from buy to strong buy, i think you would say, are you out of your mind with crypto it's like, hey, listen, we're cracking down crypto and i am raising crypto to a strong buy. but crypto people

especially the crypto sector. in chair, gary gensler you have asked the crypto companies to come in and speak with you however many of these companies that have come to speak with you as soon after found themselves a the target of enforcement actions or even legal threats. the question is, what is the process of the s&p for the fcc to provide guidance and what might come to expect from talking directly with you. >> i think you and i would say that i think the way we innovate is within public policy frameworks. we have companies to come in and talk to us and if they are training on lending and security. if there's a registration regime. and company sincere the 1930s, they go on for five years have found ways to innovate or register or seek an exemption or seek and no action letter. and to work to ensure the registered but there's a public policy framework around that. two drawing lines to the public statements that actually going through process. you have to provide clarity to the market participants as opposed to

of 2017, but this crypto rally is by far the longest rally in crypto history and while we did see theay, also generated by china with bitcoin mining back then and we're see ing a correction now, all in all we're still in a crypto rally with prices of not only bitcoin but other crypto assets still not very far from all-time high, and we see a lot of engagement, a lot of discussions about what's happening both in bitcoin, but also i think everybody understands today, bitcoin is here to stay, financial institutions are going into bitcoin. liz: well, yoni, we tend to agree when the investor, and the user speak with their wallet s and they want to use this they somehow feel this is worthy of investment, very hard to put that gea nexte back in the bottle please come back when you launch and debut on the nasdaq. we appreciate it. >> thank you very much. appreciate it. liz: etoro's yoni assia. we talked all about crypto regulation and whether governments can kill it. we always tackle the top business news stories on tiktok in our morning market minute. i rollout of bed, no hair, no makeup, an

here's what's ahead, china's crackdown examine for crypto currency as the country comes for crypto how much of a headwind iss they. is there risk it could happen here we'll dive into that soon. as volatility picks up in the markets our guest is looking for what she calls golly lock stocks three names to own on the outside calm and ready but internally a pan pic internal documents show panic at robinhood. today's market after a topsy turvy week. >> and you know what name was not in your headlines, evergrande not one mention because it seems like the markets have shrugged that off here's the reason why. it's a fairly flat market. the dow industrials about flat on the session, 34,759 the s&p flat down 0.2% for the nasdaq composite. what's important the dow and s&p at these levels have gotten back everything they lost during the market me lay on monday tied to the evergrande development fiasco in china. the nasdaq hovering just below getting back its losses. the markets have shrugged this off. see if that continues. as for the action so far on this kind of risk adjusted basis here for the

economy becoming a real thing and the ability to play with crypto or bitcoin.g others do the same thing, it may be signaling to the market, hey, bitcoin and crypto are here to stay and we will be able to use it as a means of payment. people will have to keep it under wallet it may be reassurance of the resiliency of crypto >> dan, great to see you thanks karen, what did you make of the story on the two stocks? >> i'm thinking that it did have a negative impact on coinbait wh base /* which would have been u more in this market. one thing he brought up that i thought was interesting, he feels that robinhood will win. what is the average account size of crypto for a robinhood customer versus coinbase i'm guessing that the coinbase is much bigger but it seems like the robinhood is more active that's interesting and how they are going to make money. he is sort of convincing me. >> coming up, what just happened on capitol hill that sent cannabis blazing higher. >>> and piling out of peloton today. that and much more when we return charles schwab is proud to support t

it will be a one-stop shop digital finance system for both crypto and non-crypto users needs.re this summer, exactly july 12th, picked paypal to pick your portfolio colored green. he is still bullish on paypal today. barry james, president and ceo of james investment research joining me now. you're in love with this company, right? talk to me about why? >> well they have over 12 billion transactions every year. not all of them are mine but hasn't done a whole lot recently but they are continually innovating. they have great margins. they have great earnings. they have got power i think behind their name and innovation is there, really i think gives them the chance to really propel themselves. something wee like. we've had it in our golden rainbow fund for long time and we think it will be -- liz: we just lost him for a second. what i was about to say to barry, yeah, you've had it for a long time but you recommended it july 12th. it is now down about 10% and i suspect that barry will say it is coming back. clearly one heck of an innovative company. barry, do we have you back? >

coming up, walmart roped into a a crypto hoax.elease claims the massive retailer will start accepting litecoin as a form of payment. only problem, the release was fake. the founder of litecoin will join us exclusively to tell us his side of the story. plus, appeals on the back of a massive verdict in its case against apple. what is round two for the game maker versus the iphone maker? we chart the long road ahead. this on the eve of apple and billing its next generation of iphones, watches, may be even ipads mark gurman would raise the. . curtain on apples virtual event. first let's get a look at the markets. lots to talk about with our bloomberg kriti gupta. kriti: a bit of a choppy session. you didn't see tech lead the index higher, though this was the first positive session for the s&p 500 in six down days. chinese stocks as well. once again not getting in on that. i want to show you what drawdowns look like. one of the big concerns is that we are in the month of september. september is known for seasonality, for its pullbacks,

let's look at crypto, bitcoin ending last week down 10.5%. that's its worst week since may. etherium down more, 15% last week seeing both moving a little higher this morning, bitcoin at 43,837 up about 2% still a rough week for crypto investors last week. all of it ahead of what is another busy week for the markets and your money you have two days of testimony from fed chair jay powell and treasury secretary janet yellen. the federal government likely to run out of cash on friday, unlikely to happen but it's still out there. you have our cnbc delivering alpha event on wednesday and a few key points on friday, ism manufacturing as well, pending home sales on wednesday. there's your calendar, a big week ahead >>> let's go around the world as well check the global markets the asian markets mostly mixed shanghai down the most hang sing rose fractionally. but in europe a different story and a higher start on their day. all the major averages across europe are up, led surprisingly by germany, up nearly 1% as always, get more on the markets and your money in moments but right now t

china has cracked down on cryptos.ple's bank of china says clamping down on, quote, virtual currency speculation and related financial this behavior, activity, after yesterday's strong rally, the dow is up 500 yesterday, down 160, but nike is falling out of the bed and that is taking 50 points or more off the dow industrials, nasdaq down 118. revealed on the 10 year treasury moving to one.43%. confusion on boosters. the fda said keep them for over 65s and people who were vulnerable and a few hours later the cdc says no, given to younger workers too, hard to follow the science when the scientists disagree. we are looking at a dramatic split among democrats and that is all about israel. under the influence of the squad, the house voted to kill the iron done, the world's best missile defense system developed by israel and america, rashida tlaib did not want israel to defend itself against terror attacks. after separate vote restored the funding. a distraught aoc burst into tears. i will end by quoting mark tyson writing i

and i want to make an incredible announcement about crypto currency, right? that's the way it would normally happen. it wouldn't come from some obscure point on the internet. i don't what to do our own horn here, but where every time you read something that seems a little too good to believe. i always go to say the wal mart media room or the mall wal mart press department, just looking for dave issued the press release there. so as easily could, should've been what they did, especially from these other publications. blue bus, been swamp. thank you so much. now thanks, let's go now to the latest on inflation here in the united states as the consumer price index report for august shows, prices were still up just not quite as much as a month before. prices increased by point 3 percent, bringing annual inflation down to 5.3 percent. now are rising cobra cases and threats of increase restrictions prompted some americans to pull back on plans for travel, which led to airline and hotel rates declining from july to august. meanwhile, the continued inflation we did se

fraudulent cryptos yesterday, please, sec and others. charles: i wish we had more time, but i miss ya, talk to you again real soon and have a fantastic weekend. >> thank you so much, charles. great to hear your voice. charles: yeah. if cody tells me to get in the metaverse, maybe i will. in the meantime the, i'm in the stock market, i am loving it, but we've got an hour to go. liz claman will take you through it. [laughter] liz: i know. a wild week wrapping up with some friday fizzle. uncertainty is the word of the day following the biggest two-day gain in six months. yes, you see green on the screen, but you want to see uncertainty, look at the intraday of the dow jones industrials. so far it has crossed the unchanged line 154 times. right now we do have the dow up 40 points though, s&p up by 6, but the nasdaq struggling here, down by 13. the nation's relationship with china front9 and center at this president joe biden holding the first ever white house meeting with the quad leaders, the prime ministers of australia, japan and india al

the crypto currency.one thing i want to verify, is the sec sufficiently equipped, whether by regulation or funding, to appropriately ensure compliance and keep pace in the crypto currency market? do you believe so? if you don't, what do we need to do to help you with? >> i think you raised both points. funding-wise we could use a lot more people. there's 6,000 projects. while some of those are commodities, many of them are securities under the laws and many of the platforms are. so we could use some more funding. in terms of legislation, i think what i've said earlier in this hearing is the coordination between the market regulators is strong and chair benham and have been talking through how to do this but there may be things that the congress can weigh in and help around coordination and also around stable coins with the banking regulators. there are some things frankly in the weeds about transfer agents and custody and the like. >> thank you. i look forward to working with you on that. whatever we can

at latest count, there are 11,704 crypto currencies in existence.dashian was promoting, isn't actually even a big crypto currency at the time. it is now 3160 second in the rankings. so we're not talking a major crypto currency here and the confusion could be that ethereum max could be conflated with ethereum, which is the second largest crypto currency at the time we're talking right now. so ultimately, there's two issues here. firstly we have the celebrities who are endorsing to currencies which like you said have not been tested, and secondly, the crypto currency can have a name which is very similar to the major crypto currencies that are out there. it does seem like a strange strategic decision. kim kardashian obviously very wealthy, very well known for doing these ads and things like this — why choose such a relatively small and obscure project to work with? that is a very good question indeed. i mean, i can imagine that influences are paid substantial amounts of money. to verify but even obscure crypto to currency projects can have an influx o