that can be had in crypto.ou had a lot of new funds enter the space, and that has driven up competition. emily: what differentiates haun ventures from all of these other crypto funds or other traditional funds? katie: a lot of traditional venture capital funds have crypto funds. it used to be a designation like are you an ria? it is not enough to be just an ria? that is a regulatory designation. do you live and breathe crypto? are you part of the community, do you participate in governance ? are you going to be staking these crypto firms out there, and if you are not in the space full-time, i think it is very hard to run a successful crypto fund. we do not have a hedge fund component. we are not buying and treating and selling, that is a hedge fund structure. we are making seven to 10 year bets? emily: how long is it to logic crypto fund from scratch? katie: it is hard but not impossible. i knew we were in a cycle where you so so much excitement and fervor about the space, and i talked about what makes this dif

sam: alameda research, it was a crypto trading firm.t was basically bitcoin trading on live projects -- exchanges, it was not trading for the same price on all of them. in theory, there is a 1% to do trades against each other. david: so you decided to trade bitcoins or other crypto's, was it profitable, i presume? sam: yes, a huge amount of logistical. the hard part was getting the accounts and wire transfers and all the other operational work that went into being able to execute. david: normally when people start cap -- companies, they get venture capital money? did you? sam: we talked with them gc firms -- some gc firms. we don't know what bitcoin is, but were trading at, this is all crypto. we got a start together, neither of us had run the company before, we had $100 million i, it was not a compelling pitch. david: you got turned down? sam: people thought that so cool, i hope you find success. at the end, we cobbled together lines of credit and other things from various sources, trying to be able to build on it. david: you started a

sam: alameda research, it was a crypto trading firm.t was basically -- bitcoin trading was trading for the same price on all of them. in theory, there is a 1% to do trades against each other. david: so, you decided to trade bitcoins or other cryptos. was it profitable, i presume? sam: yes, a huge amount of logistical. the hard part was getting the accounts and wire transfers and opening entities and all the other operational work that went into being able to execute. david: normally when people start companies, they get venture capital money. and they own a piece of it. did you get venture capital money? sam: we talked with them d.c. firms. , hey guys good news. we do not know what bitcoin is but we are trading at. we got a start up together. none of us had run a company before, we had $100 million, it was not a compelling pitch. david: you got turned down? sam: oh, yeah. people were like, that is so cool. i hope you find success. at the end, we cobbled together lines of credit and other things from various sources, trying to snowball a

it was a crypto quant trading firm.he founding of it was basically well, bitcoin was not trading at , -- was trading on -- bitcoin was not trading at the same price. you might trade for $10,000 on coinbase and $10,100 on bit stamp. and there is a 1% arbitrage when trading against each other. david: you decided to more or less trade bitcoin or some advantage. there was profit, i assume? sam: it was a huge amount of logistical work. the hard part was sending wire transfers, opening up entities, and all of the other operational work that went into being able to execute. dave: normally when people start companies they get venture capital money and those venture capital companies own a piece of it. did you get venture capital money? sam: we talked to some firms. good news, a bunch of 25-year-olds. we do not really know what it bitcoin is, but we are trading it. and, you know, we got a start up together. none of us has run a company before and we would like $100 million, by next tuesday, ideally. it was not a very compelling

nothing to do with crypto.t is ultimately one of the most important issues for the world over the next years. david: how do you find political fundraisers? did they come to you directly? is it easy to get you to say, we need this money for this candidate? what type of candidates to tend to support? sam: if you pulled out my phone and looked at the last 10 messages, half of them will be people asking for contributions. david: do you have a political expert advisor? sam: yeah. i obviously ignore the text messages. i have people on the ground in d.c. running the operation. david: when you give money to a candidate and he or she gets elected, do they respond when you call them later? sam: some do, some don't. always super happy to talk but it is not generally the primary goal. the primary goal is i thought they would be a good legislator. david: do you get involved with presidential campaigns? are you going to be involved in the campaign coming up in a few years? sam: the answer is maybe. it depends on who is runni

it was a crypto trading firm. founding of it was basically well, bitcoin was not trading at the same price. you might trade for $10,000 on coinbase and $10,100 on bit stamp. and there is a 1% arbitron when trading against each other. david: you decided to more or less trade bitcoin or some advantage. there was a prophet i presume? sam: it was a huge amount of logistical work. finding the traits was the easy part, the hard part was sending wire transfers, opening entities and all of the other things that well into execute them. david: normally venture capitalists own a piece of it. did you get venture capital money? sam: we talked to some firms. hey guys, good news, a bunch of any five euros. we do not really know what bitcoin is but we are trading it. and we've got to start together. never run a company before. we need $100 million by next tuesday. it was not a very compelling pitch. david: you got turned down? sam: oh yeah. people thought that so cool, i hope you find success. and what we had to do was basically

crypto is on top of mine right now. the bill does a good job from a market and preeming states and it does reserve states over anti-fraud. we will covent to use the existing relationships we have with state regulateors and understand they play a critical role in making sure information and disclosure and swreation is received and also protections. mr. behnam: i have spoken with alabama state securities commissioner and we have known each other for a number of years. he is the president of this association, the national association he may act as a voice for the larger association. i did speak at the annual but i have not heard from nebraska and support them with the resources and expertise we have. senator durbin: i'm more familiar with the cftc than some members. we established global leadership and the futures market. and people trust it. it has a level of integrity that makes a difference. there is global competition, but we seem to do pretty well and the question is whether or not we can establish the same standard o

base crypto u currency exchange. miss parker joined coin base from reed smith, where she was a partner in the fintech practice group and before that practiced at sullivan and com well. she's no stranger to congress having worked with council to senator schummer and we'll to the hold that against you. it's pt of the nprofithat seeks to create equitable action for financial systems and joining her she was the coo at general council and legal equity and turning to senator boseman for our last introduction. >> thank you, madame chair. next bipartisan witness is dr. taert. the cef legal expertf tadel security and it's global legal complian surveillance and and world's leading market maker the commodities fure trading and vice chairman of the international organization of securities commission. during his ture, theftc advanced 41 final rules and 21 propals and 90% ofhem on n bipartisan basis. cf also set numerous records enforcementn more than 20 actions supporting liquidity and orderly trading. before joining the cftc, dr

, attribute ultimately disrupt the illicit use of crypto currency. in many instances it's actually fact easier to investigate cases involving the illicit use of crypto currencies that other traditional means of payment or some of the alternative payment systems were talking about. and furthermore the percentage of illicit activity in crypto currency is well below the thref money laundering in our financial systems. that being said, because of the transparent nature of crypto currencies, there are many stories about illicit activities. and the funds identified in actually beingre recovered. recently we were proud in the road and bridge act just mentioned, we were proud of our could assist d.o.j. in actually recovering $30 million with a crypto currency stolen by north korean linked hackers. i know that something of great importance in meeting to this committee. there are many more success stories of how the government has been able to leverage this technology to disrupt illicit activity. cases i testified a few years ago. and make written testimony i

all that rizo question what is the crypto roadmap for these crypto intermediaries to register? stepping back i think there's a larger problem. as matt levine the economist put it in a quote chairman gensler's postures he should be in charge of writing the rules for crypto. i don't see how that can work end quote and i think he is a good point. given the novel nature of these tokens congress ought to step in and provide clarity. in particular need to revisit the definition of security as part of a larger effort with the crypto market. crypto tokens have varying degrees of decentralization and they usually did not have the financial claim on issuer and can be federal then real-time without intermediate years. these are important differences in a merit clearly stated tailored regulatory framework. while they sec has failed to provide the regulatory clarity its finishing burdensome and proposed rules in the ordinary securities market. at the top of that list is the sec's exposure rule. public companies have required legally required to disclose material on climate change informatio

that was in crypto.of your total portfolio of all of the money you've got, how much of it is in crypto? >> i would say 40% of my portfolio. stuart: and the rest is in stock s? >> yes. stuart: so you've taken quite a beating over the past few months >> yes, i have. stuart: i'm surprised to hear that you don't have any second thoughts about crypto. you're still a major league believer. >> i would say i'm becoming more cautious now on like which coins i invest in and even what nft' investment as well. i think in the past couple months i've seen this downwardcn crypto but i've still held the amount that i have. stuart: thanks very much for joining us and being thoroughly honest about your money. great thing to have on the show. >> thank you. stuart: nikki bessetti. see you again soon, thank you very much. more on crypto. california's governor newsom vetoed a major crypto bill. lauren: uh-huh. stuart: what would this bill have done? lauren: it would have gotten customers the best price when a crypto broker wa

the crypto market. once the crypto sell-off began, many borrowers could not pay their debts. these platforms froze customer accounts. the scc took enforcement action against block five for similar activities last winter, yet somehow let cell seat and and voyager continue to this spring when both companies blew themselves up and declared bankruptcy with investors staring at billions in losses. where was the sec? where is the sec ban and clarifying the rules of the road for crypto market participants? our chairman insists in his written testimony that, i quote, the vast majority, and -- tokens are securities. he has acknowledged that bitcoin is not. that is presumably because bitcoin is so thoroughly decentralized. that naturally raises the question, where on the decentralization continual does a token seems to be a security? most of these tokens don't have a financial claim on the issue. doesn't that make these tokens very different from the vast majority of ordinary securities? the chairman is right mos

cnbc's kate rooney has more on the ceo's rise in the crypto industry they call him the jpmorgan of crypto. >> reporter: the michael jordan of crypto.

, many crypto unicorns.become really competitive. even though you say crypto has had its ups and down, the thing is a lot of people in some of those last ones has seen the venture style returns that could be heading crypto. we've had a lot of new funds enter the stakes and that has driven up competition. emily: what differentiates h aun ventures from the crypto funds are these other venture capitalists. ? katie: i think a lot of traditional venture capital funds now have crypto funds. it feels like a regulatory valuation, which is are you a registered investment advisor. i would think for crypto counters today, it's not up to just being an ria. i don't think a lot of them care. that's a regulatory designation. what crypto founders today want to know is are you part of the community, do you participate in governance. are you going to be staking these kind of crypto burps out there? and if you are not really in this space full time, i think it's very hard to run a successful crypto fund. we don't have a hedge

the crypto markets. but once the selloff began, many borrowers couldn't pay their debts and they froze customer accounts. the s.e.c. did taken forcement action against block five for similar activities last winter. yet, somehow let celsius and voyager continue through this spring when they found themselves in bankruptcy with investors staring at billions in losses. where was the s.e.c.? and where's the s.e.c. been in clarifying the rules of the road for crypto market participants? the chairman insists in his written testimony that the vast majority, end quote, of crypto tokens are securities. but he's also acknowledged that bitcoin is not. new, presumably that's because bitcoin is so thoroughly decentralized. but that naturally raises the question, where on the continuum does a token crease to be a a security? they don't have a claim on the issuer. doesn't it make them different from the vast majority of ordinary securities? and if the chairman is right that most tokens should be considered securities, t

the crypto market. once the crypto sell-off began, many borrowers could not pay their debts. these platforms froze customer accounts. the sec took enforcement action against block five for similar activities last winter, yet somehow let cell seat and and voyager continue to this spring when both companies blew themselves up and declared bankruptcy with investors staring at billions in losses. where was the sec? where is the sec ban and clarifying the rules of the road for crypto market participants? our chairman insists in his written testimony that, i quote, the vast majority, and -- tokens are securities. he has acknowledged that bitcoin is not. that is presumably because bitcoin is so thoroughly decentralized. that naturally raises the question, where on the decentralization continual does a token seems to be a security? most of these tokens don't have a financial claim on the issue. doesn't that make these tokens very different from the vast majority of ordinary securities? the chairman is right mos

i see volatility in crypto.a little deeper there is some outperformers. >> it's really interesting to watch the last couple of months. even though there are a lot of folks in the market that are worried crypto will break below the 17,500 mark, you still have the last quarter since the end of june crypto doing well overall. if you look at this specific index, an index of a hundred digital currencies tracked by bloomberg. you are looking at the crypto assets 100 index. it has added almost 7% since then, pretty close to a second performer there. that is the dollar at 8%. gold has fallen in that time, so you're not looking at those classic risk havens performing all that well here. there are some interesting questions about whether that will continue. crypto has fallen meaningfully this year. i did not want to make three months a trend, but it is something that has not fallen below that lower bound earlier this year. ed: not a trend necessarily, but we are looking for the direction of travel. sandbank men, somebody

to allow people to trade not just crypto but stocks and ftx. of trying to build the best retail experience possible for when that demand starts to pick up again. >> why in the stock business if you're such an investor in robinhood? >> for us, we really do believe in the retail brokerage business and of course, sam is investing in robinhood we've been investing in robinhood for a while seeing how successful they are offering crypto to their stock offering we're the first brokerage, primarily for crypto, now we're adding stocks. the believe belief there is customers are going to look for one place to invest all of their assets, whether it's in stocks or crypto or other kinds -- futures eventually all from one app instead of split their savings across multiple different experiences. >> well, that's why there are always rumors that you might buy robinhood or robinhood might get taken out, which i know you can't comment on ultimately after the crypto winter is over, people are wondering how much leverage is in the system, how many bad players are th

where crypto and fintech merge.t this moment, most of what has gone on in crypto has been driven by speculation. where do the real-world applications come in? emerging markets. removing middlemen. getting money to rural areas. we are still thinking about where do the ideas of today that may not have been applied well get applied in real-world situations tomorrow. climate is another area. emily: sheila patel. thank you for sharing your thoughts. elizabeth holmes claims a key witness in her criminal case visited her after the verdict and expressed remorse about testimony. the former lab directors showed up at her home and said hers testimony was -- his testimony was twisted by prosecutors. this is just weeks before she is scheduled to be sentenced. coming up, the creator economy is booming. how this industry is changing the face of entertainment. we will talk about that, next. this is bloomberg. ♪ emily: taking a deep dive on the creator economy which has experienced a massive boom. a slew of platforms like spotify, i

crypto selling off. here is an love the with the latest bloopers. >> we are coming often off day on monday. and more red on the screen this tuesday. nasdaq 100 down. now it is down from its peak. you see underperformance in the semiconductor sector. yield pushing up to multiyear highs. the tenure breaching 3.5%. they are heading toward 4% here. they are expecting a 75 basis point rate hike and that may take rates to the highest level since the fall of the 2008 financial crisis. crypto also kind of caught on -- caught up in its anxiety. now they are bridging 19,000 u.s. dollars. there is actual news out there. thinking about ev sector. ford saying that inflation around the world is going to cost it in additional $1 billion. ever as a result, down 12.3%. the biggest drop in 11 years. that market reaction there. they did affirm their guidance. and a deal between gm and hertz. hertz will buy 175,000 tds from gm over a five year time. we will dig into that late in the show. finally, the long-awaited rower has

crypto helps a tremendous amount of people in the world.any unbanked people in the world. it might be hard for jamie dimon to understand that, running a bank in the united states but there are billions around the world who don't have access to bank accounts and financial services, and crypto is a lifeline to those people. emily: i have to revisit some predictions you made. one bitcoin per lamb io believe you said. to the moon,. infinity and beyond. how do you reflect on that? do you still think it will get there? how much further off is 100,000? jesse: i do think we'll get there. a look at this rainbow chart for bitcoin. we are at the extreme buy territory. i bought it again at $18,000. i am still very long-term bullish, still have notched for the share of my kraken bump stock. i am extremely bullish on my company and on crypto. i continue to hold. the fundamentals keep getting stronger for crypto. user adoption keeps growing. we keep proving we can do these upgrades to these networks in a secure and orderly fashion, and so, everything keep

coming up how solana is tackling crypto's energy problem and the first crypto powered mobile networkr. solana co-founder is with us next. nova labs ceo joins us on a big deal with t-mobile. this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. emily: the salina foundation has released the third edition of an energy impact report. emissions rose 26% in the past six month driven by overall growth in its validator network. here to talk about that and more, the solana co-founder and sonali basak. thank you for joining us. guest: if you look at the overall energy versus action, it's less than a google search. it's basically using a web to service.

my colleagues just wrote a great piece about where crypto will go from here and were crypto and fintecherge. in this moment, most of what is going on in crypto has been driven by speculations. where do the real-world applications come in? bernie seen blockchain's getting money to rule errors and so on. -- rural areas and so on. emily: ok, sheila patel thank you for sharing your thoughts with us. meantime, elizabeth holmes claims a key witness visited her after the verdict and expressed remorse about his testimony. she alleges a former lab director showed up at her home and says her testimony had been twisted by prosecutors. she is now asking for a new trial. this is just weeks before she is being scheduled to be sentenced. emily: taking a look at the creator economy which has received a massive boom over the last few years along with platforms like spotify, tiktok. of course, you two. every minute, at least 500 hours of footage is uploaded to youtube. let's break this all down with a content creator who has his own coaching program that helps influencers build their brands and mark, who

not only crypto, but really risk assets.as been a lot of enthusiasm about the merge, the system transferring to proof-of-stake. we will continue to what the crypto firms that are pausing activity around that process. haidi: let's bring in our next guest, he says the merge provides arbitrage opportunities in the short-term. with us is the ceo of crypto investment firm satori research. it is much-hyped. how much of this is already priced into crypto asset prices, and what are these arbitrage opportunities that you are seeing? teong: thank you for having me on the shore this morning. there is a lot of opportunities for the market. the market is pricing in a successful marriage in a few hours. arbitrage opportunities in the market are dislocations between future markets, physical and other contracts including ethereum and etc. the last 48 hours have been a great time for us where we can see all of these different dislocations and try to profit from all of these market mispricing. for the time being, in the short term we will sti

crypto has fallen this year, did no one make three months a trend.ething that has not followed -- fallen below that lower bound earlier this year. ed: not a trend necessarily, but we are looking for the direction of travel. somebody you know well who has been tweeting, we can bring up here, the world thinking differently crypto price moves if it is measured events -- against world currency baskets instead of the u.s. dollar. guest: it is a good point he makes, when you saw these massive fluctuations across the world, the crypto crowd asking what does this mean for cryptocurrencies? if you live in a country where digital assets can be less of a little than your actual currency , in argentina, people flocked to a digital asset in a meaningful way even el salvador. what does the digital asset mean? it means a lot more than if you are living in a much more stable nation. ed: there are dissenting voices, some a lot of than others, jamie dimon ceo of jp morgan, what does he have to say recently about bitcoin? guest: if you are looking at traditional financ

it is definitely leading into crypto.ket share -- kra cken's market share has dipped by a third. >> we have been thinking about this for over a year. i thought the time was right with the company being in a good decision -- position right now the culture, the engagement of the employees. after the jet ski program and the woke employees left, people are happier and more engaged and more satisfied than ever. the company is in a great spot. we recently aligned on our five-year strategy. it's a great time for me to step away after planning for a long time. we are looking to hire a new coo to backfill dave. it will be a handoff time but everything is great. i hate to go out at the bottom of the market. david's performance is gonna look amazing when everything bounces back, but there's never a perfect time. emily: let's go back to those woke employees. this was controversial when you said it. i'm worried if you are worried about facing any backlash? >> not at all. after that whole thing happen, we had a tremendous amount of sup

crypto. it's designed to liberate the world from and to create calmness and free trade. and there's a lot more to crypto than just bitcoin. right? so, you know, we have, we have stable quincy box, $1.00 to $1.00 on any weak will encrypt the currency. but that would be like us dollars roubles year. right. and those things are genuine. what genuine. the right remittance methods that can be used by anyone. but the great thing is that can be used by anyone, no one can stop them, which is exactly why i believe the u. s. targeted me in the 1st place with thing they tried to control control crypt currency with thing they're trying to monopolize specifically bitcoin right. now, but they, the, the, one of the things that they don't really understand the underlying technology, it's encrypt. so we wouldn't say multiplied it. we said the centralized, right? the centralized community of people, the fed up with this narrative, we're seeing these, the sanctions where basically we're being told who you can b

as capital availability is down, that is crypto.it is going to take some time for the supply benefits to show up, but i would say, again, crypto is holding up pretty well. we are talking about markets typically expecting bitcoin to have fallen further because nasdaq is a 27%. i think bitcoin is holding above its 2017 high, actually quite constructive. >> we are just looking at a chart, just below 19 k at the moment. thanks for being with us, talk to you again soon. >> still to come, looking to raise another billion dollars. is it a signal that there might be cracks in armor? we will discuss. to ready for one of the biggest investment events of the year. nbc is delivering out returning in person next week. features economic leaders, policymakers, the world investors. i will be hosting a panel in the afternoon onheex t nt big thing. you can go to cnbc events in more detail and to register now. more detail and to register now. tech check is back in a moment. if you travel, you know. at fidelity, your dedicated advisor will work with yo

but his crypto expert chris ems claims the u. s. is trying to control crypto currency and seeking to monopolize bitcoin. ems is on the f, b i's most wanted list for allegedly organizing a crypto currency conference in north korea and helping the country evade us sanctions. after being accused of helping pyongyang develop block chain technologies to transfer money across borders, he was detained in february and saudi arabia, but later released as riyadh decided not to expedite him to the u. s. earlier i spoke with him in the studio to get more details on his story. ah. you were detained in saudi arabia, the us, the f b i wants you because you were in north korea and some sort of block chain conference, give us the story. so i was indicted by the by the f b i back in the end of january this year for violating us sanctions that are only a pickable to us people, as you can probably tell from acts and on. i'm not the american british. so that was the long to write of trying to leave saudi arabia where i was at the time where i was detain

they're very exposed to trading changes in terms of crypto and obviously with the crypto market cap really dropping overall, their revenue has taken a hit clearly. and i think over the near term, they will still below, say, where they were last year. but you have to think about the long-term potential. about 13% of americans today own crypto i think that's going to grow definitely over time the penetration is going to grow coinbase is obviously one of the biggest exchanges. they have multiple businesses within their portfolio and they're pretty aggressive in terms of how they think about future potential again, i think it is more of a long-term macro debt there when you think about crypto, what you found over the past decade is there has been three major drops, and typically those drops are 70% to 80% of the market cap of the total market, so they're very dramatic drops but over time, the growth is far above that over the long-term. and, so, i think that's where we're seeing now is, again, a near term drop they have been heavily impacted. over the long-term, i think more and more people ow

he shared some of his thoughts on crypto and its future. >> crypto has a place for sure, but what's missings new applications just like in the early days of the internet, we would say, the internet is old and boring because we haven't seen anything new, and it really took for mobile to come along to really propel it going forward, and we don't have that right now for crypto, so it's kind of boring, and it's going to stay boring with defis and nfts as collectibles and other little things. >> nothing interests you. >> no, i'm very interested in investing, but it's still mackee there. what's going on there? >> it unlocks a lot of potential for ethereum why it's important, it's the backbone firefighter defi. they don't feel like there's been a lot of innovation in that space, not a lot of exciting things happening in defi right now. of course, defi has promised to be this bastian of cutting out the middle man, financial services where you don't need a barracker or a lawyer. a lot of functionality will ultimately be possible we're talking about greater speed, we're talking about greater scaleabi

there's a lot of crypto wallets that that i'm a part of, one of them is actually conservative cryptoeople to to get into crypto. and the amount of users of people that are in their 80s figuring out crypto for the first time, they're getting into it. back when i got into crypto back in 2011, i was pretty young, i mean, it was one of of the most complicated processes you could imagine. you know, it's full of, you know, full of, you know, weird libertarians like i was back then. not so weird as it ended up turning outta that people were into it. but now it's easier than ever. there's ups and downs with the market and if there weren't, it would be a bubble. so i think this is a great time for crypto, and i just love that it's become so much easier for people. charles: let me ask you about that project i saw you doing some work in ghana, and it really -- you just did something that's really historic. i think this is important because one thing i love about the definance revolution is that it's going to help people who would never really -- people and industries and countries that would ne

do you have crypto in your retirement account?e talk to the head of the federal retirement board that oversees $800 billion in assets. we will get all of that, but u.s. stocks ending higher just today before the u.s. jobs report. emily? >> talk about a late day rally. s&p 500 managing to finish up about 0.3%. today if you zoom out to the one week look at the u.s. equity markets, we are deeply in the red. i am taking a look at what week s&p 500 down over 5%. also, tech stocks. the nasdaq 100 falling over 6% on the weekends of philadelphia semiconductor index falling. it fell further today after nvidia, one of the biggest chipmakers, warns that new u.s. rules on exports of chips to china are going to eat into nvidia's revenue. it has been a tough road for them. the bloomberg dollars -- index hit an all-time high. you can see here the risk off trade happening as investors are waiting for that jobs report. i also want to look at etf flows. you talk about risk off and you's can see in cathie wood's dark innovation etf, it saw its bigge

we're seeing that we tried to control control crypto currency we're seeing. they're trying to monopolize specifically bitcoin right now. the, the, one of the things that they don't really understand the underlying technology, it's encrypt. so we wouldn't say multiplied it. we said the centralized, right? the centralized community of people, the fed up with this narrative. we're thing these, the sanctions where basically we're being told who you can be friends with, who you can invite to come to your house. you know, if, if, if i live in london, i can't get my friends to moscow to fly in and see me. and people are fed up with it because we live we, we live in this multi part of what i believe already. the internet has changed the world phenomenally. and what we would call encrypts a web to we now meeting into web 3, which is just going to enhance that and open up the well to even more possibilities the. now, before we wrap up this news, our just some breaking news. in 13 people have been killed in the latest ukrainian artillery attack on the city of done yet.

this is bloomberg. ♪ >> time for our crypto report, our own crypto contributor is here. >> we will talk to him, he is the pyth data association director. we will talk about oracle, combining traditional systems and crypto because this such a vast landscape. we talk about oracle, what do you mean and what does it mean for the universe of smart contracts? taking data from the real world services that provide that gateway to each other. >> sure, think you so much for having me. on blockchain we have smart contracts, the smart contract will execute rules based decision criteria that can move something. it could be bitcoin or its area. when the -- etherium. when they do this there is no third-party. it is dependent on the inputs. the inputs come from data. the quality of that data is paramount. oracle network provides away to get high quality data, very trustworthy. they do that by having multiple contributors distribute that data directly on the chain. it becomes very robust and resilient. >> how does this help big institutions, high-frequency traders engage with the crypto

what is going on with cryptos? out a frame work regulating digital assets and is looking at a potential digital dollar. we're going to break it all down with the ceo of high blockchain the company used to be the biggest publicly traded min er of ether. he showed up, by the way, to his first retail job in new york city, in his dad's pick-up truck , filled with the few possessions he had and just about no money to his name. today, he leads one of the most lucrative clothing companies in the nation. hear how land's end ceo jerome griffith went from farmland in pennsylvania to being the first in his family to go to college and then to where he stands today. his story is my latest everyone talks to liz podcast episode. it's going to inspire you and he will explain how he did it coming from where he came from. it's available on apple, google, spotify, anywhere you get your podcast. i hope you listen, because it's the weekend. you're driving somewhere right? listen to "everyone talks to li" closing bell ringing in 26 minu

i've been in crypto for nine years.eally hard to know, what i would point is a couple things, before the sec -- got involved. >> with you. >> xrp was ahead of heath. this infamous speech -- >> bill mintter of corning finance. >> increasingly as the summary judgment filings were made public people realized maybe the sec is really overreaching, they really aren't following a faithful allegiance to the law. that is quote from the judge in this case. so i think people are realizing -- >> judge said it might be, they might not be. >> the judge said, one sec is being hypocritical. two they said they were not following a faithful allegiance to the law in pursuit of an outcome. that what we have here. i think the sec lost its way. i said on stage, that it is cuckoo for coco puffs. >> i was going to ask you that. >> remember the sec gets its power from statutes passed by congress. congress gives the sec power. the sec cannot take power. what the power says from the 1933 securities act you have to have an investment contract. so

s. government should identify current gaps in crypto currency regulation, petition, crypto experts, chris ems claims us is trying to control crypto currency any seeking to monopolize bitcoin? well, chris adams is currently on the f. b i's wanted list, allegedly for organizing a crypto conference in north korea. and helping the country evade us sanctions. he was accused of help in north korea, develop block chain tech to transfer money across borders. you was detained then in february and saudi arabia. but later released as re i decided not to extradite him to the u. s. my colleague donal quarter, got more details from chris adams in our studio. the you were detained in saudi arabia, the u. s. f b, i wants you because you were in north korea and some sort of block chain conference . give us the story. so i was indicted by the by the f b i back in the end of january this year for violating us sanctions that are only a pickable u. s. people, as you can probably tell from acts and on a north american british. and so that was the long trade of trying to leave saudi arabia where i was at the ti