one roof -- digital wallets, buying and selling crypto, crypto custody, staking crypto for yields, lendingtrading derivatives, holding fields, borrowing and payments with credit card, direct deposit of paychecks, saluting. two. payments -- facilitating peer to peer payments. while combing these may offer convenience for consumers, conflicts abound and the riskiest activities consume -- consume the whole bundle. all three engaged in a range of crypto activity from custody, borrowing and lending, to profit trading. each failed due to the managed -- due to ill managed risk. there were only as strong as their weakest link. the more links there are under a single platform, the higher risk of contagion across pound. for financial regulators in the room, a skeumorphic description may help. the risk of contagion within a crypto platform is akin to the probability of default of a bank. the risk of cross contagion between crypto and tradfi -- the systemic risk by crypto is pd times -- in layman's terms, until crypto matures and appropriate guardrails and gates are put in place, it would be wise to l

david: so, i have not bought any crypto-currencies.e invested in companies that service the industry. but i have not bought crypto myself. suppose i said i wanted to buy some cryptocurrency. what would you recommend to me or anybody else? sam: first thing is i would try not to give any investment advice. what i would say is, the most effective and useful thing you can do is try everything out. take $10, feed it through every protocol, every exchange, get a first-hand experience of using the blockchain or blockchain explorer, doing trades, and that will teach you a lot about how the industry functions. i've been interested in a few areas of the space. i've been interested in scalable blockchains, in the exchange platform space, especially on the regulated side. and i am super excited about the potential for blockchain-based social media, to the extent there are projects coming out around remittance and payment and market structure. those are the places i'm looking at right now. david: in the case of cryptocurrencies today, would you say

nothing to do with crypto.t is ultimately one of the most important issues for the world over the next -- 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 running a

also, this is all crypto. we got a startup together.of us had run a company before and we needed $100 million by next tuesday. ideally. it was not a very compelling pitch. david: you got turned down? sam: oh, yeah. people were like, that is so cool. i hope you find success. what we ended up doing was basically cobbling together lines of credit and other things from various sources, trying to snowball and build on ourselves. david: ok. so after that, you started another company, ftx. sam: yeah. david: what does ftx do that your first company did not do? sam: alameda is buying and selling, trading for its own book and trying to do profitable trades. ftx, you can think of it as infrastructure. it is market infrastructure. everything between a buyer and seller. ftx does not buy and sell itself, but it is a venue where people can go to trade crypto. that aims to solve every piece in between those two parties, from the clearing and settlement anti-money laundering, know your and custody, the customer policy and compliance, the match engine, t

agent who now works for a company investigating crypto crime. criminals are using crypto, the very same reason why the vast majority of crypto users use it for that speed, liquidity, and cross border nature. what are the kind of crimes that we see around crypto? they're doing everything in this virtual asset world that they were doing in the regular world, particularly scams and frauds, make up the largest category of elicit use of crypto. but you don't think this actually is a problem with crypto itself. you know, there's nothing inherently evil or bad about crypto itself is just simply another method for value transfer. criminals stole $14000000000.00, encrypt currencies last year. or we see any kind of state involvement. and this we have seen, elicit use of hacking by north koreans, for example. in fact, they're responsible for hacking over a $1000000000.00 in exchange hacks in the past. but galvis also says the transparent nature of crypto is block chain ledger actually gives investigators a treasure trove of data to work with. so for example, if there was an elicit transaction wher

inside of crypto.teresting that crisis did not leak out into the rest of the market. i think however that is why crypto continues to be worth our attention. the people that are building the structures are building things that look a lot like the things in traditional finance that break and sometimes break disastrously. caroline: well done, what an enormous read. go and have a look at his work, and that of matt. we thank him. coming up elon musk us as the twitter deal is still on. this is another thing matt talks a lot about, we will be closing on friday will have the latest details. this is bloomberg. ♪ caroline: let's get you up to speed with the latest in the musk twitter sada. elana -- saga. elon musk has called pledged earlier to close the acquisition of twitter on friday. ed ludlow, mena by minute across this particular deal. he said he would do it at the beginning, now it seems as though he is forced to do at the end. ed: this is one of the interesting situations with the devil is in the details,

and kim kardashian this vote and foul of financial regulators for promoting a crypto currency. we'll look at the secretive world of star endorse. this is data, be a business on robots in berlin. welcome to the program. all options are on the table that spin their response from the white house following opec pluses decision to slash oil output. the $2000000.00 barrels per day cut in production comes at a bad time for the biden administration with us food prices, fuel prices even set to rise just ahead of mid term elections. russia also stands to gain from the decision at a time when western allies are trying to squeeze it's oil income over its invasion of ukraine. to let's get more on this from our correspondence at the new york stock exchange teddy australia, teddy, when the euro says all options are on the table. what do they mean? well, there's some ambiguity around those options right now we don't know the specific trying to resist the influence of opec, but i'll give you a couple people are talking about 1st, which is probably the most realistic is releasing more oil from t

i believe crypto and the blockchain is definitely one on the table.k you for joining us. coming up, meta doubling down on its vr ambitions with its new headset request pro. what that could mean for adoption across the enterprise with mixed reality pioneer magic leap. the ceo is with me next. this is bloomberg. ♪ emily: meta is doubling down on the metaverse revealing its newest vr headset this week. seeking to transcend the notion that vr is primarily for gamers. joining us to discuss what that could mean is a pioneer in the space, the ceo of magic leap. nar venture it founded in 2010. what was your take away from the meta announcement aside from mark zuckerberg's avatar legs? >> it's a validation of the decision magic leap made a few years ago to focus initially on the enterprise. the technologies in its current state will allow for -- in health care public-sector and manufacturing so it is the right entry point for the sorts of technologies. emily: the ceo of microsoft where you spent a long portion of your career appeared with mark zuckerberg talki

we speak to crypto investor an n f t artist christa kim. she calls herself a futurist, but draws her inspiration from various genres of art history. i love rosco. he's incredible artist that really sort of broke convention. she was a rebel and he was able to completely redefine beauty, redefined the standards of what art is. it could be anything, it could be a feeling doesn't have to be something literary, it could be nonconformist, it could be more free. and then of course, there's james trellis was like a rock star to me. you know, using light light as a medium in itself. truly an inspiration for me. i used to paint i entered a master's, a fine art program in singapore. and it was then were i felt that it was redundant for me to pursue painting as a medium because i was so addicted to my phone. i thought, well, if i'm feeling it on an individual level, then that means billions of people around the world are also feeling it. and then i started thinking while i need to create art, that is i'm communicating to people through digital. so what

one of the biggest costs for crypto companies and crypto projects today is compliance.arly-stage financial technology startups, and they are spending millions of dollars not only on trying to untangle current rulemaking and the alphabet soup of different regulators in the united states who they need to engage with, but also, given the precedent, they need to set aside a lot of capital for future litigation. it really hampers innovation. it hampers the ability for innovators to compete, and it definitely favors larger financial institutions who have relationships on the hill, who have lobbyists, and who have created relationships with these agencies, so, i would love to see clarity. i have not seen it yet, and i think it's a huge challenge going forward. sonali: what about other agencies? the sec is officially moving in a different direction than it has the last several years when it comes to crypto enforcement, in particular, but then you see something like the ftc recently suing that dow. despite the issue of is it a security or is it not a security with the sec, how c

this is a police are made all crypto artists union. imagine if andy warhol was alive today, he would have been the most proactive employer. this is a sculpture, a sculpture of andy warhol that originated through a computer file that i made an a video and an an animation, but it's also an object. so digital art has many different lives that can exist as a painting that can exist as a sculpture. as a photograph is a hologram and of t's and digital technology is not tomorrow, it's here. it's here today. it's in the fair, like, snuck into the basel are fair. you could almost see like a divide. you see the traditional, our world, and you see the digital world. it's a tool. it's enabled artists to sell their work by themselves without relying on external gatekeepers, which has never existed in history before. this is breaking down the hierarchies of these galleries, creating opportunities for people, inspiring people, and telling people, instead of always saying you can come to this gallery, you can't buy something, looking people up and dow

why do they seem so keen to get involved with crypto currencies? well, you know, i think the question better question is why are they keen to get involved? anything that they get paid for may not actually be buying the product themselves. crypto currency has been all the rage for a few years now. so as you just noted, d j can lead ah, boxer of floyd may, whether steven seagal, all of them had taken money from even matt damon. ah, and larry david, the actor had, had touted themselves. i think the reason why is because it's easy, you know, these crypto companies are willing to shell out. i mean, like they do with kim cardiac and a quarter of a $1000000.00. and what star likes to turn down money. i don't think any hollywood would want to turn down money, so it seems easy for them. and they've been doing it for a while. and i think the s c c is saying, you know, when it comes to crypto currency, particularly here in the united states. it's almost like the wild, wild west, and so there has to be some type of regulation. if you're going to be promoting a

buy crypto assets when everybody wants out. i definitely believe there is some good opportunity in the markets now, but of course, with thorough due diligence, which is very important, and a good understanding of the business in the first place, for tron and myself definitely. right now, we are ready for the opportunity now. emily: are you interested in the celsius asset in particular? >> yes, i think we have done some due diligence on celsius before, but if we will move forward on this opportunity i think is still pending. emily: i'm curious about your role in another huge crypto exchange. i know you are an investor. what can you tell us about it, how competitive you think it will be, what the new owner plans to do with it, especially given china has basically banned crypto? >> yes, so, first of all, i have joined the company for almost five days now, so i started to get familiar with the policy we are going to adopt for the future. i think right now, it has two major focus, one is the core value of the platform. we need to pu

this is a police are made all crypto artists union. imagine if andy warhol was alive today, he would have been the most pro active employer. this is a sculpture. a sculpture of andy warhol that originated through a computer file that i made an a video in an an animation, but it's also an object. so digital art has many different lives. it can exist as a painting that can exist as a sculpture. as a photograph is a hologram and of t's and digital technology is not tomorrow, it's here. it's here today. it's in the fair like, snuck into the basel are fair. you could almost see like a divide. you see the traditional, our world, and you see the digital world. it's a tool, it's enabled artists to sell their work by themselves without relying on external gatekeepers, which has never existed in history before. this is breaking down the hierarchies of these galleries, creating opportunities for people, inspiring people, and telling people, instead of always saying you can come to this gallery, you can't buy something, looking people up and down,

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

but he is a crypto friendly executive.e: a crypto friendly prime minister with a rather long to do list. we will see if that winds up near the top. coming up, we are talking the future of the gig economy. an early uber investor is up next on some of the regulatory concerns and how it's coming out. this is bloomberg. ♪ caroline: we are going to have a deep dive on they gig economy which is seeing a rough transition from peak pandemic to a new normal. shoppers going back to stores, inflation hurting everyone's wallets and the orchid value of doordash has fallen by 70%, uber by 34 percent, uber slashing its valuation for a third time. let's talk about what's in store for the workforce and regulation. the ceo of tusk ventures takes a novel approach and double down and areas going through regulatory changes and hurdles. you help decide what is the best bet or not. at the moment, the erosion of value in these companies, we see a deep dive in go puff, how difficult is it with the changing of how their workers are assessed? bradle

the crypto winter, how long will it last? what about a recent crypto ceo.lk with hunter, with bitwise asset management, ceo. that is bloomberg. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. emily: i want to take a look at the global ways of fighting inflation and the slide in bitcoin. will bitcoin break is $20,000 mark anytime soon? i wanted to ask hunter horsley, the ceo of bitwise asset management. what is your read of the end of the fourth quarter? >> it has been a tumultuous year. i think the recent numbers this year are down over 30% and crypto is down 60%. they are changing every day. the story this year has been a bear market. nevertheless, we have seen increased interest from our client base. i think the backdrop fo

so it's a crypto science for companies that died in 2001. we're calling it a dot com sales and we're kind of bringing them back to life by putting descriptions into a machine learning system that outputs what might have been the logos of those companies. and so this is what the logo looked like and $21999.00 for it crashed. and then his a machine learning output version of what it might have been. and then kyle has done this amazing kind of version of what that logo might have been today. so it's like a meeting of kind of 2 different eras of the internet. one of the interesting things about entities and crypto in general is that the kind of financial asset and the artistic essay to closer together as an artist has been working in the art world for a long time. as we know that the prices of all sorts of artworks are as important in terms of hierarchy as like and yeah. and how things are collected and cared for . prices are tailored to value. ah, so i hope to from season enact, he's giving more possibilities to art is to reflect the world and

understand a crypto hub to be.y crypto hub, you mean we want to be a hub for digital asset activities, application will use cases and cross product payments, trade finance, posed and pretrade capital market activities, yes rate we still want to be a crypto hub. if you mean we want to engage in more tokenization of real and financial assets to fractional lies them -- fractionalize them to unlock canonic value, we still want to be a crypto hub. if you mean whether we want to be a hub for the training of cryptocurrencies, no. that is not part of the vision, we did not state so emphatically before but now we do. we do not be a -- want to be a mere hub for trading cryptocurrencies it is a whole ecosystem we are promoting. >> other cities, what does it offer that they don't? >> i don't think we set ourselves out to compete especially in terms of regulation. we have to do what is necessary to contain the risks, and they are primarily harm to retail investors. there is some risk on money laundering and terrorist financing.

michael: we are certainly in a crypto winter, and a crypto winter is characterized now by sustained lowerwe are seeing from the investment community though that a lower prices are not causing them to shy away from the asset class. in fact, we are seeing investors continue to diversify. a lot of investors now have that core position in bitcoin and a ethereum or both, and they are now looking at other opportunities. one of them is infrastructure. just last week our team launched a totally new offering, grayscale digital infrastructure opportunities llc, a company investors can put capital work in that is buying bitcoin mining hardware, plugging it into the network and distributing that value back out to shareholders. for a lot of investors they had that token exposure now and now it is time to think about the underlying infrastructure that secures the network. so there is a lot of opportunity and activity going on despite the sustained lower pricing environment we find ourselves in. emily: speaking of the underlying info structure, the ethereum merge ended up being kind of a nonevent. what

the crypto winter, how long will it last? what about a recent crypto ceo.talk with hunter, with bitwise asset management, ceo. that is bloomberg. ♪ emily: i want to take a look at the global ways of fighting monetary -- using monetary tightening to fight inflation and the slide in bitcoin. will bitcoin break is $20,000 mark anytime soon? i wanted to ask hunter horsley, the ceo of bitwise asset management. what is your rate of the end of the fourth -- read of the end of the fourth quarter? >> it has been a tumultuous year. i think the recent numbers this year are down over 30% and crypto is down 60%. they are changing every day. the story this year has been a bear market. nevertheless, we have seen increased interest from our client base. i think the backdrop for many crypto investors is that historically they have been four year cycles. the bear market moment is where fortunes can be made. emily: what do you think it will mean for the ultimately? when they break the $20,000 mark? >> i am not sure about 20,000. the historical pattern of crypto was the data w

this is bloomberg. ♪ emily: time now for our crypto report today we are focusing on crypto accountingeir $11 million funding round, we are in new york. >> thank you so much we will bring in tactics founder and ceo. is such an interesting to see -- thing to see another company raise money in the crypto downturn, with so much volatility in the crypto market the clients must have a hard time here in terms of getting a handle of what is worth and how to account for it. what is the biggest challenges your clients are facing amid the volatility not just bitcoin, by all sorts of web three assets? >> we are seeing people use different wallets across different lodgings in different currencies is hard to get a view of the entire ecosystem. >> currencies are also fluctuating like crazy, how does that compound the issue here? is a hardened out to account for cryptocurrencies and it was a year ago for some reason? >> i do not know if it was inherently more difficult it is inherently more important given the increased regulatory scrutiny. >> the scrutiny also, rules have changed you have seen other

one of the biggest costs for crypto companies and crypto projects today is compliance.arly-stage financial technology start ups and they are spending millions of dollars, not only on trying to untangle current rulemaking and given the capital for future litigation, it hampers ovation. it really hampers the ability to compete and it definitely favors larger financial institutions who have relationships on the hill, who have lobbyists and relationships with these agencies. i would love to see clarity, i have not seen it yet it is a huge challenge going forward. >> the sec is obviously moving in a different direction than it has the last several years and it comes to crypto enforcement in particular. then you see something like the ftc, and if you look at the agency's overall, despite the issue of is it a security or not, how complicated is it to navigate the web of agencies that are going after different types of investment with crypto? >> as we said before, it's alphabet soup. there are so many acronyms, so many different agencies. there are number of different agencies

there is still action in crypto markets.e been watching bitcoin and how it has been related to the market rally or not. what trends are you pulling out? katie: it is amusing that crypto is the market right now. a trend i've noticed, is the crypto equities, they have been outperforming this week. you have bitcoin holding up well amid all of the volatility we have seen in the stock market. bitcoin is 4% higher over the past four days. if -- microstrategy, coinbase, there up by double digits, which is amazing to me. part of the reason could be that they felt -- fell dramatically then bitcoin itself. if you look at bitcoin, it is down about 57%. if you look at coinbase, that number is 71%. it could be a function of the fact that they fell further. they have more room to rise. it's a trend to keep an eye on. amid this mild resilience in the crypto market. emily: what are you watching in the u.s. overnight? katie: can i shamelessly plug something? [laughter] emily: of course. katie: i'm going to go ahead and do that. crypto irl, i

, and that's one thing to know about crypto.power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity >>> welcome back top we are now in "closing bell" "market zone." here to break down crucial moments of the trading day and a "fast money" trader, by wait and phil lebeau on auto traders. first, stock as major comeback all three major indexes major garins approaching the close stocks had every reason to rise off and not. what do you make of it >> remarkable after the two consecutive gains we saw monday and tuesday after what was, really, a horrible close on friday a new 52-week low for the s&p 500. look where we are now. 2% off this morning's lows a

is that effective on crypto prices?onal banks like jp morgan, they can do more, they are going bold on the crypto with coinbase and other platforms to be able to have their managers have the asset class. they are investing in a bunch of other technical technology companies. emily: is now the time to invest? should everyone buy the dip? >> is it a dip? emily: maybe it will go further down or maybe it stabilizes? >> it is not a financial advisor. my personal opinion is it is not the bottom yet. i sick to my prices, i said -- emily: remind me what those were. >> i am still holding my personal capacity. i will go in 600 to 800. i think december to march we will see the dip. it is not there yet. that is what i am telling our investors. emily: let us say you come in at those prices, how long do you wait to see gains? how long is this downturn going to last? >> i feel i crypto is a unique case. the whole market goes down and sometimes it is the bottom of the first commodity to go down. look at the last time during covid, it wa

>> crypto investors, i love saying by the dip. experiment with the crypto in the real use cases.want to have an exit, have an exit. for the technology investors i say builders are going to build. those who go through the bearish market and build their product and come up in the bullish market, those are the founders you stick to. i am excited about this. emily: that is the delta blockchain founder. good to see you in person. coming up, we talk about the world of direct consumers of the lens, warby parker's co-ceo is with us, next. this is bloomberg. ♪ emily: with the pandemic prompting a big shift towards e-commerce, retail companies are rethinking everything from the customer and the employee experience, online and how many physical stores to open? that is the challenge facing warby parker and is co-ceo neil. i would love to hear how your strategy is evolving in a post-pandemic world. you have this thriving online business. you had to close 120 stores and you have opened almost 200? how do you find a balance of how many and how much? neil: the key is to have a multichannel appro

the crypto was supposed to solve.hat do the crypto natives, evangelists say about this partnership, and by putting so many layers into this, does it kind of defeat the purpose >> it's kind of a catch 22, this industry and this technology fts me was meant to disrupt visa and mastercard, the idea that settlements and transactions could happen without any sort of intermediary i asked mastercard about that, they haven't seen that type of pushback on the industry side, though, it is sort of a catch 22, you look at making something like this mainstream, and that has been mastercard's argument here if you're going to take the industry mainstream and put it in the hands of millions if not billions of people, you're going to need to work with the traditional systems and payment rails and on and off ramps to traditional finance. they have said, hey, partner with us, we'll help you guys make this mainstream, and the chief digital officer there saying essentially it's not mainstream yet if you want to get there, hey guys, you're

this is a piece i made called crypto artists union. imagine if andy warhol was alive today, he would have been the most proactive employer. this is a sculpture. a sculpture of andy warhol that originated through a computer file that i made an a video and an an animation, but it's also an object. so digital art has many different lives. it can exist as a painting that can exist as a sculpture. as a photograph is a hologram and of t's and digital technology is not tomorrow, it's here. it's here today. it's in the fair like, snuck into the basel are fair. you could almost see like a divide. you see the traditional, our world, and you see the digital world. it's a tool, it's enabled artist to sell their work by themselves without relying on external gatekeepers, which has never existed in history before. this is breaking down the hierarchies of these galleries, creating opportunities for people, inspiring people, and telling people, instead of always saying you can come to this gallery, you can't buy something, looking people up and down,

she agreed not to promote crypto securities for the next three years. we're starting to get regulation was it clear to you, i guess this was my issue with and the s.e.c. chair was on squawk earlier. i read through the social guidelines for social media influencers. is it clear? do you understand why sort of kim kardashian was, i guess, a slap on her wrist since she has so much money, is this on the path of greater regulation, or is it a blip >> i think it is a warning sign, but i don't think the execution of it is entirely clear to your point. the real reason why, the truth of the matter is they want to make an example of kim kardashian it's not an accident that the most famous celebrity in the world is the person who's the front person for this start of real conversation with the retail public on behalf of the s.e.c., what's happening with crypto but the truth of the matter is whether an influencer is speaking about something they're excited about, whether or not that influencer is did oing it s an individual, whether they're doing it for an individual

you introduced a crypto fund administration whereby anyone can run their own crypto fund on carta.in that and what the end goal is? henry: we have 60% of our revenue, that comes out of the cap business. 30% of our revenue comes from fund administration where we manage the accounting and investment schedules for venture funds. one of the big things that is happened in the last few years is the rise of crypto, crypto investing. we have done two things on the crypto space. one is we built the software that allows venture funds that are raising crypto funds which are different than traditional venture funds because they can now invest in tokens and take both equity and other token like investments alongside their equity investments. it's a slightly different way to manage venture funds. we have built software to help those venture funds and on the start upside, there's all of these startups that are raising effectively, capital tokens, what we call a token capital. who owns all the capital in the initial start up? we have one operating both the cap table in carta. emily: henry ward, ce

we are in early stages for crypto.turation needs to happen, but we are committed to listen and learn and continuously improve. emily: flori, cofounder of blockfi, thank you for stopping by. coming up, sneak peek of my sit down with doordash ceo tony xu, talking about the future of the gig economy and more. this is bloomberg. ♪ emily: after going public at the height of the pandemic, doordash is dealing with its first major economic downturn. shares are down 68% this year. i spoke with the ceo and cofounder tony xu about how the company is navigating the headwinds of change. tony: it was exhilarating, it was the first time that our company went public, the first time i had ever undergone any of those experiences before. in the back of my head, it was that saying that you are never as good or bad as you -- as they say you are. emily: the big question is how much do customers keep ordering out in a high inflation environment? how much long-term sustainability and growth is there? tony: although covid is now effectively su

what are some of the issues you see in the crypto space? issues you see in the crypto space? >> we are talking about different types of assets. when you think about assets, you think about what are the risks? helping markets as an investor trade group. one of the things you start to think about, what are the risks the asset gets shelved? if you think of it as a bank account, is it an insured depository or uninsured? those are different things. you also think, what are the risks to the intermediary? what is the plumbing apparatus? when we talk about digital assets one of the things we are often talking about is the mismatch of what are the issuer disclosures? the people who are behind the product supporting the product, that is one set of risks. the other thing we think about is the securities markets. we say hey, if you are an exchange that happens to touch one of those products, you now have to register with us. here are the conflicts of interest you have to manage. if you are a broker-dealer you cannot trade ahead of your customer. you cannot jump in front of them. when you