now, why the uniqueness of crypto? we've seen sam bankman-fried. he was the face of crypto. he is now facing only a quarter century in jail, which seems rather light. but the crypto industry would tell us that sam bankman-fried was just a single snake in the crypto garden of eden. the fact is we have learned since sam bankman-fried's indictments that crypto is a garden of snakes. it is uniquely problematic. why is that? because crypto's whole purpose is to facilitate evading american law and to help criminals. and so who does it attract? criminals. what is the comparative advantage that crypto has as it attempts to become a currency and partially displace the dollar and the euro? is it more stable? certainly not. is it more useful to buy something? you can go to rayburn and buy a sandwich for $1. well, ok, $8. but you can't buy a sandwich anywhere in this complex for a bitcoin. so it's not a better medium of exchange. it's not a better measure of value. what advantage does it have? well, it's secret. now, what the best way to have their secrecy is to have the iceberg above t

officials and from crypto firms.eople who are entrusted with protecting our national security and care about this stuff. the treasury department asked for new rules to protect this. every single one of those proposals was objected to either in the financial services committee, the ag committee, or the rules committee. if that was all this bill did, that would be one thing. but in fact this bill guess out of its way to make it weaker by basically saying anyone who uses unhosted wallets, is exempted from regulation. ignoring recommendations about the trump and biden administration. my republican colleagues will boast that there's specific language saying that brokers and dealers are required to comply with requirements. they're already required to do that. this bill does nothing to address that. it's exactly the same. you're going to brag about saying it's now illegal to speed. what we should have done is ban anonymous actors. i'm going to move crypto and you can't tell what a bad guy i am. it should have banned those

ending days of crypto. i get that volatility is a driver. we understand that. particularly, considering your customer base. there must be a psychological, sentimental element as well. take the news flow of light. a spot bitcoin etf and a half thing -- halfing have dominated headlines. due to those headlines dominate activity for you on the platform? alesia: absolutely. with the demand of bitcoin etf's it's natural to then see the price go up. it's natural to see elevated activity. crypto has been headline driven over the last decade. what is exciting to us is we now have the material part of our revenue coming from non-trading activity. we have seen growth in our subscription and services through the downturn of 2023, through q1 where it was at 36% and we generated over $511 million of subscription services. and we are excited for the next wave of crypto adoption on chain. we are seeing the idea that we can now have base as alayer two do faster cheaper foundations giving the idea we might drive into payment

lauren: which cryptos?r fidelity or blackrock crypto and don't have to think. there's a lot to be said about that and express ratios are low. be boaring and be safe. lauren: you told me you're old and boaring and you know what, i love you, sir. let's also talk about another one of your picks: quantas services. a power company. >> a wise investor and marty said the way to make money is to invest in the stocks of companies that are suppliers and adding more electricity to fuel a and i recollects don't build plans to put their capacity themselves and contract it out. the quanta services is the prototype of the company that builds capacity for electric utilities and i live in texas. the texas power grid is stretched thin no matter what to provide the extra power for the utilities and supply it to the ai companies. means quant a and other companies that build it are not as expensive as ai itself or on a relative basis many of the underlying utilities. suppliers to utilities. lauren: what about park hotels? >> th

>> crypto investors love to speculate. the entire point of crypto is speculation. the fact that something does not have intrinsic value is nothing. that's how you interact with the whole industry. in this case the coin we were talking about, gmac -- gme was made in january. as a meme coins gain popularity, somebody thought, i will make a meme stock on a case it comes back again and it did. those buying the coin have no recourse here. the project counter could easily take -- project founder could easily take all the money out of the projects and run away with it and you would be left with nothing but that is the fun of it. you could have massive return to that potentially make money if you sell at the right time and that there is the matter if there is the liquidity in the market to buy when you want to sell. it's a total free for massive returns or bumper pool. that is the fun of it. emily nicolle covers crypto for us. let's get away from the meme traded to real market institutional news. securitize a secured $47 million in funding led by blackrock helping blackroc

>> there are 60 million of us who hold crypto.f these emerging markets there are more wallace on crypto accounts then bank accounts. this industry is not going anywhere. it's the democrats who have gotten the memo on this and it's amazing to see them pivot on this decision. the clarity bill for those who tokenized assets to stay in the u.s.. tether, the 30th largest buyer is overseas. that's embarrassing we want those industries in the u.s. we should be voting for any growth industry to stay here and that's happening politically. ed: framework ventures vance spencer we will see if approvals came in under your timeline. caroline: a disappointing memorial day weekend when it comes to the box office. we will bring you those details next. this is bloomberg, technology. ♪ ♪♪ ♪♪ ♪♪ sandals jamaica sale is now on! with rates from $199 per person per night. visit sandals.com or call 1-800-sandals you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh wealth-changing question -- are you keeping as m

consumers, it's also good for other crypto firms. so, while robust supervision can help detect and deter consumer fraud before it happens, it will also drive bad players from the market. so, in conclusion, we jumped generations in the payment system just over the few years of the pandemic. and the cfpb's rule making in that regard is sorely needed. i think it is well-aligned with safeguarding american households, as well as maintaining a secure and competitive payment landscape. indeed, given these platforms amidst growth, this role is long overdue. thank you. >> the gentleman yields back, thank you our panel for your excellent testimony. and we have the privilege of the ranking member for the full committee, maxine waters, and i yield for one minute. >> thank you, mr. chairman. i've long raised concerns about big tech's expansion into financial services. and i'm pleased that they've finally taken action to oversee these companies. big tech already dominates markets, possesses massive amounts of consumer data. but it's not been subje

so whether you are crypto booster or a crypto skeptic, we can all agree, based on the facts that crypto investment is a risk. and since it is a risk, we should want more oversight to protect americans. but this bill before us today doesn't provide us more regulation, it doesn't even provide many americans the same level of regulation as traditional finance. instead it creates a light touch regulatory regime that can be manipulated by bad actors in both crypto and traditional finance. putting americans and our 90-year securities laws at risk. my amendment focuses on one key area where everyday people who would invest in crypto under this bill will in fact receive less protection than americans invested in traditional finance. the current flawed bill before us creates a crowd funding registration exemption for crypto that is 15 times weaker than the crowd funding exemption that exists in traditional finance. in the existing bill before us, someone could trod crowdfund up to $75 million from everyday americans, and those americans would receive just the most minimal of protections. we woul

we've had an important step towards clarity and toward mainstreaming crypto.dn't be more excited about that. liz: yeah. and as i said is, six of the mine picked coinbase as the custodian. the custodian is an issue that is required by the sec, as i understand it. basically, they're in charge of record-keeping activity, and it's sort of you're facilitating the trades and the holdings. how important is that to coinbase? i mean or your stock has done increasingly well over the past year. -- incredibly well. >> we're going to have an important role9 with the issuers who issue these etfs, so we will be the custodian for most of the applicants. so that'll be with quite exciting and much like the the opportunity we have with the bitcoin etfs, we think it'll be a big business, you know, opportunity for us. but what we found is that the broad scale adoption of the bitcoin etfs led to a broader upsurge in the market more generally, and so we expect to see something similar we etherium, and that's really as positive for us. liz: you know, it's been a very big couple of we

administration, the sec had a pretty similar view of the crypto industry.t that time it was initial coin offerings coming out. the sec said that they were unregistered securities and they took a number of enforcement actions. those can take years, to. some of these investigations started years ago. i don't know that just because there is a new president, if that were to transpire that we would see a dramatic shift. however, there are some notable differences. gary gensler's s.e.c. was emphatic about how they viewed ether, the second-biggest cryptocurrency. we will see what happens. it is just one of the things that we will see play out over the next few months for sure. sonali: thank you for keeping an eye on all things financial regulation. coming -- next, pnc and twc teaming up for a middle-market private reddit platform. the hottest new thing on wall street and the details are coming up next. stick with us. this is bloomberg. ♪ sonali: this is this is bloomberg. ♪ -- this is "bloomberg markets." time for the wall street beat in today we look at the partn

after awhile, this guy, he says, we have this type of crypto currency. i wanted to learn how to currency work. so, and, and this person was so kind. he said, i'm going to teach you tripped up currency such as bid cannot populate as an investment. the risk is high and so uh, the potential profits. but crypto currency is up 40 regulated transactions, difficult to trace, which also makes them highly attractive for organized crime. so i trust that this person and you know, i let him teach me if you invest in the website, you can see your funds there. you can take out the money to scam us, maintain contact with the victims for months, persuading them to invest more as more money and over i thought the website was legitimate. she was convinced she was investing her savings. well, instead somebody flowed in to a, tripped a wallet, a kind of digital account and was at the hands of the fraud says i wanted to withdraw a couple of $1000.00 and i clicked on withdraw them. and this person was, was pushing me to invest more money into, into this crypto currency. then

to crypto currencies now as the founder of binance — that's the world's biggest crypto exchange — hasn in the us. changpeng zhao pleaded guilty to money laundering charges last november. us districtjudge richard jones faulted the crypto kingpin for putting growth and profits before complying with the law. 0ur north america business correspondent michelle fleury has more from new york. sam backman fried is not the only poster boy for crypto wrongdoing facing a reckoning. his rival, the former ceo of finance was ordered to spend four months in prison for failures that allowed cyber criminals and terrorists groups to trade on the world's largest crypto currency exchange. back in november, mr zhao pleaded guilty to one count of violating the bank secrecy act resolving a multiyear investigation by the us government into the world's largest crypto currency exchange, finance. as part of that agreement he also stepped down as ceo. founder apologised to the court in seattle saying his company had now put in place anti— money laundering controls. he was watched by his mother and sister who were

question about crypto. you want crypto, vote for trump that clip went viral, and actually changed things in washington we saw multiple votes over the last several days that were pro-crypto the president said he was going to veto those, and then kind of backed off so, i think there's been a sea change here in the regulatory environment, and it's a welcome one from the industry. >> so, this is just in the past few weeks, you think -- >> since may 6th much more optimistic, and then, what we're seeing is the s.e.c. is starting to amend these s-1s. i don't know if the' this here yum etf gets approved today, next week, or the week after, it will get approved at some point in time, but also, the trade now is, who is next? right? >> exactly >> who is next because it -- you know, i was talking about it yesterday, now it's almost time for truly my etf, my blended etf of which, you know, which crypto asset it is, and so, who is next, though? >> i mean, i think you've got to think about sew lana as probably the next on

and this person was, was pushing me to invest more money into, into this crypto currency. then the website went offline, the sky mountain no longer replied and the money was gone. this form of online fraud as long as peek, butchering the fraud stuff happens the victim up before taking them to the slaughter house and do less wondering why is this person doing this to me? laura was looking for like minded people online, but this search ended up costing her a lot of money. scans like that can often involve 5 figures. sam's be very traumatizing and embarrassing for the effected then finds it as of victims. awesome . don't tell anyone that's so ashamed in the worst case, those people even take their own lives because they feel so much shane bye. sometimes rented home without side defense, having lost so much money as from the one home. it's an incredibly lucrative business for criminals. in the us, for example, scam us don't a monumental $10000000000.00 from private individuals in 2023. and that's not even including scams against companies. so how can you protect yourself? scam

not in crypto with bitcoin off.hen it comes to crypto related news, we will be digging into what happened with robinhood of course. the sec looking at particularly its crypto sales. zero and 7% despite the announcing the sec might well be looking into its business. warren buffett pulling back on the state of apple. really loving the iphone product but we look ahead to new products new ipads with mark gurman in a moment. i want to shine a light on some of the chip makers -- chipmakers. nvidia still yet to report on may 22. we also get arm this week. earnings season well underway. technology, communication services company beating profit estimates. 90 percent of tech and communication services customer companies. we want to get all the statistics. it feels as though when companies have beat, have they really outperformed? apple was a massive sigh of relief when we saw the stock rally. >> you can see gina's team in that function and you can see the equities there. when you look at how stocks in aggregate have been perf

well, instead of money flowed in to a crypto, wanted a kind of digital account. and was at the hands of the fraud says i wanted to withdraw a couple of $1000.00, then i could then withdraw them. and this person was, was pushing me to invest more money into into this crypto currency. then the website went offline, the sky mountain no longer replied and the money was gone. this form of online fraud is known as peek, butchering the fraud stuff, patterns the victim up before taking them to the slaughter house. and do less wondering why is this person doing this to me? laura was looking for like minded people online, but this search ended up costing her a lot of money. scans like that can often involve 5 figures, sounds and be very traumatizing and embarrassing for the effected then finds it as of victims often don't tell anyone that's so ashamed. in the worst case, those people even take their own lives because they feel so much shame name by sometimes rented what outside defense having lost so much money that's from the one . um, it's an incredibly lucrative busines

once considered the most powerful person in the crypto industry, cz the second major crypto boss to beo prison. in march, sam bankman—fried received 25 years behind bars for stealing $1 billion from customers from his now bankrupt ftx exchange. but unlike ftx, binance is still the biggest cryptocurrency exchange in the world and cz has his own eyes on the future. recently announcing plans to launch a new non—profit education platform, giggle academy. colombia university, as you see from preachersjust colombia university, as you see from preachers just outside police have barricaded the area and restricted some price from getting close to the events —— press. we know that hamilton hall, part of colombia university that's been occupied by students who are protesting israel's defensive in gaza have been camping there overnight and police have been informed or have been taking action to get them out of hamilton hall and another police buster, nypd is in the arrive of the street and up to assist with activities stop lots of press and media coverage of the event and media coverage of the eve

he's taking campaign donations and crypto currency. he has evolved.vek ramaswamy has his ear, surrogate. stuart: bitcoin and cryptos have arrived, big ones are not going away. lauren: the etfs, he's partially responsible for that. i call it natural. he was speaking to libertarians and that is what they want to hear. stuart: coming up, president biden visited his daughter in law. she is expected to testify in hunter biden's trial. the white house claims there was nothing fishy about the surprise visit, we have the story. closing arguments underway at the trump trial in president biden getting ready to break his silence on the case. russell fry on that next. ♪ ♪ municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-217-3

. >>> and crypto.now ether is leading the group higher which is up 18% in the last two days amid speculation that opposition is easing among regulators toward approving one or more of the spot etfs. trade directly in ether. bitcoin is back above $71,000. i haven't looked at it. it is just below $71,000. andrew. >>> joe, we should talk about this one because i think this is making news around the world, frankly. when asked about successiosuccession,. jamie dimon, he said retirement was five years away. he said the typeimetable not fi ye years anymore. he said the succession plan is on the way and the company is moving people around. among the short list is marianne lake. con ssumer bank ceo. and we have jennifer piepszak. it is is likely dimon will stay as chairman. one date to think about, folks, is the opening of jpmorgan chase's new headquarters which is being rebuilt on park avenue. the expectation is a 2025 event. that is something jamie dimon has been inn mtimately involved. you can imagine the ri

days of crypto. that. the volatility is a driver, right? we understand that. particularly when you consider your customer base. but there must be a psychological element of that as well. if you take the news flow of late, spot bitcoin etf, do you see evidence that those headlines drive activity for you on the platform? alesia: we absolutely see that crypto volatility and rising prices drive activity on our platform. with the demand of bitcoin etfs, it is natural to see the price go up, natural to see elevated activity. what is so exciting to us is we now have a material part of our revenue coming from non-trading activity. we have been seeing growth in our subscription and services through the downturn of 2023, through q1, where it was up 36%. and we are really excited now for this next wave of crypto adoption a hunch he. -- adoption on chain. we can do faster and cheaper transactions. it gives the foundation that we might be able to drive into payments. so, yes, historically very headline driven, bu

as we head to break, a check on crypto, crypto exchange, with the ceo tom farley will join us to talk back. all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. >>> welcome back. futures, things are in the red but not by a big amount. this pce number will be coming out in an hour's time and dow futures off nine points. the nasdaq off by 60. when we come back what the verdict in former president trump's hush money trial means for voters and the presidential election. we've got pollster frank luntz along with jeff horewith joining us. we'll have much more after this break. "squawk box" will be right back. >>> welcome back to "squawk box." donald trump is now the first former american president ever to be convicted in a criminal trial but it's unclear whether it could impact voters in november. according to the latest polling, three-fourths said a guilty verdict would make no difference. any change may not be enough to alter the trajectory. frank luntz and jeff horwit

apparently, ellie, my producer, ellie who is great on crypto my view, probably the top three crypto reporters swing state voters consider crypto to be a pivotal issue at the ballot box. it is a no-brainer. i'm pretty sure vivek ramaswamy as you know who is, you know, an investor, i think somewhat embrasive of crypto, we hear through the grapevine, we have a call into the campaign. i don't believe we have a comment yet or to vivek's office, he is no longer campaigning he is kind of behind this. he basically showed some of the numbers to trump. we'll see if that is true. my guess it didn't take much convincing. this is a layup. clearly if you want a better demographic, a younger demographic, if you want an investor demographic, larry fink is not into bitcoin etfs because he thinks no one wants it. there is a market here. liz: you saw the biggest number of investor ever flow into an etf. >> right. it is interesting, while joe biden is out there denying weapons to israel donald trump is actually, and other things, denying inflation, he said something crazy about inflation today, like it doesn't e

crypto for trump. >> it is positive.ased my presidential campaign also accepted crypto currency donations, this a good move. it is also what is symbolizing, an alternative, an opt out from a system which sadly has been corrupted by federal reserve running a printing machine on hyper drive, that opt out holds the existing currencies, including fiat currency and u.s. dollar holds their feet to the fire, this is an accountability we should want. i think that prob president trump has been ahead of the curve, i respected his decision. i think that something that libertarians, even not traditional republicans, and freedom minded independents continue to respect about him. his ability to adapt as issues move he keeps up with them thank is true about trump in a way not about joe biden. larry: for sure, you want -- you know central bank digital currency, but let's break it down, a federal reserve digital currently, and an attempt by the federal reserve and treasury to control our money. that is what it is. so better off break thr

they said it's not just crypto driving the quarter.very cyclical and tends to rise and fall with crypto volumes. they pointed to credit cards, subscription offerings, and retirement accounts, which is really not what a lot of people think about when they hear robinhood, but they really tried to delineate between some of the volatile crypto business, which was up, you know, more than 200%, and some of the retirement account side of things, so, they tried to say it was diversified and not just crypto. >> kate, thank you kate rooney. not just meme stock trading anymore, or bitcoin trading. that's for sure. >> monthly average users up 16.1%. arpu, tim. >> average revenue per user, guy. >> thank you >> $104. the street was looking for $93 that's up, i think, 35% year over year. and carter may or may not say, this is, like, a three-year bearish to bullish reversal that i think will continue to the upside >> are you going to say that >> i -- i like that idea it's a big old base, and the -- >> big base? >> long in the space >> see you're all g

good to see you. >>> still to come, six months later, advisor still not cozying up to crypto why bitcoint not everyone is clamoring to get in. >>> celebrate ing at at nhpi month. >>> when i grew up as a kid i didn't read into being asian i grew up in a predominant he white school, why friends. fast-forward today i have two boys a quarter asian. less asian than me and you would think they are fully japanese the way they show up every day they embrace it. part of who they are so proud of the fact they share some of that culture i think that is a very good representation of the generation that's growing up. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> umgc has been absolutely instrumental in my post-military success. after doing about eight years active duty, additional four reser

donald trump came out and said that he would support the crypto industry.the current administration, has been very anti-crypto. we started seeing that, you know, last year when they shut down signature bank. they made it very difficult to provide clarity these assets. so, you know, i think that we do, we will hear more about crypto during the election. we are also seeing congress to really start to push through legislation that will provide clarity that the industry has been for. last week, for 21 was passed by the house. it was pretty bipartisan. there were more republicans than democrats who voted for it. the bill will provide clarity on which tokens will be under se jurisdiction. which will be under sec jurisdiction. it's been a big sticking point around security and commodity and knowing which is which. there is also, there are all sorts of other relation put in there for customer protection. moving forward, it goes to the senate next. we will see what happens. biden has said he isn't going to veto it, a positive sign. caroline: jalak, great to have you

your, your view on crypto given that need to use is very diverse. it's being variable a trial. and it's meant in the past year or so, nato nations don't seem to be able to sanction those they wish to sanction to sanction labor because crypto big going bypasses washington. so yeah, being kept a printer, has it kind of be used as a sort of um i guess it kind of like a side so typically the monitoring system. i think when i'm, when i'm thinking about bitcoin and stuff like that, it's a, a c, it as a kind of system of digital collectibles, it could be moved around the show if you're in a place that springs to banks and you can use those digital collectibles. to bypass the banking sector and so on. and but they're highly volatile, right? so that's, it's the, it's, it's not an ideal um alternative to the existing monetary system. but they do form a kind of a parcel council to the existing monitoring system. just not a very good one. and of course national security agencies could be causing the volatility is um, people suspect, but interesting. the you said the in nature of countries,

crypto can get hacked. in fact, there have been some pretty major crypto hacks in which assets just vanish. the risk isn't theoretical. it is real. ftx, $600 million, poof. binance, $586 million, poof. ronan network, $625 million, poof. and poly network, $611 million, poof. all in just the last three years. we have seen multiple hacks of crypto platforms. the unique risks of crypto can create liabilities that seriously impact a company's financial condition. sab121 simply clarifies how companies should account for those risks in their financial disclosures. that's all it's doing. now, there's a second kind of problem with crypto, and that is if a company safeguards property for someone, stock, bonds, jewelry like we talked about earlier, if the company doing the safeguarding goes bankrupt, the true owner of the stocks or the bonds or the jewelry can get their property back. but if the company that goes bankrupt is holding crypto, the recall yurts of -- peculiarities mean that the creditors of the bankrupt c

what do you make of this story, crypto, crypto for trump?i think it is positive, i think it is positive, larry, of course biased because my presidential campaign accepted cryptocurrency donations for the latter half of the campaign or most of the campaign so i think it is a good move but also it is what it sim symbol lieses right? this is opt out of federal reserve running a printing machine for last 20 years on hyperdrive. that opt out holds existing currencies, fiat currencies, including u.s. dollar hold their feet to the fire, which is accountability you should want even if you're rooting for strong dollar in the long run. president trump is ahead of the curve, after new hampshire, he and i had respected his decision, he was opposed to central bank digital currency. that is something libertarians, even not traditional republicans, libertarians, freedom-minded independents across this country is continue to respect about him, his ability to adapt, as issues move he is keeping up with them, the true by trump but not joe biden. larry: centra

well, instead of money flowed into a crypto, wanted a kind of digital account. and was at the hands of the fraud says i wanted to withdraw a couple of $1000.00, then i could then withdraw them. and this person was, was pushing me to invest more money into into this crypto currency. then the website went offline, the sky mountain no longer replied and the money was gone. this form of online fraud is known as peek. butchering the frost of catherine's the victim up before taking them to the slaughter house. and do less wondering why is this person doing this to me? laura was looking for like minded people online, but this search ended up costing her a lot of money. scans like that can often involve 5 figures. sam's and be very traumatizing and embarrassing for the effected, then finds it as of victims often don't tell anyone that's so ashamed. in the worst case, those people even take their own lives because they feel so much shame name, but sometimes rented home without side defends, having lost so much money as part of on how it's an incredibly lucrative business

but it doesn't have to be that way as the world's largest crypto asset manager, you'll find a lot of people hold and grayscale funds, which means you're investing in good company grayscale crypto investing begins here did you know that only one in ten americans consume adequate amounts of fruits and vegetables ag one fills nutritional gaps and promotes gut health with essential vitamins and minerals, pre and probiotics and superfans supporting your health doesn't need to be complicated. try ag one today. >> when it comes to investing, we live in uncertain times some acids can evaporate at the click of a button. others can deflate with a single policy change savvy investors know that gold has stood the test of time as a reliable real asset. >> so how to you invest in gold sandstorm? gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment learn more about a brighter war way t invest in gold at sandstorm gold.com the all new temper p-adic adapt actress was designed to help me aches and pains. a thing of the past, because

and every show, you ask about crypto and my guessing is this will be a majority crypto interview, while where the financial media is focused >> well, i want to ask you actually about a whole bunch of things in the classic stock market >> i'm looking forward to it >> but let me ask you this vlad tenev of robinhood, you've delivered a wells notice to them, i know you don't want to speak directly to them but literally just yesterday, he put out a statement effectively attacking you and the s.e.c. brian armstrong from coinbase said ervffectively, welcome to e club >> so the listeners and the american public can understand, we have a really important responsibility as being a cop on the beat, and assuring that people that are asking you to put your money into buy or sell securities, are following the law so you get disclosures, that you get certain protections. and we have live in-court litigation with at least one of those companies, coinbase, in front of judges, at this point in time. >> ways the state of play though with robinhood to the extent that you discuss it. and for those investors

he in fact has two crypto bills hitting the floor this week.gy for the 21st century act or fit 21 would offer some market structure, clear rules for digital firms. it has the backing of the crypto exchanges, coinbase, gem -- gemini, crack ken cracken. house member tom emmer. this anti-surveillance state act, i love, you minutes no words. you're saying central bank digital currency is not open, it is not permissionless. it is, private nothing more than a big government surveillance tool and that it's, you know, i'm curious though, your colleagues feel about it, how many of your colleagues agree with you on this. are they ready to fight? >> two or three years ago i would have said felt like i was yelling into the woods. today i think you've got republicans and democrats alike who understand what we're dealing with. you can just, all you have to do is look at the communist party of china, chinese communist party with the digital yuan, charles, they are literally using that to track their citizens purchases, their behaviors, and they're building so

clearly, there is no element of how big a position do you want to take in a crypto market? something like a pension fund, which is going to fund you in your retirement. there is still some anxiousness and some wariness around making that position to make, and that is what we heard from someone in this story here is a very well-regarded person who is on the association who looks after the people who are doing these self managed funds, so that is an area of concern but coinbase and some of the other big rivals , but also the local players, btc markets and some of those other local players, clearly, you see the overall growth outweighing any risk associated with volatile processes -- prices. haidi: more to come here on daybreak asia. ♪ annabelle: russian president vladimir putin arrived in china on the first foreign trip of his new term, underlying the importance of his relationship with beijing as russian forces press forward in ukraine. stephen engle is here with the details. this visit is off the back of his meeting key leadership changes that signals he is setting up for a

your your view on crypto given that need to use is very diverse. it's being variable a trial and it's meant in the past a year or so nature nations don't seem to be able to sanction those they wish to sanction to sanction labor. because cook joe big going, bypasses washington. so yeah, being cooked a country has that kind of the, the use as a sort of, um i guess a kind of like a side. so to the global monetary system, i think when i'm, when i'm thinking about bitcoin and stuff like that, it's a, a see it as a kind of system of digital collectibles that could be moved around the show. if you're in a place that's being spanks and you can use those digital collectibles to bypass the banking sector and so on. and, but they're highly volatile, right? so that it's, it's the, it's, it's not an ideal um, alternative to the existing monetary system. but they do form a kind of parcel council to the existing monitoring system, just not a very good one. and of course national security agencies could be causing the volatility is um, people suspect, but interest