for a passport and that legal residency status is what lets people geographically shuffle their crypto holdingsd paying taxes. now the company's founder says that clients typically make a $100,000 to $150,000 donation. on top of that they pay some due diligence fees, government fees, and then $20,000 for her legal fees all in the average check ranges from $130,000 to $180,000. as for the core clientele i'm told most customers are from the u.s., the uk, australia and canada >> do they have to give up their citizenship? >> reporter: it's treated like bitcoin and if a taxpayer is a u.s. citizen or even just has a green card, the taxpayer owes u.s. tax on any crypto gains they have no matter where the crypto or taxpayer is located. and i actually spoke to one u.s. citizen in the process of applying for a second passport in st. kitts and is seriously considering renouncing his u.s. citizenship so he won't face capital-gains taxes. >> all right, maybe capital-gains taxes aren't so bad. pretty fascinating detail. thank you. >>> that does it for "the exchange." up next on "power lunch" spring is usuall

the trend among investors to have diversity within their crypto holdings.king at other assets to build out their portfolios. a lot of them are getting excited about these new use cases of digital asset protocol starting to pop up. caroline: the grayscale d5 fund is what you are announcing. decentralized finance, what are opportunities people want to get exposure to yucca >> decentralized finance is additional financial services needing decentralization. for typical investors, typical consumers, they are going to banks and brokerage houses to get borrowing and exchanges. defi offers the opportunity to do that in decentralized fashion. this is a hot area of crypto were investors are telling us they went exposure to. launching a fun -- a fund is a really attractive opportunity. taylor: what is that targeted opportunity investors are saying we want access to? caroline does this all the time. explain to me. >> i think defi represents a new subset of assets. we have seen bitcoin emerge as restorative value. we have seen the emergence of stable coins. we are start

crypto or have an interest in holding crypto crypto, in my mind, is something a lot of younger people are more into i was surprised that it wasn't even higher than that. just looking forward, how will crypto play a role in, at this guess, the shaping of fintech companies and also more of the legacy payment companies they have their own crypto link cars visa lets you spend crypto mastercard has one where you have crypto rewards. how will it change the future of payments when it comes to these young people >> this is an unfair question with a two and a half or three minute segment >> true. >> so happy to come back with more on that on the one part, to your point, you were surprised only two-thirds i would say we were surprised on a more positive side on that why? because when we speak with institutional investors, not just me but my colleague and working on the crypto work we've been doing for the past several years, institutional investors maybe half or 40%. so it seems like this age bracket, this intern group is even more interested in crypto than our instituti

says this cap -- this crackdown on china unprotected currency could lead to an outright ban on holding crypto is bloomberg. ♪ haidi: a quick check of the latest business headlines. china's market regulator orders tencent to pay half a million you on or around $77,000 in fines after an official investigation found its 2016 acquisition of china music corp. violated regulations. tencent says it will rectify the situation. robinhood made its case for investors of all kinds to buy shares, opening up to the public what is typically reserved for institutional players. they responded to customer questions about the business model and growth plan. it is allocating as much is 35% of shares for its own app. it is expected to start trading on july 29. a singapore company has agreed to go public with a blank check company backed by richard lee and peter thiel. it is expected by 2022. the combined entity will train -- will trade on the new york stock exchange. a vein per -- posted a 70% jump in profit on the first quarter, helped along by strong interest earnings. net income and, beat estimates and almost

the more people that have crypto and hold it securely, the more they will spend. ypto has a lot of different use cases. some people use it just to store value, some use that as a way to hedge against government currency, some use it to spend money online, repentance, cross-border payments. the more use cases, the better it is for the ecosystem as a whole. caroline: how much is elon musk a help or a hindrance? sonny: elon musk, jack dorsey, kathy what, a triple crown of speakers about crypto. they all have their different beliefs. crypto has a different leaf depending on where you are in the world. all three had a different vision as to why they loved crypto. that makes crypto so great. caroline: many we have talked to here, the arrival of institutional money and how you need institutional adoption, and in some analogous way you need to centralize it to have everyone take forward the centralization mantra that is crypto. we had scott minerd on earlier, key man at guggenheim. he is saying bitcoin is going to go to $15,000. this is in the right time to buy. how much i

there will currency, hsi outreach group is holding a crypto currency space over 5000 participants. the relationships we a center directly correlates to investigate this. last year hsi old cyber harassment the fbi on sunday currency accounts identified as significant. the hsi undercover operation was initiated to investigate the unlawful use of currency or terrorism the resulting investigation hsi sees 63 one $80 million donated illicit financial networks. case hsi initiated resulted in the seizure of 150 currency house and taking over of a mock. >>. already having lost in an email to funds. the result of the spaces and others. how long and is terrorist groups the use of hsi's financial will you. undercover on the ability to use private sector as a force multiplier to disrupt and dismantle control of these organizations. in closing i appreciate your business and this rapidly growing field. thank you for the opportunity to be for you today and are considered of homeland security investigations class is they stand in recess stsubject to all of the chair. mister malinowski will be shor

now, christy, when we're talking about a public company here, should they be holding a crypto like don't coin which is so speculative in nature? well, i think any public company should be free to hold any asset they want as long as they properly disclose it, and investors are aware of the highly speculative nature of the asset. and as much as i hate those coin and bend. no. so i think no one is completely useless. however, i do applaud robin hood for jumping on the bandwagon because it was a very small move for them. the point of robin who was the game of the stock market . so it's like a video game for users. so windows point started looking like the ultimate casino game, the ultimate game of taishan of crypto currency. it was smart for robin hood to then put it on the platform to take advantage of the trend. but now a significant portion of its revenue is derived from those points. and that's dangerous because of the highly i can nature. like you said, there can be amazing applied if it goes to moon, which i doubt, but it can also come suddenly without warning. so i think it's okay for

the fact is that the crypto currency has intill -- infiltrated many costs. and not only do several investors hold crypto in their fun, and we have seen it in the banks, and we have permitted custodians operating as we have 50 different states looking at the myriad of states. there 50 different states looking at the myriad of tools. this can be innovative, but the main thing is that we have a race to the top, and not to the bottomment there are some things that shoeb smart a ledge e slay tiff -- legislative study amongst the coordinated committees. >> so knowing that we need this, i am thinking of the committees around congress that could ensure the benefits for financial inclusion for more people. and are there any considerations that you have in mind for congress that specifically speak to those two areas. >> thank you congresswoman, for that point as well. i think that financial inclusion is crucial when we think about crypto, and as we digitize the economy, the reality is that some people are included more and some people may be included less. i think that is part of the research that we do at

we've seen other companies visa and master card said they have no plans to hold crypto on their balanceompany or institution that put the stamp on crypto and rally again that they put it on their balance sheet or announced that they plan to buy it >> i mean, sure there could be, you know, the apples or facebooks of the world if they started buying it, maybe that might change things, but tesla put $1 billion into it and look at that. the price went from 60,000 to 30,000 i mean, nothing is -- it hasn't helped when you have a company with such retail enthusiasm as tesla, micro strategy went out into the debt market and they borrowed a lot of money to buy bitcoin, put it on their balance sheet, guess what, the price went down. they're getting very close to the break even price for bitcoin which i believe was in the 20s so this is -- you know, this isn't necessarily going to do it having bitcoin on a balance sheet isn't going to help necessarily the price of bitcoin, at least on the short term unless it's a major overhaul of how companies do their business and everybody and all these s&p 500

crypto innovation embodies that aspiration. it's rough around the edges but holds some values above all. every node is an equal, no one's voice should be censored and work rather than privilege is what counts in consensus. thank you. >> thank you. the chair will now recognize the gentlewoman from california, the chair of the full committee for five minutes for questions. >> thank you very much, mr. green. ms. goldstein, earlier this year pricewaterhouse cooper released their third annual survey of hedge funds in the cryptocurrency market. according to the survey cryptocurrency currently accounts for 10% to 20% of all assets under management for one in seven hedge funds. over 60% of the hedge funds surveyed expressed a desire to start investing in cryptocurrencies or to accelerate their existing investments in cryptocurrencies by the end of 2021. hedge funds often manage funds on behalf of mutual funds, pension plans and other institutional investors which affect millions of regular consumers and investors. ms. goldstein, do you see any systemic risks associated wit

crypto. you get cryptocurrency in your account at block price and you can hold them or use them like miles orthat sense it's a great innovation that allows people with crypto to get paid in a way they may find appealing. caroline: also, what were you think being spent in terms of the crypto they are spending? i know you said it is to do with your partners and certain crypto assets in other parts of the world but stable coins are something we have talked about an awful lot. as the fed isaac, a much are you seeing stable coins being sent -- as the fed eyes it, how much are you seeing table coins being spent? guest stable coins: take a while to be held. it is backed dollar for dollar with us dollars and you can relieve them at the same value with stable coin. we are minting people who are minting stable coins and depositing them into their accounts to use them. we allow people to pay out in usdc at the end of each day. in many ways we are bring stable coin into our system like we would any other currency. 25 or 30 we settle every night. we do all the trading we need to do to settle the currencie

cracking on this don't you think, deirdre we're behind we lead in everything else in crypto, regulation and rules, it's holding to him crypto topping -- i'm just kidding. falling this morning coin base rallying 9% after the crypto exchange. ftx announced it would cut down on the leverage it offers users on its platform, setting the max at 20 times here the aforementioned 29-year-old gazi gazillionaire, sam bankman-fried. i love you i'm just jealous nothing against you. before we even get started, when did you realize the potential? did you look at it and say this is math? it's going to be there no matter what people do to try to stop it >> honestly i first got into crypto without knowing what i would think of crypto. i got into it. i really didn't think that hard about what crypto long-term role in the world would be except when dealing with crypto i had to send a wire transfer. it was the first time myself i had to interact in a personal way with transferring funds around and, i mean, anyone who has tried to send an international wire transfer will tell you they regret it. and the more that i dug into it, the

that's true tesla is not alone those recent price drops and crypto accounting rules are setting up some losses for tesla and other companies holdinghb. we don't have exact timing analysts think it's when bitcoin was around, $32,000 or $34,000 tesla will face an impairment charge the tesla holds it as an intangible asset if bitcoin's price falls under the carry cost at any time after they boigt, an impairment cost will be recognized tesla has to mark it down on its financial statement. on the flip side tesla can't mark up the valve its bitcoin until they sell it analysts i'm talking to are looking between $2 million to $100 million it's been a rubric's cube. for other companies holding crypt jose math. depends on the price where they bought in. square, for example, might be in slightly better shape. they bought the majority of its shape back in october of 2020 but still bought some this year. macro strategy has been on a buying spree big things folks are watching for tesla in particular. did elon musk sell bitcoin in the past few months. first quarter, bitcoin boosted tesla's profits by more than $100 million back to you. >> we cou

crypto accounts are proliferating. more than 6% on your digital currency holdings and let's you borrow with crypto, as well. we'll talk about the opportunities and the risks as regulators start to crack down dom chu is here with those numbers. >> it's day two of this recovery trade since the sell-off we saw on monday. now the dow, the s&p 500 and nasdaq have all recovers all of their losses from that monday sell-off and more. the dow is up .75% it is caught up to where it was before the selloff happened. up about .5% for the as much and nasdaq, as well. predominantly green. we'll see if it stays that way in the closing bell today. one of the part of the market a lot of people have been watching, have been for a while, one of the most popular if not the most popular search on our website is the ten-year u.s. treasury yield at the lows, we hit about 1.13%. we are now up to 1.29% yes, the trend has been lower, as you can see there, but a move in higher yields people selling off some of the safety of u.s. government debt in favor of risk assets like stocks and maybe even crypto as you point out, kelly and then

that's the crypto crypto currency is you're supposed to be able to open up wallets and hold tokens without having to disclose exactly who you are. it is in contradiction to what many of these regulators actually want. and that's the biggest concern with all of this evening with crypto currency is becoming more popular. is that a big exchange like this one can just be shut down by a government and that it can actually be successful. now we're seeing in el salvador that bitcoin is set to become legal tender on september 7th. and as part of that, the government is planning to give away as much as $177000000.00 in bitcoin to the public. so why is that? and how do they mean, how do they plan to make it happen? yeah, it sounds nice, doesn't $177000000.00? well actually it's not that much money when you really break down how much you're actually getting. so what the government is essentially done is a broken it down so that every single person in el salvador who opens up a wallet is able to receive $30.00 worth of big coin. that's the goal here. so obviously lots of people equals a huge sum, but

. >> caller: i had a question about marathon digital holdings, mara with the crypto market, what is youre biggest and best, and sometimes i like to own the picks and shovels. you have a good one. i've looked at marathon digital. time and again, i've said, maybe that's the one other than coinbase that should be able to play this rather than just going and buying the actual crypto i got comfortable with it, but you're right, this is a good one. tether remains cryptic, and it has to be regulated. and i know new york state doesn't let it happen. much more "mad money" ahead, including my exclusive with lightspeed how they're helping hospitality players go digital then, i'll tell you why what we're seeing in the market, and it has nothing to do with the alphabet and tonight's edition of the lightning round. so stay with cramer. rush hour will never feel the same. experience, thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event. lease the 2021 is 300 for $379 a month for 36 months. experience amazing. don't like surprises? [ watch vibrates ] proacti

. >> meanwhile, julia, one more thing we want to mention, that bitcoin is holding above 32,000, julia, as crypto mention if you haven't seen the live stream with tether ceo and catch that on our digital page. that will do it for "techcheck." halftime with the judge starts right now. >>> all right, dee, thanks welcome to the "halftime report." i'm scott wapner front abcenter, the incredible week as stocks begin with a major selloff and end on the road to new record highs we'll debate whether more volatility is ahead and where your money works best. joining me the hour the investment jenny harrington, amy rascon pete najarian let's begin with the markets. gains across the board the dow he retakes 35,000. the new intraday highs for the s&p and nasdaq pete, a remarkable week. i can't believe we are where we are given where we were on

crypto winter, lingering crypto winter which we figured out in a survey we did recently and that stunt bode well it bodes well for coinbase revenues i wouldn't recommend holdingons in crypto, haven't they been shortened just because they re e more participants? i think tom said this the other day, that he believes that a winter will be much shorter and that over time these winters have been shorter. so why should we think this will be long enough to impact the back half of the year? >> the answer is nobody really knows, right we are not -- nobody knows what the future of the holds on crypto are but what i think here is that at the end of the day, even if the volumes go up, that the take rate or the yields continues to come down. so we've seen a consistent degradation. yield over time for various reasons. there is more institutional and institutional actually pay as lower fee. two, there is a lot more coinbase pro on the system and coin base pro is a lower feed than the regular coin base it's free, so anyone can transfer and three, over time we expect more competition from the cash app from venmo we have done surveys that shows that 40% of coin base traders of

futures or do you think it's making the average person a little bit queasy about how they're holding or accessi ing cryptotudy. the crackdowns say more about that regulatory structure. they're big in asia and offer massive amounts of leverage, 100 to 1 in some instances that was blamed for some of the weakness earlier in the year when you saw some of that unwind people needed to meet certain margin calls companies have grown to such a huge juggernautand the uk issues are more regional and more specific to what's going on there. anything to do with regulation has seemed to really catch the attention of traders asia is so interesting these companies that are so global operating in so many different markets when the framework in every single market is different. >> not really having a jurisdiction and that's not working for them either. thank you very much, we appreciate it. >>> let's turn to the home builders now a pretty mixed bag, holding up thanks to yields pulte is down. diane olick and what this means for the housing market it will take for a while for yields to ripple through into mortgages. >> report

holds billions of dollars of wealth. for folks across the economic spectrum. the developers and the founders building on top of crypto'sl take that very seriously and optimize for that first. a function like contracts -- but it catches up. romaine: ok, alyse, when we get into the broader issues of decentralized finance or whatever we are calling it these days -- you talk about the safety and security. trust is a big part of this. in order for that to function or operate as it is being pitched by a lot of the true believers out there, you have to have that. is there a general sense that while we haven't had these breaches yet of the protocol level, what is being built and the interconnectedness of it will be secure enough and trustworthy enough that we can move to whatever the next thing this is going to be? alyse: that is exactly right. that's happening now. for example, we had something called tap root. advancement activate -- lock in. that will activate in november. something that tapper enables is a more efficient connection between higher layer protocols built on bitcoin and the higher protocol itself. that creates

tesla holds crypto as an intangible asset because of accounting rules, when bitcoin's value drops belowny time after they bought it, an impairment cost is recognized. on the flip side, tesla can mark up the value of its bitcoin until a sale analysts i've been talking to are looking for between a $25 million and $100 million loss for tesla on paper in the next quarter. they tell me this is really a rubik's cube to figure out and an overhang on the stock they're expecting quarter to quarter impairments along with bitcoin's volatility the big thing crypto and analysts are watching, did tesla sell any bitcoin in the quarter to make up for some of the losses back to you. >> all right kate, thank you. that's pretty complex. that's interesting asymmetric risk there. can't mark it up, but they have to take an impairment charge, even if it goes down and comes back up, they still have to flag that. >> and if it recovers, exactly, yeah. >> weird very weird all right. thanks didn't know about some of that, mel melissa. >>> gm and ford fueling up their competition against tesla. joining us is mark f

. >> meanwhile, julia, one more thing we want to mention, that bitcoin is holding above 32,000, julia, as crypto remains volatile this week just another mention if you haven't seen the live stream with tether ceo and catch that on our digital page. that will do it for "techcheck." halftime with the judge starts right now. >>> all right, dee, thanks welcome to the "halftime report." i'm scott wapner front abcenter, the incredible week as stocks begin with a major selloff and end on the road to new record highs we'll debate whether more volatility is ahead and where your money works best. joining me the hour the investment jenny harrington, amy rascon pete najarian let's begin with the markets. gains across the board the dow he retakes 35,000. the new intraday highs for the s&p and nasdaq pete, a remarkable week. i can't believe we are where we are given where we were on monday >> i'm totally with you, scott, especially looking back even further. you go to friday and combine that with monday and all the negativity and focus that seemed to be away from the market, away from earnings, and now all of

how much could to currency buying and selling is holding of crypto and bitcoin, and you will send meck break, the report later. >> >> we will see how much production, the electric car competition in total with record profits earlier this weekend. looking for a loss with sales of $23 billion, interesting to hear about the f150 lightning and how the electric pickup for sales. >> >> $100 down. $14 a share. and for trading crypto's. and the chief business officer joins us again this morning, douglas, want to get my arms around this, your platform for trading cryptos is always open, 24/seven 365. >> that is normal. what is not normal is our secure security token would be the only registered security as of today listed 24 hours a day, 7 days a week, 365 days a year. the first ever registered security that will list it that way. stuart: explained that. what is it? crypto? what is it? >> it has a full prospectus at the database. we raised money in order to study different platforms we have as a company so we are fully transparent which is new for the industry. fully transparent, a publicly t

holding the token. the founder and ceo of a crypto wallet maker spoke on bloomberg television. >> at this point, i do fearhat in 4-5 years, the country might outright ban and. -- ban it. but it is too early to tell. basically, the regulators always have that final step but so far they have not put that nail in the coffin yet. it is a wait and see approach. emily: meantime, china has announced a broad set of reforms for education and tutoring businesses. the chinese government wants to decrease the workload for students, and overall a sector it says has been hijacked by capital. education companies have been banned from making profits, raising capital, or going public. that sent shares of ed-tech companies plummeting. china listed companies in the u.s. are seeing back-to-back losses. bloomberg's shery ahn is joining us with more. the biggest back-to-back losses in a decade for these companies. shery: since 2008. we are now seeing beijing get into the market, whether on beijing, the crypto markets, even profit management companies under the gun at this point. this is the biggest two-day drop since 2008. it

hold and lots more. >>> one more thing on crypto a lot of speculation on whether the nft bubble has burst today virtuiallyitally. and they raised a $20 million series with the vc firms and tcg participating in the deal what is digital horse racing here a look at the trend that is gaming you could say horsepower. have a look. for most of us be nose bleed seats at the kentucky derby is the closest we get to owning a thorough bred horse raise race setting back owners a couple hundred thousand dollars but what if there was a way to buy and sell at a fraction of the cost it's a digital horse living in the meta verse enter zed run online game start-up let's people buy abbreed and race digitally collectible horses through nft three the ethereum based platform >> can it can yield in off spring, sequenced on the blockchain >> owners of the winning virtual horses stand to profit from purses of varying size >> this could be a full-time job >> but to some of the fans it's more about the unique application of nft technology poeb >> pony up see what it's like it's a lot of fun out there. >> and i tour website. tech che

crypto markets. a down day for bitcoin, the u.s. subcommittee on investigations holding hearing on wild swings and potential threats to bitcoin. take a listen. >> the biggest threat to bitcoin is ethereum, the biggest threat to ethereum is doge going and the biggest threat to dogecoin is catcoin and the threat to them is hamstercoin. the uruguayan peso will never displace the u.s. dollar, but will ethereum displace bitcoin? will hamster coin displace ethereum? emily: i want to bring in long time crypto investor mike novogratz as well as our own reporter in new york. bitcoin is slightly up at this moment. mike, there is no hamster coin yet. what do you think are the biggest risks to bitcoin? mike: listening to representative sherman in front of congress tells me bitcoin and the cryptocurrency community needs to do a much better job educating officials. in some ways, he is talking nonsense and he is a representative. it is going to fall on us. we are going to spend more time in d.c., here at galaxy. emily: mike, there has been talk about the impact of the chinese crackdown

also crypto, lots of people like to buy dogecoin on the site, on the app. robinhood holdsg two of the very popular, also very volatile and maybe eventually very regulated market trends, ashley. a. ashley: all right. expect last one here, another ipo which does not stand for i'm probably obese -- [laughter] but crust by if creme going public yesterday. how's it doing this morning? >> yesterday was tremendous, it was up 23%. today down 5%. so the sugar rush is becoming a sugar crash today. look, they had to -- [laughter] their private investors want to got paid out, and it was an expensive i if po, their second time to market. and, ashley, who's eating doughnuts really these days? i mean, i am, you are, but you very rarely hear people say -- what's your favorite one in. ashley: boston cream. i mean, there's no competition. >> yeah. vanilla cream here. crust by creme is a public company -- crust by creme is a public company once again. ashley: it is, hallelujah. lauren, thank you very much. >>> one too mucher secretly recorded pressuring kids to get the covid jab. take a list

hold on for a longer term. but that's not how they make money. their revenue comes a lot from crypto and options traders do you think that investors considering this ipo understand that dynamic is it sort of conflicting for robinhood to talk about these trends, longer term holding, when they do make a lot of their growth through shorter term trading? >> yes, there is issues here in my opinion one is a conflict of interest. and then there is a perception of lack of disclosure, lack of transparency i think if anyone saw the road she on saturday, the cfo tried to answer that without giving a very clean answer or giving very clean explanation about what the future business model will look like if payment is under more scrutiny i think in the meanwhile, i feel a lot of believers will want to hope and pray there is no clear disruption in the near term. so that is what they would have them believe they get about 2.5 cents for every $100 order if you believe the argument this is a good thing for small ticket orders, which would have fostered a lot more than 2.5 cents for every $100 i think n

holds for these various cryptocurrencies. richard kay is the u.s. ceo of exmo. i always feel like when we are talking to a cryptolways want to make the distinction between bitcoin and the general crypto space. bitcoin is what people most know, but in some ways it is the least likely to survive, in my view. matt: that is a statement. amanda: fighting words, matt. but let's start with the volatility and what you think of it, what should people be making of the swings that they see? richard: we have had volatility this year, but it has been strange. the last few months, there has been less volatility. as an exchange, we live far volatility as people take advantage of the movement, but it seems to have calmed down between 35 and 45 the last few months. with cryptocurrency, there are issues of how it will be valued. it is all on supply and demand. that is why you will always have volatility. there is not any fundamental like a standard stock where you can base a valuation on it. matt: for me, bitcoin is the og, just as someone who follows the crypto world, i like to read and talk about it a lot, not really an owner.

crypto currency years. reporter: 30,000 mother, the support level so many people consider key whether it can hold it or not, one of the offerings on the financial search platform magnify. bitcoin is not your cup of tea, there are many other options and categories 5g, electric vehicles, pretty much everything else in the market for magnify is a subsidiary platform to fashion it announced kathy would has joined its board. the same manager is personally invested in it. she believes in it. get straight to the ceo. exciting times for you. explain to me competition, why is your platform better than others? >> thank you, great to be here. exciting times. i have been around for a long time but the same all these years as they have an incentive to get folks to trade excessively. we know from the work and academia and otherwise excessive trading is related to detrimental outcomes. whether you create incentives to commissions or do it through auto flow there are questions around this as we are, i think the incentives is to get people to do this. we are trying to build a business model for incentives online with incent

crypto. also not day trading not in front of the screens. that dynamic will take holder few months we are already seeing strong tokens that are grabbing, not just price action, but network and daily users. i think we are past that '99 internet bubble and going beyond the implementation phase and deployment phase there is room for crypto and bitcoin to go higher there will be more up side it may not have 10,000 coins, but hundreds of other coins get into the hundreds of billions. >> who are the next winners, rich, besides bitcoin? >> polka dot is winning. you can look at the size of the networks and market caps we have a handful. there are some others that are popular and still up there i think it is more just through history of being out there the dow versus what has performed over the last year or year and a half, you see winners come out and go from flight to quality. >> some new names for us, rich what is going to be the driving factor is there another catalyst on the horizon? i know it is summer and people have to spend their money to get out to the hamptons. once

how are the cryptos doing as regulatory concerns start to build? >> bitcoin has been holdingrange since june which is stability for crypto. we see performance from other cryptos up and down. senator warren gave gary gensler a july 20 eighth deadline. figure out how to regulate this market or else and the letters a prelude to more concrete action being taken by congress, make sure investors are not vulnerable, to dangers in this highly opaque and volatile market. we will see what congress does. ashley: thank you very much. let's bring in kenny. are there any cryptos that are safer than others? >> that story is right. there needs to be regulation around it. doesn't mean i am anti-crypto, bitcoin and the theory him are the ones i like. if i am focusing on what i think is long-term, remember, it is not occur in see the way bitcoin is, i'm putting most of my bed in the roads and highways. ashley: have another cup of coffee, we appreciate all your concerns out there. let's look at big tech, president biden will be signing an executive order cracking down on big tech business practi

holding the tokens. the founder and ceo of crypto wallet maker -- spoke to daybreak asia. >> it probably does not have anyurrency industry. i think it wants to regulate that to achieve its overarching goal for its digital rmb and for the globalization of the rmb and the stability of the financial system in the country. even though there is a hard-core cryptocurrency community in china, it surely is not being looked after in any way unlike the housing market. >> do you think an outright ban is a real risk? >> this has been talked about since late 2013, 8 years ago when cryptocurrency first came on the radar in china. at the time, we did not think that cryptocurrency would ever get more and more regulated but over the years, we are seeing more action taken by the regulators. at this point, i do fear that possibly in four or five years, the country might even outright ban it but it is too early to tell. the regulators always have that final step but so far they have not decided to put that nail in the coffin yet so it is a wait and see approach at the trading in china has come back a bit in terms of volume.

hold bitcoin sort of like netflix. i wouldn't mind cutting it we do cover the crypto space in our area i know my analyst is looking fori throw one more sure thing for you, kelly, if we have time. >> sure. >> saratoga springs, this is the opening of the racetrack we're done my buddy chad brown, he's got a horse in check him out, what's he called? clever fellow. >> okay. i love how you're saying forget crypto but bet on this horse my friend has. >> no insider trading in horse racing either, kelly >> exactly thank you all today. todd gordon, kristina partsinevelos, and mike santoli. coming up, another headwind for biogen's alzheimer's drug. two major american hospital systems are refuse to ing to administer it to patients. the stock down 6%. broker, i've . that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to we

hold for price action. it coin trading at $33,000. keep an eye on it. staying on top of cryptocrusoe energy is on a mission from montana, north dakota, and beyond. it is financing into power data centers and crypto mining operations. some believe this is evidence of crypto mining not necessarily being bad for the environment, but incredibly efficient. let's find out more if there is any truth to that with crusoe ceo chase lochmiller. chase, where you stand on the crypto mining debate? bill gates and elon musk have concerns, but when you talk to folks in the industry, they say that is a red herring. chase: i think that is right. crypto mining can be used as a huge benefit to promote very beneficial infrastructure and capture otherwise wasted energy resources like natural gas in an oilfield. it is useful to unlock value in otherwise stranded removal energy resources that are generating power capacity that doesn't have a home to be consumed. when you look at the actual global fit point -- global footprint, it is strikingly driven by a lot of these wasted energy resources. emily: w