crypto. unless you hold our your crypto. unless you hold your character— your crypto. unless you hold your character and your - your crypto. unless you hold your character and your hot | your character and your hot wallet, don't cut it. if you use it, deposit, not your key is to limit your crypto. fist is to limit your crypto. at this point _ is to limit your crypto. at this point evan luthra wants justice. i this point evan luthra wants 'ustice. ., �* , justice. i won't rest until i see a judgement - justice. i won't rest until i see a judgement and - justice. i won't rest until i - see a judgement and sentence and he says the time he is meant to serve.— and he says the time he is meant to serve. one thing is clear that — meant to serve. one thing is clear that i _ meant to serve. one thing is clear that i want _ meant to serve. one thing is clear that i want him - meant to serve. one thing is clear that i want him to - meant to serve. one thing is clear that i want him to pay. clear that i want him to pay for that. let's bring in mariko oi in our asia business hub sing

lawmakers in washington holding onto crypto holdings despite the ftx collapse. who has crypto? lauren: 9 that we know of, one is republican senator pat toomey, a great example because he holds a couple thousand dollars worth, he says he's holding on for dear life even as he slammed the fallout of ftx and says it could have been mitigated if his fellow lawmakers got through a plan to regulate it. we know that one lawmaker sold their crypto holdings as congresswoman marie newman, volatility, and beyond capitol hill, hollywood. have you heard of michael key this, former agent who runs the vc fund the reportedly got $300 million? had ties to the clintons, the kardashians and elon musk and agents of stars like madonna. the new york post is reporting he promoted ftx to his circle of rich friends. if any of them are found to have been paid illegitimately by ftx or alameda that could be the court looks into this finds clawbacks to give back to duke investors. so it is getting more juicy. ashley: it will go on and on. fascinating, thank you. president biden admits there are problems with

hold. >> good morning. when you say you think crypto will recover, are you looking at bitcoin and atherium or dabbling in some of the other tokens? >> yeah. so bitcoin and etherium is a big chunk of my holdings there is a couple other i got into for myself it was a small position, less than 1% of crypto holdings it is something i wouldn't advise people to do, especially when they're talking about the different areas. i'm not going to name the names. you have all the different areas that people dove into in 2021. that was a steal i'm still a holder i will still be holding but i want to stay in these places i think are safe this long term and hold the long term and the long horizon that's where i pointed to for 2022 and beyond. >> we have seen a major shakeout lastly, just quickly, if you are looking at this ten year time horizon, does the current leadership change over the next decade >> yeah. i think there will be some shakeup. if you look at even last -- look at what performs, look at ibm or the value to perform well over the growth, i still think growth will be in the conversation, but some companies are go

i don't know that congress is capable of that because of crypto's hold on one particular party in theate and the house. but we're trying every day. that's why i'm working with yellen, the secretary of the treasury, and gentzler at the s.e.c., to do what i can do to crack down on crypto. >> sir, you're up for re-election in 2024, a top target for republicans. your friend, congressman tim he ryan just ran as good a race as democrats could have hoped for against an unpopular in ohio and still lost six points to your new colleague, j.d. vance. how worried are you ahead of your own re-election bid? is ohio still a swing state? >> of course it is. i'm not worried. i know it's a challenge always, but i'm going about doing my job. i've been to 15 counties talking about the p.a.c.t. act that important bill that will provide health care to veterans exposed to these football field-sized burn pits in iraq and afghanistan. we delivered on the pension bill, 100,000 ohio families getting pensions restored. just this week brick layers got their pension money finally. we're working on the infrastructu

i can't see the crypto i hold, i can't see the exact amounts of crypto i hold, somebody like me has over there was yet another failure in the sector. core scientific, one of the biggest publicly—traded companies creating, or "mining", crypto currencies in the us, filed for bankruptcy protection. it blamed slumping bitcoin prices and rising energy costs for bitcoin mining. so what is the outlook for the crypto industry? we can cross live to new york to speak to crypto expert molly jane zuckerman. cani can i ask you first of all, we have just had this news that sam bankman—fried has been released on this huge amount of bail, your reaction to that? tim this huge amount of bail, your reaction to that?— reaction to that? i'm a bit surprised _ reaction to that? i'm a bit surprised but _ reaction to that? i'm a bit surprised but i _ reaction to that? i'm a bit surprised but i guess - reaction to that? i'm a bit surprised but i guess i - reaction to that? i'm a bit - surprised but i guess i understand that the judge believes that he is too recognisable at this point to be able to flee so it's a

but if approved, people will be able to buy goods and services, as well as holds crypto countries as an investment asset. however, it will not be considered an official as official legal tender. brazil already has a prominent trip to economy with brazilian acts of exchanging digital coins such as bitcoin. we heard from crypto currency entrepreneurs, chris ems, who says, bitcoin can assist economic development in latin america and diversify away from dependence on the us dollar. whole point of what we call the crypto economy. is there anyone anywhere in the welcome participate in it? really, the basis of the technology is an ability for people to transact all around the world and make it bored list and free, and also very, very cheap. which is why in developing nations like brazil quit because he still has a very significant place within their economy. you know, looking, looking at every economy really in any developing nation. we've got a very big problem now, which is really the real problem is it's my problem, which is the stagnation of the us all that for obvious reasons that we w

crypto currencies in the country. as a payment method. the move will still need the ratification of the present, but if approve, the people will be able to buy goods and services as well as hold crypto currencies as an investment offense. however. 3 it will not be considered an official legal tender. brazil already has a prominent trip to economy with resilience acts of exchanging digital coins such as bitcoin. we heard from crypto conceal entrepreneurs, chris ems who says big client chemist is economic development in latin america and diversify away from dependence on the us dollar. the whole point of the what we call the so called crypto economy. is there anyone anywhere in the well can participate in it? we, the basis of the technology is an ability for people to transact all around the world and make it borderless and free and also very, very cheap. which is why developing nations like brazil, credit cards, he still has a very significant place within their economy. you know, we're looking looking at every economy really in any developing nation. we've got a very big problem now, which is really the real problem is this microcosm, which is the stagnation of the u. s. doll

bitcoin still around $17,000, despite all the turmoil in crypto bitcoin holds up at 16, 17,000 bucks coin. the latest read on the service sector just coming at us. >> unexpectedly rose. stronger than expected for november. 56.5. in october it was 54.4. it didn't go down. it actually went up. the services sector holding up apparently. stuart: i have to believe that a strong service sector report pushes the stock market down. strength in the economy not seen as good at this point. dow down 360. nasdaq down 125. most of this loss occurred right after the number was released at 10:00. got that? now this, folks. >>> in the jungle known as the crypto world charlatans can be expected. sam bankman-fried is a charlatan. he is on apology tour trying somehow to explain away the juvenile lunacy known as ftx. it won't work. he said he didn't knowingly play fast and lose with billions in customer funds. he didn't knowingly commit fraud. he didn't know how bad things were until too late. and today we hear he claims to have, misaccounted $8 billion in customer funds. what on earth does misaccounted

for banks that are not dealing with crypto, helping to exchange tokens are a that, they're just holdingfor crypto customers and helping them send it back and forth between themselves, the value there is you can bring the deposits onto your balance sheets and you do not have to pay out interest. you have a very affordable way to find yourself. that is sort of what drew a company like silvergate into this. other banks have done this as well. customers bank or signature bank. obviously a few of them had banking relationships with ftx and alameda that has folks raising concerns. short-sellers are dog piling the stock. lawmakers are asking questions as a result of these relationships. caroline: from your early reporting and digging run how exposed has silvergate become? wet areas within the financial services that they offered made it more difficult to extricate themselves? guest: the biggest level of exposure was the deposits they held on their balance sheet. silvergate said they did not lend to ftx. they made it very clear that the only relationship they had with ftx and alameda research,

have a look at those crypto assets. bitcoin holding above 17,000 right now.mingly well supported for the time being. ftx at 1.5% to the upside. mystery continues to shroud the misting -- missing billions at ftx. denying trying to perpetrate a fraud while admitting to some grievous managerial errors. annabelle droulers is with us now. what was the basic thrust of what he had to say and what was the tone? was there a sense of mia coppola? -- mia coppola? annabelle: i think he was basically trying to distance himself from exactly what went wrong. he said that he only knew that something was amiss back on november 6. and the timeline of the implosion, it was november 11 that i got underway. he went on stage at the summit saying, he only had a few days in that time. he was trying to rate financing. he was deeply apologetic. he did issue a lot of policies to customers on the platform. in terms of what he heard, he was focusing on the international arm of ftx. he says the u.s. one is still solvent. he described it as a margin trading platform. rishaad: japan's is ou

i'm not very optimistic about any negotiation for crypto winter. it's gonna hold their inside story on al jazeera. ah ah, you're watching the al jazeera reminder of our top stories. the south 43 migrants attempting to cross the channel, have been rescued from cold waters off the coast of england. their boat capsized in the channel, at least for others. a confirmed date. the ukrainian president says keeps it. defenses have shot down. 13 russian drones. russia has destroyed much of ukraine's energy facilities, causing rolling blackouts. this winter sits in morocco. support is a flocking to to high hit, the world cup semi final against france. don't join thousands of fans already in the country who have my chill morocco has been one of the best and most loudly supported, tames in the tournament. who chinese and russian influence on the african continents is also coming under sharp focus at the 2nd u. s. africa summit and washington d. c. president joe biden has invited dozens of african leaders for 3 days of talks . it's the biggest international gathering of the u.

finance, the largest exchange in the world, you see investors saying, listen, i'm not going to hold my cryptoe exchange. we saw it happen at if ftx, so they're taking it maybe to a private wallet, and then you have less tradeable bitcoin. so it's not going to be traded, it's going to be held. stuart: one more explanation -- >> the bull case is with all the negative news surrounding crypto and the ftx news, if it holds this 16,000 level, 17,000 today, that's bullish, and it will resume the march higher. >> i'm with mike. susan: is it kind of like jamie dimon where he says he believes in blockchain, the underlying technology? makes sense, where it's peer-to-peer lending without having to clear the banks for two days. stuart: okay, let's get to something special here. you've got a new show, and it's called the bottom line, and it's here on fox business. >> it's going to be dagen and duffy -- [laughter] by the way, there was a lot of debate, how can dagen's before duffy? i lost that debate. yeah, we're going to talk pollices and business and policy. it's going to be a great show. stuart: you do a

but the audit on that crypto money wouldn't hold my breath. we'll never know where it went. like mini madoff. i like ponzi putz. the nicknames are flying. someone has a nickname for minnie in the bahamas. it's not a good one. andy from thoms river, new jersey. jesse, if i move out of the country and sneak back in illegally, do i qualify for free healthcare? what about my free cell phone? not only do you get a free biden phone, if you identify correctly, you could be getting close to $40,000. joe from buckeye, arizona. jesse, i heard you say aoc wendt hiking in the wilderness. did she find crooked out there? do you remember that? i remember. two people that have never gone hiking would like to be filmed hiking what does that say? stefan from virginia, who came up with your famous tag line you exit the show with? i came up with it. i'm waters, and this is -- i came up -- you think i stole my tag line? i'm not minnie. tucker is next. remember, i'm waters. this is my tag line. >> tucker: good evening. welcome to "tucker carlson tonight". time for a confession off the bat. there

crypto. i'm just holding onto my investments, and i'm just going to ride it out until it gets better.of people tell me they're waiting for it to go back to where they bought it and then sell it. will you do that? >> uh-huh, yes, i'll do that. stu: essentially you're getting out at the earliest possible opportunity? >> yeah, i do want to -- in the future i realize i should cash out some of my crypto so i can reap the benefits and rewards because before i wasn't selling and i should have done that before. stu: what do you think of sam bankman-fried? say what you'd like, open up. what do you really think of him? >> i think that he portrayed his company in a certain way and that's not what was shown, and i think that, you know, he definitely took money from every day american people and made it seem like ftx was the cream of the crop in terms of exchanges, like, i live in miami and there's an arena named after it and there's a lot of promotion that ftx does, and it's really sad to see how a company can go so wrong. stu: did you go by a chance to the big crypto conference in the bahamas? >

we're already in a bit of a crypto winter. it's gonna hold there inside story on al jazeera. ah, a maternity ward, the ukrainian city of cas shoal is hit as russia intensifies it shelling ah hello. so robin watching all of their life. what headquarters here are coming up in the next 30 minutes? russian president vladimir putin. buns. oil exports to several countries as retaliation for price camp. a cold for reforms after the u. s. supreme court upholds a pandemic era policy that allows officials to turn away migrants at the mexico puerto and from heat waves to lock tick stole devastating floods to promote droughts. we looked back all the year of extreme weather. welcome to the program. ukraine says russian forces have shelled a maternity ward in cash on which is reclaimed or which it reclaimed last month. elsewhere, you crazed military has resumed its counter offensive in the eastern region of law . hands to large cities are still under those russian controls. while charles stratford has a latest force from ki, let's just begin with that attack on the hospital at charles just

. >> yep they can hold their breath longer maybe they can even acquire. >>> turning attention now to cryptong we can't hold our breath on we have to pay attention to right now former ftx head sam bankman-fried is throwing in the towel when it comes to extradition. kate rooney joins us with the latest on this twisting and turning story. >> so a source familiar with the matter tells me the former ftx ceo plans to surrender himself to u.s. extradition. he arrived at a a bahamian cour last hour. sam bankman-fried is there in a suit but they say he looks disshelved he was seen with his head in his hands, his knees shaking this marks a quick pivot, last week his lawyers said they plan to fight extradition to the states he's been in the fox hill correctional facility since his first court appearance last wreak. and the change of heart could be due to the conditions at that jail a report said there was lack of beds, overcrowded, and lack of sanitation issues. there may be a better chance of him getting bail in the u.s., which is what he's fighting for. this change could speed up the pace of a trial

and what those purposes were included expanding his crypto empire, real estate holdings in the bahamasreally the key here. that money was supposed to have been segregated, kept separate to the clients themselves could use it, but prosecutors say he took it and did what he wanted with it. >> how serious are the charges he's facing with. >> very. jose, think like madoff. we're playing a a little catch up because of the crypto industry. that complicates things here. as the u.s. attorney said, one of the biggest frauds in history, and they are throwing the book at him. he's going to become a poster child soon for the collapse of the threats that the whole industry faces because he was one of the faces of it. so he's in a world of hurt for sure. >> it's interesting because has it come kind of late in the game precisely because this is such a new industry? >> it is the shiny new thing. some would say it's early in the game. if you pierce through the core of the indictment, they are trying to make it very basic, old fashioned fraud, which is what happened with madoff. i think early in the dpa

and this was marketed as the entry level way for regular joe and jane investors to get into crypto, to buy, hold and sell these assets. so you got a million depositors here who are wondering if they're going to get any of their money back. there was something about the character himself sam bankman-fried that enticed individual receivers and also some big institutional names as well. he's a guy who would conduct sort of meetings with analysts while playing video games in a t-shirt and shorts, slept on a sleeping bag in his office, everyone thought he was such an interesting, brilliant billionaire character and they bought into this image he was selling, no cfo, no oversight, virtually no regulation of this corner of the world, just buying into his personality and what he was trying to sell. and a lot of people took it hook, line and sinker. >> small investors, big investors and a lot of lawmakers on capitol hill. they bought into it. he had a lot of fans up on capitol hill. sarah fisher, you've been following this storstorstory. he's spoken a lot in public. he's answered questions in a number of

the well run crypto exchanges should hold user assets one to one.let and people sell it, now the bitcoin belongs to somebody else, but we still hold it in cold storage. people can withdraw 100% of assets they have on binance. we will not have an issue on any given day. so 100% of users withdraw 100% of assets, we'll be fine this is very different for traditional finance people to understand because banks run on fractional reserves and the traditional regulators, many of them may think it's okay for crypto businesses to be running on fractional reserves that is not okay in crypto, there's no central bank printing money when there's a liquidy crunch crypto assets have to hold them one to one that's what we do. >> let me ask you about that specifically indulge me for a moment. when you had what seemed to be liquidity issues around customers wanting usdc, it looks -- it looked at least from this vantage point that what was happening here could have been avoided if, and tell me if i'm wrong about this, you allowed customers to deposit and hold usdc insai

they are giving guidance to publicly traded companies about basically reporting your crypto maybe exposure or holdingshat we need right now. charlie: i can't imagine jpmorgan -- >> tesla is an example maybe. charlie: maybe they own a ton of dogecoin but this comes as the backdrop of the ftx collapse and the continuing saga of sam bankman-fried and continuing calls of why he's not yet charged, and, you know, i've been talking with white collar attorneys, my sources are not in justice department but these are people that talk with the justice department, so it's kind of one step removed but pretty close, and i asked them. i said what's the holdup? two things, they have to make a case that's one thing, and there is some thought that they are waiting to hear from the bankruptcy trustee, or the new ceo. he's not really a trustee yet. he's kind of like the ceo. and what they're trying to figure out is the exact exposure of losses in there. if the losses, if all that money is gone, the theory is or if much of it is gone, and i mean gambled away gone, where you can't really claw it back, because it's in trade

crypto crashed even flashy super bowl ads. >> i don't think so. >> couldn't hold off the chill of a crypto winter as investors dished risky assets. >> has the bitcoin bubble finally burst? part of a crash that has cost investors more than a trillion dollars. >> a downturn made worst by the implosion of the world's largest crypto exchange, ftx, over claims it misused customer money. >> $32 billion company that plunged into bankruptcy basically overnight. >> reporter: leaving millions of workers scrambling for funds. >> i'm getting into crypto. >> and attracting government scrutiny. >> ftx is giving them. they saw it evaporate. >> i think it might be $100,000 or something like that. >> reporter: before being arrested for fraud, much ftx's legal team is examining it. >> delayed construction kept supply low while demand spiked creating a crisis of affordability. >> housing prices are high. >> prices are going up. >> the federal inflation flight more than doubled inflation. >> 20%, a 20-year high. >> pricing out many americans. >> how many properties have you explored? >> thousands. >> home sal

crypto currecy trading. right now the senate agriculture committee is holding a meeting on the collapse of the crypto currency comes a day after the company's founder and former ceo talked to "the new york times" about what went wrong. >> i made a lot of mistakes. there are things would give anything to do over again. i didn't ever try to commit fraud on anyone. i was shocked by what happened this month. and reconstructing it, were there things i wish i had done differently. >> we have hr from capitol hill. how did we end up at this point? >> so that is what everybody is trying to figure out right now. as you can see, that committee hearing is going on right behind me. but essentially it boils down to this. ftx is one of the largest crypto current sit, changes. customers could go to buy and sell asits and the allegation is that sam bankman-frooed used those customer deposits to fund risky bets at a related firm, which was a hedge fund. now as you heard there, sam says he never knowingly comingled customer assets, certainly, that's a question that lawmakers, law enforcement are trying to get to the bottom of,

number ten, crypto crashed amid the downfall of hits biggest exchange. even flashy super bowl ads couldn't holdrypto winter. >> has the bit coin bubble final lip burst, costing investors more than $1 trillion. >> an implosion of ftx over claims it misused customer money. >> the 32 billion company that plunged into bankruptcy basically overnight. >> leaving millions of customers scrambling to recover funds. and celebs that endorsed ftx. >> ftx is prompting federal investigations now. >> and a billion dollar fortune evaporated. >> four were arrested on fraud and conspiracy charges. fbs's legal team says it's considering all options. >> number nine. americans face a housing crisis. the pandemic atereltered the hog prices. >> prices are going up. >> meanwhile, the federal reserve's inflation fight more than doubled mortgage rates. >> mortgage rates now topping 7%, a 20-year high. >> pricing out many americans. >> how many properties do you think you've explored? >> thousands. thousands. >> home sales dropped while rental costs hit record highs. >>> number eight, 2022ish usher in a new era. >> the l

. >> jack mallers is the ceo of strike >>> still ahead, a stunning crypto collapse, the s&p is still holding hold them into 2023 that's next when "the exchange" comes right back which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitt

number ten, crypto crashed amid the downfall of its biggest exchange, even flashy super bowl ads -- >> i don't think so. >> -- couldn't holds. >> has the bitcoin bubble burst? >> on downturn made worse by the implosion of the largest crypto exchange, ftx over claims it misused company money. >> the company that plunged into bankruptcy overnight. >> leaving millions of customers scrambling to recover funds. a class action suit for celebs who endorsed crypto. disgraced ftx founder, sam bankman-fried, saw his fortune evap evaporate. >> $100,000 or something like that. >> before being arrested on fraud and conspiracy charges, sbf's legal team said it's considering all options. >>> number nine, americans are facing a housing crisis. the pandemic altered the housing market, delayed construction, kept supply low while demand spiked. >> prices are going up. >> meanwhile, the federal reserve's inflation fight doubled mortgage rates. >> mortgage rates topping 7%, a 20 year high. >> pricing out many americans. >> how many properties do you think you've explored? >> thousands. >> home sales dropped while rental costs hit record highs.

crypto crashed, amid the downfall of its exchange. even flashy super bowl ads -- >> i don't think so. >> reporter: couldn't hold off the chill of a cryptostors ditched risky assets. >> has the crypto bubble finally burst? >> reporter: a downturn made worse by the implosion of the world's largest crypto exchange, ftx, over claims it misused customer money. >> the $32 billion company that plunged into bankruptcy basically overnight. >> reporter: leaving millions scrambling to recover funds. >> ftx is prompting investigations by federal prosecutors now. >> reporter: disgraced founder samuel bankman-fried, saw his fortune evaporate. >> it might be $100,000 or something like that. >> reporter: the four being arrested on fraud and conspiracy charges. sbf's legal team is considering all options. number nine, america faces a housing crisis. >> americans are struggling to keep up with rising home prices. >> reporter: the pandemic altered the housing market. demand spiked, creating a crisis of affordability. >> housing prices hit a record high in april. >> prices are going up. >> reporter: meanwhile, the inflation fight more than doubled mortgage

peter, blockchain's whole selling point is that it makes crypto transactions transparent and traceable. if it holdst what should investigators and bankruptcy lawyers be able to trace in a case like this one? >> sure, well thanks for having me today. you know, there's already been a lot of work that's been done on the internet, on twitter, open source work done by a lot of sort of amateur, blockchain analytics firms where you're tracking the funds flows associated with ftx and more importantly alameda, and their activities where the money went so on and so fourth. actually what's interesting is the most challenging thing for the firm's working on this today is when the money moves off chain into the banking system, because they are no longer able to track it and so i think that the on-chain analytic s are going to be tremendously helpful to the liquidate or s as they try to un tangle this whole mess, because those are records that can't be changed or altered. liz: when you say off-chain into the banking system are you talking about citigroup, jpmorgan or are you talking about shadow banking where th

we'll try to understand why bitcoin is holding up while the crypto industry's infrastructure continues to implode. and here is the latest from sam bankman-fried. he says he miss accounted $8 billion. no idea what that means? he is on an apology tour. headline, in a new york post " fed lies, fbi warned of hunter biden's hack-and-leak" operation this is all about big tech blocking the story about hunter 's laptop right before the 2020 election. donald trump thinks it's a blatant fraud. some parts of the constitution should be suspended he says. big news at twitter. both apple and amazon will return as advertisers. elon musk heavily critical of apple held a meeting with ceo tim cook and bingo. apple is back as twitter's biggest advertiser. big news from moore county, north carolina. two power substations attacked. 40,000 have no power this morning. who fired the guns and why? we don't know. china relaxes some aspects of its zero-covid policy. people in beijing may now use the subway without getting a negative covid test. gaming stocks going up on the hope that macau will see more visitors

we asked our audience if they were confident that crypto regulation would meet the market and 46% say do not holdeath. people are on the fence. >> there was a healthy discussion going on in washington prior to the collapse of ftx about moving forward with crypto regulation. there are two key areas in -- of what parameters should look like with dollar back and a healthy conversation with what crypto exchange regulation should look like. those are very clear gaps. the challenge we have with the ftx situation as the conversation has moved from a small group of policymakers who have taken the time to understand this based to a broader audience within congress who wants to get involved and do something. i think this will slow the legislative process down, but i do not think it will in the legislative --end the legislative process. crypto networks are providing valuable services that will be a future of a new internet and financial infrastructure. this is innovation we cannot undo and we want to be competitive with here in the u.s.. adding the regulation right is key to doing that. ed: it is good to se

. >>> turning back to ftx's collapse congress is set to hold a hearing on the collapsed crypto exchange ylan mui has the look at the fall from grace in washington for sam bankman-fried. ylan, a lot going on here. >> reporter: frank, sam bankman-fried has become persona non grata on capitol hill. now lawmakers are tries to distance themselves from him look at the agriculture committee which is the committee holding the hearing. sam bankman-fried has given to two top lawmakers. debbie stabenow and jon boozman. they are donating the money to charity. five other committee members got cash from sam bankman-fried. john hoven will send it to whatever reimbursement program set up and dick durbin and teen tina smith will give away to the non-profit but cory booker has not responded to multiple emails and he brushed off the question when we asked about it in person. in the interview with andrew ross sorkin yesterday, sam bankman-fried defended his donations. >> i wasn't viewing it as a partisan exercise. most of this was not donating to one party to beat the other one p in the general elections h

thanks for laying that out for us >>> speaking of regulation, the crypto crackdown is here the senate banking committee holding own hearing today on ftx's collapse, while sam bankman-fried is being held in a correctional facility in the bahamas after being denied bail. the former ftx ceo facing numerous criminal and civil charges from the southern district of new york, the s.e.c. and the ftc. what does this mean for branch branch and crypto regulation joining us now is timothy massad i wanted to ask about the language in the ftc's filing yesterday. it called ether and tether commodities. what do you see as the significance of that designation and do you think the agency is trying to make itself the main regulator of crypto? >> no. i wouldn't say that. when i was chairman, that's when we first declared virtual currencies or commodities that was back in 2014, that gives the cftc authority to set standards for the trading of crypto derivatives, crypto futures and swaps. but it only has very limited authority in what we call the commodity spot market, which is where most of the trading of bitcoin, for example, and

crypto exchanges. they are not like traditional stock exchanges. in many ways, but in one critical way, they holde is a big question over other crypto exchanges as well. fin question over other crypto exchanges as well. on that to - ic, exchanges as well. on that tonic. how _ exchanges as well. on that topic, how has _ exchanges as well. on that topic, how has this - exchanges as well. on that| topic, how has this affected confidence in these other crypto markets, because obviously there is dozens of them. ., . ., ., obviously there is dozens of them. ., . ~ them. confidence looks like it has fallen _ them. confidence looks like it has fallen off _ them. confidence looks like it has fallen off a _ them. confidence looks like it has fallen off a cliff. - them. confidence looks like it has fallen off a cliff. it - has fallen off a cliff. it seems that ftx is something people consider as a proxy for crypto itself. that is a shame because there are some actors in crypto who are more responsible and who haven't presumably been acting on the way that ftx has, but of course markets act in a herd like way

crypto as well. stuart: why is bitcoin holding at $17,000? why?> well you know i have to say i've been pretty surprised that it is holding in there, stuart despite a lot of people calling for a collapse, again i looked at the stocks as leading indicators and a few of those g btc, all of the publicly traded stocks are so extraordinarily leaked they have always been good leading indicators for crypto itself, so i just don't see , you know, as the old bible says stuart, to everything there is a season, this is not the season for crypto. it goes lower from here. stuart: okay, there's a prediction for you, jonathan, thanks very much for being with us we'll see you again soon. >> be well. stuart: lauren simonetti with us how about movers, meta now there's a solid gain 4%. lauren: an upgrade at jpmorgan to overweight and they say the price is going to $150. why? their costs are coming under control, remember they recently announced 13% of their staffers would lose their jobs? and they also say that revenue should start to pick-up. metaverse is betting on

. >>> stick welcome the hill, we had snores holding a hear -- senators holding a hearing on the cryptondustry and the epic collapse and failure of that crypto exchange, ftx. watch. >> do you believe that the potential benefits of crypto are so promising that we should accept weaker anti-money laundering rules, and weaker compliance from crypto firms than we require from banks? >> we haven't talked as much as we ought to about some of the, i think, really exciting and terrific applications that the crypto ecosystem makes possible. >> here's the bigger picture to this. on the heels of the arrest, the arrest warrant if you will, for sam bankman-fried who headed ftx and $32 billion bankrupt in a matter of weeks and looking at more collapses, and two senators from opposite sides of the aisle looking at introducing a bill to regulate it, including elizabeth warren and said the bill would force crypto companies to follow the same common sense rules as other financial institutions are supposed to follow. i'm joined by senior capitol hill correspondent garrett haake, talk about this hearing and

there could be problems here as a rival firm said hey, we're going to liquidate our holdings in an ftx minted crypto currency employ, there became a run on the bank. customers wanting their money bank, thinking maybe tlfls a problem. once it started, it starved ftx of the necessary cash it needed to continue and that's where we are today with a bankruptcy filing and now with bankman-fried in handcuffs in the bahamas to be transferring here to the courthouse behind me or 500 pearl because he hasn't yet made it to new york today. he likely won't be here today, excuse me. programs tomorrow or later this week. but prosecutors effectively saying not only did he do that, but in the course of it, he used his company, used himself to give money to other individuals to make political donations in their name disguising the fact the money came from ftx and bankman-fried. as garrett haake reported today, some of those politicians are in the process of returning the money or donate it to charity knowing full well now that their gotten gains and political coffers are apparently the result of fraud. >> all right,

crypto casino. i yield back. chair waters: the gentleman from california, mr. vargas, is recognized for five minutes. mr. vargas: thank you very much, madam chair. i thank you once again for taking the lead to hold bad actors accountable and pursue transparency in the crypto currency space. and also, mr. ray, thank you for being here today to testify. i think i start off a little bit like mark kru ji-man does in the "new york times." don't get the point. i don't get the point of block chain and crypto currency. it's like keeping track of how many times you chew gum. who cares. there are other ways less fraudulent to make transactions. that being said, how many times have we talked here about the potential for abuse, fraud, and crypto market? quite a bit. we have had a lot of cheerleading from some people. especially on the other side of the aisle. i don't hear it today. haven't heard it yet. i do want to hear it like we normally hear it how wonderful it is and how they shouldn't be regulated by the s.e.c. too tough on them. imagine we are not going to hear that today. especially after what we saw with f.t.x. we do want to see order and transparency in this industry and throughout the financial m

crypto higher. people are holding their own tokens, etc. but that's not that surprising.will be at 10,000 before 25,000. jonathan: we appreciate that last comment on what's happening with bitcoin. coming up in washington, d.c., we will catch up with anne-marie. this from the new york times story that's not hitting a ton of play. the united states is poised to percent of its most advanced ground-based air defense system to ukraine in response to the urgent request to defense against an onslaught of russian and -- russian drone attacks. tom: i'm so glad you brought this up. i said that's a game changer. that's what the experts say it's a long way from where we are -- where we were in february and april. it's not a long war but it seems like it is. jonathan: is this odd we keep having this conversation? tom: i've said that all along and you see that in the eu and u.s. financial conditions. there is something different going on. jonathan: we will break this down in just a moment from washington, d.c. we are counting down to a fed decision later today with equities higher by a

crypto winter. it's going to be hell. hold their inside story on al jazeera. ah 43 migrants trying to cross the channel have been rescued from freezing waters off the coast of england. at least 3 others did. ah, i'm told mccrae this is al jazeera live from dog ha. also coming up. explosions had central parts of the ukrainian capital as russian forces continue to destroy energy facilities.

crypto regulations are evolving. this is a new frontier for many legal experts. caroline: a new frontier with a barrage of bankruptcies. does this matter for the other players? will we see holdingsey have being argued this way? guest: this is a monumental thing for crypto lenders. it could set new president going forward. we do have a lot of lenders playing in the space. we have a lot of lenders touched by ftx contagion. i am thinking blockfi and genesis. it will be interesting to see what happens next and what the judge rules. caroline: i think it is always interesting to see what happens next in the world of crypto. we want to dig into the analysis of this and bring in another flavor of today. one of the main headlines that caught my attention was brutal when it comes to how much further we see crypto fall. particularly bitcoin, they've been looking at worst-case scenarios he says it could drop another 70% to just $5,000. one of the more extreme outcomes. he is also talking about the men -- demand swinging from the digital dollar to the old-fashioned gold depending on the fed rate hike cycle. head of strategy over at coin share, it is always great to have your voice on our pro

him under their law but remember my understanding is they are holding $3 hundred million worth of money that was seized from ftx, it's in crypto in cold storage. not online. so they will want to resolve the claims under their system before they ever turn him over to u.s. authorities. it will be interesting to see as this case develops how soon u.s. authorities have get their hands on him to prosecute this. >> harris: the players, leo, got a lot of attention as too cutesy, whatever but could be a big problem. the "new york post" op-ed suggests the so-called king and queen of crypto , their con could be turning on her. after bankman-fried suggested she might be blamed for a missing $8 billion in customer money, caroline ellison could be suggesting she is willing to flip with the hiring of the law firm. what is your response? >> no question about it. let me say right now for the eight counts are conspiracy. a network of people working together to defraud and all these committed crimes. i guarantee you for these charges to be filed or under seal and now released, i guarantee you that some of these individuals, his girlfriend might

they don't want to keep holding hearings every six months when the next crypto crap blows up. done with it they're not happy cowboys. they're really unhappy it's not going to stop here. i don't know where we're going with this. the narratives will look at binance next all this stuff is alleged. there's no records but the senate, the hill, the legislators, the regulators, they're done they've had enough so i think we're going to get some action here they can't keep taking these things down to zero a billion at a time. >> action -- if they're sick and tired of this situation, kevin, it sounds like the regulation is going to be very harsh and swif congressional terms, swift on their timeline i'm wondering, because you're an investor in the u.s. platform as well as the foreign entity, with your own dollars, not with other people's money as an investor in this, what did you see? when ray comes out and says this is worse than enron when it comes to accounting, and enron was pretty bad, obviously, weren't you privy to that? didn't you see anything that would tip you off? >> no, i did

right now, it's a moment where everyone is trying to ask, you know, what are safe places to hold your cryptodigital assets, keep your own keys, and that will certainly work for some people. i think increasingly, people want to see regulated firms that have major global accounting firms that are providing public company levels of audit. this is why it's so important for more companies to become s.e.c. registered and regulated. >> what is the allaire family doing? are you all on cold storage or binance or some other platform >> what i can say is, the allaire family has a mixture of cold storage and qualified regulated custodians that are regulated inside the united states so, that's my view on that >> finally, weigh in on this, because we were just talking to jim cramer, you probably heard us, about the political donations that have been made to so many during this process. do you hold them accountable for this >> specific politicians or what have you i heard your comment about whether -- is it their job to detect the fraud i think there is an interesting question here, which is, you know, the

crypto is it's very, very hard to regulate. it's very difficult to regulate just by its nature. so, you know, as an investment, sort of holding investments option yes. you know, people will continue to invest in it. it will probably, you know, stay in the portfolios of larger investors where i see a digital currency going and crypto is not, is not a currency. i should say. not a viable currency in my opinion, but central bank act digital currencies, i think will, will be something that we'll see more interest in in 2023. all right, we've just got a few minutes left on the show and i'll ask you for a final word about your, your outlook, the big picture for 2023. but i want to ask you 1st in mariano, in malaga about the outlook for african economies in 2023. we've seen a handful of nations defaulting on our desk exam. be gone, has currency, the said he had a worst perform and say in 2022. what is the outlook for these african economies? and are they going to be able to organize, reorganized, local debt? does a very interesting question and actually one factor we need to take in mind when we might need to take a step back and lo

pole and we asked whether people are confident or not as to whether crypto regulation will meet mark at this moment? 46% said don't holdle are on the fence. >> i think there was a really healthy discussion going on in washington prior to the collapse of ftx and what we need to do to move forward with crypto regulation. there's two key areas, one dealing with dollar backed stablecoins and what rate the tory perimeter should look like. we were starting to look at conversations at what crypto exchange, what the appropriate relation for that should look like. those are two very clear gaps. i think the challenge we have now with this ftx situation is the conversation has moved from a small group of policymakers who would really take the time to understand the space to a much broader audience within congress who wants to get involved and do something. i think this is going to slow the legislative process down, but i don't think it will end the legislative process. i think there are tens of millions of american consumers who own crypto. crypto networks are providing incredibly valuable services that are going to be the future

a movie from the very start and now ftx customers are suing the crypto exchange in a bid to claim ownership in the digital asset holdingsore than a million customers alleges the now bankrupt ftx failed to segregate customer accounts and those customers should be repaid before the other creditors and sam bankman-fried faces allegations of misappropriating customer money for risky bets by alameda research and one of them includes a $546 million loan from alameda that bankman-fried used to buy his stake in fintech company robinhood and it's a curious turn given his claim that he knew nothing of the company he founded. ftx casting a dark shadow over all cryptocurrency. we have the bitcoin foundation chairman and early investor in bitcoin brock pierce. brock, so good to have you with me today. we spoke right at the very beginning that this was all going down. i got your take and what has the ftx fallout and public down fall sbf had on the price of bitcoin and other crypto currencies? >> this has been the biggest scandal and the biggest event in our industry's history. the impact though is not as severe as it would have been

i'd like to begin by thanking you, once again, for taking the lead to hold bad actors accountable and pursue transparency in the crypto currency space and also, mr. ray, i want to thank you for being here today to testify i think i start off a little bit like paul krudman does in "the new york times." i really don't get the point of block chain and crypto currency. it is like keeping track of how many times you chew gum. like who cares there is other ways that are i think less fraudulent to make transactions but anyway, that being said, how many times have we talked here about the potential for abuse, fraud in the crypto market quite a bit. we have had a lot of cheerleading from some people, especially on the other side of the aisle here today haven't heard it yet but i do want to hear it like we normally hear it, how wonderful it is and how it shouldn't be regulated by the sec and they're too tough on it. i imagine we won't be here today especially after what we saw with ftx but we do want to see order and transparency in this industry and throughout the financial markets. if you are an issuer of crypto currency or a

hold. paul: what's the larger meaning of this crash and crypto, more broadly.story of human folly, people looking to the bright new thing and not doing due diligence. or is there something larger here? >> there's some truth to that. the lesson that shouldn't be taken away as this is a matter of there aren't enough regulations on the books. gary gensler and regulators, some of his schemes were pretty egregious had fairly apparent. he has authority from congress to go after bad actors in congress. we should not absolve the regulators. they missed some glaring red flags and should have caught this earlier. we 28 gary gensler is chairman of the sec. we will talk to doctor marty makary about long covid. in a report that it contributed to thousands of deaths in the us. in the projects that power our economy. from the plains to the coasts, we help americans invest for their future. and help communities thrive. cityserve, started rescuing women, children and the elderly. and as winter approaches, they need our help more than ever. from your neighborhood to the nations,