the important thing you have to remember about the cryptocurrency ecosystem is it is not just the cryptocurrency industry. as i mentioned before, there are all these other individuals and small players that are contributing to the upkeep of these decentralized networks. there are also a lot of users that feel empowered because they can actually own their assets, where when you are using a bank, you do not feel like you have as much control over your assets, so there was a tremendous community response, not just industry response, but a community response of users and participants who care about these networks. and i think what the senators have seen for the first time and what hopefully chair gensler realizes is that cryptocurrency is not just something for criminals, not just fraud. that is a very small portion of the activity, just like we had in many other industries. but what we have here is a really passionate user base that is excited about these assets, that wants to participate wants to help create them. so i think that where we are right now in washington is, for the first time, the bro

that coin is the most popular cryptocurrency. bitcoin's value is derived from the fact that it is scarce. there will only ever be 21 million bitcoins. bitcoin is akin to gold. when you look at some of these other cryptocurrencies, they power decentralized networks that offer specific services. there is something called file coin. that is like an amazon web services. the value of file coin is derived from the value of the underlying service. host: if there is a dollar figure to be attached, how much is out there with regards to cryptocurrency? guest: it fluctuates. this year we reached the $2 trillion threshold. it is a little less than that now. it is a growing asset class. there are new digital assets that are being created all the time. the ones we have are growing in value as well. it is definitely an exciting and fast-growing space. host: one of the issues amongst the debates before congress in the infrastructure built and reconciliation built was this idea of how to treat cryptocurrencies, especially brokers. guest: if you t

>> bitcoin and cryptocurrencies route around damage.net was designed to route around damage. we talk about the history of blockade and blocking is rooted in anti-censorship and anti-control. the vast majority of money historically always had a hathor -- always had an authority figure or god or someone on it to show there is implicit rest associated, that it is associated with [indiscernible] bitcoin was the exact opposite of that. that is what we are seeing now. if you look at onlyfans, it started out as a site that wanted to be tiktok with people in t-shirts at then people took off their shirts that they don't want to support that anymore. the payment process was very specific, they don't want to support that anymore, which is a moral question. and the question of morality is exactly what bitcoin is designed to do, it is designed to route around those kind of things. so, if i am in iran and facing sanctions and can't use a credit card for some reason, i can use bitcoin. if i am an adult performer, i can use bitcoin. if i tried to sell

it is not just a cryptocurrency industry. are all of these other individuals and small players that are contributing to the upkeep of these decentralized networks. there are a lot of users who feel empowered because they can actually own their assets. when you are using a bank, you do not feel you have as much control over your assets. there was a tremendous community response. it was not just an industry response, but a community response of users who care about these networks. what i think the senators have seen for the first time and what hopefully gensler realizes as well is that cryptocurrency is not just something for criminals. it is not just fraud. that is a small portion of the activity, just like we have in many other industries. what we have here is a passionate user base that is excited about these assets, that wants to participate, that wants to help create them. i think where we are right now in washington is that for the first time the broader set of policymakers are having to rethink some of the preconceived n

cryptocurrency seems to be the vector of choice. also the case that because of its nature, it is able to be a tool to law enforcement. then to track those funds. ransomware, fundamentally we have to address that. it would probably not look at cryptocurrency exactly. it is possible to build in safeguards to make it more attractive to be used in ransomware. criminals will probably shift or whatever is easiest. real way is to solve the underlying security problems. >> i want to make sure, i've two minutes left. >> i see cryptocurrency posing a serious threat. we the type of ransomware that would be impossible. if you wanted to hold up a u.s. company for $5 million and there were no currencies, you have to ask for cash or check. giving law enforcement the ability to track you. yet identify your bank account. crypto offers ability. if you do it right, to convert between multiple policies and use variants, they're are different from watching, that is a major risk to u.s. law enforcement. >> i agree. i do think we are trying to find other

the cryptocurrency is often called cbd. cryptocurrency from banks to help promise. -- do have thomas. -- promise. it could help our systems if it was well executed. those are two big it's. -- if's. we are here to see how a digital currency work, how it intersects with cryptocurrency, and most importantly, how it should be set up so that all americans can enjoy its benefits. i will turn to you, senator kennedy. >> can you hear me ok? >> i can hear you. >> i think chair warren did a good job outlining the disadvantages of cryptocurrency. the challenge in terms of how our regulatory lot form -- what platforms deal with it. the quickest way to get rid of ransomware and what it is doing to our countries is to get rid of critical currency. -- cryptocurrency. i'm not sure i'm ready to go that far. i jutted down a few notes which i am going to refer to here. i want to be as concise as possible so we can get to our witnesses. this is an important topic. i see this as an opportunity to explore the advantages and disadvantages of a ce

it is not just a cryptocurrency industry. are all of these other individuals and small players that are contributing to the upkeep of these decentralized networks. there are a lot of users who feel empowered because they can actually own their assets. when you are using a bank, you do not feel you have as much control over your assets. there was a tremendous community response. it was not just an industry response, but a community response of users who care about these networks. what i think the senators have seen for the first time and what hopefully gensler realizes as well is that cryptocurrency is not just something for criminals. it is not just fraud. that is a small portion of the activity, just like we have in many other industries. what we have here is a passionate user base that is excited about these assets, that wants to participate, that wants to help create them. i think where we are right now in washington is that for the first time the broader set of policymakers are having to rethink some of the preconceived n

caroline nails it as she does every day on cryptocurrencies.e of the municipal bonds, as we figure out how to build a road and a bridge. some people were worried that build america bonds were not included. how are you think about the way in which we are doing this? >> this is the sausage making process of legislating. it is not pretty, not orderly, it does not always get the best policy, but overall you get to an outcome. they are still trying to push it in the house. not sure if it will make it in this one but it could make it in the next one. it is an ugly process, not pretty. but we think we will get there on the major things. romaine: the whole idea that the democrats, particularly joe biden, has pitched this idea that this really is not fiscal stimulus, this is more about longer-term investments in the economy. we know that the politics will always sort of pushback on that. but is there some timetable here for the democrats, given that you have a midterm election next year and in three years time, a presidential election. >> the timetable

but in the near future cryptocurrency options and futures.ke to get into other asset classes more traditionally available to investors. so vanilla stocks and vanilla options in the u.s. is an option for us so we're looking in general to find cases where we can use technology and our platform and our expertise and our culture of compliance to build a really, truly excellent product for the population, both for retail and for institutions. >> a personal question if i may. >> of course >> not that kind of personal question but you were at citadel for your career prior to this you have a bachelor's, a master's from harvard in computer science what drew you into the crypto space? >> so it's an interesting story. for most of my career i was at g street capital i was a software developer building ot algorithmic trading systems, user interfaces while i was therei overlapped with a trader on the international etf desk we had worked together on a number of projects fast forward while i was at citadel securities, towards the end of my time there, we wer

staying with cryptocurrency, - and years. staying with cryptocurrency, the - and years. cryptocurrency, the owners of 0mc say it as a payment, is this moving with the times? i as a payment, is this moving with the times?— with the times? i think that capitalising _ with the times? i think that capitalising on _ with the times? i think that capitalising on the - with the times? i think that capitalising on the main - with the times? i think that | capitalising on the main stock status and they have a whole new series of investors now and it seems like they are saying they are the company to go to. my they are the company to go to. my issue to go is this company that also announces they will accept apple pay and google page may not be best positioned to be at the forefront to start accepting bitcoin but we will see how this progresses over the course of the next few months. the other issue is the have far greater problems with how people are paying for their services, over the course of the months and years and this is a space that before the pandemic was already viewed as

is different from standard capital markets cryptocurrency operate on markets that exist 24/7/365.s of volume a day. it is very difficult for these types of markets to be compatible with the jurisdiction based and venue based regulation we have seen over the last century. i think the challenge for regulators is trying to understand the new paradigm and ultimately, i do believe, the ability of investors to parse what they want to participate in requires the platforms they access and investors want access to different investment opportunities. we are seeing this not just in crypto, but across the board with increased retail participation and markets of all types. at coinshares, we thought to take crypto assets and fit through traditional through exchange data products today, there is $5 billion on the platform across a variety of etfs and etps. i think it is not necessarily so much about keeping investors from engaging with crypto, about it is about ensuring a harmony framework for the markets which are different to fit within the standard approach that simply are not ready for the n

on the field cryptocurrency goes to college the new field one on the field cryptocurrency goes to college the new field one you doing okay with those new spicy tiny tacos, jack? yeah, it's funny some of those people you see, they... they can't handle it at all right? no, they can't. that's not you. that's not me. no. try my new spicy tiny tacos starting at $3.50. each of us has a purpose. we are destined to do something meaningful. what do you think a private, christian, education looks like? gcu offers over 175 high quality online programs. find your purpose at grand canyon university. visit gcu.edu. jason, did you know geico could save you hundreds on car insurance and at gr a whole lot more?ity. cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save. my new spicy tiny tacos, a spicy twist on my snackable tiny tacos. 15 for $3.50 or loaded

in cryptocurrency.oes that change the game? bipul: cryptocurrency really liberates money and makes it available to anybody around the world. but the side effect of cryptocurrency that the bad guys are utilizing to get money and getting it transferred. the thing is that as we bring new services online, the bad guy finding new services to use. what we need to do is we need to have these prongs and a framework and how we use applications and data. and the individual detection prevention is not really effective. is my data protected? so that it can utilize all kinds of technology, including crypto to protect your data. emily: all right. certainly something we will continue to follow and cover as these attacks continue to pop up. rubrik ceo bipul sinha, microsoft director john thompson, thank you for joining us. coming up, fashion designer's appeal to the modern consumer in a new way. joining me next is a ceo to talk about streetwear and collectibles. this is collectible -- this is bloomberg. ♪ emily: amazon

that's let's argue that cryptocurrency will bring more privacy. let's argue that cryptocurrency is a form of freedom, of independence from banks, from governments, the freedom to invest in another asset that's not the stock market or real estate we need some larger messages and arguments that will appeal to a broader base of voters >> or maybe it boils down to whether crypto helps the bad guys a lot of people's first interactions with it, they think back to all these different issues that they've had with platforms and, you know, what people are using crypto for and who is involved and why. this comes up time and again that's why we were talking el salvador in the last hour, people are saying el salvador is using bitcoin to benefit their own inflationary agenda, what have you isn't crypto fundamentally meant for law evaders? what's the answer to that? >> that's such a good point and a chronic problem for cryptocurrency there's a lot of misunderstanding on what the debate is about. i'm sure there are people out there who think this is just cryptocu

stealing about $600 million in cryptocurrency. the target was a network that allows users to swap tokens. $33 million in the stable coin that was part of the theft has been -- global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: let's discuss the winners and losers in the infrastructure bill with the head of research and strategy. great to have you with us. it seems clear some of the winners will be those airlines, internet suppliers. had you gave -- how to get exposure to those sectors? >> we think one of the misconceptions about the infrastructure bill is it is the builders of next generation infrastructure. it is commodity companies. it is heavy machinery. we have been accessing these names since 2016 when we launched the fund. we have been waiting for this moment for quite a while. this is a great step in the right direction for investing in u.s. infrastructure. shery: we did see some of those inf

asking to be paid in cryptocurrency.t changed the game? bipul: cryptocurrency liberates money from fiat currency and makes it available to anybody around the world, but the side effect of cryptocurrency and the privacy that comes with it is that bad guys are using it to get money anonymously and get money transferred. the thing is that, as we innovate and bring new services online, bad guys are finding new services to make use of further own purposes. we need to have a strong security framework around how we use application and how we use data. the traditional mechanism of prevention is not very effective. so people have to really think about inside-out security -- is my data and applications protected inside out -- so you can utilize all kinds of technology, including crypto, to really protect your core ip, which is data and apps. emily: we will continue to follow and cover this story as a tax pop-up. rubrik ceo bipul sinha, and microsoft's john thompson, thank you for joining us. coming up fashion designer's , appeal t

centralized cryptocurrency exchanges, that u.s. to users and the irs that's it. we i really do think some of these are tricky and complicated but if you want to try to get into some of the weeds right now, i think some players clearly should be excepted from this one of these is miners or blockchain node validators they are basically like the internet service providers of the crypto what they are doing is sitting there validating bilolocks to confirm they are legal including the transactions in sort of like a decentralized basis. they are not running an exchange th they don't have customers to know they don't know anything about taxes that like a third party looking at the blockchain. they should not have anything to do with this so when building software for, like, non-custodial wallets, like managing your private keys, that person doesn't know about your trading so that clearly shouldn't be involved and some of the amendments, especially the loomis amendment have made it clear this is not meant to apply to those. the word broker

. >> what about cryptocurrencies, are you a believer? >> i am not a believer in cryptocurrencies. cryptocurrencies are a bubble. i would describe cryptocurrency as a limited supply of nothing. so, to the extent there is more demand than the limited supply, the price would go up. but to the extent the demand falls, the price would go down. there is no intrinsic value to the cryptocurrencies, except that there is a limited amount. >> based on what you said, why wouldn't you put a short on cryptocurrencies? maybe you have. you think that is a good short? >> the reason why we shorted subprime in size, it was asymmetrical. limited duration that trades at a 1% spread of treasuries, so you cannot lose more than the spread and duration. it it defaults, you can make the par amount. in crypto, there is unlimited downside. even though i could be right in the long term, in the short term, as is with bitcoin, i could be wiped out on the short side. it is too volatile. amanda: a lot of attention paid to what big investors have to say about cryptocurrencies. he also had some interesting things t

you're right, a lot of people assume there's tax fraud going on with these cryptocurrencies and some customers may be getting into them thinking here is a way i can make a lot of money and not tell the irs you say there's almost no evidence what percentage of crypto buyers are brought into it by that desire to hide from the irs? >> you know, maybe in the early days, 2010, '11, '12, maybe people thought that would be a reason forgetting into it. but these days, it's very hard to elude any authority who want to track down who someone is there's anonymity in blockchain because you can set up an account and you don't have to provide your credit card, your driver's license but if you want to do anything with those cryptocurrencies, you want to sell them on an exchange, you want to keep them in a wallet, generally speaking, you have to report who you are to somebody. there's a lot of analytics now, a lot of analytics companies that are very good at tracing these transactions back to the person who has been conducting them. >> the tax man is going to get you no matter what >> yeah. it's alm

also cryptocurrency strain hel helping robinhood markets. microstrategy was up higher on the session and square as well all of these names associated with bitcoin and cryptocurrencies in general. you can see those trades coming up a little bit here now take a look at the vaccine makers kelly mentioned those right off the top. if you look at pfizer and biontech, those stocks up big. pfizer off the session highs biontech shares up almost 11% right now. other vaccine makers on the heels of that full fda approval for pfizer and biontech's vaccine. moderna up 7% right now. and novavax up 6%. watch those vaccine makers and then speaking of, it's pfizer related news but not vaccine for covid related. pfizer shares were short again but tritium therapeutics up 189% pfizer is going to buy the remaining shares of tritium it doesn't know the reason i'm going to show you here alx oncology holdings trillium does cancer treatments. that's what pfizer wants to get. alx is also a cancer therapeutics make r e. that stock is up 15% in sympathy some sellers or

>> hey, shep americans who made their first trade last year or later are turning to cryptocurrencies twice as likely to own cryptocurrencies versus those who started investing before last year and stocks are still number one, but there is a very close second place that's cryptocurrencies, about a quarter of those new investors now own cryptocurrencies that's double the ownership for mutual funds and etfs in that group and it's trinl the level when it comes to real estate or bonds they are also turning to new technologies to place those trades new traders are more than three times more likely than the average deltrader to use their phones to invest they are twice as likely to turn to social media for investment ideas versus your traditional financial adviser or a broker, and they're twice as likely to invest because, quote, it feels like a game. while about a third of investors who received government stimulus checks put those checks into the markets, new investors were even more likely to do so and still there is a gap, shep, when it comes to investing men and white americans tend to

other cryptocurrencies trading in red bitcoin down 1.6%. ethereum down 0.9% our next guest believes that cryptocurrency needs regulators. charlie cooper from r3 joints us charlie, great to have out the program. your comments echo the new s.e.c. chair talking about the cryptocurrency as the wildwest when you talk about the need more more regulation, who are you looking to proptect and wha type of regulation is needed >> julianna, thank you for having me. the first bucket echos a lot of what gary gensler is talking about with the concern of retail customers. we are talking about a group of people that are more and more drawn to cryptocurrency and see the outsized returns they have no idea how the markets work they have no idea of the protections that exist for them which don't exist in cryptocurrency markets there is no one to go afterwards if someone is done to them or taken advantage of in the markets. it is the consumers with a very hard time defending themselves that is why regulators need to do so. the second group actually is the regula

when i come up here and we talk about a steep drop suddenly in a cryptocurrency, the -- cryptocurrencywithin look at crypto related stocks. we did not really get that on monday. coinbase lower, have a percent. ryan blockchain off by about 1.5%. there is not such a close correlation right now. emily: all right. we'll keep watching. thanks so much. staying with crypto, leading crypto services provider fire block raised $310 million, valuing the company at $2 billion. the company -- the ceo joins us now to talk more about the company's vision. talk to us about how fireblocks works. what use cases are there? >> we basically help companies and businesses with two things. one, to provide them with secure custody and storage. technology to store coins and digital assets. the second thing we do is we help them to transfer those assets and sell them in an efficient and secure way. we help them with issuance, basically bring traditional assets, for example regular currency into stable coins, securities, and so on. emily: the volatility obviously has been the story of the past few month. after so

a milestone that could usher in a new wave of mandates by business and bitcoin's bounce the cryptocurrency, in case you didn't notice, back above 50,000 now. now it face as surprising new test, an underground market in, of all places, afghanistan and shipping bottlenecks are huge right now volume at a record freight rates, new highs the head of the port authority in south carolina has a front row seat to the supply chain bottleneck and will tell us how it will all play out kelly? >> tyler, thank you very much. hi, everybody. the dow is hanging on to a 260-point gain this afternoon. a pretty nice rebound. the s&p up nearly 1% the nasdaq up 1.5% the small cap russell 2000 up nearly 2% today. commodities also on the rebound. lumber, copper, gasoline, crude all moving higher. lumber up 3.5% crude up nearly 6% and the chips are moving higher as well. everything that's economically sensitive seems to be having a strong session today you can say the vaneck 2.5%. nvidia, travel and entertainment. the airlines, names of 3% to 4%. wynn resorts, live nation up 3.5% today 95% of companies in the s&p 5

so this is targeting the wrong participants within the cryptocurrency process.es: right. >> those that are in the decentralized wing of the process don't have access to the ultimate color, customer. the centralized wing of the digital currency world does have access, should be qualified as brokers and are in a position to help report. so in an effort i believe to catch dodgers of taxes they're including people that have no business in that chain. charles: right. >> of reference. charles: right. yeah. i think they're really smart enough to understand that. so you've got a lot of backing in the public with this. i want to get your thoughts with the white house extending the eviction moratorium. seems like there may be at least three issues here. people going so long without paying their rent they may never want to pay. states have been hoarding money. everyone is wondering why aren't they stepping up? maybe more problematic the white house ignoring the supreme court. some say it's a brilliant move, it bides them time, does this usurp the intention of the framers o

if you're thinking about introduce cryptocurrency into your business, perhaps there is a longer term story there. i hear your point, however >> if 7-eleven says you can pay with bitcoin, they're not a tech company, they're accepting bitcoin. if you think bitcoin is worth less than dollars, pay for your slurpee with bitcoin >> as you say, jon, i use this often, your quote, every company may be atech company, but not every company is a good tech company. so perhaps one way of looking at it let's get to our first guest, though, joining us with his thoughts on whether or not the apes can keep adam aron's company afloat, editor ron john roy. help us out here where do you sit on this side of the debate, is amc a growth company, a tech company or is this just getting, you know, too inflative from the fundamentals? >> that question is the question around any kind of growth story over the last few years. i think it is worth stopping and looking at what is happening to the fundamental business because hype aside, certainly market capitalization aside, it looks like a business that is coming ou

accepting cryptocurrencies is so easy a couple simple api integrations on the back end. so at this point i think it's table steak. i don't think it's groundbreaking, unless you're holding bitcoin on your balance sheet, obviously a very different approach most investors and retailers aren't a lot of to-do about nothing great to see crypto integrated on the side of our infrastructure at this point, table steaks in my view. >> fair enough great to see you hope you're having a happy summer and look forward to seeing you soon. >> sounds good have a good one. >> you, too. melissa? >>> coming up, get you ready for the trading day ahead. nasdaq continuing its mownmentum of five of the past six segments tesla, china, talking about markets and much more. an exclusive interview coming up 8:30 a.m. eastern time "squawk box" will be right back. >>> the senate inching closer to a deal on infrastructure with a vote set for this to morning, but a hard-fought crypto amendment blocked yesterday. we'll explain. >>> and shares jumping, reporting a smaller loss than expected and would begin

exchange pay mr cal will be made in cash, by the way not cryptocurrency cryptocurrency is on the risereaching its highest value in three months, bitcoin hit an all time high more than $64,000 last april but a selloff started in june and extended through the middle of july dipping below $30,000 at one point it's been on the rise for the past five weeks in his value to act more than $50,000 as of this morning ether and ethereum are also trading at higher levels powerball players now have more chances to win cash prices and bigger jackpots starting today a new drawing for the popular lottery game will be held on mondays along with the current powerball, drawing days of wednesdays and saturdays powerball is also adding a new feature. double play and gives players in some locations a second chance to match their powerball numbers right now, powerball's estimated jackpot is at 293 million. friendly battle of debate for baseball fans is the san francisco giants take on the oakland a's this weekend in oakland. take a look at i'm morgan, and there's more to me than hiv. more love, more adventu

so, we came together to provide get greater clarity on the brokers of a cryptocurrency. it's nothing sweeping, nothing radical. it means that a broker is only the persons who conduct transactions on exchanges where consumers buy, sell, and trade digital assets, not sweeping in crypto transaction validator's, node operators, or other non-brokers. people who owe a tax on those should pay their obligation and if you are actually a crypto broker. you should turn the information over. our amendment would require that, but the requirements should only apply to the intermediaries. i think it is fair to say that none of us think that this is a perfect solution, but it is much better than the underlying text. space is changing very, very rapidly. i year from now there will be lots of new innovations that probably no one has thought of and we may well have to go back and revisit the rules. what we shouldn't do is have an overly broad mandate, reporting airmen's on those who cannot possibly comply, and we don't want to punish any platform, design, or validation mechanism and we cer

this has been the biggest ever cryptocurrency heists to.ory is going to get more and more interestinu. . ., ., , , ., , interesting. and what does the story sa to ou interesting. and what does the story say to you about _ interesting. and what does the story say to you about the _ interesting. and what does the story say to you about the security - interesting. and what does the story say to you about the security of - interesting. and what does the story say to you about the security of the l say to you about the security of the system of using block chain platforms? i system of using block chain platforms?— system of using block chain latforms? ~ ., , , platforms? i think what it says is that even though _ platforms? i think what it says is that even though we _ platforms? i think what it says is that even though we talk - platforms? i think what it says is that even though we talk about | platforms? i think what it says is - that even though we talk about block chain is being such a secure way in terms of being able to have a ledger to s

the cryptocurrency giant is paying 17.5 million dollars in cryptocurrency for the naming rights. >> theto our athletic department. we will use it to fund student athletes. ftx is one of the leading cryptocurrency companies in the world. >> their ceo is a walk on member of the cal golden bears team during the underground years. now the local will be displayed on the 20 and 30 yard line on the field and on press banners and social media and the 10 year deal. the first cryptocurrency partnership in college football. >> we are on the leading edge of technology and uc berkeley. the miami heat major league baseball and tom brady to name a few. >> a pledge support to the cal veterans group and programs helping the homeless. here on home turf, loyal cal fan said, it was ok by them. >> as long as they don't rename the entire stadium, i'm good. as long as it's still california memorial stadium, it's all good. at the new field, i'm leslie brinkley, abc 7 news. larry: interesting. ama: it's currency. larry: as of this moment, i i don't believe they are licensed in the united states. they have all o

hailed as the cryptocurrency capital. but all of this is under threat. regulatory uncertainty is the number-one barrier to blockchain adoption according to 48% of respondents in a recent report. and they're right to be worried. the current bill widens the definition of broker, those who would have to collect information on cryptocurrency consumers and report this information to the i.r.s. it would force every single participant in the cryptocurrency structure to operate as a financial institution, which would mean they would have to provide consumer information to the i.r.s. even if they don't have access to the information. this overly broad definition of the word broker will block rapid innovation in cryptocurrencies, and it will endanger the privacy of many americans in cryptocurrencies. this is wrong. so i applaud my colleagues for trying to find an incremental approach. unfortunately, because the senator from vermont objected, that incremental approach hasn't been adopted. so let's exercise a brief shining moment of

the newly passed infrastructure built and tighter regulation of cryptocurrency.he ceo of kraken is not happy. he will tell us why. plus, an interview with emilie choi. straight off second-quarter earnings. we will get her reaction to the infrastructure bill, volatility, and more. and, picture this. apple's latest iphone line will get three major new camera and video recording features for the . is it enough to kick off a super cycle? we will talk about it all. first, let us look at the markets. technology leading the decline. what did you pull out? kriti: we solve this reaction to a two-basis point pop and yields, unnoticeable move, showing a lot of people expect 10 year yields to rise tomorrow. you saw this with the tech underperformance. the s&p 500 up, closing at record high. eight let's look at the yield picture. these are some of the technical levels we should be watching. that is where the 200-day moving average comes in handy. you are looking at yields hovering around that area and potentially breaking out tomorrow with the cpi print. i want to highlight w

i want to get back to the latest on the infrastructure bill and cryptocurrency's role in it. i want to bring in annmarie hordern in washington. what is the latest? >> we are seeing a little bit of a hurdle when it comes to the no -- to the cryptocurrency bill. it really was a domino effect. senator shelby wanting to bring an amendment to the floor which has to do with more defense spending. then you have senator bernie sanders wanting to not allow that amendment. remember, when it comes to amendments, you do need 100 senators to be on board. senator shelby saying, if my defense spending can't get to the floor, i am not going to go ahead with this new crypto amendment that earlier today really was a bipartisan effort. that is right now where we have a little bit of a hurdle in the senate. other than that, a lot of the other objectives of the plan do seem like they are getting bipartisan support. earlier, a senate aide said we could get a debate around 11:00 a.m. tomorrow. this new debate regarding defense spending and crypto currency amendment could take us a little longer. em

do you believe that cryptocurrency is at the margin stabilizing?ng that i don't know if it will plateau but just become up or down in terms of ranges? >> we have seen historically bitcoin move in these four-year cycles. each time, it pops up 10 times to where it was before. we could easily go up to $400,000 per coin in this cycle. i think it will trade within a range for a while. we got up to $60,000, we got back to $30,000. we are now hovering around $46,000. i thing is par for the course when you look at the chart and the cycles. i still think we could see hundreds of thousands of dollars a coin in the next 12 months. shery: planning more to come on "daybreak: asia." this is bloomberg. ♪ shery: we are counting down to the start of trading in tokyo and seoul. here are some of the stories we are watching. in south korea, luminary trade data for the first 10 days of the month out in a few minutes. five consecutive months of double digit gains for exports. samsung will be holding galaxy unpack events where the company is expected to unveil next-gener

and, gary gensler finally weighs in on the cryptocurrencies.n his first extended interview about blockchain. bitcoin dropped yet again. first, a look at the markets with bloomberg's kriti gupta. i want to start with lyft joining its first ever profit. they said it was coming this year and now they've done it. >> you can see that really just becoming a game changer and after-hours trading. lyft shares, this a profit for company bleeding cash. a great turnaround story. from management perspective, shares up 4% after hours. we also got results from activision, this was a stock that was very affected by the chinese regulatory scrutiny. now we are seeing a closely affected to the earnings beat. also the outlook for the entire year. the company is dealing with a lawsuit case. from an investment point of view solely, this was good news for the shares. i also want to bring in a non-earning story. we know that nvidia has been leading chips. in anticipation of getting approval. today, regulators saying they might not get it. amd the one that profited fro

what does a move like that mean to the growth of cryptocurrency?elf doesn't move the needle much. i think this is actually better for amc than it is the call it the bitcoin industry. remember amc was one of the those businesses that was saved effectively by the reddit rebellion, the retail market of buyers and so i think it's a wonderful thing. the same sort of people that were buying the amc stock in that short squeeze are the same sorts of people that have been buying bitcoin at a larger scale i think it's worth talking about what el salvador has done, so the country of el salvador has made bitcoin legal tender. that law takes effect on september 7 and on september 7 when that law goes into effect every merchant in the country of el salvador is obligated by law to except bitcoin for all of its products and services. we're going to see complete peter strzok into that market and why that matters is that 70% of the population of el salvador is on bank. it's a cash economy. four to 4.5 billion people on the planet are on or under banked. this technol

ethereum prices up 2%. $3,270 this is amid the comeback in the price of cryptocurrency. total market value climbing back above the $2 trillion mark. >>> now to the afghanistan story. the president fleeing the country as taliban fighters expand control in kabul. the state department here at home saying 1,000 u.s. troops will be deployed to help with the deteriorating security situation as it works to evacuate embassy personnel there. we have dan murphy from abu dhabi with the latest on kabul and the rest of the country. >> reporter: dom, significant developments this morning. we witness this moment to unfold two decades and the u.s. invasion of afghanistan. extraordinary pictures in the past 24 hours of taliban fighters, armed and inside the afghan presidential palace that came after cnbc in the middle east was abilile to conf the afghan president fled the country fearing for his safety we saw the biden administration deploying 6,000 troops to afghanistan to help to ensure the safety and security of u.s. embassy personnel on the ground as it worked to evacuate the embassy

plus, you have cryptocurrency mining where there has been a big change in the technology of it theory him validation. -- etherium validation. emily: what should or could we expect nvidia's role in crypto mining or the lack thereof to be? >> the challenge in crypto mining is that it has been very expensive. the energy requirements of small countries. that has to change in order for crypto to continue to be used and used more often or more frequent transactions. we know the technology has to improve. the changes ethereum is making is going to lessen the requirement for minors. -- miners. that could be one reason why the expected growth in earnings is moving downward from what they just recently experienced to the 23% to 25% range. if you look at the multiple on the stock, that should give investors pause about continuing to own it. emily: arm is taking a lot from the outside. it is taking longer than they expected. not everyone else in the industry is on board with this. do you think that is problematic? >> i really do. google, microsoft, facebook has to be putting up a big fight puttin

and how cryptocurrency would be taxed effectively.lved in this what are the implications at this point >> well, in the legislation we do something that there's a consensus about. even all of them, all of the folks that you just talked about, which is that we need to have proper informational reporting for cryptocurrency just as you would for an investment in stocks, bonds, other financial instruments. a broker for cryptocurrency should provide individuals a 1099 to be able to know what their basis is in many cases to know what the gross proceeds are this is great for everyday cryptocurrency holders because right now as you know you have to figure out your own basis option although some brokers provide it, some don't it's standardizing the process i think if there's a consensus about that across all party lines and certainly in the cryptocurrency community, the question is how do you do that without bringing other people into that reporting requirement in addition to brokers i think that's a very serious issue and we must address it tr

. >> you can ask senator portman >>> cryptocurrency regulations slowing down the $1 trillion

what pushed the cryptocurrency past 50,000 again? >>> and feeling ckluy?ee bigger powerball jack pots. g? boban bag! you get tobi bag. tobi bag? go for the handful! is olay better than your clean beauty? olay has 99% pure niacinamide. it's derm-tested. and now, it's cleanest formula with hydration that beats the $400 cream. tried. tested. never bested. shop at olay.com does your vitamin c last twenty-four hours? only nature's bounty does. immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. how did kellogg's combine crunchy oat clusters with a touch of honey... plump, juicy raisins and tasty fiber into one delicious cereal? it took a lot of bran-storming. get it? kellogg's raisin bran crunch. two scoops of delicious. get ready - our most popular battery is even more powerful. the stronger, lasts-longer energizer max. moment of truth. the dishes are clean, but arer, they dry? lasts-longer yeah, they are! thanks to cascade power dry rinse aid from the #1 most trusted brand. get your d

let's take the new requirement on cryptocurrency. everything about this is half-baked and unclear.ow exactly will additional revenue reporting generate new tax revenue, and how could you possibly apply stock exchange style reporting requirements to something so different and decentralized as bitcoin and blocking based cryptocurrencies. at best, this gimmick will fail, at worst, it will hemphill -- hamper financial innovation. or the mandated sales of oil from the strategic reserve, which the bill's sponsor's claim will produce $6 billion in revenue. do we realistically know what the demand for oil might be at that time? or what could happen in the meantime, when we might need to use oil in the strategic reserves? what happens only get five years down the road and congress determines we should hold onto the oil a bit longer, or until we might be able to generate more money from the sale. or what if even more of the sales are congressionally mandated, essentially flooding the market and causing the price of that same oil to crash? or, take the pension smoothing component of the bill,

. ♪ >> i would say that cryptocurrencies are a bubble.ld describe cryptocurrencies as a limited supply of nothing. to the extent there is more demand than the limited supply, the price would go up. to the extent demand falls, price would go down. there is no intrinsic value to any of the cryptocurrencies, except that there is a limited amount. >> why would you not put some short on cryptocurrencies? do you think that is a good short? >> when we look at the subprime, the reason we shorted subprime is because it was asymmetrical. shorting limited duration that trades at a 1% spread, you can't lose more than the spread of the duration. if it defaults, you can make the higher amount. in crypto there is unlimited downside. even though i could be right over the long-term, in the short term, as in the case of bitcoin, and went from $5,000 to $45,000. you would be wiped out on the short side. it is too volatile. >> john paulson speaking to david rubenstein on bloomberg. catch the full episode tuesday in new york or wednesday in london. let's chec

control, and when will kabul fall >>> more than $600 million or stolen in what might be the biggest cryptocurrency theft in history. >>> what may be the most unlikely best of friends "early today" starts right now >>> good morning i'm phillip mena >> hi there, i'm frances rivera. after months of heated negotiatons, all leading to this for few fleeting hours the senate remembered how to work together yesterday, passing a $1 trillion infrastructure bill. nbc's tracie potts joins us with more the senate was up all night adding amendments to that proposal >> reporter: right up all night, frances. and at last report within the last hour or so, they have passed more than three dozen changes to this democratic budget resolution. they're calling it the human infrastructure bill because it's $3.5 trillion addressing things like education, childcare, healthcare, republicans call it reckless and expensive, and they argue, it will push gas prices up now, this is different than the bill that they agreed on, the traditional infrastructure bill. that one's all about fixing roads and bridges and expanding transit

. >>> and in washington a looming crackdown on cryptocurrency. but go west, young prospectors, but their lobbsts ♪ ♪ welcome to allstate. where everything just seems to go your way. ♪ ♪ you're in good hands with allstate. click or call for a lower auto rate today. >>> on the crypto watch. digital currencies tumbling today. bitcoin down 4% right now. despite today's troubles, the most popular cryptocurrency has nearly quadrupled in value the total value of the crypto market has grown to more than $2 trillion over the past year. that spike causing a sort of digital gold rush. people, businesses, states looking to cash in one of those states is wyoming new favor anable laws could help them become the next crypto capital. it faces major hurdles in washington in a moment cnbc's ylan mui but first cnbc's kate rooney live in s cheyenne, wyoming where we are here in cheyenne, wyoming. the capitol of the state and competing to be the crypto capital of the country. they're returning to their home towns trying to get in on what they are calling a tech renai