the ftc is zeroing in on the right to repair.ast month, the organization voted to approve a new policy to prioritize enforcement against manufacturers that make it difficult for consumers to fix products on their own. more than 20 states are weighing legislation to give consumers more rights to resell, repair, and modify the product that they buy. carry she hand is the u.s. policy lead for ifixit as a lawyer with a background in intellectual property law. she joins us now. give us an overview now of the actions the ftc has taken and where you think this could go. >> absolutely. a few years ago, the ftc started with a workshop, where they solicited feedback from people in the repair industry and the aftermarket, manufacturers with what was going on with repair prescriptions -- repair restrictions in the market. just this year in may, the ftc released a report based on that workshop, which went through all of the arguments in favor of and against right to repair. all the manufacturers justifications, and what the ftc concluded to a

with ftc chairman conversation with ftc chairman conversation with ftc chairman ♪ ♪ ♪ ♪ ♪ ♪ deposit,chase. simplicity feels good. chase. make more of what's yours. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password? it's buick envision. that's a really tight spot. i used to hate parallel parking. ( all together ) me too! the all-new buick envision. built around you. all of you. pay no interest for 72 months plus current eligible buick owners get 5 hundred purchase allowance on 20-21 buick suv models. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart. jack: sec chairman terry gensler is remaking the market and regulation. c

to replace the prior ftc steady. and they will look at other methodology's, hopefully faster than the ten years that was taken by the previous study. >> okay, thank you mister chairman, i yield back. >> the gentleman yields. the chair now recognizes the gentleman from illinois for five minutes. >> thank you to the chairman and ranking member and all witnesses. we have the reality that people and working class communities like mine, worry a lot about their credit score. worried enough to get an apartment, by a job, and a low credit score can lock people out from building a better future for themselves and their family. it is concerning. but right now, congress is focused on building back better and promoting an equitable recovery in the covid pandemic, these values are real policy problem. we talk today about the inadequacy of the dispute resolution process at the credit rating agencies, an error on someone's credit can wreck their financial future. but processes can be too automated, and frequently lie with the lande

the ftc first sued blue hippo, and i first told you about it, after the company promised to finance new products for customers. they collected money from the customers and failed to provide those products, nor disclose key terms of the refund policy. even after agreeing to a court settlement back in 2008, the government says the company continued the deceptive practices, leading to lengthy court battles the ftc ultimately won a decade later in 2019. tiktok users now spend more time each month watching content than youtube users. a new study finds tiktok users typically log more than 24 hours of content each month. youtube users spend an average of 22 hours 40 minutes a month. youtube still beats tiktok in total time. youtube has 2 billion users. tiktok, about 700 million. dan: a lot of people. ama: i was afraid he was going to say 24 hours' worth in 24 hours, but that did not happen. it appears some thieves in the south bay may have picked the wrong target. their every move was tracked after they removed a box from a curbside delivery dropbox. david louis shows us what was inside that b

this is what the ftc that pushed for with facebook in particular.would you do if you were khan. >> a lot of what you could do. and -- under the laws, and what want to do there's a huge delta there. i had an old friend, jack walenti said you can tell a man to go to hell, getting him there is a whole different story that's proper for this now you might want to break them up but do the current antitrust lius allow nfor that you have to prove violation of the law and also some rules. microsoft 20 years ago in court of appeals that prescribed what the remedy could be. when is a breakup appropriate? a judge can you know, can order a breakup. will that uphold all the way through the supreme court? that's a long road a regulator especially in the law enforcement community, like the antitrust division or the f ftc, can't just come in and say, we're just going to break you up you have to go through a litigated process. legislation is different congress can step in and say, you can't do this or you could do this. right now there seems to be some bipartisan app

carlton tells us about our conversation with ftc chairman conversation with ftc chairman ♪ music playingbeen paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. they said it couldn't be done but you managed to pack a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq jack: sec chairman terry gensler is remaking the market and regulation. carlton used both to gensler this week and he moved the market but can you explain what you talked about in why? >> might colleague sat down with gensler and we talked about mostly payment for order flow. this is something that's existed in trading for decades but it's come under attack with the so-called free trading platforms what gensler told us is it something the sec is

carlton tells us about our conversation with ftc chairman conversation with ftc chairman we finally founde. yeah, we couldn't believe the deal we got. just lucky i guess. (sfx: airplane flying overhead) we're a little closer to the airport than we thought... (sfx: airplane grounded outside the house) at least geico makes bundling our home and car insurance easy. saving us so much money. -hi. -how was your flight? -good. -good. morning, ted. for bundling made easy, go to geico.com. i'm morgan, and there's more to me than hiv. more love, more adventure, more community. but with my hiv treatment, there's not more medicines in my pill. i talked to my doctor and switched to fewer medicines with dovato. dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. with just 2 medicines in 1 pill, dovato is as effective as a 3-drug regimen... to help you reach and stay undetectable. research shows people who take hiv treatment as prescribed and get to and stay undetectable can no longer transmit hiv through sex. don't take dovato if you're allergic to its i

he went on to the cfpb and ftc and we just celebrated his retirement yesterday. before him was our former director will ogburn, in fact the first director of nclc testified in fcra hearings in 1969. i mentioned this because it shows that we've been battling the abuses of credit bureaus for a very long time and yet it hasn't gotten better, in fact it might have gotten worse. 300,000 complaints to the cfpb in 2020, that's a lot of complaints. twice as much as last year nearly two-thirds of the complaints to the cfpb and of course according to the ftc's 2012 study, there are 10 million americans who have errors so serious on their credit reports it could deny them or cost them more for credit. and no, this explosion in complaints isn't just credit repair outfits challenging accurate information, the cfpb has said there's no evidence of that. the credit bureaus have been blaming credit repair for decades, it's the same old same old. what is different is a pandemic with devastating economic impact on many americans potentially causing more folks to check the credit re

carolina department of consumer affairs says they work with the ftc frequently.the ftc is protecting consumers from unfair or deceptive business practices. a website called make broke in is solely dedicated to showing customers which locations to avoid. >> rock hill has to within a few miles of each other to help you. >> yeah. we get a small fry in a mcflurry police can their part stop now, isn't it frame on down is a machine broken yes. we've reached out to mcdonald's about their machines. the franchise says they have no reason to believe they are the focus of the investigation, you know, being investigated >> i don't know might be a little extra. but at the same time it's kind of like it's hot. everybody wants some ice cream and they never have you ever tried to get not been able to. yeah. every time i tried to just out trying to get it. >> oh, my. that was taylor young reporting. mcdonald's says it's working on a solution. building. a dedicated team in training staff on maintenance. check ins. all right. then we're mcdunn think ground for news our primetime co

. >> the chairman implied that the ftc is looking at this and one more question.rgy use requires it used to be you and i could do it at home with a pc and now i think there's a statistics i saw the annual let electricity use by the inland is less than what is used for bitcoin. this is then narrative that is taken space the 2021 and stands to reason this is an opportunity. bitcoin mining is intensive when it comes to energy consumption but have increasingly been going towards renewable energy so there's a competitive advantage because it's the edge they may have and what is a very competitive landscape so overtime am certain bitcoin mining will be increasingly sustainable and energy consumption will come down. jack: michael sonenshine it will be fascinating to watch our industry and hope to see a lot more of it in the coming years. coming up top stock picks for the fall global equity cio s s growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add

carlton tells us about our conversation with ftc chairman welcome to allstate.here you can pay a little less and enjoy the ride a little more. ♪ ♪ ♪ ♪ now, get new lower auto rates with allstate. because better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today. ♪ music playing. ♪ there's an america we build ♪ ♪ and one we explore one that's been paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. growing up in a little red house, jeep grand cherokee l on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. [crowd cheering] how's sanchez looking? with your qb's increased spin rate, any pass with a launch angle of

ftc did not say why it's getting involved, but it may have to do with franchisees right to hire their own repairman, which currently voids the machines warranty. >>> gm is temporarily halting production at eight north american plants due to a global computer chip shortage. many of the chips are manufactured in southeast asia where covid cases are surging. gm says the shutdown will last a week or two until supplies improve. >>> bottle rock isn't the only game in town this weekend, how you can enjoy the stern grove festival without leaving your couch. let us take you to a place you've been craving. where the aroma of authenticity turns into the scent of home. and the warmth of friends and family is in every bite. here, there's a story behind every meal. with cacique, you'll be inspired to add your own flair. so you can tell a story of your own. cacique.your auténtico awaits. boost and cricket charge you more for unlimited 5g. metro doesn't. introducing the big 5g upgrade. just twenty-five bucks a month gets you unlimited 5g and a free 5g smartphone. that's half the price... ...for one l

. >>> and the wall street journal says the ftc is looking into the malfunctioning ice cream machinesd ongoing complaints with franchisees and customers the ftc is checking how mcdonald's reviews the equipment and allowing the owners to fix the machines and if suppliers are intentionally making devices difficult to service mcdonald's says it doesn't think it is the target of any ftc investigation. the ice cream machines are made by taylor commercial food service. dom, just the story we needed this morning >> soft serve is something i take seriously at times. kristina partsinevelos, thank you very much for that >>> to the top story and what remains of hurricane ida inundating the northeast with historic rains leading to wide presente spread flooding. contessa brewer has the latest on the storm good morning, contessa >> reporter: we are seeing a lot of the video coming in now, dom, from across the region it is not good first of all, a travel ban in new york city is now lifting as we speak it was put in place overnight because the water was simply too deep and dangerous the subway servic

we're going to start this morning with the ftc and the agency's continued pressure on big tech it is alleged hundreds of deals by the largest tech players have gone unchecked, apple, amazon, google, facebook and microsoft have made 819 unreported acquisitions, accused of using loopholes to duck merger reviews and anti trust scrutiny. facebook buying giphy, which lowered the value of its assets to the deal didn't need to be reviewed khan is calling for tougher enforcement of acquisitions which we figured, jon, she would bring. >> i think with this acquisition talk, there's not enough focus but we've mentioned it here on "tech check" on it seems if you keep big guys from buying small guys on the surface, that's good but that's a major potential exit avenue there and plus in retrospect, when a company becomes powerful, it's easy to pick and point and say oh, facebook shouldn't have been able to buy instagram. instagram was tiny, right? how do you review that and giphy, i mean, i don't know, carl sure there's a data issue here, maybe not traditional acquisition review but i don't pay tha

the ftc wants answers. there is no formal probe however the ftc sent a letter for more information.gs, how often workers are allowed to work on their own machines. it is part of the biden administration's efforts for the right to repair movement. >> i did a deep dive earlier this year. there has been so much controversy over those machines. there is a website that tracks how frequently they break. there are conspiracies, like the fact the manufacturer can't make a working machine. the service part of the equation doesn't work. there are a lot of people who like the ice cream and have problems with how frequently they break. >> there is a website called mick broken. to me, if you look at all of the things going on in the world, is your make flurry availability number one? is that the hill you want to die on? [laughter] >> here is my suspicion employees would pretend they aren't working and tell customers that because it takes so long to clean they didn't want to stay late. i suspect, what if mcdonald's told the ftc to send this letter , that way the onus is off of them accusing their

with respect to that specific enforcement issues as they may be ongoing, we would leave that to the ftc. reporter: how much of this problem is illegal? regardless of the enforcement. is it 10%, 50%? how much of the consolidation and profiteering is illegal in your mind? >> precisely because i'm going to leave that investigation to those agencies, i'm not going to speculate on the work that they have undergoing. what i can tell you is that we believe this is a problem. we believe this is a problem that is affecting consumers and farmers alike. we believe there are concrete steps that we need to take and that we can take to help improve. reporter: farmers went into reverse the trump administration's decision to resolve -- so there is an independent agencies that can focus on [indiscernible] are you going to reestablish it? >> that is a slightly different area. that takes a look at grading green and things like that. it's not into the packers and stockyards area. what farmers want us to do is what we are doing which is to enforce the packers and stockyards. that is the vehicle by which you

a first of its kind order from the ftc. was accused of doing. >>> record amount of rain hits the northeast. new york city report ago month of rainfall in two hours we have the latest numbers. >>> and tornadoes touching down in pennsylvania, new jersey and maryland the damage left behind and the plans to get people better prepared for the next storm. where everything just seems to go your way. ♪ ♪ you're in good hands with allstate. click or call for a lower auto rate today. investigation into the space flight last month. why? a deviation in the landing according to a faa spokesman, it did not follow the flight plan previously agreed on the agency barring brandon's space tourism company from flying the spaceshiptwo. it's slated for later this month, they could be delayed. >>> and the fed is taking actiol trade commission sto stockerware. the federal trade commission banning spy phone, it's the first order of its kind from the ftc against a talker-ware app, it allows someone to monitor and -- it was marketed as a tool to mont

so the ftc could investigates, but the ftc investigations were daily looking at the operations of the consumer reporting operation to help them and look at accuracy. this is an ongoing process outside of the public view. it has made a lot of strides in improving the process. this is why the cfpb announced, this, i knew steady and accuracy. and they are going to look at the different methodology's, hopefully faster than the ten years that took for the first one. and look for these improvements. >> okay, thank you mister chairman, i yield back the balance of my time. >> the chair now recognizes the gentleman from illinois. for five minutes. >> thank you mister chairman and ranking members and members of the subcommittee. the reality is that working class people in communities like mine, for them it is hard enough to rent an apartment, get the jab, buy a house. and a low credit score cannot people out from building a better future for themselves and their families. in normal times it is concerning but right now what congress and the white house are focused on, on building that better and

the ftc says they must comply with a health breach notification rule.be fined $43,000 per day. according to the associated press, most americans don't think their private data is secure online. 64% of us say our activity is not secure and have similar doubts about location data. half of them also say they don't believe their private online messages have adequate security. nearly 60% have more confidence in the private sector to handle security issues than in the government. which is surprising since all of these issues come from the private sector. larry: trust no reasonable edict. anybody can get it. >> don't put anything you want -- >> users of microsoft products no longer have to use a password to logon. starting today, users can download an authenticator app. it allows users to dig passwords which can be hacked or forgotten. the new option is similar to the one microsoft rolled out to business users earlier this year. larry: i don't have to remember 1234567 anymore? [laughter] >> that is my password for everything. let's look at live doppler seven.

a first of its kind order from the ftc.to be protecting online stalkers was accused of doing. >>> new york city report ago month of rainfall in two hours we have the latest numbers. >>> and tornadoes touching down in pennsylvania, new jersey and maryland thple ans to get people better prepared for the next storm. ♪♪ remember when no dream was too big? and you could fearlessly face the unknown? you still can. when you have a rock you can depend on for life, you'll be unstoppable. like the millions of people who rely on prudential for financial planning and investing. who's your rock? >>> virgin galactic grounded the faa launching an investigation into the space flight last month. why? a deviation in the landing according to a faa spokesman, it did not follow the flight plan the agency barring brandon's space tourism company from flying the spaceshiptwo. it's slated for later this month, they could be delayed. >>> and the fed is taking action against stocker -- the federal trade commission banning spy phone, it's the first or

a first of its kind order from the ftc.to be protecting online stalkers was accused of doing. >>> new york city report ago month of rainfall in two hours we have the latest numbers. >>> and tornadoes touching down in pennsylvania, new jersey and maryland maryland thpl at usaa, we've been called too exclusive. because we were created for officers. but as we've evolved with the military, we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73. and even his kids. and their kids. usaa is made for all who've honorably served and their families. are we still exclusive? absolutely. and that's exactly why you should join. ♪♪ energy is everywhere... even in a little seedling. which, when turned into fuel, can help power a plane. at chevron's el segundo refinery, we're looking to turn plant-based oil into renewable gasoline, jet and diesel fuels. our planet offers countless sources of energy. but it's only human to find the ones that could p

chair warren: i understand the ftc has now said cryptocurrencies scams have skyrocketed. and they say that in the five months between october 2020 and march 2021, just in that five month period, nearly 7000 people lost more than $80 million. and that is nearly a 1000% on the same period a year earlier. this just happens in brazen crypto-cons. so we're seeing egregious fraud cases, but also manipulation in the market. scams, pump and dump tactics. so, professor menand, are there steps policy makers and regulators can take today to limit the harm to investors and consumers in the cryptocurrency market? prof. menand: yes, i think so. we are going to need more funding for regulation. congress should increase appropriations for the ftc and chairman giancarlo, so they can keep up with all the new quarantines being launched. it was spoke about, the race between cops and robbers, as it were. we need to fund the cops or they are going to lose the race. they should also have additional authority over crypto exchanges. banking agencies should not allow government-backed banks to war

at the wall street journal reports the ftc sent a letter to mcdonald's.hey also want to know how often restaurant owners are allowed to work on their own machines. it is part of the biden administration's new effort to draft the right to repair movement. federal officials want to make it easier for consumers and businesses to fix their own equipment. it is a common complaint. kumasi: we took a whole journey with that. we got to deep. reggie: i looked into all of this. basically, the problem is there is a way to fix the machines but the people who sell mcdonald's the machines want to fix it themselves. there are questions that they make intentionally hard to fix. kumasi: and the people are suffering. reggie: gotta have our mcflurry. new at 6:00, delivery driver solution. amazon is rethinking its application process with a new idea to recruit an army of male workers and the wild -- workers. kumasi: and the problem this reggie: a new outdoor exhibit at san francisco's presidio is celebrating the diverse experiences we have in our parks. more than 400 images

then the lawsuits, two groups of facebook shareholders suing the company saying they overpaid on the ftc cambridge find from any deposition or personal liability finally, the oversight board not raising the white flag on how facebook treats its so-called vip users. if history is any indication, the board will mull it over for a few months before kicking it back to the company to make a decision of its own. still, highlighting facebook and the need for more transparency and salesforce ceo mark beneoff weighed in on all of this last night. >> i brelieve in redemption and pardoning and today, wow, it's unacceptable to see this kind of behavior in such a large and important company like that. if you look at what is going on in the pandemic and just the amount of information that is just plain wrong that is on there. it's just, you know, this has to stop >> and if that weren't enough, julia, you have more on these advertising headlines we're seeing, right? >> that's right, john. facebook shares are down more than 3.5% right now and i would say specifically because the company came out and sai

he wants the ftc to crack down on them?the irs going after the little guy with 600-dollar pang accounts. that is the middle class taxpayers. that is the small businessman. that is the small businesswoman. you know what? they don't have the tax attorneys that the big guys can afford to pay. when you have them going after the oil and gas sector which by the way kept us out of recession in 2008 after the collapse, i got to say this is mindlessly idiotic. >> i could not agree with you more. you're looking at the administration doing exactly the opposite what common sense would tell you, what a freshman in econ 101 would know. you're killing economy. crushing working families. for an administration that claims they will not affect, increase any taxes or increase the amount that people are paying, that aren't, quote, rich, making less than 400,000, that is exactly what you are doing. you are crushing working families. not only are they paying more at the gas tank but they're now paying more everywhere because let's face it, if yo

. >> and those machines break down so often that "the wall street journal" reports the ftc, that's rightunched an investigation. there's a website called mcbroken and it's been tracking the constant breakdowns of the mcflurry machine. >> the problem appears to stem from cooling machinery that keeps the ice cream chilled combined with heat from the daily cleaning cycle. >>> next to chicago and a serial egg thrower on the run. >> this incident stretches back two years. now there is an even a facebook group called chicago egg hunters. they've been tracking dozens of cases. people report being hit by eggs or seeing them thrown from a white truck often. >> or a brown truck, right. it could be white or brown eggs. >> it's been tracked to a warehouse and the group says it just wants the egg throwing attacks to stop. >> can't make an omelet without breaking a few eggs. >>> next amazon has a solution for the shortage of delivery drivers. >> their inclusion, recruit more pot smokers. the company is reportedly advising its delivery partners to advertise they do not screen for 34marijuana use. >> do

there were mixed messages on whether people should get a third shot at the ftc -- they have recommendedhem for older americans. this as people in poor countries have not even received a first shot. schoolchildren in chile are getting vaccines. between six and 11, as long as i have written permission from parents. the goal is to have 1.5 million children vaccinated by the end of the year. reporter: a coronavirus vaccination drive broadened in chile. the country began vaccinating with the campaign already underway. >> i came to get the jab to take care of my family and be more protected. >> excellent news, because this pandemic has brought a lot of fear and uncertainty. it is great for parents to be reassured our parents are vaccinated and protected. reporter: children here will require parental permission to receive the coronavirus inoculation. authorities in the country are hoping to have the 1.5 million scho students between six and 11 vaccinated by december. >> we know they have waited a long time but we have finally reached the stage in which the vaccine has been approved for childre

prior to joining public knowledge she served as an attorney with the ftc and here in the senate as a legislative aide. we thank you. if the witnesses could please stand and raise your right hands. including our remote witnesses. do you swear that the testimony o you will give before the subcommittee shall be the truth, the whole truth, and nothing but the truth, so help you god? >> i do. >> thank you. you may be seated. i will now recognize the witnesses for five minutes of testimony each. why don't we begin with you, mr. satterfield? thank you. >> thank you. chairwoman klobuchar, ranking member lee, and members of the subcommittee, good afternoon and thank you for the opportunity to be here today. i'm vice president of privacy and public policy at facebook where i focus on developing and sharing the company's perspectives on data regulation globally. i appreciate the subcommittee's interest in the topics of today's hearing and the work you all do to ensure the competitiveness of american markets and to shape data policy. i believe facebook has an important perspective here given the

this report adjustingal goh rhythms diminish rewards for performative politics while empowering the ftct. of course, you can't understand how misinformation gets mainstreamed without looking at right-wing media. in a new poll by the public religion research institute does just that. a drill down for the "washington post" found that among americans who most americans who trust foxx news or other right-wing news sources, 76% believe the 2020 election was stolen. it gets worse. only 12% of that crew says donald trump deserves a lot of the blame for the capitol hill january 6 attack. left wings like antifa are to blame. this is complete fact-free hyper partisan paranoid fantasy. rewriting history to create a sense of legitimacy around the attacks and a sense of victim hood around the attackers that spurred this upcoming protest. as if on que, donald trump released a statement of solidarity with the capitol hill attackers yesterday saying, our hearts and minds are with the people being persecuted so unfairly, relating to the january 6 protest. while repeating his lie that the election was ri

. >>> president biden plans to nominate georgetown law pro professor to the ftc he is viewed as a privacytors to cut investors to technology stocks and increase on economically sensitive companies like energy. they argue the negative effect from the delta variant is an issue. >>> and amazon with the future of concert tickets in your palm. amazon one technology allows you to swipe your hands over sensors. now starting today, visitors to the red rocks theater will use the same technology to connect concert tickets to the account and hover their hand for entry others will set this up in the coming months. biometrics on a whole new level. stay tuned you are watching "worldwide exchange" on cnbc. 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. your doctor gives you a prescription. plus, herbal and other immune superstars. let's get you on some antibiotics right away. you could have it brought right to your door, with free 1-to-2 day delivery fro

as we head into year's end is going to be forthcoming regulation proposals from the treasury and the ftc is a good thing about gensler being the one writing that regulation because he actually taught a blockchain class at m.i.t.. at the same time, especially for smaller investors, to start hearing regulation i think to the effect is going to be similar to schoolchildren who hear sirens when they are at a party. they are going to start dispersing and the initial reaction may be scary. although long-term regulation is great for the asset class because it is going to force it to mature and allow more investors to come into crypto. >> when you take a look at the policy winds of change for china, how long term do you have to set your sights for there to be opportunities right now? max: you have to think in years, not months or quarters. the common prosperity initiatives really are going to most likely result in greater regulation than what we have already seen. as i said last time, there is good -- behind these, but within that intent there is not a lot of care about the market impact. i thin

was the ftc right or wrong in this case?sec from what i've seen is a political organization in which i think both sides have come to an agreement not to do much of anything against the other, and i'm not sure, that could have been a proper decision, but whether censorship and big tech actions are appropriate. maybe it did not violate election law, but it certainly violates our sensibilities of fairness and openness pete >> greg: terence, welcome back. >> i'm back. >> greg: you are back. it's like there's news just went away. we talk about election corruption, but it is really just about collusion between institutions. >> i think "the new york times," i think everybody come all these organizations, they backpedaled the story quicker than a new york minute, and i just don't understand why they are protecting hunter biden so much. why do they feel so connected to him? are they all smoking parmesan cheese together? i mean, what is going on? if this was eric or don jr., cn and, nbc, they would look for correspondents to investiga

the next time you order a mcflu rry, the ftc is on it. there is no formal probe. letter to restaurant owners for more information on the machines. the agency wants to know how often restaurant owners are allowed to work on the machines. it is part of the biden administration's effort to draft new rules for the right to repair movement. federal officials want to make it easier for businesses to fix their own equipment. kumasi: school bus story in a moment. we will take the caldor fire. reggie: it is burning south of lake tahoe. the one thing we are hearing from residents, incredible praise for the front lines. that is the case with kevin cooper, who arrived at his parent's house from tahoe yesterday. he has been a friend of the station for years. he made the decision to get out when he saw the flames reach the tahoe basin. >> it is hard for you to go and grab your life. five years, 30 years, 50 years, to try and think through your head, what is important to me and what is not? if the house goes tomorrow, our life is in the truck. everything we needed, we loaded up.

>> this will be an action that we take up in the consumer protection committee and work with the ftc in addition to the harm that comes, what we have seen, they have the documentation on, with instagram and what this does to children, you also have to look at like google chrome and children's data and the lack of protections that have been put around that. and we have been saying, police yourself well, what we know now is that social media lacks the discipline to police themselves and they have their own research, not outside research, not a pediatrician's research, but their own research that identifies these harms and even goes to the level of the harm so it will be up to us to say, you cannot market to children. you cannot allow children that are 13 to open an instagram account. see, 40% of the facebook's users globally are kids and teens. 40%. and facebook has 90% of their users that reside outside the u.s. and canada, but what we have found out is that they are only using 13% of their resources to look for these harms that are u.s.-based. and they're not putting the power where

but washington, d.c., has been increasingly aggressive in its stands to currency not only from the ftc but certain members of congress as well what this comes down to is, china banning crypto many, many time, doing this every year s since 2013 it's probably because banning is it impossible. again, this to me highlights the strength of bitcoin as a monetary system. bitcoin is the world's first and largest peer to peer electronic digital money system and the fact that it can't be shut down or curtailed by the ccp is strong evidence that it will continue to proliferate. the cny has been declining in prominence china's crackdown on bitcoin mining has been a huge loss for china, $13 billion in annual revenue being lost in china that includes losing out on the taxes and the revenues to power producers and local municipalities this would be a huge strategic opportunity fort united states we have not seen a uni fide stance in washington, d.c. i continue to wait to see what type of policies we'll see i think it's been ambiguous and looks like the sec will use case law to that precedence >> even

representative, in the last 48 hours, the world of crypto taken shots across the bow from the head of ftcderal reserve and president of the united states. they're circling the wagons. we know all the stories, we understand the upside, but when you have governments and all of their tools trying to slow you down, not just speed bumps but derail the movement, how is this going to end? >> look, i don't think you will be able to get rid of crypto until you say you will get rid of the internet. if there is internet this is going to move and the planet is betting on crypto. china tried to kill it. it won't work. america can try to kill it. it won't work. it is foolish. fintech is the era we're in innovation and america dominated the globe in innovation from the agricultural age, industrial age, automobiles, aviation, aerospace, computers, internet era. why would we take a hard pass on fintech? charles: what would happen if d.c. put up too many roadblocks and discouraged more entrepreneurial or innovative aspects if it happens somewhere else what would america lose? >> we would lose a ton. you're

on the futures side but we have seen negative news coming on senate banking, the ftc and treasury i don'tt it is yet clear where that's going the lead exactly i think frankly everyone involved is trying to figure out the details of that. and i still think there is quite a bit of a room for a productive compromise there which might establish sort of oversight regimes and transparency requirements for stable coins and exchanges in the crypto ecosystem while allowing the industry to flourish but i do think that we have seen a lot of negative noises coming out of washington. and that there is a chance that that results in some fairly -- fairly onerous regulations >> thank you very much, sam, it's good to see thank you for your explanations. sam bankman fried. >>> that crypto collapse is something our next guest warned could happen the regulation and volatility have been front and center for crypto critics ish war pass at of cornell university is author of the new book "the future of money, how the digital revolution is transforming currencies and finance" for anybody who wants a basic explana

maybe the best known regulator around the world, although lina may be catching up at the ftc. we talked about regulation ahead of the eu trade summit in pittsburgh >> there are a number of sort of must-do discussions one on privacy to make sure that data can flow how to put things into practice. i think on ai there is, on both sides of the atlantic, a deep recognition of the fact that in some use cases, fundamental things are at risk women are not being discriminated and people of color are being discriminated and that we need to get this right. and that, you know, it's such encouragement for us, as well as the biden executive order. it's a huge encouragement. >> she also had this to say about fines. a regulatory tool that has cost companies like google billions of dollars >> definitely fines is not enough a fine is just a thing, just punishing past behavior. and then cease and cyst and restorative measures how to make sure that the legal thing you have done if they cannot be undone then how to do a repair how to do your part to make sure that the market is open and contestabl