this is according to the resources familiar with the ftx lunch. i was told by one source of knowledge of the deal that the price can be as low as $25 million. they told me last night it could be closer to $50 million at the end of the day. another castaway ftx might consider applying options to exercise at a later date. either way, it would be a fraction of the private valuation of $4.8 billion, remember sam beckman's creed. and companies also extending a $250 million line of credit. so, unclear how that would be accounted for in a deal. sources expect it to be signed before the holiday weekend. the ceo, pushing back on the $25 million number in a tweet. we have got no official comments from block phi or ftx. also, i am told offers were on the table. the company has raised almost $1 billion in dc funding to that equity, i'm told, by one investor, is now essentially wiped out. the writing off the value as an investment as a lost right now. the ftx ceo has really been seen as the backstop in the crypto space. he provided a $500 million loan to anoth

ftx ceo sam bankman-fried swooped in to bail out the two firms.iving blockfi $250 million. joining us for a "closing bell" exclusive is ftx ceo sam bankman-fried. sam, great to have you with us. >> thanks for having me. >> you've been a little bit busy, huh? >> yeah, it's been a crazy month. >> yeah, to say the least. you've been on a buying spree in a very, very short amount of time you deployed billions of dollars of assets across the industry scooping up troubled firms, sam. a lot of people have called you the savior of crypto, the patron saint of crypto but also john peer point morgan. i wonder if you agree with any of these names >> i think there is some similarity its and some differences. but in the end i think there weren't very many people who were going to be positioned and willing to step in during the crisis and during the credit crunch and credit crisis part of this downturn. we felt like the most important thing that we could do was to help stop contagion from spreading and backstop customer assets. >> is there any sort of master pla

haidi: ftx cofounder and ceo sam bankman-fried there. next, torrential rains are lashing sydney forcing thousands of people to evacuate australia's largest city. we have the details ahead, this is bloomberg. ♪ haidi: a look there at the rain right now across sydney harbour. sydney residents have been warned of another day of devastating flooding as we get into monday. seeing large parts of the state particularly when it comes to the south wales coast last with torrential rainfall, a number of rescues across greater sydney. thousands of people under evacuation orders there as well as we've seen the wet weather lashing australia's largest city causing widespread flooding. our sydney bureau chief joins us now. what is the situation on the ground this morning? >> the rain around sydney is looking bleak. but it looks like it is going to ease this afternoon which will be a huge relief for those people who are being evacuated around the river systems outside sydney or just on the outskirts of the city. it has been a very rainy weekend, luckily,

ftx has traditionally built for.inhood, fast growth company with a lot of employees and ftx runs really, really mean. does that fit at the end of the day? he has a lot of ambitions. remember, a firm like robin hood, he also talked about the scrap -- distressed crypto miners. at the end of the day, and has to be a dental fit. you wonder about robinhood, blockfi option to purchase, crypto minors. the end of the day, the question is who does sam want to be? you look at a company merging tradefi and d5 and looking at the future of the new market structure under a new regulatory regime. ed: bloomberg's sonali basak, thank you. crypto will also be on the minds next week, of the road trip for us, a number of great guests including sophia, kevin hart from eventbrite and many others. you don't want to miss it. coming up, as women lose access to abortion in the u.s., social media is offering treatment and advice. some of it could have deadly consequences for plus, how some social media is handling the abortion debate. this is

managing to survive and thrive during the crypto winter, let's begin with this what you know about ftx offer and that is a lot because they made it very public and that's why voyager is upset do you see as a legitimate lifeline or opportunistic? >> i think right now there are other turbulence is in the system and a lot of folks similar to voyager that are in a difficult position. i think what sam is doing and ftx is using the majority of the drive power to rescue the situation given the fact that there is no backstop in the sense of the government to make the best of the situation. it has to be backed up by private investors and therefore i think people don't like them but eventually it needs to be somehow. >> i suspect voyageurs customers are getting louder in their complaint, maybe, i don't know but not drab the lifeline because an essence what he was offering, if it worked out the way he says it would, they would be able to give them an advance on their bankruptcy claims so they don't have to wait to go through bankruptcy court and get voyager to reopen the coffers and let some of t

we see ftx has come in on that one.an-fried has come in on that one there is no central bank in crypto it is a very liquid asset. it is easy to liquidate those over others. what we see is high inflationary pressure and people are liquidating and holding off and coming back later. i note the volume of trading was the highest ever recorded. that would indicate to many there is a possibility we will see a bounce up in july. certainly if you look at the 20-day ema or the 50-day ema, we are hovering within that range at the moment. $21,000. 50-day at $25,000. we are still within the bend largely speaking we expect the market to move back up. we say that on this perspective, we see the crypto as an extrinsic asset rather than intrinsic and volatility we see the market move into the month of july. >> antony, i take your point. you can argue there are fundamental reasons to believe in blockchain and bitcoin. specifically this being an inflation hedge was built by bitcoin proponents as a reason for holding bitcoin. it feels the

we know ftx and ftx you as our focus on raising funding -- ftx u.s. are focused on raising funding. capitalists have cooled down on the industry in light of crypto winter. it is fascinating to see that he still has confidence, he can raise funds at high valuations. he is also eyeing assets of distressed companies. emily: you've got elon musk who at one point was also considered a sort of crypto savior coming out and saying tesla sold 75% of its bitcoin purchases, turned that into cash. do you expect something like that to have a continued negative effect on the industry, or can the optimism of bulls win out? hannah: i think sam bankman-fried's support for the industry shows that there are people who have confidence in it. he also has eyes outside the crypto industry. he has talked about buying goldman sachs and he was eyeing a potential takeover of robinhood. he sees mainstream finance blaring with crypto. while big names like elon musk may be vamping on their enthusiasm for the industry, it seems like those within it have the confidence to branch out beyond it and are still confide

. >>> sam bankman-fried's ftx is making a big acquisition in the crypto space s. >> ftx has the option to acquire blockfi at a maximum price of $240 million that's based on certain performance targets. no word on a minimum price it also includes an increase in the lending facility ftx had loeaned blockfi $250 million. that's pumping up to $450 saying it hasn't drawn on that yet. this deal is going to be signed by the end of the week the price tag could have been as high -- not a great outcome for equity investors even if the deal were to get done at the high end it's a fraction of what the company was worth at its last private funding run. i'm also told venture capital investors are taking pretty big losses here and they're writing down the value of that investment we also got some news last hour that one of blockfi's major competitors, voyager, is temporarily suspending trading, deposits, withdrawals and loyalty rewards as well effective as of 2:00 p.m. eastern today. more issues here in the crypto space. back to you. >> kate, thank you kate rooney. >>> let's get today's market dashbo

>> ftx and ftx u.s. are both focused on raising funding.e in talks with people, that is unique because venture capitalists have really cool down on the industry in light of crypto winter. so, it is fascinating to see that he still has competence to raise funds at high valuations. he is eyeing assets at distressed companies and bitcoin miners for acquisitions. emily: meantime, elon musk at one point was considered a crypto savior, coming out and saying tesla sold 75% of its bitcoin purchases to improve its cash position. do you expect something like that to have a continued negative effect on the industry? or can the optimism of sam bankman-fried win out? >> i think his support for the industry shows that there are people who have confidence in it. he has his eyes outside of the crypto industry. he has talked about, even joked about buying goldman sachs. it was reported he was eyeing a potential takeover of robinhood. he sees finance flooring with crypto. while big names like elon musk might be dampening on their support of the industry, it

in some sense why ftx has moved to the bahamas for similar reasons.: what do you make of crypto volatility? just had a headline cross that coinbase is now dropping out of the top 10 exchanges in the world by volume. >> if you look at the top 10 in the world, originally native from china. the finance or of course ftx, to start with one started in hong , kong, the role of trading users and volume outside of the u.s. is much larger than the u.s.. it's not surprising coinbase sooner later will drop below. but having said that top five in , terms of number of users, coinbase is still top three. in general, i think the total combined market cap trading volume is now back over $900 billion. it's not as bad as 30 days ago, but the rest of the world particularly in asia is now catching up like beyond just the u.s. trading volume. emily: the question is how long does the winter last? >> who knows. emily: thank you for stopping by. coming up, policymakers are rethinking crypto energy rules. this amid record high temperatures in europe and heat waves across the u

rishaad: ftx seo sam bankman- fried. a quick check on markets.as a day where equities are mixed in some sparks of lights, if you will. japan on the way up. the vast majority lower. on the commodity side of things, that lurch downward. palm oil declining. the bond picture is one of falling yields. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid

we have news on the block deal, ftx officially signing the deal with the offer to acquire blockfy.a built-in option to acquire blockfy for a maximum price of their 240 million based on certain performance triggers. we don't have a minimum. a source i talked to earlier in the week says it could be 25 million or their 50 million and they're also upping the loan in this case and the loan that ftx had provided blockfi is upped to $400 million the potential acquisition down the line option to buy blockfi, but significantly lower than what we saw at the prior private valuation which is $4.8 million. >> people have been watching this one closely and again, it's a line in crypto thank you for bringing us the details, kate rooney ahead of the holiday weekend we're starting off on a road trip last week we take you to five major cities and this week we're back in the camper revisiting the cities, and tyler hit the road and we'll take you through it starting here on the east coast in new york. according to zillow, the median sale price is $535,000 and that's 17th in the country san jose the mo

to an extent the sort of demise of many of these firms is a black eye for ftx among regulators it wasported a few moments ago that fdic is looking into voyagers' marketing on its product, which it kind of misled investors that their funds -- excuse me, usd funds were fdic insured which they totally weren't. they were only insured in the event of their bank running into issues not voyager itself. so i think ftx is in probably the best spot but there's going to be downstream reputational damage that this blowup causes >> sure. here is what voyager said in 2019 in the rare event your usd funds were compromised due to the company or our banking partner's failure you are guaranteed a full reimbursement of to $250,000 >> it's embarrassing, honestly embarrassing they did that and, frankly, a lot of these companies in this market have misrepresented what they are to the end client look at celsius talking about how they are the unbanked or unbank yourself with celsius if you look what's happening behind the scenes to get those yields they're doing things banks do otc derivatives, unfortunately

. >> what is the amazon of the crypto burst >> sam bankman-fried with ftx is unbelievable the way he's focal point of the eco system, supports the entire ecosystem including retail investors, nothing short of phenomenal. look what brian fpellegrino is doing, developers can benefit from innovation. look at magic eden, starkware, fire blocks, they are legendary companies in the making. again, long term incredibly bullish. near term very realistic. >> i know you're a big investor in ftx as well so, pat, how has the performance of sequoia funds been? a lot has been covered around tiger global and some of the competitors. of course the soft bank vision fund which has gotten clobbered. how have you held up amid the volatility, particularly in tech >> the benefit is that we are structurally long-term oriented in a way nobody else in our industry is. the amount of money that we invest in any given year is a tiny fraction of the total value of stock that we hold in the public market or the total value of the shares that we hold in the public market and the private market what does that mean? it

one source says ftx could pay $25 million. 99% below the last private valuation. another said the price could be closer to $50 million. both declined to comment on the cnbc report. >>> a programming note don't miss a special edition of crypto night in america. hosted by frank holland. >> crypto night in america used to be exciting now it is a roller coaster ride. >> although it has been -- what are bored apes worth >> you can get a bored ape for under $100,000 >> that makes me think we're not done >> i'll get you that information in a second. >> that hasn't come all the way down >> cheapest bored ape. >> i want one of the best ones >> priced low to high right now. >> a dentist or orthodontist >> for about 97 grand. >> one of the crappy ones? sd >> the eyes popping out. occupation a blind fold on. that is cool with a tuxedo that seems representative of this particular moment of the investors. i might have to pick that up after the show a couple angelic bored ape with a halo a cowboy is available. >> i told you what i would buy i would buy the big o with legs gettin

i don't necessarily have one >> when ftx the other day said they thought the majority of the deleveragesred, you don't think that was wishful thinking >> no, i think a lot of the deleverages -- you're always going to have some leverage system as big as crypto is now but a lot of that has come out so i would echo a similar sentiment. we will see. john, thank you very much for joining us. >> thanks for having me on >>> all right. let's move on to the etf spotlight. we're focusing on the energy spdr you see it there, more than 28% for the year occidental petroleum is the third largest holding. berkshire hathaway, adding another 2 million shares that gives the -- a 19.4% stake in oxy it has more than doubled this year, making it the best performer on the s&p 500 by a large margin last week, leslie, when the banks were recording for so long and moving into energy >> the size of his stake is roughly what they expect for this year. so clearly he is making a big bet on energy. given the current environment. interesting that over the past few months, it's just continued to dabble in the shares. >

. >>> sources tell cnbc that ftx is looking to buy another player for pennies on the dollar. >>> holidaych is getting under way. a live look at highways and airports as nearly 48 million people prepare to hit the road i have to buy some canine g gummies for july 4th they get nervous fireworks. friday, july 1st, 2022 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc live at the nasdaq market site in andrew ross sorkin along with joe kernen. becky is off today >> just the boys we have looks and -- to some ex extent >> i can't have all of my aspen mountainous paraphernalia on >> we can put a green screen behind you that might have been a green screen >> it was real it wasn't memorex. >> where is it >> the gift. always a gift. >> when your parents go away >> i know. a gift in the makeup room. it is awaiting you. >> no kidding? >> yeah. i think of you >> that's really nice. i'm nervous. >> you should be. >> is it ticking >> tak

his ftx, his other funds had their tentacles deep into these different crypto lenders and businesses. it is amazing, some have called him the jp morgan of crypto. tom: how is he doing 60,000 down to 20,000? how is this guy doing, giving -- given these losses? matt: i think he is doing all right. tom: he can buy the hummer jon ferro is looking at. michael collins, joins us now. michael, i love your research note when you talk about the relative value trade, the relative value rationalization that is out there. amid this volatility. you cannot do it, can you? michael: the markets, the credit markets are performing in a pretty controlled way. the selloff, as brutal as it seems, has been orderly. but, there are a lot of good relative value opportunities right now. i do not know if it is a great time to jump in and by rates or credit, but there are a lot of interesting opportunities. tom: what does a relative value trade --constructive -- construct a relative trade for us in real time. michael: the one that hasn't been working is in our plain old state treasury market. that 20 year treasur

block bite was extended a lifeline by crypto billionaire, freed owned ftx as you know he extended the00 million. spf's called in the crypto market and he declined actually to provide the same help the same lifeline digs to the chapter filing for celsius it's a big creditor to celsius as well through his other two funds and not the ftx directly. it's becoming the worn buffet was in 2008 becoming similar to that in the crypto collapse. during the collapses of buffet accented cash to bank of america to keep them alive and that is what it's doing right now. he's trying to backstop any future collapses which mike hurt and scare away crypto hopefully not for long time that's we try to prevent. also knowing bitcoin is up today that suggests we have some divergence with the broader stock market itself. bitcoin, as you know commas advertises digital gold is a hedge against high inflation and bad government policy. the problem is bitcoin is not acted that way pretty specially in this order when your high inflationary environment we live in. it's really been moving lockstep the past fears and br

ftx, sam bankman-fried bailing out some of the competitors.n about what the future looks like of bitcoin because it is being stress tested >> look, you have to invest based on underlying value and use case what we have founding is that bitcoin and cryptocurrencies, and i'm going to get lots of angry letters at me, this is not a currency, it's not a safe haven for value. there is a wonderful currency if you're trying to engage in illegal behavior but just as the u.s. government cut down on gold transactions because people were evading taxes in the '30s and '40s, they are going to continue to regulate this space and make it harder for people trying to do illicit activity i think this is frankly an area that has a lot farther to go down there are going to be a lot of these companies that have liquidity problems there is no underlying value here. >> do you think we need to see more pain in the price as all these skeletons come out of the closet before we see a real bottom for the stock market? >> we've already had one hell of a crash, sara. the un

we have seen ftx come in and be a backstop to many of these companies. obviously not sustainable, but it is very much what jp morgan backed in 1907, saying hey, we see the bigger picture and we want to get through this turbulent time so we can get on building of all of the services that we think are going to improve so many lives. caroline: we thank you so much, kristin smith. of course with sonali basak on all things crypto. meanwhile, one of the biggest sparks, acquisition companies holdings, the tontine holdings is going to return the capital to shareholders. the ceo is telling us in a letter to shareholders at the moment, of course, this is after they failed to find acquisition to take out. so the clock is ticking for many of these and many of them without an acquisition in the field. we will have much more on that, but later, we want to talk a little bit about prime. is it past its prime or will amazon's big day be the big event as it always is? we will discuss. this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit

. >> block buy just was bailed out and got a big loan, ftx is becoming the player propping up the ecosystemel there are different ways to earn yield in the crypto ecosystem and some platforms are doing quite well right now so you have, you know, centralized finance lenders who are bankrupt and some that are unscathed and the reason is because they have a different business model they're letting customers lend money on a money market, they're asset backed, the tokens associated with ava and compound they're up around 20% in the past 24 hours so there's enthusiasm that this corner is safe >> but we know how that's gone in the past, 35% apy seems as crazy as when we were talking about it months ago. >>> if you want more coverage get crypto world monday through friday we're back in just two (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles) we do it with our people. people who've been looking after people for over 170 years. to

is ftx involved in that too?ed assets, there's liquidity -- >> but at what price? liz: well, discount. >> wicked discount. this wasn't the one though, is so not as bad. niz. liz: no. >> that's why you see bitcoin and etherium trading up. liz: have a good holiday. >> yeah, you too. you going to eat some hot dogs? liz: pie. i'm not kidding you. give me some sour cherry. >> how about -- liz: charlie gasparino. [laughter] we're coming right back. don't move, you're going to see the final couple minutes of trade here. liz: folks, we have 3 minutes left to trade. the s&p has nearly doubled. the dow up nearly 300 points. and as americans get ready to light up the fireworks and grill up the hot dogs, our countdown closer said he has investment ideas that could make your portfolio pop off like the fireworks on the screen. we started off in the red, and now we are in the green. >> what a start, right? up 1% after more duds going off in the first half of the year. the bear market was finished, certainly now look for some op

bankman-fried's role it makes me wonder does he have a responsibility to back stop like he does even at a loss to ftxome talk to us. morgan stanley calling the stock coinbase now, calling the stock safe haven in the second half. we will dig in stay with us your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire as a business owner, match your bottom line istion. always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >>> gut check on cyber security. morgan stanley calls the space a safe haven shows no signs of slowing down some top pi

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more than $7 billion to fund early stage companies around the globe it includes companies like affirm, ftx and snap joining us is bejul. it's great to have you on the show how did you do that, raising that money in this year's volatile environment >> thanks, sara. i think it's a reflection of the firm's performance and track record over time this wasn't something that happened overnight i think we're fortunate to have the support of an incredible set of limited partners who have seen the firm over multiple fund cycles and hopefully we'll reward that support with some good performance over the coming decade >> so clearly capital isn't a problem, but what about deals? >> well, i think in all of these areas, including an eventual landscape, the sense we have is that there will be a flight to quality. and so i think we'll see the very best companies, for example, as the very best funds perhaps benefit from an environment like this. but marginal companies struggle. in terms of the -- in terms of the environment right now, i think it's a little bit of a mixed bag. growth obviously, the late stag

remember that blockfi was worth as much as two to $3 billion last year, so if you're cashed up like ftxegically you raise enough cash before this downturn you're in a pretty strong position. ashley: you are, indeed. let's take a look at the electric vehicle makers on the other side of the coin, they are seeing a sales boom, right? >> yeah, so think of nio, looking at a record sales number in the month of june. they delivered almost 13,000 cars, and nio was just accused this week of being valiant-esqueh by grizzly research, accusing them of over inflating their sales and profit through a suspicious third party buyer but it's not just nio, look at xpung, all delivering more cars than anticipated in the month of june and by the way that's a great sign for tesla in china, which makes and sells more cars in all three of its chinese local rivals and also all three of these chinese names they confirm that they are still going to launch on track to launch their new models this year so what that tells me is that shanghai has reopened, china has reopened and factories are backup and running after

i would say it's probably more to do with ftx, you know, sam bankman-fried, one of the richest men ine is trying to propose to d.c. to allow traders, crypto traders to trade derivatives directly on to the exchange ftx in particular, without having to go through the brokers like voyager , et cetera. so that means more competition for coinbase, which is why it was down in the pre-market. now, it's also by the way, it's being lifted by atlantic equities, sorry downgraded by atlantic equities but it's more on the rebound that we're seeing crossing bitcoin, crossing 20,000, so atlantic is calling it neutral and they are just confused about the talent attraction. stuart: you know the economist magazine out of london? >> yeah, i haven't loved it in the last few years. stuart: neither have i. i used to have it and i cut it. they say that sam bankman-fried used to be worth $29 billion. >> now he's worth eight. stuart: that's right. and worth $75 million less as of this morning because he was a creditor of voyager digital. >> chapter 11 doesn't mean that voyager is going away. stuart: he doesn'

. >> he's also proven to be in a strategic position for himself and ftx, also proving to be in a criticalion. there are reporters, of course, who are well positioned to be able to bail out companies and prop up the industry, as it were here, but, you know, he's been one of the most vocal about it, and it's based in reality he is one of the most well positioned. >> john, i wonder how you think about his influence relatively to the potential influence of legacy financials, you know, reports that goldman had looks at celsius assets. what are the odds of hearing about a deal from legacy finance, say, by the end of the jeer >> i think the odds are increased dramatically if they wanted to see that over the last two, three years, this is their best chance to do it. >> so i think the. >> that's something to wack in the back six months. john, jill, good to see you both thanks so much >>> we're going to stick with crypto the miners rode the bull market to the top, now facing a number of problems that may add to selling pressure kate rooney explains >> source that i've been talking to, a lot of peop

david: let's take you into this conversation in terms of the crypto space and the collapse of ftx foundedire. it has agreed to reject out of its blockfi agreed to purchase the crypto lender for $30 million. >> there are synergies between the businesses. if you look at this, they have a loyal customer base. they have a card that people love. we have been focusing on backup infrastructure, matching risk engine and everything else. there are a lot of ways our products tend to work together and mesh together. i would also say that they have been working productively with regulators on building out regulated yield of products and licensed yield products. excited that they have been doing it in a regulated weight. that is a healthy way to do it. it is something work stage works with as well. >> looking for places to bailout customers who would otherwise be underwater, what are you worried about moral hazard? that bailing out a company may not be best for the industry at large. >> that is a good question. what you are getting at is does that bailout feature accompanied that should have failed? i

you've also have voyager, ftx, and, and they have exposure to three arrows this may reveal even morell me it could be years until customers see their money. the question is what will it be seen by as the court right now it looks loon ahn unsecured loan, which may mean they're entitled to nothing. back to you guys. >> kate, thank you >>> still to come this morning, we'll talk some tesla and its ev market share slipping. we also have the price target cut. resqwkn e ua oth street" is still ahead did you see a ufo in that cloud? nope. run! ♪ ♪ [ droning sound ] >>> cathie wood's ark innovations trying to bounce back both tesla and roku with nice gains, but we expect some mean reversion in ark's extra jects torrie >> they benefit from the etf structure. >>> the dominance in the ev market may be sliding a bit, phil >> maybe the first quarter basically in line with last year, but they won't be able to hold 74% of share forever. it says it's up 99% to more than 273,000 vehicles, and they are picking up ev market share hyundai doesn't get a lot of attention, but it's quietly picked up a share

continues and at the end of the day it depends whose cash job and those that do have the cash like ftxchicago today after a weekend of deadly violence in that city, 62 people were shot this weekend, ten were killed, move on to new york city, at least 52 people were shot, new york city. congresswoman nicole malliotakis, republican from the city of new york joins us now. this was a deadly we can for democrat run cities and it is getting worse. that is my opinion. what say you? >> reporter: if you look at the stats and see how our laws on the books are not being enforced, that's the major issue. in chicago, 87% of those individuals who kill someone had on average 12 prior arrests. in new york city, 2021 you had 4400 arrests for illegal firearms and if you look at the conviction rate only 700 of those were convicted. 1200 cases were thrown out by prosecutors who refused to prosecute. people talk about new laws but we need to enforce the laws we have, we need judges and prosecutors to hold them accountable. in terms of kamala harris coming to town in chicago i will say, kamala harris suppor

economic development and also through the naming of our arena, $200 million injection into our economy by ftx been a tremendous benefit to our economy, to our ecosystem. that's what i focus on, trying to create high payings jobs and create the economy of the future for the city that i love and that i represent. maria: yeah. and it's interesting that you have been so supportive of crypto, mayor. you recently said that crypto was miami's, quote, slingshot, against the goliath of silicon valley and you've seen lots of people move from silicon valley, open up shop there in miami. explain what has taken place and what your expectations are for the second half of the year and into next year in terms of movement to miami. >> well, we've kept it simple. we've lowered taxes. we've kept people safe and we're leaning into innovation which excites people about the future of any city. because of that, we've seen over $2 trillion migrate to miami in assets. it's a net outflew of $20 billion from new york and a lot of that into miami and we've seen 400% increase of our venture capital pipeline in one year.

and funds that moved down to miami and are trading in miami and creating high paying jobs and we have ftxo the ecosystem build aspect of crypto in miami is very significant and i don't think anybody disputes that crypto going forward and going into the future is going to be generational and revolutionary technology. maria: yeah. i'm not disputing the revolutionary part of it but i, i mean, mr. mayor, you don't really want to get paid in bitcoin do you. >> i'm actually still getting paid in bitcoin, believe it or not. it's actually clean now. what happens is you don't want to buy high. and sell low. you want to buy low and sell high. so for me, i look at it as a long-term investment, i look at it as something that is going to revolutionize potentially the world and into the future. i'm working with partnerships like with a company that's doing something called mayor suarez backed by back, where i'm going to be able to use a visa card and tap into those bitcoin payments so the utility function which i think has been lacking in bitcoin is something that i think this year hopefully will be re

>> ftx u.s. has been even stricter about our lifting.l tokens on our platform, an order of magnitude less than all of our competitors. it is exactly because of this issue of not knowing exactly whether the ftc is going to deem some of these tokens as unregistered securities to therefore offer to investors. to make sure something is secure, you have to run your own analysis on the token, but it could be that the regulator says here is how we treat this token, and it is an unregistered security, so we are going to bring enforcement action. this is also why we have been diverting a lot of our business efforts into other things besides just tokens, for example getting into stocks and getting into futures and options through our application for margin. so it is going to be very interesting to see where this ends up now. obviously a lot of discussion about regulation by enforcement, priority over what kind of assets you can list, and hopefully there will be some kind of priority making its way through congress over the next six, 12, 18 months.