he is the ftx platform. it has been so successful in the cryptocurrency world, he has become one of the wealthiest man in the world. it is now focusing his energy on philanthropy. i sat down with him at the burke headquarters to talk about the future crypto, is desired to change the world and make it a better place. his crypto down for the account or is it coming back? sam: i think it's coming back. we see markets crash again, we are going to crash with it. if we see market recovery, we are going to see recovery with it. it is flushed out anyway. david: in may of 2022, began a meltdown in the text values and also crypto. did you get nervous at all the world was falling apart? sam: not nervous. it was definitely a rocky road for the industry. if we saw these meltdown much further than they did, we saw nasdaq drop 30%, 40%, and bitcoin go down 10,000 per token. david: didn't get angry hair i can see. sam: a little bit. i put those out. to keep up appearances. david: when the bitcoin world was going down a bit,

dave: so today you are running ftx. you started ftx in what year? sam: 2019. dave: what does it actually do? sam: a crypto currency exchange is what we call it. but it is a combination of a few different businesses. if you compare it to traditional finance, you have the new york stock exchange, nasdaq as the exchanges. that is where bids and offers cross. but you do not go to newyorkstockexchange.com to send in an order. they are primarily to serve back and trading infrastructure. similarly to how other businesses that sit in the front that give consumers access. then you have different parties sitting in the middle there. in crypto, all of that gets squashed into one entity. what ftx is, is sort of all of those things. a front end mobile app website, api, and everything in between so that if you want to buy or sell a bitcoin you can go to ftx.com. we awful all of the services necessary to do that, except for buying and selling. david: so you got involved because you thought it would be a creative new area to get involved with, but was making a lot of money on

ftx, you can think of it as infrastructure.is markets infrastructure, everything between a buyer and a seller. ftx does not buy and sell it self, but it is a venue where people can go to trade crypto. and, you know, every piece in between, from the clearing and settlement company, the anti-money laundering customer policies and clients. you know, the match engine, the risk engine, the process and everything else. david: what is 70 come to ftx and use you as opposed to one of the other similar exchanges? sam: to each his own, but the thing that we particularly specialize in and are good at, innovative, relative venue, watching how our products are designed. david: where's the comfy based? -- where is the company based? sam: we have a new tokyo office with a bunch of people in it, because we now have a financial services there, so we have like little spaces in a number of the jurisdictions that we are regulated in. our biggest office is in the united states, in chicago. outside the united states it is massacred david: you live in

ftx taking a stake in anthony scaramucci's sky bridge capital.al and the future of bitcoin. plus senator rick scott on inflation, the president's economic agenda and u.s.-china relations. the second hour of sk"squawk bo" begins right now >>> good morning, and welcome back to "squawk box" right here on cnbc. we're live at the nasdaq market site in times square i'm andrew ross sorkin with becky quick and joe kernen take a look at the dow nasdaq up. treasury yields as well. right now you're looking at the ten-year note. we'll talk to clarida about this in a moment. but at 3.260 and take a look at oil you can buy a barrel of crude, wti crude. you can do it for $85.11, up about 2% this morning. and by the way crypto up this morning after take aging a bit a dive earlier this week >> dom, i was completely hypnotized by the 5:00 to 6:00 a.m. show today did you do that this morning i laughed, i cried four stars it was amazing >> that makes me feel good, joe. that's high praise coming from you. >> two thumbs up >> i'm gradlad you enjoyed the 0 hour i'm sur

what ftx was worth in january after its last funding round calling it a flat round.e saying a big win. and vc money at 85% discount shares of coinbase down 75% this year and bitcoin and cryptocurrency losings more than half of their value. flat rounds, mike, not the norm. at least in the past decade. not the valuation step-up companies or private investors are used to. ftx's prevention bankers softbank and sequoia among other names and the deal koss change in coming weeks or months. bottom line, money raised here will be used for more m & a. talked before about the crceo's role as a consolidator and looking gaining users in the u.s., not pure play crypto companies. one to watch in the next couple weeks, a source close to that process telling me binance, another crypto exchange and ftx front-runners to buy voyager our bankruptcy disruption. back to you. >> interesting, kate you mentioned ftx a consolidator back stopping other players. whether it means kind of making sure counterparties are liquid and all the rest of it along the way. i wonder if that changes the asses

crypto on the rise ftx continuing its buying spree. is this a bear market bounce or the start of a real rally. intel, breaking ground on its chip plant in ohio, we're going to go live on the ground there, jon, a long awaited day for that state and the company. >> for sure, carl. as you mentioned we're going to start with the pair of earnings movers docusign and zscaler are surging this morning, pandemic favorites that fell out of favor for different reasons but the guide is what's lifting both names today. docusign trying to engineer a turnaround, ceo dan springer stepped down in june, chair maggie wildorodder taking the heldment and zscaler, the q1 and full year 2023, significantly above estimates and that comes in sharp contrast to fellow security company okta, which reported not long ago had trouble with execution, particularly in sales, leading to slower growth forecast. right now investors focused on the trajectory, heading into the future call for both of these names, security, unlike kind of documents productivity, one of those

ftx is one of them. let's bring in the ftx u.s. president.about the dynamics at play with this spot trading and does it just undermine the merge overall? >> with proof of work, to be able to support the computational puzzle solving in order to receive the mining awards from network, you have to create these giant rigs of servers. the energy to do so is very expensive. all of these companies spent an enormous amount of money into these mining rigs. there has been a consortium they have banded together to create an entire copy of the ethereum network to create their own proof of work classic version of ethereum and try to keep that going. i agree that it sort of undermines the whole purpose which is that ethereum moving to proof of stake means the entire network is the most popular network for contract-based computation is transition completely to an energy efficient world and hopefully into a faster transaction speed and lower transaction costs in the future. this new token is not going to have the same properties. however, the operators of th

. >>> all right, coming up, sam bankman-fried, founder of digital asset ftx is at it again.bailing out crypto firms he's take ago big stake in anthony scaramucci's skybridge capital and the other companies he's looking to invest in. that's next. bal secure networkig from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. (vo) what can a nationwide 5g network from t-mobile for business do for your business? unlock new insights and efficiency-right now. allow monitoring of productivity at remote job sites, with next-generation bandwidth. enable ai cameras that spot factory issues in real time, using next-generation speed. and deliver ultra-capacity 5g coverage that's years ahead of the competition. t-mobile for business has 5g that's ready right now. >>> let's call this the odd couple crypto

a year later, he started a trading platform called ftx. the revenue comes from high volume users, trading about $100,000 per day and despite the crypto market meltdown, ftx is still making plenty of money. so a billion in revenue last year >> numbers are reasonable. you know, they're in the right ballpark it depends on what happens the latter half of this year >> reporter: he tells me he still has another billion dollars to spend, if the right deal comes along but too soon to come if all of that spending will pay off he said there's about a 50/50 chance he loses money on at least some of those bailouts tyler? >> kate, thank you >>> i'm tyler mathisen in for shepard smith. here's what is making the news uber reportedly hacked the details on the alleged team behind the breach. and how much information he may have taken >>> bipartisan push for a new law to help pregnant women in the workplace. what lawmakers are considering >>> but first, new dwormt battlr the documents. the justice department expected to appeal au judge's order that blocks i

it's good to catch up with you brett harrison from ftx. >>> 40 minutes left of trading we have a niceays in a row dow is up200 points. s&p 500 up a percentage. every sector is green right now. energy and technology are the leaders. that's why the nasdaq is climbing more than 1%. >>> still to come, we'll talk to billionaire venture capitalist vinod khosla who has invested in a long list. he'll tell us the private and public companies he's most excited about. >>> check out the top searched tickers. ten-year yield gets the most interest, as always, sellingof today. we have a little firmer yields back above the 3.3 level on the ten-year tesla, apple having a nearly 4% surge. we'll talk about that later. and the s&p 500 and crude oil, which is bouncing back today up 1.4%. still below 90 bucks a barrel. so, you're 45. that's the perfect age to see some old friends, explore new worlds, and to start screening for colon cancer. yep. with colon cancer rising in adults under 50, the american cancer society recommends starting to screen earlier, at age 45. i'm cologuard, a noninvasive way to scre

. >>> one of the world's biggest crypto exchanges, ftx, looking to raise more money after going on athis summer. the big question is it a sign of strength or weakness for the company? a flat round is the new up round, right so the fact they got the same valuation probably a positive. >> yeah, could be seen as a positive by a lot of people. that's right, fkx is in talks to raise up to a billion dollars in new venture capital money. according to the sources the steel would keep the valuation at 32. as far as this deal being any sign of crypto weakness there's really two schools of thought on this some see flat rounds right now as a big win in this market. you've got private fin techs like clarna, and then bitcoin and crypto currencies losing more than half of their value. but flat rounds of course not the value step up companies are used to sources, though, tell me this ftx deal and the terms could change in the coming weeks or months. bottom line, though, anymore money they're using is going to be used for mma. sources tell me they're looking a lot harder at those consumer apps one cr

ed: that was ftx ceo sam bateman freed. ceo executives have resigned.ths after the crypto lender filed for bankruptcy, celsius was launched in 2017, as an alternative to traditional banks. ftx's president, brett harrison has also stepped down to transition to an advisory role. we have seen a ton of turnover in crypto since the downturn. last week, ceo jesse powell announced his resignation. coming up, strike ceo, jack on his fresh funding for the mobile platform. this is bloomberg. ♪ ed: strike has struck $18 million in new funding. the mobile payment platform, which uses the bitcoin lighting network, played a big role in the bitcoin push. the partnership and wants new ones. let's bring in strike ceo jack mallers. what are you going to use that pile of cash for? >> thank you. i appreciate berg -- bloomberg for having me back. what will i use the money for? to improve payments. we think lighting hour and bitcoin is the broadest stroke of innovation in the history of payments. it is one of the biggest industries in the world. it's a cool moment. we have o

yvonne: that was the ftx ceo. much more of that interview on the david rubenstein show.ng at 9:00 in new york. david: staying on bitcoin. we are entering historically, the only month of the year for bitcoin falling. the past five septembers have been bad. history is not on their side here. rishaad: let's have a look at the u.s. data due today. the fed is data dependent in totality. jobless claims. disappointing adp report. we are looking forward to friday. all the important nonfarm payroll rates. markets under pressure. a lot more on the way. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. announcer: from the heart of where innovation, money

. >> the potential infusion into sam bankman-fried's financing earlier this year for ftx. negotiations are ongoing ftx has been on a buying spree >>> credit suisse is weighing plans to split up the investment bank into three units. according to the financial times, the swiss lender hopes to sell units to avoid a damaging capital raise. the move would involve res resurrecting a bad deal. credit suisse is trying to emerge three years of bad deals. >>> and the ftc is looking at amazon's prime service and other subscription service and both ceo ass are looking to testify amazon must comply with the demand no later than october 7th. >> hesilvana henao, thank you >>> and still to come, stephen roach is here and why he says a u.s. recession is looking more likely >>> and world leaders increasingly condemning russia following the military ramp up in ukraine the moves still in play to curb moscowc moscow's growing aggression. >>> and after 99 days, the pain at the pump is stopping. is this temporary or a sign of things to come a very busy hour sllti ahead when "worldwide exchange"

let's start with ftx it's won the battle to buy voyager. the deal is valued at $1.4 billion. for voyager's assets and marks sam bankman-fried's second attempt calling it a low balled bid dressed up as a rescue bankman-fried told me in an interview he was surprised by that because there were no cons consulting fees involved another one of those companies, celsius, this morning announcing its ceo is stepping down amid its own bankruptcy hear gsz. in a statement saying he's, quote, very sorry about the difficult financial circumstances members of our community are facing regulators are paying very close attention to this space. late yesterday we also reported eight states are bringing actions against the platform nexo for offering unregistered interest bearing accounts. those offered 36% interest in some cases nexo said it's working with regulators and really trying to separate itself from other lenders that didn't offer uncollateralized loans or freeze exposure. nexo, that same company announcing it was acquiring a state in a chartered u.s. bank, summit national bank, nexo to l

the company will start selling ftx gift cards as part of the deal.estop recently launched a digital wallet where gamers will be able to buy and sell non-fudgeable tokens or nft and that's giving them a pop right now. american eagle outfitters falling to a two-year low. that's earlier and slightly off the lows at the clothing retailer reported lower than expected earnings per share and the company runs the american eagle and aerie brands blames lower consumer spending for the week of earnings and pittsburgh-based company would pause the quarterly dividends program. that's never positive for the stock and investors like dividends and love them in fact. aeo down about 8.5% on that news. investors are snapping up shares of snapchat after a leaked memo in the growth plan and ceo evan speigel outlined his plan. that's enough for nine and a third pop on the stock at the moment and analysts at bank of america see the targets as a stretch. but they're encouraged by the am missions of the company. ambitions of the company. regeneron at the top of the s&p 500 w

i think one of the biggest things we've been working on is getting ftx derivatives up and running instates and optimistic we'll be able to get there. >> too soon to tell if the crypto bailouts he's done this year will pay off. time will tell in most cases they had to get these bail out deals done in about three to four days he said they were able to move that quickly because ftx for one is a private company, and it's a coin flip. but it's important to stem potential contagious in the industry and instill consumer confidence for that full 90-minute interview head over to youtube.com/cnbc carl >> incredible. such a good chat, and you can't say he's not candid. he definitely brings candor to discussion these declines holding pretty steady here. nasdaq down a percent and a half, open down about 2% no weekend plans you can always catch up with tech check's podcast anywhere wre yheou download podcasts. subscribe today. we're back in a moment ife in the new digital landscape. where the future arrives daily, innovation keeps pace with imagination, and creativity and commerce thrive. this is

ftx doesn't really offer this as a business yet.is making it a much bigger part of their business but there are still these big open questions about it. >> staking and proof of stake networks are a huge part of the crypto ecosystem and while it is extremely significant that ethereum has finally moved to proof of stake, it's not the first. most other popular blockchain's other than bitcoin are already on state. they already have this validator set up where by staking a certain amount of tokens in the network, you are guaranteed some amount of the fees from the transaction and block validation awards. where already well in this problem and industry. what we hope to see is regulatory clarity and productive discussions with the sec. they will start to get better clarity over different products whether they are considered securities are not, whether they're a clear path to registration for crypto lending or crypto staking activities and that will be able to properly register proper if there are ones or maybe not if they are considered no

ftx founder sam fried said let me join for buying twitter.even joe rogan was a fan texting musk asking whether he'd liberate twitter from a sen sensorship happy mob. twitter at $34.18. elon offered $54.20. we're not there yet. he still is fighting buying this thing after trying to convince a bunch of people to give him lots of money to buy it. micron getting a boost after japan announcing it'll provide $320 million in subsidies to the chip maker toe build advanced memory chips and the chip maker announce the disappointing earnings last night after the bell and that's being wiped away by the news from japan. stock is up 1.5%. revenue posted lower than both the previous quarter and the same quarter last year. now in 2023, micron says it's going to cut total capital expenditures by 30% year over year and wafer fab equipment spending by up to 50%. this move to the upside in the stock is showing real re-sill generals. generac powering higher after an outperform rating was shown up about 3% at the moment and the firm believes with the housing marke

the company announced a partnership with crypto exchange ftx. the company focused on becoming profitable launching products and investing in stores that lower cost expenses to decrease by 14% from the first quarter of the year. >>> shares of american eagle are plunging 4 cents a share missing expectations of 13 cents revenue was in line with expectation. >>> the new law in california that calls for a government created council to set wages for fast food workers. o opponents of the law are trying to postpone and let voters to try to block it. if the referendum qualifies, the law would be suspended until voters have a chance to weigh in on the november 2024 ballot. it will need to get voter signatures to qualify. >> we heard before that bob iger at one point wanted to buy twitter back in 2016 when he was the ceo of disney. backed out after both company boards agreed not to do a deal yesterday at the code conference, he elaborated on the decision >> after we sold the concept to the disney board and twitter board and really ready to execute, the neg

we mentioned ftx and the sky bridge deal.all discussion about that and the point at which we are in a so-called crypto winter here is what he said >> the digital office will start to gain more adoption in market structure, you know, in on-chain social media apps, in other things that will actually start to change life for people, that will be huge and secondly, regulatory clarity. having a world where, you know, simultaneously customers are protected and, you know, there's a clean path for businesses to move their liquidity onshore >> programming note, be sure to watch tonight's cnbc special "crypto night," 6:00 p.m. eastern time we have a judgment on -- update on bitcoin >> tapestry has been a loser this year along with other retailers in the luxury space, but up today, double digit earnings growth. we'll talk to the ceo of this company as well later today on "closing bell" about the consumer environment and how she's shifting some of these iconic brands like coach and dealing with some of the global slowdowns in places like

you were an early investor in ftx, solano, founded and took public bea systems.he founder's perspective. how hard is it right now to be a fledgling startup or a founder with an idea to sit in front of an investor and come away with cash in your pocket? alfred: raising money is not quite like last year. a founder has to be on their game to have a story about how they were able to generate revenue. thank goodness the word revenue and cash flow matter again. that is crucial in running businesses. the other thing is run rate, cost and expenses. we have seen a slew of layoffs, not because the company could not afford those people, but they are rethinking about how to get to profitability and cash flow positive. we should be seeing good ceo's driving great companies that will last a long time. ed: there are some areas you have a keen interest in, web three being one. we talk about that in such big, abstract terms. what will big tech do when it comes to web three? will they do anything at all? do you think investors are starting to lose a bit of patience there? alfred:

saying it'll likely continue to struggle from retail price declines and competition from the likes of ftxnd binance, both still private exchanges. we are likely to see more reg rlgzulation, they say that hurts coinbase's volume and revenue. by the way, we haven't checked in on crypto this hour bitcoin is holding about 19,000. >> indeed. of course on that overweight at wells looking for 15% down side. guys, we've talked about kind of the light week it's been in earnings, but tonight we will get too big ones, nike on the consumer front and nicron. amd, nxp one of the worst laggards the micron ceo is going to join us on squawk on the street tomorrow in the 9 a.m. it's going to be interesting to ask him about pricing and spenning overall. it'll be great to get insight on that, and i'm usually interested in nike because of the setup for the consumer heading in, again, to q4. tomorrow the last trading day before q4 starts, and boy, are there questions about this one >> i mean both these names, guys, are going to be really important for us to figure out that consumer sentiment. remember micron c

biogen did not speak out on the settlement >>> ftx won the auction to but the lender voyager digitalh the bid of $1.4 billion. the majority of that is for the estimated price of all voyager cryptocurrency inv the claims against cryptocurrency hedge fund will remain with the estate frank, crypto is on the move with bitcoin above 20,000. >> pippa, thank you. >>> turning to the developing story of the british pound rebounding after hitting an all-time low against the dollar. bank of england vowing intervention joumanna bercetche is outside the boe in london with more on the story. good morning, joumanna what steps is the central bank weighing on this matter? >> reporter: frank, the pound was eight points lower in the last couple days 10-year gilt up 100 basis points the eventual are important the reason why investors are picking on the uk is a combination of loose monetary policy and expansion fiscal. on thursday, we had the bank of england meeting. they opted for 50 basis points hike friday, the uk government comes in with the very expansive fiscal plan. it sent investors into a bit of

creditors and customers locked out of the accounts as the bidding war could fetch a higher price tag the ftx disclosed a bid or voyager in july, but voyager called it a low-ball offer. >>> and dan loeb is pushing for disney to spinoff espn in a tweet, the ceo says he looks forward to seeing how espn executes on growth and innovation plans loeb disclosed the stake in disney in august and announced plans to push the media giant to make a string of changes in espn spinoff one of them. dom. >> silvana henao, thank you. >>> to a developing story. china implementing more restrictions over the covid outbreak new restrictions in beijing limiting entry and exiting from the city anything to minimize community transmission ahead of the party congress next month. restrictions are tightening in the cities of shenzhen and chengdu. this is causing a growth outbreak concern growth will slow to 2.7% this year from the previous estimate of 2.8%. >>> futures pointing to a higher opening bell extending gains from last week ahead of the august consumer price index inflation report tomorrow this is the next repor

as you know we just sold a piece of the company to ftx for those reasons, but we want to be a diversifiedt company, but we do have a big lane in web. >> we have to get away from the predictions that bitcoin is going to be $1 billion by x, y or z year, and why are we looking at some of the outlandish comments. >> i am not going to make a mistake of making a prediction near term, and he was saying the networking affects associated with the bitcoin and the merge and et cetera, and as the use cases continue to go up and as they go up because of a finite supply, you will get a higher price and that's the message he is trying to make. >> at what point does this crypto winter, as everybody has been calling it, change seasons? when does the sun start to come out? >> sam bankman freed said this morning we are in a dollar rush right now, there's a bull market for dollars and it's probably not until that bull market for dollars is over and until the fed starts to shift position to where they are in the interest rate cycle, and when is that i don't know three months six months a year i don't think it

we recently had the house committee on oversight and reform that major crypto exchanges like ftx, byance, and coinbase are get back to what they're doing to actively protect their consumers. meanwhile the fbi is getting involved, and they're asking that defi beef up their security experts as hacks wipe out billions of dollars in investor money that's been stored in crypto wallets the accountability really stepping up in an appreciable way in the last year, not to mention the fact that three of what were once titans of the crypto industry are now in bankruptcy court in the southern district of new york so investor confidence has really been rocked in the last few months. >> mackenzie, on top of the price swings, ether, which is outperforming on the year by a wide margin, finally rolling out this system upgrade. what can you tell us about it, and how do you expect investors to respond >> this upgrade is years in the making it's called a merge. it's a very significant event. going to be historic for the entire industry, not just this blockchain monday was the last step that needed to ha

. >>> let's talk headlines ftx in talks with investors to raise up to $1 billion in funding. potential infusion of the crypto firm is $32 billion. that is in line to be flat with the prior financing earlier this year >> shoring it up >> yes this is an increase in the valuation. it is just putting more money at that valuation sources telling cnbc negotiations are ongoing and the terms could change ftx has been on a buying spree using that money to buy stuff at a discount we'll see. ftx spokesperson declining to comment. >> he has been open to the idea not all of the deals he made will payoff. he thinks some will. >> a venture capital model get one or two to kill it and the rest strikeout, he will survive. interesting way to do it he's a private company >>> we also have other news this morning. you have not heard news like this in a while. retailer target out with the holiday forecast planning to hire 100,000 seasonal workworkers starting wage range was $15 to $24 an hour. seasonal workers will have access to benefits and discounts. this is the news you have not heard in a whil

that sales declined kwquarterly and losses grew the company reveals a partnership with crypto exchange ftxt selling gift cards at some of the stores as part of the union. the move marks the company's latest crypto venture after launching a digital wallet earlier this year allows transactions it is building for gamers and others to trade nfts the ceo of amazon said the company has embraced remote and hybrid work. amazon's policy is evolving. jassy said most employees have returned to offices. the position differs from the tech peers with google and apple looking to get employees back in the office at least three days a week >>> elon musk facing criticism from the judge overseeing his legal fight with twitter over the failed takeover bid. the judge ruling there were glaring deficiencies in how musk and his lawyers responded to the request for text messages he and a top aide sent about the proposed deal in the effort to abandon it she ordered that phone records about the techs be turned over the twists in the case are something. >> pippa, thank you. >>> now to apple and its big event yesterda

as private equity to date bravo has been a strong proponent of crypto, investing $150 million in the ftx last year and building stakes in four other businesses in the sector he is pausing his firm's investments in other crypto companies and didn't mince any words on why he said i've gotten to know the crypto world a little bit more and some of the business practices don't rise to the level of ethics we're used to in private equity with your investors and your customers and your community, and that has been a bit disappointing. interesting sign of the times, guys, that big private equity guys are looking at the ethics in crypto. but certainly its been on a wild ride this year that's all i can say. >> it has. and it makes one wonder why sam bankman freed feels relatively comfortable to try to bail out firms. who knows what the actual mechanics of that are, carl. but private equity, however you might feel about it in general, those that are good at it have built their reputations on being consistent and having a model that they operate under, and we'll have to see whether crypto develops th

it stands at about $50 million that's slightly higher than ftx. back in july voyager said it had $5 billion in total assets and liabilities of $4.9 billion. >>> and elon musk is looking to bring wireless internet to iran. he said his company is now working with the treasury department on the necessary permissions. national security adviser jake sullivan says the administration in the past has provided various exemptions for iran's people and their ability to communicate with the rest of the world, dom. >> silvana henao, thanks very much for those. >>> in a rare national address and his first since the start of the war in ukraine, russian president vladimir putin announcing a partial mobilization of his military calling it a preservist and significant escalation of his plan in ukraine. in calling for russia's first mobilitization, by the way, sill world war ii, putin says if the west continues its, quote, nuclear blackmail, moscow would respond with the might of its vast arsenal we've got much more on that story as it develops >> back in the market

committee actually pushing forward on this same issue, and they're calling on -- they've got coinbase, ftxformation about investor protection, and i think that's fair. for once, the government might be actually looking out for our interests here. [laughter] but how are they going to bolster their defenses, do you think, not just to assure investors, but also to deal with regular are laters and with congress? if -- regulators? because that can be an unknown, if you will. you don't know what they're going to go after. >> i've talked to people, they actually want help in terms of protection for their user. that's for sure. on the regulatory front, i think what everyone has hoped for -- hopeful that the different bodies in the u.s. can work together whether it's the sec or the cftc so they can come up with a framework and work together. otherwise you're just using blunt instruments to regulate in space where certain currencies are probably more currencies than tokens and certain are more securities. and others are just utilities like loyalty points. so you really need them all to work together

not a good thing for circle, but they have other exchanges, number one on coinbase and ftx what it reallythe scenes is it pools liquidity on the exchanges. it's like trading foreign currency if you look at the euro, usd, or the yen. there's one trading pair there's one u.s. dollar out there. in crypto you got multiple different versions you have to pick the pair you're going to go with is it tether is it usd. by picking $1-backed currency on an exchange, it's going to make it easier for traders. coinbase has done this and unify the order books which is supposed to make it easier for traders. there is a little bit of merit there. binance is not totally delisting usdc it's not going to be one of the dominant pairs that's getting pulled together. and then as far as the implications here, circle is the dominant stablecoin on both. the bigger picture here where it may benefit circle is if it eats into tether's market share it could really stunt growth on tether if you have other u.s.-based stablecoins teaming up for one liquidity pool. does it stunt growth and the traders i'm talking to say te

ftx was more of a surprise but it tells you there's a lot going on and these companies are trying toth the crypto winter. shery: tell us about the pricing. we've seen a little bit of a rebound now. >> bitcoin made a run at 20,000 yesterday but it had a difficult time and especially with stocks declining, the macro narrative just being tough with the fed it continuing to hike rates, it has not done that well but at the same time, if you look at the third quarter, crypto actually has done pretty well relatively. so over that timeframe, you are actually holding on in crypto. shery: up next, japanese authorities are said to have bought millions of dollars of worth of yen. we will look at the market impact, next. this is bloomberg. ♪ shery: japan might have thought more yen since 1998 to support the currency. let's bring in some in flint. what are we seeing -- simon flint. what we see? >> a little nervous that it costs billions of yen to bring the market under control. it has been estimated they have 110 billion u.s. dollars worth of assets not invested in u.s. treasuries but are in the u

>> it's too soon to tell bankman-fried has continued that with skybridge capital bankman-fried said ftx raised about $2 billion in venture capital money. the full 90-minute interview head over to cnbc pro. >> my question for you is this, when he's buying these things, does he buy them in crypto >> in cash that was part of his reasoning to why they stood up a lot better than some of the other lending companies and the companies they were bailing out, they kept u.s. dollars on the balance sheet so they're not necessarily doing these deals in tokens, these are very traditional structured deals that you might see on wam street he's really taking that more old school approach versus some companies coming in from the venture capitol. these were cash deals or loans in the first place. >> kate, great interview thank you. >> when we come back, trying to make sense of this week's river of data. the markets had to digest the hot cpi number, mix of retail sales and a lot more what do we noah head of next week's meeting your shipping manager left to “find themself.” leaving you lost. you need to hir

gamestop shares jumped after they announce of cryptocurrency exchange ftx. videogame retailer is making strides in its strategy shift to non-fungible tokens after sales the second quarter missed analysts estimates. the financial terms of the partnership are not known to us. china taking efforts against hong kong, and aggressive move with -- against an individual creator with a strong holding. sunac says this will not have any material impact on the debt restructuring that began after defaulting in may. ♪ funny: -- >> i'm vonnie quinn with first word headlines. the fed says tight economic prospects will weigh on the economy for the next year even with the economy showing signs of deceleration. price levels remain high, with food, rent, utilities and hospitality services increasing substantially. the fed vice chair lael brainard says the central bank will have to raise rates in warns risks will become tighter in the future. the remarks, as other fed officials reiterated their commitment to fight inflation. policymakers are using their time before there probabl

. >>> in other crypto news, ftx continuing its buying streak, winning an auction for bankrupt cryptoes like coinbase are moving higher as well. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq . >>> welcome back to "squawk on the street." i'm bertha coombs and here's your cnbc news update at this hour hurricane ian has slammed into cuba as a category 3 storm with sustained winds and up to 125 miles per hour ian is expected to strengthen further before hitting florida tomorrow night >>> dramatic video of the baltic sea boiling above the broken nord stream 1 and 2 gas pipelines. danish armed forces say the surface disturbance is more than 0.6 of a mile in diameter. the cause of the leaks is not yet clear, but poland's prime minister calling them, quote, an act of sabotage, without giving any evidence. >>> and in washington, jury selection has begun

american eagle >> we will end with gamestop, but separately gamestop announcing in the new partnership ftxis up 2.5% as risks that the public will start incorporating inflation. take a listen. the greater the concern the public will start to naturally incorporate higher inflation into the economic decisionmaking our job is to make sure that doesn't happen joining us is roger ferguson good morning to you. first off, just give me your reaction to the interview that the chair just concluded >> the first reaction is it was largely on script appeared on message he ended with the with the jackson hole plus a few more they expect over time to get us back there >> he also mae mention of the fact that structure of economies are ever changing and complex. do you agree and how do you read them >> i found this interesting. one is exactly in the structure of the economy particularly changing he mused about the possibility that maybe, you know, the decades of disinflationary pressures may be behind us he recognized the possibility of ongoing disruptions that may make monetary fiscal policy more challeng

ftx may be one of them according to our own reporting at cnbc, may raise $1 billion for a $32 billionwn round, which is important. that might be the case, as you see from kate rooney's reporting, in line, surprising what's happened to the overall market. >> i think it's worth noting that dimon, all the points he's making are very valid and very real, very big issues, very big risks. the reason you even had folks in the cryptocurrency industry saying, regulation is something we would actually welcome. but at least until recently, until banks themselves started adopting some of these technologies, they were disruptive to the banks and did represent an opportunity for them to make less money. >> it still does represent that threat. >> exactly. >> might come in handy on a clearing basis it's going to be hard to see how much -- maybe crypto is kind of a frenemy. it will make settlements quicker. >> but are the fees as high? i don't know >>> well, after the break, we've got a lot more on that rate hike decision and market action former fed governor daniel cuerllo will join us. >>> we are ce

another thing we talked to vlad about, this idea of takeover targets, which there have been reports of ftxr we haven't had him on since then and we asked him about that. he said they were looking at potential acquisitions themselves, they were open to making some deals on that front. so, i thought that was kind of interesting, given just how bludgeoned some of these names have been. >> trying to get him pinned down on when volumes might go positive year on year. this summer, equity volume down 33, crypto down 53 most he would say is in the long run, things like that new product hopefully get people back. >> yeah. or at least make them feel better about waiting for a market to turn if, in fact, you're looking for the market to go higher. of course, if you're looking for that, don't look at your screen today. as we head to break, we're keeping an eye on all the markets which are down sharply the nasdaq, as you see, the worst performer so far in the session. 1.92% is the loss. back after this. (man 1) oh, it looks like we're in a screen saver. (man 2) but we need to go higher. (man 1) higher.

they added this revenue stream, it's a partnership with ftx to allow shoppers to buy -- i'm laughingu buy a gift card in a gamestop for nfts. it's their revenue streams. it's unlikely to yield meaningful sales or profit but it sounds good. stocks up 2.5% but, yeah, the news was bad. sales fell, the loss widened and have less cash on hand, excess inventory, but the stock's up. stu: it's a meme stock. we have to get used to that, i guess. i want to talk about netflix. put them on the screen, please. they're down 2%. they've got to cut costs. lauren: everybody does. stu: how are they going to cut costs? lauren: they're closing salt lake city, utah, office and shrinking la and los gatos offices and hiring cheaper and junior staff and when you look at netflix, you have unlimited swag allowance. you can buy as many baby onesies and hoodies and coffee cups you want. brian: they have branded stuff like onesies. lauren: unlimited allowance for the swag. now it's $300 a year. stu: you're right, i don't see people walking around with netflix hoody or anything else. lauren: if i had unlimited sw

gamestop soaring after retail gaming company announced a new partnership with crypto exchange ftx gamestoprly earnings missing on earnings-per-share and revenue but reporting a 14% decrease in expenses from the first quarter, during the earnings call saying gamestop had to spend money in order to modernize after years of underinvestment intentionally bulk up on merchandise to keep up with customer demand. the stock is up 9% premarket. coming up the damning report on biden's botched afghanistan withdraw what it means for the national security next. as a business owner, your bottom line is 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. ™ >> dhs inspector general cbp admitted evacuees