how did you come across gary gensler? man who is focused on regulation who is making it transparent? guest: you heard two sides of how people are seeing what he has done so far. in the first few months he has been in office, he laid out very ambitious agenda talking about everything from clamping down on the crypto industry to spac to the innerworkings of the stock market. today on capitol hill and before the senate for the first time was democrats who love what they are hearing, progressives seem happy with the pledges to look at things like tsg disclosures and taking a look at diversity in corporations and of republicans saying, all of these things the sec chair is talking about, a lot of them are not about the core mission of what they say the agency should be focused on, securities roles. you kind of saw here, i think, what is likely to be a policy debate that will shape up as chair gansler moves ahead with his agenda which includes at least four dozen regulations that he is having -- plans to have the agency take a l

i mean, this is such a bizarre thing, you know, you would think gary gensler has better things on hisl with than payment for order flow, but he's apparently channeling the reddit crowd, channel channeling them more than he's channeling anything else these days, apparently, and except for maybe elizabeth warren who he gets his orders from but that's a whole other point. one thing i want to point out that if you talk to republicans in congress and this is where it gets really nasty, they say this is totally, that the attacks on ken griffin not just necessarily from the reddit crowd but as being taken up by gary gensler whose looking at this whole meme stock frenzy and whether griffin and citadel did anything wrong in payment for order flow, that is being investigated, that it's purely political motivated because ken griffin is one of the top republican donations out there and that somehow this is their conspiracy theory so it makes a little more rational sense that the attacks on griffin is coming from elizabeth warren who wants basically to neuter a major republican donor, you know, as

dow is up 82, you saw the rest -- >> i just got breaking news that gary gensler and jay clayton were-- [laughter] this is breaking news -- i'm just kidding! liz: brad, what i was asking you before to play dell's advocate is simply -- devil's add advocas what you heard before, but i need to restate it. ripple is ate little bit different. you've got xrp as the native asset of the xrp lemming arer, and you created about 100 billion tokens in advance that were premined and periodically you with release them. at least you own a chunk of that. and periodically you release it. it's almost like you control very much the price because you could start flooding the market on any given day with xrp. the price might go down. that feels like an asset versus a currency, and we know that ether was allowed to do something very similar. >> ipo. liz: what do you have to fight through that argument on behalf of the s education c? >> well, there's a whole bunch of things i want to clarify. the first and i think maybe most important is that the decentralized, open source technology we call the xrp ledger

explain what gary gensler's position is right here? what is he trying to achieve? not surprising to me. i don't think it should have surprised coinbase either. they, the securities laws expressly cover notes and other types of lending instruments. that is exactly why coinbase is talking about setting up. you know, you can look in the statutory language and it mentions notes, bonds, debentures, things like that. so, you know, first we've got the language of the statute. then we've got years and years of court rulings including supreme court rulings that have looked at this. so you know, the supreme court says hey, what you do, you look at a family resemblance. let as look at the coinbase lend program. what does it look most like? well, to me it looks like either a money market account or a bank account. so if we say okay, how, it is most like a money market account, well that is a security so, regulate it like a security. if we say, oh, it is like a bank account, well, i don't think coinbase is signing up for you know, they're not agitating say we want to be regulat

later today the afore mentioned gary gensler will be on "squawk box" at 9 a.m. good to talk to some of your people today, andrew, about this i was thinking about, you know, it's above 60,000. this is bitcoin, trillion dollar 60,000 28,000, 42,000 if you're going to try to protect people from never losing any money and if there's leverage, how can you possibly do that? regulations are not going to make this, you know, some -- you know, like a key bank, right that's caveat. you need to be ready for volatility if you're going in there. you can't protect everyone. >> right we will see. i imagine a lot of people will be talking about what gary gensler says on our air later today. we have ray dalio on again later on stage we have him talking about that in addition. he has some interesting views about crypto. >>> meantime, when we come back after this, president biden set to meet with top corporate executives today to talk about a vaccine mandate. would era hwe're going to break down when we come back after this we're going to break that down when we come back after th

and thank you for your time chair gary gensler. i look forward to follow up with attorney issue. >> joining us remotely from nevada. >> thank you, and chair gary gensler, thank you for joining us and let me come back to the conversation with my colleagues about the m crypto currency in e thing that i just want to verify is the efficiently equipped regulation or the funding to appropriately ensure compliance and keep pace in the crypto currency market. do you believe so if you don't, then what should we be doing the committee what wee need to knoww to help people. >> think you're right so think of finding wise, we could use a lot more people. i just need to be frank with you, their 6000 project and while some of those are commodities, many of them are securities under the law. many of the platforms are so we could use more funding and in terms of legislation, i think that what i have said earlier in this hearing is the coordination between the market regulators, is strong and chair benham and i have been talking about how do you do

tom brady, gary gensler, football superstar versus the sec chief, both have dramatically different viewsyou know gensler is targeting the wild west of crypto currencies he will rein in. he doesn't think it has much of a future in a few years. tom brady, the ageless football superstar says he finds the whole technology intriguing. in a serious interview yesterday he said i think it is an amazing thing happening with the world the way the world is becoming more digital. these digital currencies, along with if you look how the world is going, with digital mediums, how they're impacting currencies, i would love to request to get paid in some crypto and get paid in some bitcoin or ethereum or toker kens. he is a fan. he is ageless. gary gensler, not so much. he might be ageless too. i do know this guy is a superstar and ageless, charlie gasparino, what he makes of all of this, charlie. >> just making sure my earpiece is in right. i wasn't sure i heard you there. neil: that is a very big, you know, split there, right? one who is singing its praises in the future, the football star and the othe

show coming your day, doug cifu will join us with his reaction to today's senate testimony from gary gensler of the s.e.c., and why he disagrees on payment for order of flow >>> plus josh friedman from canyon partners, gives us his read >>> lots to fog can on, though, on the big torrie. first mike santoli is tracking the market act as always josh lipton has the highlights from apple's big event, which may have been the trigger for some of this selling. >> the market, though, has been trading kind of loosely the last week and a half. we have this seasonal window that opened up, september weakness, policy flux, as well as i keep talking about the third week of the month, where around the 19th and the options expiration we've had these pullbacks that ended up being little vs on the chart, we're maybe on the cusp of one o these other visits to the s&p's 50-day average that has been where the market has roughly bottomed, so all of those things i think keeping buyer on the sidelines we also have just fully invested, you know, professionals and retail coming into this month and therefore didn't, qu

caroline: the sec chair gary gensler testifying today and spoke about his busy agenda, whether cryptospecs, or you name it. chair gensler: specs, bank check -- blank check companies, the risk to the investors and disclosure to the investors, i have asked for recommendations we can consider as a commission so we are looking at greater disclosures and looking at inherent conflicts along the way. then trying to put this out to rulemaking that some of these tokens have been deemed to be commodities. many of them are securities. i'm not negative or a minimalist about crypto. i think it would be best if it is inside the investor protection regime congress laid out and i think the inherent conflicts of rebates on the stock exchange may make our markets less efficient. this is important for capital formation in the retail investors. caroline: but get more insight from ben. such an ambitious agenda coming from gary gensler. what do we learn in terms of the way it was executed? ben: i think we learned a little bit about, you know, where he sees the priority areas. he delved a little bit deeper

liz: gary gensler. charlie gasparino. okay, thank you very much. our closers on moves you should be making in the final hour from the housing sector to, yes, china stocks. closing bell ringing in 11 minutes. the dow has now lost measure 100 points. -- more than 100 points. we're still up 365. don't move. ♪ ♪ als. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. 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. - [michael] have you experienced the delusion cascade? visit indeed.com/hire it is where one person, without knowledge or facts condemns something in society and the masses join them to bully and protest. where does this sweeping behavior of being uninformed, or ignorance come from? i share this origins and the agenda in my new b

wellness, well done. >>> that was sec chair, gary gensler.talking about spacs. and shareholders choose to get their 10 bucks, leaving companies with far less cash than they anticipated. sometimes vilolating the minimu cash requirement although, many get a waver and they say we'll be fine with millions less than we anticipated. he did know the numbers off the top of his head. >> intering to see him separating the framework from issuance volume. one is not very many and to hear him say he'll keep his eye on the ball, even with a number that low is amazing. >> it is a lot less and obviously you can see our post spac indexes these are not trading well and haven't been for some time and that tends to have a effect on the willingness of others to actually try and do. >> not to say it couldn't come back and one piece of the half hour long conversation we had with gensler this morning that was good television sending shares of grubhub parent just eat takeaway lower. down 20% for the year. we're up 41 for the moment stay with us (vo) this is a place f

then he said something i never really understood until i spoke to sec chair gary gensler this morning the confidence business. you know what? neither are the great financial engineers of our time, but for them despite their east texas used car dealer attitude, it's not enough to just say it. we can't let them do that because that's not how we're supposed to do things in america. at least not since fdr established the securities and exchange commission in 1934. that's where they went from those rules to actual rules. we have regulations to disclose all of the relevant facts so you don't buy a lemon with no warning. we got rid of that but it's been more than 80 years since then and there's been a lot of push back against those regulations. these days we have cryptocurrency promoters who claim they're doing the lord's work trying to protect your money from rampant inflation i like crypto, but that's ridiculous we have commission free trading without explaining there's no such thing as a free lunch because they sell your order flow to third parties. it's not terrible but you should know w

they tried to regulate it for a while but it's so difficult, as gary gensler said is it a penny, two pennies, $0.03 who regulates how much it is and how much it's not and they just got rid of it and boy oh, boy talk about revenues going up in smoke overnight, and it was game changing. literally game changing, where firms went out of business over it so i'm going to be listening to see , look at the risk that robinhood is running that's their business model. he's going to be, you know, coming down with an opinion on, and it can't get any bigger than that can it? that's what i'm listening to. liz: scott redler, i think shell ady is absolutely right this is a real risk hanging over robinhood but who else, i mean, what else would you avoid when it comes to the potential for what gary gensler, who is not there to sit and cool his heels and widdle his thumbs this is an sec chairman sticking up as he believes for the individual investor. >> so first of all, it's sort of like a field. when we look at what went on in january, especially when all of the short squeezes started to hit, the claim

their big thing was not going before the sec to get their getting anointed by gary gensler or jay claytonas running it. liz: we'll see. we'll be watching. charlie: i know people like you want to regulate everything. liz: hey, i'm all about free love, naked, free everything, let's go for it just kidding. listen, i agree. you don't want to stifle but you can't have something crazy going on. charlie: what did you just say? liz: i'll tell you what i'm about to say folks charlie thank you and i've waited until after charlie was done to say this , we're completely commercial-free because he would have kept going , but we into ed to get to a bunch of other issues he started the show by saying the dow has not finished a session down more than 1,000 points in 15 months when it fell more than 1,800 points back then , right now, it looks like we could be in the clear, still 10 minutes to go, before we hear the closing bell but the clear as we run towards the close but still on pace for the worst day since october of last year, s&p as you can see is struggling here, we do have the dow jones industria

s g gary gensler is key to markets i wonder if increased regulation could spur more investment down the line given that many institutional and corporates are waiting to see how the regulatory picture plays out >> i think the regulatory picture in the u.s. and in europe and elsewhere is incredibly important i think what we heard out of the s.e.c. in recent months, in my view, very positive for the whole crypto space of course, there is a lot of confusion and in the u.s. with significant debate about which agency is responsible for which aspects of crypto regulation i think gary gensler has taken the lead in trying to push the s.e.c. forward and bring people together on this janet yellen as well we know it with a lot of institutional investors. they are frustrated because of the mandates from clients. they may not be allowed to hold or trade in crypto that is very frustrating a better regulatory environment will help a lot. >> let's go one step further and talk about a very important topic in the regulation space. this is that of the stable coin which is going through investigation. it ha

to think it was only because people didn't really understand the space but i've been alarmed by gary genslersec who clearly does understand the space but seems to go along with the dominant narratives from the administration. charles: it is hard to watch one of his mit lectures and look at the person we're hearing from today. you recently wrote an article, by the way you're a fantastic writer, prolific, i appreciate it, on tether and saying it should be treated like a currency, or security. is it the standard-bearer now for crypto, not bitcoin? >> definitely not. i mean bitcoin is the standard-bearer for the space. and, at the time they are highlights -- tether highlights the problem. inappropriate term for tv audiences, bitcoin versus some other type of coin but u.s. dt, which is tether, what you see it is not truly a stable coin. there is not one u.s. dollar per token. it is backed by a basket of commercial paper for example. you don't even know what commercial paper or the quality of it. they did say they didn't hold evergrande but they do hold some chinese commercial paper. it looks a lo

gary gensler spoke about that recently, in terms of investigating some funds. think it is a combination of access to the product, access to new products that investors cannot get their hands on today. and, a holder way to trade these types of commodities on an efficient and simple marketplace rather than bilateral or otc trades. >> there is a lot of conversation about bitcoin versus gold. you kind of offer a convergence of the two. do you think it will be much longer before investors stop choosing? >> bitcoin has its own unique attributes to it. at atomyze, we are focused on digital assets. they do exist on block chain technology, which has proven to be safe and secure. it also has longevity in terms of transparency, ownership records. i think the investment world in general is moving toward block chain solutions because it allows them to find all the attributes they want as well as the security of the assets they want to invest in. >> you said this is mostly available to midsize institutional managers. how long will it be before the retail investor gets access

chair gary gensler promising more regulation ahead for crypto. more on this comments coming ahead.k" is back in just a moment. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ you founded your kayak company because you love the ocean- not spreadsheets. 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 i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there w

it will be interesting to see if gary gensler or any other regulators take action. we will see if there is ripple effects going forward. >> it is as much about what's decided here as how those other authorities interpret it absolutely kate, thanks for your reporting. we appreciate it kate rooney and the latest on the robinhood front. >>> that does it for "the exchange." don't about anywhere "power lunch" begins right now ♪ >> what a busy we can it has been welcome to the ends of the week, and pu"power lunch," here'sways ahead on this turbulent day. bulls versus bears volatility back on wall street, but the market is sending mixed messages which signal matters host? how can you trade sit in how can you make money or increase your safety plus the crypto crackdown. we have been talking about it all day, china declares crypto illegal. the ceo of the exchange ftx, you see their logo on major league baseball's umpires and revving up solid automotive making one of the biggest deals in motive history. the company's president here to talk strategy in the sizzling hot car mar

ray dalio had interesting comments earlier gary gensler, s.e.c. chair, on the network as well, made comments about crypto. you're looking at a crypto bull. you'll hear from him next. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, crafted by lexus. which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. >>> welcome back i'm rahel solomon and here is the news update at this hour experts at the food and drug administration are not ready to make a recommendation on covid booster shots because they they haven't been able to carefully review the data yet. in a briefing document ahead of the advisory panel meeting fda say some protections from the shot decreases over time and others don't the administration wants to offer boosters but many scientists they are

now, maybe there's a rational reason why that should be, but i would love to see either gary gensler,ike gary, i know jay clayton very well, and i like jay. these guys should come on and explain these things. jay clayton is the former sec chair under trump. but that could be really good. liz: brian chesky of airbnb, who kind of dodged the question about when are they beta testing cryptocurrency, but he said no comment to me, that's something that means it could be in the works. charlie: you can use like dogecoin to stay in a place? i call it doggy coins, it's like a dog? liz: charlie gasparino, pay pal and square drawing their lines on the buy now pay later battlefield. coming up, the fintech fighter, our countdown closer is betting on to win this street fight. with the closing bell ringing in six and a half minutes, see , i'm telling you, investors just are feeling a little fragile at the moment. charlie: it's slowing down, down liz: no, the dow is still up but only by 35 points. [slow electronic notes fade in] [fast upbeat music begins] [music stops] and release. [deep exhale] [fast

what are the chances that happens now that gary gensler, who has been in both places really attacks thatroblem? michelle: i think there are a few things, and i worked at an sro, and i am also familiar with the sec, so i am familiar with the process on traditional finance sides, but there is precedent that that was the national future association, sub revelatory organizations, and it would make sense to have one for digital asset markets, as well, and i think it would help the fcc -- sec and foc in a lot of ways to engage with industry. there would be resources that would be provided, there would be a lot of monitoring that the sec might not be able to do. there are ways where certain assets can be created, so like lists, for example, that can provide industry on the digital asset commodity. there are advantages that i think should be seized. sonali: we just came off of a conversation with jesse powell talking about the regulators are in place to protect the consumers. not traditional financial institutions that are rooting for dollars. how do you see regulations and regulators protecting

my question to you is, do you fear, gary gensler and the sec, or do you embrace what he's doing, we'reet's act like grown ups and let's be regulated. >> well, i don't fear, and i also respect, you know, his role in his situation. what is the role of a regulator? ultimately it is to protect the people. i just hope that he makes smart decisions, you know, sensible decisions that protect the people, but at the same time foster innovation. you know, the united states of america is the capital of innovation. most of these technologies have come from the united states, and we're losing many of our best and brightest because of a regulatory uncertainty, so i just pray that they make smart decisions, and i do believe that he has taken the time to understand what's going on here, and i'm rooting for him to do the right thing for the benefit of all of us because it's really important. it's worth noting from a political perspective that there's now hundreds of millions of people in the world that have crypto currency, tens of millions of americans, and they're very smart. they're very very smart.

carlton tells us about our conversation with ftc chairman gary gensler so stay right there.ne 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 considering. robinhood shares down 6% in swab down 3%. again order flow has always existed in the markets. when you are paying a broker commission you may not take about the other fees tacked on with trading by with free

not just regulators out of beijing some are worried about increased securitiny from the sec and gary gensler, the sec chairman, with more oversight this week back to you. >> kate rooney, thanks >>> have to go to the bitcoin baller here, b.k you're a contrarian. when the news came out, you said this could be great news why is that? >> i'll give you three reasons why it's great news. first of all, easy one, china isn't as big a market as it has been -- it's not even a driver of the market today. so this is -- that doesn't really matter. number two is that, you know, this news has been out there for a while. if you actually look at the release today, it was dated september 15th this news has been in the market but the third and probably most important reason, i brought along a chart done by my friends as john street capital show how bitcoin performed every time china bared down on them look at that i'm sure you remember, melissa, i called in to "fast money" on that date to talk about the banning of bitcoin in china and look what's happened since then, up 3,600%. so when china bans bitcoin and t

securities and exchange commission to sec chair gary gensler

when gary says something like that, chairman gensler, it's for sure and, you know, in my heart thoughith the sec, i think they're going to take a deep look at this issue i think they have to by law go through a very arduous process, right? they have to go through notice and comment. rule making. take comments in study this issue when they do that, this will take time, but when they do that, they're going to arrive at the conclusion that payment for order flow is undoubtedly an amazingly good thing for retail investors. so i think we're going to go through a process here we look forward to engaging with the sec, chairman gensler and his staff and i think the overwhelming evidence that we see is payment for order flow is so good for retail investing from our perspective at robinhood, it's the life blood of no commission, no minimum balance brokerage. this is what has brought in a whole new generation of investors. millions and millions of investors. >> speak to this issue when we talked to ken griffin at citadel and virtue on the other side, both of whom provide this service, do you bel

sec chair gary gensler testified about his agency's agenda including a plan to regulate cryptocurrencythis is two hours. [inaudible conversations]

gary gensler is there, a bunch of people at the federal trade commission are there, in large part asprogressives, so there is a greater than likely chance -- i think it is likely that powell gets reappointed, but i would not dismiss the idea that somebody else gets put in powell's place as a sop to progressives. guy: do you have a timeline on? what will transpire before he makes that decision? terry: he can wait until this fall, until his term expires, so there is wiggle room for the president there, whether or not he chooses to exercise that, which is another question. guy: great as always. thank you, terry haines, pangaea policy founder. we have been hearing it may becoming eminently, maybe things will -- be coming imminently, maybe things will take longer. the foreign secretary of the u.k. confirmed. boris johnson at downing street. this is bloomberg. ♪ so...i know you and george were struggling with the possibility of having to move. how's that going? well we found a way to make bathing safer with a kohler walk-in bath. it has the lowest step-in of any bath. it has handrails, a w

take a listen to this from gary gensler. >> is it your view that stable coins themselves can be securities? >> i think they may well be securities, senator. cuesta me, a stable going does not meet the second prong of a how we test. there needs to be an expedition of profits from the investment. if it does not meet it, it looks to me like it is not a security. maybe you have a good argument for why some are and some are not. i think we need to have clarity on this. >> are you now concerned that regulators could regulate the exuberance out of the markets? >> i think that the big winner of that entire hearing was bitcoin. the consensus that is emerging is bitcoin is a commodity and bitcoin's property. if your case is to buy a coin as a long-term value, there is broad-based consensus and support for that across congress, the senate, regulators, the administration and abroad. i think there is a need for clarity. there is consensus that people think the innovations of cryptocurrency could be beneficial for the next hundred years. there is also consensus that we would benefit from clarity. i thin

chief gary gensler in front of senate banking one quote from the testimony just don't have enough investor protection in crypt oh finance issues trading or lending frankly at this time more like the wild west or old year of buyer beware that existed before the security laws were enacted he wants more transparency on corporate bonds. >> yes >> on crypto. >> remember, referenced twice. when roosevelt came in, the philosophy was tabulated in. then roosevelt said, there's got to be a margin we will have deep markets and people can buy provided there's transparencies about what the companies are saying so, david -- >> what? i'm communicating with my producer i'm looking at gensler's op-ed today. >> from the "wall street journal." >> look at me. i am the captain okay >> okay. yeah. >> when i read has gensler's saying, basically saying you know what? we ritliterally have in crypto, prethe ap. >> an opportunity to talk to him tomorrow excited about it watch wering his testimony this morning, obviously, but able to hit on many different areas with mr. gensler. not just crypto. it's spacs and china

securities and exchange commission a chair gary gensler indicated he would be more welcoming to an exchangeded products backed by cash settled futures rather than actual bitcoin. while this will create a new access point for investors, the long-term implication is negative. why? while bitcoin is an inherent c scaled product, cash futures are not. supply is potentially infinite. as long as there are markets willing to take the opposite side of the train. it is worth emphasizing the immediate reaction in both the regulation and etf's will be in line with what the crowd expects them to be. yet it is also important to consider the ultimate implication. it is only so we don't get carried away in a secularly friendly. and all of that proves once again that to really understand bitcoin, you really have to go very deep down the rabbit hole. this is decrypted, i'm eddie van der walt. for more, follow us on your favorite platform. emily: bitcoin is bouncing around $45,000. defi is looking to go mainstream. what has everyone talking in the digital asset world are and fts -- nft's non-fundable tokens.

short-term debt instruments we didn't know anything about last month we talked to sec chairman about gary genslerer said they have no evergrande concern, thank you. that can spell real trouble if the dominoes fall here 2008 lehman brothers collapsed which acted as an accelerant for the financial crisis could the same thing happen with tether just say i'm concerned why should you care about tether if you earn other cryptocurrencies do you have an idea of how much bitcoin and others are purchased with it? if tether collapsed it will cut the whole crypto ecosystem if you own crypto, i recommend taking something off i know there are lots of younger people who own this stuff. i wouldn't be surprised if crypto goes mainstream owning crypto is a crowded trade. i don't want you to lose money if this space gets hit by evergrande these could be truly vulnerable thanks to the tether connection. take tether out and it wouldn't be if the chinese communist party liked tether, that would be one thing. they don't seem to have much interest in stopping this problem at the source by bailing out evergrande or they

. >>> gary gensler says that the country is in a better position to absorb shocks from a major company before the 2008 crisis. the comments from "the washington post" comes amid market jitters over what's happening in china >>> and in charlotte, photos appeared on social media showing a funeral home truck with big signs saying don't get vaccinated it was a stunt arranged by an advertising agency that's actually promoting vaccinations. got a lot of attention >> one way to get a point across, i suppose. thank you. or not >>> let's get a check on the markets. stocks are struggling to hold on to any gains after yesterday's rout now down by 18 points. s&p 500 up by the slightest margin and nasdaq, 46 points higher not anywhere near where it was earlier in the session here are some of the other names we're watching first check out the major video game names like ea, take two and electronic arts. all lower over the past two days ea on pace for its worst day since october of 2018. take two, new 52-week lows next, credit suisse initiating ev go highlighting it to also benefits from, that the co

this case it's going to be pretty interesting how that works with the sec case against ripple and gary genslerthe ripple case and chancellor is going further to coinbase and other issues and other crypto entities. this is really big even think adults in the room has to come down and lay out regulations that are some sort of consistent and we don't have regulation by enforcement in the business is too big as $3 trillion a lot of major players and hedge funds like major player hedge funds these are serious people and there is a block chain technology which is the heart of the whole business in the token funds the block chain which makes transactions and it's considered revolutionary or could be revolutionary and needs to develop the only way to develop a set a whole set of rules, maybe the thing is i've been speaking with sec people and former people about it, they agree there is a regulatory mishmash, they raise this with the presidents working group on crypto currency could act as an uber regulator. liz: i don't know if ripple investors believe that the sec is going to be successful that crypt

paypal's potential entrance to the space and new comments on payment for order flow from graffiti gary genslerfor deals. but robinhood faces challenges now. >> indeed. and weaver got the nasdaq and s&p at least slightly in the green. to the half now. >> welcome to the "halftime report" i'm brian in again for scott. by the way, welcome to september as well. and tradie kicks off with new record highs for the s&p 500 and nasdaq it's mostly rally on for now but many big names on walds are starting to sound a little bit nervous. so could this finally be as good as it gets for stocks at least for a while? will the merg cap names, apple, microsoft, you know the ones, continue to do the heavy lifting in the market? we'll discuss and debate all hour long with your investment committee today. and that is kari firestone jaso

the sec chair gary gensler commenting tuesday others have tried alternative currencies before.te companies like banks have tried alternative means of exchange before your that is going to pressure along the risk off side we have seen before. emily: thanks so much for the insight. i went to get back to the digital freight market and the digital freight startup transfixed, which has announced it is going public via spac. this comes at a time when the logistics industry is under a lot of pressure. joining me now is the president and ceo. let's start with the pains that exist in the supply chain. of us the big picture. we know the pandemic snarled the supply chain. a lot of us could not get what we wanted and needed. what are the problems that >> >> exist right now? we are still continuing to see demand peak. seeing capacity shortages. labor congestion. and congestion as well. this is one of the big reasons why customers and carriers work with transfixed we build the platform that has enabled customers to be able to navigate all market conditions. that has led to the growth of our

. >> gary gensler from the sec is here later today how much does crypto matter to what after pay does? >> a lot now, given square's strategic importance of crypto we are really excited by that. i think what crypto represents is putting the power back in the consumers' hands it also is led primarily from the next generation. when you look at this millennial and gen z consumer and this movement that is underpinning crypto or a whole range of other components rolling out through the finance ecosystem you know for that is incredibly exciting where. that gets to i think the combination about respective ecosystems creates a great framework to bring that to life. >> in the various markets where you operate, which regulators are doing the best job >> from day one, we have been pro-regulation it is about being a fit for purpose framework i think that all regions are naturally at different phases we have been flew a lot more in australia and in the u.s. the framework is pretty well defined. from our perspective, it starts with, does this have the consumers' best interests at heart? and how do y

to update you on gary gensler, sec chairman, testifying before the senate banking committee, we knowto hit on everything from crypto, bitcoin, spac's, and every thing in between. he says the sec is considering greater disclosures for specs. he says only eight mom number of cryptocurrencies, not securities . he says stable coins might well be securities. all of that will depend on what the sec can actually regulate when it comes to crypto. we will keep you updated on the headlines as they cross during this testimony. this is bloomberg. >> as i said to other senators, our role is described by congress about the issuing companies, these 7000 or so companies, and the investing public, and to bring consistent, comparable disclosure where investors want it. so, de-risk, investors have been asking for it, and hundreds of companies among the 500 largest disclosed something, but we can bring consistent ♪ alix: 90 minutes into trading in the u.s., equities around the lows of the session. you have a big move in the bond market. the 10 year yield sitting at 1.2 6%, down by about five basis point

eastern, securities and exchange commission chair gary gensler testifies before the senate banking committeee wednesday at 10 a.m. eastern olympic world champion gymnast simone biles, michaela maroni, maggie nichols testified before the senate judiciary committee on the fbi's handling of its investigation into larry nassar, , the former usa gymnastics position and convicted sex offender. the hearing comes after the fbi inspector general found the agency failed to properly investigate reports that he was assaulting young athletes. inspector general michael horowitz and fbi director christopher wray will also appear before the committee. watch our live coverage wednesday on c-span, online at c-span.org or listen on the c-span radio app. >> c-spanshop.org is a c-span's online store. there is a collection of c-span products, browse to see what's new. your purchase will support our nonprofit operations and your time to order the congressional directory with contact information from memories of congress and the biden administration. go to c-spanshop.org.

chair gary gensler calls it the wild west and ray is worried about regulation bitcoin has no inheriton't know much about it what cryptocurrency investors merit ckk x" when "squawbo cos ghba >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business, you can pick the best plan for each employee and get the best deals on every smartphone. >>> coming up, why ray dalio says regulators could kill bitcoin. >>> and later, governor phil murphy will update us on the rise of covid cases and the progress of the vaccination program. stay with us this is "squawk box" on cnbc >> announcer: final trade is sponsored by interactive brokers. the professional's gateway to the world's markets

neil: all right, the sec chair, gary gensler, is on the wires right now, talking about what happenedchina real estate concern that could be on the brink, saying that the u.s. markets in a better position to absorb a potential global shock from the major company default compared with years prior to 2007-2009 financial crisis. it went on to say that given the jittery trading we saw on wall street on monday, investor fears of a contagion from a potential collapse of the chinese evergrande group might be overblown, quoting here , "i do think we are in a better position than 2001 to absorb some of these shocks" end of story. his view. all right let's get the read right now on some other developments including what's going on, on the border right now, and the push to deal with what is now a rush by the tens of thousands of people trying to get here, proven by drones and they're right now, feeling the heat at least those in charge. we are on capitol hill with more reporter: yeah, hey, neil we've got the senate hearing ongoing on terror threats, since 9/11, over the past 20 years, and it rea

today we will hear securities and exchange commission chair gary gensler, no strange for this committee. this is chair gensler's first appearance here in this role. chair gensler, please proceed. >> good morning, chairman brown, ranking member toomey and members of the committee. i'm honored to appear here before you today for the first time as you said as chair of the securities and exchange commission and i'd like to thank you all for your support in my confirmation this spring. i would also note, i think, chairman, you may be the eighth chairman that i have appeared before in this committee. i'm aging myself a little bit, but i think chair dough mat toe might have been the first that i was in this committee room. as is customary, i should note that my views are my own, i'm not speaking on behalf of my fellow commissioners or the staff. the u.s. as ranking member toomey said, the u.s. is blessed with the largest, most sophisticated and most innovative capital markets in the world. we actually represent 38% of the world's capital market and that's when we're only about 23% of the world

chairman gary gensler joins "squawk on the street" this morning with his response >> we have somethingd to the wholesalers, one of whom you were just interviewing wholesalers that dominate and concentrate the market and even that which is on the so-called lit markets, the new york stock exchange and nasdaq, many of the trades there are not being fully displayed. so this concept of price improvement is against a measuring stick which is a measuring stick that's not wholly reflective of the market. >> peter, where do you stand on this debate? >> -- with gamestop on the robinhood platform and the congressional hearings around that. and so i think what the s.e.c. is trying to do is they're trying to stick their hooks into something that they somehow viscerally or intuitively feel is wrong with the markets right now, and they really don't have a way to regulate it so they are using payment for order flow as a means to do so and really at the end of the day, they are more concerned about investor protections from representations that are going on, on reddit and on other stop chat forums. i t

s chair gary gensler takes a tougher line on crypto products at that could fall under their purview suchield on similar platforms. and the stock managed to cut its intraday loss billion in half by the close. it did launch in an i.p.o. in july. let's talk about robin hood. shery addressed the fact that there would be a wall the product trading. we did see robinhood rise 2% after hours before giving that back. haidi: in the next hour captrust, don't give up on cyclicals and value. he will be sharing his market outlook amid the turmoil. from evergrande. and moneyline founder and c.e.o., to discuss this week's i.p.o. through the fusion acquisition spac and rollout into crypto trading. that's it for "daybreak: australia." "daybreak: asia" is next. this is bloomberg. bloomberg. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting

we had gary gensler on earlier, s.e.c. chairman.it the wild west of finance what should they do, if anything >> i would say do nothing. >> okay. they're not saying that. >> yeah. i mean, i would just let it fly. >> cryptocurrencies tried to stage a comeback with bitcoin briefly hitting $42,000 today. definitely off that mark, and it's still struggling to break past a resistance level of $45,000. and for those who own bitcoin, it looks like you got diamond hands. a report shows that the number of bitcoin long-term holders has hit a new all-time high, over 80% of bitcoin circulating supply is now being held in long-term wallets. what about those big guys who are hoarding all the coins well, the number of wheels any wallet with more than a thousand bitcoins is dropping but the value in those whale wallets is increasing, aka, more bitcoin in fewer hands ether, which is ethereum's native token also lowered today. you got top rival cardano, solana, which is really the only bright spot you're seeing. and it's known to use less power. they

it will be interesting to see if gary gensler or any other regulators take action.cts going forward. >> it is as much about what's decided here as how those other authorities interpret it absolutely kate, thanks for your reporting. we appreciate it kate rooney and the latest on the robinhood front. >>> that does it for "the exchange." don't about anywhere "power lunch" begins right now ♪ >> what a busy we can it has been welcome to the ends of the week, and pu"power lunch," here'sways ahead on this turbulent day. bulls versus bears volatility back on wall street, but the market is sending mixed messages which signal matters host? how can you trade sit in how can you make money or increase your safety plus the crypto crackdown. we have been talking about it all