liz: does that confusion because gary gensler has been quite firm that is wary of what's going on inants to protect investors from themselves from what appears to be a very mesa industry or investment, i get that and here he is slowly but surely certain toe dips into the opportunity for investors to die even but if you were sitting across from gary gensler what would you recommend he starts when it comes to regulation. >> i actually think gary gensler is a little bit misunderstood he is pro-bitcoin in my opinion he taught the crypto currency as many people know that when you actually dive into the course itself and he points out some of the problems with the regulated how do we get crypto into the regulated space and what are the main problems he points out it's like custody, he is spot on those are problems to if you say someone with the bitcoin but that company can be, how is that protecting the everyday people. and i have a gold atf at a bitcoin atf and i'm storing the gold in my basement is the ftc going to evolve, probably not unless companies can show and actually address the i

professor and current sec chair gary gensler.t before the ripple suit was filed and gensler was anti-ripple at the time and i asked brad about this and here's what he had to say. >> i believe very strongly that we will get to a good place here , i think it's clear that on capitol hill, they are paying more attention to this , frankly partly because of your reporting , and i think that also is good for the whole industry. if we get into some of your gensler also has called out hey we need more clarity by saying we need legislation but he's saying it's clear there's a contradiction there. i think it looks like chill is leaning in a little bit now, which is -- charlie: really you think there's movement? that an uber regulator? >> we're just right clarifying laws. charlie: interesting. >> you're seeing more senators, more representatives understand there's a real issue hearing from their constituents it's a real issue. the effort for xrp holders against the sec now is apparently 45,000 -- charlie: the lawyer told me that 45 and growi

i can't get into gary gensler's head.abeth warren's head, but still, to this day, i have not seen good evidence as to why the stuff that ken griffin does with payment for order flow is such a horrible horrible thing. that i want, no one has ever been able to give conclusive evidence that because you can trade with payment for order flow, somehow, ken griffin is running around on the other side of that manipulating markets, screwing over the retail investor with poor execution. there's no evidence. i don't know why. liz: it's more of a problem for names like robinhood that's their source of revenue and if it does go away or regulates somehow. charlie: that could be a problem liz: robinhood is in trouble. charlie: that could be a problem but so that's where this sort of political sort of element comes into it, where people are saying , if he doesn't have good evidence, if it looks like the markets are running pretty well, which i think you could say they are, we're not having flash crashes, you know, okay robinhood had some

would stop screaming in my ear, gary gensler would -- liz: i'm not saying anything. you this. that report shot down every conspiracy theory. liz: but it pumped up the gamif ication acting like the retail investors are stupid and distracted by shiny objects. charlie: no it didn't. it said they like the stock. stop it. i read the thing twice. liz: so did i. charlie: did you read the record liz: now i'm getting yelled at right here. charlie: just because you have it right here doesn't mean you read it. go back to adam aron, keep looking at what adam is going to do because he's going to be making news in the next couple weeks and break it on this show. liz: charlie gasparino live from beverly hills we're coming right back, don't go away. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is pr

if that happens, that's a huge check on gary gensler, by the way, huge check on him. you name it, it's not good for him. liz: charlie gasparino. coinbase up 5.4%. big move there. there was a pandemic up by boom as lockdown animal lovers adopted and bought new four-legged friends at a torrid pace. today's countdown closer has a stock he says is going to help you cash this on the canine craze. closing bell, we're 9 minutes away, make that 8 minutes away. dow is still gaining, 512 points. dig -- big day of rallies. ♪ ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. vanguard. (sfx: video game vehicle noises, horns beeping,) (engines revving, cars hitting one another.) (sfx: continued vehicle calamity.) just think, he'll be driving for real soon. . . 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

cheryl: i don't always agree with gary gensler either.onestly if it protects those out there trading, we've seen a younger generation want to come into the markets to be part of the stock market i'm with you. we have to run, kenny. agree with you. we'll talk on twitter. kenny polcari. good to see you, sir. we have a lot more coming up. imagine having to turn down a half a million job because you're dealing with a massive labor shortage? that is exactly what one company forced to do. we'll hear from them coming up. ♪. (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. it's another day. whose resumes on indeed match your job criteria. and anything could happen. it could be the day you welcome 1,200 guests

chair gary gen gensler.nk you for joining us. >> great to be with you. >> i want to talk about your gamestop report but i have to start with bitcoin we have a raft of cheering people down here from pro shares pro shares bitcoin etf futures etf is started trading a few moments ago. can you explain to our viewers why you chose to allow it, a bitcoin futures etf to begin trading and not yet approved a regular bitcoin etf? >> bob, thank you for that question just to give you a little context, i think that we in the official sector should be technology neutral and not policy neutral and what we are trying to do is ensure to the best we can within our authorities to bring projects in to the investor protection perimeter and so what you just mentioned bitcoin futures have been overseen by the sibling agency, the commodity futures trading commission which i was once honored and proud to serve there and been four years and some of these applications came in and went effective as you said, one went effective with rega

people thought that gary gensler was going to use this report essentially to enact his type of marketmaybe push all trading into the major stock exchanges. the problem he has, and i'm picking this up from major market executives who follow this stuff and talk to people in washington, is that the report's conclusions came out bit pretty benign. they found no major problem with naked short selling or payment for order flow. maybe more disclosure is needed. they found no major problems, it was not in the report about how these dark pools, these other exchanges which are different than the new york stock exchange, they think use of those is hurting the small investor. so what we're hearing here, david, today is if gary gensler wants to change thing, he came up pretty short with this report. republican members of the sec, the two commissioners, joe royceman and heather pierce, pushes back on a lot of his proposals. basically, people are saying here they highly doubt major changes to market structure in the next year. we may still have a conversation about payment for order flow, and gary g

what do you do with gary gensler and the rest when the police show up to say enough?ace: well, you have put your finger on something that i think is one of the latest risks to crypto. you have already seen china and india outlaw bitcoin trading. but on the other hand, gary gensler has also said he sees this revolutionary new technology as offering tons of wonderful opportunities. the fed is studying central digital currencies. so yes, regulation is a huge potential risk in this space, but you could also argue that once there is a regulatory roadmap in place, as will offer enormous opportunities as people conform to that. tom: we will have to leave it there. candace browning, congratulations in driving forward the discussion with bank of america and their head of global research. let's summarize a monday onto the jobs report friday. i got red and green on the futures screen. it is a churn as we await more data. lisa: but the churn is around better data and higher stocks. that indicates fear about higher prices and slowing growth, not necessarily stagflation, but i knew

caroline: michael, what did you have to persuade gary gensler of?e has very much only wanted a futures etf. yes, it mutes you perhaps on some of the upsides, but what is that you need to convince regulators of to allow a spot etf? michael: i think we need to focus on what regulators have said historically about their discomfort with the underlying bitcoin market. historically they have been post on things like fraud and manipulation, -- focused on things like fraud and manipulation. i would say the commentary we have seen out of the commission, as well as the approval of the first futures based coin etf on the market would tell a story that a lot of those fears would be cleared up. when we really zoom out and think about the difference between a spot based etf from a pricing perspective, these are two inter-correlated markets, where futures are derivative of spot. having futures in the market could clear the pathway for physically backed products as well. taylor: you saw the and some of the analyst notes today. mark palmer was one, comparing the fut

put something on it maybe but here's the thing, you heard ashley mention gary gensler.l not go gently into that good night. an official from bank of england, $1.2 trillion, subprime mortgage security thing, you remember that, alone triggered 2008 financial crisis. crypto at 2.3 million would be a bigger threat. what is it, regulators, a lot of hedging, rooting for collapse of cryptocurrency? >> these regulators will not definitely not be gentle. they will come out guns ablazing. bitcoin is already the world's third largest currency. crypto is the size of apple. it become so big it has to be regulated and at the same time it is also too big to fail. the thing, charles, crypto bitcoin regulation is complicated. no government can regulate bitcoin directly. the only way to shut down the internet completely. we all know that is not happening. governments can regulate access to bit kin. they can regulate transactions of bitcoin. infrastructure buildout of bitcoin. they can create their own infrastructure and take out demand for bitcoin. bitcoin is the ultimate hedge against i

liz: securities and exchange commission commission gary gensler has made no secret of the fact he wantsstors and he wants to do so by attacking certain things, when isiah tack, i mean, pouncing on certain things to regulate, cryptocurrency for example, and for another example the way online brokers partner with market makers to have customer trades but word is, gensler's high ambitions maybe setting him on a collision course, not just with the robinhood crowd and the bitcoin gang, but his own staffers at the commission. to charlie gasparino, whose the one who has his ear to the ground at the sec. charlie? charlie: there's some interesting stuff going on at the sec liz. usually, you don't see it progressive like gary gensler in the cross-hairs of the union but the sec does have a union. it covers staff attorneys. everybody but his sort of direct staff is part of the union, and from what we understand, they are starting to pushback significantly on his vast agenda , and what the staff is telling people, and they're communicating this to everybody on wall street, as they also start looking

were to default and chair gary gensler said there would be significant volatility in the market areasr hours. >> without objection the chair to declaring a recess of the simple interim committee and as a reminder, i ask all m

gary gensler is talking about a publicly trading company, a fiduciary.ice investments. things like alcohol, tobacco, gambling, guns. they have in their charter we don't invest in these types of things. if, in fact, mark zuckerberg knew the problems that higs company caused, what it did to young people, couldn't that put him in legal jeopardy in terms of how he presented his company to investors as well as advertisers? >> it's certainly possible. i would say when facebook views publicly about these issues its often very careful to use non-committal words to say we might be looking into that. instagram might be have be this effect. careful not to taint things that could be construed at direct contradictions of what the fact says, but, yeah. i think there is a question about whether facebook misled not just investors but also congress when executives testified and said their internal research showed instagram and other facebook products were having a positive affect on mental health. turns out that's not always the case. >> certainly gets people excited. ma

interesting they will prove a futures but not appear play bitcoin etf, gary gensler in the sec feelslready have the cme futures on the stock pricing there's a lot of framework they need to build play bitcoin etf protecting against hackers, volatility the have to protect against fraud is an easier sale to say we're bitcoin futures anyway so when a bundle that as a first step to approve a bitcoin etf in the future. neil: there a lot of marketing muscle and momentum we've been miserable for does anyone think it's getting ahead of itself. >> 624 - 60000 record also the statistic, 17% away from bitcoin being the same value as silver and silver has been around since the turn-of-the-century 200 years bitcoin 2008 this is the world that we live in a new generation younger driven retail investing world that were him. neil: hello from the other side. >> do you actually sing her new song. >> it looks a little weird. neil: it's already unsettling, thank you very much gary has been unsettled by many things over the years i know his fixation with adele is a capper on the cake let me ask you not ab

eastern time we will have gary gensler on, the chair of the s.e.c., to discuss the findings. for example, people are commenting was there manipulation involved? it does say the report gary gensler has had talking points for month on payment for order flow, gamification of trading. was there harm because of that trading and was payment for order flow part of that harm the report doesn't skocome to a particular conclusions on that i think what we will have here, they will have the report sent to the commission. the commission commissioners are going to dab what, if any, rules they might want to enact around it. >> does this make any sense for you to go to $483 a share and say it's just simply the retail buying frenzy that sent it higher and a small fraction was short selling or short covering? >> i think there is probably something clear that could come out of this that will help the general public for example, we need greater clarification on short sales and who is short and maybe much more disclosure on that they seem to believe that a sort of frenzy occurred, essentially. th

gary gensler seems to imply that he doesn't want to act without clear regulatory control over its systemtcoin exchanges but he doesn't have clear regulatory control is it going to take an act of congress, or is he simply going to have to declare that he has control over certain parts of the crypto universe right now? i'm confused about how this could play out because it doesn't seem to be any action on the regulatory front >> i would say that i actually think, i'm always glass half full on these things, but i think he achieved de facto regulatory control over coinbase when he told them to stop doing a lending product a couple of weeks ago, and they actually stopped. by requiring them to have a broker deal and a futures license, maybe he's accomplished what he's wanted to, which is de facto regulatory control over the so-called crypto exchanges >> yeah, it seems like congress is pretty distracted right now with a lot of other issues including the budget and getting through biden's agenda right now. so, i think a power grab is probably the likely situation that's going to happen thank you

chair gary gensler. i know a default would be bad news.le at home understand what that would look like for them. >> well, i think of it this way, the treasury markets are at the base of our capital markets. they're called risk free for a reason, and what we would call into question what does that mean, risk free? it's like the foundation of a home, and if you had a home and somebody said, guess what, your foundation is defaulted. it's basically broken. the house will rumble and the house may even collapse. >> that is not good news. i want to turn and ask you about facebook because yesterday the facebook whistle-blower said the company misled advertisers and investors. she wants you, the s.e.c. to investigate. are you going to? >> stephanie, i think your viewers would appreciate that i'm not in a position to comment on any whistle-blower -- >> they'd actually love to know. >> i understand that. but let me go to a broader value in our security laws. if executives of companies that are public companies mislead the public, they mislead the pub

and look, when gary gensler said that they weren't going to ban it earlier chairman jay powell said thaty weren't going to ban crypto in america, i thought a little bit about when obama said we're not going to ban coal in america. we're joust just -- we're just going to make it possible to make enough money. you put a big enough regulatory burden on it, it will not flourish. it will diminish. [inaudible]. but it is going to be harder and harder to launch companies in the u.s. gensler evaded giving a bright line standard and instead said if you want to work in this space, come talk to us. basically cut your own deal like a third world country. instead of having a clear set of rules. that's what i have been working on in a bipartisan way really since 2018 to have [inaudible] when something is a security and when it is not. >> charles: by the way, i think you're at a crypto summit today. you're coming in, mostly every now and then a hiccup, that's okay. you mention a bipartisan effort. i get a sense that 99% of folks in congress don't even know what crypto is. >> a lot of people that don't

the report from gary gensler was important for a couple of reasons including what is not in it and whatsioners pushed back on some of the major conclusions that chancellor had initially those were all designed for a massive change in market structure, he wants to get rid of payment for order flow and he wants to route customer orders to the major exchanges as opposing to go into dark rules is stopped short of that and rained on those issues. to take away from that is that he may push for the changes going forward but the commission knows it's in for a fight, probably the republicans in congress if they agree with what a lot of chancellor wants to do. the poll was very strong on the conspiracy theories that have been propagating the message board, twitter that there was a huge grand conspiracy of making shortselling when you do a short sale, you basically can keep you short forever and that is destroying companies like amc, gamestop, the report says there is no evidence of that. it also says no evidence of a massive short squeeze, one company, one hedge fund went under because of the ris

. >> conflict from gary gensler, he wants to crack down on crypto but the one crypto that he likes isnt. give me a little background this is exclusive stuff we will probably write it up for foxbusiness.com. in 2018 gary gensler met with the stb chair j clinton about new crypto regulations in 2018 and we understand that bitcoin should not come under sec scrutiny but is definitely a currency or commodity and should not be regulated and basically argued others should be that is the green light for bitcoin and you will probably transfer from a regulatory standpoint back to 2018 when gary gensler and mit professor and mit had a special group, a think tank at mit that was very heavily into the bitcoin block chain he was advocating for bitcoin back then and will happen after that 2018 a few months later there is a guy who gives a speech he ran corporate finance at the sec where he argues that bitcoin does not need to be regulated by the fec, along with a engine if cerium that's were you trace the modern regulation of bitcoin a block chain in the sec with these meetings between chancellor, cl

china's ban on crypto and mining and gary gensler called the industry "the wild west." it wants rules and regulations and wants to create new products to trade. you can buy and sell crypto on a platform. you could also trade tokens backed by physical commodities, gold, silver, platinum, nickel, cobalt, and copper. they hope that investors will trade. the platform is scheduled to go live by october or november. i sat down with the ceo and asked how he hoped to grow volume and liquidity. michael: we built our blockchain that is created and maintained by ibm. the difference is we are not centralized we rely on third-party validator's validating transactions so we know that you sold at one price and i bought at that same rice. each token can be embedded with metadata where you can understand the material. alix: is a professional institutional trader. michael: we are focusing on accredited investors because they can understand the risk and the volatility. but ultimately we would like to democratize this and make it available to the retail user. alix: talking about the regula

were to default and chair gary gensler said there would be significant volatility in the market areas four hours. >> without objection the chair to declaring a recess of the simple interim committee and as a reminder, i ask all members when there announcing, the estaff. [inaudible]. not to mute the members except when a member is not being recognized there's an inverted background noise. remembero to it they may only participate in one remote proceedings at a time. if you're participating today, please keep your cameras on it if you choose to attend, a different permanent remote proceedings please turn your camera off and i now recognize myself for four minutes to give an opening statement pretty good afternoon and welcome back to the committee and knowing the top administration, the commissions provided minimal sioversight for chair gary gensr and limiting key protections for the investors and they were impacted regulations. 219 and the sec approved it advisor and access rules that cooperates corporate executive and shareholders and to favor multibillion-dollarr corporations. then no

emily: there is still no spot etf, and that depends on gary gensler. much does it matter?: i think everybody is perplexed that we are late with this, but i think the writing is on the wall. there are 40 different etf applications in place. in time, over the next 12 months, we will see more and more etf's and more options. if a spot etf comes to the market, it will be good for bitcoin in general and everybody involved in the bitcoin ecosystem. emily: you know, looking into robinhood results, there crypto trading dropped almost 80%. it was kind of astonishing. i spoke with the cfo who told me that perhaps crypto trading had normalized. i wonder what you make of that huge change in volume. i know it is just a window into robinhood, but i wonder if it signals broader interest or hype around cryptocurrency? michael: we have some cyclicality. it is natural. q1 was a big quarter. things slow down after the china equities. -- china exodus. it is heating up now. you can tell with the various coins. i don't think we have seen the last of crypto volatility in crypto enthusiasm. i thi

i'm curious to hear what gary gensler has to say. speaking at an event hosted by the institute of international economic law talking about crypto assets. or at least i hope so. especially as bitcoin surges to a record high. the etfs starting to trade, how much more will the chair edify this trend of crypto assets. we do have a look at home sales, the expectation is that it will remain elevated after declining. the prices are so high that the barrier to entry isn't there and the supplies are so low. take a look at how much prices has increased. 20% year-over-year. i think this is getting fed official attention as it raises rent prices. jonathan: we can hardly wait. tom, you have been talking about this, the resilience of corporations. they hiked prices in the third quarter by 4.1%. the most since 2012. unilever is the stock i want to bring up. hiking prices since 2012. that's a change. jonathan: -- tom: unilever is that staple along with nestle. they are managing for a lower nominal gdp. a lower nominal growth. they have a tough decis

gary gensler on a collision course with some of wall street's biggest names as his plans for overhaulingreet take shape. elaborating on a report scrutinizing january's meme stock craziness, he said using adler is then's to boost trading hurts returns. he spoke on an interview for the david rubenstein show recorded monday. >> whether it is a robo advisor or a brokerage app, they figure out by giving you, david rubenstein, a certain signal, a color, a behavior prompt, that you might trade more or you might buy a higher revenue product for them. therein lies the potential conflict. what do we do when the digital algorithms are maximizing for the company's revenues rather than our returns? emily: you can watch the david rubenstein show wednesdays 9:30 new york time. coming up, mark zuckerberg responds to comments made on bloomberg technology by an early facebook investor. what he had to say, next. this is bloomberg. ♪ emily: two of the world's most valuable fintech startups are joining forces. strike will allow retailers to add corn a bank's buy now pay later service as a purchasing tool. th

liz: i find it really important that gary gensler is out to protect investors, i think that is greatder protecting anybody. they think that he's protecting them and he's throughout all their conspiracy theories. they think he's going to end florida flow, he's gonna bring down can e.g., he's not doing anything that report, the markets are working fine there's no conspiracy theories and no manipulation. liz: the eighth have muscle. , cut them off before he starts. take them off. eighty-three-dollar oil, inflation the supply chain, labor shortages that could be a deadly combination for wt 40 the lubricant company and the ceo plans to tackle the horrible headwinds, gary is here to reveal it in of fox business exclusive. it does not look like wealthy and all-time record close is up 120 points, the s&p still have a chance? we will keep an eye on it. stay tuned. ♪ certified turbocharger, suspension and fuel injection. translation: certified goosebumps. certified from headlamp to tailpipe. that's certified head turns. and it's all backed by our unlimited mileage warranty. that means unlimite

most notably in the last few days, gary gensler, the head of the sec saying he does not in , fact aim to ban all cryptocurrencies. some people interpreting his remarks as being bullish for the possibility of a bitcoin etf. so, a few tailwinds to point to. but as ever in these markets, there is a lot of mystery to the movements as well. caroline: talk to us about the overall flows you are seeing or hearing of that are happening between bitcoin and ethereum and other protocols. bitcoin and ethereum have always been dubbed as the gold and silver. how much are we seeing institutional and retail money take more protocols more seriously? jill: when i speak to institutional flows, that does center around bitcoin and ethereum specifically, bitcoin most of all, still being the blue-chip, or the gold, as you put it, caroline. but increasingly, we are seeing interest from institutions in moving sort of down the ranks of the crypto ecosystem to get access to other layer-one protocols, many of which are coming and nipping at ethereum's heels in terms of developer adoption and end-user adoption and

we will hear from gary gensler. want to hear what he has to say about assets as crypto posts a 30% gain just this month. it heads to a new record high after the advent of the trading etf that focuses on bitcoin futures. at 10 a clock a.m., u.s. september existing home sales. when we talk about inflation and consumers'a pp -- and consumer'' appetite to buy, this is what we are talking about it. if you are an entry-level buyer, but can you afford to get? this is going to bleed out into more and more products as we see those inflationary pressures continue to build. jonathan: higher prices starting to hurt demand. thank you. here's the story for the turkish lira. weaker, weaker. dollar trying a record high. your turkish lira weaker against the u.s. dollar by 2% and change. we were looking for a 100 basis point cut. the turkish president maybe wanted a 200 basis point cut. i am going to talk about execution in the stock market. these two names right here, goldman and unilever. goldman, you talked about the upgrade to th

by the way, i first heard this from the sec chief, gary gensler. he taught it to me, i don't know, probably 20 years ago. you call and tell me your top five holdings and i will tell you if it's diversified enough first up is a video caller nadir. >> caller: boo-yah, jim. this is nadir calling from beautiful oakland, california. sorry for the cowboys t shirt and thank you for all the information you send us on inve investing. my top five holdings are google, invidia, microsoft, costco, and united health. am i diversified, jim? thank you. >> nadir, i'm kind of blinded by the light there, the star. but that's all right i'm a forgiving person i'm a kind man, good man not unlike marlon brando here we go nvidia, the greatest semi conductor company of our time. costco, perhaps the greatest retail experience of our time. you've got to try -- i'm not kidding/shrimp dish. even better if you go to the left they've not some incredible white fish salad microsoft, uh-oh okay united health is perfect they did of course blowout the quarter. nvidia, google and micr

gary gensler testifying before the house finance committee. that is worth paying attention to.iden speaking on infrastructure in michigan. that was the delayed speech from last week. we have the eu council dinner in slovenia focusing on china. alix: i am interested in that dinner. it feels like europe is stuck between a rock and a hard place when it comes to china. tomorrow esther george will be speaking. or as johnson speaking. the tory conference. eu leaders balkan summit as well. a little geopolitics into little eco-data. coming up on television, heather boucshey joins balance of power with david westin. david is in d.c.. here guy and i are going off to radio. the cable on dab digital radio. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: welcome to this special edition of "balance of power" coming to live from capitol hill to our bloomberg and tv and radio audiences worldwide. we have come to washington because this is where all of the action is. we will set the stage by turning to our two c

gensler is now, gary gensler, sec chief is doing major inquiry to the meme stock stuff any conflicts volving citadel's role in it. they buy the order flow from robinhood, right, so robinhood can charge zero commissions. gensler hate this is practice. i don't know why. it works. people trade cheaply on it. he may outlaw the practice. neil: legal now. >> totally legal. not good research why it is bad for retail. it is still very -- in any event we're getting from people in washington they're saying this stuff that is going on is aimed at him and it is really interesting because he is, i mean if you think about it, jamie dimon, personally doesn't give any money. stove schwartzman give as few blix at blackstone. he is republican. neil: he spreads it out too. >> he spreads it out. this is pretty amazing. we tried to find any democratic donations. we couldn't find any the last 10 years. there is political element people are saying. by the way he is republican. he is a conservative. believes in low taxes. nothing wrong with that. this is, you promote those policies. you know, particularly in

sus sues that is gary gensler's job. neil: he will not do that.aid new sheriff in town. susan: bitcoin etf is in the works. i think that will be approved. that is why you're looking at this rally, could see peak bitcoin when you buy on the rumor sell on the news? some say that might be a selling opportunity as you mentioned. ark etf application that is lending of cathie woods' name. a swiss firm called 21 shares and alpha, i think alpha architects are involved as well, i want to show you the froth in the crypto craze. that is good alliteration. this might be the get off my lawn moment from you. we have to talk about nfts, non-fungible toke. you know what they are, right? neil: a absolutely i do. susan: digital art or verifiable pieces. look at the artwork sold for 1 1/2 million dollars this morning, called, boring apes. what do you think of this? it was back in march $3,000. 1 1/2 million dollars sold today. >> really? susan: might tell you, you know what ether rocks are don't you? this sold for two million dollars. the rarity of nfts. there is on

. >> securities and exchange commission chair gary gensler testified before the house financial services committee on the agencies priorities. when asked about the debt ceiling and what would happen if the u.s. were to default, he predicted that would be quote significant

chair gary gensler has indicated he's very concerned about fraud and manipulation on crypto exchanges, approving a regulated futures bitcoin etf would remove some of those concerns over custody and fraud as well. and show the pro shares etf begin trading on tuesday, there are four other futures etfs that will likely begin trading in the days and weeks ahead what happened, there is pressure on gensler to do something, a confluence of two big forces, the etf community and the crypto community who both want something to get going right now. it looks like for the moment a futures bitcoin etf is in the cards. >> how did the pro shares one end up becoming the first out of the gate are there any chances they could pull the plug? >> yes this is one of those things that's called first filing normally the s.e.c. when you have essentially similar products, they will approve -- allow the first one that's been filed to start trading first in theory, they could stop this all the way up until midnight on monday but there is a history of this, and this is why people are fairly confident they are not.

introduce it, may litigate, this ripple case is big too because it will, if the sec lose s, its got, gary genslern jay clayton, the former sec chair, bill hinman, the former head of corporate finance, this is going to get really messy because they , because the whole notion was that they were holding ripple to a higher standard, or different standard than other major crypto places, including ethererum. ethererum is the second biggest blockchain, so very interesting stuff, we're going to keep following this development. it's obviously people are interested. >> oh, it's huge for crypto. huge for the crypto market in particular, the implications are enormous. charlie thank you very much. well, the nasdaq is down, but our closer is going to tell us don't count out big tech just yet. that and more coming up on the "clayman countdown." our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... ...giving us confidenc

the sec chief gary gensler is forcing esg disclosures presumably so companies abide by certain environmental the i believe labor department is pushing 401 (k) plans to make it mandatory that they offer that companies offer their people esg investing alternative s, mandatory. in the past it was just you offer stuff that you think is beneficial. now they are saying if it's esg, it's beneficial on its face so you've gotta do it. who is that going to benefit? well it clearly benefits some people on wall street. most particular, blackrock, which is offer offering esg investing they are on the forefront, larry fing, the ceo, said we will vote against certain companies in our proxy voting. we will hold them accountable in our proxy voting essentially if they don't abide by esg standard s and it's a matrix that basically grades companies on how well they are going about this. as that's happening, the biden administration is doing its thing. key people in the biden administration are in economic positions that could influence what's going on here with esg and there's two in particular, one is a guy n

already people are blame gary gensler, the sec chair, of picking winners and losers, xrp being a loserntially becoming a security that ripple issued. ripple denied that, they're going to go back and forth. they're fighting it out. but that crushed xrp. gensler, long time liked bitcoin, liked it when he was at the cftc -- liz: well, the sec just approved volt equities etf, and the volt guy was on. he's the one who, out of blue, all these other big fund companies waiting in the wings, he's the one who got it. it's going to launch in the next couple of weeks. >> but remember, anything that legitimizes bitcoin, you'll get the runup, and that's what you had here. it's legitimizing bitcoin as something that is essentially sanctioned by regulators while others aren't totally. again, some of this is technical, it's being hoarded by crazy, 85% of it still from what we understand. people are holding it, wanting it to go up in value. last time that happened it tripped in value -- tripled this value. fundamentals sometimes come into play like something like this which gives -- it's more of a funda

chair gary gensler said they have no plans to impose restrictions so is it too late to buy into this team. i believe after breaking above 52,000, which you say is a key resistance level, you say bitcoin has more room to run that is despite a number of nft funds launching in the fourth quarter. >> yeah, 100%, seema if you look at it from an infrastructure standpoint, you're looking at more institutions getting involved. we saw the u.s. bank is offering institutional custody services we're also seeing bank of america implementing research on bitcoin as well. so i think there is still more room to run. you see the bitcoin bailed out in el salvador that seems to be going well with 2 million users. twitter and strike partnership, that's also going to be rolling out. i think that's another use case for bitcoin as well. over the next two months a better news flow than we saw previously and i think that's going to drive a little bit of the momentum and spike forward if we get more price up for more volume in the buying i think that could push us a little bit higher. so i'm still buying. i th

comments follow sec chair gary gensler's show of support for bitcoin futures etf's and bitcoin bulls's rally already calling for an october predicting a major balance for the price of the original crypto this month, bitcoin as you can see on your screen is gaining 4,000, it's almost at 48,000 right now, ethe r is gaining almost 10% and as you can see , litecoin is higher as well. the green arrows also go to crypto stocks, marathon and riot all moving substantially higher into the close. trading platform coinbase also is rising as you can see , a gain of more than 2% there, silvergate capital up 9.5% and micro strategy up pushing 6% by the way micro strategy owns $3.1 billion worth of bitcoin right now. >> well, stay with crypto. we've been talking a lot about ripple on this show, the company that's currently in a fierce battle with the sec over the status of its xrp coin but it's not the only lawsuit in the works. there's also a class action suit filed on behalf of the thousands of xrp customers who lost a lot of money when the sec sued ripple and the value of xrp tank ed. charlie ga

obviously gary gensler hit hard against payment order flow. >> the it's this wonky back end system that's excited to talk about robinhood came out a app, tried to grow the company quickly and fined by regulators without having the right disclosures payment order of flow and go get into the behind the scenes plumbing gamestop brought this out. that's why consumers now know about it some would say they would rather pay but similar to the social media giant argument of advertising. you know,people -- there are certain people that say i would rather pay a fee or monthly subscription to not have people track my spending behavior where as it might come out the same way on the trading platform saying there's people that do want to pay for trades because they think they might get better execution. >> some platforms are trying to make that argument we'll see overtime if that's an effective one. kate, thanks so much jon, back over to you. >> yeah. let's turn now to another chip maker terra don shooting up this morning after a double upgrade from ubs to outperform and buy both firms predicting the s

legal claims, though facebook hasn't indicated any plans to file lawsuits the chair of the s.e.c., gary gensler, said today he couldn't discuss whether there is or isn't an investigation but added this. >> if executives of companies that are public companies mislead the public, mislead the public in their financials or mislead the public in a material way in terms of their products that can be a violation of securities laws. i'll leave it there. >> reporter: shep, haugen's eligibility is part of new laws that make it possible for the most highly placed and best-paid people like haugen to throw over a career in tech or in whatever industry in order to give important information to the s.e.c. it turns out that putting these eight counts at the feet of the s.e.c. may have been a shrewd move for many reasons. shep >> jake ward, thank you. >>> mark zuckerberg also apologized for that six-hour outage that hit facebook, instagram, and other apps on monday he says he was really more concerned about how it affected people who rely on facebook more than about the number of people who switched to competit

chair gary gensler will testify on october 5th in front of the house financial services committee.o be topic a on the agenda. lee, mike, luke, great to see you gentlemen, thanks so much for the great word on wall street. we've got much more coming up. more drama in d.c., house speaker nancy pelosi delays the infrastructure vote amid in-fighting within the democrat party. claudia tenney and jim jordan weigh in on what is possible. then the nationwide labor shortage partly to blame for the supply chain crisis, what it means for consumers ahead of the holiday shopping season. joining the conversation all morning long this morning, dagen mcdowell and joseph pinion. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. you have the best pizza in town and the worst wait times. 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 the sleep number 360 smart bed is on sale now. it helps keep you effortlessly comforta

. >> i wonder if it's because gary gensler, the head of the sec said the day before yesterday they'ree got at least gary gensler who has frustrated some of the crypto traders with what he's said they will do an regulate he said, they will not ban it. maybe that's enough for people to think, okay >> so, yes, i think that's absolutely, beckgiy, a part of the story. i wonder why they got more clicks. >> thank you we'll see you later. >>> meantime, republicans offer a short-term debt limit. it will them particularly push off a chance of the u.s. default. that was starting to rattle the marketsch joining us is senator rob portman. senator great to see you today. >> good to see you, becky. >> so the idea of defaulting on our debt is one that has caused a lot of concern not just from places like the treasury secretary and the defense secretary, but business people, especially those who know how the markets work and who are intimately involved in those things like jamie dimon saying yesterday this would be pretty catastrophic and stupid to get this close to it. what are your thoughts on the d

gary gensler is focused on this. i'm confident he will come up with a program that will help.lessen the volatility and maybe it won't be as easy to trade but it will be something with more certainty around, once you have regulations in place. shery: john rogers there with bloomberg's caroline hyde. here's a quick check of the latest business flash headlines. kathy woods is moving its headquarters from florida from november 1. the company will permanently close its new york office when it relocates to st. petersburg. it will build an innovation center in the tampa bay region to retain and attract top talent. boeing will unveil its 777x crater within the next few weeks and it's an advanced talks with qatar airways and other potential buyers including fedex and singapore airlines. the first new jet will compete with the airbus. airasia will malaysia will allowed fully vaccinated adult passengers on its flights effective immediately. on vaccinated people under the age of 18 can board if accompanied by fully vaccinated parents or relatives. masks are mandatory and check in must be

we know the gary gensler is not a big fan of crypto firms but he has had to come out and say the u.s.be following china in direct to band of crypto. that is adding to a bit of upside. this is what we are trading when it comes to the major cryptocurrencies as we headed to the start of trading. we did see the upside when it comes to bitcoin above 50,000. sticking above 51,000 at the moment. the theory him, little bit of downside we will continue to watch the crypto firms as we see trading begin in tokyo and seoul. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with a 98% success rate and a more affordable weight-loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. no stimulants, no starving, just results, results you'll keep for life. with over 2 million satisfied customers, golo is the new way to lose weight. go to golo.com and get your life back... -with golo. -golo! shery: hello and welcome to daybreak asia. haidi: taking a look at the major markets opening in asia. affect stocks set to follow the

gary gensler on "squawk on the street" earlier saying that bitcoin has been regulated for four years.ction. it is a highly speculative asset class and listeners should understand underneath this is a same aspect of volatility and speculation. >> others in the industry say, yes, this is a win and holding out for an etf to track physical bitcoin. today grayscale's bitcoin trust applied to convert that fund to an it of guys >> thank you for that. mike, you mentioned the reaction earlier. reminded of tesla coming into the s&p 500 last year and spiked for a couple more days afterwards and then -- >> no. it actually -- sold off immediately and went off to the moon into january. so there's obviously -- i think the hyper focus on it, flows are what matter for bitcoin and not really about spreading in terms of utility it is an asset i think that basically gensler clearly is squeamish about the space. doesn't really love the idea of normalizing or mainstreaming the physical ownership. >> they green lit the etf. >> based on the futures. so they're doing these kind of half steps i think that leav

the report very much supports the chair's gary gensler's push for tie for -- for tougher rules and pushedas that merited a closer look. one of the factors that -- they want to look for payment for order flow. that is another issue. they want to know incentives that online brokers are using to incorporate game-like features in their app increase trading. they want to look at dark pools and market movers. sit adele and virtue were earlier looked at in the year. they want to take another look at shortselling. the meme stock phenomenon is still very much a part of the market now. it can result in wild swings in certain stocks, but it is also very much on the radar of the sec. shery: bloomberg's su keenan with the latest on the meme trade frenzy. let's turn to sophie for what stocks to watch as we head to the market open in japan and south korea. sophie: we are keeping an eye on asian suppliers, specifically those related to laptops, as the company releases new details about the macbook pro. this after it was downgraded by morgan stanley. haidi: we do have the market open in south korea and to