tom: the gentleman from baltimore, gary gensler. even the republicans have said, this seems to be the right guy at the right time. interviewed by the gentleman from baltimore, david rubenstein. the gentleman from baltimore. did you guys know each other? david: we grew up in the same part of northwest baltimore but he is younger than me and i did not know him. tom: interesting to see the path of gary gensler to this point of an sec facing stunning innovation. it is just mind-boggling to me the challenges ahead. what did you learn about gary gensler's approach to these innovative challenges? david: gary gensler is a really smart person, an academic superstar at penn but also a professor at m.i.t. and a very young partner at goldman sachs, previously head of the cftc and now the sec. the real challenge he has is does he need to go to congress to get additional authority to regulate the currency or can he do it with existing authority? i suspect he will use existing authority. trying to get legislative approval will take ever in the mar

david: the senator principal staff person drafting this was gary gensler. know this pretty well. gary: there were others involved as well. i learned working for a senator, it was all there. if it went well, it was theirs. if it went pear-shaped, it was the staffs. i do know it. it was after enron failed. congress stepped into and said they had to change this and up their game, up the rigor with regards to auditing in the united states. david: both of us are from baltimore. we did not know each other growing up. i'm 10 years older than you. you grew up in baltimore. were you in a very wealthy family? what kind of family was it? gary: neither of my parents went to college and my grand folks didn't even go to high school. my dad started a small business with his -- after world war ii. never had more than three dozen employees. it sent all of us to college. we lived a good life around this small business. david: you had four other siblings. one of them is your twin brother. gary: i have an identical twin brother. watch out if he goes on tv. david: who is smarter

you are too modest to point this out, but a senator's principal staff person drafting this was gary gensler you know this pretty well. gary: there were others involved as well. i learned working for a senator, it was all there. if it went well, it was theirs. if it went pear-shaped, it was the staff's. but yes, i do know it. it was after enron failed. -- enron and worldcom failed. congress stepped in and said they had to change this and up the game, up the rigor with regard to auditing in the united states. david: as you pointed out, both of us are from baltimore. we did not know each other growing up. i am 10 years plus older than you. you grew up in baltimore. were you in a very wealthy family? or was it a blue-collar family? what kind of family was it? gary: neither of my parents went to college. in fact, my grand folks didn't even go to high school. my dad started a small business with his mustering out pay after world war ii. while he never had more than three dozen employees, it sent all of us kids to college. it helped pay down the mortgage over the years. we lived a good life around

question of course now will the sec do the same thing or maybe we just keep getting lip service from gary genslerby the way, mr. gensler you're invite on the show. my bookers call you a million times. i promise it will be a fantastic discussion. for now let's bring in former sec lawyer. lisa thanks for joining us. big eu move. how does that relate to similar actions here in america? >> boy, that is a good question. it would be great if we could get the sec to do the same thing. i think the fact that the eu is doing it is a massive impetus for the sec to really, seriously consider doing the same thing. and that would be great for everyone. charles: of course. when you were at the sec was there talk, open talk, hey, our mission is transparency, our mission is the individual investor? the reason i ask there is something called company culture no matter where you go no matter what the industry is. if you work at nike, everybody loves supports. if you work for fox business, everyone loves success in the stock market. was there that culture there, we should be looking out for the little investor? >> we

the current chairman of the fcc is gary gensler. he is a former partner at goldman sachs, former professor at m.i.t., and a well recognized expert in financial markets. i talked with him recently about some of the issues facing the sec and how to deal with new technologies affecting our markets. your main principle is fairness and disclosure and equity. everyone is treated the same. that is the principal. gary: we talk about a three-part mission. investor protection. facilitating capital formation. companies that are raising money. we are issuers as well. we are raising money. david: since the great market recession of 2008 and 2009, you would then head of the cftc, the markets have changed dramatically because of technology developments. do you think you have been able to keep up? gary: it is a real challenge. to stay up with the remarkable innovations. the last time we updated our rules for the stock markets was in 2000 five. 16 years later, those rules, are they really ready for the 20 20's -- 2020s? they are a dark hole. i have

gary gensler says it's a misgnomer to say these are decentralized.und checks for make sure you're not powering things that might violate securities laws and are you worried if the s.e.c. does clamp down on it >> that's a good question. we are like a platform that is agnostic to a use case we don't actually deal with the finances what we do is provide an open platform that anybody can build on. >> got it. i also want to ask you about the m metaverse. we've had mark zuckerberg and facebook moving in a lot of your partners are working on certain aspects of the metaverse. is it a good thing to have facebook involved here >> i think facebook is one of the largest and most influential companies in terms of consumer products as we move towards web 3 and the metaverse, i think they will be very helpful in laying the groundwork for this new technology. >> well, thank you so much for being here great conversation we look forward to hearing more about alchemy. kelly, i'll send it back to you. >> that wasn't exactly a no about that facebook question but it wasn'

gary gensler is moving forward with this case, incredibly aggressively.ice, had written a huge ex pose on the sec ripple case and the regulatory implications on foxbusiness.com check it out, we did amazing reporting spent the better half of a month or two months digging this stuff up and here is what we understand. there are xrp people and a prom prom prominent xrp people at the fireside chat grilling both of them on certain questions including why was xrp and ripple attacked by the sec as decentralized as a centraliz ed network, it wasn't decentralized, thus it was, garlinghouse & company were selling securities that were un registered. why didn't you do that with bitcoin and particularly, ethererum? and i'll say it, this could get a little rally tomorrow and that's why i'm sending someone other than me i don't want to get caught in the crossfire. liz: why are you scared? charlie: i'm scared [laughter] no i'm not getting up at 9:00 to do this. liz: oh, baby are you scared? charlie: by the way, gion carl o , whose that? john carlo stanton, aka crypto dad

chair gary gensler last week after this twitter storm, coinbase published the asset policy proposal.t the reg l.a..er to outcome but this is a signal that the relationship has been improving. at the end of the day i see the path to get there. >> with the shares down 7% today. with the p/e high, but not insane, what do you think the valuation should be? >> i look at these on a revenue basis not on the p/e bases they trade at times revenue, trading a of the a discount compared the other fintech companies at 14 or 15 times revenue. i believe coinbase is still an a good investment for invest snoors what are the favorite names that you currently have in your coverage space? >> our favorite names are s&p global, nasdaq msci, and also coyne coinbase right now, i think it is a good buy. >> any comment on tnasdaq open f this mark? >> i think the mark has been volatile because of the inflation, because of supply chain constraints. but i am optimistic on the long term investment on nasdaq, and even s&p >> owen, we will leave it there. thank you for your time today. we appreciate night thank you

just blew up in their faces and wallets, might now give the securities and exchange commission gary gensler the exact ammo he was looking for to crackdown on what he calls the wild west of crypto. what happened and how many millions of dollars have suddenly disappeared and could regulation have prevented that? but first, we've gotta start with a fox business alert folks we're about to show you a realtime short squeeze. take a look at shares of avis budget group right now they are jumping 100% at the moment, to $342.15 the car rental company, up an astounding jump here today after strong quarterly results including a record adjusted pre-tax profit of $1 billion and very bullish outlook for the rental car market but is that worthy of this kind of jump? in fact, avis has been so volatile that shares have been halted numerous times surging as much as 218% during this session alone. now, why are we calling this a potential short squeeze? well because short interest in the stock has risen sharply since july, going from 8 million to 13 million shares, indicating that what we're seeing is a short c

we were disrupted listening to our leader and the gary gensler hearing was a disaster, and the mark up was challenging, so i want to urge my colleagues to support going back to in-person hearings. thank you so much, and i yield back. >> thank you, ranking member hill. the chair recognizes the esteemed representative from new york. >> thank you mr. chairman, and thank you for holding this important hearing on exclusionary zoning. my first question i would like to address is to mr. silverstein. residents and homeowners in the state of new york that i represent have been working with community-based organizations to form a community land trust. can you explain how community land trust enabled local residents to take ownership of buildings and homes in order to keep their neighborhood affordable, and second, can you please explain the importance of having community land trust in place prior to any up zoning to mitigate the risk of speculation, and gentrification. >> thank you, congresswoman. so community land trusts are a critical tool for producing and preserving long-term affordable hous

wall street is buzzing about it they don't think gary gensler has a shot at the treasury department likewants because she is set up per perfectly. if you're worried about inflation, the markets don't seem to be. david: not now. >> average people are. these are the least inflation, these are not the people you want to flight inflation. these are, what did you call them, doves? head in the sand? david: right. >> they -- david: is it fair to say this fed is monetizing the debt. >> it has been forever and doing it now more than ever. remember paul krugman says the fed doesn't monetize the debt. you know why? the fed doesn't buy at auction. the fed doesn't go in when treasury buys and sells. they don't have to do that. the fed buys in the secondary market. the auction is freed up for other foreign buyers. think of it there is really no difference. so the fed literally paying for build back better. david: the bottom line is, that leads to inflation. >> the last time they did that, this directly, listen professor krugman may correct me or professor asman here, i think it was world war ii when t

charlie: and neil, whenever they , because i've been covering this , meme stocks and gary gensler, thet, what the he forgets is the reason why the markets are price-pricing assets whether it's oil, whether it's meme stocks is because the federal reserve is there, with 0% interest rates you throw on top of that the fact that, so that fuels inflation and speculation. you throw on closing the keystone pipeline and supply issues, well guess what? you'll have some price issues. neil: and you have big ones now. >> it feels like you know, remember back under the obama term, first term, they also did the same thing. there was price gouging, they are going to throw thunder bolts after oil & gas and speculating goldman sachs $100 oil, but so you're right. they only have -- neil: just throw it out there. >> but their one proof was a month-to-month change between the gas price and the wholesale non-blended price and it was a swing of 5% so that's all their proof was but they are going after the oil & gas companies with no proof they are gouging. this is gas lighting at the same time, that he's beg

around the cause of market structure will have more lasting effects the fact that you can talk to gary genslerat long after amc stock, which is up, by the way premarket, better ticket sales in october than since pre-pandemic, that basically we'll see this push for market structure improvements long after the stock goes up or fizzles out it has repercussions on how we talk about the markets. >> there's also implications for how ceos lead and communicate with shareholders. you did an interview with adam aaron, and it's fascinating to see how he's communicated with these shareholders. >> it's sort of an acknowledgement that this new investors engage with customers, adam told us the way he got on to trey collins' youtube channel is his son sent him the tweet of trey saying, speak to your retail shareholders base that was the famous interview where the camera tilts down and he was just wearing shorts he acknowledged that this was a force to be rockened with, that he needed to acknowledge this new shareholder base i think a lot of companies across america will thin about how they -- whether or not t

i want to welcome today's distinguished witness, the honorable gary gensler, the chair of the unitedtes securities and exchange commission. without objection, your written statement will be made part of the record. you will have five minutes to summarize your testimony. you should be able to see a timer on your screen that will indicate how much time you have left. a chime will go off at the end of your time. i would ask you to be mindful of the timer and quickly wrap up your time if you hear the chime. chair gensler, you are now recognized for five minutes to present your oral testimony. >> good afternoon, chairwoman, waters, ranking member mchenry, all the members of the committee. it's good to be back with you and i look forward to the day when we can be there in person in that wonderful hearing room. i'm honored to appear here today for the second time as chair of the securities and exchange commission. i'll note that my views are my own, i'm not speaking on behalf of my fellow commissioners or staff. i've worked in and around markets my entire adult life. i believe the u.s. capi