the us where the chair of the us financial regulator, the securities and exchange commission, gary genslernnounced that he is stepping down on the day of donald trump's inauguration in january. the president—elect revealed plans to sack mr gensler on "day one" of his new administration — after the chairman took legal action against crypto firms, sparking controversy in some quarters. the news comes as investors are eyeing bitcoin as it approaches the historic $100,000 mark. gary gensler was seen as aggressive in his oversight of cryptocurrencies, which he described as "the wild west". investors have remained bullish on bitcoin since donald trump's presidential victory earlier this month. 0ur north america business correspondent ritika gupta has more. bitcoin is heading towards the $100,000 threshold. while the milestone number itself is more psychological than meaningful, it is striking that bitcoin is notching record after record high, and the latest boost has come from the announcement that the securities and exchange commission chair, gary gensler, who led a us crackdown on cryptocurren

mark for bitcoin and this comes after the securities and exchange commission said its chairman gary gensler who led a revelatory crackdown on the crypto industry will be stepping down. president—elect donald trump who will take office in january donald trump who will take office injanuary is viewed to be supportive of cryptocurrency�*s. the bbc�*s ritika gupta has more from new york. bitcoin is heading towards the $100,000 threshold while the master number itself is more psychological than meaningful, it is striking that bitcoin is notching record after record high and the latest boost has come from the announcement that a securities and exchange commission chair, gary gensler, who led a us crack down on cryptocurrency will step down onjanuary on cryptocurrency will step down on january 20. that's also the day donald trump will be sworn into the white house. investors have remained bullished the policies from the incoming trump administration, bitcoin has soared about 40% since trump's presidential victory. and reports of president—elect�*s transition team discussing the possibility of a fi

ripple is the fintech behind the token xrp that's been in sec chair gary gensler's crosshairs. fox business exclusive. nasdaq is falling 45 oh, points 450 pointsthe dow down about 34r we're coming rightna back. arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement. meet the traveling trio. the thrill seeker. the soul searcher. and - ahoy! it's the explorer! each helping to protect their money with chase. woah, a lost card isn't keeping this thrill seeker down. lost her card, not the vibe. the soul searcher, is finding his identity, and helping to protect it. hey! oh yeah, the explorer! she's looking to dive deeper... all while chase looks out for her. because these friends have chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours. liz: market sell-off but not for xrp. it is exploding toward the $1 mark. right now it stands at $0.87 a gain of 4.5% as investors in the 7th largest cryptocur

sceptic and chair of the sec, gary gensler steps down as bitcoin nears the $100,000 mark. plus, turbulence for carriers in spain after its regulator fines a series of european budget airlines. we'll explain why and what it means for passengers. and the trillion dollar question. as climate talks come to an end in baku, who will foot the bill to help the world's poorest countries go green? welcome to business today, live from new york, i'm ritika gupta. it could be a lacklustre end to a busy week on wall street, with investors looking to lock in gains. in about half an hour from now, we'll have the latest figures from the purchasing managers index for november, with analysts expecting a slight bounce back from the manufacturing sector. looking back at the week, investors have had a lot to weigh up. blockbuster profits from al giant nvidia, partly overshadowed by forecasts of slowing growth. the news that america's top financial regulator, sec chair gary gensler, will step down has boosted appetite for crypto assets. but we're still no closer to finding out who will be treasu

this coming security and exchange commission or gary gensler says he will resign effective january 20, 2025, president trump's first day in office, resistance, the democrat governors are playing claiming they will not help trump's incoming crackdown on illegal migration as biden administration loosens restrictions on that in at the border making the dangerous situation even worse before leaving office, homeland security secretary mayorkas and director red claim to be refusing to testify in front of the senate homeland security committee about the state of danger america is in right now. were getting into the fight for accountability in washington all morning long, futures indicating a decline at the start of trading, stocks are lower, dow industrial down 92, nasdaq 1096 and s&p 500 lower by 19 and a quarter. after a broad-based rally yesterday, dow industrial finishing up 500 yesterday as investors turned their attention away from tech and lot names tied to economic growth, they're down duster 461 at 4:00 o'clock on wall street better than 1%, look at bitcoin hovering below $99000. bi

gary gensler's got to go. tweet me on this, @cbpayne, who should take his place? meanwhile, the top financial firms in america saying households are going to continue to spend even though debt is going through the roof. i'm not so sure about that. i have the best consumer researcher on wall street. she's going to tell us exactly what's happening. all that and so much more on "making money." ♪ ♪ charles: so, you know, of course there's this feeling, right, that's sweeping the nation. the stock market, by the way, just one proxy of that. i think it can be summed up in one phrase. just win, baby is. of course, that phrase made famous by al davis, owner of the oakland raiders. it goes that after his team won the super bowl, it was huge. it was the most significant margin in history against the the then-washington redskins. the riege commissioner was -- league commissioner was holding up the trophy. al a davis comes over and all of a sudden he does is talk about how great the redskins' organization is. so al davis is getting upset. finally, the mic goes to him, it's hi

x rp which gary gensler filed suit against and had been going after 6. 4% % to $1.19 on news that garyump's inauguration day. let's turn to the international criminal court which you should arrest warrants for benjamin netanyahu and the israeli defense minister accusing them of war crimes after israel moved to defend itself after killing 1200 mostly civilians on october 7th next year. that means benjamin netanyahu and gallant would face the risk of arrest if they travel to one of the court's 124 member nations. they should an arrest warrant for top hamas military leader, already killed in a strike. the icc is after benjamin netanyahu and gallant for crimes against humanity during the israeli military strip including starvation as a weapon, directing attacks against civilians. the warrant comes as netanyahu ramps up efforts to bring israeli hostages home up. there are 65 hostages presumed to still be alive in gaza and benjamin netanyahu is offering a $5 million reward per captive to any palestinian or anyone who helps secure their freedom. israeli ambassador to the united nations called

gary gensler, i would disagree with 80% or 90% of his rulemaking. upwards of 80% of his rulemakings were not specifically mandated by congress. it's a very active time. let me contrast the gensler regime to another way of particular republican way of being a chairman of the sec. wes hamilton had more property. -- more hypocrisy. do no harm, the motivating principle of the sec. there is a defense of that. chesterton defense to switch metaphors midstream. if that -- is that what you want to see? we have been looking at each other on this zoom call for an hour. president trump may appoint by twitter while we have been talking. this might be stale already. when thinking about what kind of man or woman you would like to see, what kind of chairman would you like to see a center-right conservative libertarian gensler type who comes in with a man on a mission, or something more of a caretaker? the time calls for the former, i would think. >> i want both. i agree with you. one reason for the one-way ratchet in regulation is because the democrats are in they g

we heard from gary gensler that he will step down before january, pointing to deregulation. very close to breaking 100,000 level. tom: hard to overstate the animosity toward gary gensler indeed. now to the story of the moment. russia launched a missile at ukraine sending signals to western backers. let's bring in all of her croak. ollie, what do we know? oliver: yeah, tom. you're asking all the right questions. what we heard from vladimir putin yesterday was this was retaliation within russia, a lot of back and forth. ukrainian said it was in the u.s. that it was midrange. this was fired 1000 kilometers from the caspian sea, same week putin change their doctrine lowering the bar for a nuclear response when we heard about negotiations, russian president, unpacking all this to figure out how much is true, how much is negotiation, we heard from the kremlin spokesman saying russia holds a responsible position and notified the u.s.. there's been a lot of concern, mainly gold having his best week , a lot of concerns about the conflict. tom: yeah, market reaction is there. talk abo

chairman gary gensler on day one. >> on day one.gensler recently signaled he may soon resign after president-elect trump massive election win. here's a look at some of the rumored contenders trump is considering for the chairman of the s.e.c. i want to get your take on what's the most important thing that that person should do in the early days of this new role at the s.e.c., should one of these folks get them. >> i think working with congress and identifying here is the gaps in existing laws that create the confusion. i think -- i don't know all those candidates personally but there's a bunch of very strong candidates up there that i think aaren't going to pretend the rules are clear. gary gensler would testify in front of congress and would say the rules are clear but the flex sentence he wouldn't answer the question is, e a security. it's a head in the sand. it's a new dawn for crypto in the united states and i think we really ca can make this the heartbeat of the crypto block chain industry in the next five or 1 10 years. maria:

can trump force out gary gensler if you wants and put in crypto friendly sec chair?hat is something we are curious to find out. katie: a big open question. the fate of gary gensler. that is mike regan, team leader for crypto coverage at bloomberg news. crypto is one part of trump's proposed policies. we are looking at how companies are bracing for a new era of trump tariffs. national retail federation president and ceo matthew shea joins us next. this is bloomberg. ♪ what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 yea

we know that he is going to fire gary gensler on day one.d: you are working with the harris campaign, but you are complementary of what former president trump, how he is approaching this. we had gary gensler on the show last weekend caroline asked him very simply about his retention of his job. what is your position on leadership at the sec in that respect? kristin: gary gensler has got to go. there is no question about that. with the change in administration there is an opportunity to make that change. i think we know it is pretty clear where trump stands. harris, i think we are hopeful. she has had the shortest presidential campaign in history, but she is talking with the tech community. she is open-minded. she said some positive things about crypto. she is not as precise in her policies, but i think we are optimistic that if she wins there will be an opportunity for change at the top as well. caroline: can you articulate the precision of the policies coming from the trump campaign? for me it sounds like we want to be more adopted in the u

gary gensler set america back 20 years.re we need to be in terms of the digital asset economy with stable coins and it really, thank god president trump is here, it's really going to unlock a new era for america and in fin tech. maria: i know you want to be number one ahead of china. china also wants that role. do you want to say anything about china and pushing back on some of the passage of a legislation to exclude u.s. sanctioned companies. chinese companies, and their subsidiaries from having access to our capital markets. you've got plenty of chinese stock still trading on our exchanges, some of which are sanctioned. >> absolutely. when president xi wakes up every single morning his goal is to become the world's sole super power by 2050. they want to destroy the american economy. i really believe that china is our biggest threat from a national security perspective. they want to get in bed with other countries. they want to get in bed with other communist regimes. it's time for america to lead here in digital assets. o

another one is gary gensler. i think you'll see dozens of lawsuits against the s.e.c.or overreaching on regulation. one way that people are enthusiastic that they're hope um a newer regime may see a lot of this go away. >>> always great to see both of you. >>> the bond when they delivered that rate cut. he's here with more buzz and discussion, rick. we have a terrific bond auction today. >> what are your thoughts today? here it is, and why are those things happening? it's structural inflationary pressurers here. >> you don't think your, the reality is trump is telling -- what the world wants, populism, a rebalances of inequality. if that happens, that's structurally inflationary. tariffs, we may need them? , but that's inflationary. that's what the curve steepener is all about. once that gets going, you have bigger structure issues, inflation can be entrenched. >> i can't disagree with any of that. even at a 460-ish 30-year bond yield, do you really think the market is petrified of a huge bottom of inflation. i would think we would get a whole lot more for that fear fa

i want to ask the idea that gary gensler is removed from the s.e.c. and changes at the ftc. ere something else the crypto industry wants? >> reporter: certainly for gensler, yes. hat is a huge thing they want. you are seeing the ceos come without with the various names and something we are keeping an eye on here. look, you will have various administrations. they come, they go, they put in new folks at the s.e.c. regulation and legislation, i think, really, is what they are looking at because that has a longer term effect. a lot of crypto folks who i sit and talk with say there are people interested in crypto, but the ground work is not there to have a safe bet and to have that more regulations to say this is a digital asset is a security and this is a commodity will help people going forward with crypto. that is a huge thing they want to see because once a bill passes, it's really hard to take it back even if you switch administrations. >> two words we will hear in a couple days. somebody wants to trademark this. crypto czar. it's coming up. >> reporter: it's coming. get read

. - a couple of months ago, i spoke to the head of the securities and exchange commission gary genslerallel between what he described as the hucksters and grifters who sell crypto today and the kind of stock market behaviour that precipitated the crash of the 1920s and the great depression that follows. what do you make of that comparison? is it isita is it a bit dramatic or on the button? i is it a bit dramatic or on the button? ., ., ~' is it a bit dramatic or on the button? ., ., ~ , button? i do not think it is that dramatic _ button? i do not think it is that dramatic a _ button? i do not think it is | that dramatic a comparison because there are a huge number of scams around in the world of crypto currency. the problem is that gary has been excellent at diagnosing the problem is that not so great that the solutions, as we saw with his failure to stop the fdx scandal, where there was massive fraud committed. the one thing i would say, that is pushed crypto prices at more than anything else is donald trump's promise at the crypto currency conference earlier this year to fire gary g

is saying that chairman gary gensler will be stepping down effective at noon on january 20th. that's when donald trump takes the oath of office. so is the biden appointee will be stepping down. his chair is -- he ran through 2026. clearly it has been signaled intensely by the trump team they intend to replace him at the s.e.c. he doesn't intind to stick around. this gives the trump team another big economic slot to fill. we are waiting on treasury, waiting for national economic council and now we will see what they do with the s.e.c. the expectation among folks in washington is that if they do pick an s.e.c. chair, no matter who the name is, you are likely to see sort of intense enforcement around sort of more exotic cases, certainly around esg situations, less intense enforcement perhaps an entirely new look at what crypto enforcement might look like under a trump administration. we will wait to see the name there. the question is politically how does withdrawal of matt gaetz as donald trump's appointee or selection for attorney general slot, how does that affect how trump wo

. >>> the chair of the sec, gary gensler, he is preparing to ten down as trump takes back -- step downmp takes back white house. when he goes, the crypto world will be opened up, won't it? >> yeah, absolutely. i mean, part of his term, tenure as sec chair, he really pursued the crypto industry through lawsuits. so i think this is going to be a lot of opportunity, you know, that in tandem with a crypto-friendly president. so when it comes to sec chair, his last day is going to be january 20th. he's going to step down at noon. that clears the way for president-elect trump to install his pick as the top regulator. we till don't know who that's going to be. he sought to enact ambitious rules and pursue ised lawsuits that resulted in high profile -- both traditional markets as well as crypto. so gensler tried to force corporate america to tell investors about climate-related risks within business, and on the crypto side he pushed to bring crypto under the sec's authority with numerous lawsuits. establishing the rules of the road through litigation rather than regulation. so with that out, w

of gary gensler at the sec was very much opposed to cryptocurrencies. >> that's absolutely right.hat was really holding back cryptocurrencies. one of the things we're seeing in bitcoin, in stocks is really a surprise rally. people -- remember, we went through this once before on the show. the cfos of the world, a lot of the business leaders -- the people thought trump would win, but a lot of the business leaders did not. so what we're seeing is a rally as everybody suddenly realizes an upside that they didn't see coming. >> by the way, gary gensler announced today he is going to step down effective january 20, so he's sort of gotten the message -- larry: when did he announce that? >> today, during our show. larry: whoa, how about that? >> again, you sort of have this feeling that people in crypto want a new regulatory regime, overall lower regulation that a maybe allows people like brian armstrong of coinbase to meet with the president. larry: so just take a deep breath for one moment later in the show we're going to run a wonderful interview i had with senator ted cruz who's a gr

how bad is the mess that gary gensler left behind? as you kno, i followed him at the cftc, but the mess during his time there was a mess. the talent had left the agency, some of the talent you rely on for the agency's daily activities. there was -- the agency had unionized following his departure because they felt so mistreated and had reached a federal if impasse panel because there was no agreement. one thing i'm very proud of in my two and a half years as chairman, i was able to reach the first collective bargaining agreement in the history of the agency cleaning up that mess. >> what do you think the new sec chairman will have to clean up? >> perhaps even worse than i found at the cftc. talent has left. you've got -- what's left are dead-enders, people that don't want to come in the office. i understand the sec, they're required to be in the office one day per pay period. >> really? >> once every two weeks. >> government employees are calling it in. >> calling it in. right in how can you get all the policy initiatives that need to

this comes after the securities and exchange commission said its chairman gary gensler, who led a regulatory will take office injanuary, is viewed to be supportive of cryptocurrencies. the bbc�*s ritika gupta has more from new york. bitcoin is heading towards the $100,000 threshold while the master number itself is more psychological than meaningful, it is striking that bitcoin is notching record after record high and the latest boost has come

gary gensler said he was going to step down january 20th, widely regarded as an enemy of crypto.e's a less hostile environment when it comes to the sec. might let them ship products faster. on the sec appointment jokes like having a friend who buys a boat. every name floated is someone he likes and respects and has worked with. it's going to be hard to go wrong with the names he has floated out there whether that's folks like paul yads adkins. back to you. >> he was very much -- this was newsy for folks tracking this in the crypto world because he was seen as the name being floated for sec. what is your sense of others that might be on the short list if he's removing himself from the situation. >> it was interesting, interviewed the ceo of robinhood, and he described dan gallagher as the crypto king this week. there was hope he might be in that chair. the hope among the crypto crowd out there in terms of a new sec chair, even if it isn't who comes directly from that industry, boosts regulation, anybody but gary gensler would be seen as bullish and huge impact from some of the fun

sceptic and chair of the sec, gary gensler steps down as bitcoin nears the $100,000 mark.s for passengers. and the trillion dollar question. as climate talks come to an end in baku, who will foot the bill to help the world's poorest countries go green? welcome to business today, live from new york, i'm ritika gupta. it could be a lacklustre end to a busy week on wall street, with investors looking to lock in gains. in about half an hour from now, we'll have the latest figures from the purchasing managers index for november, with analysts expecting a slight bounce back

last thing, lauren marcus, gary gensler says he'll step down from the securities and exchange commission. that just was announced. pretty traditional move ahead of a new president. all right. thanks, scott. we are following breaking news out of the entertainment world ahead on nbc bay area. the big legal decision regarding actor jussie smollett's conviction. plus calling out the san francisco zoo. the push today to demand accountability. this is after a scathing report found dangerous conditions for both animals and humans. take that up a little bit higher. you should feel that, like, right back here. oh, yeah, i felt that! good, that is so much better than last week. thanks, i've been doing 'em every night while i'm watching tv. - oh, what are you watching? it's a mystery. high quality care that meets you where you are. ♪ honeybaked, how it glistens. ♪ ♪ mac and cheese, so delicious. ♪ ♪ sweet potato souffle. ♪ ♪ ham and turkey, hooray. ♪ ♪ feasting on some honeybaked all day. ♪ every bite is a celebration with the honey baked ham company. santa rosa native and actor jussie smollett for

gary gensler, gary gensler over did i thought that said i mean it's like the early internet it's of of charlatans and people who make you know it's a speculative instrument right now and it doesn't seem to have any efficacy. so ultimately, it's just a speculative instrument. and where is it going to have the efficacy? i think there was big boom in it. and then sam bankman-fried kind of pulled back on that. so you see fraud and game playing. you know, it's at 98,000 now because they think trump's going to start a bitcoin reserve. but that's not that's not give underlying value to me the real focus should be on i almost like what's happening now is a cambrian explosion much the same way mobile was even more so what's happening is really massive and you see the money flowing to it. maybe too much. you know, india is now the most company in the world. they're like cisco in a way. and in the early days of the internet. and so you're going to see if i was focusing i mean, i think crypto is part of it and that's going to go up and down. it's to me, it's a casino and. again, i don't see the us

chair gary gensler, announcing that he would resign on the inauguration day. ensler, and a strategic reserve with the cryptocurrency alongside other campaign commitments. bitcoin up on that. it cost 99,000 just for your information, the high water mark right now is 99,525. so that's currently the intraday high and record levels. we'll keep an eye on that 99,100,000 for bitcoin. it also raised full year guidance for revenue growth, operating margins and income as well. ceo richard dixon saying the holiday season is off to a strong start. retailers up 21% year to date. we'll round out things with shares of reddit down 7% after a major shareholder, advance magazine publishers looks to borrow against its stake, selling 8 million shares to raise a billion dollars. those shares would be between $145 apiece. hence the kind of mathematical move on reddit shares. we're also seeing it up about 330% on a year-to-date basis. reddit, a big move higher. >> we'll see you in a little bit. >>> i'm excited about this next segment, not only because i can smell what's going on ove

larry: gary gensler at sec was opposed to crypto currency. >> right, that was holding it back. one things we're seeing in bitcoin in stocks is really a surprise rally, people, remember we went through this before, cfo's of the world, the people thought trump would win but a lot of the business leaders did not. what we're seeing is a rally as everyone suddenly realizes an upside they didn't see coming. >> by the way gensler announced he will step down from sec january 20, he has the message. larry: when did he announce it in a couple hours ago. >> how about that. >> you have a feeling people in crypto and new regulatory regime, that overall lower regulation, may be allows people like brian armstrong of coin base to meet with the president. larry: take a deep breath. later in the show we'll run a interview his with ted cruz, senator ted cruz, we taped it about an hour ago. he is a big crypto currency advocate, he mentioned, in the course of the interview he was a crypto m miner. he owned crypto mines, i said that is wonderful, i did not realize what he was talking about. >> a bun

tom: what do you think that means for both sides, for the future of gary gensler and the sec, who seemhave taken a slightly more robust or combative approach to this ecosystem? does that mean the wings have been clipped or will be clipped for the sec? >> we should say the industry is hopeful that either administration would reconsider those in charge of the sec and we would be looking to find someone that would provide a clear and transparent policy framework that allows entrepreneurs to operate with respect of the law and know they are doing so and for that policy in those regulations to be applied uniformly across the industry. and we are also hoping the new administration will work in partnership with the industry and what i mean by that is that as policies are developed that the leaders of the industry are broadened and the -- what the industry can properly happen regarded and it allows for the value for the invention of bitcoin to be preserved and for end-users to continue to access the value. >> where is the catch up? there are parts of the story where there's an advantage and a

with kristin smith, who can address the future more broadly in terms of more laws being made, gary genslerstepping down from his seat in january. were you surprised by the news that he is frontrunning the ousting? >> i was not surprised for him to step down at the end of the congress before the inauguration. we are excited to see him leave. it has been a difficult couple of years for the industry. we felt like we were boxed in the corner through his regulation by enforcement approach but we are focused on trying to figure out how to move forward as an industry and reset our relationship with government. we are a excited to get new people into the key positions and work with the newly elected congress next year because we have a great opportunity to get a regulatory framework in place that will be a lasting appropriate for the industry for decades to come. caroline: talk to us about the names the sec are currently pondering. names that you don't think we'll be regulation by enforcement. >> there have been a couple of great names floating around. from the standpoint of the blockchain associa

many criticized gary gensler for doing what he can to kill that thing. >> that acknowledges donald trump liked bitcoin and wants the united states to hold bitcoin to be incredibly important. >> and to buy bitcoin, furthers the demand. >> with their best store value assets, bitcoin's prices increase, and bitcoin is a global alarm system and far calling the bluff with politicians. $850 billion, and 40%, right now we have a race between the national debt and bitcoin, bitcoin is skyrocketing the same pace the national debt is skyrocketing. neil: we go to one hundred thousand dollars a coin, we are not that far now, less than 20% to get there but it is a wild run. >> it used to be controversial but now people to get won't happen, the question is when. stuart: what do you see beyond this year to next year? >> timing is difficult but opening up to what they are going to do, bitcoin will hit $1 million in our lifetime because you have a finite supply asset. stuart: it is a tenfold jump. >> which sounds insane. in 2022, it is almost 90. we get massive moves and asymmetrical asset. the other thing

from a team cities are teamsters president o'brien, the federal deposit insurance corporation gary gensler announcing yesterday he plans to step down on inauguration day a fdic martin bloomberg will resign the day before waiting for a pick on treasury secretary president-elect reportedly closing in on kevin warsh with intention of him later taking over the federal reserve, once concurrents chair jerome powelle's term ends, trump reportedly considering appointing to lead the white house economic council would rereplaces warsh as treasury secretary vice president-elect j.d. vance saying interest interviewing to rereplaces christopher wray kash patel mike rodgers floated to run fbi comes as wray and secretary alejandro mayorkas dhs refused to testify in public hearings fbi put out a statement claiming committees will before from a classified briefing instead of public heaving, dhs adding mayorkas testified 30 times in tenure hackers would have been the first for mayorkas and wray since president-elect donald trump won his reelections promising to clean up dhs and fbi, you know, when he first

gary gensler is set to the part s.e.c. after tense legal battles with companies.all ahead on "bloomberg crypto." first, a snapshot of the market.

just now in crypto and general you had the deregulation trade or careful regulation as opposed to gary genslering to be the first one to leave in january and i think that is showing in the markets directly but if you look at the equity market yet a bit of the trump trade belton and the last time i was on the show in new york october trudy first the dow was at 42000, toward the very end of the campaign kamala was getting more traction. in the last week you saw the poll numbers tighten, she was bleeding and a lot of holes in the swing states. i think the market gave some of that back. i was saying on the 21st a lot of it was priced in already. be careful but this is a buying opportunity because the market went down to 43000 to 41000 and you saw the great bounce this morning back to 43. most importantly it takes uncertainty out. that is a really important factor. maria: the relief that this is over. adam johnson how do you see it. >> you are regulation, give you a specific example, qualcomm has interest in buying and and theyd we won't do anything because of democrats staying in power and the lik

say with the s.e.c., there's no way it could get worse than it was under gary gensler.zar, there's not much you can do without that leadership from the treasury. i think that's going to be the key move to watch. >> i also note that we are seeing other currencies moving higher like litecoin is up 6% and the spot etfs with the inflows as well. >> reporter: absolutely. the alt coins that you have seen have outsized gains since the election. those will probably fade. you see that a lot when bitcoin goes to all-time highs, you know you are in a bull run. when people start to pile into the further end of the risk curve. you will start to see the alt coin rally fade and focus more on, you know, revenue driving networks like ethereum or solana. bitcoin is in its own camp. it is in a black and white area. it trades for the long term. the institutional interest will grow. >> all right. so much excitement around the moves we are seeing. thank you. >>> we have a news alert. the consumer financial bureau is issuing rules in order to protect consumer price as vacy data. think google

we don't know how gary gensler is going to behave in this scenario. any new sec chief andre trump administration would be telling for the direction of the industry. there are laws that are waiting to be passed when it comes to stablecoin. there are questions about whether there will be a play out of the promise of a strategic bitcoin reserve. later today, we will talk to marathon and we will talk about the mining promise, the made in america crypto story, and when that could ramp up. caroline: when it becomes the crypto capital, the united states. that is the promise. there are people in the meantime making a lot of money. you mentioned how much you would be up if you had been long bitcoin. sonali: mike novogratz alone, for example, he is a few billion dollars richer just off of the most recent rally. it is really just wealth tied to crypto. the twins have had a tremendous comeback story. you think about not just the bow's recent -- not just the most recent comeback and how much they gained in the recent rally, but where they were a couple of years be

we don't know who will replace gary gensler but whoever does will be a pro crypto. tax policy will change. he or she will be a tax cutter. the direction is clear. trump is changing course and it has had impact, price of oil coming down. stocks also have hit record highs. the democrats are trying to delay, they don't want the president-elect to make recess appointments, they want senate hearings they can drag out as long as possible, they are standing in the way of a political tsunami, they have no leadership, don't know how to respond to trump's big when or how or what policies to pursue but trump does. he's doing exactly what he said he would do and that is why he won. second hour of varney getting started. jason che for joining me this morning, can the president-elect get all these reversals done? >> he is going to try to do so in the first week. it will take longer than that but this is not a man who sits by idly and waits for things to come together. he makes things happen. he's got a mandate from the people, he won the electoral college, he won the popular vote

people i know we talked about this before lina khan cancellation saying no to all deals, you had gary genslertos of rules at us climate change like you have to identify, how much emissions risk you have for in our customers their zmoourz when you do that it slows economy takes real moneyman power, to have to address all that, it decreases uncertainty, when those two things happen, the economy slows, you fewer people. >> lawyers and consultants to access all the rules penalty for misstep so great you can't afford it a about what that is what i see happened from trump 1.0 you had to get rid of two rules for every ron wul i would challenge it say get rid of four or five, just really kind of clean it up, because if you look at the size of some of these rules, how many hundreds or thousands of pages they are, the complexity norms i personally don't believe it has to be that way. >> i would think you see more m&a as trump 2.0 starts to take place, we've long owned goldman sachs, this year as play on resurgence m&a but would i expect that more and more dealmaking begins to happen, as a lot of polici

you will see the price move up and keep in mind what happened last week with bitcoin was major, gary genslerd, i have called bitcoin the freddy krueger of financial assets because they can't be killed, the government tried to kill it, now i will call the next leg up in bitcoin freddy krueger's revenge when it hits $150 according. stuart: a decent analogy, thank you soon. tiktok chief executive has reached out to elon musk for what? >> the wall street journal reports that the ceo wants elon musk's input on tech policy under president-elect trump. he has his ear, how does trump feel about banning tiktok, elon musk has trump severe any also a firm supporter of free speech and he does business in china, musk a-uppercase-letter sell those things. president biden has had tiktok will be banned in the u.s. national security concerns if it's not divested from the chinese ownership by january the 19th which is the day before trump's inauguration, tiktok sued the u.s. government say the band violah, what would trump do, you know the bracelets as iwwi, what would trump do in this case, that's what the t

all-time high of $334 we just had a killer year the past 52 weeks it is gaining 191% and this is when gary gensleris ahead of the sec filed a lawsuit against them. >> bitcoin is up 130% and there's some stocks year to date that are related to crypto of 15190% what people are realizing these assets are valuable one of the porton aspect as individuals first wall street could not do it and if you look today bitcoin was skyrocketing over the weekend and wall street cannot participate the stock market was closed it is 2024 open the stock market let them trade 24/7. hours of operation is insane when you see the massive surge of capital coming into the market, the crypto people to bitcoin people are having a party all weekend and now here comes wall street you may say my etf is mispriced because underlying has run so much, now people are trying to catch up they panic and they put a bunch of capital. liz: chasing an asset isn't that a little dangerous here? >> bitcoin is very volatile it goes up and down. >> people should be ready for a wild ride. >> i definitely think if you go back and look at bull mark

with gary gensler stepping down? >> we will see. it is tied to the treasury as well.rump is taking his time which is surprising because the economy and ecb s.e.c. are all . >> dr. lindsey newman, thank you for joining us. we appreciate your ex-expertise. >>> the markets are tanking in most of these markets in europe with the exception of the ftse. they are weak on manufacturing and services and weak on the composite. the market is looking for a potential of a 50-basis point reduction. u.s. futures not helping out. thank you for joining us on the show. i'm karen tso. "worldwide exchange" is up next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchang

having individuals in those positions beyond gary gensler that will help drive clarity for the space. just give clarity for not only institutional investors in the u.s., but japan who is waiting after the u.s. because the japanese market is set to open up for digital assets in the institutional market. our parent company from japan. what we are seeing and we're excited about in '25 and '26 is clarity at the u.s. markets in the s.e.c. level and that will open up a lot of the asian countries and that brings in massive adoption into the space. >> how are potential concerns here because we saw with the announcement of world leaders, with that announcement, there were members of the crypto industry that were concerned with the reputation of the crypto world now that donald trump has the market? are you worried going forward or if there is a risk for the industry? it may not just be all positives? >> we witnessed this four years ago with ftx. like any industry, like the early web or early a.i.,es set et cetera. you have to showcase there are adults in the room. groups are here serving the b

gary gensler and the biden administration intentionally kept all of crypto in this gray area where you don't know if you're stepping over the line, you're not stepping over the line, you don't know this rule or that rule and that sort of uncertainty is what the market hates and it's not just stocks, it's not bonds, it's also cryptocurrency. so that regime is changing and it's -- you know, trump did a complete 180 on cryptocurrency from where he was in his first administration to right now because i don't know what spurned it but i definitely believe it's the right decision. cryptocurrency is here to stay. you need safe places where you can hold these assets, where you can trade these assets, people aren't going to steal your money and the people take run these exchanges need to know which rules to run by and with that you're going to attract much more institutional capital, much more investor -- much more positive all investor sentiment, bringing more people to the table. maria: speaking of this group we've seen a trump trade around including crypto, there's palantir, one of your favor

in europe, we have much more clarity, but gary gensler's position, of course, he's resigning and stepping of office on inauguration day. making a point about that. he has been litigating, he's been litigating against the exchanges in particular and these token offerers calling them securities. he's going. you know, the new commerce secretary howard lutnick is deeply embedded in this rather dubious company called tether which issues the largest stablecoin. trump has said we will establish a bitcoin reserve. this is the bill. buying 1 million bitcoin in the next five years and holding those for 20 years, that would give a market value of the so-called strategic bitcoin reserve of $100 trillion. things that he says, his new token offering -- >> carol, what you were just describing to me raises the question whether we're actually something a conflict of interest here with the incoming administration and the cryptocurrency world. you just highlighted there how the commerce secretary pick is heavily invested in the space. we also know that donald trump's family has their own crypto project. wor

cryptocurrency markets took note of the announcement today that sec chairman gary gensler plans to resign0. under his leadership they as these he been aggressive in its oversight of the crypto industry. bitcoin hit a new record after the news. on wall street investors turned away from tech and towards a more broad-based stocks. that helped the dow jumped more than 460 points or about 1%. the nasdaq added six points. and the s&p 500 ended in positive territory. the 2024 national book award for fiction went to a brand-new take on an american classic. james i percival everett reimagines the adventures of huckleberry finn by mark twain this time from the perspective of huck's companion, and enslaved man named jim. everett told the news hour in april that writing the book felt like it was having a conversation with mark twain. >> i am perhaps writing the novel that he was not equipped to write nor would he imagine it because his character is huck finn. it is his novel. he could not occupy the psychic and cultural space that was occupied by jim p.r. amna: the nonfiction prize went to a book sol

the crypto capitol of the planet and replace sec chair gary gensler and won the president seizure disordersresidency and won back the senate and ally of trump, senator tim scott the new chair of the senate banking committee and replacing sharrod brown of ohio. scott wants to draft a new regulatory environment that would cut the red tape. see the pieces are all falling into place and pretty fast right now. the political players are benefiting from the cash bazooka of the industry and look at numbers. 170 million raised from fair shake for the presidential election and 78 million for midterms in 2026. the money is here. >> don't forget about the stockpiling of bitcoin. trump talked about that. lauren: the reserve. >> exactly. stuart: you manage money for wealthy people. are they into cryptos? >> well, regardedly we're not allowed to apine or invest in it, but the democratization through etfs to your point, lauren, is a big catalyst of this leg up as well. stuart: sorry i asked this question and never asking that question to you again. jason, you're all right. thank you. coming up, one of kama