gary gensler getting more explicit.hat do you think this signals in terms of real regulation coming for the industry? >> we had a long conversation about his thoughts. he spent three years or so teaching classes at m.i.t. about cryptocurrency, blockchain technology. he has thought a lot about this space. this technology. we heard from him specifically was while he has an affinity towards the technology anything for a lot of intent -- a lot of potential there, he is focused on investor protection when it comes to cryptocurrency. and, he thinks there are a lot of gaps. one thing he pointed to specifically was the crypto exchanges. also, a decentralized platform for cryptocurrencies trade. he says maybe even congress needs to step in here. giving potential some -- getting potentially more authority. right now, at least seven different initiatives. how crypto assets are dealt with in terms of custody. a bitcoin etf at some point. everything in between. we should expect a comprehensive regulatory framework here. emily: gensl

let's get to gensler. liz: crypto, what's going on? charlie: gensler wants a crack down on it.have the statutory authority to do so because crypto, according to the courts, it's unclear if crypto is a security so it doesn't fall under the 33 act, and i know, inside the sec, they are having a debate about how far out he can go in terms of cracking down on this stuff. he clearly wants enforcement actions. the question is how many, what type of volume can you get on this because he thinks it's the wild west. we've been reporting this for a long time. the question though, liz, is it's a grey area of security. it's not quite a security, and you know, there's that ripple case out there where the sec under clayton challenged ripple as , you know, not registering its securities but that still hasn't been settled by the court the court hasn't said whether ripple is a security or not and the sec has jurisdiction, so this is grey right now, and that's probably why he needs congressional, some sort of action from congress, to establish what crypto is, and that's going to be hard to get. no

ben: i think what we heard from chair gensler is that he is looking at this in two separate ways.nd, there is blockchain technology which he says he actually has an acidity for. he talked at m.i.t. about this. the other side is crypto. and digital assets. and some of the more secure ones in terms of bitcoin, but people trying to raise money for projects as if they were selling stock. as it comes to the sec and their responsibility is essentially looking at something as an investment or stock. technology neutral is what he is focused on. if you're trying to do a project, it he is saying it is a security. matt: if you found a way to hide, to be anonymous and the blockchain, you could be a gazillion air. it is the least likely place you can hide. it is completely public. everyone can see the ledger. if you want to hide, do cash not crypto. bloomberg's been bain. you can see a slew of all of these deep dives. from and allying, i am matt miller and this is boebert. mark: new york governor andrew cuomo is maintaining his innocence in the wake of a report by the state attorney general th

liz: fox business alert, securities and exchange commission commission chair gary gensler putting outt to travel into china stocks. the message from the markets top cop coming along with the demand for more disclosures from chinese companies which lists shares on u.s. exchanges. the sec chair also ordering a pause on approvals for new ipo's coming out of china and these names are getting hit pretty hard, allie alibaba down 4.7%, tencent holdings down to 55.26 and not stopping there, j pink's regime today continuing to tighten the screws on its publicly traded tech titans with a new round of anti-monopoly measures so as you saw baba is taking a hard hit with these trans-pacific regulatory assaults, but take a lack at shares of tencent music that's the arm that involves music publishing just cratering into the close. china's recent crackdowns are showing no signs of stopping and a miss on revenue creating worries over the music streamers future shares hitting a new all-time low, $7.77 down about 13%, but one china stock fighting the red tide into the close, and that is didi, the ride ha

going to gensler, i think his speech was not unexpected.ng to be pro market regulation despite being a former goldman sachs partner crypto is not the wild west. they are monitored by agencies in the united states youand abrd for several years now. some of the things in the crypto currency ecosystem what i feelt is it is a commodity. the s.e.c. is trying to establish mandate and the way gensler positioned his take as the s.e.c. should have oversight overall cryptocurrency it sounded like a plea for more money and resources and authority to regulate. we will see what happens and the response >> you raise an interesting point. it is not clear who exactly should have oversight over cryptocurrency because it crosses so many barriers it is requires a knowledge of computer science and the markets. a clear gap in understanding from many investors and potential regulators how should we think about bridging that gap to get more people educated to understand how the cryptos work >> this is something that we have been working on at coinshare and across

a couple things she told me, she likes gary gensler a lot.a background in crypto. as you know, he was a lecturer at mit, professorren on digital coins -- professor on digital coins. she disagrees on approach. gary gensler wants a large regulatory the approach to crypto. the crypto mom wants much more self-regulation, and that could happen. interesting thing, she disagrees with him on his notion that his categorical sort of, i guess, claim that the crypto business is the wild west of investing. she says it's not. there are so the skittish parts but, you know, it's mostly -- and self-policing a lot. she also told me that congress b is getting involved in this. and so we're going to see -- i can't tell you when it's going to happen. there's a lot of stuff on people's plates right now including we're still in the middle of a pandemic. but congress is going to move on crypto because this is a burgeoning industry. it's a $2 trillion industry, as you know, and the cfpb gets involved, it's just, it's going to be -- we're talking about a regulatory cr

are getting a lot of complaints from consumers about crypto fraud and you know, as you know, gary gensler is now on the war path looking to do this , so i think of you're worried about regulation, and you're a crypto investor, or you're a crypto executive that you create exchange, one of the good things about these guys fighting each other is that it kind of leads to sclerosis, right? nothing gets done, maybe they just are so busy fighting they don't do anything specific, but you know, once they get this sorted out they are going to do stuff specific, and more regulation, depends on who you talk to. i talked to the sec commissioner , known as crypto mom, and she thinks the regulation is already stopping innovation in the crypto world, because there's a lot of innovation that needs to be done in terms of the

and what's gensler's rationale for just doing a futures bitcoin etf first? >> sure. careful not to opoint on what we think the s.e.c. might do but right now the only way to do this is with futures and we were very ploe pleased to be the first out to use futures to get bitcoin exposure in a mutual fund. and the advantage of the approach is clear. thefutures market is regulated you have the cme the cftc you have the clearing house. and then you're in a mutual fund that people understand, well, you can get in and out every day. so we get the advantages we're pleased to bring it to market we think there are a lot of ways that people want to get bitcoin exposure, but this is one way that will appeal to a constituency >> much more on the prospects for a bitcoin etf with dave and simeon on etf edge at 1:00 p.m they'll be joined by dan egan, managing droerkt of behavioral finance and investing at betterment etfedge.cnbc.com if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proa

ben bain spoke with sec chair gary gensler.ou have been speaking to chair gensler for a while now. how is what he is telling you now -- hold on. we will get to president biden, who was just about to speak. president biden: i want to's peak about the progress we have been making on the bill back better agenda here at home. i just got off the phone with the leaders of the house. the house of representatives has taken a significant step to making historic investments. it is going to transform america, cut taxes for working families, and position the american economy for long-term, long-term growth. when i became president, it was clear that we had to confront an immediate economic crisis, the most significant recession we have had since the crash. but that was not going to be enough. we also had to make some long-term investments in americans and america itself. the first thing we did was to write and pass the american rescue plan, and it is working. our economy has added 4 million jobs in my first six months in office. economic g

now gary gensler is talking it up. talking out of both sides of his mouth to me. are you concerned wherever we're going with this will be slowed down by intervention, regulatory intervention. >> it will probably not be a straight line, that's for sure, having regulators at least lean in and start to develop a point of view and set some frameworkses and guidelines around the space will ultimately be healthy and good for the development of crypto, particularly in the investing space. it will be a little bit choppy because it won't be perfect, right? it's a very complex technology and so i'm sure we'll see some fits and starts. gensler, at least he is very knowledgeable about the technology already so that's plus. charles: yeah, yeah. >> but so -- charles: teaching at mit, he won't need the learning curve that perhaps someone else needed. i want to get into your bailiwick, to your wheelhouse. maybe because i grew up on layaway. i'm fascinated with buy now pay later which is different, but you get to take the stuff with yo

coming up sec chairman gary gensler calling for more crypto regulation. jan beneke will tell us why investors need a bitcoin etf, videogame stocks had a rocky week, what in the donkey kong is going on in the industry and how should investors react we begin as always with three things investors should be thinking about right now the july jobs report showed a game of 943,000 jobs, hot diggity dog but what does it mean for the labor shortage, inflation in stocks, wild swings for robinhood since it went public last week is it a meta- mean stock also what the heck is a meta- meat and no metamucil but i don't think that is related. jack: sometimes i wonder if that's going to be good or bad good for stocks, i guess good good, what do you think. >> this is fantastic, it was a kind of good, not only do the coming 900,000 jobs in july, but 900,000 jobs in july but the due number was advised and these are the kinds of numbers everyone expected to see for a while and they're finally coming in that helps all stocks particularly sensitive ones, s&p 500 at all-time high

>> well you know, gensler is a wild card. her head which i didn't do. he thinks, he knows what he knows. he is not a lawyer. she is. there are limits to what the sec could do. that doesn't mean he won't go on a wild goose chase. it is always, always possible he starts bringing cases or orders the enforcement division to go up to the regulatory line or go beyond and deem certain types of crypto the purview of the sec because they are securities. remember security is stock, ownership of a company. what do you own when you buy a bitcoin? jackie: not really sure to be honest with you. charlie, we have a hard break. i do have to go. thank you so much for that. >>> when we come back to mask or not to mask, the debate rages on should kids be forced to mask up when they return to school. ed to piro, lauren simonetti join me with their take. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your s

. >> gensler talks about regulatory risk.rd time believing that an investor does not realize the considerable risk being an american investor in chinese names. >> i think that is correct, although i think what the sec is pointing to over the past couple of months in particular, there has been a clamp down or write down on specific sectors in china. i think what they are saying -- the sec is saying is that there is really a desire for even more information. at the end of the day in the u.s., on top of capital markets and other regulators, it is about disclosure. the issue that is being raised is that chinese companies, be it the structure or risk, american investors do not have that information. >> or read it. if you go back, it is 102 pages. it is definitely college-level english or even graduate level, if there is such a thing. it is written in a very boring print format. it seems like what gary gensler once, probably because prices have fallen and investors are angry, block letters on one page. this stuff is there. it is ju

host: that was one of the concerns that gary gensler wrote in a letter to elizabeth warren. right now we do not have enough investment protection in crypto. at this time it is more like the wild west. this asset class is right with fraud and abuse. in many cases investors are not able to get rigorous, complete information. i worry a lot of people will be hurt. as far as rife with fraud, scams, interviews, how do you react to that? guest: i think that is not the case. it was the case in 2017 that there was a period of fraud where people were trying to take advantage of investors, but the sec cracked down on that. what we are left with today are the good actors that are building useful services and applications on top of block chain. i think one of the things that is interesting about what played out in washington over the past couple of weeks is that there were over 80,000 phone calls and emails that went into senate offices over a couple of days. it is not just a cryptocurrency industry. there are all of these other individuals and small players that are contributing to the

also as you mentioned before with chair gensler at the sec, he outlined several different work streams he is looking at related to the crypto space. we are eager to participate in those conversations and bring ideas to the table and figure out a better way to regulate the cryptocurrency space. there has been a tremendous amount of new interest. we have new players in the crypto ecosystem that are wanting to get to washington. we are going to be doing the policy work and being a place where the crypto industry can convene in order to interact with their policymakers. host: block chainassociation.org the website for the blockchain association. kristin smith their executive director. coming up, reid wilson from the hill will not only talk about what the numbers mean coming out yesterday but the potential impacts on redistricting. reid wilson of the hill joining us next. ♪ >> weekends on c-span to bring you the best in american history and nonfiction books. saturday on american history tv, at 2:00 p.m. eastern, on the presidency, a discussion on the results of c-span's fourth historian sur

chgary gensler said. start with "the" stock story of the day. robinhood taking investors on a joy ride stock surging as much as 81% before triggering several trading halts early in the session. robinhood closing out the day with a gain of just 50%. now up 85% since thursday. what's driving the wild action shares of robinhood? kick things off with kate rooney with the story. >> reporter: melissa, quite a turnaround for robinhood stock touched $85 earlier. well above where it debuts last week stock ended the day around $70 per share. it was the second most traded name on the nasdaq today only behind amd. halted a few times for volatility today as far as trading volume, surpassed its ipo day with more than $8 billion worth of shares changing hands the stock still seeing pretty thin trading that's tanks to some of those lockup periods where certain investors meaning fewer shares are available to trade, i'm told that brought a lot more volatility today retail interest is another big factor it is "the" most mentioned stock on reddit. at least were cas

charles: let me go to matt real quick on gensler. will do more than lip service? >> i very much hope he does. as communities like ours get a louder and louder voice and microphone such as your show. it is hard to ignore what they have been doing lately. fingers crossed but hoping for the best and preparing for the worst. charles: i would urge the apes never, never stop pushing. listen everyone has different ways of doing and investing in the market. i have my own way. none are guaranteed or perfect. never give up to make sure you get a level playing field. that is my message to you. i appreciate you both. matt, trey, you two are fantastic for folks coming into the market. thank you both very much. >>> folks, what would $300 and a dream get you in america? how about the most successful sporting goods franchise of all time? i will explain a little later. market flirting with a new record high. stop me if you heard that before. wall street might be worrying about a correction but you should be thinking what should i own in the next leg

then we had gary gensler on tv this week -- he won't come on this show. i keep inviting him on. are you that anyone with some power to level the playing field, because let's face it, the hedge funds never run out of money. they get to write the rules and skirt the rules. how confident are you that anyone will truly try to make this a more level playing field? >> let me answer this one in two different parts. so with gary gensler, maybe i'm being naively optimistic, but i do believe he is on the side of retail investors, traders, and i do think he's looking, seeking market transparency and fairness. i question if he has the resources and tools available to him. and for the second part, i'm not going to lie, charles, i was a bit discouraged when i realized he has yet to be on your show. and then, of course, you've without to save the best for last. [laughter] charles: i hope so, i hope so. hey, let's take a trip down memory lane because we're talking about people being diamond hands. it's easier said than done. in 2015, a retiring gas station attendant passed away and left $5 mill

we hope maybe she and gary gensler will eventually come on the show.ng me now from the "wall street journal", gungin banari. you posted something on twitter, that is remarkable, that is delicious iron, turns out the russell 2000 value fund, value etf up 22%. the growth version is up only 5%. it is amc, gamestop powered the russell 2000 to a 22% gain. a lot of people don't even own the stock are making pretty good money this year, aren't they? >> right. this is incredibly surprising to me as well. it is not just the meme traders piling into stocks like amc. it is also value investors. as you pointed out the irony is they may not even know it. right now i think it is just amc in the russell 2000 value index and value etf we were discussing. it is pretty remarkable. it means that amc's wild rally this year up more than 1000% has actually helped the value camp. all year long there has been this tension between traditional investors like value investors and social media driven traders. we're seeing the social media camp hawk the value camp which is pretty s

itan slumped 23% since july 1 on beijing's anti-capital crackdowns and warning from top cop gary gensler to stay away from chinese stocks but tencent scratching back about 4% of that now standing at 57.45. grubhub's new parent company delivering a delicious 52% rise in sales year-over-year. justeats which is of course the parent, also pushing toward profitability in the u.s. and canada, saying it's not for $100 million impact from delivery cap fees, the food delivery service would have already turned a profit in north america. grub shares right now, which of course, just eat, up 5%, rival doordash which got a price target hike yesterday from susquehanna is adding to its gains up 3.7% and then we've got uber, of course the parent of uber eats up two-thirds of a percent. not great news here, t-mobile confirming that the private information of nearly 8 million of its customers was, in fact, compromised by a recent data breach. the telecom titan says while no financial information was obtained, social security number s, drivers license numbers and birth dates were all exposed in the cyber at

it's also problematic for gary gensler, particularly, he's the sec chief because he's been negative on republicans take the house and the senate because those oversight committees all of a sudden are going to say, you know, you want to ban it through a straight party line vote at the sec we're going to give you, he can have real problems on the hill if he does that, so i never thought i'd say it, liz but payment for order flow has become a gop issue and a contentious partisan debate is erupting on something that no one even really heard about not too long ago but the general public. liz back to you. liz: yeah, i know. you know, interactive brokers is giving you a choice now. i don't know if you've seen that but that's a company that will either let you trade for free and you got to submit to payment for order flow, and let the chip s fall where they may, or pay a slight fee for each trade and then you get to, i guess, search out the best opportunity, but -- charlie: good that sounds reasonable. that's reasonable but i'm just saying. liz: just like you, charlie, reasonable. charlie: [la

therefore he gets it no what gensler has done is intelligent. first he said i am in favor of financial innovation, and he's been very bullish on that. he's pointed out i am now head of the s.e.c., which is a large of protecting consumers. it was founded to do that, protect them from fraud and misrepresentation. and the crypto exchanges, there's been a lot of problems with that. so, gensler has come out very cleverly and said, yes, financial innovation, however, i have no control over the regulatory structure of these crypto exchanges i need that. and he's basically gone to congress and said, will you clarify this for me, will you help me out either with legislation or clarification or an understanding now he's also gone a little further. he said and implied that he would look favorably upon a bitcoin futures etf. what's the difference? a bitcoin futures etf is not based on bitcoin it's based on bitcoin futures. yes, there is a relationship, but bitcoin futures are a regulated market bitcoin and the way they would set up in an etf would imply tha

securities and exchange commission chair gary gensler also warning investors about these risks joinsnk you so much for talking about this incredible risk for investors what can you tell us about risks that you see today. >> first maria so great to be back with you i wish it had been in person like last time sitting at new york stock exchange i think, in terms of risks i think that investors are always ---lawed to traifksz we are trying to make sure they have appropriate full fair closure been generally not buying directly into company in china applying a company usually cayman islands that is terrific but in cayman islands they do not own the chinese -- they are service arrangements, two chinese authorities last 17 years have not allowed parts of the u.s. government to look at the books and records of these companies through specing auditors two issues taking very close look at congress weighed in on bipartisan basis. >> well this is really important point that you make so-called vie, you invest in these companies you think you are investing in a chinese company and yet it is a shell

family offices and wealthy who are buying crypto, more and more of them are, tax fears and gary gensler'sers, i think those insti institution, it makes it easier to hold, adult crypto holders. do they feel like the whole point of crypto is to operate off the grid i think that's why you're seeing sort of a mild effect so far on cr crypto the institutions are happy we're seeing regulation and taxes and seeing this. it could make it a strong ens city tuesdayal investment. >> if you are making money, the government is going to want its fair share of taxes. >> thank you for that update. >>> coming on deck for the show, tocks searching for direction ashe s&p hovers. what investors need to watch coming up. keep it right here on "worldwide exchange." ♪♪ the ey entrepreneurs access network has a tremendous impact on my business because it's given me networks, access to capital, and access to opportunities. the level of coaching that i get has had a tremendous impact. it allows companies like mine and others to grow, and it closes the wealth gap in this country. >>> check out what's happening on cn

and i think what the senators have seen for the first time and what hopefully chair gensler realizes is that cryptocurrency is not just something for criminals, not just fraud. that is a very small portion of the activity, just like we had in many other industries. but what we have here is a really passionate user base that is excited about these assets, that wants to participate wants to help create them. so i think that where we are right now in washington is, for the first time, the broader set of policymakers are having to rethink some of the preconceived notions they have about cryptocurrency because there is such a response from so many individual users and constituents across the country. host: can a cryptocurrency impact the value of a traditional market, like a trust bond, etc.? >> i do not know if there is a direct correlation there. i think it depends on broader macroeconomic conditions, but i think they tend to be sort of separate, and it is not like the price of bitcoin might impact something else. the exception would be companies that are publicly traded that have some

gensler did not offer many clues into how long this would last. tom: certainly the mood music of what we are hearing from chinese officials, maybe they are more willing to engage with u.s. counterparts. we are hearing of reviving of talks with chinese officials. what more can you tell us on this? julia: chinese officials are looking to revive these talks. in 2018, when tensions between beijing and washington was turned to escalate. the aim was to help preserve wall street access to china's financial market. obviously, those -- a lot of money at stake. now, obviously, there are issues that range from the listing by chinese companies abroad and obviously wall street's ability to access the chinese market. barriers still remain. so wall street is essentially hoping to have a new meeting later this year to be able to speak to chinese regulators. tom: bloomberg's julia fioretti breaking down the latest. this meeting between wall street executives and chinese officials. let's bring in caroline simmons, u.k. chief investment officer at ubs wealth managem

name other names trading lower on that potential as women. >> both down this morning as well genslern very clear that he is not pleased with the way overall market structure has evolved. because it's not the way you build it from the start. all of these alternative venues a lot of order flow especially retail never sees delight of a public exchange these wholesalers bid for the order flow so there's, he wants to kind of bring a lot of that into line and maybe reform the overall thing. doesn't necessarily mean outright plan on -- somebody has to execute the trades. also a bid aspect and money to be made and somebody has to pay or kind of distribute the economics of that along the way. the payment for order flow, the wahhy compete for that improve the -- this exchange they can't actually operate in the small increments like the big wholesalers. all of these regulations surround it. i understand why robinhood would be down on this and, of course, the other part of it sort of the smell test people don't like the idea that your broker is selling your order flow and, therefore, at least so

this is what we heard from gary gensler. disclosures stick to the times about the regulatory risks, the political risk. that was an exclusive interview as well and we were talking to our deals steam as well about how some of these companies, if you look at these perspectives and filings, when it talks about political risk and regulatory risk, is front and center. david: i want to chime in there. it is one thing to require a company to disclose the operating and regulatory risk environment they operate in but since everything is new, i think we also need to start talking about to those companies know and are aware of the political and regulatory risk they themselves are facing because if you look at the price option and how they have come up with her in statement, it doesn't seem a new well in advance these things would happen. rishaad: what investors make and how much protection they get to. david: tim hortons as they get ready for this to -- yvonne: yvonne: they're doing a separate data entity with sharing. with the mainlan

the proposed bit cocoin trust gary gensler says he has no time to table for an etf yesterday.vestorrproper joining us is noelle from coin desk sports betting is legal. are you handicapping the odds this gets done >> good morning, brian one thing we are noticing in the crypto industry is the price uncertainty is the regulatory noise. it has been increasing the last couple of years. it seems to have kicked off with volume gary gensler is speaking today and it is interesting to see what he says he is addressing cryptocurrency and national security. he said as you implied, brian, he is not against the idea of etf, but wants to protect the investors. it is hard to do that until there is regulatory clarity around bitcoin and especially around the infrastructure. >> this is not a small decision, is it, noelle? once you approve a product like this, this is wall street. there will be 50 more products like that within a year. you will never put the genie back into the bottle maybe that is a good thing the point is once you do that, you are setting off a wave they have to take their time

the first bucket echos a lot of what gary gensler is talking about with the concern of retail customers. we are talking about a group of people that are more and more drawn to cryptocurrency and see the outsized returns they have no idea how the markets work they have no idea of the protections that exist for them which don't exist in cryptocurrency markets there is no one to go afterwards if someone is done to them or taken advantage of in the markets. it is the consumers with a very hard time defending themselves that is why regulators need to do so. the second group actually is the regulators that oversee large financial institutions and large companies around the world more and more, you are seeing a move for crypto into the more generalized finance system as they do that, they are looking to find ways to get into mainstream finance without playing by the same rules that banks have to play and asset managers have to play. in some ways, it is giving them unfair shadvantage and allowing them to show up and destabilize the financial markets which operated and can have impacts with mone

are you surprised at bitcoin's resiliency as maybe we get the gensler coin?mike: bitcoin is a discounted bull market. it has put in a good base around that $30,000 level. it has good resistance around $40,000. at the new regulation is very profound because the u.s. is basically embracing it with regulation. china is pushing back, banning it. to me, it is a new cold war developing, and that is good for bitcoin. if the u.s. is not going to do much to it, the key things that are securities are digital dollars area that is the key thing to remember, the most widely traded cryptos on the planet are digital versions of the dollar. tom: if bitcoin is not a currency, i think we can agree it is not gold, and gensler is saying it is not a security, than what is it? mike: it is the best thing in the world for traders. it is not artificially stimulated, but the key thing to remember is it is becoming the digital reserve asset in a world that is becoming digital. it is major competition for gold. even as ray dalio said this morning, it is a good portfolio diversifier. it

gary gensler, for example, has been talking about some of these tokens in de-fi, may be they are equity should he treated as such. does this concern you. do you believe the maker token is a de facto form of equity? rune: i think the thing that really sets de-fi apart is the fact that there is no single person, no company in charge. what the maker token allows people to do is directly participate in governance of the system. holders of the token directly vote. questions like what collateral should we include? what kind of parameters and terms should we give it? they are looking at projects like the one i described earlier, talking about lending money to real estate in the u.s.. there's also other projects like dollar x, a solar farm in long island. it is this transparency and this community governance that allows people from all over the world to actually sit and directly make these decisions. there is not some ceo or boss or middleman that makes the decisions for them, they have to do it themselves. caroline: you are worried about a boss being formed. you speak so optimistically about w

chairman gary gensler.as, quote, on the table. that would get rid of a key revenue source for robinhood on to zoom, that was one of the biggest winners during the pandemic especially as younger investors bet on some of those stay at home stocks but has had a rocky six months as people go back to work and investors are focusing on that customer growth slowdown reported in the second quarter after the bell yesterday. finally wheels up, the private yet company merging with -- to go public. that's been way down by fears that institutional investors may look to liquidate some of those share, brian, back to you. >> all right kate rooney there. really hot really not in the blink of an eye so makes the market, kate, thank you. all right. >>> up next, what may be the most bizarre sports story in years. espn apparently got duped into airing a football game involving what may be a really bad team from a fake high school. the real story you good to hear next - i didn't realize you have to have a prescription drug plan

chairman gary gensler appeared on "squawk box" today >> if people want to take risk, that's all rightant to do is provide them some of the basic protections against fraud and manipulation the trading platforms they're on are not currently under regulatory regime that protects them like they're trading on the new york stock exchange. it just isn't. and i think those are gaps and i think that's not good for investors. and i don't think it's good for the technology >> and while the s.e.c. is working on regulations for crypto trading, the bipartisan infrastructure bill contains a new tax requirement for exchanges that could actually help some investors. robert frank, you got some details? >> jon, we do actually the new infrastructure bill raises an estimated $28 billion cracking down on crypto tax evasion. but for investors who do pay their taxes, there is a potential upside to comply with the new rules, crypto exchanges like coin base will have to start producing tax forms known as 1099-bs rather than having to calculate their own taxes, crypto holders will get an easy-to-read form that'

eastern time, he tweeted, quote, in a huge win for robinhood and a with big setback for gary gensler,tweet moving the stock higher, standing at -- somebody tell me, please? >> 20. liz: $51. up 6.25%. cocharlie gasparino, i'm sorry, charlie, you say this is bad news for the amc apes in some of them like robinhood now -- >> most of them don't. and it's not just robinhood, there's a whole conspiracy theory among the amc apes that payment for order flow is a way that brokers like citadel rip off people and ripping off them and helps them. they go so far as to say -- it's a little qanon-ish, but they boast that citadel and kenny griffin -- they call him kenny g, by the way. [laughter] it's a fact, i'm sorry. they call him kenny g and, you know, he's manipulating markets -- liz: i get it. >> payment for order flow. in any vent, so the financial services committee was looking at it. they were looking at banning it. the ranking member, brad sherman, democrat, obviously, maxine waters, a democrat, runs it. talking about banning it and then quietly, in the last week, from what we understand --

its crackdown on everything that moves including new action this morning, you've got the sec chair genslerckrock saying heck are you crazy? triple up in the meantime the gold dragon etf down 34%, chinese etf down 41% whose going to win this , who do we follow, listen to gensler or follow blackrock and pile in? >> you're not going to be happy with this answer because again, it's sort of a both situation. charles: [laughter] >> well, yeah, because right now, things are free-falling and we don't like to buy falling knives, but i looked at fxi for example, the etf in china, the relative strength on a monthly chart is at 1%. that is so crazy oversold and if blackrock is right and by the way they aren't the only one , jpmorgan, jamie dimon just got approval to go in and have 100% control of the securities in china, tim hortons coffee going into china, also fidelity so these companies are banking on china going from an emerging country, to an actual dominant one, so i think, you don't buy the falling knife but if fxi to get through 40.50 then i think actually, you might see a decent bounce. charl

would gensler be an ally of yours or not >> you're right. happy birthday, dow jones. 125 years. regulation, look, we don't take any forward views we actively engage as the world's biggest provider we want to become constructive and helpful in that process. what we want to do is continue to provide independent indices which we've done for 125 years >> yeah, i think the important thing as a lot of people say you'll provide whatever they want to provide if you want to provide an index that has certain things in it or not in it, china or not, you'll be theep do that. a good example of indexing is the growth of esg. billions benmarked to esg. but there's a lot of confusion about what esg is. what role, if any, does s&p play in clarifying that confusion >> as you mentioned, bob, esg is growing all over the world including increasingly here in the u.s. our job and long history is to provide information and benchmarks, barometers and new information to the -- our clients who are the fiduciaries, the investors who make these decisions and the long history with sectors, style and now, i t

host: that was one of the concerns that gary gensler wrote in a letter to elizabeth warren. now we do not have enough investment protection in crypto. at this time it is more like the wild west. this asset class is right with fraud and abuse. in many cases investors are not able to get rigorous, complete information. i worry a lot of people will be hurt. as far as rife with fraud, scams, interviews, how do you react to that? guest: i think that is not the case. it was the case in 2017 that there was a period of fraud where people were trying to take advantage of investors, but the sec cracked down on that. what we are left with today are the good actors that are building useful services and applications on top of block chain. i think one of the things that is interesting about what played out in washington over the past couple of weeks is that there were over 80,000 phone calls and emails that went into senate offices over a couple of days. it is not just a cryptocurrency industry. there are all of these other individuals and small players that are contributing to the upkeep

speaking of cryptocurrency, here's a little clip of gary gensler talking to cnbc recently. her is -- gensler is the new head of the securities and exchange commission and it's thought he might lead a crackdown on cryptocurrency like bitcoin. he is going to make a major address and people who like cryptocurrency and like making money off cryptocurrency are going to be watching very closely. while in the past he has said he wants to regulate things like bitcoin, it's not like he thinks bitcoin and crypto are a bad idea. he teaches or taught blockchain at m.i.t. one way or another, we have an expert there running the sec. there's a crackdown on it in the infrastructure bill. washington is paying attention and there may be a lot of changes. >> remember when it came out years and years ago. >> less than a penny. >> yes. >> we didn't buy any. >> i remember that. >> okay. >> thanks. >> oh, man. we have to keep working. >> 6:20. early bird christmas shopping already happening. experts say that you may want to start checking off your list now. you ask why. that's because those toy c

are getting a lot of complaints from consumers about crypto fraud and you know, as you know, gary genslerabout regulation, and you're a crypto investor, or you're a crypto executive that you create exchange, one of the good things about these guys fighting each other is that it kind of leads to sclerosis, right? nothing gets done, maybe they just are so busy fighting they don't do anything specific, but you know, once they get this sorted out they are going to do stuff specific, and more regulation, depends on who you talk to. i talked to the sec commissioner , known as crypto mom, and she thinks the regulation is already stopping innovation in the crypto world, because there's a lot of innovation that needs to be done in terms of the blockchain technology, the networks that crypto is the currency of, which could lead to great things in terms of making transactions more seamless and cheaper, so that's where we are right now, liz. i'll keep you abreast of the tu rf war, back to you. liz: will you keep me abreast of how small a company mcdonald's is because at their corporate headquarters o

coming up sec chairman gary gensler calling for more crypto regulation. jan beneke will tell us why

that he goes all the way >> matt may not be in crypto, but gensler certainly has his eye on the space talking of course yesterday about a path to an etf, the fact that investors need protection. here's what he said on squawk a few moments ago. >> it's the same as it's been for decades. it's trying to foster good debate and dialogue. just like on this program here about investing and the retail engagement is positive but also to guard against fraud and manipulation and whether that's from big actors, big hedge funds in the markets or not, and also to promote transparency we are taking a real close look at market structure. >> meanwhile, concerned about the accuracy of chinese companies that we deserve a right to look at chinese audits of companies >> he is making some moves after initially being very quiet he's aware of tether, the issue of crypto. he's very aware of what the chinese have done to our pension funds. there's mention of that. >> and last week there was a statement about the vie structure, which they're at least looking at it's unclear exactly if that was some sort of reta