you can see gary gensler diving into more regulation on high-frequency trading and other issues.yment for overflow, all of these insular reissues involving market structure that gary gensler said he wants to get his arm around him performed. a lot of interesting stuff we will see what comes out of it we put calls into gary gensler and mike lewis in a call into brad katze honor, no comment. back to you. lauren: maybe it is both maybe a new book and regulations that will come down the pipeline. >> is not binary everything to be on the table. lauren: charlie gasparino, thank you very much. grow box or roblox, not so fast it might be down 22% but the videogame darling could be pride for thinking that and more straight ahead on "the claman countdown". ♪ whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with

ugh >>> before the break we spoke to gary gensler, the clair of the s.e.c. commission which makes him the most regulator in america. there is so much to discuss. we have to go right back to it gary, let's talk about a year ago. when i look at what happened with gamestop, i look at amc, i see many not like for like situations i think some people have more information than others and some people weren't in it so to speak. i also see kids who were playing candy crush and they got this fantastic app from robinhood and they said this is even more fun than video games all of these areas need at least more sunlight again how do we fix what could again happen from last year? >> i think that we learned a lot of lessons from that we have a multi-project. let me talk about the candy crush if i might we're in a modern time that we're bombarded, we americans are bombarded every day by prompts, behavioral prompts, do this and do that we've find it in every day but if finance, the brokerage apps, the robo advisers are doing it as well and their motivation is to make more r

chair gary gensler. mr.up on the anniversary, in fact, of the gamestop saga. as you lay out your priorities this year, whether it be crypto, whether it's compensation plans, climate and the like, what would be the number one thing you think you would look back on if they had this conversation next y year. >> i think about updating our markets for these 2020s. i think of -- in light of that that means the lowers cost for companies and individuals raising money in the market. versus efficient markets in the middle on the one hand, people on the other side in raptly changing technology. that's what we're trying to accomplish >>> there's lots of pieces to that let me start this morning with this there's a story on "wall street journal" today saying the s&p is pushing for more transparency from private companies that's becoming an increasing feature, if you will of the market or marketplace. i wonder if you can comment on that will you make it harder to become an accredited investor this becomes quite complicated

>> i have no idea. >> i'll tell you something, gary gensler doesn't know s. either >> are we going to know something soon i'm tired of the conversation. >> that's not fair. >> i've seen the same fireplace in his shot for a long time. how good going to the office, gary let's go >> that's a good takeaway. >> that's not the s.e.c. unless they have very nice offices -- -- i'm tired of seeing that shot get to the office already! >> we don't know anything about dogecoin i know more, david, about wheels up than about dogecoin >> so does this mean everyone who mines will somehow have to register >> you bet yeah, i think let's put it this way. anyone who issues this stuff will have to explain themselves. i think the spacs is now you have to disclose the real dilution you have to disclose the fact -- >> are you going to disclose what your loss number is in fact, we as the sponsors will no longer be in the black if it gets down to three >> i think you won't see the crazy projections. i think a world of hurt is coming toward the wild west. >> it's already played out in t

they want to be able to hide their streams for that period of time right now, gensler is considering rules around this we will have to wait for more from the s.e.c. on exactly how tight they are going the make that time frame and when, in fact, it might go into implementation laid they are year nothing immediate yet but gensler giving us thoughts on where he is going in 2022. >> thanks very much. >>> let's move to the bopped market the ten-year got to 1.9 earlier in the session rick santelli is in chicago for us hi, rick >> yes, 1.9% around 3:20 a.m. eastern. you see it on the 24-hour chart. but we really have been drifting south with respect to yields and north with respect to prices we had a 20-year bond auction. the 21st 20-year bond auction. it was quite aggressive. i gave it an . the reason i bring it up is investors seem willing at these levels to step up to the plate and dip their toe into the buying category. look at a two-day of tens. yesterday's low yield was 1.80%. and we are making low yields and high prices as i speak if we close below 1.80 we would lose momentum. lookin

and gary gensler, the chairman of the s.e.c. is looking to shorten the 13-d filing window >> yeah.eah, look, i really think that could be one of the last nails in the coffin. i think the s.e.c. doing a lot of things and i think gary gensler is doing good things and there is a lot of things in wall street that should be cleaned up there is a lot of abuses, so in that sense i agree with him. but i think activism is very important break on corporate america. i really don't think this corporate democracy, i think you have corporate futileism i have said that for years so you -- it is very hard to get across that moat and charge in, in the futile society that you have so it makes no sense to plaque it tougher and tougher for the activism to work and with me, we take big positions, we make tender offers and have permanent capital, but what you are killing is the smaller activists who, you know, if you don't give him time to accumulate his stock position, up to 10%, up to 15%, even up to 5%, if you don't give them, then why -- there is no incentive to spend the great deal of money to do a

anyway it's an interesting debate my guess gary gensler wants to regulate everything under the sun willtseller on how robinhood ripped off investors during the mean stock trade. david: good report, thank you so much i appreciate it walmart is preparing to enter the metaverse revealing plans to create their own crypto currency and fts. let's bring back carol roth and jonathan hoenig for their take on this. i want to go to you first i was reading a competing news organization i was reading a piece on what walmart is planning to do with the meta retailing they kept talking about virtual sneakers without an explanation, i thought it was bad reporting, i ask you what is a virtual sneaker you have to think of the metaverse in a fully immersive digital growth and you have a virtual avatar, obviously. if you buy off the shelf it is not going to have inebriated thing going along with it if you have a fancy speaker they will offer the added digital product which is a property rights template, you will have ownership in the digital world and that's what all of this is talked about metaverse and al

just a lot of lip service from gensler and a whole lot more whining from hedge funds.ht enormous lessons for new investors as they dealt with significant drawdowns right now in many of their favorite stocks. here is what to expect. i have a two folks that will help us on the legal side, lisa and kima hone any on the investment side. lisa i will start with you. looks like "the empire strikes back." i was reading about the potential sec reforms in ft. investors fear the painful losses they suffered in the meme stock trading trends sy in january of 2021 will be repeated if u.s. regulators press ahead to reforms security lending, one of es mo most opaque practices in financial markets. why hasn't been this done already? >> that is a excellent question. that is absolutely ridiculous. the hedge funds obviously want to maintain this advantage that they have. they like making tons of money on these kinds of trades and not reporting them. and so now their arguments are oh, it would be expensive for to us report. well, stock trades have to be reported and bond trades and lots of

we had gary gensler on last week, the chairman of the scc.ould have gone to the scc quietly saying here are the things we're doing as opposed to here is what he is doing. i think they destroyed their own proxy value by being quite belligerent, if you want to know the truth. >>> tonight's chartist thinks bitcoin ethereum could be looking at downside exhaustions. i like this. consider buying. much more "mad money" from trains to cargo ships, the supply chain disruptions continue i'm discussing when the pain could come to an end with a private player looking to manage the fallout. >>> then, there were a lot of headlines out of russia this weekend, and i'm breaking them down for what you need to know and all your callses rapid-fire in tonight's edition of the "lightning round." so stay with cramer. i'm greg, i'm 68 years old. i do motivational speaking in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as

look, i think that you had chair gensler on, on monday.rday. and there is i think a growing consensus is short term trading, whether you are going short, going long for the short term, et cetera, by people who have influence over policy is something that needs more than just insider trading rules look, we're not painting on a plank van vas here, joe. if you look at insiders at corporations, we have very restrictive rules. in fact, rules that we're looking to enhance right now on when they can and cannot trade short swing profit and the like. people in regulated financial institutions have very restrictive rules on when they can trade and reporting and the like so there is -- there are reference points here, whereas congress goes in this. i thought the way j. powell outlined what the fed is going to come out with in the near term here, it was very sensible. a 45-day period from the time that you choose to make an investment decision until that investment decision is executed. that'swhat i heard that eliminates the idea of a short-term tradi

i don't know want them to get hurt when we had gary gensler on, he said a lot of these, you know, celebrity in particular, he was quite critical. remember at the time lion tree was making the case any cash flow could be discounted through a spak it could be a celebrity or athlete. the model was sort of wider. >> yes yes. everybody had a spak and a dream. >> yeah. they have become nightmares. >> what were they thinking about -- >> they weren't? we had the deal wired from the beginning to end no matter what happens. >> yeah. and going to make money. >> we were in succession and the fact they mentioned at the end that lion share and those -- >> many of us know. >> yeah. you can't get better marketing it was a lot of fun to see it. >> overall, guys, i'm struck, jim, the s&p leaders this morning netflix, tesla, align. all of these names that as you said, have come down on whether it's a short cover or not. >> i believe that people -- this is the backlash. cathie wood could have a bit of a run here my daughter used inviz line. it's a good company. joe hogan has been making it maybe january is the

pat gensler tells time magazine the company will use the new facility to research and develop its mostced chips. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans. this is bloomberg. ♪ >> we have seen the accelerating phase you need in a bubble. that had taken place last year. the nasdaq up over 100 from the low but also up 58% from december of 2019. even granted that covid decline, it was a hell of a year. it was year of acceleration. the nasdaq has started to weaken. tom: the wonderful jeremy graham foam. gmo and co-founder. he is to be kind and cautious. we have 14 topics. lisa abramowicz and tom keene on bloomberg radio and television. barry ritholtz joins us. skeptical reader of the sell side. we will rip up the script and talk about something jon ferro brought up this morning. i was too polite to bring it up. you and i will nail this right now. netflix started in a 36 mile commute of two bright people from santa cruz on the way to san jose and san francisco. it is

it is ironic that the sec chair, paul gensler is calling for tougher insider trading rules for ceos and it has been violated dozens of times by dozens of lawmakers. that is the disclosure bill that says, disclose your trades. that's it. it just feels really weak that congress is getting away with a lot. all of a sudden nancy pelosi's per family net worth shot up $315 million estimated, when it was 114 million range in 2018. >> that is the thing you look at. there are members like nancy pelosi that have done phenomenally well financially being in elected office and then most of us have found a way to lose money while being in office. so that is less reported. so, again, you know, insider trading is already illegal. i think chris collins from new york is in jail because of insider trading. members of congress are not exempt from insider trading rules. they can go to jail trading on insider information. you shouldn't conflate the two as i guess the point i'm making. elizabeth: we're not conflating. we're just saying there is inside edge congress enjoys that the little guy doesn't. congress

liz: yeah, gary gensler has made it very clear he wants to protect investors and make sure that theseiling in and not ensuring the safety for investors. you guys are way ahead when it comes to developing in nft, non- fungible tokens in fact as i understand it, building some type of office in the metaverse that enables, sam, people to do what, purchase plots of land that are somehow in the digital universe? >> yeah, that's right, and you know, i think what we're seeing right now is just the very beginnings of what this could be and i'm really excited for it but i also think that this itself is the be all end all. i think it's starting to show what could happen when you have a more comprehensive digital universe and then you start to see applications, programs, businesses plugging into it and starting to interoperate with assets back and forth between their universe and a more general metaverse. i think we're pretty excited to sort of take a stake in the early development of this , but mostly i'm really excited for where this could be a few years from now. liz: sam, you're the wealthies

obviously, gary gensler and a lot of democrats don't like ken griffin because he's a republican and whows what they are trying to line up to take out citadel's business model. that's always a possibility, with elizabeth warren and the crew that runs the show now, but you know, they have a pretty solid business model here, and you know, he doesn't do anything that he doesn't think through 100 different ways. that's one thing that he's smart liz: to that end, charlie, sequoia and paradigm, one of the other investors, they don't do things that don't make sense. charlie: i'm glad you brought up paradigm because they are the ones that help them with breaking into the crypto stuff, by the way, one thing i will tell you. but remember this. ken griffin says we need regulatory clarity first before we get into crypto. i think what he's waiting for is some sort of a demarkation of who runs the show, the sec, the cftc, what goes on with the ripple case is a big issue going forward, on regulation so we'll see more out of citadel in crypto when that regulatory puzzle gets solved a bit. back to you, l

payment for order flow coming under pressure from gary gensler, the sec chief.er, they charge zero commissions because they sell their buy-ins and sell ores to other platforms, market makers that make market in these trades. so coming under a lot of pressure, and i'll tell you, i've been talking to people, investment bankers and people in, on wall street. and they say the most likely outcome is that this company's going to have to sell at some point. it's just too small to survive in the environment particularly if jamie dimon is right, we're talking about seven interest rate increases. that's going to be deadly for robinhood if that does happen. who would buy it? i think it's really hard for any of the mainstream banks to buy it. i can't imagine that james gorman at morgan stanley or someone, or david solomon at goldman, all these mares that are getting into -- players that are getting into more of the retail side, i mean, they're hyper-retail. very small denominating accounts. very small account, you know, sizes. and there's a huge regulatory risk when you dea

certainly help but are you getting a sense that president biden isn't exactly on the same page as gary genslerf the sec and that maybe president biden doesn't want to squish down or tamp down this nice entertainment investment, i guess, some of it is cryptocurrency, others say there are different kinds of securities but how do you think he looks at crypto? >> so this patchwork of regulatory oversight is something that has developed over many years and it's something we speak to international action plans for blockchain. in march of 2013, the department within the treasury that was the first agency to come out and issue guidance for digital assets and said they be regulated as currency, and then the irs came out and said well we're going to tax them as property and now the sec has jurisdiction over digital assets that are defined as securities and then you have the cftc, the commodities futures trading commission regulates other digital assets as commodities so that's four legal frameworks that all have very large regulatory requirements. if you are defined in those ways , so this whole of gove

gary gensler, sec chief, has been somewhat negative on etherium saying they could be a digital coin -ecause they didn't seek registration, and they could face the same fate that ripple's faced. and everything else is open game for the sec. so this could be really, you know, bad for most of the industry and good for the established one or maybe two established players. and it could be bad for xrp and ripple. i will say this, they can pass whatever they want, they can put out whatever they want, you know, the treasury and the sec. in court this new york sides with ripple and says the sec has stepped over its bounds, it's game -- it doesn't matter what they write. that's going to have -- liz: you know what matters? you know what matters, charlie? >> what's that? liz: it's your birthday! 60! charlie gasparino, oh, my friend , it's a great day. we're coming right back. don't go away. ♪ for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. liz: this is pretty stunning. we are looking at an

it allowed, during the clayton years, and so far right now, during the gensler years, these other cryptsd not securities didn't have to register with the sec. liz: they are held to different standards obviously. charlie: to now how are they going to prove that case? well they got access to privileged documents by the sec. the sec hates giving up document s and wants all its stuff done in secret and you know why. because there's a debate going on, but anyway, the key part that i think that they got here is they are going to get some e-mails, communication, and drafts of a speech made in 2018 by a former sec official named bill hinman, we've talked about him in the past. bill gave a speech at a yahoo finance conference which laid out the sec's regulatory agenda. what is a security, why isn't ethererum the security, why isn't bitcoin the security and why these others, xrp, might be. we're going to get at least xrp is going to get and ripple, they are going to get the notes, the drafts, to try to figure out and in their view they want to know what was the thought process and did the sec cut

if the sec wins all bets are off , gary gensler could go after ethererum and he's mentioned that in thecrypto. i don't see him going after bitcoin. he was maybe like a step too far , but it opens the flood gates if the sec wins. so that's where we are right now , fascinating by the way, for all sorts of risky assets. if you notice as soon as powell started opening his mouth, what turned into a positive day in the markets turned very negative the markets come back a little better now, but the meme stocks sold off it was very interesting back to you. liz: thank you, captain obvious. i'm totally kidding. charlie: you can call me anything you want, i don't care. takes a lot to, you know i tell people i have feelings, all 1.1 of them. liz: oh, my gosh. you are so thin-skinned. so touchy. charlie: if you're going to kill me you better use like a stake through my heart and it better be metal. liz: noted. charlie, thank you. closing bell, ringing in four minutes, after the bell we've got two tech titans expected to report quarterly numbers tesla and intel ahead of their releases do we have tesl

. >> how about tonight >> i have a pretty good show i have anth ony, noto and gary gensler. to talk about spacs, what happened a year ago with gamestop, payment for order flow and what's going on in the robinhoods and we're going to talk about whether crypto -- i mean, deutsche coin. i mean, you know, deutsche coin. should we just have jokes and everybody lose money the chairman is very concerned about people losing money. so, we're goi going to talk about losing money because the young people who watch, are a little off base in what they buy. >> getting close to 14 >> that kind of makes sense. >> we'll see you tonight, jim. congp.xcngat capitol ehae mi u age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. >>> good wednesday morning welcome to another "squack on the street." s&p well above 4600 for the moment t

maybe his 'talking about some of the spacs that, by the way, i think gary gensler will make so you haveo put the projections in, so, david, when we go back to high leon, you're going to see the end of that. >>> u.s. global investors were celebrating the sea to sky etf. >> time for them. >>> the atlantic coastal acquisition corp, too. we'll talk more about spacs -- >> the west is covered by that center fielder for the phillies, gary -- what was his name? >> his. >> yes, thank you! >> u.p.s., moderna today, they have a neutral, but they talk about how this company has $13 billion in cash, maybe they do something with the cash. or i'm saying that the drug stocks are interesting there's two for united health. david, may you one day get to the point where people call you every 30 seconds to talk about their medicare advantage -- how did they get my number i'm trying to find things than dispassionate that work. >> let's go back to netflix -- >> no. >> wait a second you start to get to multiples, only 23 times 24 gap eps that's way morgan stanley is talking about this thing. >> the old days wi

these guys don't know who should regulate it, the fed wants to do it, gary gensler wants to do this ,ed congress to step in and say we need one uber regulator and here are the rules of the road for everybody. david: bingo. charlie: put all that together, david and it ain't a pretty picture. i'm telling you, my hedge fund sources are out. david: we haven't even talked about taxes either. maybe when you buy a slice of pizza, you have to pay a tax penalty too. they're all kinds of problems with it, but again that blockchain technology is so revolutionary that i can't imagine some way that it would not get into the economy. charlie: david, i agree and i'm a big believer in blockchain; however, the advancements of crypto, like we hear more about the crypto than we hear about the blockchain. it has reverse itself. david: such a great point. what a terrific point that is. charlie: thank you. david: books have been written on blockchain. it is an incredible revolutionary technique. it just doesn't have a place yet , exactly. it's a great question. we got to leave it open. charlie: just one mo

and they're gonna have some clarity in the sec is going to keep doing the chairman of the sec gary gensler try to regulate it, he's at least going to do this with his case against ripple that the crypto industry company that issued an excerpt coin that the sec says is not a currency is actually security and they did it without registering a huge case going on it could decide the future of regulation in itself but that will take a while to play out. i made all the regulatory uncertainty you are going to get this and that's what were getting right now. again liquid crypto traded five years ago, look where it is today. it's almost the 60000 bit coin hi but were talking a huge huge increase. i still would i talk to people the business, like on wall street they still think there is great stuff to be had in the block chain technology. seamless transactions. it is not centralized is decentralized and cheap and you cut out the middleman and there's something here. david: the whole block chain technology is fascinating there's other businesses besides crypto currencies that can be used in the block

talking tens of millions of dollars in net worth that's been created for it -- >>you don't think genslerhave a chart right now of dogecoin i think he would like people to realize that not all cryptos are created equal. if we created a crypto right here, the three of us, we would -- it would have more staying power. >> we got to figure out something new. a year ago, this time, we should have created a spac, maybe even a little while before a year ago. we could have created a crypto maybe two years ago. we got to figure out what -- >> right now what would be -- >> for now, what should we have created? yeah, something in the metaverse, maybe. >> your metaverse avatar. >> something in the metaverse. >> did you notice that died down >> there was a memo yesterday in which was talking about designing content for a metaverse. >> did he talk about mike bambi? >> jim wants the metaverse -- you want to be able to go into bambi and prevent bambi's mom from being killed. >> by the way, pinocchio, how scary is that fantasy island i want that place to be less scary. it scares kids. >> you can't screw w

mister gensler has at times indicated that stablecoin is at least some stablecoin may be securities . even if they lack an inherent expectation of profits. but he hasn't explained to me exactly what the criteria he's using. what legal tests, what makes a stablecoin that has no expectation of profit a security and it seems to me expectation of a gain on the part of an investor is a fundamental, fundamentally at the heart of what we consider to be bsecurity to ask you if there's a non-interest-bearing stable coin and most are not intrinsically bearing interest and there's no explicit expectation of profits and really the value proposition is there's a utility that is the reason people are abinterested in the stablecoin but in such an example do you think that it meets our definition of what is a security and should be regulated as a security ? >> thank you for that question. as you might imagine every practitioner in this area is extremely well-versed and i won't bore you with the technical details but in short in my view a non-interest-bearing stablecoin fully reserved and regulated as

are going to go back, it'smy gamestop theory, they play games and pay them in ethereum i have gary genslern't know if he's into that plan he's had it. he's had it. >> let's get more on the big deal of the morning. >> yeah. it is. microsoft announcing it is buying activision blizzard for nearly $70 billion becky joins us with two guests. >> it's good to see you. we are talking about the big deal of the morning. this is a deal of microsoft announcing that it's going to be bu buying activision blizzard it's about $68.7 billion i would like to welcome this morning bobby kotick and phil spencer. phil spencer, obviously, the head of gaming at microsoft. bobby kotick, the ceo of activision gentlemen, welcome to both of you. thanks for being with us on this news of this big deal. i know there are a lot of questions that people have, but i think first and foremost, it has to be, how did this deal come about bobby, i'll start with you this is a company where you've been the ceo for almost 31 years. started out with a company that you bought out of bankruptcy for $400,000 now looking at a valuation a

. >> thank you i keep thinking of gary gensler, the chairman, they create those coins every day. it's not just the russia ban, the coin ban if these are securities, we will find things about them that will get our heads spin we will be like reagan, you know >> and, therefore, you think this is just continuing -- >> i don't know. i saw the theory i took out all my bitcoin, sold that, bought land. that turned out to be a good investment i am willing to lose a huge amount of money in etherium, which, obviously, i think i am going to i don't have nfts because i still believe in assets and i don't know. look, you want nft this is a an herb mezz tie i paid more than i should have paid for it. >> we're in the metaverse you are wearing your beautiful dim tal tie, millions of people can see you. you might think it's worth it. >> the metaverse is an industrial way to cut back waste. that has nothing to do with us otherwise, it's fun. >> jim, i'd love to do this with you forever. we got to run. >>> go to it click your phone on it he is doing this fabulous morning meeting online as a part of

you come on our show and come on with the nonsense and you're done i'm going to explain what gary genslerrojections and lose a lot of money from people you have no home here where i am okay because i'm not going to put our viewers like they want to. in dollars in dollars. >> jimmy chill not chilling this morning. not chilling this morning. >> not chill when it comes to spaks! no chill. >> we'll see you in justa couple of minutes. i have to take my chill pill right now and reminder, you can always get all access to jimmy chill, whether he's chilling or not at cnbc investing club point your phone at the screen now. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> investorsers across wall street will be paying close attention to their tvs between 2:00 and 2:30 p.m. eastern time this afternoon when the fed reveals the latest interest rate decision whe

we talked to gary gensler about this now jay clayton the former sec chair about this now, what did you you can tell me, you in your job are restricted from buying and selling individual stocks >> that's why k where i was going to go. i can tell you the restrictions on the executive branch are quite significant. there is no engagement on individual stock transactions, fact, more so beyond holding broad mark indices it doesn't put practical burden on our ability to do our jobs. i think there is a more fundamental principle going back to be, joe, the first point you paid, there is a lot of distrust around how politics works around the political process and one of the things we need to do across the board is restore faith in our institutions, whether that be congress and the legislative branch or the fed and otherwise, so anything we can do to restore that faith i think makes a lot of sense. >> you know, brian, one of the things i'm deluding to earlier as a rough week and everything and watching the voting rights speech i saw from the president in atlanta and thinking back on january 20th

. >> one last piece of this we had asked gary gensler about this issue earlier in the week, i wrote a should oversee a program like this, given that their roam is the credibility of the markets, themselves, and that they could do this effectively on their own, if they so chose, i the talked to jay clayton the former sec chair. he also thought it was a great idea clearly one of the reasons the sec doesn't do this, you, congress, controls the budget for the folks at the sec no one wants to quote bite the hand that feeds them so have you this circular problem, which is you almost have an issue where nobody wants to regulate themselves >> well, i mean, getting back to i didn't see that exchange i'll tell you this, i think we should move towards setting up a system that codifies what we are talking about here today so a bunch of us are working on it i think we should keep working on it until we get this done members of congress should not be involved in their trading and they should be handed off to a third party. they shouldn't know what's going on i think that's, frankly, the way it shou