gensler is kind of going back to the old days.it is very controversial, all retail trade go through some sort after lit market, meaning the new york stock exchange, the nasdaq, some sort of a trading alternative trading venue run by someone else. liz: run by the cme? >> something that is lilt. i don't know all the details because it's not out there yet. no one has seen the proposal. he is talking with market players. that is i'm getting with people he is having direction conversations with and his rationale, the current system, the old way created by bill donaldson back in the day, where there are dark pools, market makers like citadel virtue much order flow, get paid by brokers like robinhood, pay robinhood a fee to match orders, he thinks that is too opaque. he thinks maybe there is funny business done there. that is what we're doing, what we're hear something coming possibly as early as november. we should point out the word is, this is going to be some sort of a soft rollout if it does happen. it will be done in tranches much

gensler it's nice to see you. welcome back chair gensler to this committee. workers and their families don't measure the economy by the stock market and neither should we. it's why in the senate and the new biden administration we work to create an economy that delivers results for people who get there and comes from a paycheck not an investment portfolio. raising wages and good-paying jobs and lowering cost means fighting the corporate price-gouging is so often hurts consumers and the unfair labor practices. it means investing in american manufacturing and workers and farmers who drive it and means making sure financial economy and our markets are stable. that includes going after companies that try to cheat the market. chair gensler is doing that very well and it means strengthening foreclosures with risk by climate change and look at the practices of private equity and hedge funds as they stretched their tentacles into more areas of our economy. this summer the senate confirm president biden's two nominees to be at cc both new commissioners for the commiss

gary gensler will be joining us.ntributor. let's talk about this and then vehicle sales overall. for tesla, this was an issue where the deliveries didn't meet the end of the quarter expectations elon musk says it is different the way of the shippings that makes sense the stock is the largest performer in the s&p 500 what do you think about it all >> well, you know, the tesla stock prices really based on at built to continue to grow and celebrate ratings and probably from what you saw in this quarter is not only the supply chain issues that are affecting the whole industry, but at the same time they're ramping up plants in austin and when you ramp up a new plant, you know, issues can happen. i think that plus the supply shane chain issues hindered the production and deliveries this quarter. >> there is also a temporary shutdown of the factory in china, too but longer term, what do you think about the probe and the possibilities whether or not they'll be able to make up for it in the fourth quarter >> at the heart, tes

if we have tape i don't know if we have the tape >> we need tape for it, carl we need to look at genslerso we'll have to wait >> it's a reveal, we call it in the business >> okay. >> nice haircut. >> thank you very much >> very handsome >> we'll begin with the markets today, strategists weighing in mike wilson at morgan stanley looking at m-2's collapse. >> mike's made that joke that i'm so tired of. there might be light at the end of the tunnel, but it's been on coming freight train ha, ha, ha get a new joke writer is all i can say. the takeaway of kostin's note is the -- approthis goldman's note. he's got, like, tara >> there are reasonable alternatives >> yeah. that could be -- reminds me of "gone with the wind. but i do think these strategists are overlooking one key thing, which is all that matters is the two-year, and today, the two-year is on fire, and we don't even know why. maybe something related to the shenanigans at britain >> the fact that they are eliminating from the tax break the highest earners? >> yeah. they really have a real firm hand -- firm grip on the situation ove

liz: the sec's inspector general slamming chairman gary gensler for the way he is running his agency.ork, communication issues, and a staggering high employee turnover rate for wall street's top cop. get to charlie gasparino. this confirms some of your prior reporting. >> a lot of it, particularly on the turnover part and workload part. we put human russ calls into the sec. this is obviously the inspector general's opinion. i wanted to hear their opinion. they have not given me their opinion. let me lay some of this stuff out. the sec seen significant increase in attrition over the last few years. we're talking pre-clayton sec, jay clayton who ran it before gary gensler appointed by biden, clayton ap.ed by trump. increase in attrition last few years from 3.% in fiscal year 2020, that is clayton, to estimated 6.4% in fiscal year 2022. the highest attrition rate in 10 years. the most concerning is the increase at operation of senior officer and attorney positions, expected to be about 20.8% and 8.4% in 2022 respectively. those are big numbers. now, again every sec has turnover but this

chair gary gensler explaining on cnbc this morning how s.e.c.closures are different than instagram's requirement to tag a hashtag ad. >> also, this is a highly speculative asset class, and so when a celebrity or influencer's touting it, it's important that the public understands that relationship and are they getting paid and how much they're getting paid on their instagram site that's what this was about >> kardashian's crypto promotion is part of a growing trend of influencer marketing u.s. marketers are expected to spend about $5 billion on fliensefl influencer marketing this year defying concerns that macro challenges would hurt spending in the category. and while instagram still has the biggest percentage of spending on influencer marketing, tiktok is the one making gains it's on track to overtake facebook's market share this year, and then youtube's market share in 2024. but those influencers, they're likely to be a lot more careful when it comes to promoting securities guys. >> this is really just a question of promoting securities i mean

she's going to cooperate with this ongoing investigation and gary gensler saying she was helpful andte crypto assets for the next three years. some have said crypto is the wild west and isn't regulated and we don't know how celebrities and influencers should behave in regards to crypto and gary gensler of the s.e.c. chief said, no, this is good old fashioned securities law. listen. >> we've brought these types of cases over the decades but even in the last five years with regard to crypto it's really important that the public understand if somebody is touting a crypto security token that are they getting paid and how much are they getting paid. >> so he went on to even publish a video for the s.e.c. really encouraging investors to remember just because a celebrity says it's a good investment product does not mean it is, especially if you don't know that person is being paid. this is kind of a new frontier for the sech, and gary gleensle said it is their job to help investors protect investors and crypto is just like -- it's just like the '20s or the '30s, it is something that people

at the top of the hour, gary gensler.dcast. we say so ourself. follow "squawk pod" and listen any time "squawk box" will be right back. - [narrator] if your business kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. >>> take a look at futures actually, we turned a little bit around on the dow. up by 15 points. the s&p 500 off about 13 1/2 points we have also been watching the faang stocks this morning. let's show you where we are. we're going to talk apple in just a bit but right now you're looking at meta, it's at 98.88 after what was a tortured, tortured day -- or tortured two days amazon off 12% this morn

they are planning to lead the charge against gensler and the sec and will hold full committee hearingslanning from my understanding significant uptick in the hearings, and take the back bench, subcommittee hearings focus on sbc directors and this agenda. the end result, looking to throw a monkeywrench, to publicize what they are doing, and ipo document, see where amazon's carbon footprint is, this is what he is proposed to but that is where we are going with this. neil: following elon musk, hunting on big changes, kelly o'grady, what is going on. >> it is cast by 75%. in text released during the trial run up and the current structures not in line with other tech companies, and 8000 would be 1.6 million for industry standard, insane potential and on news of the 75% cut employees are spiraling, the source shared job postings are openly passed around on message boards and folks tell me those who support content moderation believe it would destroy the platform and having fewer moderators expose hacks of material. he is taking on $12 billion of debt to finance this so this would help with t

emily: have you spoken at all with gary gensler directly?now, we have regular dialogue with really everyone in d.c. my legal team and myself are down in d.c. almost weekly these days, so we speak with all different parts of the sec and other regulators. emily: now, look, recently there have been a ton of cases, fraud, d and bankruptcy in crypto. terra, celsius, three hours. why is now the right time to prove to the sec that this market is no worse in terms of market manipulation than others? michael: well, that is exactly the point. this significant market test of sec has laid out they believe protects investors from fraud and manipulation, and they got comfortable with that when it comes to bitcoin futures. well, the interesting thing and the flaw in that logic is bitcoin futures derive their pricing from the underlying spot bitcoin market which underpins gbtc and any other applications that has become in front of the sec and has ultimately been rejected or denied. i think what we are seeing in d.c. is the most engagement and understanding

gensler is project director says her team is applied their findings to san francisco. they found that office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to transit, something that has access to natural light, the shape of that building for plate. and is it easy to planned residential units within that existing workplace? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential for that. >> and the belt to really impact positively and the downtown and to really help. >> tampa go are resilient future assembly member haney says there's still plenty of commercial space available. >> and he's not concerned about running out of that in san francisco, amanda hari kron, 4 news. >> coming up next, good news from california theme parks. findings from a new report on how they've done during the pandemic. well, do you consider yourself a good cook? a new study says most parents would say no to 1000 paren

gensler is project director says her team is applied their findings to san francisco.they found the office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to something that has access to natural light, the shape of that building floor plate. and is it easy to plan residential units within that existing workplace? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential for that. >> and the belt to really impact positively and the downtown and to really help tampa could go are resilient future assembly member haney says there's still plenty of commercial space available. >> and he's not concerned about running out of that in san francisco, amanda hari kron, 4 news. >> for your money this morning, california officials have a new timeline on when you might see the latest stimulus checks hitting your bank account. the first round of inflation relief payments or for people who received previous golden

to apply for these to do the conversion to the city of calgary, canada hired the architecture firm gensler, which was founded in san francisco. >> to create a system to determine which office buildings would be ideal to become homes. project director says her team is applied their findings to san francisco. they found that office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to transit, something that has access to natural light, the shape of that building for plate. and is it easy to planned residential units within that existing workplace? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential for that. >> and the belt to really impact positively and the downtown and to really help. >> tampa go are resilient future assembly member haney says there's still plenty of commercial space available. >> and he's not concerned about running out of that in san francisco, amanda hari kron, 4 news. >> still to come on the

we just interviewed katie hahn last week, and she also leaves that gary gensler's approach is creatingnfusion. take a listen to what she had to say. katie: able just tell you what i hear from funders. they told me they are very confused because they are told, come in and talk to us. but then you have one company who did the ultimate act of coming in and registering, coinbase. there is still a lot of saber-rattling going on, i think. emily: what do you think? is there a lot of confusion happening because of regulation, or is that sec trying to create a path to a little bit more certainty along the lines of, yes, there could be consequences if you do something we believe is wrong? meltem: i absolutely agree with katie's perspective. great respect for katie, she has been in the belly of the beast, on the hill. she has seen how these policies get made. i do think it is really confusing. one of the biggest costs for crypto companies and crypto projects today is compliance. these are early-stage financial technology startups, and they are spending millions of dollars not only on trying to un

this is what the chairman, gary gensler, said.that whenever celebrities or influencers endorse investment opportunity thes including crypto asset securities, it doesn't mean those investment products are right for investors. are they making an example out of her? she put hashtag add at the bottom of that etherium max post, and does anybody really thinmattday. monowhen he promotes -- matt damon? stuart: you may not be an influencers on investment advic- lauren: michael saylor promotion on all of his channels microstrategy and bitcoin. stuart: there you go. what about him? >> how many people get crypto advice from kim kardashian? stuart: very good question. [laughter] there's a lot. well done. >>> the democrats keep pushing up inflation, but the president says he doesn't want to hear about it anymore. watch this. >> i'm so sick of republicans saying we're the big spenders. give me a break. stuart: steve forbes on that coming up for you. now that queen, queen elizabeth, is gone, some people want to take her image off the australian c

and as you see gary gensler has been less open to adapt existing laws for crypto the chairman at fintecherday saying the opposite. >> we are going to have to adapt. there is no doubt about it. >> this is not a very, like, in the box moment where everything is clear and perfect this technology is very different. it's very new and all agencies are going to have to adapt the current structure we have because in not built decades ago, we are, you know, moving in an evolutionary time >> time is running out for a crypto bill to pass with the midterms coming up the blockchain association, a lobbying group in d.c., says the digital commodity consumer protection act has the best shot right now of getting a vote. another avenue we might see for clarity is the u.s. court system this morning grayscale filed an opening brief in its lawsuit against the s.e.c. you see multiple lawsuits against the s.e.c. there these legal decisions could set new statutes and, therefore, set some guardrails the industry is looking for. sheila warren tells me there is a risk that the court system front runs any of that l

to apply for these to do the conversion to the city of calgary, canada hired the architecture firm gensler which was founded in san francisco. >> to create a system to determine which office buildings would be ideal to become homes. project director says her team is applied their findings to san francisco. they found the office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to trance that something that has access to natural light, the shape of that building floor plate. and is it easy to planned residential units within that existing workplace? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential for that. >> and the belt to really impact positively and the downtown and to really help tampa could go are resilient future assembly member haney says there's still plenty of commercial space available. >> and he's not concerned about running out of that in san francisco, amanda hari kron, 4 news. >> 7.51, on the clo

remember he told liz that sec chair gary gensler had a plan to change market making?p after the midterms thwart that agenda? shar charlie's going to talk about that when he breaks that next. take a look at the big board. we are breaking new session highs, as you can see, dow up 755. a strong market as we go into your friday evening. happy hour a little bit earlied today to. we'll be right back. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ here goes nothing. hey greg. uhh...hello? it's me, your heart! really? yes! recording an ekg in 30 seconds. tada! wow, that was fast. you know it! kardia offers the only personal ekgs that detect six

to apply for these to do the conversion to the city of calgary, canada hired the architecture firm gensler, which was founded in san francisco to create a system to determine which office buildings would be ideal to become homes. project director says her team is applied their findings to san francisco. they found the office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to trance that something that has asked that a natural light, the shape of that building floor plate. and is it easy to planned residential units within that were playing? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential for that. >> and the belt to really impact positively and the downtown and to really help. >> and that could go are resilient future. >> says there is still plenty of commercial space available and he's not concerned about running out of that. if they do convert some of the offices into homes live in san francisco. amanda ha

lots of people believe gary gensler is going after low-hanging fruit, you have scam after scam afterair to say the sec is going after low-hanging fruit, with the kim kardashian situation, that is something would get a lot of media attention. everything involving the kardashians gets media attention. charles: they are missing everything else. >> there are a lot of things the sec should have stepped in and prevented before harm was caused. this and the coinbase trading things that happened few weeks ago, the sec is trying to get small wins or settlements against people, individuals associated with coinbase, saying this one crypto, group of cryptocurrencies are securities. they're in our area. they are trying to get wins through the settlements, the facts whether it's a security or not are not being debated. >> credibility pass they press their case to make it official? >> i think they would like to rely on those wins. charles: right. >> but we have examples of companies and projects that are going and litigating against the ask. sec prove it's a security. in the sec's world they would

to apply for these to do the conversion to the city of calgary, canada hired the architecture firm gensler, which was founded in san francisco to create a system to determine which office buildings would be ideal to become homes. project director says her team is applied their findings to san francisco. they found that office buildings built in the 50's and 60's are good candidates and over a building site that has a location that has that very walkable and located close to trance that something that has to natural light, the shape of that building floor plate. and is it easy to planned residential units within that were playing? she believes creating more housing in the city could make the city more lively after the 9 to 5 ers go home, feel a lot of potential that. >> and the belt to really impact. >> positively and the downtown and to really help. and that could go are resilient future. >> haney says there's still plenty of commercial space available and he's not concerned about losing enough of that because of adding some housing live in san francisco. amanda hari kron, 4 news. amanda,

is doing around climate it feels like the rules that gary gensler was trying to put into place may notyou've seen regulators go beyond their core remit and if you have what i would say is divided government, i think there will be more of a check on that >> we had gary gensler on the program last week and spoke with him about that you feel there's too much overreach that's come? >> look, i think -- i believe in effective administrative state i think the women and men at the s.e.c. do an incredible job. the price discovery in our markets today is what's driving policy it is really important as i say, though, they're not climate scientists they don't know what our transition plan is if we're going to have a transition to a greener energy environment, what is that? the s.e.c. should not be at the center of setting that i think -- that's the -- that's not controversial. >> what should also maybe not be controversial is what is s.e.c. is trying to put in place is not a direction of what should happen, it's just saying, disclose so investors can figure it out, if they want to. >> i think that

really quick, if you want to know how they are prioritizing things, i suggest you ask chair gensler. i think he works from home most of the time. regardless, i will focus on my reading of the tea leaves which is a safer space for me to be then to suggest i know what they were thinking. i will start with -- when so much of the trading is centralized, it. is easier to focus you rob a bank -- it is easier to focus. that is one thing. you are dealing with a handful of problems. we are also dealing with the chair of the sec who is very familiar with the financial services as goldman sachs and from a regulatory perspective at the treasury department. in both circumstances the chair of the sec was able to call up a handful of large financial intermediaries and say i am concerned. i would like you to meet me tomorrow at noon. bring your general counsel. we will have a chat pick up a phone call -- we will have a chat. pick up a phone call. regulatory entities have a tendency to respond to regulators. will come right in. i say this as a former defense counsel. the responses we will come right

what do you think of what gary ri gensler has done in this particular case to ms.g an example i think in some ways to an example about her. >> i hate talking about gary on live air so i'm going to refrain from talking about gary. i would just say i get the statement that they're making. i was surprised that they went that far given the disclosure that was put into the stuff that she sent out you know, people like me, we're broker/dealers, we're registered, we have all of the different things that we need to do to be prepared for something like that. i don't -- i don't like doing that to people, but i understand where he's going and he's trying to send a message of regulatory compliance to people but i'm not into the witch hunt game my old friend rudy giuliani, he went after everybody there was a lot of people on the front page of the new york post in the '80s and the '90s a lot of those people's lives got ruined i'm not in love with the witch hunt business. >> there's a checkers and chess game being played. effectively one of the things he's trying to do is grab et

i refuse to believe this is a sophomore turf war between krista johnson and my good friend gary genslert to do with bitcoin and -- >> a great question and a necessary one. a $2 trillion asset selloff will come sharply into focus. for my perspective, institutional investors and retail investors. starting with the latter. we have to think about the reality that retail investors have suffered losses in light of the crypto winter. we couple this thinking with the bank of new york's announcement yesterday. this is alexander hamilton's bank founded at one of the oldest in the history of the nation. on its platform it will serve not only the traditional financial product but cryptocurrency. suggesting that in the near and not distant future they will be investing in this as well. ethan: the -- tom: they kept from commissioner johnson my thoughts on bitcoin. we will not go there. there is a guy named diamond -- dimon going both ways on bitcoin. excuse me jamie, but something like it is a fraud and we need to learn what to do about it. helping banks on this is a fraud versus this is what we need