reid hoffman, greylock partner and founder of linkedin, thank you.g up, jesse powell talks about the importance of having reserves in the wake of the latest crypto blowup. he joins us next. this is bloomberg. ♪ >> we are seeing this in real time, how this is unfolding in real time. we saw it in the spring as well, in real time, that investors are getting hurt. lack of disclosure. we have seen the use of other people's money and trading ahead and using other people's money, but we have also seen the use of leverage. emily: sec chair gary gensler in the wake of crypto turmoil. cryptocurrencies tumbling after binance backed out of the ftx acquisition. the ceo saying binance will start showing proof of reserves to garner trust in the crypto community. the u.s. is investigating ftx. jesse powell is the outgoing founder of crypto exchange transparent about proof of -- founder of crypto exchange kraken, which has been transparent about proof of reserves. jesse, what just happened? it was happening and now it is not. jesse: yeah, it seems like there was a de