also jay clayton were before the senate banking committee not too long ago and they spent a lot of time talking about digital currencies what's your take on that hearing well i think it was a pretty interesting hearing and i think you can paraphrase some old philosophers to basically get the bottom line of what he what he individual said i think therefore i am that was descartes but i think christian kawa his view was it's there so therefore i have to deal with it i think jay clayton was the only thing we have to fear is fear itself his message was for main street investors we have to fear everything especially crypto currencies i think you sort of dramatic contrast in the way that both individuals and their agencies are approaching cryptocurrency is right now that i think the most interesting thing from my perspective was christine carlo basically saying there's gaps in federal regulation they need to be filled in to make cryptocurrency safer for everybody and frankly jake layton agreed with that perspective i think a couple of things about that i think i agree with you i think you hav

also jay clayton were before the senate banking committee not too long ago and they spent a lot of time talking about digital currencies what's your take on that hearing well i think it was a pretty interesting hearing and i think you can paraphrase some old philosophers to basically get the bottom line of what he what he individual said. think therefore i am that was they cart but i think christian kahlo his view was it's there so therefore i have to deal with it i think jay clayton was the only thing we have to fear is fear itself his message was for main street investors we have to fear everything especially crypto currencies i think you sir are dramatic contrast in the way that both individuals and their agencies are approaching cryptocurrency is right now and i think the most interesting thing from my perspective was christine carlo basically saying there's gaps in federal regulation they need to be filled in to make the currency safer fairy body and frankly j. clayton agreed with that perspective i think a couple of things about that i think i agree with you i think you have the r

jay clayton spoke very eloquently at the fsb meeting recently in basil, switzerland. i think the message is getting through that this is not off the grid. i think part of that is now you are seeing it in the bitcoin price. as the word is getting out that we will go after misconduct i think you are starting it see that reflect in the price and i think that's an important step. >> with the little time we have left, there is pomp and domp circumstance. can you both address what your agencies are doing that combat that? >> this is one of the things that investors don't understand. >> me too. >> when you have an unregulated exchange. the ability to manipulate prices goes up significantly. >> right. >> and just a few coordinated sales can change a price. >> for e-mail, fraudulent e-mail. >> yes. >> i mentioned we formed this virtual currency enforcement task force. we've got some really good people on this. as we brought three access were there are more to come. we are digging deep and learning a lot and seeing a lot. and i don't want to get ahead of that other than to say

jay clayton spoke eloquently in switzerland. we are beginning our communication with other regulators. this is not off the grid. part of that is you are seeing it in the bitcoin price. as the word is getting out that we will go after misconduct, i think you are starting to see that reflect in the price. >> what little time we got left, public both of you to respond -- we got left, i would like both of you to respond. can you both address what your agencies are doing to combat that? amthis is one of things i worried that investors do not understand. when you have a unregulated exchange, the ability to manipulate prices goes up significantly. just a few cornet sales can change the price. -- just a few coordinated sales can change the price. we formed this virtual currency enforcement task force. we got some really good people on this. we brought three actions in the last few weeks. the are more to come. -- there are more to come. we are digging deep and seeing a lot. i don't want to get ahead of that, other than to say we are work

ben: we are about eight months and said chairman jay clayton's tenure.seen is a chairman who says we will not be suing people less or going easy on wall street. sometimes they could take a couple of years to take stock of what i'm doing. what we have seen is in the first -- basically through september, we did see a decrease byfinds by about -- fines about one third of the sec. we are also seeing an apparent change in how cases are being publicized, and which cases are being publicized. under the previous chairman, mary jo white, wall street firms complained about getting called up for the consider minor infractions. while we have seen so far initially is that some of those same cases are not getting the same press release treatment they got under mary jo white. it is not to say enforcement is not happening, but it does in there is a shift in terms of how it's being publicized. shery: go ahead. has come out strongly about he calls violations that target retail investors, for mr. and misses 401k. the industry has done press release work around ponzi scheme

a story we are watching, sec chair jay clayton is looking into whether increased regulation of cryptocurrencytforms is necessary. ofsays there is a level naÏvetÉ in some investors in the virtual currency space. >> i think our main street investors look at these virtual currency trading platforms and assume they are regulated in the same way that a stock exchange is regulated, and as i said, it is far from that and we should address the issue. emily: coming up, travis kalanick testifying in uber day two in uber versus waymo. what the place when he took the stand. this is bloomberg. ♪ emily: it is day two of the uber versus waymo trial. travis kalanick took the stand. he is the most anticipated witness at this trial, which is expected to last three weeks, and waymo went after him over the technology at the center of this case, the light radar technology that an engineer focused on at google. is bloomberg tech reporter at the courthouse in san francisco. he joins us now. i'm sure it was quite a show. what did travis have to say? >> it was interesting. there were jam sessions with anthony levando

for , bitcoin futures to start trading in december, and the fec on the other hand whose , chief jay claytont week as washington's chief cryptocurrency skeptic. there's a real difference in so opinion on what should be done about cryptocurrency. at the same time, there's increasing urgency to do something about it as the price falls. carol: and the technology section, why every electric vehicle supplier should hear catl. julia: and we are not talking cows. here is editor jeff muska's. julia: tell us about the city of ningde. things are changing. explain. jeff: for the past seven years or so, it is a metro area of about 4 million people, it has been home to catl, a spinoff of a japanese consumer electronics battery maker that has become the dominant capacity wise electric vehicle battery maker in china. become it's now setting its sights on the rest of the world. carol: how dominant are they in china? how aggressive are they trying to take over in the rest of the world when it comes to batteries? jeff: in the city proper, from an existing headquarters, it takes a half hour to get across by sh

jay clayton, chairman of the securities and exchange commission was priestly previoa lawyer who helpedhose being screwed by regulators. now he's regulating the same banks he used to defend against regulation. he's not the first to maim the move. keith worked at a former launch representing the banks and now he's return to the same firm. representative jim hinds, a democrat from. kat: th, 12-year veteran of goldman sachs. hinds now serves on the powerful financial services committee. regulating wall street. bridgewater, the hedge fund whose chief investment officer was so excited about a shakeout was founded by a billionaire, an active bunked her of campaign cash for politicians. he worked connections with friends to raise more funds for a campaign than they're allowed to give individually. in 2008 he had half a million dollars for john mccain. in the last 30 years hedge funds have dramatically increased their spending on political donations. in 1990 they spent 190,000 in 2016 they spent over $230 million. and who are the lucky legislators whlegislators who pe millions? >millions? surpr

jay clayton will be asked to assess the risk in the crypto space, that means bitcoin and other currencies its commentary on bitcoin and crypto exchanges has been limited. traders will be looking for some type of guidance on whether regulators will pursue a specific strategy like regulators in china and south korea. bitcoin lost over $1,000 in today's trade and is down about 65% from its mid december high but to put this move into perspective, this isn't the largest drop that we have seen in bitcoin it did lose over 90% back in late 2011. also worth noting, the selloff today not confined just to bitcoin. the rivals ether, light coin and ripple suffering double digit decline. >> thank you very much. >>> for more let's bring in michael boucella he's manager director of block tower, managing crypto investment fund. michael, people going to be looking to you for guidance, perspective and comfort. you may have to play psychologist tonight. >> yeah, that works for me. >> what do you say >> i think we're actually at a pretty exciting type for cryptocurrency on two fronts, the volatility and the o

jay clayton told a congressional s arettee that all ico' security failed. >> they only work for theirtegrated with the financial system. therefore, in necessarily touches on all legislation. jessica: at least two people killed and more injured in a powerful earthquake in taiwan. the ground floor of the marshall hotel collapsed, causing the death of two employees. it struck late tuesday about 20 kilometers off the eastern coast, exactly two years after a similar powerful earthquake killed 115 people in southern taiwan. higheste, hong kong's court overturned prison sentences for three activists convicted for their part in the 2014 democracy protest. a panel of five judges sided with them. in their appeal for jail terms. it was an unexpected victory. activists feared tougher laws made the introduced to control legislation -- demonstration. an important milestone with a successful launch. it will allow spacex to handle bigger payloads such as commercial satellites. elon musk said the launch will if theidered a success falcon heavy did not explode after liftoff. global news 24 hours a day,

chairman jay clayton and jay christopher giancarlo will testify in front of the senate committee on banking and housing and urban affairs on regulatory oversight of virtual currency. but regulation hasn't pushed everyone out the door. two long only funds that i spoke to say the rollout of the lightning network, it is a technology that is said to make bitcoin easier and faster to use could be a catalyst for the price of bitcoin but it is still jell to -- yet to be determined when it will be fully implemented. back to you. >> doing my best brian sullivan van. we're at the board. >> and the oils now 765, up 182 from a year ago. we've been teetering back and forth. add and subtract a few but the addition of six is on the higher side with production topping 10 million barrels a day. with production still rising, a lot of weight on the shoulders of demand trends to pull through. back to you. >>> sunday is a huge day for domino's as americans will order millions and millions and even billions of pizza while watching the super bowl but june 30th is also a huge day for the company. and that is when

point out next week there is one big event happening on tuesday and that is the sec commissioner jay claytonying in front of the senate in washington, d.c., on tuesday, february 6th the top sick virtual currency. the comments we hear from both of those gentlemen will clearly be something that cryptocurrency world will be watching very closely. guys, back to you. >> seema, these levels are important though because these are right around the levels of thanks giving, right, when a lot of people started getting in that's when we saw the huge rise in the number of wallets created or coin based accounts being opened >> it was around thanksgiving when they revealed interesting number on the accounts they accumulated. it was around 11 million since then, i've been asking them for an update on the number of accounts. but they have declined to reveal that number. but i clearly the retail trader has been a big part of the later stage in bitcoin's boom. that's something we saw really around the holiday season. but since then, of course, it's been really a rough start for 2018 >> all right seema, thank y

india cracking down on the space investors are anticipating some type of regulatory framework from jay claytonho will be in the hot seat the hearing is set for 10:00 a.m. eastern, and those comments will likely be market moving, michelle >> the whole crypto world has that on their calendar for tomorrow thanks >>> another big selloff on wall street here's what everyone wants to know just a blip and the rally is going to resume or is this the start of something bigger? we're all over it as the second hour of "power" begins right after this break portunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not. and that kind of financial confidence can help you sleep better at night. with the right financial advisor, life can be brilliant. at holiday inn express, we can't guarantee that you'll be able to contain yourself at our breakfast bar. morning, egg white omelet. sup lady bacon! fruit, there it is! but we can guarantee that you'll get the best price