those are the words of jay clayton.e spoke with the sec chairman and asked him if the agency is obliged to offer initial coin offerings. >> that's the job of the sec. it springs out of what happened in the 1920's when you had what we would call today unregulated public offerings with unregulated trading, which is what you see in a lot of these ipos. you see people going for a broad spectrum of investors, promising trading in the secondary market. each of those transactions is unregulated. we decided in 1933 that that was a really bad idea. and if you look at what is actually happening in that market, it is a really bad idea. once again, proving that the people who wrote the security laws back in the 1930's, they knew what they were doing. we have adjusted the laws for technology and i want to continue to do that. part of what i was saying about tricking the time is technology is now available what people can assess and offering in a much shorter period of time. we have done all that. but the fundamental principle, if yo

david: i will talk to jay clayton, the ec's -- the sec chairman about what he wants to do wt sec.ncourage ipo's. some cbs asere is well. david: overnight, cvs has filed with the fcc -- fec thing they could not change the bylaws to increase the voting power. cvs is ending up on his doorstep. alix: this is basically like your homeland. but we will take some of your interview as well and you can watch the full interview if you go to live go -- live on your terminal. dow jones futures off by about 178 points. european stocks are lower. energy stocks are rolling over. potentially the next prime minister as well as the head of the five star and the league as well. in other asset classes, it is a strong war risk off story in the currency and treasury and bond market. euro-yen the big performer, down to a nine-month low, off by almost a full 1.5%. also seeing strong buying in ds.ds and bun we do have that five-year 1:00, 36 billion dollars, watching how the market winds up absorbing that. the vix also higher but not as much as you would think. jpmorgan paring back expectations for an

i have written two letters to jay clayton, respectful letters, asking what did you learn between your first ask and second ask because the first ask ruined the business and when you lose $140 million of revenue, that's a lot of money. no response. i'll give you a true story about two months ago, i went to a seminar sponsored by a major accounting firm, one of the largest in the country i went because mary jo white was the guest speaker. she was the head of the s.e.c. when the case was brought. i walk over to her, i introduce myself i say look, i had a witness to the conversation i'm too much of a gentleman to take you on publicly, but here's a sealed envelope. in the envelope was a question if you answer the question, i would give $100,000 to your favorite charity her response was, gee, i can't wait what's the question? i said, what did you learn between your first ask, which i rejected, and your second ask, which i would have accepted if it was the first ask and her response was, innocent people, i don't want to put words in her mouth she said innocent people often settle because the