diego: the occ release much-needed letters that provided regulatory clarity and nationalanks banks cannd can't do with the digital assets. there are letters like that that will help the registries mature. we now know that they cannot provide banking services to crypto businesses and can also participate in certain activities related to stable currency. that's all good news. joe: one of the things we have seen as a couple companies this year keep their treasury stock, their money in bitcoin specifically, microstrategy, which is already pretty in tune to bitcoin, buying $50 million worth. how much do you anticipate that being a source of institutional demand, as opposed to asset managers wanting to have a strategic allocation? diego: what we are seeing at anchorage is all of those be true. investors are looking at this asset class as a diversification in their portfolio. we are looking at, like you mentioned, publicly traded companies that are putting hundreds of millions of dollars on their treasury balance sheet, and they say it is for capital preservation. not wanting to have dollars

the occ finding citigroup $400 million.ine, but a consent order is put in place on the company which means within 120 days they have to conduct a gap analysis of their risk management framework and internal control systems of the within 45 days by the end of the calendar quarter after that until it's lifted, they have to continue to review those risk management issues. the important thing on this, consent order versus consent orders we learned about in recent years with the big banks like wells fargo, it doesn't restrict their ability it will be something that is quite a heavy burden and a cost even though they've already committed a lot of capital already to meet these rierms going forward. we got a statement from the bank as well saying, quote, we are disappointed we've fallen short of our regulators' expectations and we are fully committed to addressing the issues in the consent order. further down they say our clients and customers are depending on us to support them through the cries. we have the resources we need to d

week, i think through its growth, i think it's going higher >> karen >> citigroup trades down on this occ for citigroup is really 20 cents. >> tim is on the phone >> i miss y'all. copper up big 7 1/2% i think goes higher. >> guy >> i have the best st gpofiify t of all i promise to help you find it. "mad money" starts now hey, i am cramer welcome to "mad money. just trying the make some money for my friends call me at 1800-743-cnbc when the president tweets something that causes the stock markgo

the cfo talked about those consent orders and federal occ orders.ution wasn't quick or easy. glenn: the solution is not quick or easy, and it is not exactly up to them. the fed gave them a timeline to come up with an all-encompassing plan presented to them, and another 90 days to put it in motion. i appreciate that analysts want the answer right now. how much will it cost and when will it be done? they don't know and the regulators don't want them to throw a number at it today. they want them to take the three or four months to fully vet it and finally be done with this. this is something the regulators wanted done in past years. they are in the penalty box. as much as i want the number and timeframe, i understand it is not realistic to get it right now. shery: great to have your insights. , apple unveils the new iphone range with five gtech. will this kickstart a new era of growth? we discuss. this is bloomberg. ♪ shery: apple has unveiled the new iphone at a virtual event, promising they will be thinner, lighter and faster with long-awaited 5g tec

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