s.e.c. sketchy receiving a wells notice over their lend program. >>> plus paypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. apple announcing new products unveiled next week and we have what to expect julia? >> and shares of coinbase moving lower this morning after the company received a wells notice from the s.e.c. over a product called coinbase lend lending crypto assets. now those plans have been put on hold until at least october. coinbase says they are caught off guard by the s.e.c.'s actions. ceo brian armstrong tweeting the s.e.c. refused to meet with him in may during a trip to washington, d.c. saying they weren't meeting with any crypto companies at all direct listing price up less than 5%. going public, since going public in april what do you make of armstrong taking a relatively aggressive stance and will lend be able to launch at all? >> julia, in a way makes sense to take an aggressive stance, because he wants to move hi

the s.e.c. threatens to sue coin base what are the risks for investors and what does it mean long term? an analyst will name names >> tyler, thank you very much. here is your market check. the dow is down about a third of a percent. the s&p lower by 11. the nasdaq lower by 100. we're seeing the worst performance and utilities no one likes to see as the best performer. coin base is trading lower it's at the center of a public fight with the s.e.c more on that later in the show and shares of paypag are pulling back about 2% after the company acquired a japanese company for $2.7 billion to date >>> the fed releases its beige book, economic activity across all 12 federal reserve districts. steve liesman is looking through the report and will bring us the headlines in a moment. also with us is the chief economist at grant thornton and rick santelli. diane, one of the drawbacks of this report is so much has happened since the data was collected. number one, a jobs report that disappointed and, number

in a few moments, s.e.c. chair gary gensler is with us to discuss everything from crypto regulation to china to spacs to gamification and payment for order flow lots to get to with the chair. in the meantime, futures steady. china weakness is again on the radar. nice upside surprise from empire today at nearly twice the estimate, david. >> carl, yeah, we do have a special show for our viewers today as we will devote our first half hour with s.e.c. chair gary gensler this follows his testimony before the senate banking committee yesterday. we have so many important issues to cover with the s.e.c. chair we're going to hope to move through sort of some of the following regulatory topics, crypto, robinhood, specifically, payment for order flow, the spac market china, of course concerns there as well or here over the vie structure that's used by so many u.s. listed chinese companies. want to get to the fallout from the meltdown of archegos, also esg. you can tell lots to do. with that let's bring in the s.e.c. cha

coinbase calls the s.e.c.ypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. appl

he said the s.e.c.d need to hire more people to do what they need to do he reiterated on a number of points the importance of transparency and disclosures and also compared robinhood to draft kings saying that day trade something effectively gambling looking at his approach broadly, how do you expect that to impact all the different fintech companies? >> i think that -- yeah, like the regulation and -- hi, julie, great to be on the show. but the regulation is something we expected to come. and you will probably get -- if any news or any regulatory news you will get sort of, you know a bit of a bump in the stock but then obviously the users or the demand for the users is so big you'll get more users doing more services. even after the initial bump it's going to be a buying opportunity because i expect the revenues and the profits to keep going up so unless you are getting a complete shutdown, which i cannot foresee i think it's a bump in the road at most and then you'll see more growth coming down the ro

the s.e.c.up its crypto scrutiny. and many players are flouting the rules. details next. this is bloomberg. ♪ bloomberg. ♪ sophie: time for morning calls ahead of the asia trading day. markets assessing fallout from evergrande with regulators being looked to for more clarity and over at barclays they do anticipate a significant drag on property if a default happens. but they see the situation as far from being china's lehman moment. and capital economics, they expect authorities will ensure that households exposed to evergrande and other struggling developers will be made hole to limit the wider economic damage. but this is not to downplay the potential risk given the property sector is at the tail end of a 25-year boom. which has seen construction outweighing other sectors when it comes to contribution to china's g.d.p. so flipping the board capital economics does remain downbeat on chinese equity markets, prospects in light of the structural head winds that face the country even if the economy

she was surprised the s.e.c.he wells notice listen >> i was shocked when i saw wells notice are you kidding? they haven't even released the product. what is this and i think what that wells notice is doing, it's a callout by regulators saying, we've got to discuss this stuff because this is happening very quickly and i think we are going to bring courts into the system >> piper sandler analyst has a new note saying the coinbase may be overdone. it's good to have you here let's talk about the s.e.c. wells notice, any action that may be coming from the regulatory group why aren't you more concerned about that >> well, i tell you, the one thing the industry i think doesn't need is more regulatory clarity and transparency this issue was sort of a colorful issue and it's really hard to explain. i don't think kathy wood could explain it but i think ultimately the regulators are battling for, you know, responsibility and they're moving fast. and i think the end result is going to be -- overall is going to be more clarit

the s.e.c. and small caps are getting hit hard down more than a percent. we have 59 minutes left to go in the trading session. wilf >> coming up, wall street heavyweights are weighing in on whether americans should invest in china hedge fund manager kyle bass will join us with his thoughts >>> plus, live nation expects millions of fans at its festivals in the second half of the year but will the delta variant keep customers away we'll have the company's president. >>> let's get to the big stories we're watching mike santoli and seema mody with the latest on the brewing battle between coinbase and the sk. mike, what are you focusing on >> morgan, continued hesitant feel in the market some unease out there. more strategists coming out saying brace for a little bit of choppiness in reality, not creating that much net damage at the index level. certainly in defensive leadership, the majority of stocks down today. we've absolutely kind of capped out and stalled to some degree if you look at the s&p 5

and i think the s.e.c. is approach it correctly.that spacs are going to continue to be part of the market place i think the absurd boom in spacs that took place some time ago is not going to be repeated at least not in the foreseeable future but spacs by the strong sponsors are still interesting financial -- and now the other i think very important thing that is going on and this just happened today is that the new york stock exchange has proposed a rule change and the s.e.c. is planning to put it up for public comment in a week or so and that rule change is going to permit the existence of what bill acman has called sparks which is a different kind of acquisition company, one that is in many respects much more investor friendly than a spac and we're working on one of those sparks for pershing square right now and if that rule change is adopted and there is no assurance that it will be but it will be out for public comment, if that rule change is adapted we'll see a different kind of acquisition company. one where investors have the

the big threat to the crypto has always been regulation earlier today on cnbc the s.e.c. chair said regulation will be coming >> i look forward to about how we bring basic investor protection to protect people against fraud manipulation this is an area rife with fraud and abuse. >> one reason is more big names and hedge funds are getting invested in them hedge funds focused on cryptocurrencies gain 24% in august and have returned 145%. yeah, you heard me right according to eureka hedge the latest big name to dip its toe into the water is steve cohen. the mets' owner is investing in a crypto trading firm. maybe it will help him get some better players and bridgewater's ray dalio is making a big bet telling cnbc today he is holding some bitcoin. >> i think it's worth considering all the alternatives to cash and to some of the financial assets, and so bitcoin is a possibility i have a certain amount of money in bitcoin >> that's the story on all of these cryptos, kelly there is a lot to cover today. >> the government is trying to close a loophole robert frank has that story.

and in europe and elsewhere is incredibly important i think what we heard out of the s.e.c. in recent months, in my view, very positive for the whole crypto space of course, there is a lot of confusion and in the u.s. with significant debate about which agency is responsible for which aspects of crypto regulation i think gary gensler has taken the lead in trying to push the s.e.c. forward and bring people together on this janet yellen as well we know it with a lot of institutional investors. they are frustrated because of the mandates from clients. they may not be allowed to hold or trade in crypto that is very frustrating a better regulatory environment will help a lot. >> let's go one step further and talk about a very important topic in the regulation space. this is that of the stable coin which is going through investigation. it has been banned in canada from use on two exchanges. we know the whole world is waiting for a transparent audit of the balance sheet wil let me ask you the link between the flows that go into tether and the price support that we see in bitcoin >>

built for now. ♪♪ >>> the s.e.c.ale investigation into video game publishing giant activism blizzard how they handled employee allegations of sexual misconduct and workplace discrimination, according to a report out yesterday in "the wall street journal. s.e.c. subpoenaed act vision known for game franchises like call of duty and warcraft. the agency's requesting documents regarding board meeting minutes, personnel files and separation agreements the company reached with staffers this year. in addition to communications with other senior executives regarding sexual harassment or discrimination complaints by employees. activism blizzard's top lawyer has also stepped down and this morning, julia, it is if employs activision's top lawyer has stepped down and this morning, julia, if not the biggest laggard on the ndx it is one of them >> yeah. that stock now down 2.5% it will be interesting to see what the next shoe to drop is in that investigation >>> mean term bernstein,with the long term. amazon, vase and dark horse n

you have been working with the s.e.c. and working with the s.e.c.rs to try to get this flagship fund up officially as a widely available etf. what do you think right now, if you could take us behind the scenes, is the single gating factor >> i think the s.e.c. has been pretty public about this they looked at the underlining bitcoin market and previously said there was not enough surveillance of the spot market for bitcoin and they want surveillance sharing in place. they wanted significant regulated markets. again, perhaps going off chairman gensler's commentary, it signals the previous concerns have now been resolved >> the next question i have to the extent your etf or other etfs do get approved in time, if we believe we get there, what do you think that does to the value of bitcoin is that a 10% bump or 20% pump or 5% bump maybe it is baked into the valuation which is to say any forward looking person would say i think this is a likelihood this is going to happen. there is a risk it doesn't we don't know when >> there is no question we think it i

he says we know who got an s.e.c. subpoena over gamestop.ptember 21 we have reached out to gamestop, the s.e.c. and others. but the hedge fund manager famous for contrarian short positions highlighted in the book "the big short. he has been a gamestop investor and unclear on exactly the details of the subpoena and will let you know when we have more. >> keeps on giving thank you. >>> still ahead netflix taking a page from disney's play book coming up find out how it could help the growth strategy help the that'h strategy yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...? hey...but what about for existing customers? same deal. it's the same deal. is he ok? it's not complicated. with at&t, everyone gets our best deals on every smartphone. >>> time for a cnbc news update with frank holland. >> here's a news update for this hour president biden will not invoke executive privilege to shield president trump's records from a congressional probe into the january 6 insurrection the white house saying i

what he has to say about the ongoing battle between coinbase and the s.e.c.. spacex makes history. this could usher in a new era in human spaceflight. much more than tiktok and podcast. we will talk investing in building the next generation. let's get a look at the markets with kriti gupta. the september swoon resumes. >> what is interesting here is we actually ended much higher than we were for a majority of the session. we were down 0% on the is and be 500. -- s&p 500. look at what they buy. they bought tech and not just any tech, they bought biotech and semiconductors. this is pre-much flat but higher than the s&p 500. a lot of that has to do with semiconductors. i really want to highlight electric vehicles. leisure vehicles are doing really well. there outperforming. they are paring some of those gains. this is a really big story. looking at this terminal sales, we did have an august sale coming in compared to an estimate decline. that idea that retail sales are down, not so true today. you can see there will they relate -- that technically place. we will show you the other pie

. >>> robinhood calls the s.e.c. d eth odronn. aoern pace for the best week since early august.k since early august. we're back in two. ...real life. (dad) she's gonna be a drummer. unlimited 2% cash back on purchases. that's real life ready. if you're 55 and up, t-mobile has plans built just for you whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. that's our everyday price. plus, our plans always come with unlimited talk, text and data included. so, switch to t-mobile and get 2 lines of unlimited for only $27.50 a line. that's half the price of verizon or at&t. only at t-mobile. the leader in 5g. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position

game, set, match >> s.e.c.his response >> we have something in america where nearly half of the trading is going to dark pools and to the wholesalers, one of whom you were just interviewing wholesalers that dominate and concentrate the market and even that which is on the so-called lit markets, the new york stock exchange and nasdaq, many of the trades there are not being fully displayed. so this concept of price improvement is against a measuring stick which is a measuring stick that's not wholly reflective of the market. >> peter, where do you stand on this debate? >> -- with gamestop on the robinhood platform and the congressional hearings around that. and so i think what the s.e.c. is trying to do is they're trying to stick their hooks into something that they somehow viscerally or intuitively feel is wrong with the markets right now, and they really don't have a way to regulate it so they are using payment for order flow as a means to do so and really at the end of the day, they are more concerned about in

good morning >> good morning, brian that's right so the s.e.c.s issuing the latest warning to investors looking to put money to work in chinese companies. a regulator detailed the potential risks in putting money to work in companies that have contact but no control over their chinese entities and india could surpass the fifth market by 2024 the pipeline for future listings is expected to remain strong over the next two years. as many as 150 private firms could potentially list on the stock market over the next 36 months adding as much as $400 billion of market value >>> house democrats say they will try to pass a bill that prevents a government shutdown and suspends the u.s. debt limit until the end of next year as they try to dodge two possibly crises in one move congress faces a september 30th deadline to fund the federal government separately janet yellen has told lawmakers the u.s. will likely not be able to pay its bills in october if congress does not raise or suspend the debt ceiling. brian? >> fiscal cliff certainly is part of the whole

he does say stable coins will be the first to get regulated >> i can imagine the s.e.c.r real might i actually agree with something we are doing i think, carl, in a way to tie this back to the elizabeth holmes question, julia, it's like how long do you let these promising, perhaps innovations run before it's time to stop the clock and determine whether they really are good for the people who they're supposed to be good for? >> yes, jon, and then i would tie it into the whole facebook question and the issue of regulation, this idea that regulation is inevitable and the sooner it happens the better for everyone involved to know what those guidelines are it all comes full circle here today. >>> and meanwhile, miss part of the show don't forget to follow and subscribe to our podcast listen any time, anywhere, wherever you download podcasts "techcheck" is back in a moment. if you're 55 and up, t-mobile has plans built just for you whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited

. >>> and a crypto conundrum an s.e.c.ound the corner could spell either doom or gloom or bitcoin or possibly create a massive buying opportunity. we will check into all of those stories coming up after this [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand.

and we do see the likes of the s.e.c. really trying to react to that and protect investor interest there. more insight into these markets, the recent rise in global yields, from 1879 advisor vice chairman bruder man givings -- breurdman giving his his views. "daybreak" arab is next. this is bloomberg. haidi: hello o daybreak asia. sophie: we are counting down to the major market opens. shery: good evening from new york. our top stories this hour. a cautious mood for asian investors after a jump in treasury yields and oil prices weighing on u.s. equities. a fed president stepped down

day, doug cifu will join us with his reaction to today's senate testimony from gary gensler of the s.e.c., and why he disagrees on payment for order of flow >>> plus josh friedman from canyon partners, gives us his read >>> lots to fog can on, though, on the big torrie. first mike santoli is tracking the market act as always josh lipton has the highlights from apple's big event, which may have been the trigger for some of this selling. >> the market, though, has been trading kind of loosely the last week and a half. we have this seasonal window that opened up, september weakness, policy flux, as well as i keep talking about the third week of the month, where around the 19th and the options expiration we've had these pullbacks that ended up being little vs on the chart, we're maybe on the cusp of one o these other visits to the s&p's 50-day average that has been where the market has roughly bottomed, so all of those things i think keeping buyer on the sidelines we also have just fully invested, you know, professionals and retail coming into this month and therefore didn't, quote, need to

and the s.e.c. would weaponnize to name and shame politically incorrect company pick winners and losers and discriminate against energy firms and returns to investors. the s.e.c. would compromise firms ahead of performance. fees for funds are 43% higher and many low ranked stocks. they outperform the market overall. we must not harm american savers by you nonprecuniary job skwrebgttives and lower carbon apheugs. the biden securities and exchange commission would increase compliance costs and discourage private companies from going public and encourage them to go private resulting in fewer choices and this is why the s.e.c. is hoisting these on private companies. and like climate change through a top-down one size fits all disclosure regulation unintelligentered to the materiality standard will politicize the agency and reduce its credibility elevating. here's the bottom line, not only is the biden administration waging an assault on energy companies that provide american people particularly low inco

maybe feeling the heat of an s.e.c. crackdown. for greg bonnell, i'm matt miller.is bloomberg. ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress, and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. >> i'm karina mitchell. president biden will serve a damage from hurricane i do today as he visits louisiana, or hundreds of thousands of homes and businesses remain without electricity. he will meet with governor john bel edwards and officials. the storm's path of destruction stretches from the gulf coast to the new york city region. about 6000 national guard members have been deployed to louisiana, mississippi, alabama, and texas. in a surprise announcement, japan's prime minister said he will re

. >> reporter: in the heart of s.e.c. country it feels like 2019 not. the fans to decide. and some students tolell me the don't want to talk about covid at all. >> we don't want to talk about it. we are done with the covid talk. we are ready to be over with it. >> reporter: lsu remains the only s.e.c. school to require negative covid-19 tests or vaccine to watch game in its stadium. the battle continues in florida between some school districts fighting to enforce mask mandates against the governor's orders. >> the long-term benefit of doing the right thing absolutely outweighs the short-term fear of the consequences, particularly when we're talking about salaries. and the administration has taken proactive measures that should that be the case, those funds can be replenished. >> reporter: in kentucky -- >> i want to go home. but i can't go home because i can't breathe still. >> reporter: unvaccinated billy fights covid-19 as the state's general assembly overrode the governor's veto. no school mask mandates. >> i do believe that endangers kids. my hope i

is the s.e.c.ying anything any regulatory arm looking into this. >> we reached out -- gary gensler went on the show and said that the s.e.c. is strapped and understaffed so i anticipate that they're going to look at this and hopefully they would consider this low hanging fruit for them to pursue. >> thanks for bringing it to us. go check out the story definitely worth a read. thunderstorm ov fisher meeting with annual iting hitting all-time highs because jim and jenny both own it. farmer jim i haven't heard from you in a while you go first >> thanks. and i feel like i haven't talked about thermo-fisher in a while i should be. this stock a workhorse the guidance they came out for this year and next year is tremendous next year blows away estimates they see a good line of sight over the next four years it's not dependent on covid. we all want covid to go away but it's not dependent it's on continuing drug development in developed worlds. they have made excellent acquisitions next year likely to do a

the s.e.c.

interestingly enough, the s.e.c.transaction, he stepped -- the spac stepped away from the acquisition of the shares but pershing square, his hedge fund, stepped into the shoes, be effectively. so investors in pershing square should be happy today. public investors in pershing square tonteen should be upset. >> maybe upset with the s.e.c. at this point? >> that too. i would imagine, you know, the -- they call them the tonteenites, not apes, you would think they would maybe have some words for gary gensler or others. >> that's what they call themselves >> they also have another phrase but this is a family show. >> i'm curious. >> yeah. >> so all the things we used to say. so they do call -- >> just like the apes, there's the apes >> remember the tazarians. >> i do. >> don't taze me, bro. >> don't taze me >>> looking forward to our conversation with dara later today. that's big news and will be something to watch. >>> also mark grant is going to join us next to weigh in on tomorrow's much anticipated fed announcement an

it is a big move into traditional banking and it comes at a tense time in crypto regulation s.e.c.irman genz ler sharpening the criticism lately with comments for the need of more oversight last week and coinbase canceling the plans to launch a separate product, a high interest crypto lending product after the s.e.c. threatened to sue the company over that issue. back to you. >> i love this announcement. i'm not sure what it really contains surely if they're allowing people to depositive it from the paychecks that's not different from the customer deciding what time of the month and how much to put in the coinbase unless employers start to offer the service themselves to say we can pay only 75% of the wages in dollars into the bank account and willing to pay 25% directly into coinbase. surely this is up to the customers to decide what they do. >> it is up to the kusz her. you have seen athletes and other folks paid in crypto and allows sort of an average person to do that but i think symbolic of what coinbase is looking to do moving more into crypto first financial services they ha

shares closed lower by about 3% after the sec approached coinbase -- we heard from the ceo saying that s.e.c. was looking into the lending products they would hope to offer in the next couple of weeks. so we have shares lower for the day today. emily: thank you so much for that update. for more reaction on the sec versus coinbase and what it means for the crypto industry, i want to bring in a leader in another crypto burgeoning platform, ftx. sam, setting the stage, the sec threatening to sue coinbase over these lending practices. armstrong out with a lengthy tweet storm calling the sec's approach gutsy, saying they using intimidation tactics. as the leader of another crypto platform, what is your take? >> we don't see what happens behind the scenes in that conversation. we have only seen one side of it. i can say that everyone in the industry would love more regulatory clarity on some points. i think that is a note that you heard expressed, and you will hear expressed from a lot of players. on the other hand, there is frustration from regulators on what they see as an industry that has play

. >> you clearly believe it was a mistake for them to speak publicly and chastise the s.e.c.le making and in terms of what's being done whether or not -- it goes back it to lending, right, and securities >> when you write that there's some sketchy things going on with chairman gensler. >> as the ceo of coinbase said. >> he's the chairman of the securities and exchange commission kind of a hallowed institution. >> they can make your business more difficult >> he taught crypto at m.i.t so when i hear someone say that he needs to be schooled, i question what school they're from they went to faber college >> knowledge is good, man. >> don't give me otters speech >> knowledge is good. >> s&p is hanging on to a gain of about 18. if it were to fall today, that would be five down in a row. we haven't done that since february let's get to bob pisani. >> carl, of course i'm thinking about tomorrow it's been a difficult week for all of us, and as we look back and remember friends and family who died on 9/11, we also remember the day the markets reopened that was september 17th, the hero

david val of california and john cackle of new york and the s.e.c.r went to a fundraiser for jaime herrera butler out in washington state. butting this a big risk for mccarthy because he's at odds with donald trump but also risking angering the trump base. i interviewed joe kent, one of the trump back candidates running against jaime herrera butler and that is when he had to say about mccarthy. mccarthy is talking out of one side of his mouth saying that he supports the maga movement and trump and president trump's polici policies but his money is supporting others so me and the rest of the base have heard enough from him. so you could see the type of risks and headaches facing kevin mccarthy here. >> and that is very true. and once donald trump gets wind of this, let's see what happens then. great reporting, melanie, thank you so much. >>> coming up still for us, families of 9/11 victims have long thought to have government files de classified about saudi arabia's potential role in attacks. up next we'll speak with one woman who lost her husband on

we are continuing to move through the s.e.c. process.feeling really upbeat about it at the moment. we will be ready to go on the new york stock exchange. emily: we are watching that space. sarah friar, great to have you back here. good luck. coming up, we speak with the ceo of a data analytics startup as it makes its trading debut. we will talk why the direct listing over ipo and what's next. this is bloomberg. ♪ emily: a data analytics company, amplitude, made its trading debut, ending the day up more than 56%, the latest in a string of tech companies go public via direct listing. at the helm, the youngest software ceo to take a company public since the ceo of boxed. spencer, obviously, a big day for you. much has been made of the fact that you are so young. how does it feel to get out there? >> we are incredibly excited, first to prove what a massive opportunity there is to sell in one of the most underserved personas there is an to prove the model that we do, with the direct listing, showing that it can work for b2b companies, even if

. >>> tim seymour, buyi ing 100k >> at some point i think the s.e.c.s friend here, and i think you regulate this environment, which is ultimately what they want. they want to protect investors, you'll see this move higher. what's fascinating about the inflation environment, i'm not sure many people can happen, what happened to gold? did bitcoin steal the thunder from gold? i don't think so i don't think you've seen institutional adoption, but it's fascinating the argument why bitcoin could be the great diversives in a time of monetary debasing, gold han done nothing. it's down 10% by summer. it's fascinating guy, just quickly, what happened to gold? >> hard to argue with that without question, to a large extent, now that they're close to probably 1.6 trillion into crypto, that money may have found its way into gold. it's hard for me to argue anything that tim said i remain a believer, but it's hard to do so at these prices. >>> bitcoin was as big topic at delivering alpha this year >>> there's a warning from citi to tell investor to stay away from some

a 13-game starter for south carolina, made the commitment to come down here with some other s.e.c.roved noles defense. a loss of a yard there. third and eight. >> greg: i might throw a fade right here. if i'm tommy rees, so far tonight, his quarterback has thrown the ball beautifully done the field. you can throw a fade and win the game right now. >> joe: third and eight. williams goes nowhere. may have lost a half a yard. and now here comes the field goal unit for notre dame to win it. bramblett will be holding. vinson will be snapng and doerer for the win from 41 yards out. can number nine notre dame survive? we'll get our answer here with doerer after this time-out by the noles. florida state had those epic three drives. went for 37 plays and 209 yards and 22 points to get back into this thing. notre dame had a couple of punts and then the desperation interception to close out regulation. but moments ago, the miss by ryan fitzgerald. and now jack coan on a record setting night trots off the field to put it into the hands of jonathan doerer. from charlotte, north carolina. on a n

brian armstrong and coinbase, you know, kind of hate tweeted the s.e.c.nd pulled the product, now tim sweeney kind of lost on that app store section of the lawsuit still doesn't get back to the app store. tim cook doesn't tweet much. he's doing okay. >> he doesn't tweet much but his comments are still getting leaked out despite his best attempts >>> at facebook, a top executive will leave his post next year becoming an adviser. he has been a close confident of zuckerberg and he does oversee the future growth drivers including the ai, virtual reality, augmented reality and blockchain units andrew bosworth has been tapped as his replacement bosworth developed features including the news feed and messenger, both key to facebook. mark zuckerberg talking a lot about his interest in building the social platform into a metaverse company. this tap into bosworth shows a commitment to bos since he has been working on all the metaverse initiatives. several high-profile depart choours h have hatched this year interesting to see bosworth focus on hardware as well as t

. >> i have to sneak one more in when do you expect the s.e.c. will act on this >> their business is the exchanges. they should react on exchanges those are unregulated. i think stable coins has to recognize it is a banking issue. we will see what the president's working group comes up with. they are going to issue some paper in the near future but i don't really see, you know, what they could say that would be same i think they are between a rock and a hard place. i mean all the possible solutions have problems. >> professor, thank you. it was a fascinating conversation we would love to have you back don't go on twitter this afternoon because -- >> >> i'm not on twitter. >> good. neither am i, my brother thank you so much, professor gary gordon with the yale school of management. >> you are welcome. >> at my dinner party, kelly, there was a joke that was too long to tell there but the punchline of the joke was that there are eating sardines and there are trading sardines that was the tie you can think of the correlate to these currencies, and th

. >> reporter: federal regulators, including the fda, pounced in 2018, civil charges from the s.e.c.e fraud. she settled without admitting wrongdoing balwani goes on trial next year. both have pled not guilty. the feds will have to prove that holmes intended to commit fraud. >> elizabeth holmes may try to portray herself as someone who got caught up in the culture of the dotcom industry in silicon valley where you fake it till you make it. >> that issue of intent is exactly the point of these allegations about balwani. if she goes with this strategy, the idea that she couldn't have possibly formed that intent because she was under his spell. balwani has denied the charges, calls them deeply offensive. that's why elizabeth holmes might, might take the stand to tip the balance between he said and she said but before all of that and before opening statements next week, jury selection 40 prospective jurors in the courtroom today. when asked if they heard about the trial nearly all of them raised their hands shep, that's not enough to get you out of jury duty only a handful have been excu

. >> one of the things i want to address with the s.e.c. the projections that were made, 2027 numbers, they can't be met if the redemptions. if there's so little money left. >> you'd think that their projections would be also in jeopardy, and it gets back to the incentives of the sponsor, which i've talked about many times. the sponsor most likely should be renegotiating deal prices down they should probably be maybe even saying no, but they're not doing that because they are incented they make money even when the spac price falls well below 10, unlike people who are largely redeeming in most cases. >> carl, there's a lot of people who are questioning whether crypto is real or not. now, i happen to think it is real, and i think that as more country -- are going to find more reasons -- mastercard acquired a company that enhances crypto capabilities. when i look at the spacs, they're treated so seriously, and everyone's so -- initially so excited about them, but the losses have been horrendous versus the s&p, versus the dow if you had just bo

s.e.c.28 on the east side facing montgomery street and 21 to 34 in vaerd alley. the project sponsors will be able to explain more of this and these recommendations, these specific numbers are coming from their acoustical study. the units with exterior walls facing the broadway studios and famed venue. insulated single assembly with one layer board interior side and plywood exterior siding. most importantly with a rating of 45. and then, of course, with all r.d.r. projects every unit shall include air conditioning to control temperatures while windows are shut and all future tenants will have to sign a disclosure notice when moving in. here tonight to present on behalf of the project sponsor and answer any questions you might have is ian bershal as well as some of his colleagues. >> i'm going to bring in ian bertshal and his other colleagues momentarily. so i brought in ian, [inaudible] and. >> yeah, this is the land use manager of the project sponsor. commercial on the residential level. we're in agreement with the staff recommendation and accept our approval. an

. >> they'll school him with that additional money gensler, he runs the s.e.c. >> yes, he does., he does >> you attack him, you're attacking the commission smart, did they think it is -- i used it last time and no one listened the nevada gaming commission or it's the s.e.c >> you wouldn't. since you've been critical of their choice to criticize mr. gensler, the stock is down >> yeah, that's all me >> that is all you >> that's what my wife says. she says jim, you have this view of yourself. >> i was doing river dancing at 2:00 a.m. on friday. you were just an embarrassment i put that on tiktok, your career's finished. >> river dapsncing. >> 2:00 a.m. river dancing. >> wow your hips hold up with that? >> not a problem >> more than a quarterback of the washington. >> we don't get invited to those parties. >> we don't get invited to the river dance parties. >> it was an amazing river dance. best i've ever done. >> really? >> i've been in the abby tavern. >> release the video. >> my daughter said if it did that not only would my career wbe over but my life would be over >> i want to

. >> the s.e.c. has cracked down on this, cameron, correct?hings can you do now are different than 6 or 12 months ago? >> i think they're rethinking some of of these long-term expectations to be used in spac acquisitions that could cut done on bringing some of these companies that are maybe not ready that a lot of spacs earlier this year were doing. >> dan it let me go back to this question about what the sponsors take i'm going to repeat it is it a bad deal that is a huge amount of capital to walk away with from people like bill ackman or well-known names. it feels like they get paid either way and then the performance just doesn't pay off for the investors who get involved after the fact. is this an unfair way to paint what's going on here >> in a vacuum, sure it would be the venture capitalists who would get that or go public via an ipo, a traditional ipo, the high net worth clients of the bank. everyone else gets in a few bucks higher so not a great deal for you either you can argue there's not necessarily a wonderful deal generally speaki

in a few moments, s.e.c.order flow lots to get to with the chair. in the meantime, futures steady. china weakness is again on the radar. nice upside surprise from empire today at nearly twice the estimate, david. >> carl, yeah,

ray dalio had interesting comments earlier gary gensler, s.e.c. chair, on the network as well, made comments about crypto. you're looking at a crypto bull. you'll hear from him next. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, crafted by lexus. which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. >>> welcome back i'm rahel solomon and here is the news update at this hour experts at the food and drug administration are not ready to make a recommendation on covid booster shots because they they haven't been able to carefully review the data yet. in a briefing document ahead of the advisory panel meeting fda say some protections from the shot decreases over time and others don't the administration wants to offer boosters but many scientists they are

. >> florida, alabama, a big-time college football showdown saturday in the heart of s.e.c. country but also big-time covid-19 country. florida reported fewer than 100,000 new covid-19cations over the past week for the first time since july 16th but the state surpassed the grim milestone of 50,000 deaths from the virus. >> 96.6% of those individuals were unvaccinated. so we encourage you to go out and get vaccinated. >> with no masks or vaccine mandates 80,000 fans packed the florida stadium to cheer on the gators and crimson tide raising concerns that the event could become a super spreader event n.alabama what could be a misleading statistic, icu capacity is going up, meaning more ade soleilability in hospitals there. >> it's not because these patients are miraculously getting better and going home. it's because they are dying and that is really alarming for us because, again, this surge is primarily impacting those that are younger, and so this is not what we were expecting. >> reporter: in the last 60 days, about 60% of all covid-19 outbreaks in georgia happened in k-12

the stock is hitting session lows after the s.e.c. opened investigation into this company.orkhorse shares are down 2% right now. >>> kathy woods new etf. that is all ahead in today's edition of rapid fire right after this in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart. (vo) at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs. being first on the scene, when every second counts. or teaching biology without a lab. we are the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. without trade-offs. unconventional thinking. it's better for business. you have the best pizza in town an