the s.e.c. so true, sara. the diligence process the legal officer mentioned there from coinbase is a framework that other exchanges, about a dozen other crypto exchanges also use so this could set a precedent depending on what the s.e.c. decides. you could see penalties, lawsuits, class action lawsuits, and you can't retroactively list a cryptocurrency as a security so at this point there's about 150 tokens listed on coinbase. they can't go back and say oh, by the way, those are securities they'll have to deal with it they have issued a petition to try to get them to issue more of a framework and get a little more clarity but it's been one of the criticisms from the industry when it comes to the s.e.c., they say they want more clarity. the s.e.c. says we've given you more clarity these are securities and you've got to act like they are coinbase is registered as an alternative trading system they have some of the broker/dealer licenses but haven't had to use that yet. we'll see if this changes an

the question here is why didn't he come out and do this sooner if the s.e.c. issues with the way they were registering securities in the free market, they have been pretty transparent about it on their website they have this process that other exchanges have actually adopted and started using, people are wondering if the industry why is this happening now so calls into question what coinbase has to do going forward? would they have to register as a national securities exchange or some sort of alternative trading system they have a license but it's not a broker/dealer or not an exchange could have regulatory implications for now no injunction or cease and desist order so coinbase can keep doing business as usual doesn't mean they have to stop trading or facilitating the trading of these crypt at the curr -- crypto currencies. people in the industry have pushed back on and that seems to be getting pushback even further. the likely scenario there will be some sort of legislation in the script but the fall doesn't look like that's the situation at this point. >> g

. >> the s.e.c.h, limited to bringing cases of fraud, making demonstrably false statement that's material to investors. a tweet of a few money letters talking about whim that moment. i like twitter, may less excited about buying it, is that false? that's hard. >> reporter: s.e.c. is investigating whether musk failed to disclose within ten days as required that he owned more than 5% of twitter. and s.e.c. has gone after musk previously for a tweak. august 2019 posted this, am considering taking tesla private at $420, funding secured. s.e.c. investigation alleged the tweet lacked adequate basis in fact. . what did it cost him? >> settled, paid $20 million as penalty. >> reporter: now that the world has so many billionaires, does the s.e.c. have enough punishment available? when elon musk is fined $20 million, that's not very much for world's richest man. >> penalties s.e.c. can assess are fixed by law. dp dealing with players with billions or trillions, current pen penalties will not deter. >> reporter

the s.e.c.'s woke climate rule from moving forward. madam speaker, i ask unanimous consent to insert the text of my amendment into the record along with any extraneous material immediately prior to the vote on the previous question. the speaker pro tempore: without objection. mr. reschenthaler: thank you, madam speaker. here to explain the amendment is the sponsor of in bill, congressman french hill of arkansas, and i yield him five minutes. the speaker pro tempore: the gentleman is recognized. mr. hill: i rise to oppose the previous question so we can immediately consider h.r. 8589, to prohibit the securities and exchange commission from finalizing, implementing, or enforcing its proposed climate rule. now, madam speaker, it is the securities and exchange commission. it is not the securities and environment commission. last night, we had the pleasure of playing baseball. i'm glad to see my colleagues up early this morning to be on the house floor. it was a great game. i was proud to see the righ

the s.e.c.eporter: yes, kate,, there was an insider trading case from last week where the issue got a lot of buzz. coinbase is telling us in a statement that we are confident that our rigorous and diligent process as per the s.e.c. keeps on these platforms. but it has massive implications for coinbase and for the rest of the industry. for one, coinbase has a framework that uses that is also used by dozens of other exchanges. coinbase could face a penalty if the s.e.c. finds that it was trading unregistered securities. you also can't retroactively register something as a security. investors are arguing they lost money. instead of trading some of these tokens, coinbase might need to register as a national securities exchange or a trading system. for now, the s.e.c. has not issued an injunction or cease-and-desist order, so and base can continue operating as it has for the past couple years. crypto companies have complained about the s.e.c.'s enforcement actions and are clamoring for more clarity o

i'm wondering what you think of the s.e.c.agagensler was first appointed, he taught a blockchain course at the m.i.t he's got to be a friend of the industry i'm not sure what you think now? >> i don't have details thoughts on those there are tokens in the crypto industry that are securities and some are not i think in the end what this is all going to depend on is coming out with really comprehensive regulatory frameworks for crypto that can provide federal oversight. i'm optimistic we'll see that from the s.e.c. or ftc or both i think that would be great and healthy for the industry i think that's ultimately what my judgment will rest on, them getting to a point that there is a framework that they have released for crypto. if they could get there, i would be excited for them to provide that oversight so long as it is a workable framework that protects customers as of now the answer is we'll have to see what happens >> okay. sam, thanks for joining us we appreciate it >> thank you >> sam bankman-fried of ftx. >>> snap slammed

other s.e.c. have expressed concerns as well do these products pose some kind of risk to investors and to the markets and have you addressed the s.e.c.'s concerns? >> well, we have, we believe that it all comes down to education, and we feel strongly about that, that every investment has to be matched to not only the investors' investment objective, but also the investors' level of skill and expertise, and that's why these products specifically are designed for active traders who already are trading based on single day events and earnings announcements and other developments that impact specific companies on a daily basis. so we are very focused on investor education and agree with the premise that these are not for all investors but for active traders who are looking to make those tactical decisions on a daily basis we think these are important tools. >> these are the first leveraged and inverse single stock etfs available, folks, so we're going to have a lot more on how these single stock future

former s.e.c. chair in the next hour that's a new tie >> you haven't seen that tie i was thinking it was more of a fall tie it is a brown color. >> it is july. >> i should start to liven it u in the summer with more color. fashion police the night before call >> text. >> take pictures of the ties >> don't call? text >> tell me hethe colors people accepsend email and say s sent you an email with the follow-up text >> you don't have the email sound. i can get an email and not know for a while. >> now it is backwards email and text message and the what's app >> it is where we are headed as a society. i blame social media almost entirely. >>> president biden will travel to saudi arabia later this week. he defended the trip in the o op-ed. saying i'll aim to strengthen the strategic partnership going forward that's based on mutual interests and responsibilities while also holding true to fundamental american values. looking to end the neighboring war in yemen president biden announced a halt to the oper

there are growing calls at least in congress for regulation so far, the s.e.c.as not come down with any proposal that could be coming in the future >> i'm sure it will be coming. congress has never met a multibillion dollar industry it hasn't wanted to regulate. thank you, robert. >>> on deck, your morning rbi and two parts may be making history this year and not in the good making history way. >>> and greg branch is back on why he says we may finally be nearing a turning point for stocks dow futures are down we're back after this. it's ever. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. want more from your vitamins? get more with nature's bounty. from the first-ever triple action sleep supplement. to daily digestive support. to more wellness solutions every day. get more with nature's bounty. we

file willing.few how they arrived at the figure in the s.e.c. file willing. to investigate fake accounts that are key to the trial stating when mr. musk came into the company and started asking about that, the answers that they got were alarming. and frankly the runaround he got from the company was alarming. twitter says the number of fake accounts first described by musk as a reason for the takeover, now his reason for turning it down, have nothing to do with the deal itself. their attorney says that musk knew all about false accounts when he sign the merger agreement adding nothing in the negotiations leading to the deal or merger agreement are at all contingent on that. alexandra field, cnn. >>> coming up on "new day," the real life murder at a law and order tv shoot. and nascar coming to the streets of chicago. okay everyone, our mission is to provide complete balanced nutrition for strength and energy. woo hoo! ensure, complete balanced nutrition with 27 vitamins and minerals. and ensure complete with 30 grams of protein. ♪ ♪ (vo) get business internet

where does -- where does coinbase end up ultimately with the s.e.c. how does today's news fit in? >> it's an interesting question. the doj case actually does not depend on whether coinbase is selling securities it doesn't even depend on whether a piece of cryptocurrency is considered a security, which is a very complicated debate and so in this case the charge was wire fraud, which was essentially just a scheme to defraud that doesn't have to include securities so in this case the doj was saying it doesn't really matter if this is a security or not the other thing that's very interesting here is that coinbase is actually the victim in this case it was coinbase's confidential business information that the indictment alleges that these defendants stole from coinbase and used to make a handsome profit >> got it. ian, thank you i have a feeling we'll be talking to you again soon on crypto ian mcginlcginley. >>> shares of one medical skyrocketing after amazon made a bid on it. >>> plus ford's ev road map and stvestors hanging up on at&t the ock down sharpl

i see they are going to line up to sue musk, and the s.e.c. will likely also get involved. >> reporter: reached out to twitter and musk directly for additional comments, but neither responded. tom -- today in the bay. >>> new district attorney, brooke jenkins sworn in at city hall yesterday. she served as assistant d.a. in san francisco for seven years before resigning, and joining the campaign to recall her boss. jenkins spoke about restoring accountability and about consequences in san francisco's criminal justice system. >> as your district attorney, i vow to continue our mission of being an advocate for victims, of pursuing justice for victims. that is our job. >> reporter: jenkins stressed that holding offenders accountable does not mean giving up on criminal justice reform. she says her first priority will be restoring cohesiveness within the d.a. office. jenkins will also have to convince voters she should keep her job come november. >>> it is 7:10 on saturday morning. much more ahead on today in the bay coming up. one star ratings they

town tonight scrapped it because the s.e.c.ical whether or not it met the requirements for a spack deal then there was a lawsuit, questioning whether the spac structure violates the investment company act of 1930s. taunting was the first spac targeted in a series of similar claims and then it's deadline was quickly approaching with taunting having initially raised $4 billion from investors in july of 2020 it had just two years ago to find a target. pershing square note that it launched the vehicle during the, quote, depths of the pandemic, but the rapid recovery of capital markets and our economy were good for america, but unfortunate for psth that's the ticker symbol there, as it made the conventional ipo market a strong competitor and preferred alternative for high-quality businesses seeking to go public perhaps the real legacy is a microcosm of that frenzy and fizzle that befell the entire spac ecosystem as the largest ever it was really this pinnacle of excitement surrounding the spac model and now, with public investors sh

the shift that rocked college sports last summer when texas and oklahoma announced plans to join the s.e.cl right, we'll be right back, with a fairy tale that will bring a smile to your face. >> reporter: we began tonight's broadcast by telling you to beware of chaos at the airports, but good things can happen there, too. when six-year-old lena lost her tooth during a united airlines flight, she really lost it, she was asleep when it fell out, and couldn't find it. well, that's when united airlines pilot captain josh stepped in to help, writing a note, asking the tooth fairy to "please take this note in place of her tooth." well, we can report, the message was received-- she was left six bucks under her pillow! i guess even the tooth fairy has been hit by inflation. that's the "cbs overnight news" for this friday, for some of you the news continues, others check back for cbs mornings and follow any time online at cbsnews.com. i'm norah o'donnell in the nation's capitol. >>> this is cbs news flash, i'm matt pieper in new york. the trial for brittney griner is expected to start after held in

. >> the levine case was the first time the s.e.c.g dealmakers. somebody with a million dollar a year salary, which apparently wasn't enough. >> insider trading could become wall street's watergate. >> plea bargaining is now under way with dennis levine. authorities might be able to develop a list of new suspects. >> we start the investigation, and once his lawyer advised him it was in his interest to cooperate, he would give you the information. to him, it was just another deal. >> i think the judge made clear that he would have given a heavier sentence except for the cooperation. >> dennis levine was one guy doing insider trading, and that's not something that's new. but what dennis levine did is was lead to ivan boesky. >> the securities and exchange commission stunned wall street when it announced ivan boesky has been fined the largest penalty ever for insider stock trading, and he has been barred now from the industry. >> he did what he claimed he would ever do, use insider information to buy huge blocks of stock in companies sec

i don't think that's the point i think the point is the s.e.c. rules, if they were to institute them, are now called into question. i don't think they can do it now. and the treasury funding wherever you want to look. any agency involved in the regulatory landscape for carbon dioxide. they want acongress involved. the supreme court anyway >> otherwise you just go back to how do you make investment decisions which by the way could be 10 or 20 year returns if you notice in a few years, it could be overruled you are right. >> amrita, one of the hot topics among investors is the prospect the s.e.c. is going and this goes to joe's point requiring all sort of disclosures. that may not be regulations, per se, in the guise of what a company can or cannot do it could require them to make disclosures around climate do you believe those disclosure efforts, if the s.e.c. pursues and they have been pursuing that, that it would be something that -- i'm sure someone would see to take them to task apparent go to court over it from your reading of the ruling, do

and my amendment to add limits on the burdensome s.e.c. climate rule. the s.e.c. which has no mandate to regulate carbon emissions, wants public companies to disclose new climate related information, including reason house gas emissions. these requirements have already lessened investor enthusiasm for domestic drilling and oil production. at the same time, my friends on the other side of the aisle ask our energy producers to expand capacity which of course requires investment. make no mistake, this rule will impact businesses of all kinds. small and large. public and private. energy and nonenergy. under this rule many public companies will be required to disclose not only their greenhouse gas emissions, but also the emissions of businesses up stream and down stream in their value chain. congress created the s.e.c. to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital organization. not climate policy. the agency has lost its focus. i look forward to the debate on these key issues and committed to work with chair pingree and our

the head of twitter's board put it out about an hour after this s.e.c. filing came down that

the head of twitter's board put it out about an hour after this s.e.c. filing came down that he is planning on taking elon musk to court. he wants musk to complete the original deal with the original price and terms. but musk is going to come forward saying that since twitter was lying the whole time about these bot accounts, that the whole deal is null and void. play it all out and continue to follow it for you. back to you. >> that roller coaster ride continues. all right, thanks, anne. >>> well, musk backed out of the deal after the markets closed, but the after hours numbers show twitter's stock price has dropped another 5%. the announcement had the opposite effect on tesla's stock. it is higher in after-hours trading. >>> and new at 6:00, cases of monkeypox continue to rise across the country. this map from the cdc shows all the cases in each state right now. >> and california's at the top of the list with more cases than any other state in the country. kpix 5's read cowan says the tone for the community has changed from concern to anger. reed? >> w

but they sure a s.e.c. would like to see somebody else. both of those are in that survey. >> what is the nuance, how do you support president biden and at the same time raise money for 2024? >> delicately. delicately. the last thing that you want to do is offend the president the incumbent. who has more access to money and appointments in the time that he has left than anybody else of course. on the other hand you want to cover your tracks. i think the fascinating couple however would be newsom and harris. so much, because they really crossover. they cover a lot of the same turf. they have the same kinds of allies. people would help them. >> what is a vice president harris and governor newsom, with a run against each other, or combine forces and be a ticket? >> couldn't do that, they couldn't combine forces even if they wanted to, because of the way that the 12 amendment as written. they couldn't do it for a number of other resins, you don't put all of your eggs in one basket here, you can't have old people from a liberal state like califo

the shift that rocked college sports last summer when texas and oklahoma announced plans to join the s.e.ct, we'll be right back, with a fairy tale that will bring a smile to your face. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. (vo) red lobster's seafood summerfest is fire! and when you book and pay throug turn up for the grilled lobster, shrimp and salmon trio ...and our hottest summer duo, steak and lobster! it's lit! don't miss red lobster's seafood summerfest. announcer: type 2 diabetes? discover the power of 3 in the ozempic® tri-zone. in my ozempic® tri-zone, i lowered my a1c, cv risk, and lost some weight. announcer: ozempic® provides powerful a1c reduction. in studies, the majority of people reached an a1c under 7 and maintained it. ozempic® lowers the risk of major cardiovascular events such as stroke, heart attack, or death in adults also with known heart disease. and you may lose weight. adults lost up to 14 pounds. ozempic® isn't for people with type 1

listen i don't want to over comment we are in the s.e.c.o get through. very different than the jay clayton administration he's not been the prince of crypto as everyone was hoping for. he doesn't understand it. >> then that's -- what are you saying why then if he understands it what's the rationale. >> you're the political analyst. i'm the going through to the s.e.c. right now. >> i try to stick -- i get that a lot. don't talk about politics when you are talking about business news okay don't talk about the government, the fed, congress, build back better how do you possibly talk about anything without looking at when's happening behind the scenes >> listen. i think i was clear. i'm frustrated as can be with the pace of new regulation and clarity from the s.e.c. we have been on record it's anti-innovation we're opening a bahamas office because it is complicated to get stuff done here. we have been asking for clarity. the bill that senator gill brand put through is good. i think the industry would have gotten behindmost of that. didn't go an

reacting to the latest in the coinbase s.e.c. saga.pto platform is facing an sec looking into filings. what is the sec contending? >> the sec is trying to weigh in on one of the biggest issues facing the crypto industry. whether these exchanges like coinbase are -- if the tokens they are listing our securities and if the sec determines that they are, that potentially requires these firms to register as exchanges with the regulators. it could be a big deal. it comes at a time where a lot of these exchanges are arguing that they don't offer any securities that all of the tokens on their platforms are commodities. it's a hot debate right now. emily: why is it so confusing? why is it so hard to answer that question? is crypto a security? >> imagine how many renditions this argument has taken. and fts, or crypto itself. when i go back to what was said in a big tweet last year, this is when it started to get contagious between industry and the agencies. what ryan armstrong said was they refused to tell us why they think it's a security and i

specifically the s.e.c.efinition for qualified investments prohibits secondary acquisitions from being considered qualifying investments which means the second secondary acquisitions fall into that 20% nonqualifiing bucket. therefore, madam speaker, small, private companies that need additional capital tal to grow and grow big enough to go public cannot turn to the venture capital industry for secondary acquisitions. because such funds are concerned that they might well exceed the 20% limit. and trigger them that the v.c. fund has to register as an r.i.a. mr. hollingsworth's bill, h.r. 4227, remedies this problem by requiring the s.e.c. to revise the definition of a qualifying investment to include secondary acquisitions for purposes of the r.i.a. exemption. this bill is a commonsense piece of legislation to ensure that our venture capital funds continue to provide capital to small businesses across the land. i want to thank mr. hollingsworth for his work on this legislation. i urge my colleagues to support

>> keep your eye on coinbase, facing a federal probe they say we look forward to engaging with the s.e.cter. >>> dow down 84. don't go away. >>> you have nucor tonight >> yeah. the stock's down so much, but look, we cannot just say, well, i guess that's the consumers these are companies, well, i guess that's the players these are coaches. >> jim, we'll see you at 6:00. >>> in the meantime, dow down 126 on this tuesday. we'll be right back. don't go anywhere. (ted) after talking and texting for years, we got married... for the family plan. (jane) and then we really expanded our family... for the wireless savings. (ted) it seemed like the responsible thing to do. (jane) and then, just yesterday, my sister told me about visible. (sister) yeah, get unlimited data for as low as $25 a month. no family needed. (vo) family plan savings without the family. get visible. single-line wireless with unlimited data for as low as $25 a month. >>> welcome back we're live at hq cme, with breaking news, the richmond fed index for the month of july expected minus 14, comes out much better, actually at zero.

many of which i understand may be investigating binance or at least some of what binance does, the s.e.che cftc, the internal revenue service going along with that, do you think they need a credibility reset after the terror collapse, the general crypto winter, it seems like for a while crypto had attracted even some of the nonbelievers thinking, hey, maybe we have to be in this space. is that gone do we need a credibility reset bigger than 1 trillion >> a reset is healthy, to be very frank as you said crypto attracted quite a number of unbelievers or nonbelievers into the pace they're just speculators that means the market is over hung and there will be a correction and usually markets swing both ways. should only attract those who know how to use it, et cetera. i think even given the lou march terror crash, we weed out the weak players in the industry it is healthier than nine months, six months ago we see people, new applications in the industry, the investors in the industry now are long term, have a long-term view. i think the industry is much healthier now than at an all-time high.

his leader team filed with the s.e.c. saying twitter failed to comply with the terms of the deal to buy the company. chairman bret taylor says they are prepared to close the deal at the agreed price. twitter shares in frankfurt are lower in early trade and sharply lower in pre-market. you can see to the tune of 7% points what is interesting story, julianna, from the very beginning. a lot of people were asking if elon musk was actually serious about this venture even before they went for the $54.20 merger payment price. clearly he was at the time and sortsented himself as a harbinger of free speech he seems to back away and appears to lose focus and the big announcement on friday that he is looking to exit the agreement. unfortunately, there are legal agreements and these are binding. under the terms of the agreement, if he walks away, he has to pay a $1 billion penalty fee. what is emerging on friday, especially with the response of twitter and chairman of the board of twitter saying we will take this to court he could be

tonight in an s.e.c. filing, he is say he's -- because -- he's in breech of multiple provisions. this is a lot to do with twitter's spam and bots problem. the idea there are fake accounts. musk is now claiming there's too many of those. he's backing out of this $44 million deal. it's in a tweet, of course, saying they're going to fight about this. they are going to go to court. the twitter board is committed to closing the transaction on the price, in terms agreed upon with mr. musk, and they will enforce the agreement. so, in other words, the litigation is just beginning, and it could go on for a long time. musk could pay a penalty, or maybe negotiate a new price, but for the time being, he doesn't want it. this is the rushedest man in the world. it's -- i know you're a fan ofa you can rightly say hey, give me $100. what is going to happen? maybe he will end up paying $800 or maybe he will fight it out in court. >> thank you very, very much. up next, consequences of climate change putting u.s. national parks at risk. ♪ ♪ discoverer intuitive technology at the lexus golden opport

that's an s.e.c.igation they sold over 1.4 million shares worth about $75 million as of yesterday's close. the firm's flag ark innovation sold shares. who knows how much the first, second, and fourth have. by the way, coinbase not reacting to that report. it's 5% to the upside, but we're going to watch coinbase on the ark investment news. >> the fed is announcing its decision today at 2:00 p.m. eastern time they will raise rates. the only question is by how much will it be the expected three quarters of a percentage point or will they go big, a full percent? inflation is at a 40-year high the question is will chairman powell at the federal reserve be forced to be more aggressive in terms of bringing down inflation? that's the question. let's get answers. joining us now, michelle happy fed day. >> happy fed day, brian. >> maybe next fed meeting -- do you think they go big? is there a possibility they go one full percent >> no. i have to say the markets are quite worried about that after that last surpr

and then as the s.e.c. and the ftc and whoever else have regulations around crypto take that into account. they could say, yes, normally we wouldn't let the exchanges come together and these are what we will offer >> it sounds like you're not losing conviction and see this almost in the dot-com crash where something stable is born out of it. what opportunities are there are you investing around things you think will stick around in the crash? >> to me it's the really basic fundamental tokens and currency that makes sense right now overall, if you take half a step back, onereason crypto really took off other than sort of people bored during covid, there's a fundamental lack of trusts in this country and across the world if you look at every poll trust in government, in the church, in wall street, in the media, they've all plummeted. that trust has to go somewhere one of the places it went to is bitcoin and ethereum and the notion of i would rather take my chances with like-minded people than with a central b

capital names are moving beyond their wheelhouse bessemer is the latest vc to apply for status with the s.e.cows the firm to diversify its portfolio from direct stakes in private companies to secondary shares as well as other investments like public equities and crypto bessemer is not the first to change their status. sequoia and greycroft made the change in january and andreessen made the shift in 2019 bit of a shift, dee. >> it's interesting because they're very different sets of skills they have had a lot of success picking early stage companies, jon. can they apply that to the public markets in the case of sequoia, it's been a tough start think if they had cashed out in doordash a year after they went public, they would look better but a way to get fees perhaps. >> i think we risk overcomplicating it. these are investors who thrive on giant returns, and they want to hold more public companies at a time when the mainstream thinks, oh, boy, these software companies, high growth, they have plummeted, they're trash, leave them alone these investors want to pick up probably more of those inves

indeed, president biden's selection of jamie to serve on the s.e.c. is a testament to jamie's deep expertise, strategic mind, and strong values. and his unanimous confirmation in the senate was a tremendous victory for working families and for the entire country. here in the house, his masterful leadership was instrumental enabling and enacting some of the most consequential economic legislation in a generation. during his -- the financial meltdown of 2008, he helped stabilize the market with the troubled assets relief program, tarp. in the wake of economic catastrophe, also helped strengthen the oversight of wall street with the historic drank legislation. as covid ravaged the nation, he helped negotiate multiple relief packages that saved lives and spearheaded livelihood and has been a champion for restructuring puerto rico's debt, reforming our immigration system, and building economic opportunity for all. beyond his many impressive legislative achievements, jamie is truly the embodiment of the american dream. the proud son of immigrants from mexic

the s.e.c. and oklahoma in 2025. >>> the liv golf serieses making its debut yesterday in portland, many of the families who lost loved ones on 9/11 were outside the course protesting the new saudi-backed league. >> these golfers that are getting in bed with the saudis, they should know what they are doing and it is shame on them. >> the american people swore to never forget. well, here we are nearly 21 years later with no justice and the responsible parties are being allowed to operate on american soil with impunity. >> in response liv golf saying in part we have tremendous respect and civisympathy for an who lost loved ones on 9/11 and we understand that not everyone will agree with us, but we believe deeply that golf is a force for good and we look forward to continuing our efforts to grow the game in the u.s. and around the world. >>> colorado avalanche meanwhile celebrating their first title in 21 years yesterday. there was a funny moment during the parade, byrum having fun with the fans whe

. >> but they be regulated like banks, by bank regulators, like the fed, or by the s.e.c.?isten, i'm going to leave that to the legislators. one of the things that's been very, very clear within the group at circle, both before our involvement and today is we embrace regulation we have set ourselves up as the most conservative, the most regulated operating within the u.s. regulatory parameter, very, very clear on our portfolio standing behind our stablecoins, which is as you know 80% u.s. treasury t-bills three months and below, 20% cash, or a dollar is a dollar is a dollar. i do think regulation around a stable backing to stablecoins is important. >> bob, people don't have a lot of trust and faith right now in spacs or in crypto and stablecoins. are you going to get this deal done >> i don't think that's true clearly the new issue market in spacs is at a crawl, if even that but this is a spac that we had announced or a merger that we had announced about a year ago we're working our way through the regulatory process so we don't think what's the disruption and the new inssu

in the s.e.c.ted said it was a 5% estimate and said estimates could be wrong and have latitude. so unclear what a judge will rule in that >> this will go to a delaware court. the a delaware court is the place a lot of corporations appear typically this court likes to move fast and likes contracts to be enforced. they have never enforced however a contract is large, $44 billion. there is a credibility issue here, which is to say typically if a court were to force elon musk to buy the company, what happens if elon musk says well, i'm not going to do that? if he goes to court in new york and says i don't have financing. there are a lot of credibility issues here. sometimes the court in delaware has said you have to do something but often times they say well, we will just give you damages and the question is how big are those damages? how big will elon musk damage twitter? this will play out over several months, if not many years come may. >> what was going on? i wonder in his mind. just making the dec

twitter says that s.e.c. filings show the estimated number of fake users to be about 5%, but they also say that this is not relevant to the case. that the issue of bots and fake accounts were never part of the agreement reached with musk back in april. they say any delay in resolving the case will only create further uncertainty for shareholders and that can cause irreparable harm for the company. alexandra field, cnn. >>> amazon is suing the administrators of more than 10,000 facebook groups accused of putting fake reviews for products on amazon's marketplace in about half a dozen countries. they allegedly recruited people to write the high school leading reviews in exchange for cash or free items. amazon said facebook's parent company meta has removed more than 5,000 fake reviews groups from its platform since 2020. >>> it is all smiles and handshakes for the leaders of russia and turkey following their meeting in iran. crucially there may have been progress in a deal to allow ukrainian grain exports curren

investment advisers, and as expected not just holding stocks, the information they took a look at s.e.cles and they acquired a million block shares of thrive and carvana most of the purchases are in the red so far hashicorp less than half of its ipo and carvana less than half of its fund. tiger global, tech crunch reporting it plans to limit new funding through the end of this year, but partner alex cook has reportedly assured founders that the firm is still sitting on, quote, billions of dry powder, and they plan to raise a new fund later this year carl, i -- i really think that retail investors just pay attention to the signals, right? like if -- if hashicorp was at a $5 billion valuation when covid started and it was 5 billion a few weeks ago, 6 now, it sort of makes sense. the vcs kicking themselves, saying, man, wish we got in on the series "e. well, here's the series "f." >> we talked about the vc angle and leslie will talk about hedge funds and family offices with henning funds, a lot going on with different strategies. >> here's the problem, jon investors vc may not be as good a

concerns and obviously one of the big elephants in the room and that is the regulatory issues between the s.e.c. and the chinese government, around u.s. listed chinese companies, but i think there's some silver lining behind the pessimism, and that's around the fact that we are moving away from a very aggressive zero covid policy, 14-day lockdown to seven-day lockdown very localized approach. in addition, in the original covid outbreak, the chinese government really did not stimulate the economy very much. so there's a lot of policy room there with low inflation, but i think a key point for the viewership to understand in terms of where we are within the china investment landscape is just how dramatic the unemployment numbers have risen with youth in china around 20% and given the fact that historically within china, you know, when you do have issues with government stability, it often comes from that crowd. the chinese government is very inclined to find ways of stimulating the economy and finding jobs for these younger people who are really struggling right now, and we think especially that t

year last month pelosi's husband bought $20 million in nvidia here to talk more about it is former s.e.cy clayton, apollo's lead independent director jay, we've talked about this ad nauseam. why is this allowed to happen, and doesn't it just undermine the credibility of congress and our elected officials? >> yes, andrew look, this is a recurring issue. it comes in the spring we talked about it there were proposals to address it, but really nothing has changed in the last decade with regard to the stock act. there's a general sense there's a need for improvement here. one of the problems is when the issue arises, the proposed solutions are very blunt, like an outright ban on stock holding or stock trading that's not practical or workable when you have spouses, people who have had careers and the like, but there is a lot that we can learn from the executive branch restrictions, the private sector, the type of restrictions you would see cnbc have. the room for improvement here is large, but it doesn't involve an outright ban on stock trade. >> someone has said to me, why hasn't congress mov

we are fully s.e.c. kplcomplian. we do our accounting the exact same way as our counterparties do their accounting. and we know that what we're presenting is the best possible way to present our economic performance with the accounting -- with the gaap accounting rules that there are. now, we've been working for a while on an additional disclosure that we've been talking to investors about and announced yesterday in the press release that we will try an additional disclosure to try to get to the cash question that has perplexed muddy waters and some others. it isn't easy. i wish we could make it easy with a magic wand, but we do have a disclosure that we think will absolutely reinforce the statement that cash from our portfolio pays the dividend. >> right because i guess his point is that some of the noncash will never be received ultimately as part of earnings, right? >> it's one of the many misstatements he makes we have a very rigorous quarterly process. we're audited by a big four accounting firm. we have a terri

filing to the s.e.c.sagrees. but some of the methodology he is suggesting to try what is and isn't is a shaky to the scientists i talk to. but yeah. i think ultimately the whole -- here is a bit of a fast. >> the chance for due diligence before signing that deal. the other thing that has happened here is that since he signed this deal, twitter's stock market value has dropped along with the rest of the stock market as has tesla's stock value. by the way, he was going to borrow a lot of money from tesla to make this purchase here. why should not just the people at home but why should the court believe his desire to pull out is not tied to the dropping graphs you see on the screen right now but rather to the bot issue as he claims? >> truthfully, i think there is any justification for that. we are seeing elon musk's being called here. he offered to buy twitter over 38% of what it was trading at the at the beginning of april and we have seen since then the price is cratering. now it seems doubtful that value

the big change came in the early 1980s when the government basically and the s.e.c. allowed stock buybacks so actually stock buybacks are equal or even bigger than cash dividends now. and a lot of investors prefer buybacks because it's a capital gain where the tax is deferred rather than, you know, due when the dividends are paid if you add buybacks back to dividends, you really don't get much of a trend over all those years. so that big change when the government allowed buybacks in lieu of cash dividends i think is a major reason why you see both the multiple expansion and the drop in that dividend yield. >> joe terranova has a question for you now. >> professor siegel, good to see you this afternoon. >> thank you. >> are you concerned at all about the value of the u.s. dollar and the effect it's going to have on corporate earnings as we look forward? and secondarily, you spoke about significant monetary tighttightg which i also observe are you therefore concerned about credit availability beginning to deteriorate >> first let's talk about the dollar and by the way

biden's s.e.c. will only make it worse as the farmers and ranchers who work so hard to feed us will spend copious amounts of time and effort and money to comply with this rule if even possible. biden's s.e.c. has clearly overstepped its bounds as congress has never given them the authority to regulate carbon emissions. if president biden were serious about lower prices, he would immediately hit the brakes on this proposed rule. thank you, madam chair. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentlewoman from texas seek recognition? >> madam speaker, i ask unanimous consent to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection, so ordered. recognized for one minute. ms. garcia: madam speaker, i rise today to -- in support of house democrats and their efforts to protect women and their fundamental reproductive rights. in ply home state of texas, more than 50,000 women had an abortion last year. t

the company is out with a new s.e.c.ng reporting $170 million of impairment losses for the first half of the year that said, though, tesla also saw some gains from sales of crypto, approximately $64 million from that period other headlines, a billion dollars increase in the company's capital spending guidance, and news that a second subpoena has been issued related to musk's go private tweets back in 2018. tesla down slightly after a pretty good week last week he is a busy man, john. >> yes, and his -- the performance of his good decisions so far running ahead of his bad decisions, carl, and that -- and speaking of arbitrage, you know when you're talking about atvi, so much of dealing in tesla and some of these other ventures is how much faster are elon's good decisions running ahead of his bad ones? >> well, certainly the capex, relatively encouraging they were looking at 5 to 7 billion this year in the next couple of years moving that up to 6 to 8 and then, dee, we don't talk about spacex a lot in its prepublic life, b

they benefitted from the fact the s.e.c. said you can't do this bill ackman's fund, the professional to democratize these things this is one of the few that is a decent deal. instead, he took it and put it in the hedge fund and the professional investors were the ones who have won that game. >> the music business is -- it is bottom feeding at this point. it is hard to make money with the business model and everything else. >> it is not a bad business. it is growing. everyone listens to it on spotify and amazon and apple totally. it's continuing to be a growing business >> digital anynickels. digital pennies. >> it came from here down to here and is now slowly graduated. just saying. >>> let's talk pepsi did you get that thing yesterday? >> i did i got a bag of lots of carbs >> yeah. lots of carbs. ketchup flavored doritos you know who would like that mark haynes. >> loved the guy >> pepsi reporting $1.86 a share. better than 1$1.74. pepsi raising the revenue forecast saying the demand for soda, snacks is remaining strong ami

we've covered the s.e.c. chair gary agai gary gensler, he wants more disclosure about what asset managements mean when they say a fund is esg. how does vanguard regard these efforts? is it a good idea or should we be happy with different viewpoints on esg >> one thing is for sure we think it's important that investors understand the types of products that they're investing in so when it comes to esg, that is going to mean being very clear on what the purpose of a product is, what esg means in the context of that product and how the manager's going to go about delivering on that if i look at this product here that you just mentioned, you know, here's a positive impact product, so what we're going to need to make sure we're doing and helping investors understand is exactly what we mean by that and how the holdings in the portfolio demonstrate consistency with that. and i think that's going to continue to be an area of focus for the industry to make sure there's clarity there. ultimately, we do need to make sure

s what's most interesting, immediately after the s.e.c.e collaboration between saying sighing saying this is a -- agencies. the market is looking at that. the last time we spoke, i said the so called turf war between regulatory agencies is something to keep an eye on. coin base shares with discounting that uncertainty. maria: we'll leave it there. it's great to have you this morning. thank you very much. we're watching coin base and the crypto market. we'll wait to hear what jay powell says about the future. stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good tuesday morning, everybody. thanks very much for joining us this morning many i'm maria bartiromo. it ises tuesday, july 26th. your top stories right now, 7:0e east coast. today inflation cuts into spending as walmart plunges and the federal reserve gets set to raise interest rates once again. the nation's largest retailer selling off this morning after walmart cut its quarterly and full year profit guidance last night. walmart warning that inflati

. >> i'm thinking we had the chairman of the s.e.c. who basically told you, listen, i'm thinking of the great tweet at the bottom -- but don't stay there there. i got out of block like a bat out of hell. but then -- came to the rescue. >> he's the j.p. morgan of crypto. >> how many can you bail out? and where was the bailout? >> all of which is saying what? >> i'm saying it's in front of us. we have 2000 all over again. but we have 2000 all over again. 600 companies, only a few are going to make it. only a few. >> we've got more -- then walked away from their deal. that deal is over and done with. go up to your separate corner and say no harm, no foul. >> nobody has to pay anybody anything. the clock is still moving on all of these. the money is all in the vault? >> how do you think people are trying to get 40%? but i heard something that worries me. i heard something and i'm going to say it's not true. katie, you may be transferring coverage to apple. >> it's funny you are saying this. notes up and coming in, not with her name on it a

the s.e.c.'s ridiculous proposed demands. farmers are producing more food and fiber with less inputs than ever before. the s.e.c. needs to think about the unintended catastrophic consequences this new rule will have on our nation's farmers and in turn on our food supply, which is already going to be short. we need to fight together in a bipartisan effort to combat this blatant government overreach. i yield back. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? mr. higgins: unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. higgins: madam speaker, under the affordable care act contraception is covered as essential benefit recognizing its importance to overall health care. yet this essential health component is one of the many rights under attack by an extreme politicized supreme court. congress must act now to protect the fundamental -- freedom of individuals