in a separate case, the s.e.c.der of tron as well as eight celebrities withe crypto violations. the agency claims ite1fá engage fraud by manipulainge1 the tokens.c u$e othez■k celebritie lindsay lohan and jake paul. six of the celebrities agreed to pay a combined $400,000 to settlexd the charges. frank. >> a lot of news when it comes to cryptocurrency and celebrities and endorsing them with ftx. silvana, thank you. see youfáñr later on. >>> turning ttention backÑi to the markets and trying to bounc] back. investors digesting the lateste 25 pointe1çó hike and the comme from janet yellen andr washington will go to backstop deposits.e1ñr >> this is knotçó something we looked atok with systemic risk. the systemic risk exception. >> her comments come one day after the fdic was weighing ways to backstop 100% of allv deposits. joining me is >> thank you, frank.5a■ >> we heard janet yellen's 5a■6■ comments. the highest rate since 2007. powell said we will likely see another Ñihike. which situy(u=9■ is the catalys for the s

you asked me -- look, the head of the s.e.c.ed in the russia hoax. he was the guy who helped to finance the russia hoax, the treasurer of the clinton campaign back in 2016. we investigated all of this in '17 and '18 and we found out that he was the guy who made the payments to a law firm who then moved it off to fusion gps, i think all of your viewers know that story. now, look, how can a guy who i investigated who clearly funded a dossier to target donald trump. donald trump owns truth social as i think most people know. how can that guy be in charge of this? but look, just to go deeper, if you want to know how deep this gets, it happens that peter strzok who we also investigated who was the fbi man in charge who actually investigated the russia hoax and helped to create the russia hoax in many ways and was ultimately fired from the fbi, his wife also is one of the top people at the s.e.c. now, look, we've asked simple questions. why are these people involved? how can they possibly be unbiased at the s.e.c. if they're people th

the s.e.c. but allows users to trades hundreds of crypto 0l■tokens. the s.e.c. thinks these tokens and other products should beñ treated as a security and, therefore, regulated likei] alp security. earlier this morning iu■p,■i] interviewed the chief legal officer from coin boys who said they runxd a rigorous review process and have rejected more than 90% ofa5■ assets that have applied to be listed on coinbase, although he couldn't >> they dot( not review in advae or up front. it's upg individual issuers to make those assessments themselvq■Ñiw3 applying the rules, if any, law that shapes those fjáu&es. the problem we this is÷dlp there no rules for crypto, so we'v%■p been left toa5■ guess to how th s.e.c. thinks about these issues. >> coinbase has been running for over a decade. went public two years ago. the s.e.c. is only issuing thi3 warning now, causing, as you can see on the screen,fá the stock plunge down over 15%. coinbase says they welcome a legal process, mike. >> thank you very much. wan

with aá"9u)(q to çó coinbase and s.e.c. alleged charge against tron. the s.e.c.çóe1 into one. the tech crypto is building decentralized infrastructure. money cryx(> should be regulated. money crypto people issued tokens that are rightly seen as securities.r tech crypto peoplefáe1 are technology -- technologists. >> i want to focus on ethereum forw3e1 a moment. within thati] new york a.g. suggested if ethereum could be a security and they say the stake has incentivized users to own. >> anybody can say anything. it doesn't make it true. it is unfortunate that that sort o i don't think it is all that relevant. matt and bill wrote a piece on consensus blog describing what is going on with the ethereum token in opposition to the there is another great piece by bill hughes called money crypto versus tech crypto on coindesk. the short piece. itu■ is a very crisp representation.5a■ >> people are looking to the expectation of profit of the is that all concerning? qqyr:ujt point. you are confident at this point >> definitely not. >> what5t$uz the implications? point to spe

the s.e.c.arges. then on monday the cftc filed charges against binance, the largest crypto exchange in the world along with its founder ing this could shake the crypto ecosystem to its quarter but coinbase up 81% for the year meanwhile bitcoin reached its highest level year to date so why is this industry full of scams just keep on trucking? the former chairman of the cftc, currently a research fellow at harvard kennedy school and also an adjunct professor at georgetown law more importantly he's our go-to expert on cryptocurrency regulation welcome back to "mad money." >> it's great to be with you again. >> thank you, tim. we need your help here we know coinbase just got this wells notice we know you're a classmate from law school but regardless we know a wells notice is not something you want from the government same time binance, another organization cftc used to run is really coming down hard on them. can you explain what these mean and whether people should understand that there is a gravity

s.e.c. it raised questions of the cash statements in 2019 and 2020. the swiss lender statement says the u.s. financial regulator made a late call on march 8th in relation to certain comments about the technical assessment of previously disclosed revisions of the cash flow statements we confirm the 2022 results as previously released are not impacted now we also have from the bank saying the management believes it is prudent to delay the publication to understand the comments received. again, going on to say this does not impact the 2022 results that were released on february 9th of this year. it has gone from crisis to crisis every time the bank wants to communicate to the market it is moving forward you get a story like this with shares down 3.6% and you have to think harris associates, the last shareholder to exit its stake, and leaving behind the middle east shareholders is the biggest one in credit suisse leaves you the point of why invest of a bank burning cash when you could invest in the other european banks with interest rates raising is it wo

the s.e.c. argues certain crypto assets should be treated a security and, therefore, regulated like a security. earlier this morning i was able to interview the chief legal officer from coinbase who disagrees with the s.e.c. who says the commission has not responded to coinbase's request and they welcome a legal process. shares are down 14% today and we're seeing a rare divergence between bitcoin as well as coinbase. bitcoin is up 3%. normally it would be trending lower. shares of payments firm block -- block saying they will not be distracted by short seller tactics. block is down 14.5%. >> kristina, thank you very much. >>> switching gears now, let's talk bonds for a little bit. u.s. treasuries moving lower as investors digest the fed's decision to raise rates at this week's meeting. our next guest says he expects the fed funds rate to come down sooner and faster than the fomc suggested in its announcement. he also thinks the u.s. 10-year and 2-year bonds are buys under the current circumstanc

. >>> and credit suisse gets a late night phone call from the s.e.c. forcing it to delay the report >>> also under pressure. silvergate just 24 hours after reports it was exploring efforts to stay afloat the bank now says the efforts have failed. >>> the ceo of norfolk southern bracing for a grill on capitol hill over the chemical spill in east palestine, ohio. >>> and president biden is looking for the latest on the budget proposal. it is thursday, march 9th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's start the hour with the check on futures after a mostly lower session for stocks yesterday. we are seeing futures this morning red across the board nasdaq down more than .50% we are checking the bond market yields here with the inverted yield curve. 2-year treasury is above 5%. pretty much it hasn't been since 2007 the 10-year treasury is close to 4% those yields have been creeping up as the market weighs rate hikes. in energy, oil is falling from the recent high. we

>> so with the s.e.c., they've filed motion for summary judgment, so the decision rests with the judge to make her decision. we're optimistic about having a positive resolution some time this year. >> can you give us any kind of timeline? it seems to assume something around the corner. >> unfortunately we don't know. it's really just with the judge. it's up to her. >> it's hopeful it will be on the side of ripple at this point? >> very hopeful. >> what are the implications if it doesn't? >> the implications if -- >> -- if it goes the way of the s.e.c. >> we think that's very unlikely since both the facts and law are on our side. in terms of broader picture, what's happening in the u.s. on the regulatory front, we're seeing action through enforcement versus setting clear rules and regulation, which is what all of us in the industry really desire. >> france is really trying to push itself to become a key crypto hub not just here in europe but globally as well. as you look at what's happening in europe with c

in february, the s.e.c. accused kwon of fraud alleging he deceived investors and the token setoff a wave in the crypto industry. brian armstrong taking to twitter to discuss the wells notice the company received this week. in the twitter conservationcons conversation, he stated it wasn't entirely unexpected. >> we answered every question and spent tens of millions on legal fees. explaining everything we could and they finally said we will schedule to come back. this is great. the first feedback we got in nine months. after 30 meetings, the day before, they canceled the meeting. we get hit with a wells notice. >> they cannot allow for questions. >>> citizens financial group is reported to make an offer for silicon valley bank according to reuters. the auction of svb private is handled by the fdic. the agecy has a deadline today. citizen financial is the largest regional bank, frank. >> silvana henao, thank you. >>> turning attention back to the broader market as the wall street shifts back to the health of th

she was recently named the s.e.c. freshman of the year and was also selected to the s.e.c. all freshman team. she's the fourth l.s.u. player to earn s.e.c. freshman of the year honors, the first since 2009. she came to l.s.u. as a highly touted freshman, ranked as the number 26 player in the nation. she made an immediate impact in baton rouge, scoring 11.6 points per game and bringing down 5.9 rebounds per game. she was named s.e.c. freshman of the week three times. in her collegiate debut, she scored 14 points and grabbed eight rebounds. she also recorded two assists, two blocks and one steal. through her first week of college basketball, she scored in double figures all three games. congratulations. we're excited to see everything that you will achieve. mr. speaker, i rise today to recognize gnat for his retirement from the wesley united methodist church. for the last 42 years he's been a fixture for his constant service to the church. most of his work was behind the scenes. certainly did not go unnoticed as he helped prepare wesley for worship, study, and fellowship week

s.e.c. attorney pushed back on the proposal, saying this should be regulated. considering. >> the regulation in the space is something that's just quite confuseing to a lot of players in the space. a lot of crypto institutions, whether venture capital funds, startups, web three players, whatever it might be, are actually waiting for regulation. the sort of questionable gray zone framework that we've seen so far from the s.e.c. and if you look even back into the case of voyager, they've come out and said that this may or may not be a security under section 5 of the securities act of 1933. so this kind of fickle regulation by enforcement rather than setting out a clear framework is going to have a cascading effect. crypto is not necessarily going anywhere. the u.s. consumer is 20% of americans have crypto today. if we don't come up with clear guidelines and framework to regulate crypto in the u.s., and set the rules for engagement, what's going to happen is we're actually going to fumble the ball. we're going to see a ton of innovation, resources and institutions

we speak with a former s.e.c.nvestigator on what could come next and later why carl icahn has a big problem with tech. more when "worldwide exchange" returns. stay with us power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. the eagle has landed. whithat's one smallool helpsstep for man...trades hey, what's up? -one giant... uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we can do with the xfinity 10g network. basically, the greatest achievement since the moon landing. i think they're talking about us. i know. you can play from anywhere. -yeah, i'm in the basement.

the justice department and the s.e.c. did high-ranking bank employees know this was coming? did they take advantage of that information? and the video tonight. one of the bank's ceos and what he asked employees to do as this was unfolding. pierre thomas tonight. >>> the race for the white house. and florida governor ron desantis declaring that supporting ukraine is not in the vital interest of the u.s. instead, calling the russian invasion a, quote, territorial dispute. rachel scott tonight. >>> this evening, the epa proposing new regulations to remove what are called forever chemicals from the drinking water in this country. >>> tonight, news on another pharmaceutical company and the cost of insulin. is public pressure working? >>> remembering a longtime member of congress tonight. and what she fought for. >>> and the moment right off the u.s. coast. they said wouldn't it be nice if a dolphin came up right now? and you'll see what happened. >>> good evening and it's great to have you with us hireere on tuesday night. the

shares dropping 13% after a warning by the s.e.c. of potential security charges.ryn, you previously owned coinbase. >> i think what's frustrate something coinbase went public with the s.e.c.'s approval when it did its ipo. and so for the same business unit now a different head of the s.e.c. is saying are not allowed. i think we should have a regulatory framework that just because you have a new s.e.c. chairman, the rules don't change. so we'll see what comes out of this. to me, i think it's very confusing for investors, how you can have it both ways, how are they allowed to go public if it's the same business unit aren't actually allowed to exist? >> stephanie, you previously owned coinbase. why did you decide to get out? >> i was in it a minute. it didn't trade on fundamentals. i bought it after they had a fairly good quarter, and they were gaining market share and momentum, and the stock kept on falling and was trading with the underlying crypto. that's the reason the stock is up 90% year to date, by the way. from a year ago it's still down 63% this is a volatil

s.e.c. and publishes the delayed annual report marking weakness in the financial reporting. >>> investors hit the brakes on volkswagen as they report a 7% drop in sales. the cfo tells cnbc u.s. inn fl -- inflation reduction act will help volkswagen targets. >> it will help ramp up electrification in the u.s i think look at the i.r.a. it helps the supplier there and overall economy move to electric >>> and boone for crypto measures to buck up the financial system by exposures higher >> the risk of contagion in the financial system appear to have been systemic. i think president biden and secretary yellen had made a good set of decisions there >>> european stocks have been trading for a half hour so far we are seen green on the stoxx 600. we have been given back territory from the start if you look at the french market, it was higher. now flat lining. still seeing early gains on the dax in germany there is weakness elsewhere. uk stocks trading down we see banking stocks under pressure some of

. >>> nbc news has confirmed that the justice department and s.e.c. have launched separate investigations ken delaney is here with the details. what can you tell us >> three sources familiar with the matter telling nbc news, that the d.o.j. has launched the investigation with the northern district of california, taking the lead here. and there's no indication right now, how -- where they are in that investigation it is considered preliminary in was first reported by t"the wall street journal", which was reporting that among the issues that fbi agents and others will take a look at, are stock sales by executives at svb, in advance of the collapse. obviously, the stock has dropped considerably, as all this has unfolded this is par for the course when something awful like this happens, regulators, prosecutors, the s.e.c., takes a look very significant meaningful for the people involved justice department investigating. >> ken delaney thank you for that >>> how meaningful and important do you think this is and are you confident that combination of investi

we have pushes to push us toward regulatory clarity from the s.e.c.arket is in a new major bull market cycle. all of that is pointing people towards this asset class. itit's been doing very well this year. maria: what are your thoughts in terms of where this goes next. first citizens bank and trust company acquiring nearly $72 billion of collapsed silicon valley bank assets, matt. how does that impact the crypto market? >> yeah, i think, again, that gets back down to this breakdown in the traditional banking sector and the fact that the fed has stepped in with a new form of qe, more currency debasement. that is all pushing people to the only viable alternative financial system we have which is the emerging system in bitcoin and crypto. i think people have woken up to the idea had that we need this alternative. that's why you're seeing the market move higher. bitcoin is the best performing asset in the world this year. i think that's a big part of the reason. maria: wow. that's amazing. so we're going to hear from gary gensler on wednesday, the chairma

. >>> later, former s.e.c. chairman jay clayton penning an op-ed with solutions to save the banking system and the levels to which deposit insurance should be raised. >> it's a great conversation, given what you just said with nelson peltz this past hour. >> lots of ideas these days. markets, as you can see, heading towards session high level dow up over 1% the s&p 500 up 0.75% 3947 sara, still below that 4,000 level. the nasdaq is trailing, lagging, if you want to call it that, up 0.25%. if you look at the overall picture, it is stability, which the bulls could try to latch onto in some way, shape or form at this point. >> the nasdaq has gone positive in the last few minutes. topping the tape, the massive overseas bank deal with ubs agreeing to rescue, not sure they had a choice, credit suisse in what many call a shotgun wedding. ubs stepping in late sunday night with the help of the swiss national bank to acquire credit suisse for just a fraction of that, a total of $3.2 billion in an all-stock deal. just one

the s.e.c. declined to comment. just yesterday chairman gary gensler said we at the s.e.c.e particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors or the markets more broadly. he vowed to bring enforcement actions if they find anything wrong. this is on top of the fed launching just yesterday a review of the regulation of this bank. so there's a lot of questions here about what both management and regulators could have done differently to prevent this debacle. >> how should we be interpreting moody's decision? >> it's certainly a sign of continued concern about these banks. moody's says that they expect that banks are going to continue to remain under pressure for as long as the federal reserve hikes interest rates. they're warning they could downgrade six u.s. banks, including first republic bank, western alliance. i think there's some investors and customers who are probably hearing these warnings from moody's and wondering where were you guys last week before the banks collapsed? i thin

s.e.c.t the future of the industry in the u.s. our next guest argues that clear rules and regulation would be the best way to protect investors. joining us now, emily parker, coin desk executive director of global content you know, it's like a -- i don't know, a tolstoy novel. where are we right now what's taking so long? what do you want to -- who do you expect to take the reins eventually, emily, to get some decent regulation in this area >> well, i think part of the problem is that it's a little bit unclear who's exactly in charge here. so there's been a lot of recent movements by the s.e.c it seems like every day there's n news of a new s.e.c. crackdown on crypto. the problem is that the u.s. doesn't really have like one federal regulator for crypto exchanges. a lot of this is done on the state by state basis the problem with the u.s. isn't so much that regulation isn't too strict regulation is too confusing. what we're having right now is basically we're seeing all these sort of like ad

that's right the s.e.c.e program selling $20 million in shares before the stock plunged. they filed a complaint against this we'll see if they do more, maybe even in this case. >> there is that argument about democratize the information. if you're an insider and you think a storm is coming, you want to sell your shares, do it, but let us see that's the whole point of the disclosure you say if people were tracking the sales, they may be tipped off earlier. >> bi >> by the time you knew on february 27th, you would have had time to saell, but not a lot a lot of people weren't looking at it. >> what came as a surprise to me, maybe it shouldn't have, congress people have the right, once they leave office to be earn a living. let's stipulate that. >> a good one. >> and a good one in case of barney frank, the member of the board, i read he made in excess of $2.3 million as the author -- >> for being on the board and potentially lobbying looser rules, all the rest of it. his involvement is -- he's somebody who would

the s.e.c.ht and disclosure rules. viola and we ajqÑi going say it, the legal officer from coin base has issued a statement saying, quote, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the s.e.c. has simply not been fair or reasonable when it comes to its. given this new literally just broke, we havee1 reached out to the s.e.c. for comment, we haven%f■ received any just yet. there's the news. >> christina, thank you. just as the stock was getting off the ground with the rally in bit coin here, a wells notice is never good news. tim, what d >> just -- penalties, people piling in, and a defense that, well, this is because you haven't e1defined -- i mean, lo, i don't know what was going on. i can just tell you if the defense is, you reallyi] haven' defined how we're supposed to be trading some ofe1 these, and if what was done is at least currently, technically, in the offsides part of what securities laws are, i don't think there's -- that's n

>>>Ñi coinbase is falling after the s.e.c.reparing5@0 well notice. >>> it is thursday, march 23rd, 2023. 3/23/23. >> that was good. >> "squawk box"ñrÑi begins righ now.u■lplplpÑi >>> good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaqi] marketq site in time square. i'mlp becky quickt( along withe kernen. andrew is off today. you will see green arrowsp the board. not as strong ast( a few minute ago. dow up 75. s&p futures up e120. nasdaq up 143. all of this comes after some big lin. markets down 1.6%. alllp equity markets. as joe mentioned, it wasn't really jay powell's fault for really jay powell's fault for any oft(tpq things that happene. he walked the fine line. markets were taking everything in stride after the fed decision and his remarks. later in the session, if you ar1 minutes before the close, that is when things fell off thexci cliff. that is when janetçó yellen was talking(>e1 congress. we will talk to steve about this in a moment. she was pressed hard if the treasury could act with thesá

of the lawsuit with qcoin this means it could eventually fall under the regulatory umbrella of the s.e.cry gensler. the lawsuit against qcoin is the fourth largest crypto exchange claims it violated the law by selling securities that were not properly registering in new york state. it adds that qcoin offered an ethereum stake product similar to the one that got kraken in trouble with the s.e.c also dealing with the budget proposals and rules to close the loophole and limit ability to take losses to lower tax bills the plan would subject crypto to the same sales rules that apply to stocks and bonds. frank, bitcoin is down sharply now below $20,000 and hitting the lowest level since january. >> silvana henao, thank you. >>> coming up on "wex," investors gear up for the jobs report that is being released in hours. we talk to one guest >>> and as we head to break, the top stories. apple launching classical music service. access to 5 million tracks and hundreds of play lists and thousands of items. >>> and the drone delivery company will expand delivery system beyond the test cities starting

the s.e.c. is warning going beyondÑi çóxdcoinbase thate1 ju caution around cryptoq assets.itcoin going on, and then that's ther it almost seemsçóçó like theq ft and what's going on in thet(p,■ banking sector as itg banks that houseq cryptos9<■ht■ have to cáa so what is your take on what the bitcoin?Ñiçó >> i think it's fair to say that the regulatory environment inok the united states is decidedly under friendly towards crypto right now.q óe'q■ few months.e1 so on the oneçó hand, there's t1 happening. on the other hand, bitcoin's price isn't reacting that dramatically to these áip r(t&háhp &hc% i think there's aq few reasons one, because inçó general, what drives t(bitcoin's prqú1ñ it ha to do with the fed or interest rates.q that's been what is driving the price. even though we have seen this regulatory crackdown ina5■ the u.s., bitcoin has been doing .td the other thing to remember is that, you know, as we discussed before inv kripto currency is all over the world. so even if the fcc cracks down +-■] overseas. oing to be seeing that%b@t-t&háhp &hc% >> are we basically say

the s.e.c. will be specifically looking at the market manipulation violation of securities fraud.hat's pretty standard. big picture, though, despite those extreme measures taken by the federal government over the weekend, back-stopping depositors launching that loan facility for banks, there are still concerns out there that this would happen again. moody's has now downgraded the outlook for the entire u.s. banking system, saying as the fed raises rates, the pressure on banks' balance sheets will increase in terms of that interest rate list. and likely the rates went up a little bit yet. we got the inflation data coming in as expected, but still triple the fed's target at 6% annually. that has raised the likelihood certainly in the eyes of the market the fed will raise rates again next week, then again increasing pressure on the banks. big picture as well the issue of regulation. the dodd/frank reforms that came in after the 2008 crisis were diluted somewhat by president trump. initially it was banks with assets over 50 billion that were subject to things like stress tests and enh

if esg through the s.e.c.ey're backing away a little bit now, if that's implemented that's going to kill main street where 60% of americans work for small businesses. if businesses in america have to do esg reporting, as the s.e.c. is suggesting on the carbon footprint of their businesses, it will kill main street. maria: this is also a move by the president to put a chill on investing in fossil fuels as well. because he does not want the major be banks to be lending to fossil fuel companies because he wants to shut down that industry. you have an issue with senator kevin kramer bill, he introduced a bill to prevent banks from discriminating against law abiding businesses. you said the government's heavy hand is too aggressive here. i spoke with the senator yesterday on tuesday, senator kramer joined us and here's what he said. he responded to your concerns. watch. >> i think mr. sanchez is probably reading it just a little wrong. my bill doesn't require anybody to bank anything. what it does, it prohibits ban

in a statement, s.e.c.man jessica said that the agency's approach has support from all 50 state's attorneys general and washington, d.c., and the vote was unanimous. these rope owe texts are making a mess of our phones. they are reducing trust in a powerful way to communicate and that's just the start. the fcc is also considering additional rules that may apply do not call protections to text messages for the first time. boris, amara. >> some good news there. thank you so much. >>> still ahead, thousands are protesting in the streets of paris showing their anger towards the government for telling people that they will have to work two more years before they can collect their pensions. the latest next. isterine to you. new science shows it gets in between teeeeth to destroyoy 5x more plaque above the gumline than floss. for a cleaner, heaealthier mout. listerine. feel the whoa! sometimes you're so busy taking care of everyone elslse you don't do enough for yourself, or your mouth. but eventually, it will rem

and this is one where the s.e.c. has so much data about who is selling shares, and as ken pointed out, you figure out what is legitimate because it was done pursuant to a plan. it was always going to be executed and not based on insider knowledge, and what looks out of the ordinary it's not that hard because of that data to investigate and found out whether insiderers were trading. you ask them and get evidence of the reason they traded when they did. so you could see potential charges out of this kind of investigation, but it's too soon to tell whether there's that criminal liability here. >> we noted your role on the ep roll task force. two sources say part of this probe will examine whether bank executives sold stock prior to the collapse and any suspicion of insider trauding. in nipg we learned from enron that would be applicable today >> jeff skilling is a great example of the former ceo. in august and sold a whole host of enron shares in september is. he claimed under oath in congress he did so because of the 9

"weqe$r'tend to work with the s.e.c.sh app business today. hindenburg is known for thesepr% tynes of attacks the statement says which are designed shortly to allow shosht sellers to profit from a declining stock price. as i mentioned, nikolai and my■ adani were other investigations from the firm that did result in share prices going lower. coinbase meanwhile was the other story in fintech today. it was hit by the prospect of potentiale1 securities charges around an unspecified portion of its listed digital assets. take something out of both these stories, really it's that they speak to the disruption that fintech has promised for years that i've covered for years and how that may not ultimately work out in their favor and especially at this moment ite1Ñ feels like people are questioning their valuations. of courq because oflp some of these so-called disruptions that haven't real'1■ shaped up. >> that's right. and as i mentioned before, in a downturn it steemz more fin than tech. they've tried to make something but nu abo

credit suisse delaying its 2022 annual report after a last-second call from the s.e.c. shares down 4% on the news but they're trading under $3 we have the latest detailshe wn "power lunch" returns. conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. >>> welcome back as investors gear up for the jobs report tomorrow morning, jobless claims jumped to 211,000 today. also today, general motors offering buy-outs to salaried workers. a huge chunk of their workforce. as the labor market jitters start to go beyond tech, what does it mean for stocks? david trainer, it's good to have you. and listen, i mean, when was the last time you were bullish, by the way? >> we're bullish, just in pockets. we're bullish around stocks with good fundamentals and attractive valuations we're just really disciplined abou we

>> so the fed -- you agree won't ask to renege on their responsibilities >> we don't regulate, the s.e.c. does >> okay. so the answer is no? >> what's the question again >> i'll move on. earlier some of my colleagues and the chair questioned the holistic review of the capital bank holdings, this holistic view which no one has seen according to what my sources, but there are published reports that will call for more capital to be held by banks. i understand the deferral. anything to warrant to large banks' capital increase? >> there isn't a proposal to evaluate or talk about yet vice chair barr indicated he was going to take a look he thinks capital is strong and the question really is, is it strong enough? i know he's been working and there will be a process when he does arrive at conclusions he has no authority to enact something himself and has to go through the board of governors, also through the fdic. >> this has nothing to do with the qt fiinitiative the tightening of the money supply they're not related at all >> no, i would say not. >> are you comfortable with the qt reductions t

then we have the s.e.c. in the u.s.e expect that to soon get approval unconditionally in the next couple months. >> you talk about the deep competition with the likes of starlink and amazon getting big in the space. chinese competitors, too, which in some cases, actually backed by the states. how can you compete with players that -- players with the new entries in the market are less concerned about the economic finances than sheer growth at this point? >> you are right. some of the mega constellations with longer issues in mind. they are not constrained by that. they are investing more than the industry. number one, i think the industry will go through consolidation and too many players -- more than 50 players in the industry. probably 50 too many if you look at what will happen in the next few years. we are well positioned, but i think this is the reason we've planned to merge. we hope to grow in scale and compete for the long term. we don't compete with viasat. we said that this will be a $4.1 billion revenue company

. >> s.e.c. is now investigating the collapse of svb. >>> tensions between the u.s. and russia after a russian fighter downed a drone in international airspace. today, dramatic footage was released of that encounter. meanwhile naito allen nato ally poland said it will also send units to the area. the pentagon releasing dramatic new video today showing the moment when the u.s. military says a russian fighter jet dumped fuel onto an unmanned u.s. drone before colliding with it but temporarily cutting out the camera feed. you can then see the drone's propeller looks clearly damaged, forcing the military to downed it in the black sea and wipe sensitive data. all of it happening in international airspace. >> given the reckless and dangerous behavior, and to demonstrate publicly what type of actions the russians had taken, we felt it was important to provide this imagery. >> three u.s. officials telling nbc news the order for the aggressive actions came straight from top kremlin leaders. >> they are trying to send a message, and they are trying to back us off. >> russia ha

"the wall street journal" reporting the justice department and s.e.c. launched separate investigations into the failure of svb part of that probe will focus on stock sales made by the ceo and cfo in the days before the collapse security filings show ceo greg becker sold more than $2 million worth of company stock in just the week before the bank's failure. >>> a disaster out west in california as parts of that state remain completely under water. a major nor'easter brings the first major snowfall of the season to many parts of the northeast leaving hundreds of thousands without power. live reports on all things weather next >>> and the rise of voice cloning. this is wild how artificial intelligence can now mimic your voice and the consequences we're already seeing from it you're watching "chris jansing reports" only on msnbc ♪♪ inner voice (kombucha brewer): if i just stare at these payroll forms... my business' payroll taxes will calculate themselves. right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate t

it's an s.e.c.e bulletin, 121 i think. >> that's right. >> certainly aware of it and we do follow general accepted accounting principles in our regulation. >> yes without objection i'll submit it for the record my lertd to the bank regulators about this so while the fed said it can be done in a safe and sound manner the s.e.c. has regulated it so it cannot be done. next question about bank capital standards. you have questions about this yesterday. chair barr has announced a holistic review of capital requirements as i said in in my opening statement, a lot of question bs about this process, and previous statements by members of the fed governors about the adequacy of current capital standards. and so, while the vice chair for supervision announced the feds when engaged in a holistic review, what is the process? there are a lot of questions people have about his statements so we want to understand why it's necessary for the fed to conduct a holistic review and what the process is. and so, you know,

block said we intend to work with the s.e.c. and explore legal action against hindenberg research for the misleading report that they shared about the business today. block said it is a highly regulated company with disclosures and it is confident in products and compliance programs and control. yet, this morning, the stock is down again indicated off 4.9%. >> they almost -- the report was almost tongue-in-cheek in places. the company decided to serve and under served part of the economy. criminal element. went after that and that was the entire thing. >> i don't know the research behind that. clearly block is coming back swinging and threatening it is working with the s.e.c. to look into it. there was something in the options market leading up to it it. hindenberg disclosed this was a short for them before they did it. you will see investigations that play out from here. >> whenever we talk about short sellers, you can argue both sides. they are the most vilified parts of the investor world. they are the ones who are the whistl

they've seen the department of justice had passed on, the s.e.c.e think he's unfairly targeted. aren't they going to look for somebody who's not going to be embroiled in so much of this? somebody who won't be in the middle of this all the time? >> the answer is we don't know yet how it impacts him as far as independents go, and we don't know how it will play out. i think what alvin bragg is doing for a lot of people just not passing a smell test, it's coming across as political to many, not just republican primary voters. >> let me ask you this, is desantis a better candidate for the republican party, all of the same policies as donald trump and more. he's maga on steroids, is he a better candidate for the republican party? >> if he gets in the race, and seems like he's shaping up to become a candidate. it's about what type of campaign he runs. what are the policies he's going to be campaigning on. how is he going to do at the debates, how well would he organize? i would say there's plenty of potential for a governor ron desantis to be an extraordi

if it goes the side of the s.e.c. says this is a security issue, you have the broader crypto space as well. ripple is saying that they're very optimistic. i caught up with the president a few moments ago, monica long saying she's very optimistic of the sentiment and it would go the side of ripple and that's adding to it. that's, again, another issue. >> arjun, great to see you always. great reporting as always. >>> ahead on "worldwide exchange," new jordans and a promising pipeline, not enough to have our next guest say just do it when it comes to buying nike stock. >>> plus, an all-expense-paid trip to the happiest place on earth around we're not talking disney world. "worldwide exchange" continues. stay with us. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! for businesses of all sizes, there are a lot of

>> as we discussed this is an s.e.c. staff accounting bulletin and it's not something that the fed issued and i would be loathe to comment directly on it. >> the issue is and what concerns me is the fed and other federal banking agencies are not following international norms on digital assess regulation. that's just my comment thank you, chairman powell, for being here i now recognize senator smith. >> well, thank you chair powell, it looks as if senator britt and i are the last standing before i get into my questions i would like to note there's been a good back and forth amongst our committee around some of the big economic challenges and opportunities we face in this country. i would like to note that the programs and the spending that the ranking member and some of our colleagues have blamed for inflation provided critical relief that kept working families and small businesses afloat during a global pandemic. many of these policies were passed on a bipartisan basis and signed into law by both democratic and republica

. >>> we have a market flash on roku shares dropping in the afterhours >> sarah, roku filed a s.e.c.as of march 10th, they amounted to $487 million, which of course largely uninsured. that represents 26% of the company's cash, they say, but they have $1.4 billion in cash and cash equivalents distributed across multiple large institutions they say their deposits with svb are uninsured and at this point the company does not know at what point they'll be able to recover the cash on svb. notwithstanding they believe they have existing liquidity balance and cash flow from operations will be sufficient to meet working capital, cash expenditures and ma rterial cas requirements at the moment there you can see share taking a big leg down. >> they were down 5%, now down 4. svb is being removed from the s&p 500. not surprisingly med tech community insulet is going to be replacing it jeff, roku, is this a risk factor we're about to find out a lot of companies and who's exposed. >> yeah, i mean, i think ultimately they end up getting the money back the question is, how long does it take? seems to

we took examples to experts to, you know, former doj folks and former s.e.c.hey are troubled by this you know, as as the ceo of a company, you necessarily at times know non-public information that relates to rivals and partners. >> the question is this information that the irs does or s.e.c. doesn't have, now it is out, do you think this should change the rules or do you think there sis a regulatory shift tht should happen? >> that is not for me to say i do think that the response from folks who were at s.e.c. and doj is very interesting. with w we talked to the former chief of the criminal fraud section if if -- if he was still at justice, he could investigate. the former chairman said executives at companies shouldn't be doing this. shouldn't be trading in companies that they could be argued to have non-public information. >> the question becomes should this be a law? a rule enforced by the s.e.c.? should it be self governed by the boards public boards? by the way, what we don't know is what's going on in the private market universe. i assume similar things

background checks >>> new fallout from the failure of silicon valley bank the justice department and s.e.c. now launching investigations did bank executives unload stock before the collapse? >>> yet another close call on the runway, this time near washington, d.c. my exclusive with the acting chief of the faa i asked him why do these near misses seem to be happening so often. >>> and the bakery helping young chefs rise to their full potential and inspiring america. >> announcer: this is "nbc nightly news" with lester holt >> good evening, and thank you for joining us we'll get to that major weather news in a few moments. >>> but first, we want to bring you the latest in what we know about a dangerous aerial encounter in the sky today between the united states and russia the pentagon saying a russian fighter jet poured fuel on an unmanned american drone, then collided with it over the black sea. it sent the american aircraft into the water the confrontation escalating already high tensions between the countries which are telling different versions of today's event. courtney kube has the lat

according to s.e.c.gs, to top silicon valley executives sold shares in the company shortly before it collapsed. a trust held by ceo greg becker sold merely $3.6 million of company stock less than two weeks before the firm disclosed those extensive losses that led to the failure. becker has not responded to abc's request for comment. this, as reports three former top executives at signature bank were sued by shareholders tuesday accusing them of fraudulently proclaiming it was financially strong just three days before the bank was taken over by regulators. the lawsuit arguing signature misrepresented and failed to disclose adverse facts. abc news reached out to signature bank about the lawsuit and they had no comment. but for other regional banks a glimmer of hope. their stocks rebounding tuesday, though experts say there could still be volatility ahead. >> we still probably haven't seen all the deposit movement that will take place and so still waiting each day to see what happens, so not out of the wood

today the parent company of silicon valley filing for bankruptcy as the department of justice and the s.e.c. investigate its leadership. ceo greg becker sold nearly $3.6 million dollars in stock just days before the bank collapsed. sources tell abc news the fbi is looking into whether there is evidence of insider trading. and, whit, the white house is also asking congress to em power the fdic to impose fines on those executives from failed banks and to bar them from holding jobs in the industry. whit? >> erielle reshef, thank you. >>> next tonight, the severe weather threat in the south after that cross country storm unleashed a tornado and large hail in the dallas area. at least two confirmed tornadoes hitting texas, including an ef-1 touching down in irving with winds up to 110 miles per hour. whiteout conditions blinding drivers in southwest minnesota. trucks jackknifing on the highways. that system moving out, and now a major cold blast coming right behind it. let's goet to abc's with more on what to expect. >> reporter: we're continuing to track that cold front, and along its leading e

background checks >>> new fallout from the failure of silicon valley bank the justice department and s.e.cunching investigations did bank executives unload stock before the collapse?> yeanother the runway, this time near washington, d.c. my exclusive with the acting chief of the faa i asked him why do these near misses seem to be happening so often. >>> and the bakery helping young chefs rise to their full potential and inspiring america. >> announcer: this is "nbc nightly news" with lester holt >> good evening, and thank you for joining us we'll get to that major weather news in a few moments. >>> but first, we want to bring you the latest in what we know about a dangerous aerial encounter in the sky today between the united states and russia

this isÑi after coinbase fell 1 last week after the s.e.c.be used in conjunction with a standard endocrine therapy. this will be part of axd unit tt novartis plans to spin offt( in the second half of this year. >>> let's get the results of our twitter question. we asked, willxháhe fed hike rates this year? the majority of you say, no, they will not. up next, trading techs. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. the one wheráhvárp+e banks pulling. pulling. >> you can hear the bell. out with a gain. s&p ended oute1 positive. nasdaq giving it up right at the end. that does it for us. qgut >>> well, got tig scorecard on wall street, but winners stay late. welco