the s.e.c.xpected to meet to push the regulatory agenda over the next eight months. that regulatory agenda includes things like companies are going to have to identify their climate risk that's been meeting a lot of extra cost for business, they want to get these through and they're meeting tomorrow behind closed doors about it. >> s.e.c. chairman gary gensler is trying very hard, he's trying his very best to bring the same kind of restrictionses that president biden put on the oil and gas industry over to wall street. and he has actually overstepped his bounds. not according to me, but according to members of the house oversight committee. the s.e.c. has to report to congress. a number of congressmen said he's gone too far. several court rulings said the s.e.c. overstepped its authority in terms of trying to regulate bitcoin, for example, as a security rather than as a means of exchange. and now yesterday this latest ruling that will allow the gray scale trust to introduce a bitcoin etf, that's

if the s.e.c.al, what kind of time frame are we looking at to get these to market? there seems to be a consensus if the s.e.c. approves a bitcoin etf they should approve all at once. do you agree with that is this and give us more of a time line here. >> i think that would be a fair and level playing field for all the competitors in the market. i think that would be the best thing for investors, the most competition, the most quality competition, so i'm optimistic that's what we'll see. i do think the most important windows to look at are about 50 days from now when the suber really meets the road for the bit wise application, the black rock application, and then the big date would be january 10 of 2024. that's when they have to make a decision on the ark filing. if they're lining up everyone you would think they would make the decision on everyone by then. i suspect it will be earlier, bob. >> how long would an appeal take? if they appeal this week, how long would it take to get a ruling? >> they

but it is a big loss for the s.e.c. crypto industry, it means that the crypto is being taken seriously as a core underlying asset for an etf now. now you will be able to in theory have the opportunity to buy these etfs and track the price of bitcoin without necessarily buying bitcoin itself if you want to do that. and there is a whole host of questions about whether that is even a good idea and what the impact will be on the etf market and of course what the impact will be on the crypto market if a whole different group of investors now comes into this pool. >> and so i'll come back to you in a minute. but eamon laid out a complex scenario there are this ruling may indeed transform the miss of crypto ownership in major, major ways. so let me ask you two questions. one is this good for the crypto business, number one, and, two, is this good for coinbase? in other words, is it going to help your revenues or siphon off some revenues? >> i think it is a great development. it is a great question and a great development. the

the s.e.c. has several choices to make. the first and most important is whether the s.e.c.ke that decision. an appeal is possible but the harsh tone of a judicial ruling makes it more difficult for the s.e.c. to appeal. if they appeal, the other would be stayed until there is a decision on the appeal. but there are at least eight other applicants for a bitcoin etf that may have to be given a thumbs up or down in that period. the first to file was ark. they filed back in may. so the s.e.c. has a maximum time of 240 days to approve or deny those applications, including ark. so the first deadline would be january 10, 2024. if they decide not to appeal, they could go along with the court ruling and approve all or some of the nine applications for a spot bitcoin etf and that could happen fairly quickly. third they could come up with a new rational, why the applications should not be approved and get grayscale to sue them again. the s.e.c. can no longer say there's not a market of sufficient size to prevent manipulation. but they could come up with other arguments. like what? tha

coinbase will separate itself from the field, if it will, and what are the odds of shrugging off an s.e.cwsuit, which is typically one of the worst things that can happen to a company. >> we're in unchartered territory here take a big step back you're arguing to the s.e.c. that crypto and these other things are not securities, right? but i think the big philosophical question is what are they and what are they good for? what is the actual purpose of crypto when it was developed, it was going to be a currency, and you can buy things with it you can't really buy a lot of stuff with crypto. you're saying it's not really a security this will be an investible asset, that makes sense. but it's also -- is it a commodity? not really, because when you buy pork bellies or something, there's an actual pork belly under that contract that you can eat. there's nothing like that with crypto so what is crypto? what's it good for >> yeah, great question. so the answer, if you take yet another step back and look at the rest of the world, they have answered this clearly. virtually every other major economy

back to you. >> and kate, just remind us, the s.e.c. case is -- is basically to delist a bunch of coins from its platform >> yeah, it's about operating an unregistered securities exchange and it has to do with these tokens that coin base offers to trade as being securities, where as coin base has argued, no, they're not, and that's really the crux of the argument there s.e.c. has said essentially everything other than bitcoin is a security you didn't register and coin base said, well, you saw our f-1 at the time, you said everything was okay so, it's become more symbolic for the entire industry. so, it seems like they there fighting on behalf of the entire crypto industry, as well as for themselves there, but they're taking another shot at the s.e.c. and looking for the judge in this case to dismiss that, and we'll see what happens tomorrow >> yep kate, thank you. kate rooney. 21% shares are short >> short, yeah >> well, so, the stock ran 150% from the day that the s.e.c. filed that suit, okay, in may, until just recent highs and it's c

so the s.e.c.other reasons why they don't want to approve those applications, but they can't use that reasoning because the bitcoin futures market is highly coordinated with the bitcoin spot market and so that justification doesn't work. so i think, you know, i think that these markets, there's a tremendous amount of information about these markets. if you look at the applications that are pending, that's different information sharing agreements that we think would help sort of ease that concern. but, you know, i think you have to realize that these products are registered as securities. we think that there are a lot of consumer protections built into that and this should be one of the many ways that individual or a business can get some exposure to bitcoin. >> kristin, there was a lot of celebrating yesterday about this. the industry has portrayed him as kind of the enemy, sort of holding this industry back. to what extent has the industry been its own worst enemy? there were news that came prior

>>. >> i think the s.e.c.eally hard time explaining why they approved something like the futures and disapprove the spot. the basic underlying logic is, look, if you manipulate the spot, then by definition there is an implication of futures being manipulated. for s.e.c. there are no things like bitcoin exchanges involved that were part of the problem. they essentially removed the issue, but you still had the fundamental problem of the manipulation from one to the other. the implication was still there. i think they couldn't explain that very well. the court openly questioned, why are you earning them down and approving the futures at the same time? and i think they couldn't resolve that particular contradiction. they were just caught in a bind. they wanted to move forward the bitcoin story but they didn't want to deal with the fraud and manipulation and that's a problem. >> well, i guess we'll just keep waiting and see, given that time period you outlined. bob, thank you. bob pisani joining us on that ruling w

it sued the s.e.c. this d.c.court of appeals siding with gray scale in that lawsuit against the s.e.c. the judge saying that the s.e.c.'s decision was hypocritical. they called it capricious, arbitrary, said the commission failed to adequately explain why they approved the listing of two bitcoin futures products. but they wouldn't approve the gray scale proposed bitcoin etf. that was unlawful. so this etf approval, scott, mostly about objects here. seen as the final step to getting crypto into mainstream finance, into the world's largest asset managers on board, black rock and fidelity among those in line still for bitcoin etf as well and seen as this way to really broaden out thecrypto investor base. fidelity now offers it and so does coinbase, but seen as a way to really broaden it there. and then lastly, the spot coin is more accurate in terms of tracking underline prices. a lot of excitement around that. you see it in bitcoin prices. >> kay rooney, thank you on that. i want to talk about as we hit the two-min

it speaks directly not only to what gensler is doing at the s.e.c.olding chinese public companies here accountable but also what the president did yesterday on the executive order, what on capitol hill we call reverse cfius where we review american investments going to other countries like china. he's got it narrowly targeted but you have to understand everything in china is about a dual use technology. everything that china does is in the interest of their national security, spying on our research facilities, spying on our college campuses, stealing intellectual property, so i'm not sure the president's executive order yesterday really gets at the heart of it and is tough enough. i think mike mccall and the house foreign affairs committee, patrick mchenry and our team on the house financial services committee will want to look very carefully at the executive order and see if we can't make it stronger, even more targeted and better. maria: well, congressman, we know that there's no teeth to this eo. this executive order. i mean, the president is tryi

the judge rules in their favor, the thought process is that there will be an acceleration from the s.e.cand other etfs so that's where the excitement came from. we haven't gotten it, rates are creeping high, pressure on assets you know, you're seeing stock losses >> we are seeing bitcoin under pressure today >> listen, we have come a long way this year in crypto and bitcoin. we had a lot of good things happen and get priced into the market one of the assumptions that risk assets keep making is that the fed will finish hiking rates and start cutting. and all of a sudden, with japan hiking rates, their back end starts falling off our back end starts getting hit. and it's feeling like you're getting a washout of this bond market bubble. maybe it's the start, maybe not. but that's got markets really scared i think you're going to see risk assets under pressure, until you get some basic or bottoming of the bond market. >> you just used the "b" word for the bond market. dig into that a little more for me >> listen, we've had debt to gdp in our country go from 45% to 130% the baby boomers have

is having a closed door meeting, s.e.c. gary gensler has an aggressive agenda, trying to achieve before the election of more than 30 pending rules and a dozen more that are expected. these include climate change disclosure for all businesses, spacs, tighten the noose on spacs, market structure, four rules for market structure, conflict of interest from securitization. congressional review act, under pressure to complete the agenda by late april. >> the question i have, who does he work for? there's documentation that he met with klaus schwab at the world economic forum last year to talk about implementing climate change policies. the main point of the s.e.c. is to protect investors. i don't know how climate disclosures and esg scores are going to protect investors. in fact, it's just going to make things more expensive for companies which is going to reduce profits which will probably lead to lower stock market returns. and when you look at the whole esg scoring system, it's so arbitrary. al gore who runs an esg climate cha

and the s.e.c. losing a court case and potentially clearing the way for a bitcoin etf. >> seeing a market reaction here. judge ruling in if favor of gray scale. that is soaring, the cryptocurrencies are up as well. checking on the broader markets now, the dow jones industrials. we're still looking at coin base, thanks. dow industrials are up about half a percent and the s&p 500 one and a third, and the nasdaq up one and a half. >>> let's start with the top story, president biden about to speak shortly on the first ten prescription drugs involved in price negotiations with medicare. the inflation reduction act, which was signed last year, lets medicare negotiate on prices for the first time ever. on the list are the most commonly prescribed drugs of all, including elquill, jardiance, all the companies are here, pfizer, merck. let's get to louise chen. i'm told the drugs accounted for $54 billion of medicare part d spending. there's a lot at stake here. what's the effect if any on the prices on the st

this is part of the s.e.c.? hide it anymore. >> jim, i read a blog post about this, and i'm very concerned. the s.e.c., rightfully so, is saying, the truth of the matter is that the current time to fix the security event for large companies is four or six days. if you have a report in four days, your time to fix it is 4 to 6 days, there's sort of a gap there. you don't want to be exposed, telling the s.e.c. that you have been breached, haven't fixed it yet. one of the things, which of us want to make sure, is that customers can fix these things much faster, and that's kind of what you saw, the enthusiasm behind our platform is, we did way better than we expected, we're seeing a lot more interest in that, which is the ai-based platform, and also, knowing that will get you the mediation down two hours. so, i think we will see more of that. >> okay. now, last time we spoke, people were very worried about a microsoft entry into the secure access service end. we heard, look out. microsoft once in, they can quash anyo

some are saying it's a loss for the s.e.c.ncy may have a little less influence in enforcement actions going forward. coinbase is locked in its own high profile legal battle with the s.e.c. mel? >> all right, kate, thank you. kate rooney on this major decision in the grip poe world. the discount for the gptc is very steep, so, it really hasn't closed that, if there's hopes that's still to play. >> and, a lot of that discount is still making its way back from, you know, everything, where we were with ftx, et cetera. i'll continue to say more regulation is better for this industry, but the right kind of regulation. and there's no question, you can imput a lot of things from today's announcement. the sense was, you were seeing the major etf companies already getting the green light, or, at least, that's where we were positioning. so, we've had this over the last three to six months. bitcoin has been amazingly quiet, if you think about it. the lack of volatility, the times we've had some of the volatility in the markets. more regul

the s.e.c. could appeal -- that's the potential, and potential others. i've read this carefully. har of that they would would have to come back with strong arguments and decide not to appeal. they could put it away up until january but an appeal becomes less likely. >> if it gets approved it opens the floodgates from anybody in the business. >> they got caught up in their own logic. they didn't want to because of the concerns of manipulation, legitimate concern, so they said, okay, we're not going to do that. and the court said these are like products. you can't hide behind this is a regulated product and that was the lodge ek trap. those issues are still there. the court said you are precluded. >> let's get josh, what's your take here? i know you have one because you've talked about this in the past. >> i would say the most interesting immediate reaction to this is the rally in coinbase. that 15% rally was up as much as 17% today is very counter intuitive because if you introduce a retail friendly product that can be held in normal brokerage accounts in a wrapper that every reta

court challenging that s.e.c.ision to deny them the right to convert their bitcoin trust to an etf. that's a big, big push for the potential of a bitcoin etf. not happening immediately, but a big ruling in favor of the direction of approving of the bitcoin etf. some of the other sectors, crypto stocks, marathon, coi coinbase, all up in the mid teens. john, back to you. >> thank you. >>> my next guest says the market will continue to improve as recession fears ease. joining me now is the senior portfolio manager for multiassets solutions at global investments. margie, risk appears to be on this morning. coinbase is up. you know, c3 ai is up 6%. nvidia. you say that perhaps the concerns about reits and the markets have been overdone? >> yes, i think so. people have been really hoping for a recession, because historically, you would expect with such a big increase in short rates would be on the brink of one. but the economy keeps on chugging along. third quarter looks pretty good. you can see these economically sensi

federal appeals court which ruled the s.e.c.n from grayscale for a spot bitcoin etf. essentially, this could pave the way for the first bitcoin etf in this ruling. you've got bitcoin jumping 5.7%. coinbase also higher on the heels of this news. it's definitely one we'll keep an eye on today, carl. >> indeed. >>> meanwhile, we have a mover in the retail space. elf will acquire skin care brand naturium which they think will double their space to 18% of beauty retail. elf stock up more than 120% this year. the past 12 months, 240%, surpassing some other names you may know like nvidia. joining us this morning, elf beauty ceo tarang amin. biggest acquisition in you are your history. what did you like? >> we liked a lot of things. first of all, thank you for having me. one thing we loved about welcoming naturium to our health beauty family is it really aligned to our strategy of making the best of beauty accessible to every eye, look, and face and skin care brands. over 80% over the last two years and has an incredible product portfol

a limited number of people will get burned how can they keep coming because the s.e.c.ocess if you want to come public via a spac deal you can do so without regulatory scrutiny whatsoever anyone who buys this thing needs to recognize that the stock has nothing to do with the fortunes of the underlying car company. it has to do with the part of the stock market that feels more like playing a lottery than investing in actual businesses, because the lottery seems a lot more legal i hate this stuff. i hate that it's allowed i hate that it will cost people fortunes i hate there's no government we can shine a light on the stupidity of it at all and marvel at a company once run by ho chi minh. it's a curse, you can trade vinfast all day, betting it will go higher and lower, never confuse it with a real stock i'd like to say there's always a bull market somewhere and promise to find it f y yououoron >> right now on last call, a predatory landgrab in maui. the disturbing rush to try and buy a property devastated i wildfires. >>> the analyst playing matchmaker for espn, he is her

greg, thank you. >> thank you very much >>> when we come back, former s.e.c. investigating blackrock and others for doing business with chinese companies that the u.s. has accused of bolstering china's military stay tuned the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. >>> welcome back to "squawk box. we have so much to talk to jay clayton about, who is here we're going to talk about blackrock, crypto, fitch, downgrades, everything but here's -- we're going to start the conversation because blackrock is under some fire on capitol hill the house select committee on china now reportedly launching a probe into the world's large

there have been instances where we see the s.e.c.tigate companies before going public and later on like coinbase, which i know is different, but how concerned are you that some of the questions raised then p m may come back? >> i'm not concerned at all. >> okay. the more than business itself. it sounds like you are saying -- is this a bad businesses >> i would say the mortgage business is the toughest levels in 20 years. >> you are going public at a time at the toughest levels ever how do you get out of that do you have to change the business model change the business? what will you do >> we have to deliver for our customers. that's what matters. if we are able do deliver what we launched, we launched one-day mortgage nine months ago and we barely spent money advertising it we think it will with change >> you say when rates fall, you will kick butt they may be higher for longer. you sound like kelly buying bonds. she needs rates to fall for it to work. >> we are levered to rates falling. we grew 10x. >> people will not buy a house it

according to the wall street journal, the deal could be official today and be valued at $9 billion >>> the s.e.c. says it plans to appeal part of the judge's ruling that stated the regulator does not have the authority to oversee sales of ripple's xrp. this was seen as a huge boost for crypto firms with oversight and sent shares of coinbase and marathon digital surging this morning, shares are higher in the pre-market. >>> virgin is set to launch the first private space tourist into the skies today during the second-ever commercial space flight the move caps 20 years of development and allows finally start clearing the backlog of ticket holders. passengers on the flight include an 80-year-old accomplbritish on dom, would you do it >> i don't need to be a first mover with space travel. i'll wait for the commercial development to take hold. >> i would do it >> thanks, silvana. >>> time for the big money movers disney saw an earnings beat, but revenue shy of estimates disney reported 10 million fewer subscribers than consensus the key take from the quarter is streaming. the media giant looks to res

horton moving higher after the s.e.c.ing shows that berkshire took new positions in the home builders in the second quarter that adding to the rally for the industry with all three of those names up anywhere from 35% to 42% this year. residential real estate is still on fire. >>> still to come on the show, consumer is in focus investors are gearing up for the report from the biggest retailers in the nation, plus retail sales data out later on this morning we get you up to speed on what to expect. >>> if you haven't done so, follow our podcast if you miss "worldwide exchange," check us out on apple ctfspotify or podcast plaorm ofhoice. we'll be right back. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! that's what i'm talking about. [ cheers ] running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. nice footwork. man, you're lucky, watching live sport

of course, the s.e.c. is trying to change that somewhat, but that's been the criticism from the banks side >> yeah, and, you know, he even mentioned bank mortgages coming into that category of non-bank origination. >> reporter: um-hmm. >> also, he seemed relatively comfortable with the current condition of the economy, talking about consumers seem like they're in decent shape, so programs these a little -- he spoke to that. he said the economy here is resilient. to your point, he really believes that the strength of the consumer, the fiscal spending, all of that is keeping the economy on a solid trajectory he thinking it could be stronger if there weren't regulation. he noted the risks he had in the past of course, that's q.t., the geopolitical situation specifically, the war in ucranes, those are some of the risks he's focused on. but overall, i agree with you, his tone and tenor was quite positive. >> good conversation thank you, leslie. >>> up next, we're setting you up for a busy afternoon of earnings

court ruled against the s.e.c. the decision to deny them a position.oving higher, double digits. also looking at shares of nvidia, dipping after closing at a record-high yesterday when it announced an ai partnership with google. the stock is now up 230% this year making its the best performer this year. federal regulators are ordering tesla to offer driver assistance data systems. pvh rising following an earnings beat and a % to 4% remember knew growth. the company says it plans to improve inventories and reallocate resources for a more efficient supply chain. >>> and the tsa says labor day weekend will bring the busiest travel season. >>> the august adp report is out at 8:15 eastern followed by the investment report and then pending july home says at 10:00 a.m. look for earnings from brown foreman and then after the close, crowd source, chewy, they all report. taking a look at futures, they were in the red. we're seeing the same situation right now. this would provide a mini upset. joining me now to discuss if this trend can continue. >> roy is it goi

memes with it the memes don't really understand the process, but as soon as you get that okay from the s.e.c which they say is going to happen any day now, then they're all going to have enough money to pay their bills and get in compliance, but their business model is so bad and they're really inept at running the company, it won't matter >> you talked about the giveback this morning >> i was saying last night that tupperware should be shoulder unless they bring back rick go-goings. by the way, no one ever thinks their stuff is bad by the way, the nul stuff is starting to sell so, the memes can have some fun. you know, i think that they're exhausted too. like, the memes are trying to find, well, give me something new. we can't see the balance in '20. tupperware was fun while it lasted now we're in the amazon, apple part of the order, and real companies, and a lot of those stocks were down very badly on this fitch thing at 4:30 -- i love watching frank, by the way. frank holland. and you look underneath it and it's like, okay, alphabet is down 2 bucks on the fitch downgrade. who's doing this

stay with us >>> the s.e.c. to pass a final set of rules for the $25 trillion private fund history, hedge funds, private equity, venture capital. the long awaited regulations are aimed at improving transparency and reducing conflict of interests between managers and investors. the finalized set of rules adopted under the act of 1940 would require more disclosure from funds to investors on a quarterly basis and the s.e.c. is restricting the ability of managers to pass through fees related to things like investigation into the fund's practice and subtracting the use of taxes it also seeks to level the playing field by limits preferential treatment for some investors over the others. it watered down the more controversial portions it's not adopting a change in indemnification which we reported on previously which may have managers making less risky investments. the bulk of the rules should be implemented before mid 2025 assuming they pass, which pretty much everybody pass, w interesting to see that given what we've

speech doesn't get you to, you know, a defense to go and lie to the bank to get a loan or lying to the s.e.c. about your stock plan or lying to the fbi or in this case georgia officials. in furtherance of this rico conspiracy. so jay tom, take us into the minds of, you know, the prosecutors as they present to a georgia jury, because complexity is usually the enemy. you know, here, i'm here on msnbc. we have been covering this, rachel, joy, andrew weissmann, nicolle and myself, we keep track of it all. we almost love it, but in a jury trial, you want to keep it real straightforward. how do you do that? >> as an attorney, we try to follow the kiss principle. keep it simple. but what she has done in this indictment, and by the way, the author of this indictment authored my indictment 20 years ago. he's a phenomenal writer, john floyd. he has made it easy for us to understand. he will make it easy for a jury to understand. if they follow this indictment, those 160 overt acts, piece by piece, it will paint a picture that will be very hard to get around. also want to bring up something we talked a

-- remember, the fed's base line projection at the june meeting had that additional hike in in the s.e.c. docs and under that projection, they had inflation, core inflation next year falling into the twos. so if we're sitting at the march meeting with core inflation on a year over year basis in the twos, they will begin to entertain cuts but that's only conditional on getting there. there's a lot of road to travel between here and then. under that base line outlook, that's a sensible thing to start thinking about for next spring >> so does that mean we're in recession by then? >> well, i think, i think the odds of at least a technical recession is declared by the nber are more likely than not. historically, when the unemployment rate has risen by half a point, it's been declared a recession. my sense is that we're going to need to see some modest rise in unemployment to get wage inflation into the ballpark consistent with the inflation target there are others who are callinging for a very soft landing without a recession. we get some rise in unemployment staying in the mid-4s in order to

the company also reiterating it will win its battle with the s.e.c.ed it with operating at an unregistered securities exchange broker and clearing agency in june. shares are now down about 2% stay with us lls are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> shares of open door cratering after reporting a deep second quarter revenue decline and a pretty weak outlook. our deirdre bosa sat down with carrie wheeler for a "techcheck." >> this was carrie wheeler's first broadcast interview since taking over open door late last year it comes on the back drop of that 20% drop today. i asked her what the street got wrong about the outlook. >> i don't think they necessarily got it to the volume levels we would be at for the back hal

prior to that, they had fines for misleading, outages, tens of billions the s.e.c. applaud the fact that it is up 52%, but it's $30 off from where it was the ipo at $38 so you see a move here, but if you look at the relative strength index in july, it was overbought you'll see it pull back, but i would suggest staying away from this i'm even afraid to trade it. >> very good point so let's move on now to what i'm just going to call barbie. i think we're going to rare about that warner brothers are staving off their december lows. we'll see if they're helped by yes, the barbie box office boost. and what those potential strike issues might mean for the content pipeline do you like warner here? >> i do. my daughter wanted me to wear all pink today for the segment but it's far away enough from the 52-week high there's just a lot of technical strength it's about to have a breakout, so i think there's momentum. people are talking about "barbie," and they have international scale and growth capabilities we're talking about barbie going to india "oppenheimier," and others so

more on the grayscale s.e.c. ruling, next.s bloomberg. ♪ lizzy: welcome back to "bloomberg daybreak: europe." it is 6:46 a.m. in london. let's take you there are some of the global news stories. tesla is facing increased scrutiny from federal regulators over its driver assistance system known as autopilot. investigators want to know if the function has made it easier for drivers to take their hands off the wheel. it may mean drivers do not stay alert and ready to resume full control of the vehicle. staying with transport, bloomberg has learned that lufthansa is looking to sell its insurance brokers unit, albatross, and its insurance business as it pushes to streamline operations. the german airline has been selling non-core businesses in a bid to raise cash as it focuses on consolidating europe's aviation market. now to tech. apple says it is going to unveil its new iphone 15 line and next-generation smart watches on september 15, with a live event edits steve jobs theater in cupertino, california, and it is going to have an o

founding members play one more season before making the move to the s.e.c.es in the sport, oklahoma vs. oklahoma state. it's over because oklahoma chose to leave the big 12. period. it's got nothing to do with oklahoma state. so do i like that? no. >> this will also be the last season for four playoff teams. next year it moves to 12 teams, the largest field college football has ever seen. >> it's going to be really different. i think even with 12 teams, i personally think that there's about six teams, maybe eight teams that have a chance of winning the national championship. so i think the cream of that c crop is always going to rise. if it helps tulane get in or a boise state or cincinnati, i'm all for that. i think it still might expand more than that in years to come. >> georgia once again starts at the top ranked number one. the bulldogs trying to win their third straight title. but again, i'm really going to cherish this season because i'm not a fan of 12 teams make ing e playoffs. the regular season is arguably always been the best because each game ev

know are headed by basically wall street types, a revolving door situation as is the case with the s.e.cngress join those ranks. but the point is that you can't -- these folks are not serious about national security. they're far more alert to the business community's interest. that's why under president reagan, he understood this and kept those agencies out of presiding over economic financial issues when it came to the soviet union. he put the national security council prarlly in charge. maria: -- properly in charge. maria: i don't understand why companies that are already sanctioned by the united states could end up in these indexes, could end up on these lists for investors to invest in and further fund the expansion of the communist party. mike gallagher said the subpoenas are possible for blackrock and index provider msci. you testified in front of gallagher's committee, the committee is investigating blackrock and msci for facilitating american money into chinese companies that are accused of fueling chinese military, violating human rights. you say they've also found 2,000 unregul

we're preparing all the work we need to do to file with the s.e.c.ope subject to working through that we'll be in place to have our additional listing in the states at the end of this year or very early next year >> our thanks to peter jackson, flutter's ceo. thank you very much. you know, frank, penn announces earnings this morning and then a call at 9:00 a.m. eastern time so we'll be on that call because there's going to be a lot of pressure on penn to explain the math about this espn deal and how they get the numbers they think they're going to get. >> busy day in the gaming space. contessa brewer, i know you'll be on top of it. thank you for that interview. >>> coming up on "worldwide exchange," italy backtracking on yesterday's surprise announcement of a 40% wind fall tax on profits of its biggest banks. that news sent the bank shares sinking. we speak with kate kelly on the new banking riff and if u.s. investorshlde rrd. ayith us bwoie let innovation refundsp with your erc tax refund so you can improve your business however you see fit. rosie u

often it's called the s.e.c. primary, because that's what a number of the states in the south, not exclusively states in the south, there are some other states that are voting on that day, that's when they hold their primaries. yes, that is march 5th. march 4th, donald trump's trial will commence. his trial will be jury selection. prior to march 4th, ali, there are four states, at least three key states, that are gonna vote. iowa, new hampshire, and south carolina. and the republican party primary, there is something called winner takes all. the democratic presidential primary is called proportional representation, thanks to jesse jackson after 1984. proportional representation means that, okay, somebody gets 60% of the vote, somebody gets 30% of, somebody gets ten. and then the rest is divided between other folks. everyone will win some percent of delegates. that's the democrats. the republicans do not have proportional representation. that, means whoever wins the majority of votes in that state, whether they we

and bitcoin erasing all of its gains from tuesday's grayscale win over the s.e.c. let's trade -- karenwhat is your take here on -- were you in qbtc? >> no, i was amused by it. >> you were amused by gbtc. >> i thought, that is good news. i don't know how it gets from here to the finish line, but i do think -- there's still a fairly large discount there, so, i kind of like that trade. >> yeah. oil? >> i like oil. there's certainly some newsworthy dynamics with saudi arabia, whether they perpetuate these kilts that caught people offguard, somehow we're still listening to the russia at the table, which is absurd. energy companies are not the underlying oil. they are trading because of their balance sheet, and they've been able to repair. and $60 to $80 oil, they're fine. >>> all right. namaste right where you are. we are stretching into lulu earnings. >> oh. >> out with results this afternoon. the numbers from the quarter straight ahead. but first, pot stocks lighting up for a second day, after the department of health made a game-changing recommendation on marijuana.

and there have been instances where, let's say whole s.e.c. filings have to be turned over, and each document runs hundreds of pages, but most of that document is not relevant in any way, so it's very hard to determine what's relevant in the 11.6 million pages. i will say that having read jack smith's pleading asking for the january 2nd trial date, the prosecution has gone to extraordinary lengths. i've never seen anything like it. to make sure that the defense can get through the discovery quickly. what they said is we've organized it by category. we've organized it by witness. we've laid out a road map not only in the indictment but also in the discovery as to what's pertinent to which charge of the indictment, and most extraordinary, they said, we have even pointed out which discovery we think would be helpful to the defense. now, that is not required in any way. one of the big complaints that parties to a lawsuit often have is that, oh, well, they just dumped a truckload of documents on us, and now we have to go through and try to find the

publicly traded firms, including 90% of its stake in robinhood, the trading platform this, according to s.e.cbet also trimmed positions in 23andme, duolingo, sold 3.4 million shares of robinhood in the period ending june 30th, but still holds more than 600,000 shares, and robinhood has struggled since its 2021 ipo, but did turn its first ever profit in its latest quarter, but i guess google or alphabet, saying, we don't want to be quite as exposed to other stocks as -- >> i think these moves make a lot of sense in bull markets bull ipo markets, to have sort of this portfolio of holdings, but they get tough when the markets turn and investors probably want them to steamline. i think uber had a bunch of those that helped their results recently as well i don't know if we'll see this going forward. >>> meantime, huawei is plotting its smartphone revival in china with a new mobile operating system the embattled telecom name still struggling after they were cut off from android operating system if it works in their home market, that's a pretty big market >> it's one of the top three, maybe -- i don

so many extraordinary things happening in this space >> let's go with where it started, and has the s.e.c our time-tested securities laws are incredibly rigorous, burdensome to make a public offering in the united states, you have to go through many hurdles, much disclosure, audited financial statements they wanted to evade all of that the s.e.c. did a good job putting a stop to that and now, the question is, there are things out there that are not securities bitcoin is one of them others, we talk about tickets. we talk about things that can trade in a market. we have to catch up on how we treat those in terms of secondary -- >> that's why the ripple was so interesting. >> yeah. >> what's -- you know, what's going to be a commodity? what's going to be a security? do you still feel like we have the right tools in our, you know, approaching this the right way? >> raising capital for a future product is a security. it's that simple you come to me and you say, hey, jay, give me money, i'm going go off and build a network or a production and do these things and you're going to get a return as

you can go online and read the s.e.c. filings which contain a wealth of information. you can listen to or read the transcripts of the conference calls which i regard, by the way, as the best way to get familiar with a business and the key metrics that will drive the stock. feel free to read some journalism on top of that. just google it. listen to some opinions. anything to familiarize with both the company itself, the way its stock trades -- that can all be daunting. it's the kind of homework we do for you on our favorite names in the cnbc investing club. it is a must to join, people. join it, please. after tonight's show. just sign up so we can show you the hard work that we do. and by the way, lately i've been starting with the website. i have to admit i used to not start with the conference call. but i like a company's website because they've gotten so much better. the actual research is part of doing the homework. after you learn what you can and developed a thesis about with why you think a stock is headed higher, one final step, you need to be able to explain t

interest rates hit multiyear highs, the price of ether dropping 11%, the s.e.c.s poised to allow the first exchange traded funds based on ether futures, so far the regulator has not allowed an etf based directly on cryptocurrency but in 2021 it allowed trading in a fund that allowed bitcoin fut futures contracts. >> we're barely getting to ether futures etf. we're not even talking about a spot, the first one will be bitcoin, maybe. >> i mean, yeah, if there is one, it will be bitcoin first. >> maybe. this year. >> everybody thought it was this year. >> i did. i really did. >> do you think that now? no. >> you still do? >> i don't know, what's gensler's problem. i think it would help, and i also was listening to jay clayton, you hear when jay was here. oh, you weren't here. the fed -- three times this week, weren't you or just twice. kelly was on twice, and you were on twice. >> yes. >> okay. >> generic female anchor. do you remember jay clayton? >> no, just knowing anything that happened earlier in the week. >> that's true. >> i can talk about things in college a

firings to stop the president from firing a person because i don't believe in your views working at the s.e.c whatever. they do not apply to mass layoffs and mass layoffs are absolutely what i am bringing to the federal bureaucracy in washington, d.c. so that's actually why we already have the legal authority to do it, we need a president with a spine to carry it through. that's what i'm bringing. thank you, my man. i appreciate it. next question, please. tell me your name. oh, we just saw you. >> yes, we met downstairs. >> my mouth was full eating broccoli. >> that's fine. when you're president for eight years, you're going to have to face the issue of social security. and there are a few people here who are collecting right now. i don't know if everybody is aware if nothing is done, everybody will get a 24% haircut and they're going to have to start means testing and a lot of other to raise the retirement age, you know. what's your view here, how are we going to solve this problem? mr. ramaswamy: we're starting with such a rock bottom basis of trust of this country that i want to be clear a

crypto supporters are saying it is a monumental change in the stance and it is viewed as a defeat for s.e.cgary gensler who has come down with fines, enforcement and lawsuits and really put crypto back on its heels. the ecosystem has been reeling. but this is the second of two major legal setbacks and cracks open the door for projects, products the sec had said were unsafe. it is about grayscale challenge in the sec's rejection of its spot etf. here is what the three-judge panel said. they said it was arbitrary and capricious because the commission failed to explain its different treatment of similar products. we also had a response from grayscale. they proclaimed victory and thanked supporters, saying it is a monumental step for investors and the crypto ecosystem. crypto went on a spectacular rally, with bitcoin surging as much as 7.7%, to reach the highest price since august 17. you look at crypto related stocks, grayscale surged 17%. coinbase which was involved in litigation with the essence see they are happy about the decision. they were up big. the biggest gain of all was for a penny

the company had previously paid over $20 million to victims as part of a settlement with the s.e.c. precious metals and its top trader has been sentenced to prison. michael and greg smith were both convicted of market manipulation and spoofing last year. spoofing of the act of placing fake orders in a bid to manipulate prices. we have putting more come on "daybreak asia," as we see fluctuating gains and losses in asian markets. this is bloomberg. ♪ wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. >> we have breaking news at japan, getting the latest pmi numbers, a composite for august in japan, the luminary number coming in at 52 point six, which is a slight improvement from the previous month, also in positive territory expanding all of this year. when it comes to pmi manufacturing, 49.7, a slight

it allows people to buy and sell bitcoins through venmo paxos in february the s.e.c. previously registered was an unregistered security the company has pushed back on that, and has a statement out saying it's unequivocally not a security -- but stable coins tend to make it easier for crypto currencies to set they happen faster than government issued currencies an the traditional banking system and you don't have to price in the volatility that comes with bitcoin, something called spender's remorse where people have used bitcoin to buy something and have the price surge and feel like they overpaid there paypal is playing catch-up tether is the biggest so-called stable coin. u.s. based circle also has one for around $25 billion back to you. >> thanks so much. still to come this morning, the big tech playbook as apple shares come off their worst week of the year. stock at a two-month low this morning. amazon near fresh highs not quite to friday's intraday high of 143.63. we're back in two. you can't buy great conversations or moments that matter, but you can invest in th

ahead of a potential ipo. 16 attorneys general writing to the s.e.c.his week asking them to audit the company's supply chain and prove that shein does not use forced labor ahead of any market debut. shein executive chairman donald tang told me last week that he's taking steps to follow the compliance rules. he was sitting down with an interview fresh off of making a deal with the head of simon property and authentic brands. here's what they said about the specific issue of forced labor, the uyghur population and using cotton in the shein products. >> the cotton is the biggest issue there. so on that particular issue, number one, we do not source cotton from china. we use the imported cotton to make products on china. cotton-based products is about 4% of our entire business. the way that we are taking steps to make sure that we comply with the law, is number one, that we have a code of conduct at every single factory who is a subcontractor of ours, they will have to sign. that's one. the second step is, we have the international independent renowned aud