sec. cardona: that is great, but that will not fix the long-term issues. what we were proposing with the income driven repayment. it will cut loan payments, student loan payments in half for borrowers. we went from 10% of someone's income to 5%. i remember having a conversation with a gentleman whose son was in my school when i was a principal in marital. he said, he is not going to college, i just cannot afford it. the boy was in sixth grade in the parent made the decision based on the fact that he knew six years later his son wasn't going to college. we are proud of the debt relief, we are just as proud of the work we are doing to fix a broken system. income driven repayment, public loan forgiveness, if you choose a profession where you are serving the public, in many cases you don't do that because it pays like a private sector. you're doing it to make the community better. we are making sure the public service loan forgiveness is implemented correctly. when i became secretary of educat

sec. cardona: because it is an issue that affects all americans. the potential in this country is limitless. however, because of the difficulty to access higher education, we are limiting our countries potential. to ensure that students are not worse off after the pandemic than they were before, we are using that authority. we have looked at that very carefully and we think it is the time to make sure coming out of the pandemic, we provide support to students just like we did for businesses when businesses were struggling. we are getting regular everyday americans back on their feet so they can buy homes, get married, go on with life. >> you're confident this is not going to get dragged out in court for years? edu. sec. cardona: we are acting on our authority. we believe we have not only the right the possibility. >> one more. we are dealing with a teacher shortage at the moment. there has been a lot of talk about respect and how teachers are under attack from many directions whether it is

answers the sec assaulted while the sec may not want to answer congress the sec will have to answer to the courts which should make them nervous. the supreme court has repeatedly held and i quote congress does not alter the fundamental details for regulatory schemes for ancillary provisions and it does not one might say -- the summer of the supreme court applied the sensible principle to the west virginia versus dea case. they cannot use novel interpretations of existing law as they have legal authority to support sleeping policy changes including climate change. that's precisely what the sec appears to be trying to do with the climate disclosure rule. the sec should be informed that they are on notice. >> thank you senator toomey and today we will hear from the securities and exchange commission chaired gary gensler. it's his annual trip here and he often does that more and we thank them for that. shared itzler you're particularly welcome because we have a very good well above average turnout today so enjoy that. thank you for joining us shared gensler. >> chair brown ranking membe

sec.ardona: thank you very much. before i get started, i want to say thank you to all of you. you have a very important job. especially as our country recovers from a once-in-a-lifetime pandemic. thank you for what you do. as linda mentioned, i am -- the title i love the most is dad, father of two teenagers. which is -- everyday is a new adventure. they are at a critical period in their lives. my son just start a college and my daughter is a junior in high school. my wife is also an educator, she works college and career. so i have been -- i started as a fourth grade teacher so education is something that is near and dear to me and my family. and i recognize the importance of education, good education. i would not be sitting here at sec. if it weren't for teachers that believed in me. that's all potential in me that i did not see. it is with that passion that i serve as secretary of education. feeling excited this time of year. 50 million students are going back to school. i always look at

please let us know, let the sec know. we are a little understaffed. but let us know and we will try to follow up and pursue those leads as we receive them. >> we will pass that along. >> the senator from tennessee is recognized. >> thank, you chairman. chair gensler, i was reviewing your testimony and i was struck by a term that you used as you described the securities laws and regulations. you describe them as the gold standard. i don't believe that's true anymore. what we have seen here in america over the past two decades is the number of public companies declining by more than 40%. if you look at the u.s. share of -- it shrunk to less than 20% in the past decade. why is that? it is because every new regulatory requirements -- adds to the already crippling cost of operating as a public company. so, the consequences of all these regulations is to encourage companies to stay -- or look abroad. you rolled out 32 proposed rules last year, including your disclosure role. that would cost hundreds of thousands of dollars and compliant cost and has created

where was the sec? where is the sec ban and clarifying the rules of the road for crypto market participants? our chairman insists in his written testimony that, i quote, the vast majority, and -- tokens are securities. he has acknowledged that bitcoin is not. that is presumably because bitcoin is so thoroughly decentralized. that naturally raises the question, where on the decentralization continual does a token seems to be a security? most of these tokens don't have a financial claim on the issue. doesn't that make these tokens very different from the vast majority of ordinary securities? the chairman is right most. tokens should be considered a securities. as he himself stated in his written testimony, and i quote, it follows that many crypto intermediaries are transacting -- crypto transactions typically could be settled with intermediaries. as a result, crypto intermediaries often serve different -- they have different risks than traditional securities and intermediaries. all of that raises the ques

where was the sec and where was the sec in verifying the rules of the road for crypto market for dissidents? the chairman insists in his written testimony quote the vast majority end quote of crypto tokens or securities. he is also knowledge that the coin is not. presumably that's because bitcoin is so centralized. that leads to the question where on the continuum does a tokens get security most of these tokens don't have a financial plan and it's different from the vast majority of ordinary securities. if the chairman is right that most tokens should be considered securities as he himself for his testimony quote it out with the many crypto intermediaries are transacting securities and have to register with the sec in some capacity end quote. crypto transactions typically can be settled in real-time without intermediaries. as russell crypto intermediaries often serve different customer needs and they have different business models impose different risks than traditional securities intermediaries. all that rizo question what is the crypto roadmap for these crypto intermediaries to register?

sec. sherman: thank you, jason. it's good to be with you and especially good to be with you here in washington, d.c. rather than you being in a prison cell in tehran. mr. rezaian: i think it's worth noting that secretary sherman is joining us in a diplomatic capacity and i in a journalistic one but we share a background. when i was bureau chief in tehran i was detained for 534 days and during much of that time secretary sherman was the lead negotiator on iran's nuclear program. this is personal for both of us. i'm really excited to have you on the program today. sec. sherman: thank you. mr. rezaian: i want to start by asking a question about the recent executive order around hostage and wrongful detention that president biden announced over the summer. he declared this a national emergency. why now? what's changed in recent months or years that has made this such a critical issue? sec. sherman: i think we've seen governments use hostage taking as a tool, as a weapon, to leverage things fro

sec.re: we don't think it's a political speech. when i was here yesterday, i actually said that he would mention voter participation and getting folks out there to make your voices heard. i said that at the podium yesterday when i was asked what this speech was going to be all about. and, look, that is the most powerful tool -- the most powerful tool that americans have is to make sure their voices are heard. it is. it is the most powerful action that an american voter -- an american can take. and so, that is what he is asking the american people to do. i'm going to continue. i'm going to continue because you're -- i've asked -- i've answered that question a few times. reporter: well, i was going to a different topic -- sec. jean-pierre: okay. go to a different topic. reporter: looking ahead to the labor day events that the president has -- one in pittsburgh, one in milwaukee -- will the president be speaking at those events? and is he going to be continuing the message we heard yesterday

it doesn't mention the sec meeting.ne account that talked about an sec meeting with a fake nakamoto. it didn't get into the details. we have tremendous details. we should point out the sec, at the end of the meeting thought maybe he was the guy. then they diddly due diligence. i asked the, i asked sec, satoshi sounds like a man from japan. liz: some people think it is a consortium. >> does the guy sound asian? not really. what kind of tipped you off maybe it wasn't him. we kind of thought it was him. he kept talking a good game and, talking about, like, mistakes that he made. so, it left them with, like the desire to go out there and try to figure out if it was really him. as we all know now it wasn't him. and, you know, why this is interesting -- liz: so the sec got punked. >> tim draper and the sec got punked. liz: what is tim saying? >> we're waiting to hear back from him. i wonder if he ever talked to the guy then. apparently he knew the guy initially. he really believed this was the dude that he found the, you know

let the sec know. we are a little understaffed, i think we should have more staffed -- , follow up and pursue those leads -- >> thank you, senator ossoff. senator hagerty is recognized. >> thank you, chairman brown. chair, i was reviewing your testimony last night, i was struck by a term that you used as you described the nation's securities laws and regulations. he described them as the gold standard. i don't believe that's true anymore. what we've seen here in america over the past two decades is the number of publicly listed companies declined by more than 40%. if you look at the u.s. share of global ipos, we've shrunk to less than 20% in the past decade. why is that? it's because every new regulatory requirement that you impose on public companies and -- add to the already crippling costs of operation as a public company. the consequence of all these regulations is to encourage companies to stay private, or look abroad to do their ipo. you rolled out 32 proposals in the past year, including your es

congress gives the sec power. the sec cannot take power.e power says from the 1933 securities act you have to have an investment contract. so as you will see in our motion for summary judgment the first step determining could xrp be a security you have to have an investment contract. our point ripple doesn't have a contract. with whom is the contract? it is not written contract, oral contract, or implicit contract. >> where are we in the case? >> motions for summary judgment were just filed last week. they were made public on saturday which i will mention very briefly, we agreed with the judge and sec to release those on monday. they jumped gun. this kind of disrespect to the court process weave seen time and time again. >> right. >> the judge ruled in this case five different times the notes associated associated with that infamous you're talking about turned over to ripple. we still don't have them. >> you still don't have them. >> we still don't have them. >> she will make as case whether it goes to trial or rule from the bench? >> we ex

where was the sec? where is the sec ban and clarifying the rules of the road for crypto market participants? our chairman insists in his written testimony that, i quote, the vast majority, and -- tokens are securities. he has acknowledged that bitcoin is not. that is presumably because bitcoin is so thoroughly decentralized. that naturally raises the question, where on the decentralization continual does a token seems to be a security? most of these tokens don't have a financial claim on the issue. doesn't that make these tokens very different from the vast majority of ordinary securities? the chairman is right most. tokens should be considered a securities. as he himself stated in his written testimony, and i quote, it follows that many crypto intermediaries are transacting -- crypto transactions typically could be settled with intermediaries. as a result, crypto intermediaries often serve different -- they have different risks than traditional securities and intermediaries. all of that raises the ques

sec. haaland: hello and good afternoon. chairman schatz. vice chairman murkowski. and members of the committee . [speaking native language] it is deeply meaningful for me to speak to you from the ancestral homelands of the antique austin and piscataway people. thank you for the opportunity to present the department's testimony at this important oversight hearing on the federal indian boarding school initiative, an s-2907, a bill to establish the truth and healing commission on indian boarding school policies in the united states. the biden-harris administration is determined to make lasting a lasting positive difference in response to the trauma that federal indian boarding school policies have caused. i would also like to thank my dear friends, senator warren and co chairs of the congressional native american caucus, representative sherice davids and tom cole, for prioritizing legislation to address these policies. for over a century and a half, the federal government, including the depar

supreme court but that could challenge or bring a marriage challenge to the removal protections for sec commissioners and the amount of discretion that commissioners have in terms of bringing proceedings in-house into court, another case that is percolating that could be interesting we will see how it goes we brought fairly recently walmart the sec had a complaint against walmart and warmer in the motion to dismiss has raise constitutional arguments that have been risen to the level of the wall street journal editorialized last week and they had high-profile litigants i tell you briefly what the arguments and claims are has the former head of the trump administration and also the clerk teamed up with raman martinez the solicitor general and clerk at latham together with walmart on this motion to dismiss is a lot of big names i would think the case is going to move forward, the claim is trying to distinguish humphrey's executor completely from the modern ftc and say that humphrey's executor does not cover the current ftc because what the ftc is doing now is much more executive according

we did talk to the sec and asked for a comment.e sec has remained pretty constant, which is a non-denial denial. one of the ways we know they are ramping up hiring is they are advertising. one interesting thing that elliott came across is there is a weird side office he kree. office -- he created inside the es correct. it's and i enforcement division inside the enforcement division. it's like some weird star chamber thing he created that was not there when jay clayton was there. it's like an expansion of the sec that no one knows about. it's unclear exactly what they are other than maybe a super loyal union of the sec to gary genseer. if the republicans get congress they will say what the hell is this thing and who are these people. we are getting none of that. under the democrats he's allowed to do what he wants. i know you have him on this show occasionally. maybe you should ask him about this little star chamber story on the side. liz: he's always welcome on your show. >> no. no, you are not. charlie: you have had weird people o

while the sec rule and adjacent policies undermine u.s. energy security and destabilizes the economy, the administration has done it'll do nothing to address consumer demand for the products. as an industry, we are responsible to the market, shareholders and our stakeholders and projected increases in demand. by comparison, the mixed signals coming out of the biden administration are discouraging investment and acting as a chilling effect on growing production which is what we need to do to lower prices to help consumers. regulatory burdens carry real cost that affect everyday americans. as prices rise across energy categories, i strongly urge the committee to reconsider its current reliance on regulations and especially duplicate of ones and instead pursue a viable and durable path on climate policy that allows a reasonable transition time as well as protecting the environment, consumers, the economy and our national security. thank you. sen. brown: mr. butterworth, you are recognized for five minutes. mr. butterworth: thank you for the o

>> we should be watching for the formal proposal from the sec.licated i'm sure and we will have to look at all of the different ways that the retail model in equities could change. every single player will be impacted by this in some way. how they react to the changes is another question. there are firms that are well-equipped to deal with changes whenever regulations come out but there will be others that are slower to adapt. we will also wait for a response and some firms a been vocal about how they feel investors are getting the best price for their trade and they want to continue seeing that model continue. kriti: catherine doherty is all over this story. it's crucial when we are talking about alexa robinhood but some of the retail volumes that follow as well. jon: absolutely and the sensitivity of the market in those former high wires, we've seen it as we watch these markets. investors have been very quickly shying away from the rate sensitive names whether it's to the technology universe or other groups in that category. kriti: volatility i

do you think the sec loses power over these markets as they already have started on this path?uld argue they don't have any authority over the." commodity markets. they have authority over things like security. you can use blockchain based systems to issue equity to tokenized shares of stock, when you have something that is truly security the sec is going to have a role to play there. the problem is for innovators is that there is a big gray area it is hard to know when they apply. but they need is a framework that addresses the concerns. the stakes are high from a regulatory perspective, if you are deemed with purity, if you're doomed with the commodity there is no regulator at all. by having a regulator, the ftc regulate crypto commodity there will still be market surveillance, there will be disclosures that help give consumers more information. it will not be such a high-stakes decision if something is a security or commodity issue. that will help pave the way for more constructive dialogue, if congress gives the ftc jurisdiction. emily: kristin smith, executive director of

what's not mentioned in the chart is the sec. we do know that thursday in the u.s. head of the sec while careful not to mention either by name did mention for state. he is concerned that this feature could possibly make the token be considered security by the sec and therefore subject to regulation. meanwhile, ether has come under pressure. if you look at the chart, you can see has had quite a decline in crypto winter then has built back up going into this merge in the last 12 hour time, all the other tokens our. bitcoin has been lower, a lot of the other tokens. it microstrategy is on the board which is now in the red. interestingly microstrategy is a bellwether for crypto was up briefly because they announced selling stock to buy more bitcoin. in terms of other challenges ahead in 2022, for crypto in general, you have the macro environment, recession, pressure on a lot of the other assets. the risk off and the tie that we are seeing to the stock market. a lot of these pressures will continue to make a rally like we sought going into the merge difficult to replicat

the sec is likely going to end up regulating security token markets.re some territory in between, -- there is some territory in between when you look at , commodity markets, what a futures or she might look like. in principle, i'm fine with either regulator or any combination of them. i think the nonsecurity token aspect of this is that cftc regime. david: in our country, if you want to make influence, you will often make campaign contributions, you have become a large donor to political candidates, is because you want some influence on the positive crypto or you think these -- or do you think these candidates are good public servants? sam: it's mostly looking for good public servants. there are a lot of issues that matter. but also the aspect of, are they doing what's right for the country in general. the issue i've spent the most time thinking about, spent the most money donating to, is pandemic prevention. nothing to do with crypto. it is ultimately one of the most important issues for the world. david: how do you find political fundraisers? do they

there is a lot on the sec's agenda right now. house was very upset that the chair had not testified there. but they are upset about climate change, which now the banks are answered questions to. we expected that this could be a little contentious. a lot of political issues at play here. but you do have shared ground out of the gate. first question before anything had gotten started, charlie sharp and wells fargo broke into fits, saying they are still caught up in political issues. it is going to be another long day of hearings ahead and a lot of rhetoric. the question is, is post midterms -- in post midterms, what did those moves really look like? guy: absolutely. if you want to follow this on bloomberg, you can see live pictures on bloomberg. as ever, thank you for updating a spirit coming, prime minster liz truss is looking to settle a dispute before the good friday deal here. we are going to get some reaction from the prime minister next. ♪ >> we both are committed to protecting the gains of good friday in northern ireland. i'

you immediate the sec on your side.closer and closer to more general acceptance? >> so on the enterprises, for sure. look at blackrock. blackrock and larry fink was a no-coiner, as i called hem, and then about two or three weeks ago they make huge announcement that they're partnering with coinbase and they're going to support bitcoin, possibly if other currencies one of the biggest risk management products, that's a huge turn. we're abe $10 trillion of assets there. you've got other enterprises also getting into the blockchain space. so to tie the first question with, i think if you just look at prices, it doesn't tell the real story. underneath adoption is happening and real worlds assets and enterprises are either using blockchain or coming to the blockchain. cheryl: well, the biggest concern, obviously, is theft, cyber theft. i mean, are we better now on this? i know that nothing is ever secure. i mean, credit cards still get stolen and hacked every day, but do you think we're one step closer to having more secure cr

within sec jurisdictional control.we look at this, it's applying a rule from 1946 to an emerging technology of today's time it's really not a fair application, and the sec is looking at differently. and the i have today is really asking for clarity on what is a security and what is not. so we can have companies that'll build in the united states -- charles: right. >> -- and not move overseas. charles: it sounds really disingenuous to me, to be quite frank will -- with you. brian, the audio is not that great, so we're to going to cut it short. i want to bring you back again because you're the real deal. thank you very much, my friend. have a great weekend. >> thanks, charles. take care. charles: joining me now, we've got david dietze. are you in any crypto at all? >> actually not. we're still not quite sure how you make money -- charles: are more clients asking about it? >> not recently, charles. [laughter] a year ago hay did and we said we'll is have to pass you down the line, now they're kind of thanking us -- charles

s and the sec are one to collectively regulate markets. regardless of the type of market or the financial asset there is an intersection between the two regulators. we wil have duly registered entities or individuals. it's important have a mutual understanding in the form of an mou or a handshake agreement at certain times because we need to know what and how were going to contemplate these different financial assets within the ntents of the law per. >> are you working on an mou now? >> currently bear not working on mou. i know chairman i talk frequently. we understand what may occur within the contextf the securities laws if entities were to be registered as security platforms for security ico's. if there is a situation where we need to work on a mou type document answering would be open to it and willing to make sure it works for our participants. >> have you reached out at this point to try to do that? does congress have to provide guidance or are you able to do that? text we are able to do that. if several mou is between the two agenci

sec. jeh johnson treated the people with respect. at the end of the day, he enforced the law. one of the things this administration stop doing, he showed people going in. he showed a picture of video people going back in and you got to have bash. host: is the biden administration being to showing those repercussions? guest: they are. one of the points that he made which kind of fell off, these countries, nicaragua, they are not taking people back. what happens is, you have to welcome them. that is something he pointed out as well. there are an equivalent now to the people coming from hundreds and these other countries. we look at the ports of entry where people can come and be processed. that has worked for haitian migrants. we have seen a huge decline in an example in may, there was about 7000 haitians being captured by border patrol. that number is like 300 53 a month, 163 a month. because they are about to come to the ports of entry to be processed there. which means less folks coming to the ports of entry. and when we are processing them, to make sure there is a flag, if w

sec football season, greatest time of the year. >> i saw that game on sunday, my goodness. second. alrighty, i digress. thank you, kristen, i'll see you soon. so, one of the most contentious races for one of the most important senate seats finally coming to a head. what will happen when fetterman an honest face-off? we're gonna talk about that, that's next. so we need something super disctintive. dad's work, meet daughter's playtime. wait 'till you hear this— thankfully, meta portal helps reduce background noise. zero lace model. adjusts to low light. and pans and zooms to keep you in frame. take a look at this. so the whole team stays on track. okay, let's get you some feedback. i'm impressed. great, loving your work. meta portal. the smart video calling device that makes work from home, work for you. no matter who you are, being yourself can be tough when you have severe asthma. triggers can pop up out of nowhere, causing inflammation that can lead to asthma attacks. but no matter what type of severe asthma you have, tezspire™ can help. tezspire™ is an add-on treatment fo

olena sec was also present at mr.ymyr, please tell me the main emphasis and specifics of the work in this direction, the rehabilitation of prisoners of war , what is the focus of the work of the coordination headquarters and what are the needs of this group of people with the carabiner headquarters we do not go to the fold of the organizational headquarters, our group of the general staff of the armed forces the forces of ukraine, which works according to the protocol and standards that we have adopted since the 16th year, worked during the release of the 16th, 17th, 17th, 19th years, and now we have the armed forces in the forces of ukraine, there is an integration group from which we are responsible for accepting discharged servicemen restored to service, providing them with various lipids, medical assistance, psychological support, and social legal assistance, the entire range of services needed by a person who has been she was forced into isolation in captivity and was isolated for a certain time from society, fro

so you know, last, in may we saw the sec put 20 new individuals within their enforcement division.to sort of hammer down on cryptocurrency and how it is being used. charles: it worries me because when you hear elizabeth warren even i think other folks of very powerful people, you kind of alluded to it, talk about all the crime committed with cryptocurrency you always wonder what are they using now? they kind of use cash to commit crime know. last week at the white house they released the first-ever comprehensive framework what they call responsible development of digital assets. in the release, a lot of buzzwords in the statement. what do you make of it? >> i was really optimistic, you know, six months ago when they invited the executive order came out and there was sort of this charge for different agencies to look into cryptocurrency and my hope was that it would be focused on the positives of cryptocurrency as much as the risks but what i've seen so far in the framework and what came out last week is really just continuing a fear narrative of the negative aspects of cryptocurren

sec. raimondo: thank you. one of the things i love about this is, a lot of people when they hear robotics or they hear autonomous technologies they hear i'm about to lose my job. what stephanie and the team are doing is saying the opposite. this will create job opportunities for you, including in your rule community -- rural community, not just in cmu. >> i appreciate that question. [indiscernible] i can start by telling you the data, which as we know that for everyone job that may be displaced with robotics, technology and a company is creating at least 1.5 and sometimes more. what is more important and that we understand is, when companies are growing and scaling in our midst, those hundred companies i talked about, many have upwards of 1000 employees and those are middle skill jobs. those are jobs where people are tinkering and building sensors and using the skills you described like your father had. that is exactly what we are trying to do today and we're doing it for light energy, light agriculture, light

may have every hearing component but that could challenge bring that to removal protections for the secioners or even the amount of discussion that commissioners have into court. another case that is percolating was brought fairly recently walmart i'm sorry the sec product complaint against what and for the trump administration and also to dismiss but the claim there is actually trying to distinguish completely from the modern ftc to say that it really does not govern the protection of the current ftc because what it is doing the is much more executive to the court's recent decision and therefore the preservation of the removal of protection for the cause i judicial action in the 1930s era no longer can be reconciled was at the agency is doing. the approach so far as the proposed amicus support that i don't know how much firepower that was found by precedent but in the years to come in these areas of structure within the executive branch we will see a lot more play even though this last term the court has shown more hesitant in reevaluating the balance of power with the court itself. >>

i don't want to say that this is positive that the sec is bringing lawsuits against ethereum.here was a filing yesterday against crypto influencer. in that filing, the sec specifically suggest that it could regulate stuff on the ethereum platform. combine that with what gary gensler said that changes at ethereum. they're changing their business model of the block chain from something that resembles -- used to be just like -- liz: proof of work. less expensive. less energy intensive. >> but it centralizes stuff more and that is one of the sort of tests that you give when you think something could be a security that the enterprises centralized like a company that issues stock. it should be registered if you issue something and it centralizes something he said. put those two things together and there's a lot of worried people in the crypto space right now that gary gensler is going after ethereum next after ripple. we're reading tea leaves a bit here. you have to look at this case here that came out e cently against a trip toe -- recently against a crypto influencer that he was d