with the cftc for crypto commodities and the scc for crypto securities. decentralized exchanges should be permitted to voluntarily register, which recognizes their capacity to address intermediary risks through technology. addressing marketplace regulations only part of the task. to trigger securities regulations to determine which regulator oversees trading, what customer protections are appropriate. federal security laws are properly applied to address the specific risk of fraud, deception, manipulation by developers, sellers are promoters who are active managers of the crypto project. but were no individual entity x like a manager, congress should clarify securities laws or do not apply. congress should also provide a disclosure option for decentralizing projects that covers information relevant to crypto purchasers. finally, following ftx brink of bankruptcy it is been the usual calls to protect consumers banning crypto or two would delegitimize it. this type of protection, premised on a value judgment about the worst of the crypto ecosystem takes the

so what they're trying to do is make things difficult in uh far crypto to for crypto companies to do business. that is, that is the, that is the game planet, despite of thing. because one of the things, you know, i've been into being a guest called chris m hireology international. he and he's a bit of a crypto currency grew, i assume, much like yourself. and he was saying the for russia in the wake of these anti western sanctions, for example, the western and he rusher sanctions, i should say. and cutting russia off from the swift, the russia has found a way through crypto currencies, in a sense to divert its way around certain sanctions. but then again, that being said, there's also perhaps a concern that currencies, crypto currencies, these days of a nose diving bitcoin isn't worth nearly what it was a year ago. so i can answer your question and go potty rody. what we've understood is that power corrupts an absolute power corrupts absolutely. if companies can a deep black farm or the president of the united states, you know, you'd better know, extend that is no end or to the contro

one month ago the crypto market was rocked by reports that a trading firm affiliated with crypto exchange f.t.x. was in trouble. it was popped up by a crypto token that f.t.x. had created. in a matter of days, f.t.x. and most of its affiliated companies collapsed into bankruptcy. at best, these events uncovered an alarming lack of internal controls and egregious governance failure. at worse, sam bankman-fried and his inner circle lied to and stole from over one million customers, some of whom have lost their life savings. meanwhile, the fallout continues across the crypto ecosystem. for over a year, this committee has been examining the risks posed by the lack of federal oversight of the crypto industry. the chairman of the commodity futures trading commission with us today, russ behnam, spoke about this issue at his confirmation hearing. at that hearing mr. behnam discussed the enforcement agencies crypto firm but warned they are just the tip of the iceberg. since that time members of this committee have been working on a bipartisan basis to advance legislation that would give the cftc r

business models between crypto firms. not all operate the same way or make money the same way. ed: we are learning that lesson, coinshares head of strategy. coming up, generative ai is blowing up, as people use computers to generate love him letters. we test if it can rate for tv. -- if it can rate for tv. this is bloomberg. ♪ caroline: this is chat gpt. it has been a new introduction to the technology show. welcome to tech talk, where we explore the latest and greatest in technology. it is helping people write poetry, solve a difficult math problem. it can reject inappropriate questions. just remember when microsoft ai was canceled after humans managed to teach it how to make racist comments. it is not perfect. it is an early demo of what is possible. he set it up with elon musk and other wealthy backers. elon musk has exited the board. interesting to remember that elon musk was part of that founding team. they have been taking to twitter today to talk about how chat gbt launched on wednesday and it has now crossed one

crypto is a new thing. but the rules of the road for how to ensure markets are fair and financial institutions know what is happening. those rules are not new. and it seems madam chair that our job is to figure out how we can enforce the laws that we have and plug the holes where those holes existed. or we are going to see more disasters left ftx. >> agree. >> let me just ask one last question because i have a bit more time. there are obviously real concerns about ftx collapse in future swings and crypto markets as this instability has unfolded. since you deserve also chair, on the f sock. i'm sure the something think about that as well the impact of crypto on general financial stability. could you comment on that and how you see that issue? >> think thus far it is not been of huge concern pretty look back to the spring we had the luna collapse and now the ftx collapse, the banking system and the market system have been largely silent from the crypto system. i think that is a testament to the value of a ban

crypto misusing customer funds. crypto has misusing customerfunds. crypto has had a torrid 2022 and there is no doubt perform excitement about this world in 2021 has drastically been reduced. but there are still believers out there are still believers out there who think that crypto will rise again and make them rich. then of course there are people who are convinced that this is the future of finance. in the central african republic this year bitcoin was made legal tender, and bitcoin usage is increasing, particularly in the developing world. whilst most experts are downbeat about the short medium term, most agree the underlying technology of blockchain is here to stay. to the never—ending saga of elon musk and twitter. the billionaire has responded — with a tweet — to the recent poll that suggested that users wanted him to step down as ceo. our business reporter katie silver is following the story. what does the tweet say? basically it said that he is going to resign, as soon as he can "find someone foolish enough to take this job, and as you

so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and s t 's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by because decline and project like lind, her lance have held 350000 daily, unique active since mag. mm. i'm chris, the i thank you so much for joining us today and we'll see you back your next time on the cost of everything. ah, ah ah, me initially my little janice trammel and nickos enough, but mrs. smith was not there varnish the origin was our korean read to us to get in for it and it was, you know, it's not meant was much so much like we should sit a middle class so probably spent us laugh suddenly to move silla doors. yeah. which i said in your c h 7 glove in the theme are starting. the do not see to glory because you'll be but it's lucky i still want to watc

so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and tease and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by big coins, decline and projects like slender lands have held 350000 daily unique active wallets. since mag. mm. i'm christy, i thank you so much for joining us today and we'll see you back here next time on the cost of everything ah ah, who's ah ah, so what we've got to it was identify the threats that we have. it's crazy, even foundation, let it be an arms race is on often very dramatic development only personally and getting to resist. i don't see how that strategy will be successfully, very critical time. time to sit down and talk with with, [000:00:00;00] with done yet, the official will say the latest you premium artillery attacks have killed one person and

so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors project they have begun to utilize and s t 's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by big points, decline and project like lind, her lance have held 350000 daily, unique active since mag. mm. i'm christy, i thank you so much for joining us today, and we'll see you back here next time on the cost of me. ah ah me initially my little janice trammel in nickelodeon. but miss lilly smith, that all was shell. not there. bunch. the order and it was little awkward and ready to finish it and put it in your notes. amendment was march and looks like we should submit a middle me support. believe us laugh was suddenly it talks a lot going to be doors. yeah. which are heading your c h 7 glove in to see more styling. so don't bring us to glory cuz you'll be black

bitcoin is a crypto currency but not all crypto currency is bitcoin. >> correct, yes. you have to define what the difference is between the two, right? you know, because i could say anything i want but what is really the fundamental difference? crypto currencies are inherently centralized and controlled by a group of individuals. bitcoin is not controlled by anybody. there is a set of rules, protocol is what it is. the issue rate is what it is and it cannot be changed, right? because it's like that, it protects the individual user of bitcoin and if you compare that with whether it's crypto or whether how our current financial system works today, there is a bureaucratic elite, there is an elite group of people that get to change the rules to benefit themselves, you know? so that's what bitcoin is about. now, to go back to your original question, right, if you look at the ftx blowup, if you look at the celsius blowup, if you look at all the exchange blowups, if you've been chasing yields and sending bitcoin to get a 6% yield, right and in the process of doing that, you'r

took a long and short positions on crypto such that we invested in crypto. but of course, we also invested in over $5 billion of other assets. rep. mchenry: and what with the practice between alameda research and ftx.com? have you established anything you can disclose to us today? mr. ray: in essence, alameda was a user, essentially a customer of ftx.com. that is habit was essentially structured. rep. mchenry: with that a distinct set of capital between those two companies? mr. ray: we now know the answer to that is no. rep. mchenry: with the information you have right now, when, approximately, did ftx begin to experience financial trouble? >> it was first disclosed to the public beginning around november 2. but when this began, it was months if not years. the investigation is continuing, but this is not something that happened overnight or in the context of a week. rep. mchenry: you have the distinction between ftx u.s., ftx.com, alameda research. what was the relationship between ftx.com and ftx u.s.? if there is distinction between the two? mr. ray: there

crypto exchange. sam bakeman fried, was arrested on monday in the bahamas. he faces numerous charges of fraud, money laundering, and conspiracy in the united states. bakeman fried, founded the crypto currency exchange f t x back in 20. 19, it quickly grew into one of the largest in the world. millions of users logging on to buy and sell crypto currency tokens, such as bitcoin billions of dollars passed through the site. every single day and customers thought that their cash was safe on the site, but bakeman fried is accused of using it to fund his own personal investments and then prop up his losses when news broke that f t x was on shaky financial ground. people tried to withdraw their funds, but their money was long gone. it was downhill from there, the company filed for bankruptcy bank been freed, saw his own personal $16000000000.00 fortune wiped out in less than a week. and it's still unclear whether or not investors will ever see their money again, bagman fried claims. what happened was all just

models between crypto firms. not all operate the same way or make money the same way. ed: we are learning that lesson, coinshares harold -- head of strategy. coming up, generative ai is flowing up, as people use computers to generate love essays. we test if it can rate for tv. this is bloomberg. ♪ caroline: this is chat gpt. it has been a new predict -- introduction to the technology show. welcome to tiktok a new technology show where we explore the latest in -- tech talk, where we explore the latest and greatest in technology. it is helping people right new power g -- poetry, solvate difficult math problem -- solve a difficult math problem. it can reject inappropriate questions. remember when microsoft ai chabad was canceled after humans manage to teach it how to make racist comments. it is not perfect, they say is an early demo of what is possible. he said, back in 2015 with one cofounder elon musk, and other wealthy backers. elon musk has exited the board. caroline: interesting to remember that elon musk was

such as crypto. rep. wagner: mr. ray, mr. bankman-fried has apologized. i will sub quote here for mistakes he has made. based on your review, is there a way to know if the transfer of ftx customer funds to alameda research was done by mistake? mr. ray: i don't find any such statements to be credible. rep. wagner: reports suggest that ftx.com transferred more than half of its customer funds, roughly $10 billion, alameda research. is that accurate, sir? mr. ray: our work is not done. we do not have exact numbers for you today. i will say it is several billion dollars, in that range. we know the size of the harm was significant. rep. wagner: mr. ray, ftx.com held itself out as having a sophisticated risk management system, commensurate to the side -- the size of its operations. you have touched on this a little bit. based on your work to date, is this accurate, and can you explain the, quote, sophistication of its risk management system? mr. ray: i can say that is absolutely false. there was no sophisti

you mentioned crypto currencies, india now taxing crypto transactions pretty heavily. why has the government, they're taking such a hard line against crypto? well, yes, you're right. there's 2 units. it's a hard line. in fact, the taxes only, so as not to be able to band to currencies because they continue to be very popular will. now, of course, because of the slump in the crypto market, to investors out a little bit wary, but there has been enthusiasm in the concept of criptos for a very long time because of which the government has stayed away from a ban. but the tax is to discourage people from using criptos. now the are being has been saying for a long time that cryptic are in these are volatile, they are unsafe and they're not necessarily the best instrument for, for countries like india, where even financial infusion is, or is this something that is that government really needs to expand so for several reasons, the idea has really been against tucker in sees it has also highlighted that is digital is not a crypto currency. it's, it's, it's, it has a sovereign ba

you mentioned crypto occurrences, india, now taxing crypto transactions pretty heavily. why has the government, they're taking such a hard line against crypto? well, yes, you're right. there's 2 units. it's a hard line inside the taxes only, so as not to be able to band trip to currencies because they continue to be very popular will. now, of course, because of the slump in the crypto market, to investors out a little bit wary, but there has been enthusiasm in the concept of criptos for a very long time because of which the government has stayed away from a ban. but the tax is to discourage people from using criptos. now the iran has been saying for a long time that your crypt, currencies are volatile, they are unsafe and they're not necessarily the best instrument for countries like india, where even financial infusion is, is this something that is that government really needs to expand? so for several reasons, the r b a has really been against crypto currencies. it has also highlighted that is digital, not a crypto currency. it's, it's, it's, it has a sovereign backing

so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and s t 's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by big points, decline and projects like lind, her lance have held 350000 daily, unique active while since mag. mm. i'm christy, i thank you so much for joining us today. i will see you back here next time on the cost of everything. ah, ah ah, me. national militia scrambling nickos enough, but mrs. smith, that all was shell. net or varnish, the ga nick was look our korean read to us. yeah. didn't put it in your notes and i meant was march was to ship 70 middle nice probably spent us laugh suddenly kid talks a lot of doors. yeah. which heading. you see ha, 7 a glove. you'll see more styling the, to the gnostic law because you'll be lucky. i 7 more to what citron lou

so for the cost of crypto currency, who will win and lead the next big crypto boom? i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and tease and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by because decline and projects like slender land have held 350000 daily unique, active one since mag. mm. i'm christy, i thank you so much for joining us today and we'll see you back your next time on the cost of everything. ah ah ah. in 1884, the german empire began its colonial invasion into nam may be from the very start. berlin encouraged the white colonists to settle in south west africa and take away the best land from the local drives. the germans were actively draining natural resources and using the local population as a cheap labor source. this was causing major protests and led to a rebellion. in 19 for the hero and nama tribes rebelled against german co

the now bankrupt crypto exchange. sam big ben fried, was arrested on monday in the bahamas. he faces numerous charges of fraud, money laundering, and conspiracy in the united states. bakeman fried, founded the crypto currency exchange f t x back in 20. 19, it quickly grew into one of the largest in the world. millions of users logging on to buy and sell crypto currency tokens, such as bitcoin billions of dollars passed through the site. every single day and customers thought that their cash was safe on the site, but bakeman fried is accused of using it to fund his own personal investments and then prop up his losses. where news broke that f t x was on shaky financial ground . people tried to withdraw their funds, but their money was long gone. it was downhill from there, the company filed for bankruptcy, bakeman fried, saw his own personal, $16000000000.00 fortune wiped out in less than a week. and it's still unclear whether or not investors will ever see their money again, make me freed claims. what happened was all

like it or not, we are moving into a crypto assets, crypto world. we really do need to learn. this whole thing has the feeling of a hollywood blockbuster. that's why the cameras are here. we have a 30-year-old gazillion air who raised billions of dollli

a ah. criminal charges for the crypto king form a seo of crypto currency exchange f t x sound background free has appeared before us court. that is a rest and the bahamas. delegations of your law maker was brought a new law maker being bribed by guitar, all raising concerns about outside interference in how europe is run. this is due to be a business on robots in berlin. welcome to the program. it's collapse rocks, the crypto trading community. now the former boss, so trading platform f t x is facing criminal charges. sam bagman freed has denied knowingly committing fraud. now that claim could be tested in the us courts from the pinnacle to the pit. sam, bagman fried the disgrace crypto tyco was arrested in the bahamas at the request of the united states seeking to charge him off to the spectacular collapse of his crypto currency platform. f t x. the 20 year old crypto celebrity became an object of attention last month, as he suddenly filed for bankruptcy as if the ex suffered the liquidity crunch. the company left more than a 1000000 clients unable to access their funds. the liquidity c

i've invested in crypto. i didn't get in as deep as some these people have gotten an sms that will get without thes control of it but we have confidence that you will with oury help. this country needs to be the leader inee the world with financial regulation. if we don't we'll be in trouble. china has their own digital currency that's cranking up. it's a huge problem. i have people calling me from everywhere going what are we going to do about this? its new and he goes through hard times and unfortunately you have people that have lost money in this. we have got to get control of it so people have confidence in the digital currency bottom line. i have a couple of questions here. first of all you said you met with sam and of course we have had them at hearings before. have you gotten extra e-mails from him over the years? >> it i mentioned there's this dogged desire to get this application approved in my approach to that application is there are strong feelings that i need to be strong and transparent with ft

persons that invested in crypto. there was alameda, purely a crypto hedge funds. it made other investments, the venture capital type of investments. there is a fourth entity, purely investments. although our investigation is not complete, those investments were not likely meet with either alameda money or money that originally came from ftx .com. that fourth island is purely investments. >> who owned those for silos? >> all of those entities were owned and controlled by sam bankman-fried. >> okay. can you describe the differences between ftx.com and ftx u.s. silos? >> yes. very simply, ftx u.s. was for u.s. citizens who wanted to trade crypto. ftx.com was for -- u.s. citizens were not allowed to trade on that exchange. very simple, i will make one other comment, which is separate and apart from any of those other silos, those ledger acts. they are regulated by the scc. solvent and separate from the f. u.s. silo. >> that is a distinct company? >> that is a distinct company within the u.s. silo,. yes >> alameda research, the venture capital businesses, what did alam

in the u.s., the ftc is also investigating crypto current -- crypto companies over advertisements. cracking and others were deemed misleading by the advertising authority. let's talk about the future of regulation. we are pleased to welcome dave ripley. it is wonderful to have you here. so much to talk about in the space. talk about the new regulation unfolding in the u.k. when it comes to advertisements. you have been singled out in the u.k. alongside some other companies regarding misleading ads. >> regarding advertisement in the space, and the way we describe our approach to crypto is being responsible yet ambitious. we are regulated in the u.k.. we have an mtf license there and work closely with the fca and have for quite some time. we think there is a role for regulation in crypto, same as other financial services and we work closely with regulators in the u.k. on europe. caroline: in a way you have been trying to self regulate, the talk of proof of reserves. also taking to twitter and talking about managing margin risks. how are you looking to change your transparency? >> thi

unless you hold our your crypto. unless you hold your character— your crypto. unless you hold your character and _ your crypto. unless you hold your character and your - your crypto. unless you hold your character and your hot | your character and your hot wallet, don't cut it. if you use it, deposit, not your key is to limit your crypto. fist is to limit your crypto. at this point _ is to limit your crypto. at this point evan luthra wants justice. i this point evan luthra wants 'ustice. ., �* , justice. i won't rest until i see a judgement - justice. i won't rest until i see a judgement and - justice. i won't rest until i - see a judgement and sentence and he says the time he is meant to serve.— and he says the time he is meant to serve. one thing is clear that — meant to serve. one thing is clear that i _ meant to serve. one thing is clear that i want _ meant to serve. one thing is clear that i want him - meant to serve. one thing is clear that i want him to - meant to serve. one thing is clear that i want him to pay. clear that i want him to pay for t

so for the cost of crypto currency, who will win and lead the next big crypto boom. i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and s t 's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by big coins, decline, and project like lind her lance has held 350000 daily, unique active since mag. mm. i'm christy, i thank you so much for joining us today, and we'll see you back your next time on the cost of everything. ah, ah ah, me initially my little janice, trammel and nickelodeon up. but miss lilly smith was calling shell nestor bunch the order and it was little awkward and red. and of course we didn't put it in your manual amendment was march and we'll take what she said with a middle nice probably spent us laugh suddenly it talks a lot of doors. yeah. which i said in your c ha, 7 glove in the theme or starting the door banassi to glower because you'll

i invested in crypto. didn't get as deep as some of these people have gotten but it is a mess and it will get worse if we don't get control of it. we have been trying to help so this country needs to be the leader in the world in financial regulation and if we don't we are going to be in trouble, china has their own digital currency cranking up. it is a huge problem. i've got people calling me from everywhere going what are we going to do about this? it is new, totally new and you go through hard times and you have a lot of people that lost money in this but we've got to get control so people get confidence in digital currency, bottom line. a couple questions here, first of all, you said you met with sam and we had him in periods before, you got any text or e-mails with them over the years? >> i pointed out there is this dogged desire to get this application approved and my approach to that application given the issues and strong feelings that i needed to be as transparent and open with him and ftx another

it's collapse rocked the crypto trading community. now the former boss are trading platform f t x is facing criminal charges. sam bagman freed has denied knowingly committing fraud . now that claim could be tested in the us courts from the pinnacle to the pit, sam, bagman fried the disgrace crypto tyco, was arrested in the bahamas at the request of the united states seeking to charge him off to the spectacular collapse of his crypto currency platform f t x. the 20 year old crypto celebrity became an object of attention last month, as he suddenly filed for bankruptcy as f t x offered the liquidity crunch. the company left more than a 1000000 clients unable to access the funds. the liquidity crunch was caused by a t x users pulling $6000000000.00 from the platform in 3 days. and it came after back mo fried secretly mo, $10000000000.00 worth of f t x customer funds to another. one of his company is called alameda research to a digital back door. at least 1000000000 of debt has reportedly vanished completely . finally, on november 11th f

now to the crypto king, who has become a crypto criminal suspects, the founder of the now bankrupt crypto exchange, sam bakeman fried, was arrested on monday in the bahamas. he faces numerous charges of fraud, money laundering, and conspiracy in the united states. bakeman fried, founded the crypto currency exchange f t x back in 20. 19 it quickly grew into one of the largest in the world. millions of users logging on to buy and sell crypto currency tokens, such as bitcoin billions of dollars passed through the site. every single day of customers thought that their cash was safe on the site, but bakeman fried is accused of using it to fund his own personal investments and then prop up his losses when news broke, that f t x was on shaky financial ground, people tried to withdraw their funds, but their money was long gone. it was downhill from there, the company filed for bankruptcy bank been freed, saw his own personal, $16000000000.00 fortune wiped out in less than a week. and it's still unclear whether or not investors will ever see their money again. bagman freed claims, what happened wa

you mentioned crypto currencies, india now taxing crypto transactions pretty heavily. why has the government they're taking such a hard line against crypto? well, yes, you're right. there's 2 units. it's a hard line. in fact, the taxes only so as not to be able to band to currencies because they continue to be very popular will. now of course, um, because of the slump in the crypto market, to investors out a little bit to wary. but there has been enthusiasm in the concept of criptos for a very long time because of which the government has stayed away from a ban. but the tax is to discourage people from using criptos. now the r b, i has been saying for a long time that a crypto currencies are volatile, they are unsafe and they're not necessarily the best instrument for 4 countries like india, where even financial inclusion is, is something that is that government really needs to expand. so for several reasons, the r b a has really been against crypto currencies. it has also highlighted that digital is not a crypto currency. it's, it's, it's, it has a sovereign backing.

now at one point crypto was how does a safe haven? i don't think anyone would really buy that argument today. but the other argument that gets rolled out with crypto currency is an inflation hedge. and actually we have the ability in our. ready models to look at the independent relationship between an asset and all the various factors including inflation and been going does do a good job of tracking inflation expectations. so these relationships have been flow. that's the whole point of the business on the white markets trade. but i can see advantages for crypto over and above the, the technical, technological advances that it brings as potentially maybe in tracy. for example, here of it's a director of research analytics content site in london. we appreciate you being with us. i thank you very much indeed. thanks. and that is our show for this week, but remember, you can get in touch with us via switch up. use the hash tag, ha, ctc. when you do or you can drop us an email, our address is counting the cost at al jazeera dot next. but

w. made for mines ah, ah, criminal charges for the crypto king, former c e o of crypto currency exchange f t x sound bank and fried has appeared before us court of his arrest in the bahamas and allegations and e you lawmaker was bribed by katara raising concerns about outside interference in how europe is run. this is data we business on robots in berlin. welcome to the program. it's collapse rocked the crypto trading community. now the former boss are trading platform f t x is facing criminal charges. sam bagman freed has denied knowingly committing fraud . now that claim could be tested in the u. s. court. from the pinnacle to the pit, sam, bagman fried the disgrace crypto tycoon, was arrested in the bahamas at the request of the united states seeking to charge him off to the spectacular collapse of his crypto currency platform. f t x. the 20 year old crypto celebrity became an object of attention last month, as he suddenly filed for bankruptcy as f t. x suffered the liquidity crunch. the company left more than a 1000000 clients unable to access the funds. the liquidity crunch was caus

so for the cost of crypto currency, who will win and lead the next big crypto boom? i believe that gaming is going to be the next big sector for the community with came by and the metaphors projects they have begun to utilize and t's and tokens and ways other than pure speculation. so i believe that is going to be the next big step in this space as it matures. these games have apparently been unaffected by big points, decline and projects like splinter land have held 350000 daily unique active one since may. i'm christy. i thank you so much for joining us today and we'll see you back here next time on the cost of everything. mm ah . oh oh me. oh oh i am. busy ah ah ah ah ah, well she is ms. munoz current and like if you speak russian, keep your voice down while out and about when i go back to high dose for us. so don't put your homeland symbols on display a guy so you guys don't talk to strangers. i. 7 avoid noisy gatherings and rallies with i don't get a your friends think you're guilty because you'll rush a glad to with b p a short time. i look forward to talking t

crypto exchange. sam big been fried, was arrested on monday in the bahamas. he faces numerous charges of fraud, money laundering, and conspiracy in the united states. bakeman fried, founded the crypto currency exchange f t x back in 20. 19, it quickly grew into one of the largest in the world. millions of users logging on to buy and sell crypto currency tokens, such as bitcoin billions of dollars passed through the site. every single day of customers thought that their cash was safe on the site, but bakeman fried is accused of using it to fund his own personal investments and then prop up his losses where news broke, that f t. x was on shaky financial ground. people tried to withdraw their funds, but their money was long gone. it was downhill from there, the company filed for bankruptcy bank been freed, saw his own personal, $16000000000.00 fortune wiped out in less than a week. and it's still unclear whether or not investors will ever see their money again, make me freed claims. what happened was all

ah, ah, ah. criminal charges for the crypto king. former c o of crypto currency exchange f t x sound bank when fried has appeared before us court of his arrest in the bahamas and allegations and e you lawmaker, was bribed by katara raising concerns about outside interference in how your of is run. this is data we business on robots in berlin. welcome to the program. it's collapse rocked the crypto trading community. now the former boss are trading platform, f t. x is facing criminal charges. sam, bank mon fried, has denied knowingly committing fraud. now that claim could be tested in the us courts from pinnacle to the pit, sam, bagman fried the disgrace crypto tycoon, was arrested in the bahamas at the request of the united states seeking to charge him off to the spectacular collapse of his crypto currency platform. f t x to torture year old crypto celebrity became an object of attention last month, as he suddenly filed for bankruptcy. as if dick suffered the liquidity crunch. the company left more than a 1000000 clients unable to access the funds. the liquidity crunch was caused by

crypto exchange. sam big ben fried, was arrested on monday in the bahamas. he faces numerous charges of fraud, money laundering, and conspiracy in the united states. bakeman fried, founded the crypto currency exchange f t x back in 20. 19, it quickly grew into one of the largest in the world. millions of users logging on to buy and sell crypto currency tokens, such as bitcoin billions of dollars passed through the site. every single day of customers thought that their cash was safe on the site, but bakeman fried is accused of using it to fund his own personal investments and then prop up his losses where news broke, that f t. x was on shaky financial ground. people tried to withdraw their funds, but their money was long gone. it was downhill from there, the company filed for bankruptcy bank been freed, saw his own personal, $16000000000.00 fortune wiped out in less than a week. and it's still unclear whether or not investors will ever see their money again, make me freed claims. what happened was all

give away millions in crypto to various charities. however, his friends and family have spoken out and so that they were incredibly concerned about his welfare and that they voiced that in the weeks leading up to his death. and they were concerned that he was becoming increasingly more paranoid. now, when it comes to all 3 of those cases, we have to know that authorities have not said whether or not they suspect foul play in any of these does or whether they see any links to crypto. however, it is notable that all 3 of these individuals were prominent in the world of crypto, and it's of course, comes as there has been increasing scrutiny, looking at crypto currency exchanges with f t x founder sam bakeman fried. now speaking out, but not really having much to say about the reported $1000000000.00 and client funds that have gotten missing. so certainly a lot more questions there than there are answers. so for us, lawmakers have approved a bill to prevent strikes by railway workers, which joe biden says are devastating for the economy n

>> crypto is not a regulated industry at the moment and crypto has fought very hard so that it would not be a regulated industry. there's a battle among people, is it a security? if so, then it's covered by the securities and exchange commission. >> they're alleging fraud. >> they're alleging he defrauded investors. so we had very big, powerful, supposedly smart institutional investors who put money into ftx. >> how was he able to pull the wool over their eyes? these smart people who know what they're investing in? supposed to to be smarter than the rest of us. >> that's a good question. it is so much egg on their face. we've got venture capitalists, very well-known, billions of dollars under management who were apparently hoodwinked by this guy. you've seen him in the t-shirt and shorts. how persuasive is he? >> i think if you think that's what a brilliant coder looks like. i mean, this is the, you know, the image that's painted of him in silicon valley, that they don't have to wear a suit and tie to be convincing. in fact the guy who looks like he's been sitting in front of a compu

we have 19 crypto coin assets. we do not have hundreds of crypto coin assets. you have done this in safety first manner and made sure we have been as compliant as can be. we are a net recipient of volumes and deposits as a result of that but i would also say the fallout is a blemish for the industry as a whole. we do not view it as a positive thing. we are definitely not intertwined and have no connectivity to either ftx or the counterparties. carolyn: has it changed the way in which you are unfolding products? lake the way you are focusing on people coming to your platform to save? are you thinking about moving away from crypto related offerings or is the product rollout exactly as it would have always loved? >> it is not -- the focus did not change in rapid manner. we have been working on the retirement offering for over a year. this has been a focus and something we have been working on for some time. with respect to what we rolled out, it is driven by our customers and what they are interested in. there are still people who are big believers in the crypto s

why there is plenty of work to do when it comes to crypto and none of the crypto people will like this. and the lightning round, stay with cramer. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding] >>> incredible rally and one of my favorite stocks yum brands, parent of kfc, pizza hut, taco bell and much smaller habit burger grill yum bottomed at 104 a couple months ago to come roaring back today up to $130 this despite the fact the company reported a mix set of results that month and same store sales came in higher than expected which is what i care about. what's the bull thesis earlier today yum held this gigantic investor day at the stock exchange laying out a compelling growth story talking 5% year to growth and 7% system growth this is raised from before we got to take a closer look with the ceo of yum brands steady hand. welcome back to "mad money." >> gre

i have invested in crypto. i didn't get as deep as some of these people have gotten, but it's a mess, and it's going to get worse if we don't have control of it. we have confidence that you will with our help. we have been trying to help. this country needs to be the leader of the world, the financial regulation, all innovation. if we don't, we're going to be in trouble. china has their own digital currency that is cranking up but it is a huge problem. i've got people calling me from everywhere going, what are we going to do? what are we going to do about this? it's new. it's totally new, going through some hard times, and unfortunately we have a lot of people may have lost money in this. we have to get money in, so that people have confidence in digital currency. i've got a couple of questions, because first of, all you met sam, and of course we've had him in hearings before. have you got any text or emails with him over the years? >> i pointed out to senator stabenow's question, but i mentioned there is this