WEBVTT - This Week In Crypto: Pushback from US Regulators

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<v Speaker 1>This is Bloomberg Crypto, a daily Bloomberg I Hood podcast,

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<v Speaker 1>and I'm an area senior editor for Bloomberg News. In

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<v Speaker 1>for Stacy Murray Ishmael. It's Friday, February seventeen. After years

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<v Speaker 1>of inaction, regulators decided that the shortest month was the

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<v Speaker 1>best suited to come after. Crypto State regulators in New

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<v Speaker 1>York this week took aim at stable coin issuer Paxos

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<v Speaker 1>and its relationship with Crypto Exchange Finance. The SEC has

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<v Speaker 1>also moved ahead with a plan that would make it

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<v Speaker 1>harder for investment firms to work with cryptocurrency companies, and

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<v Speaker 1>of course we have an update on SPF. SO to

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<v Speaker 1>help me break down the latest developments in the world

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<v Speaker 1>of digital assets, I'm joined by Bloomberg reporters Alison Versus Brill.

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<v Speaker 1>I think a lot of people are a sort of

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<v Speaker 1>just reading the tea leaves right now, understanding that the

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<v Speaker 1>environment might not be very friendly and Emily Nicole. It's

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<v Speaker 1>very difficult for any single jurisdiction to oversee a crypto

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<v Speaker 1>company effectively. It's sunny in London, which is not but

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<v Speaker 1>it was awful again this morning and yesterday I was

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<v Speaker 1>like walk into the office, it was beautiful and I

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<v Speaker 1>was like, this is this is great, like beautiful sunny

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<v Speaker 1>class guys. And then this morning I was like, oh,

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<v Speaker 1>it's back to normal. Cool. So now that we've given

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<v Speaker 1>you the weather updates, we're going to actually move move

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<v Speaker 1>to crypto UM. I was trying to talk about things

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<v Speaker 1>that were a little bit more cheerful, but then I

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<v Speaker 1>guess it was raining. So it's been pretty intense in

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<v Speaker 1>your beat for crypto UM, and I guess if you're

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<v Speaker 1>a crypto firm, it's been even worse. But if you

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<v Speaker 1>want to just give us in a sentence, sort of

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<v Speaker 1>the mood there and in finn reg circles on crypto. Yeah,

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<v Speaker 1>I mean, so the mood right now is that there's

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<v Speaker 1>definitely this feel of sort of a crypto crackdown, if

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<v Speaker 1>you will. Uh. And I think everyone expected that there

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<v Speaker 1>was going to be a response post f t X.

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<v Speaker 1>You know, there was a lot of talk among regulators

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<v Speaker 1>and on the hill of the need to you know,

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<v Speaker 1>address some of the issues we saw in the industry

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<v Speaker 1>last year. But I think there's been some surprise a

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<v Speaker 1>kind of the the speed and sort of the level

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<v Speaker 1>of activity we've seen in just the first few months

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<v Speaker 1>of three. Um, you know, we've had banking regulators. The

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<v Speaker 1>FED recently denied Custodia Banks application to be a member,

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<v Speaker 1>and then the Kansas City FED denied their application to

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<v Speaker 1>have a master account. We've seen the SEC bringing a

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<v Speaker 1>number of actions. Most recently is the thirty million dollar

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<v Speaker 1>settlement with crack In. The SEC has sued crypto exchange

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<v Speaker 1>crack and Forwards Taking Service, accusing it of offering illegal,

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<v Speaker 1>unregistered securities with advertised investment returns as high as twenty

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<v Speaker 1>one now. The SEC has alleged that Krackin didn't give

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<v Speaker 1>investors the right disclosures. Kraken didn't admit or deny wrongdoing,

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<v Speaker 1>though it agreed to settle for thirty million dollars and

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<v Speaker 1>also stuff. So it seems like there's a lot of

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<v Speaker 1>activity picking up. Some have believed this to be a

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<v Speaker 1>coordinated effort, given that there was a White House statement

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<v Speaker 1>too earlier this year talking about the need to ramp

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<v Speaker 1>up enforcement issue new guidance. But definitely seems like there's

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<v Speaker 1>more to come. Let's move on to I guess the

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<v Speaker 1>big news at the start of the week, which was

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<v Speaker 1>about you know, Paksos and the coined issues, the stable

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<v Speaker 1>coined issues that is Finance branded BUSD, Emily, do you

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<v Speaker 1>want to maybe go over what happened there, what the

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<v Speaker 1>highlights were. So Pakos is a New York regulated company's

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<v Speaker 1>registered with the New York Financial Services so it is

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<v Speaker 1>pretty much above board in all aspects on that front,

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<v Speaker 1>and it operates a stable coin called Finance USD b

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<v Speaker 1>USD in conjunction with Finance. Pretty much everything sits underneath Paxos.

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<v Speaker 1>His ownership, Pacos is management. And what we saw was

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<v Speaker 1>first the SEC issued a well's notice to Paksas saying

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<v Speaker 1>that basically, we're going to be looking into you and

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<v Speaker 1>there may be some concerns that BUSD is an unregistered security.

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<v Speaker 1>And then following that, the New York DFS said to

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<v Speaker 1>Pacsus that we have had issues with the way that

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<v Speaker 1>you manage your relationship with Binance. We've raised these with you,

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<v Speaker 1>you haven't corrected them in the time that we set.

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<v Speaker 1>So therefore we're going to tell you to wind down

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<v Speaker 1>b USD entirely. And that's about sixteen billion dollars worth

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<v Speaker 1>of tokens that now have to be wound down put

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<v Speaker 1>back onto the market in some way, whether that's through

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<v Speaker 1>customers redeeming their tokens and getting dollars back or transferring

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<v Speaker 1>them into other kinds of stable coins and crypto assets.

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<v Speaker 1>So I guess this was significant because it's sort of

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<v Speaker 1>highlights how the US has decided to proceed. You know,

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<v Speaker 1>other governments have been issuing regulations or coming close fushing regulations,

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<v Speaker 1>having you know, more clear guidelines and rules around crypto,

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<v Speaker 1>but the US is regulating by enforcement. That that's what

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<v Speaker 1>you call it, right, Ali, Um, do you want to

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<v Speaker 1>tell us how that sort of differs in why some

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<v Speaker 1>people might not like it or the crypto firms are

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<v Speaker 1>crumbling now? Right? So, you know, definitely, the industry complains

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<v Speaker 1>that there's this regulation by enforcement approach where you know,

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<v Speaker 1>they claim that there haven't been clear rules up the

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<v Speaker 1>road set, that the SEC hasn't put out any guidance

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<v Speaker 1>or really any agencies in the government right now, they've

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<v Speaker 1>been leaning on Congress to do more, and so in

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<v Speaker 1>the meantime, we've seen a lot of these enforcement actions, um,

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<v Speaker 1>and you'll see consumer advocate groups so our markets groups

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<v Speaker 1>that are praising the SEC for what it's doing. So

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<v Speaker 1>there's somewhat of a split kind of feel right now.

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<v Speaker 1>I think what's especially interesting though on the stable coin

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<v Speaker 1>front is that, you know, there was this effort by

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<v Speaker 1>the by Congress in the US last year to draft

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<v Speaker 1>legislation that would regulate stable coins. The Treasury Department was

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<v Speaker 1>very involved in that, and that would specifically be you know,

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<v Speaker 1>reserved back stable coins what they were calling payment stable coins,

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<v Speaker 1>and that would essentially put them under banking regulation. UM.

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<v Speaker 1>So I'm very curious to see if the SEC moves

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<v Speaker 1>forward with this enforcement action against Paxos and says that

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<v Speaker 1>the stable coin is a security And I'm also interested

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<v Speaker 1>to see if there's any sort of backlash from you know,

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<v Speaker 1>maybe Treasury or from the Hill to say, you know,

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<v Speaker 1>we put all this work trying to set guardrails and

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<v Speaker 1>you're kind of preempting that by claiming these are our

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<v Speaker 1>security So. Um. I think it's going to be very

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<v Speaker 1>interesting to see how all of this shapes up. Emily,

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<v Speaker 1>you have been reporting a bit more on you know,

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<v Speaker 1>not necessarily bust, but other binance related um token, so

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<v Speaker 1>the tokens that finance issues that are connected to even

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<v Speaker 1>BUSD and so what have you sort of been finding

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<v Speaker 1>out on that before? And then maybe we could talk

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<v Speaker 1>a little bit more about sort of what an i

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<v Speaker 1>DFS said about sort of the action with Pasos. Yeah, so,

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<v Speaker 1>in the statement that the ny DFS issued about its

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<v Speaker 1>decision with Pasos, it pointed specifically to something that Finance

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<v Speaker 1>issues called a Binance peg token. It's a version of

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<v Speaker 1>BUSD that is actually under the auspices of Binance rather

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<v Speaker 1>than under Packsos. The way it works is that Finance

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<v Speaker 1>has a big reserve full of BUSD tokens issued by

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<v Speaker 1>packsas and then uses those as collateral to support Finance

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<v Speaker 1>issued versions of that token on other block chains. UM.

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<v Speaker 1>And we've previously reported throughout this year about how historically

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<v Speaker 1>some of the reserves for tokens like the Binance token

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<v Speaker 1>b usd UM have been underclasterized. They didn't have enough

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<v Speaker 1>of that those tokens in the reserve to back them,

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<v Speaker 1>and so there was essentially some level of free money

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<v Speaker 1>just being printed out and around and they fixed it

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<v Speaker 1>all later on. UM. Obviously that is concerning for a regulator,

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<v Speaker 1>right They New York DFS has control over what packs

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<v Speaker 1>us can do. But if Finance then takes to step

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<v Speaker 1>further and and basically puts the token on top of

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<v Speaker 1>that and runs wild with it. New York DFS has

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<v Speaker 1>no control over that, and then you know, probably there's

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<v Speaker 1>a little bit of a ripple effect going on. UM

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<v Speaker 1>and they noted that in the statement against PAXA was

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<v Speaker 1>saying that that's likely going to be one of the

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<v Speaker 1>things that would have triggered this, the concerns they had

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<v Speaker 1>with Paxos and its relationship with Binance and any kind

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<v Speaker 1>of material issues they were facing. So you also had

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<v Speaker 1>a scoop this week that was also tangentially related to

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<v Speaker 1>to regulators UM. You reported that that Circle had warned

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<v Speaker 1>UM and with your FS which is also UM their

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<v Speaker 1>own regulator tool, they share a regulator about issues UM.

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<v Speaker 1>Do you want to talk a bit more about that. Yes,

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<v Speaker 1>So what we heard is that UM last year essentially

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<v Speaker 1>so well before I reported anything to do with these

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<v Speaker 1>finance tokens being under backed, and before this action came

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<v Speaker 1>out against Paxles from the SEC and and y DFS

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<v Speaker 1>this week, Circle had discovered all of this stuff the

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<v Speaker 1>same way we had. You know, it's all publicly available

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<v Speaker 1>blockchain day, so you can see it if you know

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<v Speaker 1>where to look. They'd noticed that this had been going

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<v Speaker 1>on with finances tokens, some of these tokens that they

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<v Speaker 1>had weren't being backed properly, and so they as a

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<v Speaker 1>compliance because I notified the New York Department Financial Services

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<v Speaker 1>that this had been going on in case there was

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<v Speaker 1>anything that needs to be looked into, and then now

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<v Speaker 1>we have this action. There's nothing to say that, for example,

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<v Speaker 1>what Circle did did tip off you know, what was

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<v Speaker 1>happening later on, But it definitely means that the New

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<v Speaker 1>York Department Financial Services was at least aware of this

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<v Speaker 1>situation long before we reported it in in January, we

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<v Speaker 1>also had some news on hedge funds facing scrutiny. Why

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<v Speaker 1>is that? Do you want to tell us about this

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<v Speaker 1>other development this week? There's actually a proposal that the

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<v Speaker 1>SEC put out Wednesday that would essentially, you know, place

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<v Speaker 1>new restrictions on companies that want to act as custodians

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<v Speaker 1>for hedge funds, pension funds, prime equity firms. So basically,

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<v Speaker 1>if you you know, want to be what it's called

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<v Speaker 1>a qualified custodian, you have to do a couple of things.

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<v Speaker 1>You have to enter into a written agreement to say

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<v Speaker 1>that the client's assets from that hedge fund or private

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<v Speaker 1>equity fund are being segregated properly and that they're protected

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<v Speaker 1>in cases of bankruptcy and insolvency, which has obviously been

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<v Speaker 1>an issue with some of the crypto bankruptcies we saw

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<v Speaker 1>last year. UM, you would also have to you know,

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<v Speaker 1>potentially be subject uh to certain new requirements UM and

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<v Speaker 1>and turning over information to these hedge funds that you're

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<v Speaker 1>working with. UM. And a lot of people are viewing this.

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<v Speaker 1>You know, this is a much broader proposal. It doesn't

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<v Speaker 1>just affect crypto but a lot of people are viewing

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<v Speaker 1>this as as sort of targeted at crypto firms based

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<v Speaker 1>on the way that they operate today. UH. And even

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<v Speaker 1>the SEC chairman Gary Gensler, in a statement said, you know,

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<v Speaker 1>make no mistake, based on the way crypto firms operate,

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<v Speaker 1>like none would be able to qualify or be qualified

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<v Speaker 1>custodians UM under these new requirements. The one thing I

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<v Speaker 1>will say, you know, the SEC is is voting on

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<v Speaker 1>that proposal and then you know that would be put

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<v Speaker 1>out for public common and then it would have to

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<v Speaker 1>be you know, finalized, likely months later. So it's not

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<v Speaker 1>currently in effect, but it's another sign of you know,

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<v Speaker 1>just the headaches that are are sort of coming for

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<v Speaker 1>the crypto industry. Right now. We'll be right back with

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<v Speaker 1>more of the week's top crypto stories with Bloomberg reporters

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<v Speaker 1>Emily Nicole and Alison versus brul So. This brings up

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<v Speaker 1>another way that I guess regulators in the US are

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<v Speaker 1>approaching tackling sort of the risks posed by crypto because

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<v Speaker 1>one of the good things good in you know, quotation marks,

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<v Speaker 1>I guess, um good things about this this big crash

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<v Speaker 1>was that you know, the the major financial firms and

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<v Speaker 1>the mainstream financial system was really not affected, and part

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<v Speaker 1>was because they haven't been really dealing. And I think

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<v Speaker 1>there's a bit of concern that you know, if crypto

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<v Speaker 1>grows again, we might seem more trickling down to you know,

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<v Speaker 1>firms that are properly regulated by the O c C,

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<v Speaker 1>the FED so and firms that have more deposits from

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<v Speaker 1>normal people and normal citizens. So, I guess another way,

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<v Speaker 1>And we had a great story out this week from

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<v Speaker 1>some of our colleagues about how banks and other financial

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<v Speaker 1>firms that have you know, or fully regulated by by

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<v Speaker 1>the FED and the OCC are actually getting sort of,

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<v Speaker 1>um directly or indirectly sort of told to limit their

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<v Speaker 1>their interactions with with crypto firms. How is this an,

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<v Speaker 1>I guess an interesting development and what are the key

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<v Speaker 1>things you think? Ali? Yeah, so, you know, the banking

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<v Speaker 1>regulators in the US, that includes the Office of the

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<v Speaker 1>Control of the Currency, the FED, UM, the Federal Deposit

0:12:48.120 --> 0:12:52.440
<v Speaker 1>Insurance Corporation, they put out a joint statement warning banks

0:12:52.600 --> 0:12:57.280
<v Speaker 1>of the risks of engaging with digital assets. UM. I

0:12:57.400 --> 0:12:59.559
<v Speaker 1>will know in that they kind of didn't say, you know,

0:12:59.640 --> 0:13:01.280
<v Speaker 1>you can't you can't be involved in this at all.

0:13:01.320 --> 0:13:02.920
<v Speaker 1>You just have to make sure you're doing it in

0:13:03.000 --> 0:13:05.040
<v Speaker 1>a safe and sound manner. But a lot of people

0:13:05.200 --> 0:13:07.800
<v Speaker 1>have taken that as a warning of, you know, just

0:13:08.040 --> 0:13:10.199
<v Speaker 1>just don't get involved in this. UM. I think a

0:13:10.280 --> 0:13:12.000
<v Speaker 1>lot of people are sort of just reading the tea

0:13:12.080 --> 0:13:15.760
<v Speaker 1>leaves right now, understanding that the environment might not be

0:13:16.880 --> 0:13:20.280
<v Speaker 1>very friendly if you're a bank that's having these partnerships

0:13:20.320 --> 0:13:22.880
<v Speaker 1>are getting involved in digital assets. Yeah. And I guess

0:13:23.000 --> 0:13:25.319
<v Speaker 1>you know, we're seeing sort of de risking from from

0:13:25.400 --> 0:13:28.440
<v Speaker 1>crypto as banks have been de risking from other risky sectors.

0:13:28.800 --> 0:13:31.559
<v Speaker 1>I guess just taking a step back, Emily, like, what

0:13:31.679 --> 0:13:34.679
<v Speaker 1>does it mean from the rest of the world's perspective, right, Like,

0:13:35.040 --> 0:13:37.360
<v Speaker 1>you know, if you're looking at it from here, it

0:13:37.440 --> 0:13:39.840
<v Speaker 1>seems really like the US is cracking down, coming at

0:13:39.880 --> 0:13:42.800
<v Speaker 1>it full force. But as we were saying before, the

0:13:43.320 --> 0:13:46.320
<v Speaker 1>other jurisdictions have taken a completely different approach, or maybe

0:13:46.440 --> 0:13:48.240
<v Speaker 1>for now we don't know there might be action coming,

0:13:48.280 --> 0:13:51.199
<v Speaker 1>but they have stepped in with regulations. So does it

0:13:51.440 --> 0:13:53.880
<v Speaker 1>make it a little bit more welcoming here? What are

0:13:53.920 --> 0:13:58.000
<v Speaker 1>you hearing? One of the things that was a running

0:13:58.120 --> 0:14:02.679
<v Speaker 1>narrative in two, particularly when stuff started to go upside

0:14:02.720 --> 0:14:06.640
<v Speaker 1>down with crypto UM, was that it's very difficult for

0:14:07.080 --> 0:14:11.720
<v Speaker 1>any single jurisdiction to oversee a crypto company effectively. Even

0:14:12.040 --> 0:14:14.280
<v Speaker 1>with the biggest companies, they don't have their headquarters in

0:14:14.320 --> 0:14:16.360
<v Speaker 1>any specific pace. But if even if you think about

0:14:16.360 --> 0:14:19.080
<v Speaker 1>about something like coin based, it's based in the US, UM,

0:14:19.240 --> 0:14:22.280
<v Speaker 1>there's still everywhere, right, Crypto is global, and so that

0:14:22.400 --> 0:14:25.120
<v Speaker 1>means that regulators all around the world need to have

0:14:25.280 --> 0:14:27.840
<v Speaker 1>relatively similar rules if they're going to have any luck

0:14:27.920 --> 0:14:31.960
<v Speaker 1>in regulating crypto effectively. And the concern is that the

0:14:32.560 --> 0:14:36.680
<v Speaker 1>US approach is basically upending that. It means that the

0:14:36.840 --> 0:14:39.760
<v Speaker 1>US is spending more time on enforcement less time on

0:14:39.880 --> 0:14:42.600
<v Speaker 1>thinking about what a regulatory framework might look like, and

0:14:42.720 --> 0:14:45.520
<v Speaker 1>it makes it more difficult for other jurisdictions to match that.

0:14:46.640 --> 0:14:49.560
<v Speaker 1>In turn, that then means that crypto companies are thinking, Okay, well,

0:14:49.640 --> 0:14:51.560
<v Speaker 1>if I'm in the US, I'm going to get told

0:14:51.560 --> 0:14:53.560
<v Speaker 1>off for doing X y Z. But if I'm based

0:14:53.600 --> 0:14:56.240
<v Speaker 1>in the UK or Europe, or Singapore or Hong Kong

0:14:56.320 --> 0:14:59.920
<v Speaker 1>or Dubai, any of these places, there are more clear rules.

0:15:00.000 --> 0:15:02.920
<v Speaker 1>I understand what I'm doing, I'm probably not going to

0:15:03.000 --> 0:15:04.680
<v Speaker 1>get told off. I'm at least going to be able

0:15:04.720 --> 0:15:08.040
<v Speaker 1>to operate within the boundaries of something UM and therefore

0:15:08.080 --> 0:15:09.960
<v Speaker 1>it's probably a better place for me to do business.

0:15:10.440 --> 0:15:12.480
<v Speaker 1>So we've been hearing that, you know, more companies are

0:15:12.600 --> 0:15:16.400
<v Speaker 1>enquiring about that, they're thinking about where the most crypto

0:15:16.520 --> 0:15:19.480
<v Speaker 1>friendly jurisdictions are, not necessarily jurisdictions that will let them

0:15:19.520 --> 0:15:22.520
<v Speaker 1>get away with with murder, but jurisdictions that at least

0:15:22.560 --> 0:15:25.960
<v Speaker 1>just have defined rules and setting boundaries and and and

0:15:26.040 --> 0:15:28.440
<v Speaker 1>that's something that's definitely going to be becoming more clear

0:15:28.520 --> 0:15:30.920
<v Speaker 1>this year as rules are settled in places like Europe

0:15:30.960 --> 0:15:35.240
<v Speaker 1>and the UK. I think we can maybe UM go

0:15:35.400 --> 0:15:37.760
<v Speaker 1>back to a person and we've been talking about regulations before.

0:15:37.800 --> 0:15:39.520
<v Speaker 1>One of the biggest people in crypto in the news

0:15:40.160 --> 0:15:42.400
<v Speaker 1>UM over the past few months and even before that,

0:15:42.600 --> 0:15:45.800
<v Speaker 1>has been Sam bank Man Freed, the founder of FDx.

0:15:46.240 --> 0:15:48.240
<v Speaker 1>There was news this week that he won't be allowed

0:15:48.240 --> 0:15:52.360
<v Speaker 1>to use VPNs. What's going on there? So yeah, Sam

0:15:52.520 --> 0:15:55.840
<v Speaker 1>had requested that he still be allowed to use VPNs

0:15:55.920 --> 0:15:58.640
<v Speaker 1>and encrypted apps so that you could message you know,

0:15:59.080 --> 0:16:01.600
<v Speaker 1>a couple fd ex employees here and there, but mostly

0:16:01.680 --> 0:16:04.520
<v Speaker 1>do innocuous things like watch the Super Bowl using his

0:16:04.560 --> 0:16:08.960
<v Speaker 1>Bahamas based registration UM and and the judge denied that,

0:16:09.080 --> 0:16:11.440
<v Speaker 1>basically not buying the argument that that will be all

0:16:11.480 --> 0:16:15.360
<v Speaker 1>he does. Because these networks, they allow users to obscure

0:16:15.360 --> 0:16:18.120
<v Speaker 1>their activity essentially would make it much harder for the

0:16:18.240 --> 0:16:20.760
<v Speaker 1>courts to see exactly what Sam is doing with his time,

0:16:20.800 --> 0:16:23.040
<v Speaker 1>who he's talking to, what he's saying, and all of

0:16:23.120 --> 0:16:25.240
<v Speaker 1>that is very important at the minute when, for example,

0:16:25.360 --> 0:16:28.200
<v Speaker 1>the ft X, the state is still trying to find

0:16:28.280 --> 0:16:30.840
<v Speaker 1>assets all over the world that FTX might have, and

0:16:31.120 --> 0:16:34.760
<v Speaker 1>also Sam is still very heen to play his part

0:16:34.880 --> 0:16:37.680
<v Speaker 1>and help out and help help everybody get their money

0:16:37.720 --> 0:16:41.720
<v Speaker 1>back when simultaneously there are criminal charges against him. So um,

0:16:41.920 --> 0:16:43.800
<v Speaker 1>that's what's been going on with Sam big we're freedom

0:16:43.880 --> 0:16:46.560
<v Speaker 1>this week. So I guess I have to say, and

0:16:46.600 --> 0:16:48.960
<v Speaker 1>I didn't say it before, but you shouldn't be listening

0:16:49.040 --> 0:16:52.520
<v Speaker 1>to and following. Ali and Emily are both breaking lots

0:16:52.560 --> 0:16:55.680
<v Speaker 1>of great stories on both regulation and stable coins. It's

0:16:55.720 --> 0:16:58.200
<v Speaker 1>not just like a plug, it's it's actually the case.

0:16:58.560 --> 0:17:02.640
<v Speaker 1>All right, Thank you, all right, thanks so much. That

0:17:02.840 --> 0:17:06.320
<v Speaker 1>was Bloomberg reporters Emily Nicole and Alison versus Brille. You

0:17:06.400 --> 0:17:08.800
<v Speaker 1>can find more of their reporting on the Bloomberg Terminal,

0:17:08.960 --> 0:17:11.760
<v Speaker 1>on Bloomberg dot com and on Twitter. For more, be

0:17:11.880 --> 0:17:14.679
<v Speaker 1>sure to check out our twice weekly newsletter, Bloomberg Crypto.

0:17:20.119 --> 0:17:23.240
<v Speaker 1>This is Bloomberg Crypto, a daily podcast from Bloomberg and

0:17:23.320 --> 0:17:26.280
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0:17:33.240 --> 0:17:36.240
<v Speaker 1>suggestions for the show to Crypto at Bloomberg dot net.

0:17:39.480 --> 0:17:43.159
<v Speaker 1>The supervising producer of Bloomberg Crypto is Vicky Vergelina. Our

0:17:43.200 --> 0:17:47.040
<v Speaker 1>senior producer is Janet Babin. Our producers are Mohammed Farouk

0:17:47.119 --> 0:17:50.440
<v Speaker 1>and Sharon Barrero. Our associate producers are Ty Butler and

0:17:50.560 --> 0:17:54.840
<v Speaker 1>Moses on Them Desta wonder At is our engineer. Original

0:17:54.920 --> 0:17:59.440
<v Speaker 1>music by Leo Sidron. I'm Stacy, Marie Ishmael, have a

0:17:59.480 --> 0:18:10.000
<v Speaker 1>great weekend of NATO. About that appe