WEBVTT - The White House Takes On Cryptocurrencies 0:00:03.279 --> 0:00:06.560 From the heart of where innovation, money and power colli 0:00:07.400 --> 0:00:11.920 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:11.960 --> 0:00:27.720 Emily Jay. I'm Emily checking San Francisco and this is 0:00:27.720 --> 0:00:30.800 Bloomberg Technology coming up. In the next hour, Russia's invasion 0:00:30.840 --> 0:00:34.360 gets more brazen and more bloody. A children's hospital and 0:00:34.400 --> 0:00:37.640 maternity ward the latest target in the Ukrainian port town 0:00:37.840 --> 0:00:41.559 of Mariopol. This after Ukrainian officials says they're open to 0:00:41.640 --> 0:00:45.440 meeting Russia's demands for neutrality, but only if there's an 0:00:45.440 --> 0:00:49.800 immediate cease fire. Well it's Bitcoin bounces back as President 0:00:49.840 --> 0:00:52.520 Biden signs an executive order on digital assets. Will break 0:00:52.560 --> 0:00:55.160 down what's in that plan and what it means for 0:00:55.240 --> 0:00:59.480 the future of cryptocurrency and Amazon soaring after hours the 0:00:59.480 --> 0:01:02.720 company order proves the f one starts with what it means. 0:01:02.960 --> 0:01:15.280 Later this hour, thousands are trapped in towns surrounding Kiev 0:01:15.400 --> 0:01:18.399 as Russian forces continue to encroach on the capitol. They 0:01:18.520 --> 0:01:20.960 running out of food and other essential items as they 0:01:21.000 --> 0:01:24.960 wait days upon days for a safe exit. Take a listen, 0:01:31.920 --> 0:01:40.160 he was Tomula occupied by Russian forces. A problem of yeah, 0:01:44.640 --> 0:01:56.360 willis first of value? Yeah Colonna's Octobos is makeing otomos 0:01:57.280 --> 0:02:11.320 VILLIAI and me it's gonnaia Utriona Tonga stylist umb it 0:02:11.440 --> 0:02:16.519 was European previously NA treaty per center for you and 0:02:16.600 --> 0:02:22.959 me uht I's and history relied Premier what yes, uh 0:02:23.240 --> 0:02:35.480 Napa nouas coca uh chickensly uh sources History lied and 0:02:35.480 --> 0:02:38.799 you talked not going to give the bates a week 0:02:40.080 --> 0:02:51.680 time schiptrigic Catama schools Astrilio it's uhpapartsch Brisney And as 0:02:51.720 --> 0:02:54.960 more people attempt to leave Ukraine or find shelter within 0:02:55.040 --> 0:02:57.680 the country, it is of the essence to keep communication 0:02:57.760 --> 0:03:00.400 channels open so you, manager and aid can get to 0:03:00.480 --> 0:03:03.200 those who need it most. Message Bird is helping keep 0:03:03.240 --> 0:03:05.959 businesses connected across Ukraine and is now being used to 0:03:06.040 --> 0:03:09.280 coordinate and meet a broad range of needs from getting 0:03:09.320 --> 0:03:12.359 sin cards to people, along with supplies like medicine, blankets 0:03:12.400 --> 0:03:16.320 and even transportation from place to place. Founder and CEO 0:03:16.400 --> 0:03:20.079 Robert this with me now for more on how his 0:03:20.280 --> 0:03:23.519 company is doing all of this work. Now as I 0:03:23.639 --> 0:03:25.720 understand it, Robert, you work with all of the major 0:03:25.800 --> 0:03:30.480 social channels what'sapp, Instagram, Telegram, what kinds of communications are 0:03:30.520 --> 0:03:34.840 you seeing between businesses, between customers and businesses in Ukraine 0:03:34.840 --> 0:03:40.600 specifically Emily and thank you for having me on the show. UM. 0:03:41.200 --> 0:03:44.240 Look before message worker is being used primarily for omni 0:03:44.320 --> 0:03:47.680 channel B two be communicate atients. UM. Today we're seeing 0:03:47.880 --> 0:03:52.360 a lot of NGOs communities UM using us for all 0:03:52.400 --> 0:03:54.760 sorts of help. As you said, it can be simple 0:03:54.840 --> 0:04:00.480 things from organizing, coordinating medicines, blankets, transportation. UM. We're just 0:04:00.560 --> 0:04:03.280 trying to provide our services to as many businesses as 0:04:03.360 --> 0:04:06.520 possible at the moment to help out. So what does 0:04:06.560 --> 0:04:09.040 that mean? How are you supporting these businesses who have 0:04:09.240 --> 0:04:15.000 these flood, this flood of requests at this time. Well, 0:04:15.480 --> 0:04:18.280 several different ways, UM. I mean one we're just I mean, 0:04:18.520 --> 0:04:21.880 as a company, we provide customer service toolings, different ways 0:04:21.920 --> 0:04:24.200 for for people to coordinate on top of our platforms. 0:04:24.200 --> 0:04:26.360 So we're obviously providing that for three now to to 0:04:26.800 --> 0:04:30.240 to to those companies businesses. But this isn't just businesses, 0:04:30.279 --> 0:04:33.839 to be honest, it's just as much just people trying 0:04:33.880 --> 0:04:35.240 to help out. I mean, if you think about it's 0:04:35.240 --> 0:04:38.120 about two million refugees have now come into Europe. UM, 0:04:38.279 --> 0:04:39.800 so a lot of people are trying to help out 0:04:39.800 --> 0:04:42.200 in different ways that we're trying to to coordinate as 0:04:42.240 --> 0:04:45.000 quickly as possible. UM. At the same time, we we 0:04:45.120 --> 0:04:48.320 launched our own fund um UH to help out. So 0:04:48.400 --> 0:04:51.600 our employees are helping out on trying to organize other 0:04:51.720 --> 0:04:54.280 tech founders to come together and and all of us 0:04:54.400 --> 0:04:58.960 use our UH knowledge companies um UM to to try 0:04:59.000 --> 0:05:01.520 to lend a hand and a stair whole situation. So 0:05:01.600 --> 0:05:04.120 there's ten million dollar and GEO fund that you mentioned. 0:05:04.360 --> 0:05:09.840 What's your hope about how this will help? Look, the 0:05:09.880 --> 0:05:13.320 fund is broader um UM. We're looking to to to 0:05:13.440 --> 0:05:16.320 deploy the capital in the next two years UM. But 0:05:16.600 --> 0:05:19.160 you know, right now it's needed as much as ever UM. 0:05:19.320 --> 0:05:21.560 So we're trying to do anything we can um uh 0:05:22.240 --> 0:05:25.000 for for the for the community. I think more broadly 0:05:25.440 --> 0:05:27.760 UH pending money, what we're really trying to do is 0:05:27.880 --> 0:05:30.359 just stand up. I think it's important for CEO's founders 0:05:30.440 --> 0:05:33.760 to speak up. UM. I think the technology sector is 0:05:33.839 --> 0:05:37.360 uniquely positioned to help out. We've all built amazing companies 0:05:37.400 --> 0:05:40.000 that we can do stuff with. UM. You know, I'm 0:05:40.040 --> 0:05:42.960 working together with, for example, one of the fend the Netherlands, 0:05:43.000 --> 0:05:45.320 the founder of Bunk, which is an online bank, UM, 0:05:45.920 --> 0:05:48.839 he's doing amazing work trying to get refugees now bank 0:05:48.880 --> 0:05:51.440 accounts so so that we can coordinate money something simple 0:05:51.480 --> 0:05:54.599 because obviously their bank accounts in Ukraine don't actually work anymore. 0:05:54.960 --> 0:05:57.160 Or the founder of Picnic, which is an online supermarket, 0:05:57.920 --> 0:05:59.640 who has you know, all sorts of supply chain and 0:05:59.720 --> 0:06:02.440 legis sticks to to to coordinate funds. I think it's 0:06:02.480 --> 0:06:06.400 initiatives like that that where we're really focused UM to 0:06:06.480 --> 0:06:09.600 try to help out. Well. Speaking of standing standing up 0:06:10.480 --> 0:06:13.800 this clampdown that we've seen on services across Russia, we've 0:06:13.800 --> 0:06:15.600 seen a number of companies take a stand. You have 0:06:15.640 --> 0:06:17.920 any exposure in Russia? Are you cutting off any of 0:06:18.040 --> 0:06:22.840 your services to Russian businesses and users? Yeah? We have 0:06:23.320 --> 0:06:27.200 UM pretty much immediately. Uh UM. Look, I'll be honest, 0:06:27.240 --> 0:06:29.440 it's it's four percent of our revenues. So it's it's 0:06:29.600 --> 0:06:31.240 you know, it's uh, we're five in a million to 0:06:31.279 --> 0:06:33.840 our company. It's significant, but it's not UM. It's not 0:06:33.920 --> 0:06:36.640 going to kill our our killer business. UM. But I 0:06:36.720 --> 0:06:39.600 think anything that we can do UM globally to to 0:06:39.880 --> 0:06:42.240 say no UM and to stand for peace, I think 0:06:42.279 --> 0:06:45.279 it's important Um. Obviously, I would say that the Russian 0:06:45.320 --> 0:06:48.280 people inside the country have absolutely nothing to do with this, um, 0:06:48.400 --> 0:06:50.880 so it's sad for them to UM. At the same time, 0:06:50.960 --> 0:06:53.120 it's I guess the only peaceful protest that we can 0:06:53.160 --> 0:06:56.400 do is by stopping services to to to the Russian 0:06:56.400 --> 0:06:59.400 community right now. I know you're joining us from Amsterdam. 0:07:00.120 --> 0:07:03.599 Do have a team in Ukraine? How big is that team? 0:07:03.800 --> 0:07:06.480 How are they doing? What is the situation there and 0:07:06.520 --> 0:07:10.520 how are you helping them? We didn't have a very 0:07:10.560 --> 0:07:13.240 big team in Ukraine. UM. Luckily all of our employees 0:07:13.240 --> 0:07:15.400 are outside of the country. UM. We were able to 0:07:15.480 --> 0:07:17.880 get them out pretty quickly. UM. But they still have 0:07:18.000 --> 0:07:21.760 family there. UM. So uh so far as far as 0:07:21.800 --> 0:07:25.760 I know, everybody is doing okay considering the circumstances. UM. 0:07:26.320 --> 0:07:29.520 But it's it's it's horrifying. I mean, we have families 0:07:29.600 --> 0:07:32.160 who are like you. Literally here the air alarms go off. 0:07:32.800 --> 0:07:34.000 I don't know how you call it an English but 0:07:34.080 --> 0:07:38.280 the and you know, it's just it's it's two and 0:07:38.320 --> 0:07:40.760 we're having a war on the borders of Europe. It's crazy. 0:07:42.240 --> 0:07:46.120 Air sirens common sound now across the country. All right, 0:07:46.160 --> 0:07:49.520 Founder and CEO of Message for Robert Vis, thank you 0:07:49.800 --> 0:07:52.600 for joining us and sharing the work that you're doing there. 0:07:53.200 --> 0:07:56.559 Coming up, Amazon soaring in late trading after the company 0:07:56.600 --> 0:08:01.880 says the board approved one stock split. Details on that. Next, 0:08:02.200 --> 0:08:31.560 this is Bloomberg. Amazon splits its stocks, sending shares sharing 0:08:31.720 --> 0:08:33.880 this as the e commerce joint announced it will stop 0:08:33.960 --> 0:08:37.559 sending products to Russia and cut off Prime video to 0:08:37.720 --> 0:08:40.520 Russian customers. I want to bring in Bloomberg's Bradstone for 0:08:40.600 --> 0:08:42.240 more on this. Brad, I want to start with the 0:08:42.280 --> 0:08:45.360 stock splitz here. Obviously, we just saw Alphabet do something 0:08:45.440 --> 0:08:49.160 like this earlier this year. Unlike Amazon, though, to do 0:08:49.360 --> 0:08:51.040 a stock split. Why are they doing this and what 0:08:51.080 --> 0:08:55.040 does it mean? Well, it's interesting. Jeff Pazos, for fifteen 0:08:55.120 --> 0:08:57.920 years seemed to really resist this kind of financial engineering. 0:08:58.280 --> 0:09:01.040 It shouldn't mean anything, right, One share of Amazon stock 0:09:01.080 --> 0:09:04.440 at three thousand is equal to twenty shares at one fifty. 0:09:04.800 --> 0:09:07.959 But in practice a lower stock price makes the stock 0:09:08.080 --> 0:09:12.240 more attractive to retail investors and also employees. You know, 0:09:12.320 --> 0:09:14.640 you've got a million warehouse workers who have an option 0:09:14.760 --> 0:09:18.960 of of including equity and their compensation, and this instead 0:09:18.960 --> 0:09:20.920 of a fractional share, they get a whole share, So 0:09:21.320 --> 0:09:22.800 there are lots of reasons to do it, and the 0:09:22.920 --> 0:09:24.960 and the fact that the stock is down by eight 0:09:25.040 --> 0:09:27.599 percent over the last twelve months, and the fact that 0:09:28.080 --> 0:09:31.920 investors are responding favorably they did today and to Google's 0:09:31.960 --> 0:09:34.960 announcement last month. It's it's uh, you know, it's evidence 0:09:35.000 --> 0:09:37.240 for y Andy Dassey maybe wants to rethink because some 0:09:37.320 --> 0:09:41.880 of that orthodoxy at Amazon right, improving that accessibility at 0:09:41.960 --> 0:09:44.679 least psychologically. I also want to ask you about Amazon's 0:09:44.720 --> 0:09:49.160 moves in Russia, stopping sending products to Russia, cutting off 0:09:49.200 --> 0:09:52.080 Prime video. How significant is this for Amazon? How big 0:09:52.120 --> 0:09:54.480 a business do they have there and and who will 0:09:54.559 --> 0:09:57.000 this really impact? Yeah, I mean not to call it 0:09:57.080 --> 0:09:59.240 a nothing burger, but to put it in perspective. No 0:09:59.440 --> 0:10:01.520 data center it is in the country, no offices in 0:10:01.600 --> 0:10:04.319 the country. There's no such thing as Amazon dot Ru. 0:10:04.880 --> 0:10:07.360 If you're an Amazon customer in Russia, you're probably ordering 0:10:07.440 --> 0:10:10.840 from the website in Germany and products are getting shipped 0:10:10.880 --> 0:10:13.719 to you from the fulfillment centers in Poland. So you know, 0:10:13.800 --> 0:10:16.560 it's limited. Amazon's taking a stand here like a lot 0:10:16.640 --> 0:10:19.400 of other companies, and to to the extent that it's 0:10:19.440 --> 0:10:24.679 impacting Amazon customers. It's probably upper middle class Russian consumers 0:10:24.720 --> 0:10:28.640 who are who were using the foreign Amazon website. Okay, now, 0:10:29.440 --> 0:10:33.120 third story, big Amazon story today, Amazon being accused of 0:10:33.360 --> 0:10:37.559 lying to Congress about how they use third party data 0:10:37.640 --> 0:10:40.640 and have now been referred to the Department of Justice. 0:10:40.840 --> 0:10:44.680 What does this mean? It was sort of an open 0:10:44.800 --> 0:10:48.920 secret that Amazon, which is very decentralized, you had employees 0:10:48.960 --> 0:10:53.079 who are breaking basically breaking Amazon policy and you know, 0:10:53.280 --> 0:10:57.840 using internal data tools to promote private label Amazon products. 0:10:58.320 --> 0:11:01.640 And when Bezos and and some other Amazon executives were 0:11:01.720 --> 0:11:05.840 hauled in front of the Congressional subcommittee investigating anti trust, 0:11:06.120 --> 0:11:07.719 they did wouldn't really own up to it. You know, 0:11:07.760 --> 0:11:10.600 Amazon so secretive. They talked around it, they talked about 0:11:10.640 --> 0:11:13.599 studying the issue. They were being very Amazon like. And 0:11:13.640 --> 0:11:16.480 then they've never released any subsequent reports. So, you know, 0:11:16.559 --> 0:11:19.679 the church here, you know, is that they lied. They 0:11:19.840 --> 0:11:23.319 clearly weren't a front with what was happening, you know, 0:11:23.440 --> 0:11:25.480 with the employees who were kind of sticking their hands 0:11:25.520 --> 0:11:29.640 in the data cookie jar. And now congressional investigators want 0:11:29.760 --> 0:11:32.920 some accountability for that. All right, Well, we'll be following 0:11:33.080 --> 0:11:36.599 that story again. Amazon chairs way up after hours on 0:11:36.720 --> 0:11:40.120 the back of that stock split announcement are Brad Stone, 0:11:40.320 --> 0:11:42.640 who of course wrote a couple of books on Amazon. Brad, 0:11:42.720 --> 0:11:53.320 thank you, welcome back to Bloomberg Technology, and Emily Chang. 0:11:53.360 --> 0:11:56.959 In San Francisco, Cruise, the autonomous vehicle company majority owned 0:11:57.000 --> 0:12:00.360 by General Motors, named co founder Kyle Vote it's full 0:12:00.400 --> 0:12:02.880 time CEO. He's back in the top spot since Dan 0:12:03.000 --> 0:12:07.760 Ammon left Cruise back in December after disagreements with GM 0:12:07.840 --> 0:12:11.080 CEO Mary Bara. Kyle with this now for his first 0:12:11.240 --> 0:12:14.040 interview since taking back the helm. Kyle, thank you so 0:12:14.160 --> 0:12:17.240 much for joining us so in light of Dan's departure, 0:12:17.320 --> 0:12:19.880 and of course you're very long history with this company. 0:12:19.960 --> 0:12:21.599 What is your vision and is there anything that you 0:12:21.760 --> 0:12:26.680 plan to do differently? Well, thanks for having me Emily. Fortunately, 0:12:26.920 --> 0:12:29.760 you know, our vision remains unchanged. We're still working on 0:12:29.840 --> 0:12:33.600 bringing driverless cars to deployment at scale and it's been 0:12:33.600 --> 0:12:35.319 a really exciting years for year for us. Just in 0:12:35.400 --> 0:12:37.360 the last few months, we did our first driver less 0:12:37.480 --> 0:12:40.160 rides on a on public roads in a major US city. 0:12:40.240 --> 0:12:42.680 It's a first for any company. We've got really ambitious 0:12:42.679 --> 0:12:44.839 plans to excale from here to be in you know, 0:12:44.920 --> 0:12:47.559 more locations, more cities and make a really great product 0:12:47.600 --> 0:12:52.679 for people. And given the context of Dan's departure, how 0:12:52.760 --> 0:12:54.880 would you say, how would you describe your relationship with 0:12:54.960 --> 0:12:57.959 Mary Bara and whether you know you both are on 0:12:58.040 --> 0:13:02.120 the same page. Well, the GM leadership team, including Mary, 0:13:02.480 --> 0:13:05.040 have been really supportive and we share this vision. UM. 0:13:05.160 --> 0:13:06.720 You know, it's obvious if you look at the status 0:13:06.800 --> 0:13:08.640 quo were not in a great place when it comes 0:13:08.679 --> 0:13:11.280 to car accidents in the US and UM, you know, 0:13:11.679 --> 0:13:15.200 basically transitioning to an electric vehicle fleet across UM across 0:13:15.280 --> 0:13:17.920 both personally on vehicles and red chair and we all 0:13:17.960 --> 0:13:21.360 believe that autonomous ride chair is the way to get 0:13:21.360 --> 0:13:23.040 there in a way to get there really quickly. It's 0:13:23.040 --> 0:13:25.760 also a really big business opportunity for company like GM 0:13:25.880 --> 0:13:28.040 or really any major company who's looking to get into 0:13:28.040 --> 0:13:32.120 the transportation space. Talk to us about Cruise Origin, how 0:13:32.280 --> 0:13:35.040 production is going, and is there any sense of when 0:13:35.080 --> 0:13:39.360 we'll see Origin on US roads. Yeah, the Cruise Origin 0:13:39.480 --> 0:13:41.839 is an amazing vehicle. It's it's meant for rideshare. So 0:13:41.920 --> 0:13:43.640 you sit in it, You've got tons of leg room, 0:13:43.960 --> 0:13:46.559 the seeds face each other, lots of cabin space and 0:13:46.679 --> 0:13:49.120 so it's optimal for things like shared rides where you 0:13:49.240 --> 0:13:51.400 might be in there with another person, but we can 0:13:51.440 --> 0:13:53.040 really drive the cost down when you do those kind 0:13:53.080 --> 0:13:56.040 of rides. So it's an awesome vehicle. UM. We're doing 0:13:56.200 --> 0:13:59.880 testing with prototypes right now, UM on closed courses, and 0:14:00.360 --> 0:14:02.120 early next year I think you may start to see 0:14:02.160 --> 0:14:04.200 the first production vehicle's wall off the line and hopefully 0:14:04.240 --> 0:14:08.080 go into deployment. Why in your view, is Cruise Cruises 0:14:08.120 --> 0:14:11.680 technology better than what Waymou has to offer, or Tesla 0:14:11.960 --> 0:14:15.120 or zooks. You know, it's really hard to compare different 0:14:15.240 --> 0:14:17.839 avy companies, And I think the answer is just you know, 0:14:18.160 --> 0:14:19.880 when you can pull out your phone and use one 0:14:19.880 --> 0:14:22.320 of these products, first of all, we'll know who's a 0:14:22.360 --> 0:14:24.880 head in terms of deployment. But then um, also the 0:14:24.960 --> 0:14:26.680 thing is right now, you can't really compare them side 0:14:26.720 --> 0:14:29.520 by side. And I do think when you experience this technology, 0:14:29.560 --> 0:14:31.800 if it's anything like what our first users have seen, 0:14:32.000 --> 0:14:34.360 they're blown away. It feels like magic. They want to 0:14:34.440 --> 0:14:37.360 use it again and again. And we intend to differentiate 0:14:37.480 --> 0:14:41.040 both on the product experience, creating a really great experience 0:14:41.120 --> 0:14:44.000 that's that's potentially better than our competitors, but much better 0:14:44.080 --> 0:14:47.160 than the status quo using rideshare services, and I think 0:14:47.200 --> 0:14:49.120 that'll be really compelling. I think people are gonna like it. 0:14:49.920 --> 0:14:52.080 Now as I understand it, Cruise has at least five 0:14:52.120 --> 0:14:54.680 permits from the d m V and the CPUC. You 0:14:54.760 --> 0:14:58.480 can transport passengers without a driver behind the wheel, but 0:14:58.560 --> 0:15:01.240 you can't charge a fair. Or you can transport passengers 0:15:01.320 --> 0:15:02.680 and charge a fair, but you need to have a 0:15:02.720 --> 0:15:06.760 safety driver. Are the regulations just too complicated right now 0:15:06.960 --> 0:15:09.720 to make a lot of progress. We did a good 0:15:09.800 --> 0:15:12.600 job on winding the California permit process right there, but 0:15:12.920 --> 0:15:14.720 you know, we're one permanent way from being able to 0:15:14.840 --> 0:15:18.480 charge fares and do commercial operators operation. But as of today, 0:15:18.520 --> 0:15:21.200 we have people using the app, using the service, um, 0:15:21.400 --> 0:15:23.000 you know, so we're getting a sense for what those 0:15:23.040 --> 0:15:25.160 customers are going to do and what they like. UM 0:15:25.280 --> 0:15:27.360 And I think, well, today we're we're kind of hung 0:15:27.440 --> 0:15:30.080 up on this permitting process. That's a very ephemeral problem 0:15:30.160 --> 0:15:31.960 and going to go away. We're gonna work with the 0:15:32.000 --> 0:15:34.440 regulators and get through these things and then you're just 0:15:34.480 --> 0:15:37.080 gonna see, you know this, this products start to appear 0:15:37.120 --> 0:15:39.720 in more places and starts something that people use, you know, 0:15:39.760 --> 0:15:41.520 in their daily lives and just going to become normal. 0:15:41.680 --> 0:15:43.920 I think the discussion about permiting is important today since 0:15:44.000 --> 0:15:46.280 the first time any company has tried to go through 0:15:46.320 --> 0:15:49.200 this and get permits from California regulators. But I think 0:15:49.240 --> 0:15:51.440 that's going to be behind us pretty soon. What's the 0:15:51.520 --> 0:15:55.320 next big market for cruise after the United States? Well, 0:15:55.360 --> 0:15:57.400 we'll see. I think that the priority for US is 0:15:57.640 --> 0:15:59.560 you know, look, you know, even in San Francisco, a 0:15:59.600 --> 0:16:02.400 Texas tric city, people have never seen a car driving 0:16:02.400 --> 0:16:04.640 around without anyone behind the wheel. You know, there's people 0:16:04.720 --> 0:16:06.520 on the sidewalk that look at these vehicles and they're like, 0:16:06.520 --> 0:16:09.520 they're taking pictures, they're looking at them, they're they're they're excited, 0:16:09.560 --> 0:16:11.360 I think about the future, but it's also, you know, 0:16:11.400 --> 0:16:13.640 a little bit unusual, and so I think for us, 0:16:13.720 --> 0:16:15.320 we really want to make sure we kneel this in 0:16:15.360 --> 0:16:18.200 San Francisco, not only in a way that works for 0:16:18.280 --> 0:16:20.760 the city, but works for writers and it's really compelling 0:16:20.800 --> 0:16:22.640 and they want to come back again and again. And 0:16:22.720 --> 0:16:25.000 then we're really gonna put a lot of AMMO into 0:16:25.040 --> 0:16:26.120 this and try to scale it out in a lot 0:16:26.120 --> 0:16:28.160 of places really quickly. But our goal is to make 0:16:28.160 --> 0:16:30.080 it work really well and make it really well here 0:16:30.120 --> 0:16:33.760 in San Francisco. First, any updates on Dubai. The World 0:16:33.840 --> 0:16:36.720 Expo in Dubai wraps at the end of the months, 0:16:36.960 --> 0:16:42.280 and one of the big themes is mobility. Yeah, Dubai 0:16:42.360 --> 0:16:44.080 has been the r T and Dubai has been a 0:16:44.120 --> 0:16:46.040 great partner, and we're still on track for employment there. 0:16:46.200 --> 0:16:48.880 I think it's a great opportunity to introduce, um, you know, 0:16:49.000 --> 0:16:51.280 the future of of transportation to you know, a city 0:16:51.360 --> 0:16:53.640 and government that's really excited about doing that, so we 0:16:53.680 --> 0:16:57.120 can't wait. So look, I think the big question regular 0:16:57.160 --> 0:17:00.480 consumers have is when will self driving car ours, When 0:17:00.560 --> 0:17:04.320 will self driving cruises for example, be on the road 0:17:04.800 --> 0:17:07.640 and I can take advantage of it. How far out 0:17:08.040 --> 0:17:12.920 is that more mainstream reality? How many years? Um, Well, 0:17:13.160 --> 0:17:15.040 we're starting small. I think an important thing is to 0:17:15.080 --> 0:17:17.720 get this working, make sure everyone is responding well to 0:17:17.840 --> 0:17:20.640 it and the product itself meets expectations. But right now, 0:17:21.280 --> 0:17:22.800 if you live in San Francisco, you can go to 0:17:22.840 --> 0:17:25.240 get cruise dot com and jump on the waitlist. We've 0:17:25.280 --> 0:17:27.480 already done hundreds of rides with members of the public 0:17:27.600 --> 0:17:29.760 and these a v is actually dozens of them. Are 0:17:29.840 --> 0:17:32.760 out every single night now carrying passengers around San Francisco. 0:17:33.200 --> 0:17:36.360 So it's here. It's not, uh, you know, universally distributed 0:17:36.400 --> 0:17:39.040 or equally distributed, but it's here in small bits and pieces. 0:17:39.119 --> 0:17:42.000 And I think it's going to surprise people how quickly 0:17:42.080 --> 0:17:45.199 that becomes generally available and that many people who live 0:17:45.280 --> 0:17:46.879 or work in San Francisco get a chance to use it. 0:17:48.160 --> 0:17:52.480 All Right, cal vote, CEO of Cruise once again, and also, 0:17:52.520 --> 0:17:54.600 of course the co founder, thanks for bringing your vision 0:17:54.880 --> 0:17:59.440 to us. Kyle. Coming up, President Biden and crypto, the 0:17:59.560 --> 0:18:02.280 fine in his executive order and what it means for 0:18:02.800 --> 0:18:21.200 the broader industry. Next, this is Bloomberg more now in 0:18:21.240 --> 0:18:24.640 President BYD's executive order on crypto, which sent Bitcoin bouncing 0:18:25.000 --> 0:18:26.560 right back up. I want to get into it all 0:18:26.600 --> 0:18:29.639 with our crypto contributor Sanali Bossi Shanale. This could be 0:18:30.000 --> 0:18:31.720 kind of a big deal. Yeah, it could be a 0:18:31.760 --> 0:18:33.920 big deal. And if you see bitcoin prices, certainly the 0:18:33.960 --> 0:18:35.960 market things it is. If you take a look, you 0:18:36.080 --> 0:18:38.440 having more than nine percent jump in bitcoin over the 0:18:38.520 --> 0:18:40.520 last twenty four hours. It is still down on the 0:18:40.560 --> 0:18:44.359 seven day period, but a significant lift here, more than 0:18:44.400 --> 0:18:46.080 the other assets. If you flip up the board and 0:18:46.119 --> 0:18:48.480 take a look at the theoryum for example, also getting 0:18:48.520 --> 0:18:51.600 a lift about six percent or so. But the one 0:18:51.720 --> 0:18:54.359 interesting thing to me is while those assets have gotten 0:18:54.400 --> 0:18:57.879 the lift, heather and stable coins more largely have not 0:18:58.240 --> 0:19:00.600 seen as much of a lift. Are pretty stable on 0:19:00.680 --> 0:19:02.840 the day, but again stable on the week as well. 0:19:02.960 --> 0:19:05.280 So what are the safe havens here? Let's get someone 0:19:05.320 --> 0:19:07.520 else's take here. We're going to bring in Marty Chavez 0:19:07.600 --> 0:19:10.360 on this. He is a vice chairman at six three Partners, 0:19:10.400 --> 0:19:14.560 really a pioneer when it comes to technology and money. Marty, 0:19:14.640 --> 0:19:16.959 thank you so much for joining us. There's a lot 0:19:17.040 --> 0:19:19.480 of criticism about the Executive Order that came out of 0:19:19.520 --> 0:19:22.000 the White House. On one hand, it's been hailed as 0:19:22.000 --> 0:19:24.560 a watershed moment, but on the other hand, it has 0:19:24.560 --> 0:19:29.800 also been criticized a short on details. What's your take, Soinale, 0:19:30.320 --> 0:19:34.120 I've we've talked about this topic before. I've been saying 0:19:34.240 --> 0:19:37.080 for a long time the best thing that could possibly 0:19:37.160 --> 0:19:41.880 happen to digital regulation digital assets is the appropriate amount 0:19:41.960 --> 0:19:45.000 of regulation. Sure the Executive Order to not give us 0:19:45.000 --> 0:19:48.879 a lot of detail. It mostly directed a variety of 0:19:49.040 --> 0:19:51.760 organizations in the government to do more work and do 0:19:51.880 --> 0:19:55.400 more study, and that's great. There is um We expect 0:19:55.520 --> 0:19:58.320 a Treasury paper forthcoming later this year that's going to 0:19:58.400 --> 0:20:02.480 have a lot more detail. But I would say that 0:20:02.600 --> 0:20:04.680 at the root of my concerns, and you and I 0:20:04.760 --> 0:20:08.679 have talked about this before, are really the stable coins? Right? 0:20:08.800 --> 0:20:12.200 The stable coins are a form of currency peg, and 0:20:12.640 --> 0:20:16.040 currency pegs have not been successful. They work right up 0:20:16.119 --> 0:20:19.400 until the moment that they don't work, and there's certainly 0:20:20.040 --> 0:20:21.840 not a lot of detail. I don't I'm not sure 0:20:21.880 --> 0:20:25.080 there's any in the Executive Order about stable coins. Into 0:20:25.200 --> 0:20:28.520 my mind, uh, the appropriate regulation stable coins, which I 0:20:28.560 --> 0:20:30.879 would see as a kind of narrow bank, so we 0:20:30.960 --> 0:20:33.639 actually know what are the assets backing them and what 0:20:33.760 --> 0:20:36.520 are the mechanisms for those assets. I think that's gonna 0:20:36.560 --> 0:20:40.000 be hugely important. And until we have that, I don't 0:20:40.040 --> 0:20:43.320 know how investable the whole space of digital assets is 0:20:43.480 --> 0:20:48.040 from my perspective. But once we have a foundation for 0:20:48.119 --> 0:20:51.080 the stable coins that looks like narrow banking and appropriate regulation, 0:20:51.520 --> 0:20:52.760 I think it's going to be a part of an 0:20:52.760 --> 0:20:58.399 immensely important long secular trend, the deeperalization of everything. Marty, 0:20:58.640 --> 0:21:01.160 what about what we're seeing are in terms of investment 0:21:01.280 --> 0:21:05.080 into things like the Ukraine. Doubt the way that investors 0:21:05.119 --> 0:21:07.920 have really been able to mobilize and raise money at 0:21:08.000 --> 0:21:12.080 scale when people have not been able to access currency 0:21:12.160 --> 0:21:15.800 in the traditional way. Well, first, that's not that's a 0:21:16.119 --> 0:21:20.280 start by just acknowledging, acknowledging pure horror of what's going 0:21:20.359 --> 0:21:24.520 on in Ukraine. Uh and and the sympathy and the 0:21:24.600 --> 0:21:27.639 sympathy isn't even the word for the suffering that's happening 0:21:27.720 --> 0:21:32.280 over there. And to the extent that cryptocurrency can partially 0:21:32.400 --> 0:21:35.760 mitigate some aspects of that suffering, I think it's huge. 0:21:35.760 --> 0:21:38.920 It does show you that that there's ways to move 0:21:39.040 --> 0:21:42.680 money internationally with cryptocurrency which we've all known, that are interesting, 0:21:42.720 --> 0:21:46.080 that don't require intermediaries. Of course, it brings up all 0:21:46.200 --> 0:21:49.920 kinds of concerns about the enforceability of sanctions, and there's 0:21:49.920 --> 0:21:53.480 all kinds of discussions about Russian wallets and the exchanges, 0:21:53.720 --> 0:21:57.399 and that's complicated. Yeah, I'm really curious about what you 0:21:57.480 --> 0:21:59.920 think about that and the role that crypto plays here. 0:22:00.000 --> 0:22:04.439 Are when there are sanctions and really lots of governments 0:22:04.480 --> 0:22:07.400 around the world trying to restrict the flow of capital, 0:22:07.880 --> 0:22:12.680 is crypto going to fix or make that worse, so 0:22:13.880 --> 0:22:17.359 restricting the flow of capital sanctions. But this is this is, 0:22:17.560 --> 0:22:22.120 this is something that governments do uh personally to my mind. 0:22:22.480 --> 0:22:26.879 Put like, we have heard commentators say the US is 0:22:26.960 --> 0:22:29.720 not playing fair with the dollar. Well, I don't know 0:22:29.800 --> 0:22:32.639 that playing fair is really what the discussion is about. 0:22:32.760 --> 0:22:37.439 When Russia and provoked invaded, invaded Ukraine, and so cryptocurrencies 0:22:37.480 --> 0:22:40.440 do provide this mechanism. I think it's important as a 0:22:40.560 --> 0:22:44.800 matter of sovereignty to have the right amount of regulation. Um, 0:22:45.000 --> 0:22:48.040 I don't like using the term cryptocurrencies. I don't think 0:22:48.080 --> 0:22:52.119 their currencies. I think they're digital assets. The currency is 0:22:52.160 --> 0:22:54.760 a different thing. And this is something else that I've 0:22:54.760 --> 0:22:58.600 been saying for a long time. Digitizing the US dollar 0:22:58.680 --> 0:23:03.840 in an appropriate way that respects identity, privacy, know your client, 0:23:04.119 --> 0:23:09.399 anti money laundering, sanctions, regimes, regimes that bolsters the Fed's 0:23:09.480 --> 0:23:12.800