WEBVTT - SEC’s Gensler Readies More Crypto Oversight 0:00:00.120 --> 0:00:03.800 A host of COVID headlines. Paul um and, as we 0:00:03.840 --> 0:00:06.240 talked about earlier in the show, the market seemingly brushing 0:00:06.280 --> 0:00:09.240 off concerns about the delta variant. Yeah, it really is, 0:00:09.280 --> 0:00:12.160 and I think, you know, definitely some concerns there, but 0:00:12.560 --> 0:00:14.319 the expect I think the focused least on the near 0:00:14.440 --> 0:00:17.599 term has been earnings and has been the Federal Reserve, 0:00:17.760 --> 0:00:20.240 and all of those things are supporting. You know. It's 0:00:20.320 --> 0:00:22.000 kind of the narrative we've had for a while. Now, well, 0:00:22.040 --> 0:00:24.400 let's get right to it with Tania Winders, the President 0:00:24.440 --> 0:00:27.760 chief executive officer of the Allergy and Asthma Network. It's 0:00:27.760 --> 0:00:30.440 a nonprofit organization with the mission to end the needless 0:00:30.480 --> 0:00:33.240 death and suffering due to asthma, allergies, and related conditions 0:00:33.240 --> 0:00:36.960 through outreach, education, advocacy, and research. Tanya, thanks so much 0:00:36.960 --> 0:00:39.960 for joining us from Nashville, Tennessee. How you doing today, 0:00:40.520 --> 0:00:42.839 I'm doing great. Thanks for having me. How is your 0:00:42.840 --> 0:00:46.199 mission changed in the last sixteen months? Is you're not 0:00:46.280 --> 0:00:50.720 just battling allergies and asthma, but COVID as well. Yes, yes, Well, 0:00:51.000 --> 0:00:54.240 you know, any individuals who's living with a compromised immune 0:00:54.240 --> 0:00:59.240 system or respiratory system we know has greater complication from COVID, 0:00:59.600 --> 0:01:02.440 and so over the last sixteen eighteen months, Uh, it 0:01:02.520 --> 0:01:05.600 has taken center stage for our community, and we have 0:01:05.720 --> 0:01:09.920 listened to that community and responded accordingly by developing education 0:01:10.000 --> 0:01:14.120 materials and awareness materials and then taking those to the 0:01:14.120 --> 0:01:18.000 most underserved communities. And it seems to meet Tanya from 0:01:18.120 --> 0:01:20.920 you know, just following this, that this line of the 0:01:21.080 --> 0:01:25.479 of the pandemic, that it has just exposed the health 0:01:25.520 --> 0:01:29.560 care inequalities in this country, perhaps even more so, what 0:01:29.680 --> 0:01:32.280 are you finding as it relates to COVID nineteen the 0:01:32.319 --> 0:01:35.720 pandemic now it's all about vaccinations. What are you seeing 0:01:35.720 --> 0:01:40.040 in the communities that you interact with? Well, you're absolutely right. 0:01:40.080 --> 0:01:42.640 I mean, so many of these health inequities have existed 0:01:42.720 --> 0:01:48.160 for decades even longer, and yet COVID shined that spotlight 0:01:48.400 --> 0:01:52.360 on the health inequities um more evidently. And one of 0:01:52.360 --> 0:01:55.320 the ways is even through vaccination rates. So if we 0:01:55.440 --> 0:01:59.240 go from one that code to another in cities like Atlanta, 0:01:59.640 --> 0:02:05.040 Shook Hargo, Prince George County, Maryland, UH, literally one zip 0:02:05.080 --> 0:02:09.240 code away, you can have vaccination rates higher than versus 0:02:09.280 --> 0:02:13.880 vaccination rates of lower than and and again, so much 0:02:13.880 --> 0:02:17.000 of that is driven by these factors that are driving 0:02:17.040 --> 0:02:24.519 health inequity, whether that be poverty, education, access to healthcare, food, insecurity. 0:02:24.840 --> 0:02:27.360 There are a host of different reasons why health in 0:02:27.360 --> 0:02:30.280 equities are occurring. Well, here in New York City, as 0:02:30.320 --> 0:02:32.800 we've been talking about all day, the city is going 0:02:32.840 --> 0:02:35.440 to require restaurant patrons to show proof of vaccination. Paul 0:02:35.440 --> 0:02:36.920 and I were talking about this is whether or not 0:02:36.919 --> 0:02:39.799 it will be some sort of impetus to get people vaccinate. 0:02:39.840 --> 0:02:42.119 And I'm wondering when it comes to health inequities, what 0:02:42.320 --> 0:02:44.680 health officials need to do to make sure that there 0:02:44.760 --> 0:02:48.320 isn't this disparity. Because the vaccination is there, it's free, 0:02:49.080 --> 0:02:51.679 how do we get it to these people who who 0:02:51.760 --> 0:02:55.240 haven't gotten it yet. Well, this is the shocking thing 0:02:55.520 --> 0:02:58.800 is that just because it's quote unquote free doesn't mean 0:02:58.800 --> 0:03:00.280 if people are going to take it man of it. 0:03:00.400 --> 0:03:04.600 And so we have to establish connection through a trusted 0:03:04.720 --> 0:03:08.639 messenger in their community. So whether that be a doctor 0:03:08.680 --> 0:03:10.880 who looks like them, a nurse who looks like them, 0:03:11.560 --> 0:03:14.960 perhaps even a pastor and a community center that they 0:03:15.000 --> 0:03:18.560 feel comfortable going to and trusting um and so that's 0:03:18.560 --> 0:03:21.160 why we've developed are Not One more life initiative to 0:03:21.240 --> 0:03:25.360 actually partner with those trusted messengers in each and every 0:03:25.400 --> 0:03:28.720 of the high risk communities across ten different cities. So 0:03:28.919 --> 0:03:33.400 the cities that you're in, what role is the family 0:03:33.440 --> 0:03:35.880 doctor playing, Because it seems to me one of the 0:03:35.920 --> 0:03:39.840 most trusted folks in in people's lives would be their 0:03:39.880 --> 0:03:43.000 family doctor if they have one UM and that if 0:03:43.080 --> 0:03:46.920 that yeah, so how do you deal with that issue? Right? 0:03:47.080 --> 0:03:51.080 So unfortunately, again, so many people do not have a 0:03:51.120 --> 0:03:54.720 primary care home, they don't have that medical home, that 0:03:54.800 --> 0:03:57.680 relationship with the position, and so we actually help them 0:03:57.680 --> 0:04:02.040 to identify uh physicians in the air community that will 0:04:02.080 --> 0:04:05.040 accept me patients they could get connected to. But we 0:04:05.160 --> 0:04:09.680 also provide just a general health screening and a lunghel 0:04:09.800 --> 0:04:13.400 screening free of charge in places like home depot parking 0:04:13.440 --> 0:04:16.760 lot or a church parking lot um just to get 0:04:16.800 --> 0:04:20.960 them to understand at baseline how they're doing with their 0:04:20.960 --> 0:04:25.600 blood pressure, their blood blue hosts, they're breathing in general, 0:04:25.920 --> 0:04:28.839 if they have any of those high risk co morbid 0:04:29.160 --> 0:04:33.760 conditions that would put them at risk for complication from COVID. Hey, Tanya, 0:04:33.839 --> 0:04:35.200 One thing that we've been talking about a lot on 0:04:35.240 --> 0:04:37.919 Bloomberg Business Week has been the way that this pandemic 0:04:37.960 --> 0:04:42.000 has disproportionately affected people of different demographics in the United States. 0:04:42.000 --> 0:04:45.040 You mentioned comorbidities and the way people who have those 0:04:45.080 --> 0:04:48.440 comorbidities are affected differently by COVID. I wonder if you're 0:04:48.440 --> 0:04:50.839 optimistic when we get to the other side of this pandemic, 0:04:50.920 --> 0:04:53.719 finally we will see some sort of large scale change 0:04:53.720 --> 0:04:56.240 when it comes to the health of Americans because there 0:04:56.360 --> 0:05:00.760 is that disparity there. So I think, again, we never 0:05:00.800 --> 0:05:03.280 before have we had a public health crisis that has 0:05:03.360 --> 0:05:06.359 lasted for this length of time. Every single night, the 0:05:06.400 --> 0:05:10.120 headline on the news is the leading story of the pandemic, 0:05:10.520 --> 0:05:12.920 and so I do think it presents an opportunity for 0:05:13.000 --> 0:05:16.039 us to really come together and think about how do 0:05:16.120 --> 0:05:20.760 we fundamentally change our health care delivery system in order 0:05:20.920 --> 0:05:24.760 to ensure that everyone gets equal access to care. So 0:05:25.320 --> 0:05:27.560 now is the time, and I certainly think that there 0:05:27.560 --> 0:05:31.760 are many opportunities for improvement that we can recognize just 0:05:31.800 --> 0:05:35.120 real quickly thirty seconds here, what's working? What are you 0:05:35.160 --> 0:05:39.800 guys finding it's working well? Well? You know what's working 0:05:39.800 --> 0:05:42.680 well is what we call hand to hand combat on 0:05:42.760 --> 0:05:46.919 this where we actually go into these high risk communities 0:05:47.400 --> 0:05:51.159 and have these trusted messengers approach people in you know, 0:05:51.200 --> 0:05:55.159 these high traffic areas and have the conversations, why aren't 0:05:55.160 --> 0:05:58.600 you being vaccinated? What is your greatest health concern? Do 0:05:58.640 --> 0:06:01.599 you have a primary care for position? Even engaging in 0:06:01.640 --> 0:06:06.080 that conversation in a casual way and getting the dialogue 0:06:06.120 --> 0:06:10.560 around the importance of vaccination and primary care part of 0:06:10.600 --> 0:06:13.239 the program. Tania Winder is President and Chief Executive Officer 0:06:13.240 --> 0:06:16.560 of the Allergy and Asthma Network, joining us live from Nashville, Tennessee. 0:06:16.680 --> 0:06:18.919 All right, Tim, So, I have four kids in that 0:06:19.040 --> 0:06:23.640 eighteen to twenty nine demographic, and all four kids have 0:06:23.800 --> 0:06:26.479 been vaccinated, and quite frankly, they didn't have a choice 0:06:26.480 --> 0:06:29.520 and they wanted to anyway. And so if they had 0:06:29.560 --> 0:06:31.479 a choice, do you think they would have not gotten 0:06:31.480 --> 0:06:33.120 back to No, No, none of them would. They all 0:06:33.120 --> 0:06:36.360 paid attention in science class. So, but apparently the Sweeney 0:06:36.360 --> 0:06:38.680 clan maybe a little bit of an outlier for that demo. 0:06:39.240 --> 0:06:41.800 Let's get the story. Rebecca Torrence works for with the 0:06:41.880 --> 0:06:45.279 US Healthcare Team for Bloomberg new She is in Lovely Durham, 0:06:45.279 --> 0:06:48.599 North Carolina at home of my Duke Blue Devils. Rebecca, 0:06:48.640 --> 0:06:50.720 thanks so much for joining us here. What's going on 0:06:50.800 --> 0:06:54.119 with the young folks? Um? Is it just simply saying 0:06:54.360 --> 0:06:59.480 I'm young, I'm strong, I don't need it. Yeah, that's 0:06:59.560 --> 0:07:02.040 it's interest of what we're seeing. Um. There's only about 0:07:02.080 --> 0:07:05.960 fifty four percent of the population at twenty four that 0:07:06.000 --> 0:07:08.880 have received one dose of the vaccine at least, and 0:07:08.920 --> 0:07:12.160 that's compared with seventy of the total poculation. And you know, 0:07:12.240 --> 0:07:15.160 kind of what we're seeing is with older demographics. Um, 0:07:15.200 --> 0:07:18.360 when you cut through the misinformation about the vaccine, the 0:07:18.400 --> 0:07:21.040 health risks posed by these stars are significant enough to 0:07:21.080 --> 0:07:23.520 convince most of them to get the shot. But since 0:07:23.560 --> 0:07:25.880 the beginning of the beginning of the pandemic, we've seeing 0:07:26.000 --> 0:07:29.240 this messaging targeted at younger groups that they don't really 0:07:29.240 --> 0:07:32.680 face these same risks, UM, and that continues to impede 0:07:32.680 --> 0:07:35.720 progress on getting that group vaccinated. Essentially, they were told 0:07:35.720 --> 0:07:37.200 at the begining of the pandemic that this is something 0:07:37.240 --> 0:07:41.200 that affects the elderly worst. And Paul and I were 0:07:41.200 --> 0:07:42.840 talking about this during the break and he reminded me 0:07:42.880 --> 0:07:44.720 that young people were at the end of the line 0:07:44.920 --> 0:07:47.920 when the vaccine became available. So was it a messaging 0:07:48.000 --> 0:07:51.720 error from the beginning that's leading to this? Yeah, that 0:07:51.840 --> 0:07:54.040 is what some people are saying. Um, it seems like, 0:07:54.280 --> 0:07:58.000 you know, um, with the delta varia and especially, we're 0:07:58.000 --> 0:08:00.880 seeing those risks increase. But because we haven't gotten that 0:08:00.960 --> 0:08:04.400 messaging really until now, Um, young adults just simply aren't 0:08:04.400 --> 0:08:07.600 picking up on it. Um. And we are seeing hospitalizations 0:08:07.680 --> 0:08:11.120 increased in that age group as well. But because that 0:08:11.240 --> 0:08:14.480 rate is so low compared to some older demographics, UM, 0:08:14.520 --> 0:08:17.480 they seem to still think that that risk is low enough. 0:08:17.680 --> 0:08:20.400 Um that you know, they simply don't need to take 0:08:20.520 --> 0:08:23.559 the chance, as some would say, to get the shot. Um, 0:08:23.720 --> 0:08:26.560 despite effect that obviously the risk of getting the vaccine 0:08:26.560 --> 0:08:29.000 are also incredibly low. Yeah, and I guess you know, 0:08:29.080 --> 0:08:31.400 one of the challenges, Rebecca is going to be messaging 0:08:31.440 --> 0:08:35.160 and communication because the younger folks rely more on social 0:08:35.200 --> 0:08:37.720 media perhaps than some of the older demographics, and that's 0:08:37.760 --> 0:08:42.120 unfortunately where a lot of misinformation is To what extent 0:08:42.200 --> 0:08:46.640 is that a factor? Yeah? Absolutely, Um, there's a lot 0:08:46.679 --> 0:08:50.800 of misinformation being spread on TikTok and Instagram especially, UM, 0:08:50.800 --> 0:08:54.360 and officials are targeting those platforms in particular as they 0:08:54.360 --> 0:08:58.439 try to spread UM messaging to this demographic to get 0:08:58.440 --> 0:09:01.160 them vaccinated. UM. But I think more and more what 0:09:01.240 --> 0:09:03.800 you're going to see, UM is and what we're seeing 0:09:03.840 --> 0:09:08.079 for other genographics as well. UM as UH these pushes 0:09:08.120 --> 0:09:10.960 on social media. UM. You know, it's difficult to prove 0:09:10.960 --> 0:09:14.040 how effective they are. Is that we're seeing mandates more 0:09:14.040 --> 0:09:16.640 and more across the country. UM. There are well over 0:09:16.720 --> 0:09:19.280 six hundred colleges that we know of, UM that are 0:09:19.280 --> 0:09:24.600 acquiring vacuations in some form for their students. And UM 0:09:24.640 --> 0:09:26.600 I think that you know, we're going to see these 0:09:26.640 --> 0:09:31.079 institutions start to clamp down on these issues where messaging 0:09:31.120 --> 0:09:34.280 on these platforms just simply can't fill those gaps. Yeah, 0:09:34.360 --> 0:09:36.920 you know, I know through my involvement with Duke University 0:09:36.920 --> 0:09:40.360 and know the last spring they made the decision two 0:09:41.000 --> 0:09:44.080 the kids had to be vaccinated. UM. What are you 0:09:44.120 --> 0:09:46.839 hearing from universities and from students is or pushback on that. 0:09:48.800 --> 0:09:52.040 There certainly has been some pushback. UM. There is a 0:09:52.120 --> 0:09:54.800 group at Virginia Attack in particular, that has gained a 0:09:54.800 --> 0:09:59.040 lot of UH traction across the states. UM in terms 0:09:59.120 --> 0:10:03.000 of signature is on a petition to oppose the vaccine mandate. Um, 0:10:03.040 --> 0:10:05.719 but colleges are pushing forward and saying that they'll di 0:10:05.880 --> 0:10:09.320 enroll anyone from the small semester and get vaccinated, And 0:10:09.360 --> 0:10:12.400 so we'll have to, UM, you know, keep an eye 0:10:12.440 --> 0:10:17.600 out for um how students either comply with these regulations 0:10:17.679 --> 0:10:20.200 or or attempt to evade them in some way. UM. 0:10:20.320 --> 0:10:22.760 But you know we'll see that effect UM in the 0:10:22.760 --> 0:10:24.800 next couple of weeks or so, as students start with 0:10:24.840 --> 0:10:27.360 trining to campus. May Rebecca, just in the last thirty seconds. 0:10:27.360 --> 0:10:29.240 How are we seeing with this most recent round of 0:10:29.240 --> 0:10:30.680 the virus? How are we how are we seeing that 0:10:30.720 --> 0:10:33.640 manifest in younger people who are unvaccinated? Are there an 0:10:33.640 --> 0:10:40.040 increasing share of people who are sick with the delta variant? Right? Yes, absolutely, UM. 0:10:40.240 --> 0:10:42.160 You know it's it's difficult to get exact date on 0:10:42.200 --> 0:10:44.839 this for that population. UM, but we are hearing from 0:10:44.880 --> 0:10:48.960 doctors across the country, UM that this population is getting 0:10:49.640 --> 0:10:52.240 more sick and getting thicker faster than we have been 0:10:52.240 --> 0:10:55.520 seeing UM with others trains of the virus, and so UM. 0:10:55.559 --> 0:10:58.320 You know, despite the fact that the population make things 0:10:58.360 --> 0:11:00.920 that they have a low risk, it seems that that 0:11:01.040 --> 0:11:03.160 risk may be increasing, and so you know, this is 0:11:03.160 --> 0:11:05.560 a real problem that a lot of health care officials 0:11:05.600 --> 0:11:07.520 are trying to target right now, Well, we really appreciate 0:11:07.520 --> 0:11:09.120 you joining us and taking the time. But he check 0:11:09.160 --> 0:11:11.560 out her story available in the terminal at Bloomberg dot 0:11:11.559 --> 0:11:14.040 com as well. That's Rebecca Torren. She works with the 0:11:14.080 --> 0:11:17.080 US healthcare team for Bloomberg News. Joining us live from Durham, 0:11:17.160 --> 0:11:19.680 North Carolina. As I mentioned earlier, there is a new 0:11:19.960 --> 0:11:23.000 sheriff on Wall Street and his name is Gary Gensler. 0:11:23.040 --> 0:11:25.480 He's a Chairman of Securities and Exchange Commission, and he's 0:11:25.480 --> 0:11:29.240 taking a hard look and turning his aim towards the 0:11:29.280 --> 0:11:32.199 crypto space. And in a video posted on Twitter earlier, 0:11:32.360 --> 0:11:36.080 SEC Chair Gary Ginser, he does tell investors in cryptocurrencies 0:11:36.120 --> 0:11:39.000 to be careful what they invest in. Let's take a 0:11:39.040 --> 0:11:44.120 lesson to those currently are considering investing in crypto. Please 0:11:44.200 --> 0:11:48.679 remember not only are they highly spent with avastic class, 0:11:49.280 --> 0:11:54.640 but there are also significant gaps in the investor protection 0:11:55.040 --> 0:11:59.040 afforded to you. Those SEC Chair Gary Ginsler, and we 0:11:59.120 --> 0:12:03.040 have a Bloomberg's story on Mr Gensler looking at crypto. 0:12:03.120 --> 0:12:05.600 Let's bring in Pat Regner. He's Markets and Finance edator 0:12:05.600 --> 0:12:08.360 for Bloomberg Business Week, joining us in our Bloomberg Interactive 0:12:08.360 --> 0:12:11.880 Broker studio and Ben Bain, financial regulations reporter for Bloomberg News. 0:12:12.040 --> 0:12:16.760 He's down studios in Washington. Pat, fascinating story here. What 0:12:16.840 --> 0:12:22.400 are you and Ben taking away from some initial remarks 0:12:22.440 --> 0:12:24.760 by Mr Gensler about how he's going to take a 0:12:24.760 --> 0:12:28.679 look and and and potentially regulating crypto. I mean, it 0:12:28.720 --> 0:12:32.400 looks to us like he's welighing down sort of a 0:12:32.440 --> 0:12:35.480 blueprint of what is actually going to be regulated. Uh. 0:12:35.520 --> 0:12:38.440 You know, Ben and Rob Schmidt in reporting this, one 0:12:38.480 --> 0:12:40.360 of the things that was a big theme of their 0:12:40.400 --> 0:12:44.840 conversation is just exactly what does uh the SEC regulate, 0:12:44.920 --> 0:12:47.480 what's in its purview, what's in others regulators perview, and 0:12:47.520 --> 0:12:51.360 what uh sort of so far hasn't been established is 0:12:51.400 --> 0:12:54.680 regulated at all? And and um, Ben, I think you 0:12:54.679 --> 0:12:56.600 can speak to this. It looks like he's really trying 0:12:56.600 --> 0:13:00.640 to expand the reach of his his agency. Yeah, that's right. 0:13:00.679 --> 0:13:04.400 I mean I think the big takeaway is that he 0:13:04.520 --> 0:13:07.160 thinks that there's a clear test out there already for 0:13:07.240 --> 0:13:09.719 whether something is a security and it it works for 0:13:10.200 --> 0:13:13.400 a cryptocurrency. The same way it works for whether something 0:13:13.400 --> 0:13:15.880 as a stock or an investment contract. But he thinks 0:13:15.920 --> 0:13:19.600 that this new technology, the blockchain and everything that goes 0:13:19.600 --> 0:13:21.880 along with it, does raise some new issues, and he 0:13:21.920 --> 0:13:26.559 pointed to some specific gaps he mentioned, specifically trading platforms 0:13:26.840 --> 0:13:29.400 he has. He says he's asked Congress to maybe grant 0:13:29.440 --> 0:13:32.840 some new authorities to the SEC or some other federal 0:13:32.880 --> 0:13:36.720 agency that would allow them to really focus on these 0:13:36.720 --> 0:13:40.400 crypto exchanges, because they're not like anything that's really ever 0:13:41.040 --> 0:13:43.400 been around before, um in the sense that you have 0:13:43.520 --> 0:13:46.520 some of them which are basically people lending crypto back 0:13:46.520 --> 0:13:48.360 and forth to each other, and others them which which 0:13:48.440 --> 0:13:51.240 look a lot more like a classic exchange. So he's 0:13:51.240 --> 0:13:53.680 definitely got as as Pat said, he's kind of laid 0:13:53.679 --> 0:13:57.200 the blueprint for what's a pretty comprehensive framework. I think, Ben, 0:13:57.640 --> 0:14:02.360 what exactly does Gensler inc about cryptocurrencies? Because as you 0:14:02.480 --> 0:14:06.680 and Robert Schmidt right, this is a guy who actually 0:14:07.320 --> 0:14:10.040 had twenty nine hours of a blockchain and money course 0:14:10.120 --> 0:14:12.400 that he developed that a m I T. I mean, 0:14:13.760 --> 0:14:17.080 what exactly does he think of crypto I think what 0:14:17.200 --> 0:14:20.480 we took away from the conversation was that he's of 0:14:20.520 --> 0:14:23.800 two minds. One is that when it comes to the technology, 0:14:24.160 --> 0:14:27.760 he's fascinated by it, He's interested in it. He says, 0:14:28.200 --> 0:14:30.080 it's something to the effect if he leaned into it 0:14:30.120 --> 0:14:32.840 when he was teaching a course, isn't it for three years, which, 0:14:32.920 --> 0:14:35.120 by the way, I've gotten millions of views online these 0:14:35.160 --> 0:14:39.120 courses he gave on the subject. That's one area. On 0:14:39.160 --> 0:14:41.920 the other hand, he really kept coming back to the 0:14:41.960 --> 0:14:45.040 idea that now as chair of the SEC, he's focused 0:14:45.080 --> 0:14:48.440 on protecting investors, and he referred to this space as 0:14:48.440 --> 0:14:52.240 the wild West. He doesn't think that there really is 0:14:53.080 --> 0:14:56.560 the sufficient level of protection that people need, and he 0:14:56.640 --> 0:15:00.000 said he's gonna level everything that the SEC SEC has 0:15:00.320 --> 0:15:03.400 to get it there. So, um, he's already got at 0:15:03.480 --> 0:15:07.240 least seven different areas or initiatives kind of underway, looking 0:15:07.240 --> 0:15:10.440 at everything from some of these initial coin offerings to 0:15:10.520 --> 0:15:15.040 how to handle custody to a bitcoin ETF. Potentially eventually, 0:15:15.560 --> 0:15:17.720 the SEC is kind of already churning and trying to 0:15:17.800 --> 0:15:20.040 kind of put something together that he thinks it is 0:15:20.080 --> 0:15:22.320 going to fill the gaps that are existed. You know, 0:15:22.400 --> 0:15:24.480 one thing that was really striking to me in this 0:15:24.520 --> 0:15:26.960 story is that a lot of people have been very 0:15:27.040 --> 0:15:29.760 in the crypto industry have been very excited about him 0:15:29.760 --> 0:15:32.000 being at the SEC because he knows so much about it. 0:15:32.040 --> 0:15:35.040 And I think the presumption from some people has been, oh, 0:15:35.320 --> 0:15:39.120 you know, because we understand Uh they're thinking, is that 0:15:39.240 --> 0:15:42.120 because we understand that being unregulated is core to this, 0:15:42.280 --> 0:15:45.320 if someone else understands what we're doing, he's going to 0:15:45.360 --> 0:15:48.600 have light touch regulation. And I think, you know, bless 0:15:48.640 --> 0:15:51.520 your heart for thinking that if somebody understands your industry 0:15:51.600 --> 0:15:54.400 very well, they're not going to want to regulate it. Yeah, 0:15:54.760 --> 0:15:56.520 and Ben, you know, one of the issues that you 0:15:56.600 --> 0:15:58.920 point out, and it's just an a vexing one, is 0:15:59.000 --> 0:16:01.920 kind of, you know, who does regulate what? It feels 0:16:01.960 --> 0:16:04.080 like I might be kind of a regular regulatory kind 0:16:04.080 --> 0:16:08.040 of land grab here between the SEC, the CFTC, and 0:16:08.040 --> 0:16:12.120 whatever new groups Congress may create. This Gainster feel like 0:16:12.160 --> 0:16:17.200 the SEC is the proper and primary regulatory body. He 0:16:17.200 --> 0:16:20.200 didn't go that far to say that the SEC should 0:16:20.200 --> 0:16:22.600 have say over at all, but what he did say 0:16:22.680 --> 0:16:26.920 is that when you look across the crypto universe right now, 0:16:27.240 --> 0:16:30.480 and taking Bitcoin out of that, there's all of these 0:16:30.480 --> 0:16:35.600 tokens that exist in the world, and a majority of those, 0:16:35.640 --> 0:16:39.160 in his eyes are securities. And because their securities, that 0:16:39.200 --> 0:16:41.520 means that they fall under the SEC's remit and that 0:16:41.560 --> 0:16:44.920 means that if they're out there and not registering and 0:16:45.000 --> 0:16:48.280 not trading with the SEC's rules, then they're potentially in 0:16:48.400 --> 0:16:52.800 violation um of those rules. And what's really gonna we're 0:16:52.840 --> 0:16:55.000 gonna see now is how he's going to deal with that, 0:16:55.040 --> 0:16:57.600 because he's basically laid out the fact, much like his 0:16:57.680 --> 0:17:01.480 predecessor Jay Clayton did, that this space is existing and 0:17:01.560 --> 0:17:04.760 kind of this gray area for some, but for others 0:17:04.480 --> 0:17:08.159 it's actually quite clear. Something if you're raising money for 0:17:08.160 --> 0:17:10.600 a project and hoping to make more money off of it, 0:17:10.680 --> 0:17:13.399 that looks a lot like securities to to a regulator 0:17:13.480 --> 0:17:15.720 like like Gary Ginsler. So we're gonna see what he's 0:17:15.720 --> 0:17:18.640 gonna do about it now. Hey Ben, this is not 0:17:19.000 --> 0:17:22.000 the only thing that is this priority at the SEC, 0:17:22.119 --> 0:17:23.800 even though it gets a lot of attention. You do 0:17:23.880 --> 0:17:27.880 note that he's got close to fifty non crypto policy reviews. 0:17:28.600 --> 0:17:32.359 What's a timeline for any sort of SEC action and 0:17:32.560 --> 0:17:35.200 and and how would you characterize it as a priority 0:17:35.240 --> 0:17:38.480 given that he's also focused on U day trading and 0:17:38.560 --> 0:17:41.920 game Stop and r K goss and and more. Yeah, 0:17:41.920 --> 0:17:44.359 I mean, I don't think he didn't give us, you know, 0:17:44.400 --> 0:17:47.800 a timeframe per se. But while all of those things 0:17:47.840 --> 0:17:49.719 are certainly priorities, and when you think about all the 0:17:49.720 --> 0:17:52.160 things that the SEC does, I mean, there are there 0:17:52.160 --> 0:17:54.639 are areas that touch a lot more people than than 0:17:54.680 --> 0:17:56.600 Crypto does, no doubt, and those are going to be 0:17:56.640 --> 0:17:58.800 things that he's going to have to deal with first, 0:17:59.080 --> 0:18:01.960 um for sure. But he also didn't teach, you know, 0:18:02.040 --> 0:18:04.160 three years of classes on any of those other things. 0:18:04.160 --> 0:18:06.280 So when we were talking to him, we came away 0:18:06.280 --> 0:18:08.840 with the impression and this is something he's not just 0:18:09.000 --> 0:18:12.120 thought about extensively, but but he cares about it. I mean, 0:18:12.160 --> 0:18:15.280 I think he he really seems to have decided that 0:18:15.280 --> 0:18:17.879 this is something he wants to to get right and 0:18:17.920 --> 0:18:20.840 he wants to put the energy into. Even if it's not, um, 0:18:20.880 --> 0:18:23.760 you know, necessarily the biggest market at this point, he 0:18:24.160 --> 0:18:27.119 clearly thinks it's important. Well, it's a fantastic piece. You 0:18:27.119 --> 0:18:29.920 can read it now on the Bloomberg and at Bloomberg 0:18:30.040 --> 0:18:33.960 dot com. That's Ben Bain, financial regulations reporter for Bloomberg News. 0:18:34.000 --> 0:18:37.440 He joins US live from studios in Washington. Also with 0:18:37.520 --> 0:18:41.680 us pat Rickneer, Markets and Finance editor for Bloomberg Business Week, 0:18:42.119 --> 0:18:45.280 live in the Bloomberg Interactive Broker Studio. It's also Today's 0:18:45.400 --> 0:18:48.000 Big Take. You can access it at the Bloomberg Terminal 0:18:48.080 --> 0:18:56.440 and at Bloomberg dot com. This is Bloomberg Business Week 0:18:56.600 --> 0:19:00.520 with Carol Masser and Bloomberg Quick Takes Tim Stinovan on 0:19:00.600 --> 0:19:06.480 Bloomberg Radio. Alright, Bloomberg Business Week brought to you by SEI. 0:19:06.680 --> 0:19:10.080 Crises and challenges highlight the power of partnership and character 0:19:10.119 --> 0:19:13.199 work for the common good One Community. Se I go 0:19:13.280 --> 0:19:16.199 to s e I C dot com slash banks so. 0:19:16.280 --> 0:19:19.920 Earlier today, State Attorney General Leticia James said that Governor 0:19:19.960 --> 0:19:23.240 Andrew Cuomo engaged in quote unwanted groping and kissing of 0:19:23.280 --> 0:19:25.960 current and former state employees, as well as women outside 0:19:25.960 --> 0:19:29.240 of state government. Governor Cuomo, though, was defiant in his 0:19:29.280 --> 0:19:33.359 response to a state report. Uh he denied reports that 0:19:33.400 --> 0:19:35.359 he created a climate of fear in his office and 0:19:35.480 --> 0:19:37.960 violated federal and state laws. He did in a press 0:19:37.960 --> 0:19:40.920 conference this afternoon. Jointing is now as Marty Shanker, Editor 0:19:40.960 --> 0:19:43.280 at Large for Bloomberg News he's live with us in 0:19:43.320 --> 0:19:47.320 the Bloomberg Interactive Broker studio. Marty does. Does Governor Cuomo 0:19:47.880 --> 0:19:51.760 survived this politically? Well, that really does remain to be seen. 0:19:51.840 --> 0:19:54.800 You know, if you think back the Access Hollywood tapes 0:19:55.119 --> 0:19:58.240 we thought would doom the candidacy of Donald Trump, and 0:19:58.320 --> 0:20:02.639 he became president. So in this political environment, nothing is 0:20:02.680 --> 0:20:05.680 for sure, all right, So let's walk down the path 0:20:05.920 --> 0:20:10.840 of it resignation. Judging from the press conference game today, 0:20:10.920 --> 0:20:13.359 it didn't sound like he's in any mood to resign. 0:20:13.560 --> 0:20:16.880 What's your take there, Well, it was what struck out 0:20:17.160 --> 0:20:20.960 stuck out to me was the sharply produced i mean 0:20:21.240 --> 0:20:26.480 interspersing photos of himself, um right at the exact time 0:20:26.520 --> 0:20:29.960 he was speaking in that statement. He was well prepared 0:20:30.000 --> 0:20:34.119 for this moment um and he is gives no signal 0:20:34.200 --> 0:20:37.120 that he's going to voluntarily step aside. We knew that 0:20:37.200 --> 0:20:42.840 the state Attorney General was looking into these claims. Was 0:20:42.880 --> 0:20:47.800 there anything in that report that was particularly surprising two 0:20:48.359 --> 0:20:52.720 us Or to Cuomo? I would imagine not um. The 0:20:52.840 --> 0:20:56.040 only there were a couple of new allegations, including one 0:20:56.040 --> 0:20:59.240 about a state trooper on his female state trooper on 0:20:59.359 --> 0:21:03.639 his secure Aty Force um. But broadly speaking, most of 0:21:03.680 --> 0:21:08.040 this was in the public domain. UM. Andrew Cuomo did 0:21:08.080 --> 0:21:12.639 cooperate with the investigation, and his comments are well reflected 0:21:12.680 --> 0:21:16.480 in it, and he again denies most of these things 0:21:16.480 --> 0:21:21.200 ever happened. Alright, Albany politics are a world onto its own. 0:21:22.040 --> 0:21:26.720 What do you believe there's support for impeachment of Governor Cuomo? Well, 0:21:26.800 --> 0:21:28.760 I think they're you know, they're well on the way 0:21:28.760 --> 0:21:32.439 of an impeachment investigation. This report will add to the 0:21:32.480 --> 0:21:36.280 evidence that they have, have collected and will collect. The 0:21:36.400 --> 0:21:39.760 question is, though the Democratic leadership, and they are in 0:21:39.840 --> 0:21:46.160 firm control, have the will to try and remove Governor Cuomo. 0:21:46.800 --> 0:21:50.040 In the context of him denying any of this happened, 0:21:50.520 --> 0:21:55.919 You're also getting Nancy Pelosi and Chuck Schumer and Kristen 0:21:56.000 --> 0:21:58.639 Gillibrand all calling for his resignation, and it looks like 0:21:58.720 --> 0:22:01.280 Joe Biden's going to do that late today. Does that matter? 0:22:01.320 --> 0:22:06.160 Though probably not not to Andrew Cuomo. I mean he um, 0:22:06.200 --> 0:22:08.919 as you saw us firmly said, Look, this is not 0:22:08.960 --> 0:22:10.680 about me. This is about the people that stead in 0:22:10.720 --> 0:22:12.480 New York and I want to continue to do the 0:22:13.119 --> 0:22:17.480 job for them. What's the next I guess what's the 0:22:17.520 --> 0:22:19.600 next domino here? What's the next mile post that we 0:22:19.640 --> 0:22:23.160 should be looking for in terms of how this may go. Well, 0:22:23.440 --> 0:22:26.639