WEBVTT - What Binance’s Axed FTX Buyout Means for the Cryptoverse

0:00:02.520 --> 0:00:06.320
<v Speaker 1>This is Bloomberg Crypto at Daily Bloomberghart Podcast and I'm

0:00:06.320 --> 0:00:09.560
<v Speaker 1>Philip Logger Crowns there in today for Staty Marie Ishmael.

0:00:09.720 --> 0:00:26.360
<v Speaker 1>It's Friday, November eleven. Okay. Today on the show, we

0:00:26.360 --> 0:00:29.640
<v Speaker 1>were going to discuss Bitcoin's performance over the past year,

0:00:29.720 --> 0:00:33.120
<v Speaker 1>from its high point of about sixty nine dollars to

0:00:33.280 --> 0:00:38.000
<v Speaker 1>its lows falling below seventeen thousand. Earlier this week, after

0:00:38.080 --> 0:00:44.280
<v Speaker 1>the equivalent of an earthquake jolted the world of digital assets, Finance,

0:00:44.360 --> 0:00:48.360
<v Speaker 1>the world's largest cryptocurrency exchange, had announced plans to buy

0:00:48.400 --> 0:00:51.840
<v Speaker 1>out its big rival f t X, which was reportedly

0:00:51.920 --> 0:00:54.880
<v Speaker 1>facing liquidity crisis and appeared to be on the verge

0:00:54.880 --> 0:00:58.760
<v Speaker 1>of collapse. But now that deal is apparently off and

0:00:58.840 --> 0:01:03.520
<v Speaker 1>that's caused a lot more mayhem and turmol in already

0:01:03.520 --> 0:01:07.839
<v Speaker 1>battered the cryptocurrency markets. I've called up senior editor An Era,

0:01:08.440 --> 0:01:10.320
<v Speaker 1>so that we can go over just what happened here.

0:01:17.760 --> 0:01:21.120
<v Speaker 1>So what's happening now? U S regulators are looking into

0:01:21.160 --> 0:01:25.880
<v Speaker 1>this um the deal is dead because Bina has pulled out,

0:01:26.360 --> 0:01:29.959
<v Speaker 1>and now Sam bank Man Freed has sent a major

0:01:30.040 --> 0:01:34.080
<v Speaker 1>warning out to two investors. Could you talk us through

0:01:34.120 --> 0:01:37.880
<v Speaker 1>this little bit. Anna, Let's start with the authorities in

0:01:37.920 --> 0:01:41.320
<v Speaker 1>the US probing FTX. We had a scoop on Thursday

0:01:41.880 --> 0:01:45.679
<v Speaker 1>revealing that US authorities, including the Securities and Exchange Commission,

0:01:46.120 --> 0:01:51.160
<v Speaker 1>we're looking at ft X potentially because essentially there's um

0:01:51.200 --> 0:01:53.640
<v Speaker 1>they could have been using customer funds in ways that

0:01:53.640 --> 0:01:56.200
<v Speaker 1>they shouldn't. And then on top of it all, basically

0:01:56.200 --> 0:01:58.880
<v Speaker 1>we heard that bank man Freed told his investors that

0:01:58.960 --> 0:02:01.560
<v Speaker 1>he had messed up. So you know, it's kind of

0:02:01.600 --> 0:02:03.560
<v Speaker 1>all up in the air. Now there's gonna be no

0:02:03.680 --> 0:02:06.240
<v Speaker 1>bail out. And here we're talking about one of the

0:02:06.240 --> 0:02:09.320
<v Speaker 1>biggest crypto firms crypto exchanges, So the potential for contagion

0:02:09.440 --> 0:02:13.280
<v Speaker 1>is massive, and if it's anything like Tara Tera Luna,

0:02:13.440 --> 0:02:16.079
<v Speaker 1>it could like we could see those effects rippling through

0:02:16.120 --> 0:02:18.280
<v Speaker 1>the crypto industry for quite a while because it takes

0:02:18.320 --> 0:02:21.480
<v Speaker 1>a bit for positions to unwind and and so forth. Um,

0:02:21.560 --> 0:02:24.200
<v Speaker 1>so we're gonna start seeing, you know, which firms were exposed.

0:02:24.600 --> 0:02:27.760
<v Speaker 1>And you know, Sam mcminfried kind of ominously said to

0:02:27.880 --> 0:02:30.639
<v Speaker 1>his investors, according to our story, that you know, if

0:02:30.680 --> 0:02:35.800
<v Speaker 1>he doesn't get help, they might have to file for bankruptcy. Yeah,

0:02:35.800 --> 0:02:38.440
<v Speaker 1>and I think it bears sort of recapping for the listeners.

0:02:38.639 --> 0:02:43.480
<v Speaker 1>The one of the biggest crypto exchanges in the world. Um,

0:02:43.480 --> 0:02:46.919
<v Speaker 1>a name that up until just this week was a

0:02:46.960 --> 0:02:50.760
<v Speaker 1>blue chip name in crypto might now have to file

0:02:50.840 --> 0:02:54.920
<v Speaker 1>for bankruptcy and they have a shortfall of as much

0:02:54.960 --> 0:02:59.520
<v Speaker 1>as eight billion US dollars. That's sort of it's it's

0:02:59.600 --> 0:03:05.520
<v Speaker 1>hard to overstate the gravity of of that situation. Huh yeah.

0:03:05.600 --> 0:03:08.320
<v Speaker 1>I mean, you know, if you're if you're one of

0:03:08.320 --> 0:03:10.400
<v Speaker 1>our listeners, you will have heard this name so many

0:03:10.480 --> 0:03:16.320
<v Speaker 1>times on this podcast before. Matt also interviewed Sam Bankman

0:03:16.400 --> 0:03:21.280
<v Speaker 1>Freed SPF as he's known Dam Bankman Free, Sam Bankman Freed,

0:03:24.919 --> 0:03:27.280
<v Speaker 1>and probably in this context it might be quite chucking.

0:03:27.280 --> 0:03:29.679
<v Speaker 1>Maybe you can have your money on FTX right um,

0:03:29.680 --> 0:03:31.959
<v Speaker 1>and withdrawals have been frozen, and you know, if there's

0:03:31.960 --> 0:03:34.120
<v Speaker 1>no bailout, who knows who will get their money back

0:03:34.480 --> 0:03:36.560
<v Speaker 1>and how much of that money will will be given back.

0:03:36.600 --> 0:03:39.600
<v Speaker 1>So even in other bigger firms are in the same position,

0:03:39.600 --> 0:03:42.280
<v Speaker 1>which is why I was talking about potential contagion, because

0:03:42.320 --> 0:03:43.760
<v Speaker 1>if you can't get your money back, what if you

0:03:43.800 --> 0:03:46.200
<v Speaker 1>have someone else money and so forth, And you know,

0:03:46.560 --> 0:03:50.240
<v Speaker 1>it's kind of infinite. So Sam Bankman Freed told his

0:03:50.320 --> 0:03:54.680
<v Speaker 1>investors he'd missed up and he was asking for for rescue.

0:03:55.080 --> 0:03:57.839
<v Speaker 1>He said he would be incredibly grateful if investors could

0:03:57.840 --> 0:03:59.920
<v Speaker 1>help him, and so if they can't, then you know,

0:04:00.600 --> 0:04:03.840
<v Speaker 1>his firm might not make it and the consequences could

0:04:03.880 --> 0:04:06.119
<v Speaker 1>be quite dire for everybody who has money on them

0:04:06.160 --> 0:04:09.680
<v Speaker 1>and the firms that are connected. So it is very serious.

0:04:10.200 --> 0:04:13.120
<v Speaker 1>It's you know, the latest in implosions in the scripto Winter,

0:04:13.240 --> 0:04:16.080
<v Speaker 1>but I think it's sort of overshadows all the other

0:04:16.120 --> 0:04:18.559
<v Speaker 1>ones we've had so far. And as Phil you were saying,

0:04:18.600 --> 0:04:22.480
<v Speaker 1>it's partly because we've seen this person over the summer

0:04:22.520 --> 0:04:26.120
<v Speaker 1>appearing as the the White Night saving everyone else, so

0:04:26.279 --> 0:04:30.000
<v Speaker 1>that while that was happening, he might have also been

0:04:30.040 --> 0:04:33.800
<v Speaker 1>in trouble is quite um. It's quite interesting, and and

0:04:33.839 --> 0:04:37.200
<v Speaker 1>it shows again the extent to which this industry, while

0:04:37.240 --> 0:04:40.279
<v Speaker 1>it says it is all about transparency, it's quite still opaque.

0:04:40.680 --> 0:04:43.520
<v Speaker 1>There's lack of regulation because in many cases it is

0:04:43.600 --> 0:04:46.680
<v Speaker 1>it is regulation and finance that brings transparency, right because

0:04:46.680 --> 0:04:48.520
<v Speaker 1>it says you have to tell us what you own

0:04:48.880 --> 0:04:51.120
<v Speaker 1>and where and where it's dis custody. Then like what

0:04:51.240 --> 0:04:53.960
<v Speaker 1>your reserves are. You know, we always talk about these

0:04:53.960 --> 0:04:57.000
<v Speaker 1>firms as exchanges, and I've had you know, sources and

0:04:57.320 --> 0:05:00.920
<v Speaker 1>market structure people tell me you shouldn't all these exchanges

0:05:00.960 --> 0:05:03.839
<v Speaker 1>because they're just trading platforms. Exchanges are regulated, they have

0:05:03.960 --> 0:05:06.360
<v Speaker 1>rules that says say how many reserves you must have

0:05:06.400 --> 0:05:10.719
<v Speaker 1>when and how customer funds should be segregated. So, you know,

0:05:11.040 --> 0:05:13.920
<v Speaker 1>I guess it's all coming to the forefront now, the

0:05:14.000 --> 0:05:24.679
<v Speaker 1>lack of regulation and so forth. And now as you said,

0:05:24.800 --> 0:05:27.919
<v Speaker 1>you don't know, I mean, you know they call and exchange,

0:05:27.960 --> 0:05:31.320
<v Speaker 1>they're not really in exchange. A blue chip name has

0:05:31.440 --> 0:05:35.080
<v Speaker 1>just sort of said that, you know, very realistically, we

0:05:35.160 --> 0:05:38.600
<v Speaker 1>might not make it. Um. Who can you trust in this?

0:05:38.839 --> 0:05:43.400
<v Speaker 1>In this environment, there must be just this pervasive sense

0:05:43.480 --> 0:05:46.760
<v Speaker 1>of mistrust throughout the entire cryptosphere right now for sure.

0:05:46.880 --> 0:05:50.559
<v Speaker 1>I mean, you know, in our line of work, we've

0:05:50.640 --> 0:05:53.160
<v Speaker 1>we've been speaking to many of these players often, you know,

0:05:53.200 --> 0:05:56.320
<v Speaker 1>our reporters, ourselves, so already in that sense, it's come

0:05:56.560 --> 0:05:58.200
<v Speaker 1>quite as a shock. But imagine if they were your

0:05:58.240 --> 0:06:00.680
<v Speaker 1>counterparty and you were speaking to them two days ago

0:06:00.720 --> 0:06:01.960
<v Speaker 1>and doing a trade with them, and all of a

0:06:02.000 --> 0:06:06.200
<v Speaker 1>sudden you figure out that maybe they were insolvent um.

0:06:06.240 --> 0:06:08.680
<v Speaker 1>You know that that that that will probably be shocking,

0:06:09.040 --> 0:06:13.480
<v Speaker 1>and again it calls into question risk management practices, and

0:06:13.520 --> 0:06:16.880
<v Speaker 1>I think we'll see who you know, who survives will

0:06:16.960 --> 0:06:18.960
<v Speaker 1>kind of probably I mean, some of it might be

0:06:19.080 --> 0:06:21.080
<v Speaker 1>luck if you didn't have exposure in that moment, but

0:06:21.120 --> 0:06:23.400
<v Speaker 1>maybe you were just being a bit more cautious. And

0:06:23.440 --> 0:06:25.760
<v Speaker 1>one thing havn't sort of covered Crypto for a while

0:06:25.880 --> 0:06:29.240
<v Speaker 1>is that these exchange collapses are quite cyclical. It happens,

0:06:29.240 --> 0:06:32.719
<v Speaker 1>It's happened before um. But you know, I guess Crypto

0:06:32.720 --> 0:06:34.560
<v Speaker 1>at the beginning was a bit more like edgy and

0:06:34.600 --> 0:06:37.200
<v Speaker 1>like people are like, oh, it's all dodgy, So it

0:06:37.240 --> 0:06:39.520
<v Speaker 1>was it was in a way a bit more expected.

0:06:39.920 --> 0:06:42.280
<v Speaker 1>But now that you know it's come to the mainstream,

0:06:42.400 --> 0:06:45.200
<v Speaker 1>you have big banks and and people being taken seriously.

0:06:45.400 --> 0:06:48.479
<v Speaker 1>SPF was a you know, a big player in Washington,

0:06:48.560 --> 0:06:51.680
<v Speaker 1>big donor and campaigns. He had like a conference where

0:06:51.680 --> 0:06:54.479
<v Speaker 1>he had Bill Clinton on stage. Sam bankman Fried was

0:06:54.560 --> 0:06:56.839
<v Speaker 1>very much in the public eye. He has a big

0:06:57.279 --> 0:07:01.279
<v Speaker 1>um influence in Washington. He was donating massively to campaigns

0:07:01.800 --> 0:07:03.920
<v Speaker 1>and you know, he had the Clinton on stage at

0:07:03.920 --> 0:07:05.920
<v Speaker 1>his conference in a conference where he was sitting next

0:07:05.960 --> 0:07:07.880
<v Speaker 1>to Bill Clinton, so you know, he's kind of a

0:07:07.920 --> 0:07:11.600
<v Speaker 1>public figure. So we've gone from like dodgy crypto anarchists collapsing,

0:07:11.640 --> 0:07:13.720
<v Speaker 1>which is like, oh, that's their problem, to like someone

0:07:13.760 --> 0:07:17.880
<v Speaker 1>in the you know, public eye. So it is very

0:07:17.960 --> 0:07:23.160
<v Speaker 1>much more impactful. I think more on the buyans fd

0:07:23.320 --> 0:07:26.720
<v Speaker 1>X drama with Anna Rrera coming up right after the break.

0:07:40.000 --> 0:07:41.960
<v Speaker 1>I want to go back to buying us for a while.

0:07:42.040 --> 0:07:45.000
<v Speaker 1>So if we recap this week for buying us, Basically

0:07:45.320 --> 0:07:48.400
<v Speaker 1>what's happened is here sees it on Sunday, goes out

0:07:48.440 --> 0:07:52.440
<v Speaker 1>and tweets I'm going to sell our ft T tokens

0:07:52.520 --> 0:07:56.800
<v Speaker 1>because of recent revelations, and then you know, steps back,

0:07:57.280 --> 0:08:02.600
<v Speaker 1>chaos unfolds. F t X gets swept away, they get

0:08:02.640 --> 0:08:07.680
<v Speaker 1>an offer from SPF um by us. Basically they get

0:08:07.680 --> 0:08:10.800
<v Speaker 1>a full look at SPF presumably, they get a look

0:08:10.880 --> 0:08:15.200
<v Speaker 1>at FTX books, and then they take a close look

0:08:15.480 --> 0:08:18.320
<v Speaker 1>and they see something they don't like. They turn around,

0:08:18.880 --> 0:08:23.680
<v Speaker 1>walk away, and they now are left with basically full

0:08:23.760 --> 0:08:27.360
<v Speaker 1>insight into the workings of a competitor, presumably, and that

0:08:27.440 --> 0:08:30.240
<v Speaker 1>competitor might no longer be around. It's that it's a

0:08:30.400 --> 0:08:32.040
<v Speaker 1>sort of a fair summary of event. Where does this

0:08:32.120 --> 0:08:35.600
<v Speaker 1>lead Binance? Of course, if Bitcoin crashes, and that's not

0:08:35.640 --> 0:08:38.440
<v Speaker 1>great for anyone, But as I said, there's been exchange

0:08:38.480 --> 0:08:41.520
<v Speaker 1>collapses for years, and what we've seen is like some

0:08:41.520 --> 0:08:45.199
<v Speaker 1>players have emerged in a more stronger position. And Binance

0:08:45.200 --> 0:08:47.840
<v Speaker 1>has been around for quite some time now and they're

0:08:47.920 --> 0:08:51.199
<v Speaker 1>quite aggressive. So I'm thinking they might be taking advantage

0:08:51.200 --> 0:08:53.880
<v Speaker 1>of the situation and they might see no influence go

0:08:54.000 --> 0:08:57.400
<v Speaker 1>up UM and you know, it leaves them in a

0:08:57.480 --> 0:09:01.559
<v Speaker 1>potentially stronger position, although of course it depends to on

0:09:01.679 --> 0:09:05.000
<v Speaker 1>what sort of happens to crypto in general. I don't

0:09:05.040 --> 0:09:08.280
<v Speaker 1>think they had big dealings with UM, you know, like

0:09:08.520 --> 0:09:11.240
<v Speaker 1>Wall Street. So if Wall Street gets a bit scared

0:09:11.280 --> 0:09:14.280
<v Speaker 1>by what's happened, I don't know if that impacts them.

0:09:14.280 --> 0:09:16.360
<v Speaker 1>But for sure, you know, now one of the biggest

0:09:16.400 --> 0:09:19.920
<v Speaker 1>retail trading platforms is gone, and so people have to

0:09:20.000 --> 0:09:22.880
<v Speaker 1>go somewhere else, right, I mean, I can't imagine many

0:09:22.960 --> 0:09:25.640
<v Speaker 1>crypto traders or people that have traded for a while

0:09:25.679 --> 0:09:27.400
<v Speaker 1>deciding all of a sudden to sell all of it

0:09:27.640 --> 0:09:30.160
<v Speaker 1>at a low. That would be I mean, it would

0:09:30.200 --> 0:09:32.480
<v Speaker 1>be surprising. It might happen, but you know, they'll have

0:09:32.559 --> 0:09:34.280
<v Speaker 1>to move their crypto somewhere. Some of it might go

0:09:34.320 --> 0:09:35.880
<v Speaker 1>in cold storage, but if they want to continue to

0:09:35.920 --> 0:09:40.040
<v Speaker 1>trading and operate, they'll have to move on another platform.

0:09:40.080 --> 0:09:43.280
<v Speaker 1>And is it reasonable to to think in this sort

0:09:43.280 --> 0:09:46.080
<v Speaker 1>of with this chapter not behind us, we're very much

0:09:46.600 --> 0:09:48.640
<v Speaker 1>still in the midst of it. But with what's played

0:09:48.679 --> 0:09:52.000
<v Speaker 1>out over this week, is it reasonable to think that

0:09:52.120 --> 0:09:56.320
<v Speaker 1>institutional investors who were thinking about getting into crypto might

0:09:56.400 --> 0:10:00.000
<v Speaker 1>just take a look at this and go, wait a minute, Um,

0:10:00.040 --> 0:10:03.120
<v Speaker 1>I'm not so sure anymore. I mean, because that was

0:10:03.160 --> 0:10:07.480
<v Speaker 1>always going to be the sort of what crypto needed

0:10:07.559 --> 0:10:10.679
<v Speaker 1>after the scandals we've had this year, like more retail

0:10:11.040 --> 0:10:13.640
<v Speaker 1>or in the institutional participation. So I think there's two

0:10:13.640 --> 0:10:19.280
<v Speaker 1>interesting things going on. We've seen cryptocurrency firms saying they're

0:10:19.280 --> 0:10:23.840
<v Speaker 1>having more institutional interests, so institutions going on those platforms.

0:10:23.880 --> 0:10:27.439
<v Speaker 1>So we've also seen institutions building their own infrastructure and platforms.

0:10:27.840 --> 0:10:30.560
<v Speaker 1>So the issue is here is perhaps not whether the

0:10:30.600 --> 0:10:32.960
<v Speaker 1>asset class is valuable, it's whether the people that are

0:10:33.040 --> 0:10:36.080
<v Speaker 1>running the asset class are valuable. Right, do we trust

0:10:36.120 --> 0:10:39.280
<v Speaker 1>the centralized crypto exchanges? Do we trust the big players

0:10:39.280 --> 0:10:42.840
<v Speaker 1>in crypto? Is a different question, perhaps do we think

0:10:42.880 --> 0:10:45.560
<v Speaker 1>that bitcoin has any value as an asset, because you

0:10:45.559 --> 0:10:47.600
<v Speaker 1>could separate the two and say, well, we do still

0:10:47.600 --> 0:10:49.800
<v Speaker 1>think that there's potential. We'll just set up our own

0:10:49.800 --> 0:10:52.520
<v Speaker 1>exchanges well, and we'll do our own thing. We have

0:10:52.559 --> 0:10:54.400
<v Speaker 1>our own You know, there are many banks that are

0:10:54.520 --> 0:10:56.800
<v Speaker 1>have their own custody arms, and that will probably make

0:10:56.840 --> 0:11:00.400
<v Speaker 1>them feel a bit safer because imagine if a crypto

0:11:00.440 --> 0:11:03.920
<v Speaker 1>custodian collapses, you know that that's really bad, but you know,

0:11:03.960 --> 0:11:05.920
<v Speaker 1>now you have someone like Bank of New York Melon

0:11:05.920 --> 0:11:09.680
<v Speaker 1>who's been custodying assets, um many other types of assets

0:11:09.679 --> 0:11:11.600
<v Speaker 1>for a while. That might make people feel safer. It

0:11:11.600 --> 0:11:14.840
<v Speaker 1>doesn't necessarily mean that banks haven't had their own issues

0:11:14.880 --> 0:11:16.560
<v Speaker 1>in the past, but you know, if you know, maybe

0:11:16.600 --> 0:11:19.040
<v Speaker 1>if they think we're going to build our own infrastructure,

0:11:19.080 --> 0:11:21.520
<v Speaker 1>what we might still be doing things. But it will

0:11:21.559 --> 0:11:24.640
<v Speaker 1>definitely be really interesting to see what they do. I'm

0:11:24.679 --> 0:11:27.200
<v Speaker 1>thinking FDx. You know, they were also backed by a

0:11:27.240 --> 0:11:32.120
<v Speaker 1>pension fund um and Celsius too, so you know, like

0:11:33.200 --> 0:11:35.440
<v Speaker 1>I don't know how many other pension funds will take

0:11:35.559 --> 0:11:39.960
<v Speaker 1>steakes in crypto firms going forward, like imminently, Like there's

0:11:40.000 --> 0:11:43.000
<v Speaker 1>got to be tougher questions being asked by the people

0:11:43.040 --> 0:11:46.280
<v Speaker 1>behind those funds, right are the stakeholders? It's I think

0:11:46.360 --> 0:11:49.200
<v Speaker 1>it was a teacher's pension fund from Canada. Again, as

0:11:49.200 --> 0:11:51.680
<v Speaker 1>we've said before, what what strikes in this crisis is

0:11:52.000 --> 0:11:55.240
<v Speaker 1>the impact it is having on like all sorts of people.

0:11:55.720 --> 0:11:58.880
<v Speaker 1>It's no longer just oh, like crypto fanatics losing their money.

0:11:58.960 --> 0:12:01.920
<v Speaker 1>It's it's but ventially teachers losing their pensions. I'm not

0:12:01.960 --> 0:12:03.800
<v Speaker 1>saying this is what's going to happen here because I

0:12:03.840 --> 0:12:05.840
<v Speaker 1>don't think they invested all of it in FDx, but

0:12:05.920 --> 0:12:09.240
<v Speaker 1>you know there were institutions that had come in for sure,

0:12:09.440 --> 0:12:11.880
<v Speaker 1>and you know what if some of them got burned?

0:12:12.600 --> 0:12:15.280
<v Speaker 1>All right? Thank you, Anna. You can follow this story

0:12:15.400 --> 0:12:17.960
<v Speaker 1>and all of Anna's reporting on the Bloomberg terminal on

0:12:18.000 --> 0:12:21.800
<v Speaker 1>Bloomberg dot com and on Twitter. Anna is at Ana

0:12:21.880 --> 0:12:27.080
<v Speaker 1>arera or A N N A I R R E

0:12:27.320 --> 0:12:36.840
<v Speaker 1>R A on the next episode of Bloomberg Crypto. There

0:12:36.880 --> 0:12:39.440
<v Speaker 1>are a lot of ways that the crypto industry seems

0:12:39.480 --> 0:12:42.840
<v Speaker 1>to be unlike any other. One of the big ones

0:12:42.920 --> 0:12:47.160
<v Speaker 1>is its tolerance for losing spectacular amounts of money, two hacks,

0:12:47.240 --> 0:12:50.360
<v Speaker 1>scams and exploits we'll be talking about the latest attacks

0:12:50.400 --> 0:12:57.959
<v Speaker 1>and defy and how they're affecting trust in the overall ecosystem.

0:12:57.960 --> 0:13:01.120
<v Speaker 1>This is Bloomberg Crypto, a daily podcast from Bloomberg and

0:13:01.160 --> 0:13:04.120
<v Speaker 1>I Heart Radio. For more shows from I Heart Radio,

0:13:04.360 --> 0:13:07.480
<v Speaker 1>visit the I Heart Radio app, Apple Podcasts, or wherever

0:13:07.520 --> 0:13:11.080
<v Speaker 1>you get your podcasts. Send us your comments, questions, or

0:13:11.080 --> 0:13:14.120
<v Speaker 1>suggestions for the show to Crypto at Bloomberg dot net

0:13:14.679 --> 0:13:19.120
<v Speaker 1>or find us on Twitter. We're at Crypto. The supervising

0:13:19.160 --> 0:13:22.480
<v Speaker 1>producer of Bloomberg Crypto is Vicky very Galina. Our senior

0:13:22.520 --> 0:13:26.120
<v Speaker 1>producer is Janet Babin. Our producers are Mohammed Faruk and

0:13:26.120 --> 0:13:29.840
<v Speaker 1>Sharon Barriro. Our associate producers are Ty Butler and Moses

0:13:29.880 --> 0:13:34.160
<v Speaker 1>on Them. Desta wonder At is our engineer. Original music

0:13:34.280 --> 0:13:38.800
<v Speaker 1>by Leo Sidron. I'm Stacy Marie Shmal. We'll be back

0:13:38.840 --> 0:13:39.200
<v Speaker 1>tomorrow