WEBVTT - What's Inside Tether's Digital Vault?

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<v Speaker 1>This is Bloomberg Crypto and Daily Bloomberg. I heard podcast

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<v Speaker 1>and I'm Stacy Marie Ishmael, Managing editor of Crypto for

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<v Speaker 1>Bloomberg News. It's Wednesday, August thirty one. Did you know

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<v Speaker 1>the tether, which is a stable coin that trades under

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<v Speaker 1>the ticker u s D t TSN. Tether is the

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<v Speaker 1>third largest digital token by market value, or that it's

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<v Speaker 1>one of the most actively traded tokens in the entire

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<v Speaker 1>crypto ecosystem. Unlike some of its volatile counterparts, or shall

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<v Speaker 1>we say more volatile counterproducts, Tether comes with two promises.

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<v Speaker 1>First that each tether has a stable value, and that

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<v Speaker 1>value is one dollar. And second, that each of these

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<v Speaker 1>tokens or tethers is back by a real asset like

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<v Speaker 1>the dollar, or a similarly liquid and reliable financial product

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<v Speaker 1>like a bond issued by the US government. But those

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<v Speaker 1>promises haven't always been kept, and that's something that keeps

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<v Speaker 1>Tether in the cross hairs of regulatory scrutiny and investors speculation.

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<v Speaker 1>Bloomboog reporter Emily Nicole joins me now for the latest

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<v Speaker 1>on Tether and its asset reserves. It's that murky gray

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<v Speaker 1>area of what happens the token while it's out in

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<v Speaker 1>the crypto ether that regulates are concerned about Emily. Before

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<v Speaker 1>we dive into tether, let's let's step back. Let's ignore

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<v Speaker 1>recent history with regulation and algorithmic stable coin collapses, and

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<v Speaker 1>let's just start from a place of what is a

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<v Speaker 1>plane vanilla stable coin? Why are these digital assets important

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<v Speaker 1>in the crypto market? At present, Tether is around of

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<v Speaker 1>all state ball coins in the market, and that entire

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<v Speaker 1>sector is about one hundred and fifty billion dollars UM

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<v Speaker 1>and it's mostly used by traders to kind of act

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<v Speaker 1>as either a store of wealth if they're trying to

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<v Speaker 1>get out of volatile prices elsewhere, so they can keep

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<v Speaker 1>their money in crypto without having to be exposed to

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<v Speaker 1>the downsides of crypto um. But they're also often used

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<v Speaker 1>as well as a means of for example, if you

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<v Speaker 1>wanted to pay someone some cash and not be exposed

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<v Speaker 1>to volatility that side um And if you are listening

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<v Speaker 1>to this podcast, you'll know that we've spoken about bridges before,

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<v Speaker 1>which are platforms that help crypto traders move a token

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<v Speaker 1>from one blockchain to another when those different blockchains obviously

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<v Speaker 1>can't you know interact with each other as easily, and

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<v Speaker 1>so stable coins can be away around that. Right, You could,

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<v Speaker 1>for example, usual bitcoin by a ton of tether or

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<v Speaker 1>usdt um and have that dollar value of your crypto

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<v Speaker 1>state solid while you're then trying to put that back

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<v Speaker 1>into another cryptotope and like ethereum got it. So let's

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<v Speaker 1>actually talk about Tether, like why are the biggest currently?

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<v Speaker 1>Where did the where did they come from, and where

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<v Speaker 1>they're going. So Tether is one of the oldest stable

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<v Speaker 1>coins around, and that is one of the reasons why

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<v Speaker 1>I think it is one of the most popular still today.

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<v Speaker 1>It has kind of been around since I think about

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<v Speaker 1>tween in in large amounts anyway, UM, and has been

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<v Speaker 1>progressively getting bigger ever since. So even if we think

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<v Speaker 1>about just the last year alone, at the start of

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<v Speaker 1>one Tether's entire market cap was about twenty billion, in

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<v Speaker 1>a in a sector of stable coins that was twenty

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<v Speaker 1>eight billions, so its dominance was even bigger then, And

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<v Speaker 1>now it's got a stable market capitalization of about sixty

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<v Speaker 1>six billion. That's about three times bigger than it was

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<v Speaker 1>at the start of last year UM. And that growth

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<v Speaker 1>is largely because at the same time as Tether has

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<v Speaker 1>been going so has all of crypto. Right, people have

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<v Speaker 1>become more familiar with how to use crypto, they've become

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<v Speaker 1>more aware of tokens other than bitcoin and so and

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<v Speaker 1>particularly as well. Actually, as the market sentiment has changed

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<v Speaker 1>around crypto, we've gone from a bear market to a

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<v Speaker 1>ball market to a bear market again. All of these

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<v Speaker 1>things mean that as traders are getting more comfortable with

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<v Speaker 1>making riskier bets or wanting to cash out of the

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<v Speaker 1>market when it's becoming more volatile, stable coins are a

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<v Speaker 1>source of safety in that so you would expect to

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<v Speaker 1>see a direct correlation between volatilty and other parts of

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<v Speaker 1>the crypto markets and sort of investors are speculators piling

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<v Speaker 1>into stable coins like tether. Yeah, So if you look

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<v Speaker 1>at the total market cap of all stable coins over

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<v Speaker 1>the last year, you would see a pretty steady incline

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<v Speaker 1>going up over the last year or so, because as

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<v Speaker 1>even as crypto became more volatile and bitcoin came down

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<v Speaker 1>from its peak last November, people were still moving into

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<v Speaker 1>stable coins. So those those numbers were still going up,

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<v Speaker 1>even if if steadily. Um, but that's not to say

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<v Speaker 1>that they're you know, impervious, and they do have their

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<v Speaker 1>own market events. So in May you'd see that line

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<v Speaker 1>actually go off a bit of a steep cliff because

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<v Speaker 1>one of the biggest experiments in how stable coins maintain

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<v Speaker 1>their dollar value a stable coin called terror USD. It

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<v Speaker 1>collapsed in on itself and it's now worth next to nothing.

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<v Speaker 1>Everybody lost a bit of confidence in the stable coin

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<v Speaker 1>market and it hasn't actually really recovered since. Now stable

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<v Speaker 1>coins like tether have to have reserves of assets that

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<v Speaker 1>are themselves reliably gonna be worth sort of a one

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<v Speaker 1>to one value of the number of tethers in circulation.

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<v Speaker 1>So if there's a hundred and eighty billion stable coins

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<v Speaker 1>in circulation, or whatever the number might be, then there's

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<v Speaker 1>got to be somewhere in hopefully not suitcases or mattresses,

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<v Speaker 1>but like you know, in fairly legitimate custodial arrangements, a

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<v Speaker 1>hundred and eighty billion dollars worth of assets. Is that correct? Yeah,

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<v Speaker 1>So for the collateralized stable coins anyways, I called them earlier,

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<v Speaker 1>So that's tether, that's circles, U, s dc UM. They

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<v Speaker 1>rely on reserves of of assets to keep that peg,

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<v Speaker 1>and that's usually cash cash equivalence, but not always are

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<v Speaker 1>those assets, you know, the kind of highly liquid assets

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<v Speaker 1>that you know you'd see in a bank, which is

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<v Speaker 1>why they are different from banks, right, they're not actually

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<v Speaker 1>banks because of that um or at least not all

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<v Speaker 1>of them anyway. UM. And when we look at these reserves,

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<v Speaker 1>that's how we can tell, you know, for example, if

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<v Speaker 1>if I was want somebody who wanted to buy some

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<v Speaker 1>U s d T or some U s dc UM,

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<v Speaker 1>I could then look at the reserves and see, okay,

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<v Speaker 1>when I know that they had, you know, this much

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<v Speaker 1>in cash, this much in US Treasury bills, this much

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<v Speaker 1>in commercial paper in the reserve, and you can kind

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<v Speaker 1>of make a bit of an educated guess about you

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<v Speaker 1>whether or not you'd think it'd be safe to put

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<v Speaker 1>a certain amount of money to that company and get

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<v Speaker 1>their tokens back and hopefully at some point in the

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<v Speaker 1>future then be able to do the reverse and get

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<v Speaker 1>your cash back at the end of it. So what's

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<v Speaker 1>been the problem with Teather's reserves? So at present, Tether

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<v Speaker 1>files at the stations on its reserves. Quarterly they come

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<v Speaker 1>from an accountancy partner that it has set up in

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<v Speaker 1>That accounty partner has changed over time. Originally, back when

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<v Speaker 1>these documents first start to come out. They'd kind of

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<v Speaker 1>come out on an ad hoc basis around twenty eighteen.

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<v Speaker 1>But in February one tell their incident into assessment with

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<v Speaker 1>the New York Attorney General alongside its sister crypto exchange

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<v Speaker 1>bit for nex because the New York Attorney General had

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<v Speaker 1>accused Tether of lying about its reserves, and the two

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<v Speaker 1>settled on those charges. And I want to read from

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<v Speaker 1>that settlement agreement, or at least, you know, from at

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<v Speaker 1>least the New York Attorney General side, because it was

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<v Speaker 1>pretty it was pretty aggressive from from New York. It said,

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<v Speaker 1>and this is a statement from New York Attorney General

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<v Speaker 1>the teacher James bid for x and Tether recklessly and

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<v Speaker 1>unlawfully covered up massive financial losses to keep their scheme

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<v Speaker 1>going and protect their bottom lines. Tethers claim that its

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<v Speaker 1>virtual currency was fully backed by U S dollars at

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<v Speaker 1>all times was a lie. In response to that statement

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<v Speaker 1>from the New York Attorney General, you know, Tether said

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<v Speaker 1>that they share a goal of transparency, of they share

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<v Speaker 1>the Attorney General's goal of increasing transparency. But they also said,

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<v Speaker 1>and I quote, contrary to online speculation, after two and

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<v Speaker 1>a half years. There was no finding that Tether ever

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<v Speaker 1>issued tethers without backing or to manipulate crypto prices. When

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<v Speaker 1>we say they accused them of lying, they straight up

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<v Speaker 1>did accused them of lying. Tether, of course came back

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<v Speaker 1>and what did you know, what did they do in response?

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<v Speaker 1>In response to those accusations, Tethers now side to file

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<v Speaker 1>those at a stations quarterly, and they've been coming from

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<v Speaker 1>accountancy firms kind of around the world. The first partner

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<v Speaker 1>was a company called more Um, and then they started

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<v Speaker 1>using a Cayman Island's accountancy firm called m h A

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<v Speaker 1>Cayman for two stations, and then most recently in July,

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<v Speaker 1>they said they'd switched to using another firm called Video

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<v Speaker 1>specifically it's Italian subsidiary UM. And each time these accounting

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<v Speaker 1>firms have gotten, you know, slightly bigger in size. Video

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<v Speaker 1>is the fifth largest accounting network in the world. But ultimately,

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<v Speaker 1>all these ATTA stations are are an agreement by an accountants.

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<v Speaker 1>You found to say, you know, Tether's accountants presented us

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<v Speaker 1>with these figures. They presented us with a set of

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<v Speaker 1>their accounting policies that are set by Tether Management, and

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<v Speaker 1>we agree that these figures roughly meet the accounting policies

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<v Speaker 1>that Tether says it meets. It doesn't actually, you know,

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<v Speaker 1>take a look at the data underneath the numbers. They

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<v Speaker 1>don't go into someone's bank account and poke around and say, yeah,

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<v Speaker 1>that's that looks about right. Um. And that's the difference

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<v Speaker 1>between an at a station and a full audit, which

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<v Speaker 1>Tether has yet to have, but some of its rivals

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<v Speaker 1>do have. Circle has been having annual audits now for

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<v Speaker 1>for a while, you know. I think it was maybe

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<v Speaker 1>in June that Circle's CFO, Jeremy fox Gen, put out

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<v Speaker 1>a statement that Circle's financial statements were being audited annually

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<v Speaker 1>and that they have those monthly at a stations. Okay,

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<v Speaker 1>so great. So it sounds like all of these stable

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<v Speaker 1>coin folks have now said, hey, here's our stuff. Why

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<v Speaker 1>are people still worried about the assets that these firms

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<v Speaker 1>say they are backed by if there's all of this

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<v Speaker 1>paperwork floating around, I think one of the biggest concents

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<v Speaker 1>that these are still pretty much unregulated markets from a

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<v Speaker 1>crypto perspective, right be once you, for example, if you

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<v Speaker 1>if you give a dollar to tether, and Tether then

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<v Speaker 1>gives you one U s DT in return, it will

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<v Speaker 1>have some kind of track record of that purchase happening.

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<v Speaker 1>But once the U s DT is out in the open,

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<v Speaker 1>it stops paying attention. So where those tokens then go

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<v Speaker 1>that's less of a of a clear market. And the

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<v Speaker 1>problem is is that these tokens, even after they've passed

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<v Speaker 1>beyond the realm of being controllable or um having any

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<v Speaker 1>kind of scrutiny over them by the issues themselves, they

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<v Speaker 1>can be used for whatever and then brought back to

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<v Speaker 1>an issue and be exchanged again for a dollar and

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<v Speaker 1>you get your dollar back. And so it's that murky

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<v Speaker 1>gray area of what happens to the token while it's

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<v Speaker 1>out in the crypto ether that regulates are concerned about. So,

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<v Speaker 1>particularly after the crash of terror USC early this year

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<v Speaker 1>as well, where around forty billion dollars in stable coin

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<v Speaker 1>collateral was lost, regulators have in moving faster on putting

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<v Speaker 1>in place rules and regulations for what stable coin issuers

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<v Speaker 1>need to do in order to assure customers that they

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<v Speaker 1>do have that money and assure regulators too, right um,

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<v Speaker 1>and they'll also have to hold only certain types of

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<v Speaker 1>assets in the reserves, so you know, you can't be

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<v Speaker 1>holding anything too risky. It needs to be stuff that's

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<v Speaker 1>relatively liquid, so that if there was any kind of

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<v Speaker 1>bank run on your token, you could meet redemptions quickly,

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<v Speaker 1>easily and at a dollar. We'll be right back with

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<v Speaker 1>more from Bloomberg's Emily Nicole about Tether's reserves and what ties,

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<v Speaker 1>if any, it had to China. So in terms of

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<v Speaker 1>things that are perceived as risky, you know, there's been

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<v Speaker 1>this like persistent drum beat for years that Tether holes

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<v Speaker 1>Chinese commercial paper and specifically lower quality, higher risk Chinese

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<v Speaker 1>commercial paper as part of its reserves. Tether came out

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<v Speaker 1>recently and flat out said we don't have any of that.

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<v Speaker 1>Just you know, what's what's been going on there? Where

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<v Speaker 1>did that speculation come from? Well, it should be interesting

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<v Speaker 1>to note that when they said that recently, they said

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<v Speaker 1>we don't hold any commercial paper right now, So they

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<v Speaker 1>never said, you know, we don't hold any We never

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<v Speaker 1>have um. But so this kind of speculation had been

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<v Speaker 1>around up where as you said, a few years and

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<v Speaker 1>then our colleague seek Fox did an investigation into Tether's

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<v Speaker 1>commercial paper paper trail. I guess you'd call that. He

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<v Speaker 1>wanted to find out you know, exactly where the money

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<v Speaker 1>would lead, and it did lead in his findings to China.

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<v Speaker 1>There was some paper in there that was of Chinese origins.

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<v Speaker 1>The reason why this is concerning is because at the

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<v Speaker 1>time Tether was purportedly backing its dollar pegged token with

0:13:16.440 --> 0:13:20.040
<v Speaker 1>commercial paper from a region where they were not using dollars.

0:13:20.600 --> 0:13:23.480
<v Speaker 1>So if you were running wondering about you know, if

0:13:23.520 --> 0:13:26.400
<v Speaker 1>there was a bank run on Tether and it was

0:13:26.480 --> 0:13:30.360
<v Speaker 1>going you know, people were piling into Tether's website and saying,

0:13:30.360 --> 0:13:32.240
<v Speaker 1>I want my dollars back, and it was going to

0:13:32.280 --> 0:13:34.880
<v Speaker 1>have to cash out of some of these positions, particularly

0:13:34.920 --> 0:13:37.280
<v Speaker 1>with the state of the market at that time in China,

0:13:37.360 --> 0:13:39.199
<v Speaker 1>where some of the people who might have owned that

0:13:39.240 --> 0:13:42.080
<v Speaker 1>commercial paper were in distressed positions. They wouldn't have been

0:13:42.080 --> 0:13:44.920
<v Speaker 1>able to give Tether's money back immediately. That could have

0:13:44.960 --> 0:13:47.800
<v Speaker 1>then culminated in a situation where Tether wasn't able to

0:13:47.880 --> 0:13:50.960
<v Speaker 1>redeem the amount of dollars coming in. We also saw

0:13:51.360 --> 0:13:54.680
<v Speaker 1>at the start of twenty during the pandemic, the commercial

0:13:54.720 --> 0:13:57.960
<v Speaker 1>paper market itself melted town and so that appropriate added

0:13:58.120 --> 0:14:00.440
<v Speaker 1>more fuel to the fire of you know, whether a

0:14:00.440 --> 0:14:03.319
<v Speaker 1>commercial paper should be considered an asset that is liquid

0:14:03.400 --> 0:14:06.400
<v Speaker 1>enough to support something like a stable coin. So in

0:14:06.440 --> 0:14:08.880
<v Speaker 1>the US stable Coin Bill, there is expected to be

0:14:09.200 --> 0:14:12.360
<v Speaker 1>requirements around what kind of assets these stable coin providers

0:14:12.360 --> 0:14:14.960
<v Speaker 1>can hold, and commercial paper is like it to be

0:14:15.040 --> 0:14:21.320
<v Speaker 1>singled out as one that is is not permitted absolutely

0:14:21.440 --> 0:14:23.680
<v Speaker 1>And in that same blockburst, where as you note they

0:14:23.720 --> 0:14:27.240
<v Speaker 1>say they hold no Chinese commercial paper and as of

0:14:27.280 --> 0:14:31.120
<v Speaker 1>today they're reducing their exposure overall, they also say that

0:14:31.160 --> 0:14:33.560
<v Speaker 1>they plan to reduce their exposure to commercial paper to

0:14:33.800 --> 0:14:37.960
<v Speaker 1>zero by the end of October early November. Regulators have

0:14:38.000 --> 0:14:40.040
<v Speaker 1>been paying a lot of attention to stable coins, and

0:14:40.200 --> 0:14:42.720
<v Speaker 1>it you know, it really strikes me that so much

0:14:42.720 --> 0:14:45.520
<v Speaker 1>of what folks have been talking about, folks have been

0:14:45.520 --> 0:14:47.400
<v Speaker 1>talking about for a long time, right, Like, it's not

0:14:47.520 --> 0:14:52.360
<v Speaker 1>that we woke up in March of two when everything

0:14:52.440 --> 0:14:54.800
<v Speaker 1>was going down with with Luna, etcetera, and we're like, wow,

0:14:54.840 --> 0:14:56.760
<v Speaker 1>this this seems like an area of concern. Is that

0:14:56.800 --> 0:15:00.840
<v Speaker 1>people have been concerned for ages. What about the events

0:15:00.840 --> 0:15:03.960
<v Speaker 1>of this year in particular, do you think have finally

0:15:03.960 --> 0:15:06.880
<v Speaker 1>started to accelerate that conversation In the UK? For instance,

0:15:08.320 --> 0:15:10.600
<v Speaker 1>So in the UK, it's kind of as you put it,

0:15:10.640 --> 0:15:13.400
<v Speaker 1>those stable coin conversations have been happening for a while.

0:15:13.920 --> 0:15:17.120
<v Speaker 1>They want to make sure that stable coin issuers that

0:15:17.200 --> 0:15:21.320
<v Speaker 1>could present bankruptcy risks are given certain provisions. So in May,

0:15:21.360 --> 0:15:25.720
<v Speaker 1>when Lunas started to fall apart and terra USD collapsed, UM,

0:15:25.920 --> 0:15:29.600
<v Speaker 1>the UK started thinking about things like bespokensolvency arrangements so

0:15:29.640 --> 0:15:31.840
<v Speaker 1>that if a stable coin were to get big enough

0:15:31.880 --> 0:15:33.800
<v Speaker 1>that it was to present a systemic risk to the

0:15:33.880 --> 0:15:38.480
<v Speaker 1>UK economy, they could step in and help keep that

0:15:38.600 --> 0:15:44.400
<v Speaker 1>stable coin not afloat but still exchangeable in in payments companies.

0:15:44.440 --> 0:15:45.920
<v Speaker 1>You know, if if I was going into a shop

0:15:45.920 --> 0:15:48.760
<v Speaker 1>and I wanted to buy an orange for a pound,

0:15:48.840 --> 0:15:51.520
<v Speaker 1>but using whatever stable coin it was that was crashing,

0:15:51.560 --> 0:15:53.920
<v Speaker 1>I could still do that even if the stable coin

0:15:53.960 --> 0:15:57.560
<v Speaker 1>itself was going through bankruptcy proceedings. At present, though, the

0:15:57.560 --> 0:15:59.920
<v Speaker 1>bankomng AND has said there are no stable point in

0:16:00.160 --> 0:16:02.360
<v Speaker 1>that are big enough to meet that, not even tether

0:16:04.000 --> 0:16:06.360
<v Speaker 1>and I think that's that's an important point, right, which

0:16:06.520 --> 0:16:11.320
<v Speaker 1>is a lot of the regulatory framework is in response

0:16:11.400 --> 0:16:15.040
<v Speaker 1>to the actual fact of the collapse of an algorithmic

0:16:15.080 --> 0:16:18.280
<v Speaker 1>stable coin, which is different from the collateralized table coins

0:16:18.280 --> 0:16:21.880
<v Speaker 1>that we're talking about, and the perceived risk in the

0:16:21.920 --> 0:16:26.320
<v Speaker 1>future of one of these collateralized stable coins really you know,

0:16:26.480 --> 0:16:28.400
<v Speaker 1>sort of bad things happening to them. But at the

0:16:28.400 --> 0:16:31.120
<v Speaker 1>time that we're talking, we don't have a current example

0:16:31.360 --> 0:16:35.000
<v Speaker 1>of a stable coin, like you know, Tether itself is

0:16:35.040 --> 0:16:38.800
<v Speaker 1>not on a downward trajectory that is specifically worrying regulators

0:16:38.920 --> 0:16:42.560
<v Speaker 1>right now because for example, when so when Nina crashed,

0:16:42.560 --> 0:16:46.040
<v Speaker 1>Tether lost about twenty billion of its market cap, but

0:16:46.080 --> 0:16:50.120
<v Speaker 1>it's it's slowly going back towards that um And even

0:16:50.200 --> 0:16:53.040
<v Speaker 1>now if we think about like these is, as you said,

0:16:53.080 --> 0:16:55.960
<v Speaker 1>these rules were created for a company the size of Matter,

0:16:56.320 --> 0:16:59.200
<v Speaker 1>so they were created for a token to be as

0:16:59.440 --> 0:17:01.520
<v Speaker 1>systemic because you know the fact that everybody has a

0:17:01.560 --> 0:17:04.360
<v Speaker 1>Facebook product on their mobile phone, and we have yet

0:17:04.400 --> 0:17:07.120
<v Speaker 1>to have crypto or stable points reached that level. So

0:17:07.680 --> 0:17:10.360
<v Speaker 1>in certain places anyway, the rules are a little bit

0:17:11.160 --> 0:17:14.200
<v Speaker 1>further out of reach of the market at present, perhaps

0:17:14.240 --> 0:17:18.280
<v Speaker 1>for the good. So well, thank you so much Emily

0:17:18.359 --> 0:17:21.320
<v Speaker 1>for joining us. Really appreciate you taking the time, Thanks

0:17:21.320 --> 0:17:24.159
<v Speaker 1>for having me. You can find more of Emily Nichol's

0:17:24.160 --> 0:17:27.280
<v Speaker 1>reporting on the Bloomberg terminal on Bloomberg dot com or

0:17:27.320 --> 0:17:31.399
<v Speaker 1>follow her on Twitter at Emily J. Nicole. That's n

0:17:31.440 --> 0:17:36.840
<v Speaker 1>I c O L L E. On the next episode

0:17:36.840 --> 0:17:40.600
<v Speaker 1>of Bloomberg Crypto, black Rock, the world's largest asset manager,

0:17:41.000 --> 0:17:43.800
<v Speaker 1>teamed up with the crypto exchange coin Base, in a

0:17:43.880 --> 0:17:47.360
<v Speaker 1>move that both Wall Streets and cryptotypes are watching pretty closely,

0:17:47.760 --> 0:17:51.080
<v Speaker 1>not least because of the challenges the coin bases faced recently.

0:17:51.600 --> 0:17:53.840
<v Speaker 1>We'll dive into the latest on the partnership and what

0:17:53.920 --> 0:17:57.040
<v Speaker 1>this all might mean for both Wall Street and cryptom.

0:18:03.880 --> 0:18:07.000
<v Speaker 1>This is Bloomberg Crypto, a daily podcast from Bloomberg and

0:18:07.080 --> 0:18:10.040
<v Speaker 1>I Heart Radio. For more shows from I Heart Radio,

0:18:10.280 --> 0:18:13.359
<v Speaker 1>visit the I Heart Radio app, Apple Podcasts, or wherever

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0:18:17.000 --> 0:18:20.000
<v Speaker 1>suggestions for the show to Crypto at Bloomberg dot net

0:18:20.560 --> 0:18:26.320
<v Speaker 1>or find us on Twitter. We're at Crypto. The supervising

0:18:26.359 --> 0:18:30.160
<v Speaker 1>producer of Bloomberg Crypto is Vicky Vergelina. Our senior producer

0:18:30.200 --> 0:18:34.280
<v Speaker 1>is Janet Babin. Our producer is Mohammed Faruk. Desta wonder

0:18:34.359 --> 0:18:39.520
<v Speaker 1>At is our engineer. Original music by Leo Sidrn. I'm

0:18:39.560 --> 0:18:41.760
<v Speaker 1>Stacy Marie Schmal We'll be back tomorrow