WEBVTT - Crypto Exchanges Have a Plan to Beat Binance 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carole Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all partnising the power of Business 0:00:13.680 --> 0:00:17.159 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analysts in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.479 Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot Com. You 0:00:23.480 --> 0:00:25.439 can also listen to our radio show at two pm 0:00:25.480 --> 0:00:27.880 Eastern Time on the Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:31.200 YouTube search Bloomberg Global News. Tim and I just broke 0:00:31.240 --> 0:00:33.240 down some of the cases, and I do think among 0:00:33.280 --> 0:00:35.880 those top headlines are confirmed cases in the US or 0:00:36.880 --> 0:00:39.559 forty seven percent excuse me in the weekending Sunday. So 0:00:39.600 --> 0:00:43.279 that's the largest weekly rise since April. And we know 0:00:43.880 --> 0:00:46.800 even in the europe in you in European nations like 0:00:46.840 --> 0:00:50.360 they're opening up, Tim, but they're very cautious, uh, in 0:00:50.479 --> 0:00:52.080 terms of how they do it. It's not just that 0:00:52.080 --> 0:00:54.360 we're also seeing some vaccine news, the Watchington Post reporting 0:00:54.360 --> 0:00:56.640 that the FDA is expected to announce new warnings on 0:00:57.000 --> 0:00:59.520 Jane Jay COVID vaccine. We saw J and J shares 0:00:59.520 --> 0:01:01.280 fall on that news. Well, let's get right into it 0:01:01.280 --> 0:01:04.640 with Dr Rohnda Meadows, President of Health Management Providence St. 0:01:04.680 --> 0:01:07.520 Joseph Help, joining us on the phone from Renton, Washington. 0:01:07.600 --> 0:01:11.199 Doctor Meadows, Um, how are you? I am doing great? 0:01:11.200 --> 0:01:14.080 How are you doing well? You know, Carol and I 0:01:14.480 --> 0:01:16.880 late last week we started talking a lot about the variant, 0:01:17.120 --> 0:01:20.000 and we started talking a lot about what we should 0:01:20.000 --> 0:01:22.400 be doing even though we're vaccinated to protect ourselves as 0:01:22.400 --> 0:01:24.679 we continue to see cases increase, and we're just eager 0:01:24.720 --> 0:01:27.240 to hear from you how you're reading into the startling 0:01:27.560 --> 0:01:30.800 number of cases that we're seeing reported around the United States, 0:01:30.840 --> 0:01:35.480 even when vaccinations are readily available. Well they're readily available, 0:01:35.480 --> 0:01:38.000 but we've got people who are not taking advantage of 0:01:38.480 --> 0:01:42.120 their their access the ability they actually get them. We 0:01:42.200 --> 0:01:45.559 talk about people being vaccine hesitant, but if we really 0:01:45.560 --> 0:01:48.360 looked at it, there's probably five different groups. People who 0:01:48.520 --> 0:01:52.120 decline the vaccine because they don't believe that COVID virus 0:01:52.160 --> 0:01:53.960 itself is going to be a harm to them or 0:01:54.000 --> 0:01:56.920 to their loved ones. People who delay because they wanted 0:01:56.960 --> 0:01:58.960 to see how the vaccine is going to do in 0:01:59.040 --> 0:02:01.880 terms of long term time effects and immunity. And the 0:02:01.920 --> 0:02:03.840 people who have four recently decided that they want to 0:02:03.880 --> 0:02:06.960 get it now, they need to find access, transportation, and 0:02:07.120 --> 0:02:09.480 time out of work to go'll get the vaccine itself. 0:02:09.880 --> 0:02:12.080 And then finally, remember that our children at the age 0:02:12.080 --> 0:02:15.320 of twelve are not yet authorized to receive the vaccine. 0:02:15.520 --> 0:02:18.160 They've got a lot of people who are unvaccinated. At 0:02:18.200 --> 0:02:21.919 a time when the COVID virus itself continues to grow 0:02:21.960 --> 0:02:25.160 and to mutate. The Delta variant is the one that 0:02:25.200 --> 0:02:26.960 we are all watching. It's the one that is the 0:02:27.080 --> 0:02:31.120 dominant COVID virus that is going across our nation as 0:02:31.120 --> 0:02:34.520 we speak. Um. That is its accounting for about of 0:02:34.560 --> 0:02:40.239 all hospitalizations from COVID and all almost deaths. Dr medus. 0:02:40.320 --> 0:02:42.079 One of the reasons we love talking with you and 0:02:42.120 --> 0:02:44.640 all of the team at Providence St. Joseph's health is 0:02:45.120 --> 0:02:50.240 the first official case was confirmed of COVID nineteen in 0:02:50.320 --> 0:02:53.480 Washington State at Providence Regional Medical Center and Everett. That 0:02:53.560 --> 0:02:57.880 was back in Jevary January. I've got to say, is 0:02:57.919 --> 0:03:00.280 there any discussions that you guys are having a little 0:03:00.320 --> 0:03:03.000 bit of like tangles up the spine, saying, wait a minute, 0:03:03.040 --> 0:03:05.760 we've we've felt this before, we've seen this before, or 0:03:05.800 --> 0:03:09.000 is it different because we do have a playbook on 0:03:09.160 --> 0:03:12.480 how to treat it, we do have vaccines. So what's 0:03:12.520 --> 0:03:15.200 the difference of people who might be listening to our 0:03:15.240 --> 0:03:18.600 broadcast right now and who might be a little nervous. Well, 0:03:18.600 --> 0:03:20.120 I have to tell you that what's different is we 0:03:20.120 --> 0:03:23.760 actually know quite a bit more than we did last January. Um. 0:03:23.800 --> 0:03:26.280 We actually know that the vaccine does work when it 0:03:26.400 --> 0:03:29.440 is received by people, and we know how to better 0:03:29.480 --> 0:03:31.720 treat people when they do come down with the viral 0:03:31.760 --> 0:03:34.480 infection itself. We've got a lot of more things to 0:03:34.600 --> 0:03:37.200 do to help people now than we had last year. 0:03:37.880 --> 0:03:40.560 Our difficulty is now and making sure that we do 0:03:40.600 --> 0:03:43.640 the extra work and identifying where there are pockets of 0:03:43.680 --> 0:03:47.000 people who are unvacculated and helping them get access to 0:03:47.080 --> 0:03:50.320 those vaccines. And if they don't want it, then we 0:03:50.360 --> 0:03:52.640 have to make sure that they understand what risk they're 0:03:52.680 --> 0:03:55.960 taking and what risk they're putting others out. Well, that's 0:03:55.960 --> 0:03:58.640 a good question, and especially you know Tim pointed out, 0:03:58.680 --> 0:04:01.480 and this is I think probably our most important headline 0:04:01.520 --> 0:04:03.600 today is the FDA expected to announce a new warning 0:04:03.640 --> 0:04:05.960 on the J and J COVID vaccine is coming from 0:04:06.000 --> 0:04:08.840 the Washington Post. Headlines like that make people even more 0:04:08.840 --> 0:04:12.760 nervous about getting the vaccine. By not getting the vaccine, 0:04:13.600 --> 0:04:16.000 you can't force somebody to do it, right, It's it's 0:04:16.040 --> 0:04:20.320 their choice. But having said that, then for those who 0:04:20.360 --> 0:04:23.919 do get vaccinated, what do they need to be careful about? 0:04:23.960 --> 0:04:27.000 Then understanding that there are people still out there that 0:04:27.080 --> 0:04:31.080 can be hosts and carriers of new variants, and can 0:04:31.120 --> 0:04:33.960 we who are vaccinated be a carrier of these new 0:04:34.040 --> 0:04:38.000 variants as well? So less likely if you're fully vaccinated, 0:04:38.120 --> 0:04:41.400 meaning you can see two doses of either the Visor 0:04:41.560 --> 0:04:44.719 or more Donna vaccine, you are less likely to be 0:04:44.800 --> 0:04:46.680 a kill. You're u less likely to get the illness, 0:04:46.720 --> 0:04:51.560 not but maybe something percent right, so much higher? Um. 0:04:51.640 --> 0:04:53.800 I think what people need to think about when they're 0:04:53.800 --> 0:04:57.200 getting the vaccine today, even when they hear the different news, 0:04:57.200 --> 0:04:59.560 whether Richard J and J or someone else, is an 0:04:59.560 --> 0:05:02.480 a mixture that they weigh their own risk, their own 0:05:02.480 --> 0:05:05.680 health risk to of what COVID would do to them 0:05:05.839 --> 0:05:09.159 if they actually got it the actual illness itself, and 0:05:09.240 --> 0:05:10.880 make sure that they also weigh the risk of what 0:05:10.960 --> 0:05:12.520 it will do to their loved ones because they are 0:05:12.560 --> 0:05:15.440 the carrier for the source of transmission to their loved 0:05:15.480 --> 0:05:17.799 ones in their home, particularly when people live in multi 0:05:17.839 --> 0:05:22.120 generational homes, there's an increased risk. That's that's that far 0:05:22.200 --> 0:05:25.479 exceeds in east side effects potential, But the vacuum itself. 0:05:26.400 --> 0:05:29.240 I understand worries. Well, we have heard stories just in 0:05:29.240 --> 0:05:31.280 the last minute. Then we're gonna come back with you, um, 0:05:31.400 --> 0:05:36.479 doctor Meadows. But I'm wondering if you at a Providence 0:05:36.480 --> 0:05:39.880 Saint Choseph's Health are are requiring people who work there 0:05:39.920 --> 0:05:44.359 to get vaccinated. We we don't actually have a vaccine mandate. 0:05:44.440 --> 0:05:47.680 We have a vaccine policy where we're encouraging our workforce 0:05:48.040 --> 0:05:50.760 to get the vaccine. If they decline to get the 0:05:50.839 --> 0:05:54.359 vaccine for whatever reason, then they are actually required to 0:05:54.400 --> 0:05:57.680 wear a personal protective gear to protect both themselves, the 0:05:57.800 --> 0:06:01.440 patients and their colleagues at work. Um. This applies to 0:06:01.640 --> 0:06:05.560 everybody in our health care facilities m both ambiatory acute 0:06:05.640 --> 0:06:08.640 anywhere that and long term care. Do you anticipate that 0:06:08.760 --> 0:06:14.240 could change if these get full FDA approval? I do. 0:06:14.360 --> 0:06:16.799 I think it's a matter of when it gets full approval. 0:06:17.120 --> 0:06:19.560 When we're able to get people to really buy in 0:06:19.600 --> 0:06:22.159 and feel more trust. That small group that's still has itant, 0:06:22.400 --> 0:06:24.800 we have work to do to encourage them um to 0:06:24.920 --> 0:06:27.920 make sure they understand what's going on. At the same time, 0:06:27.960 --> 0:06:30.520 we also need to continue the effort of keeping people 0:06:30.600 --> 0:06:34.880 that they are treating and care for safe. That responsibility 0:06:34.920 --> 0:06:37.120 as well. I want to get back to Dr Rohnda Meadows, 0:06:37.120 --> 0:06:39.560 president of Health Management at Providence St. Joseph Health. It 0:06:39.640 --> 0:06:41.360 is one of the largest health care systems in the 0:06:41.480 --> 0:06:43.760 U S. Was home to the first confirmed COVID case 0:06:44.120 --> 0:06:46.800 back in early She's still with us on the phone 0:06:46.800 --> 0:06:50.560 from Wenton Washington, Rent in Washington. Excuse me, hey, Dr Meadows. 0:06:50.640 --> 0:06:52.120 One thing I want to just follow up on the 0:06:52.120 --> 0:06:55.280 conversation we were having before the break is that, so 0:06:55.520 --> 0:06:59.440 what do we there are those individuals who have gotten 0:06:59.480 --> 0:07:03.719 the vacs seen need to be concerned about worry about 0:07:04.080 --> 0:07:07.919 when it comes to those who haven't had it. I 0:07:07.960 --> 0:07:10.160 think it's more a matter of those who are already 0:07:10.240 --> 0:07:14.960 vaccinated encouraging those who haven't to get vaccinated, because as 0:07:14.960 --> 0:07:18.160 long as they are unvaccinated pockets of people there is 0:07:18.200 --> 0:07:21.120 actually the opportunity for the virus to continue to mutate 0:07:21.600 --> 0:07:24.640 and spread. Right now with the delta variant, we're looking 0:07:24.720 --> 0:07:28.640 at something that is more highly transmissible UM, and it 0:07:28.800 --> 0:07:33.240 is causing the people who are sick in hospitalization for 0:07:33.600 --> 0:07:37.080 covid UM. There's also accounting for nine of the death 0:07:37.160 --> 0:07:41.120 that are occurring. Accounts are increasing. The people who are 0:07:41.280 --> 0:07:45.280 vaccinated are actually much more protected UM. They're less likely 0:07:45.320 --> 0:07:47.640 to get ill UM, but with what we don't want 0:07:47.680 --> 0:07:50.480 them to do is to become carriers. Less likely but 0:07:50.600 --> 0:07:55.320 still possible. So it's really more about the unvaccinated UM. 0:07:55.360 --> 0:07:57.800 The people who are vascinated have children are going to 0:07:57.920 --> 0:08:00.240 be wanting to protect their children if they run as 0:08:00.240 --> 0:08:03.120 well on seriod of TALL and can't be vaccinated. If yet, 0:08:04.440 --> 0:08:06.680 Dr Meadows, I want to talk about something that Carol 0:08:06.720 --> 0:08:08.560 and I have spoken a lot about on on Bloomberg 0:08:08.560 --> 0:08:11.560 Business Week Radio, and it's the other crisis that are happening. Well, 0:08:11.600 --> 0:08:13.840 we are still dealing with this pandemic. There has been 0:08:13.840 --> 0:08:16.560 a renewed focus on mental health over the last eighteen 0:08:16.600 --> 0:08:19.440 months because of isolation in the way that the pandemic 0:08:19.480 --> 0:08:21.920 has affected each and every one of us in different 0:08:21.920 --> 0:08:24.560 and diverse ways. And then I'm wondering about community support 0:08:24.640 --> 0:08:28.200 systems for mental health during crises such as these, What 0:08:28.400 --> 0:08:31.240 is available and to what extent are are people actually 0:08:31.240 --> 0:08:34.520 tapping into them? Okay, I think we're going to find 0:08:34.720 --> 0:08:38.280 UM that what the services that people chapped into during 0:08:39.840 --> 0:08:42.000 one Most of us knew that we did not have 0:08:42.320 --> 0:08:48.000 enough clinic or professional base in person fights available for access. 0:08:48.040 --> 0:08:53.280 People have availed themselves to virtual online mental health services 0:08:53.400 --> 0:08:56.760 and group counseling a group chats will need more of those. 0:08:57.160 --> 0:08:59.240 What I'm expecting, and I think what most of us 0:08:59.280 --> 0:09:03.280 are expecting is that the increase in depression, substance use, 0:09:04.040 --> 0:09:09.599 substance abuse UM, anxiety disorders, post traumatic stress type disorders 0:09:09.720 --> 0:09:13.240 will not have been resolved anytime soon. We can do 0:09:13.360 --> 0:09:17.720 is actually get the resources increased and available to address them. 0:09:18.120 --> 0:09:20.600 And this is not just for adults. I am probably 0:09:20.600 --> 0:09:24.720 more concerned about children because they again not only have 0:09:24.840 --> 0:09:28.480 suffered through the pandemic, but disruption of their social starcles, 0:09:28.880 --> 0:09:31.920 of their education, of their home life UM, and of 0:09:32.040 --> 0:09:34.120 the social supports that they normally would get if they 0:09:34.120 --> 0:09:38.120 were in the schools or in community groups and activities. 0:09:38.600 --> 0:09:40.439 So this abject is going to be a long term 0:09:40.840 --> 0:09:43.240 UM challenge that we're going to have to address and 0:09:43.320 --> 0:09:45.640 if we haven't started enough now we need to get 0:09:45.640 --> 0:09:48.960 going and whither wise we may find ourselves with a 0:09:49.120 --> 0:09:51.840 generation of lost children. No, it's a really good point, 0:09:51.920 --> 0:09:54.200 a really important point, uh, and something we can't just 0:09:54.280 --> 0:09:57.520 kind of forget as the world gets back to somewhat 0:09:57.520 --> 0:10:00.920 of a quote unquote normal status. UM. I do have 0:10:00.920 --> 0:10:03.960 a question for you though, in your conversations with health 0:10:04.000 --> 0:10:06.960 care plans, I mean, are things changing in terms of 0:10:06.960 --> 0:10:10.079 how we think about care wellness care? We have lots 0:10:10.080 --> 0:10:12.040 of conversations about it, but I do wonder whether or 0:10:12.080 --> 0:10:15.000 not we're thinking differently about how we all take care 0:10:15.080 --> 0:10:18.520 of our health generally when we're feeling good, and how 0:10:18.559 --> 0:10:22.880 we look about think about maintaining that wellness. And just 0:10:22.920 --> 0:10:27.080 got about forty seconds here, Okay, we are both on 0:10:27.120 --> 0:10:30.280 the health plan side and our delivery side, and I think, well, 0:10:30.440 --> 0:10:33.280 this I'm speaking about Providence is actually across the board 0:10:33.559 --> 0:10:38.920 and other industry partners that we've been working with UM wellness, prevention, immunization, 0:10:39.600 --> 0:10:42.640 but also the importance of actually doing integrated care that 0:10:42.679 --> 0:10:46.520 includes mental health services. Most places you will see will 0:10:46.559 --> 0:10:49.880 also have a commitment to health equity, which means addressing 0:10:49.880 --> 0:10:52.679 the disparities that have been there long term, as well 0:10:52.679 --> 0:10:56.600 as disparities and COVID. Right now, we have another opportunity 0:10:56.760 --> 0:11:00.040 right now today to prevent the next wave of a 0:11:00.160 --> 0:11:04.480 bit illnesses from being desparing right from impacting black and 0:11:04.559 --> 0:11:09.280 hispatic populations. Worse. Right now, the vaccination rates and these 0:11:09.320 --> 0:11:12.720 populations are still lower that we want to see them. 0:11:13.320 --> 0:11:16.160 They We didn't make some gains, but not enough. We 0:11:16.200 --> 0:11:18.400 have blocks of work to do, all right, We've got 0:11:18.400 --> 0:11:20.240 to run um. Thank you so much for your time today. 0:11:20.320 --> 0:11:23.600 Dr Rhonda Meadows, president of Health Management at Providence St. 0:11:23.679 --> 0:11:27.440 Joseph's Health, on the phone from Wenton, Washington. The gaps 0:11:27.520 --> 0:11:29.960 just are still their ten. Yeah. It's it's in a way, 0:11:29.960 --> 0:11:32.240 it's just mind boggling to think we're so far but 0:11:32.400 --> 0:11:36.080 yet so far away from actually being done with this pandemic. Yeah, exactly. 0:11:36.679 --> 0:11:40.720 This is Bloomberg Business Week with Carol Masser and Bloomberg 0:11:40.840 --> 0:11:44.920 Quick Takes Tim Stinovic from Bloomberg Radio. Coming up in 0:11:44.960 --> 0:11:47.640 this week's issue of Bloomberg Business Week a story on 0:11:47.679 --> 0:11:50.640 how crypto exchanges have a plan to beat finance. It's 0:11:50.640 --> 0:11:53.560 the exchange that has quietly and rather mysteriously taken the 0:11:53.600 --> 0:11:57.520 top spot among the world's cryptocurrency exchanges. So unraveling some 0:11:57.559 --> 0:12:00.720 of the mystery of this very mysterious world in general. 0:12:01.000 --> 0:12:03.520 Is Bloomberg News Finance reporter Catch Klinsky. She's on the 0:12:03.520 --> 0:12:05.520 phone in New York City along with Business Week editor 0:12:05.760 --> 0:12:07.760 Chill Weber on the remote access line in Brooklyn, and 0:12:07.800 --> 0:12:11.280 we already had like a really great conversation about everything. 0:12:11.280 --> 0:12:15.679 We said, again, mind, you know what, what stands out 0:12:15.720 --> 0:12:17.960 to me the story that Cat is the lead writer 0:12:18.080 --> 0:12:21.600 on is sort of what this universe of crypto exchanges 0:12:21.679 --> 0:12:24.000 looks like. And there is a sort of a bad 0:12:24.040 --> 0:12:25.920 boy actor that is the elephant in the room here, 0:12:25.920 --> 0:12:28.959 which is which is binance? Right? Cat? And in order 0:12:29.000 --> 0:12:34.800 to compete with um finance, what have the competitive landscaped 0:12:34.840 --> 0:12:39.560 of crypto exchanges chosen to do? For many years now, 0:12:39.600 --> 0:12:41.880 it's been really hard to compete with Finance. I mean, 0:12:42.000 --> 0:12:44.600 they list so many coins, you know, they really are 0:12:45.080 --> 0:12:47.840 you know, they've taken the top spot UM quite easily. 0:12:48.160 --> 0:12:50.640 And so now we're seeing a lot of exchanges as 0:12:50.679 --> 0:12:52.679 finance sort of in the cross hairs of a lot 0:12:52.720 --> 0:12:55.880 of global regulators and under a lot of scrutiny. We 0:12:55.960 --> 0:12:58.920 see more exchanges saying, hey, no, we're going to be 0:12:59.080 --> 0:13:01.160 sort of, you know, the one that follows the rules, 0:13:01.200 --> 0:13:03.199 and we're going to hope that that strategy long term 0:13:03.200 --> 0:13:05.439 pays off. Whether it does, I think will be sort 0:13:05.480 --> 0:13:07.800 of remains to be seen. But you know, I think 0:13:07.800 --> 0:13:09.839 it's one way that a lot of exchanges now are 0:13:09.840 --> 0:13:14.000 trying to plot their own path. Finance, though, doesn't even 0:13:14.040 --> 0:13:18.480 allow US customers explain what's going on here because there's 0:13:18.480 --> 0:13:21.079 also Finance am I saying this right, Finance dot US 0:13:21.720 --> 0:13:24.440 or Finance U S you're correct, and yeah, and they're 0:13:24.640 --> 0:13:26.920 they're different. They were founded by the you know, same person, 0:13:27.040 --> 0:13:30.480 and they have licensed some technology in the past, but 0:13:31.080 --> 0:13:33.240 but they maintain it very separately. And I think that's 0:13:33.240 --> 0:13:35.400 what you've seen a lot of science changes. I mean, 0:13:35.400 --> 0:13:37.360 if you look at many of the top ones, a 0:13:37.400 --> 0:13:40.160 lot of them don't actually allow US investors. And part 0:13:40.160 --> 0:13:44.200 of this is sort of district regulatory regime we tend 0:13:44.240 --> 0:13:46.840 to have in this country, even though you know, crypto 0:13:46.880 --> 0:13:50.080 obviously is still a newer asset to be regulated. And 0:13:50.120 --> 0:13:52.360 I think part of that is many many of these 0:13:52.360 --> 0:13:54.439 exchanges say, we don't you know, We're not going to 0:13:54.520 --> 0:13:57.440 go through all these hurtles in a constantly changing world. 0:13:57.800 --> 0:14:00.400 But you see many exchanges like you know, take Gemini 0:14:00.520 --> 0:14:03.960 obviously founded by the Winklebox twin. They're really trying to say, no, 0:14:04.200 --> 0:14:07.120 it's the right path is to enter this you know, 0:14:07.480 --> 0:14:10.559 this more regulated country and trying and plot a path here. 0:14:10.600 --> 0:14:13.840 And that's how long term, you know, our strategy is 0:14:13.840 --> 0:14:15.800 going to pay off. Let's let's talk more about the 0:14:15.800 --> 0:14:19.560 Winkle v the plural form of the winkle box tins 0:14:19.760 --> 0:14:23.440 um and Gemini um cat. So that what they basically 0:14:23.600 --> 0:14:26.640 say they're doing is like, we know that there will 0:14:26.680 --> 0:14:29.800 be rules eventually, and so we need to basically get 0:14:29.840 --> 0:14:34.320 ahead of regulators and and except that there will be rules, right, Um, 0:14:34.720 --> 0:14:37.760 So how has that worked out for them versus even 0:14:37.800 --> 0:14:42.520 the other exchanges that are saying something similar? Yeah, So, 0:14:42.560 --> 0:14:45.560 I mean that is their strategy. They created the Virtual 0:14:45.600 --> 0:14:48.560 Commodity Association, which was sort of, you know, essentially to 0:14:48.560 --> 0:14:51.160 be like kind of almost a self policing share for 0:14:51.200 --> 0:14:53.920 this industry to think about, how do you actually you know, 0:14:54.160 --> 0:14:56.560 set up a regulatory theme and an asset that's so 0:14:56.680 --> 0:14:58.760 knew that many regulators are just trying to get their 0:14:58.800 --> 0:15:02.080 heads around. But you know, it hasn't worked out obviously 0:15:02.360 --> 0:15:05.440 that well yet, and that's because it's being companies like 0:15:05.520 --> 0:15:08.960 Finance who will list every point, you know, and um 0:15:09.200 --> 0:15:12.480 maybe are a little less scrutinizing with those. Um we've 0:15:12.480 --> 0:15:14.840 seen them jep to the top. And I think you know, 0:15:15.160 --> 0:15:18.000 but the companies that are trying to follow these regulations 0:15:18.000 --> 0:15:20.760 are saying now that Finance is under a lot of scrutiny, 0:15:20.840 --> 0:15:23.360 they're saying, hey, you know, this is this is part 0:15:23.360 --> 0:15:26.680 of our strategy is to work our way through these 0:15:26.760 --> 0:15:29.880 you know, regulations, even if they're new, because it is 0:15:29.920 --> 0:15:32.440 going to be worth it in the end. Um. But 0:15:32.560 --> 0:15:35.040 you know, even to Gemini's point, you know, they say, 0:15:35.560 --> 0:15:38.520 the landscape here in the US moving very slow, so 0:15:38.640 --> 0:15:41.120 they've got to you know, kind of expand a little 0:15:41.160 --> 0:15:44.080 more globally to make sure that that they can keep 0:15:44.080 --> 0:15:47.200 pace right and cut us the exchanges to to something 0:15:47.200 --> 0:15:49.720 extented doing their own policing right. I mean, there's so 0:15:49.760 --> 0:15:53.720 many new cryptocurrencies out there, there's thousands, so they've got 0:15:53.720 --> 0:15:56.920 to kind of weed through and decide which ones actually 0:15:56.960 --> 0:16:00.200 get to trade on their exchanges, agreed. And it is 0:16:00.200 --> 0:16:02.720 actually kind of challenging. You know. We we talked to 0:16:02.920 --> 0:16:06.040 someone at Galaxy Digital, Jason Urban. He's there a global 0:16:06.080 --> 0:16:08.920 cohead of trading, and he said, you know, not only 0:16:08.960 --> 0:16:11.520 do you have to a figure out how to connect 0:16:11.560 --> 0:16:13.800 all these coins to the exchange, you have to make 0:16:13.800 --> 0:16:16.200 sure you have to set up in the technology behind it, 0:16:16.240 --> 0:16:18.720 but you also have to sort of scrutinize, you know, 0:16:18.800 --> 0:16:23.440 whether this is an unregistrated unregistrated security and there's not 0:16:23.480 --> 0:16:25.320 a lot of clarity, so you have to sort of 0:16:26.080 --> 0:16:28.200 you know, have a lot of legal and compliance teams. 0:16:28.200 --> 0:16:30.560 And that's what we've seen over the past you know years, 0:16:30.720 --> 0:16:33.520 is a lot of these exchanges, such as coin Base, 0:16:33.560 --> 0:16:36.880 which obviously recently went public, hiring more people to help 0:16:36.880 --> 0:16:40.080 with compliance and policy and issues like that, which is 0:16:40.080 --> 0:16:42.040 a whole other issue. If you become a public entity 0:16:42.080 --> 0:16:44.160 where you're trading, I don't know, I can't get my 0:16:44.200 --> 0:16:45.800 head around it. Okay, can we just take a step 0:16:45.800 --> 0:16:47.160 back here, because I think this is a world that 0:16:47.240 --> 0:16:49.800 is still unfamiliar to so many people and and really 0:16:49.840 --> 0:16:53.800 explain people, for people who haven't necessarily bought and sold cryptocurrency, 0:16:53.800 --> 0:16:58.040 what it is exactly these exchanges do the services they offer. Yeah, 0:16:58.080 --> 0:17:01.120 so many of them obviously offer range of services, but 0:17:01.560 --> 0:17:03.960 obviously the big one is they allow you to actually 0:17:03.960 --> 0:17:06.120 trade the coins on them. Some of them will offer 0:17:06.280 --> 0:17:10.400 also offer services such as custody and different um different 0:17:10.840 --> 0:17:14.040 you know, offerings for institutional clients as well, so any 0:17:14.160 --> 0:17:18.280 you know, pictured plant touch managers anything like that. Um So. Yeah, 0:17:18.280 --> 0:17:20.359 so they often have a range of services, but trading 0:17:20.440 --> 0:17:23.280 is obviously the big one. You know. They essentially want 0:17:23.320 --> 0:17:25.920 to have you know, investors who are interested to help 0:17:26.000 --> 0:17:29.280 kind of beef up the activity on their platform, but 0:17:29.320 --> 0:17:31.320 they also need to be scrutinizing and make sure that 0:17:31.359 --> 0:17:33.840 they're you know, not adding coins that are just you know, 0:17:33.920 --> 0:17:38.679 com completely fraudules. So when when you think about and 0:17:38.760 --> 0:17:41.480 this is super simplistic, but you have the rules and 0:17:41.600 --> 0:17:43.760 the exchanges that are buiding by the rules, and maybe 0:17:43.800 --> 0:17:47.239 the binances that are maybe not as clear how they 0:17:47.280 --> 0:17:49.840 stand on it. And then you've got obviously the regulators, 0:17:50.280 --> 0:17:52.399 and what do we think that the regulators are just 0:17:52.400 --> 0:17:55.720 going to look at you know, even these homegrown rules, 0:17:55.760 --> 0:17:57.280 if you will, How are they going to look at 0:17:57.320 --> 0:18:00.960 that when the time comes? Yeah, I mean I think 0:18:01.119 --> 0:18:04.040 you know, regulators are trying and We've seen it a lot, 0:18:04.160 --> 0:18:07.480 especially with comments from the Biden administration. You know, regulators 0:18:07.480 --> 0:18:10.479 are trying to really kind of wrap their heads around it, 0:18:10.560 --> 0:18:13.520 and how do you actually impose sort of a framework 0:18:13.560 --> 0:18:15.879 on this world, which is you know, meant to be 0:18:16.040 --> 0:18:20.880 sort of uh a little more, a little more outside 0:18:20.960 --> 0:18:24.040 you know, the realms of normal, normal finance. Um. So, 0:18:24.080 --> 0:18:26.120 I think there's going to be a lot of changes 0:18:26.200 --> 0:18:29.480 probably over the next few years, as regulators start to say, 0:18:29.960 --> 0:18:33.040 you know, here's what we need from this from this 0:18:33.119 --> 0:18:35.879 part of the market. I just feel like there's so 0:18:35.920 --> 0:18:37.520 many questions gotta figure it out. What do you end 0:18:37.600 --> 0:18:40.400 up with multiple exchanges? Like, I mean, I think that's 0:18:40.400 --> 0:18:45.240 exactly right, right, I mean, that's not without uh you 0:18:45.280 --> 0:18:49.200 know president how it works. I mean, well, one thing 0:18:49.200 --> 0:18:51.159 that's amazing to me is just how big they become 0:18:51.240 --> 0:18:56.639 when such a small portion of it's effectively like you 0:18:56.640 --> 0:19:00.320 you blinked and it's ntic. Yeah. Well, which is what 0:19:00.359 --> 0:19:02.840 you were saying before we got started, is think about 0:19:02.880 --> 0:19:05.639 what happened in the past decade, like what the next 0:19:05.680 --> 0:19:09.760 decade breaks, I mean exactly right, like ten years of 0:19:09.800 --> 0:19:12.040 what we've just gone through, and then you think about 0:19:12.040 --> 0:19:14.840 all the splintering. I'm like thinking of watching Loki just 0:19:14.880 --> 0:19:18.560 to understand what happens with time. Oh man, that's the 0:19:18.600 --> 0:19:22.840 best reference the week already. All right, thank you so much, 0:19:22.920 --> 0:19:31.120 catch glean Skin and Toolebber. This is Bloomberg Business Week 0:19:31.280 --> 0:19:35.160 with Carol Masser and Bloomberg Quick Takes Tim Stinovik on 0:19:35.280 --> 0:19:38.399 Bloomberg Radio. So there have been a flour of headlines 0:19:38.480 --> 0:19:40.840 out of China's The Chinese government has been cracking down 0:19:40.840 --> 0:19:43.360 on data security, and the big Chinese companies that collected 0:19:43.359 --> 0:19:46.440 all on the crossfire DV Global, they warn't today have 0:19:46.440 --> 0:19:49.480 an adverse impact after complying with the Chinese order to 0:19:49.800 --> 0:19:52.919 remove twenty five more apps from mobile stories for violations 0:19:52.960 --> 0:19:55.320 of data security loss. So much going on, Tim, you 0:19:55.320 --> 0:19:57.320 and I have been talking about it. We couldn't wait 0:19:57.320 --> 0:19:59.199 to kind of catch up with Andy Brown. He's been 0:19:59.240 --> 0:20:02.120 on vacation, but he's here now because we know China 0:20:02.200 --> 0:20:04.439 is clearly on a mission. And of course, Bloomberg New 0:20:04.480 --> 0:20:08.480 Economy Editorial director uh in our Interactor Broker's studio, the 0:20:08.480 --> 0:20:10.760 reason we want to talk to you is you understand 0:20:10.840 --> 0:20:15.000 China like no other. To be quite honest, you've worked there, 0:20:15.119 --> 0:20:17.720 lived there Um worked for the Wall Street Journal for 0:20:17.760 --> 0:20:20.520 a long time. What what is the mission that China's 0:20:20.760 --> 0:20:25.520 on right now? What we're seeing right now is for 0:20:25.680 --> 0:20:31.439 the evidence that the US and Chinese economies decoupling. The 0:20:31.480 --> 0:20:36.200 relationship is falling apart. We've seen it in the tech space, 0:20:36.280 --> 0:20:40.000 We've seen it in the internet space, and now we're 0:20:40.000 --> 0:20:44.000 starting to see it in capital markets. That China is 0:20:44.040 --> 0:20:47.960 effectively making it a lot more difficult for its own 0:20:48.000 --> 0:20:53.440 companies to access US capital markets, which ironically is exactly 0:20:53.920 --> 0:20:58.800 what two successive US presidents, starting with Donald Trump and 0:20:58.880 --> 0:21:02.600 continuing now under Joe Biden, have had in mind. It's 0:21:02.720 --> 0:21:06.520 their agenda too. They have been sanctioning Chinese companies and 0:21:06.600 --> 0:21:10.200 making it more difficult for US investors to buy into 0:21:10.240 --> 0:21:14.840 their shares. This extends that what is the motivation? Why 0:21:14.880 --> 0:21:17.080