Bloomberg Crypto 05/28/2024

♪ BLOOMBERG WORLD HAD WORKED –>>LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK.I'M KATIE GREIFELD. >> LOOK AT THE STUDIO. >> I FEEL LIKE WE ARE NOTSUPPOSED TO BE HERE. BUT WE WILL BE HERE FOR ACOUPLE OF WEEKS. >> MAKING CHANGES ELSEWHERE,BUT SURPRISES TO COME. IT FEELS LIKE HOME.

>> THE SEC PAVES THE WAY FORTHE EVENTUAL LAUNCH OF INVESTING DIRECTLY IN ETHER.AN UNLIKELY TURN OF EVENTS COMPARED TO A COUPLE OF WEEKSAGO. >> ETNS HOLDING TWO BITCOIN ANDETHER DEBUT. THE WISDOM TREE, 21 CHAIRS ATINVESCO. AMONG THE APPROVED ISSUERS. >> WE WILL TALK WITH OPHELIASNYDER FROM 21 SHARES. AND THE NEXT STEPS FOR U.S.ETHER ETF'S WITH CATHERINE DOWLING.

>> ALL THAT AHEAD ON BLOOMBERGCRYPTO. HERE'S A SNAPSHOT OF THE MARKET.IF YOU WANT TO START WITH ETHER, GIVEN THE SEC ACTION WESAW LAST WEEK, WE WILL HAVE MORE ON THAT IN A MOMENT.ETHER IS UP ABOUT 3%. IT SURGED LAST MONDAY.THAT WAS AHEAD OF THE SEC SIGNING OFF ON A PROPOSAL TOLIST PRODUCTS TIED TO ETHER. CHECKING IN ON BITCOIN, WE CANCALL THAT 2%. IT IS MOVING TODAY ON NEWS TIEDTO MOUNT GOC'S. IT WAS ONCE THE BIGGEST BITCOINEXCHANGE. IT WAS HACKED IN 2011.

IT WENT BANKRUPT IN 2014.TRADERS ARE MONITORING TRANSFERS BY WALLACE BELONGINGTO THE EXCHANGE. THE ADMINISTRATORS HAVE BEENTRYING TO RETURN $9 BILLION OF BITCOIN TO CREDITORS. >> THAT'S GO BACK TO ETHER ANDTHE WEEKLY CHANGE. LAST WEEK'S DEVELOP ITS WITHTHE SEC LIFTED THE TOKEN TO ITS BEST WEEK IN MORE THAN THREEYEARS. WE ARE TALKING ABOUT A JUMP OFABOUT 25%. THE BEST WEEK SINCE 2021.

>> LOOK AT THE SPREAD BETWEENIMPLIED VOLATILITY OF BITCOIN AND ETHER.MUCH BIGGER SWINGS IN ETHER THAN IN BITCOIN IN THE COMINGMONTHS. ETHER IS CLOSE TO 70% THIS YEAR.BITCOIN MADE NEW RECORDS EARLIER THIS YEAR.ETHER STILL HAS NOT SURPASSED THE 2021 HIGHS. >> AS THE SEC PAVES THE WAY FOREITHER ETF'S, THE LONDON STOCK EXCHANGE ISSUED A BATCH OFSTOCK EXCHANGE NOTES RELATED TO BITCOIN AND ETHER.WE WILL DISCUSS THESE TOPICS.

WITH EMILY GRAFFEO AND EMILYNICOLE. WE HAVE BOTH OF THE EMILY'S FORTHIS. I WILL START WITH EMILY GRAFFEOIN NEW YORK. LET'S TALK ABOUT ETHER AND WHATHAPPENED WITH THE SEC. IT WAS NOT FULL APPROVAL, WHAT WAS IT? >> IN ORDER FOR THE ETHER ETF'STO BEGIN TRADING ON EXCHANGES AND INVESTORS TO PURCHASE THEM,THE REGULATOR HAS TO SIGN OFF ON TWO SEPARATE FILINGS.THE APPROVAL OF ONE OF THE FILINGS WE SAW LAST WEEK KNOWNAS THE 19 BE FOUR FORMS WERE.

NECESSARILY BUT NOT SUFFICIENT.WE STILL HAVE TO SEE THE REGULATORS SIGN OFF ON S1.IT IS A PROSPECTUS FILING THAT THEY FILE.ALL INFORMATION ABOUT THE FUND, RISK DISCLOSURES.UNLIKE THE FIRST BATCH OF THESE PAPERS WE SAW APPROVED LASTWEEK, THEY DON'T HAVE A DEADLINE. SO THE SEC DOES NOT HAVE ACERTAIN DATE THEY HAVE TO MAKE A STATEMENT ON THESE FUNDS.YOU MIGHT BE WAITING FOR DAYS, WEEKS, EVEN MONTHS FOR THE NEXTSTEP BEFORE THEY ACTUALLY BEGIN.

TRADING. >> THAT IS MY NEXT QUESTION,ABOUT THAT TIMELINE. IF THE SEC DOES NOT HAVE ADEADLINE, WHAT IF FOLKS ARE WAITING FOR THE APPROVAL?WHAT IS THEIR TIMELINE? AND WHAT HAPPENED WITH BITCOINA FEW MONTHS AGO. >> IT WAS DIFFERENT.WITH BITCOIN ETF'S, WE SAW THE REGULATORS SIGN OFF ON BOTHFORMS AT THE SAME TIME. THAT IS WHY THE FUNDS STARTEDTRAINING — TRADING. THEY ARE APPROVED, AND THENTHEY STARTED TRADING THE NEXT.

DAY.THE S1 IS UP TO THE ISSUERS HOW QUICKLY THEY GET THE PAPERWORKIN AND HOW QUICKLY THE SEC WILL SIGN OFF ON IT WITH A LOT OFTHESE ISSUERS, THEY WERE NOT VERY PREPARED FOR THOSE TO BEAPPROVED AS THEY WERE. NOW SOME ISSUERS SAY I'M NOT ASPREPARED TO GET MY S1 READY. I HAVE TO BE SCRAMBLING.OTHERS SAY WE KNEW ALL ALONG. WE WERE OPERATING LIKE THAT. SO THE SEC COULD APPROVE SOMEBEFORE OTHERS. MAYBE IF THOSE FIRMS ARE READY.IT IS ALL UP IN THE AIR.

WE WILL HAVE TO SEE IF THEY ARELIKELY TO APPROVE EVERYTHING AT ONCE. BUT WE DON'T KNOW.I HAVE SPOKEN TO LAWYERS TRYING TO NAIL DOWN — WHEN AM I GOINGTO HAVE TO WRITE THE NEXT ARTICLE ON THIS?THEY SAID WE REALLY DON'T KNOW. >> IT WAS A STUNNING TURN OFEVENTS. LAST WEEK WAS A SCRAMBLE FORREPORTERS BUT. ISSUERS AS WELL. WE WILL TALK ABOUT THE LONDONSTOCK EXCHANGE AS WELL. THE FIRST DAY OF TRADING FORTHE BITCOIN AND ETHER EXCHANGE TRADED NOTES.THESE ARE ONLY FOR PROFESSIONAL.

INVESTORS.TALK US THROUGH HOW THIS IS DIFFERENT FROM WHAT WE ARESEEING STATESIDE. >> IN THE U.S., IT WAS A BIGDEAL WHEN BITCOIN ETF'S GOT APPROVED READ IN JANUARY, ITWAS A HERALDIC MOMENT. IN EUROPE, WE HAD CRYPTO ETP'SGOING ON FIVE YEARS EVEN MORE. IT HAS REALLY BEEN A LONG TIMESINCE IT HAS COME TO LONDON. ISSUERS LOBBYING TO GET THISDONE IN THE U.K. FOR QUITE SOME TIME.IT CAME AS A BIT OF A SURPRISE WHEN THE REGULATOR FINALLY SAIDMAYBE YOU CAN DO THIS FOR.

PROFESSIONALS.IT HAS BEEN A LONG TIME COMING. ISSUERS ONLY HAD A FEW WEEKS TOGET READY. IT HAS BEEN SCRAMBLING ON BOTHSIDES OF THE FUND. >> WHAT DO WE EXPECT IN TERMSOF FLOWS? >> BECAUSE IT IS INVESTORSONLY, WE DON'T ASK BECHTEL A LOT.SOME SAY WE DON'T EXPECT TO SEE ANY MOVE THEIR HOLDINGS FROMEUROPE TO LONDON. BECAUSE THEY ARE PROFESSIONALS,THIS IS WHAT THEY DO, THEY DON'T NEED THINGS IN LONDON OREUROPE OR WHEREVER.

BECAUSE OF THAT, WE DON'TEXPECT A LOT OF FLOWS GOING INTO THESE PRODUCTS.IT IS A STEPPINGSTONE. IF THESE THINGS GO WITHOUT AHITCH AND YOU SEE A FLOW OR DEMAND, IT WILL BE A CASE TOMAKE UNTIL REGULARS SAY YOU NEED TO OPEN IT UP. >> THAT IS WHAT WE ARE GOING TOBE TALKING ABOUT. THANK YOU TO THE EMILY'S.ONE EMILY IN NEW YORK, ONE IN LONDON.THANK YOU FOR JOINING US. JOINING US NOW IS ONE OF THEFILERS, OPHELIA SNYDER.

A BIG WEEK FOR 21 SHARES.THE SEC PAVING THE WAY FOR THE EVENTUAL LAUNCH OF THE U.S.ETHER ETF'S. AND THE NEWS WE HAVE MENTIONEDTHROUGH THE PROGRAM, THE LONDON STOCK EXCHANGE DEBUTING THEBATCH OF EXCHANGE TRADED NOTES. EXPLAIN THE CONTEXT AND WHEREYOU THINK WE ARE WHEN IT COMES TO THE CRYPTOCURRENCY UNIVERSE.WHAT DOES THIS MOMENT ME TO YOU? >> THERE HAS BEEN A BIG CHANGEIN GLOBAL MOMENTUM OVER THE LAST FEW WEEKS. THEY MOVED WITH THE APPLICATIONFOR SPOT BITCOIN AND BTP'S ON.

ONE STOCK EXCHANGE LAST WEEK.NOT EVEN 24 HOURS LATER, THE SEC MOVED ON OUR SPOTAPPLICATION IN THE U.S. NEEDLESS TO SAY, IT IS QUITEINTERESTING. IT REALLY SHOWS THERE'S GLOBALMOMENTUM AROUND CRYPTO AS AN ASSET CLASS. WE HAVE BEEN MANAGINGPHYSICALLY BACK CRYPTO ETP'S IN THE U.S., EUROPE, AND AUSTRALIA.WE LAUNCHED IN 2022. SO THERE HAS BEEN QUITE A BITOF PRESS ABOUT MOVEMENTS IN AUSTRALIA AND APPROVALS BY THEA SX.

AS THIS TYPE OF ISSUER, WE HAVEBEEN THE FIRST MOVER IN THIS CATEGORY FOR A LONG TIME.OUR CONVICTION THAT CRYPTO IS THE FUTURE REMAINS TRUE TODAYAS IT WAS THEN. OUR MISSION IS TO BUILDPRODUCTS THAT WOULD LET PEOPLE LIKE MY MOM BY CRYPTO AND WEHAVE NOT REALLY DEVIATED FROM THAT AT ALL.THE MOMENTUM THE LAST COUPLE OF WEEKS HAS BEEN EXCITING TO SEE.IT IS REMARKABLE TO SEE SUCH CONSISTENCY ACROSS DIFFERENTMARKETS. >> LET'S TALK ABOUT THEMOMENTUM IN THE U.S.

IT WAS QUITE A REVERSAL WE SAWLAST WEEK WHEN IT CAME TO THE TEMPERATURE AROUND U.S.SPOT ETHER ETF'S. IT IS ANYONE'S GUESS WHEN WEGET THE FULL APPROVAL AND LISTING OF THE PRODUCTS.BUT FROM WHERE YOU SIT RIGHT NOW, WHAT IS YOUR ESTIMATION OFONE THAT MIGHT BE? — WHEN THAT MIGHT BE? >> IT IS A DAY BY DAY, MINUTEBY MINUTE PROCESS THAT IS UNIQUE TO THE U.S.WE TYPICALLY SEE WHEN ANY MOVEMENT HAPPENS IN A PUBLICWAY, THAT IS DIFFERENT THAN THE.

REST OF THE WORLD.IT SOMETIMES GIVE THE IMPRESSION THAT MOVEMENT ISCOMING OUT OF NOWHERE BECAUSE OF THE NATURE OF THE WAY THECOMMUNICATIONS WORK. PEOPLE ARE WORKING WITH U.S.REGULATORS FOR A LONG TIME. AND WE HAVE DONE THAT FOR ASLONG AS THE COMPANY HAS BEEN ALIVE.MORE THAN HALF A DOZEN YEARS ACROSS DIFFERENTADMINISTRATIONS AND REGULATORS. IT IS SLOWLY BUILDING TO WHEREWE ARE TODAY. IT IS HARD TO SAY. THE EMILY'S, AS YOU PUT IT, ARERIGHT TO SAY WHAT THE TIMELINE.

LOOKS LIKE.BECAUSE YOU ARE NOT FALLING BACK ON STATUTORY TIMELINES.BUT I THINK THERE HAS BEEN A LOT OF REALLY INTERESTINGMOVEMENT AND PROGRESS OVER MANY YEARS TO GET TO THIS POINT.IT IS NOT DISSIMILAR TO THE CONVERSATIONS THAT HAVE BEENHAD AMOUNT SPOT BITCOIN PRODUCTS. >> I WANT TO GO BACK TO WHATYOU SAID, YOU MENTIONED THE IDEA OF YOUR MOM BUYING CRYPTO.SHOULD OUR MOMS REALLY BE BUYING CRYPTO?.

>> IS CRYPTO FOR MOMS? >> YES. IT MOST CERTAINLY IS.I HAVE THE INTERESTING HONOR OF HAVING BEEN INTRODUCED TOCRYPTO BY MY MOM. MY MOM IS THE ONE WHO TALKEDABOUT CRYPTO IN 2013 TO ME. IT IS INTERESTING WHEN YOU TALKTO HER ABOUT WHY. THIS IS HIGHER VOLATILITY THANPOTENTIALLY BUYING DEBT INSTRUMENTS, BUT THAT BEINGSAID, IT HAS A PLACE IN PEOPLE'S PORTFOLIOS AND A PLACEFOR PEOPLE TO NEJRA'S — RESPONSIBLE INVESTMENTDECISIONS IN THE SECTOR.

MY MOM IS A GREAT EXAMPLE.SHE GAVE AN INTERVIEW TALKING ABOUT HOW SHE GOT INTO THESPACE FOR THE FIRST TIME. IT WAS FASCINATING BECAUSE THEPROMISE OF TECHNOLOGY, ESPECIALLY IN THE CONTEXT OFMULTIGENERATIONAL PLANNING AND RETIREMENT PLANNING AND THEPLANNING OF YOUR FINANCIAL LIFE IS REALLY INTERESTING ANDIMPACTFUL FOR PEOPLE. WE ARE REALLY OF THE BELIEFTHAT OPPORTUNITY IN CRYPTO IS FOR EVERYONE. >> THERE YOU GO.AND YOUR MOM BEING A GREAT.

EXAMPLE.WE ONLY HAVE ABOUT ONE MINUTE. WHEN IT COMES TO U.S.ETHER, SPOT ETHER ETF'S, WHEN MIGHT WE SEE OPTIONS STARTTRADING ON THOSE FUNDS? >> WE STILL DON'T HAVE OPTIONSTRADING ON THE BITCOIN PRODUCTS. THAT IS A SEPARATE REGULATORYPROCESS. I THINK THAT WILL CONTINUE TOMOVE FORWARD AS DISCUSSIONS WITH REGULATORS ADVANCE.I WOULD EXPECT TO SEE THEM HOPEFULLY SOON, BUT IT ISDIFFICULT TO GIVE AN ESTIMATE. >> GOOD REMINDER WE DON'T HAVEOPTIONS ON THOSE PRODUCTS.

REALLY INTERESTING SINCE THEYWERE QUICK TO LIST WITH THE BITCOIN FUTURES ETF'S, NOT YETWITH THE SPOT ONES. GREAT TO SPEAK TO YOU,APPRECIATE YOUR TIME. THAT IS OPHELIA SNYDER. COMING UP, WE WILL SPIT –SPEAK TO CATHERINE DOWLING ABOUT HER PLANS WITHANTICIPATED ETHER ETF APPROVAL. >> AND A BILL ESTABLISHINGCRYPTO REGULATORY FRAMEWORK HEADS TO THE SENATE WITH PLENTYOF CRITICS. LOBBYISTS SEE A MAJOR PROGRESSIN BOTH CHAMBERS.

THIS IS BLOOMBERG. >> WELCOME BACK TO BLOOMBERGCRYPTO. WE WILL CONTINUE ON ETHER ETFAPPROVAL. CATHERINE DOWLING IS CHEAP –CHIEF COMPLIANCE OFFICER FROM BITWISE. GOOD TO SEE YOU THIS AFTERNOON.GIVE US AN IDEA OF THE TYPES OF CONVERSATIONS YOU'VE HAD WITHREGULATORS OVER THE PAST FEW MONTHS.AS WE GOT TO THAT MOMENT, WHERE WE SAW THE SEC IS PAVING THEWAY FOR APPROVAL.

>> THANK YOU FOR HAVING ME.OVER THE LAST FEW MONTHS, MOST OF US THOUGHT THIS WAS DEAD INTHE WATER, THAT THE SPOT ETHER ETF'S APPLICATIONS WERE GOINGTO BE IGNORED BECAUSE THERE WERE NO SIGNS OF LIFE.I THINK THAT IS WHY YOU SAW LOW PERCENTAGES IN APPROVAL.WHAT WE HAVE SEEN THE LAST TWO WEEKS IS A TECTONIC — TECTONICSHIFT EMANATING FROM WASHINGTON AROUND THE DIALOGUE WITH REGARDTO CRYPTO. THAT IS WHERE WE SAW LAST WEEKTHE APPROVAL ORDER COME OVER AND YOU SAW THE PUBLIC FILINGSON THE 19 SIDE OF THE HOUSE.

SHOWING THERE IS LIFE OUT THEREFOR THESE PRODUCTS. COUPLE IT WITH THE MOVEMENT WEHAVE SEEN IN BOTH HOUSES OF CONGRESS, IT IS GREAT TO SEETHIS MUCH MOMENTUM BEHIND MARKET STRUCTURE AND A REPEALOF A PRETTY QUESTIONABLE STAFF — STAFF ACCOUNTING BULLETINTHAT WAS ANTI-CRYPTO IN PART. >> TO MEDITATE ON THE SPOTETHER CONVERSATION, I THINK PEOPLE WERE SHOCKED TO SEE THISTURNAROUND. PEOPLE WERE LOOKING AT THISPRETTY MUCH AS DEAD IN THE WATER.FOLKS ON TWITTER ESPECIALLY.

HAVE SAID IT WAS ENTIRELYPOLITICAL, A POLITICALLY MOTIVATED CHANGE.I'M CURIOUS FOR YOUR TAKE AND WHAT DID CHANGE THAT WE DIDHAVE THIS REVERSAL? >> I WOULD AGREE SOME POLITICALWINDS HEADED IN AND HELPED IN THE CRYPTO DIRECTION.IN A PRESIDENTIAL ELECTION YEAR WITH TWO CANDIDATES, THEBLOOMBERG LINES ARE PROBABLY PRETTY DEFINED.BOTH OF THEM ARE LOOKING AT WHAT WILL MOVE THE VOTER.IT HAS BECOME CLEAR CRYPTO, BELIEVE IT OR NOT, WILL BE AFACTOR IN THE ELECTION.

TRUMP CAME OUT STRONG KNOWINGPRO-CRYPTO STATEMENTS. IF ONE OF THEM CAN GRAB THECRYPTO BRASS RING, IT WILL HELP IN THOSE SWING STATES WHERECRYPTO BECOMES MORE OF A FACTOR. SO I DO THINK POLITICAL WIND ISIMPACTING THE VIEWS THE CANDIDATES ARE TAKING. IF YOU LOOK AT THE TENOR OF THEMESSAGE THE BIDEN ADMINISTRATION SENT PRIOR TOTHE REPEAL, IT WAS A THREATENED VETO.WE WILL SEE IF IT TAKES PLACE. MAY 28 IS THE BIG DAY WHETHERTHE BIDEN ADMINISTRATION GOES.

THROUGH WITH IT.COMPARE IT TO THE STAFF ADMINISTRATION POLICY THAT WASRELEASED PRIOR TO THE VOTE ON FIT 21.THE LANGUAGE WAS MUCH MORE WE ARE GOING TO WORK WITH THECRYPTO INDUSTRY. IT WAS OPPOSED, BUT NOT ASTHREATENING AS THE LANGUAGE THAT WE SAW IN THE PRE-VETOSTATEMENT PRIOR JUST A WEEK EARLIER. >> WHICH OF THE MAINSTREAMPOLITICAL CANDIDATES ARE BETTER FOR THE CRYPTO INDUSTRY?PRESIDENT BIDEN OR FORMER.

PRESIDENT TRUMP? >> IF YOU LOOK BACK IN TIMEFROM NOW, THE REPUBLICANS HAVE BEEN MUCH FRIENDLIER TO CRYPTO.THE REPUBLICANS HAVE TAKEN THE TACT OF PUSHING BUSINESSOFFSHORE'S, WE NEED TO KEEP THE BUSINESS ON SHORE, AND THAT IS100% CORRECT. WE NOT ONLY LOSE BUSINESSES,BUT WE CAN CREATE A NATIONAL SECURITY ISSUE BY PUSHING ALLOF THIS OFFSHORE. AS A FORMER FEDERAL PROSECUTOR,IT IS MUCH HARDER TO LOOK INTO THESE BUSINESSES AND FIND OUTWHAT IS GOING ON IF THEY ARE.

NOT ON OUR SHORES.BUT IF WE CAN SEE A MOVEMENT IN THE DEMOCRATIC SIDE, IF THEREIS MORE OF AN EMBRACE OF CRYPTO, THAT CAN MOVE INPOSITIVE DIRECTIONS. HISTORICALLY IT HAS BEEN A MUCHFRIENDLIER CRYPTO STANCE WE ARE SEEING FROM THE REPUBLICANPARTY . THAT COULD SHIFT DEPENDING ONWHO COMES INTO THE VARIOUS ROLES THAT ARE KEY FORPOLICYMAKING IN THE U.S.. >> IT WILL BE FASCINATING TOSEE HOW THE CONVERSATIONS INTENSIFY AS WE GET CLOSER TONOVEMBER.

JUST TO TALK ABOUT THE BILLTHAT WAS PASSED IN THE HOUSE LAST WEEK, WHAT ARE THE ODDS OFIT BECOMING LAW? >> UNFORTUNATELY, THE ODDS ARELOW. WE ARE LOSING DAYLIGHT ON HOURSIN CONGRESS BECAUSE OF — IT IS AN ELECTION YEAR.WE DON'T HAVE MUCH MORE TIME BEFORE THE END OF THE YEAR.STRANGER THINGS HAVE HAPPENED. IT CAN BE TAGGED ONTO OTHERBILLS. THE IMPORTANT ASPECT IS WE SEEBIPARTISAN MOVEMENT TOWARDS EMBRACING THE FACT OF THE NEEDFOR MARKET STRUCTURE.

WE'VE HAD ENOUGH OF THE CFTCVERSUS SEC CAPTURE THE FLAG JURISDICTIONAL BINGO.WE NEED TO MOVE FORWARD AND DELINEATE WHO IS IN CHARGE.WE NEED TO SET OUT SIMPLE THINGS LIKE DEFINITIONALLY HOWWE DEFINE DIFFERENT ASPECTS OF DIGITAL ASSETS.WE NEED TO STOP RELYING ON CASE LAW THAT WAS AROUND AND MADEWHEN BIDEN WAS A TODDLER. SO IT IS TIME TO MOVE FORWARDWITH MARKET STRUCTURE. WHAT WE ARE SEEING IS ANEMBRACE ACROSS BOTH SIDES, BOTH PARTIES OF THAT NECESSITY.THAT IN AND OF ITSELF IS A WIN.

>> IT IS GREAT TO GET YOURPERSPECTIVE, APPRECIATE YOUR TIME.THANKS TO CATHERINE DOWLING, CHIEF COMPLIANCE OFFICER FORBITWISE. COMING UP, THE HOUSE PASSING ADIGITAL ASSET INFRASTRUCTURE BILL.BUT TOUGH ODDS IN THE SENATE IN THE WHITE HOUSE. DETAILS NEXT.THIS IS BLOOMBERG. >> PRESIDENT BIDEN HIMSELF INTHEIR EXECUTIVE ORDER AND THE FINANCIAL STABILITY OFOVERSIGHT COUNCIL'S REPORT SAYS THERE IS A REGULATORY GAPBETWEEN COMMODITIES,.

SECURITIES, AND HOW TO DO THISIN THE RIGHT WAY. THEY ARGUE IT SHOULD HAVE BEENA LEGISLATIVE SOLUTION. I THINK WE HAVE TAKEN A RIGHTSOLUTION THAT PERHAPS NEITHER CHAIRMAN KINSLER AT THE SEC ANDCHAIRMAN BENHAM AT THE CFTC COULD NOT REALLY DO IT IN AFULL, EFFECTIVE WAY WITHOUT LEGISLATION. >> THAT WAS REPRESENTATIVEFRENCH HILL ON BLOOMBERG. THE HOUSE ADVANCED SWEEPINGCRYPTOCURRENCY LEGISLATION WITH BIPARTISAN SUPPORT.CRITICS INCLUDING THE WHITE.

HOUSE OPPOSED THE BILL, SAYINGIT IS TOO FRIENDLY TO THE INDUSTRY.KATE ACKLEY HAS BEEN FOLLOWING AND JOINS US.GIVE US THE DETAILS OF THE BILL. HOW SIGNIFICANT IS IT? >> THIS IS THE FIRST TIMELEGISLATION IS SITTING OUT A REGULATORY FRAMEWORK FOR CRYPTO.IT IS VERY SIGNIFICANT. THIS IS MANY YEARS IN THEMAKING. IT IS A BIG PRIORITY OF HOUSEFINANCIAL SERVICES CHAIRMAN PATRICK MCHENRY, WHO IS NOTRUNNING FOR REELECTION.

SO THIS IS HIS LAST CONGRESS.IT IS KIND OF AN OPPORTUNITY FOR HIM TO PUT HIS STAMP ON THECRYPTO REGULATORY FRAMEWORK. PERHAPS EVEN AFTER HE LEAVESOFFICE. >> I'M CURIOUS ABOUT YOURTHOUGHTS ON THE CRYPTO INFLUENCE MAKING AND LOBBYINGOPERATION. IT SEEMS ARTICLE AFTER ARTICLETALKS ABOUT HOW IT IS CRYPTO'S LOBBYING MOMENT IN WASHINGTON. >> THIS IS AN INDUSTRY THAT ISNEW AND HAS BEEN GROWING UP QUICKLY IN THE PAST YEAR.

ALL OF THE FALLOUT FROM SAMBANKMAN-FRIED, WHO IS HIS OWN SUPER PAC, IF YOU WILL.TRYING TO PUSH CANDIDATES IN SUPPORT OF THE INDUSTRY.IT HAS GOTTEN MORE PROFESSIONALIZED.AND IT LOOKS LIKE OLD-FASHIONED INDUSTRIES WHEN IT COMES TO ITSINFLUENCE APPROACH. THE COMPANIES HAVE IN-HOUSELOBBYISTS, THERE ARE TRADE ASSOCIATIONS THAT HAVE STARTEDTO STAND UP AND ADVOCATE FOR THE INDUSTRY IN A MUCH MOREFORMALIZED AND PROFESSIONAL WAY. WE HAVE TO TAKE NOTE OF THECRYPTO VOTERS IF YOU WILL.

THE PEOPLE THAT CRYPTO IS ANIMPORTANT FACTOR, MAYBE THERE ARE SINGLE ISSUE VOTERS.CERTAINLY THAT IS AN ISSUE THAT THEY WILL VOTE ON.I THINK THAT IS PART OF WHY YOU ARE SEEING THE SUPPORT INCONGRESS INCREASE. YOU TALK TO MEMBERS, YOU TALKTO PEOPLE LIKE THE FINANCIAL SERVICES CHAIRMAN.HE SAYS THERE ARE CRYPTO VOTERS AND THEY ARE ORGANIZED.SOME OF IT HAS BEEN IN WORKING WITH THE INDUSTRY. BUT HIS PEOPLE RISING UP SAYINGWE CARE ABOUT THESE ISSUES.

>> REALLY APPRECIATE YOURREPORTING, THAT IS KATE ACKLEY. ELSEWHERE IN CRYPTO, RYAN SALEMIS THE FORMER OF THE ATX BAHAMAS — HE'S SET TO APPEARIN COURT EARLIER TODAY. IT IS OF SAME BANK FRIENDFEED'S– INFLOWS AND. >> ONE MORE THING BEFORE WE GO,THE ONE WE KNEW AFTER THE DOGE MEME HAS DIED, HER PHOTO WASTHE FACE OF THE COIN WORTH ALMOST $90 BILLION AT ITS PEAK.REST IN PEACE. >> WHAT A NICE NOTE TO END THESHOW ON.

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