FTX Collapse: How Did It Happen So Fast? | Bloomberg Crypto
>> WE ARE LIVE FROM BLOOMBERG WORLD HEADQUARTERS IN MIDTERM MANHATTAN. KAILEY: THIS IS BLOOMBERG CRYPTO. MATT: COMING UP, WHAT HAPPENED? SAM THANK FREED POSTS A SERIES OF CRYPTIC TWEETS. WE WILL TALK WITH THE FOUNDER AND CEO OF DYDX. KAILEY:
WHERE DO LAWMAKERS STAND ON REGULATION AFTER THE COLLAPSE OF FTX JACKS MATT: PARTNERS WITH THE NEW YORK FED TEST OF DIGITAL DOLLARS DESPITE THE RECENT MARKET -- MARKET UPHEAVAL. KAILEY: IT SEEMS WE ARE STABILIZING AFTER WHAT HAS BEEN A VERY VOLATILE LAST WEEK OR SO. BITCOIN IS UP ABOUT 3.7%, RALLYING IN TANDEM WITH OTHER RISK ASSETS AFTER PPI CAME IN COOL WITH BITCOIN JUST BELOW THE $17,000 LEVEL. SOLANA HAS BEEN ONE OF THE INTERESTING ONES TO WATCH. IT IS HIGHER BY ABOUT 3.6% STEP THERE IS NO WHERE IN CRYPTO
THAT HAS NOT BEEN TOUCHED IN SOME WAY. IT HAS LED TO VOLATILITY WITHIN CRYPTO RELATED EQUITIES. THEY HAVE BEEN UP AND DOWN AS WE DIGEST EVERY HEADLINE THAT CONTINUES TO CROSS WITH THE FTX SAGA. MATT:
ONCE AGAIN, THERE WERE WEEKS IN WHICH WE THOUGHT BIT POINT WOULD NEVER MOVE OFF 19 OR $20,000. THIS GOES ALL THE WAY BACK TO THE BEGINNING OF 2020. THE VOLATILITY IS THE BOTTOM PANEL AND IT HAS RISEN BACK UP TO LEVELS WE HAVE NOT SEEN SINCE BITCOIN HIT ITS ALL-TIME HIGH AT THE END OF LAST YEAR. THE FTX DEBACLE BOOSTED THE
VOLATILITY IN DRAWING ATTENTION FROM BIG-NAME INVESTORS ABOUT WHAT WENT WRONG AND WHERE WE GO FROM HERE. >> FTX IS ONE OF THESE ABSOLUTE TRAVESTIES IN THE HISTORY OF FINANCIAL MARKETS. >> IT'S IMPORTANT TO TALK ABOUT THIS TRANSPARENTLY SO OTHER PEOPLE DON'T MAKE THE MISTAKE. >> PEOPLE WILL LOSE BILLIONS OF DOLLARS THAT UNDERMINES TRUST IN ALL FINANCIAL MARKETS. >> I WAS DOING A LOT OF DUE DILIGENCE ON HIM BUT CLEARLY, NOT ENOUGH. >> THERE IS NO DOUBT THAT CUSTOMER ASSETS WERE USED TO MAKE INVESTMENT DECISIONS IN FAVOR OF THE FTX SHAREHOLDERS WHICH DIDN'T WORK AT THE EXPENSE OF THE CUSTOMERS.
>> IF YOU ARE RUNNING A BACKGROUND CHECK ON SOMEONE LIKE SAM, YOU WILL NOT FIND ANYTHING. HE IS UNBLEMISHED PRIOR TO THIS INCIDENT. >> YOU FIND NO REGULATORS WERE THERE TO PREVENT IT. >> YES, YOU NEED REGULATION. >> THE TURF WAR BY AMERICAN REGULATORS HAS GOT TO END. >> YOU HAVE TO SET IT UP WITH THE RIGHT GUARD RAILS. MATT:
SPEAKING AT THE BLOOMBERG NEW ECONOMY FORM IN SINGAPORE. THE LATEST IN THE FTX SAGA, A LAWYER FROM VOYAGER GOING THROUGH BANKRUPTCY SAYS THE FTX DEAL TO BUY ITS ASSETS IS NO VOID. THE WALL STREET JOURNAL IS REPORTING CRYPTO LENDER IS PREPARING FOR ITS OWN POTENTIAL BANKRUPTCY, FILING AFTER ACKNOWLEDGING IT IS SIGNIFICANTLY EXPOSED TO FTX. WE BREAK DOWN THE LATEST IN THE
SAGA. SONALI: INVESTORS ARE NOT EXPECTING MUCH IN TERMS OF RECOUPING THEIR FUNDS. A CHAPTER 11 FILING SHOWED THEY EXPECT ABOUT ONE MILLION CREDITORS TIED TO FTX THAT HAS HOPE IN GETTING THAT THAT HAS LITTLE HOPE IN GETTING THEIR MONEY BACK. ONE BY ONE, FUNDS AND BROKERAGES ARE DISCLOSING THE MONEY AND FOR SOME OF THEM LIKE GALAXY DIGITAL, $77 MILLION.
OTHERS, THE FAMOUS HEDGE FUND THE WARNED OF THE PENDING DOOM OF THE LUNA TOKEN THAT COLLAPSE, THE EXPOSURE IS MORE SIGNIFICANT LESOTHO ASSETS. NOVA GRATZ SAYS HE BELIEVES MANY HEDGE FUNDS COULD FAIL IF THOSE PROTOCOLS HAD KEPT THEIR TREASURIES AT FTX OR OTHER EXCHANGES THAT COULD FACE MORE HICCUPS. AS THE CONTAGION IS CALCULATED, A FINANCIER SAID HE'S LOOKING TO FORM AN INDUSTRY RECOVERY FUND THAT HAS BEEN MET WITH SOME CAMARADERIE BUT SOME SKEPTICISM. HE SAYS HIS AFFILIATED COMPANY SUPPORT THE IDEA BUT PETER SCHIFF BELIEVES THE PROMISE OF BLOCKCHAIN IS THERE ANY SAYS IS NOT A GOOD IDEA TO BE THROWING GOOD MONEY AFTER BAD. FINGERS ARE POINTING EVERYWHERE BOTH INDIVIDUAL AND PROFESSIONAL INVESTORS ARE POISED TO COLLECTIVELY LOSE BILLIONS OF DOLLARS WHILE REGULATORS ARE RACING TO KEEP UP AND AUTHORITIES ACROSS THE U.S.
AND BAHAMAS ARE UNTANGLING SAM READS EMPIRE. THERE ARE QUESTIONS BEHIND WHY THE VENTURE CAPITALIST ENABLED THE EMPIRE TO GROW SO QUICKLY WITHOUT SEATS ON THE BOARD OR BETTER VIEW OF THE COMPANY'S FINANCES. THE CONTAGION HAS SPREAD TOO MUCH YOUR GROUP OF INVESTORS WHO MAY HAVE TO CHANGE THE WAY THEY DO BUSINESS. THEY NOW HAVE TO ANSWER -- HOW DID THIS HAPPEN IN THE FIRST PLACE? MATT: THANKS VERY MUCH.
THAT'S THE LATEST FOR US SO LET'S GET TO ANTONIO JULIANO FROM DYDX. IT SEEMS DECENTRALIZED VERSUS CENTRALIZED FINANCE IS THE PROBLEM HERE, THE LATTER OF WHICH FAILED SO MANY. WHAT DO YOU THINK HAPPENED AT FTX? >> I DON'T HAVE ANY PARTICULAR INSIGHT YOUNG WHAT PEOPLE HAVE TALKED ABOUT STOP IT WAS OBVIOUSLY A FAILING OF TRANSPARENCY FIRST AND PERFORMANCE WITH -- FIRST AND FOREMOST AND THERE WAS NO GUARD RAILS IN PLACE.
WE ARE LITERALLY THE ANSWER TO A LOT OF THESE PROBLEMS WITH DEFI, YOU ARE BUILT ON TOP OF SMART CONTRACTS WHICH ARE ENFORCED STEP SOMETHING LIKE THIS NEVER COULD HAVE HAPPENED ON THE DEFI PLATFORM BUILT THE RIGHT WAY? KAILEY: WHAT WE'VE SEEN GLOBALLY WITH CRYPTO EXCHANGE'S AS A RESULT OF THE COLLAPSE IS BILLIONS OF DOLLARS WORTH OF OUTFLOWS. WHAT KIND OF ACTIVITY HAVE YOU SEEN OVER THE LAST WEEK? >> WE HAVE HAD A PRETTY BIG INFLUX OF NEW USERS. A LOT OF THESE EVENTS UNDERSCORE THE NEED FOR DECENTRALIZED FINANCE AND WHAT WE ARE BUILDING AND WHEN ONE OF THE BIGGEST AND MOST TRUSTED EXCHANGES IN THE INDUSTRY LOZA, PEOPLE PAY ATTENTION. PEOPLE CARE MORE ABOUT THE SAFETY OF THEIR FUNDS AND THIS WILL CONTINUE TO DRIVE PEOPLE TO DEFI OVER TIME. KAILEY: IS THIS AN ARGUMENT AGAINST ANY CENTRALIZED ORGANIZATION IN CRYPTO? >> I THINK IT WILL. I THINK THAT REGULATED CENTRALIZED EXCHANGES CAN WORK AS WELL.
I THINK D5 OFFERS ANOTHER SOLUTION WHERE WE CAN TRUST THE CODE RATHER THAN TRUST THE INTERMEDIARIES AND I THINK THAT'S A POWERFUL NEW PARADIGM THAT'S BEING BUILT AND YOU SEE THE NARRATIVE PLAY OUT FROM THIS OVER A LONG TIME. MATT: THAT WAS THE WHOLE POINT, IT WAS ABOUT A TRUSTLESS SOLUTION AND I GET WHY THERE IS A NEED FOR SOMEPLACE LIKE COIN BASE WHERE PEOPLE WANT TO DIP A TOE IN THE WATER AND THEY ARE TOO LAZY TO HOLD CASH IN HER OWN WALLET, BUT FOR THE INNOVATORS THAT STARTED THIS, THE IDEA IS YOU HOLD ONTO YOUR OWN PRIVATE KEYS AND NO BAD ACTORS CAN SPEND YOUR MONEY WITHOUT YOU KNOWING. >> WELL SAID AND I COMPLETELY AGREE. WITH THE INVENTION OF BIT COIN, WE INVENTED DECENTRALIZED TRUST LIST MONEY BUT FINANCES MORE THAN THAT STUFF YOU NEED EXCHANGES, DERIVATIVE PROJECTS, MARGINS AND WE ARE BUILDING THAT FOR THE FIRST TIME IN DEFI BUT THIS IS THE DECISION AND THIS IS THE ANSWER. MATT: CAN YOU MAKE MONEY WITHDYDX? FTX WAS SO MUCH MORE LUCRATIVE THAN A COINBASE AT LEAST UNTIL IT CRASHED. CAN YOU MAKE MONEY ON A
DECENTRALIZED PLATFORM? >> YOU DEFINITELY CAN AND WE OFFER THE SAME EXACT PRODUCT THAT FTX HAD. THOSE ARE BY FAR THE MOST TRADED TYPE OF PRODUCT ACROSS THE CRYPTO INDUSTRY, EVEN MORE THAN SPOT TRADING SO IT'S FINANCIALLY SIMILAR AND WE ARE WORKING HARD TO MAKE THE PRODUCT EXPERIENCE FOR DEFI ON PAR WITH CFI WHICH TAKES A LONG TIME ON NEW TECHNOLOGY BUT WE SEE GOOD GROWTH YEAR-OVER-YEAR AND THIS UNDERSCORES THE NEED FOR WHAT WE ARE BUILDING. KAILEY: IF WE GOT A LOOK AT YOUR BALANCE SHEET, WHAT WOULD WE FIND? >> YOU COULD DO IT RIGHT NOW AND 30 SECONDS, TYPE IN THE DYD SMART CONTRACTS AND YOUX SEE THE TOKEN HOLDINGS IN OUR OPEN SOURCE CODE AND IT WILL LEAD TO EVER ON REPORTS AND IS LITERALLY TRANSPARENCY BY DEFAULT. THAT EXCITES ME A LOT ABOUT DEFI.
THE INITIAL KNEE-JERK REACTION IS TO REGULATE AND POTENTIALLY OVER REGULATE THE INDUSTRY BUT DEFI FOR A LOT OF REGULATORS. NOT ONLY CAN IT BE POSITIVE OR REGULATORS OBJECTIVES BUT IT CAN BE 10 TIMES BETTER THAN THE EXISTING FINANCIAL SYSTEM. WHAT ARE THE BUSINESS IN HISTORY CAN YOU AUDIT A BUSINESS IN 30 SECONDS? THAT'S PRETTY NOVEL AND WHAT HAPPENED UNDERSCORES THE NEED FOR THIS. KAILEY: IS IT MORE LIKELY THAT
REGULATION OVERREACHES AND REACTS STRONGLY TO AN EPISODE LIKE THIS OR DO YOU THINK THERE CAN BE THE CORRECT BALANCE BETWEEN ALLOWING INNOVATION AND REGULATING IT AT THE SAME TIME? >> IT'S SOMETHING I'M CONCERNED ABOUT, OVERREGULATION OF THE CRYPTO INDUSTRY AND DEFI IN A BIG WAY. WE'RE JUST STARTING TO TALK TO POLICY MAKERS AND REGULATORS AND TRYING TO START WITH EDUCATION LIKE WHAT IS IT AND HOW CAN IT BE POSITIVE. I THINK THERE IS THE TEMPTATION TO OVER REGULATE AND WE ARE DEFI IN FOR THE LONG-TERM AND I THINK DEFI WILL BE BIGGER THAN CENTRALIZED FINANCE IN THE FUTURE. THAT POINT IN THE FUTURE WILL TAKE LONGER THAN PEOPLE THINK. I USUALLY SAY THAT DEFI WILL BE BIGGER THAN CENTRALIZED FINANCE IN 10-20 YEARS WHICH IS A LONG TIME AND WE HAVE A LONG WAY TO GO BUT I THINK WE ARE BUILDING TOWARD IT STEP BY STEP. MATT: EVEN SKEPTICS ADMIT THE UTILITY OF THE BLOCKCHAIN AND THE VALUE OF SOMETHING LIKE SMART CONTRACTS AND POSSIBLY YOUR PLATFORM, IT'S A LITTLE MORE DIFFICULT TO CONVINCE PEOPLE OF THE INTRINSIC VALUE OF THE COINS, SPECIFICALLY BITCOIN.
WHAT IS YOUR TAKE ON WHAT BITCOIN IS WORTH? >> I DON'T HAVE A LOT OF INFO ON THE ECONOMIC TREND. LOOK AT IT, IT CONTINUES TO INCREASE IN THE OVERALL OPTION AROUND CRYPTO CURRENCIES IS EVEN REFLECTED IN THE EXPLOSIONS OF CRYPTOCURRENCY. THIS IS NOT THE FIRST EXCHANGE TO BLOW UP BUT IT'S GOTTEN 10 TIMES BIGGER EVERY YEAR AND THAT'S WHERE WE WILL CONTINUE. THIS WILL PROBABLY LAST LONGER THAN PEOPLE THINK BUT THE GENERAL TREND I'M EXCITED ABOUT.
MATT: GREAT TO GET YOUR INSIGHTS AND THANK YOU FOR BEING WITH US. COMING UP, WE WILL GET PEOPLE INTO REGULATION WITH MICK MULVANEY KAILEY: KAILEY:. WALL STREET EXECUTIVES ON CAPITOL HILL AND WE WILL HAVE MORE ON THAT AHEAD. MATT: YOU CAN ACCESS THE LATEST DATA AND NEWS ON CRYPTO ON YOUR BLOOMBERG TERMINAL. THIS IS BLOOMBERG.
>> CRYPTO ASSET RELATED ACTIVITY REQUIRES EFFECTIVE OVERSIGHT THAT INCLUDES SAFE GUARDS TO ENSURE THAT TOE COMPANIES ARE SUBJECT TO SIMILAR REGULATORY SAFEGUARDS AS OTHER FINANCIAL SERVICE PROVIDERS. KAILEY: THAT WAS MICHAEL BARR, VICE CHAIR OF SUPERVISION AT THE FEDERAL RESERVE AND IT WAS NOT THE ONLY WENT TO SPEAK ABOUT CRYPTO REGULATION THIS WEEK. TERRY HAYNES OF PANGAEA POLICIES SAID NO ONE IN CONGRESS IS GOING TO WANT TO TOUCH CRYPTO OR LOOK LIKE IT'S DEFENDER. JOINING US NOW IS MICK MULVANEY, ACTING CO-CHAIR AND FORMER ACTING CHIEF OF STAFF FOR PRESIDENT DONALD TRUMP NOW OBVIOUSLY IS INVOLVED IN THE CRYPTO SPACE. THANK YOU SO MUCH FOR JOINING ME TODAY.
SINCE THE LAST TIME WE SPOKE, A LOT HAS CHANGED IN THE CRYPTO WORLD AND WE HAD THE CONVERSATION A FEW WEEKS AGO ALONG WITH TOM MACKENZIE ABOUT THE PROSPECTS OF LEGISLATION COMING FROM CAPITOL HILL WHICH SEEMS LIKE IT MADE PROGRESS THIS YEAR BUT NOW IT'S A GIANT QUESTION. WHAT ARE THE ODDS THAT CONGRESS WILL BE ABLE TO MOVE ON THIS IN THE NEAR TERM OR IS EVERYONE GOING TO BE FRIGHTENED ABOUT THE PROSPECT NOW? >> GENERALLY SPEAKING, WHEN YOU AND UP WITH A MIXED CONGRESS LIKE IT LOOKS LIKE WE WILL HAVE IS WHEN THE EXECUTIVE BRANCH KICKS INTO HIGH GEAR. THE WHITE HOUSE WILL SAY WE CANNOT GET OUR IN GENDER DONE LEGISLATIVE -- ARE AGENDAS ON LEGISLATIVELY SO WHAT ELSE CAN WE DO? THAT'S TYPICALLY WHAT HAPPENS AND THAT'S WHAT'S HAPPENING NOW3 CRYPTO. SO MIGHT BE THE ONE EXAMPLE.
THERE IS VERY FEW THINGS IN WASHINGTON NOW THAT ARE BIPARTISAN. IN TALKING WITH PATRICK MCHENRY WHO IS LIKELY TO BE THE HOUSE FINANCIAL SERVICES COMMITTEE AND THE HEAD OF THE BLOCKCHAIN CAUCUS, THERE IS BIPARTISAN SUPPORT FOR SOME TYPE OF CRYPTO LEGISLATION IN THIS NEXT CONGRESS. IT MIGHT BE SOMETHING ON BIG TECH OR SOMETHING ON CRYPTO BUT THERE MAY ACTUALLY BE A PROSPECT FOR SOME LEGISLATION REFORM WHICH I THINK IS BETTER AND WOULD BE MORE EVENHANDED THAN SOMETHING OUT OF THE AGENCIES. KAILEY: IS THAT GOING TO BE LESS FRIENDLY THAN IT WOULD HAVE BEEN BEFORE? >> A LITTLE BIT, THERE WILL BE PUSHBACK.
FOLKS WILL RECOGNIZE THAT REGULATION MIGHT NOT STOP THE FTX INCIDENT. IF IT'S FRAUD AND I'M NOT SAYING IT IS BUT IF IT IS OR EXTORTION, THAT'S AGAINST THE LAW ALREADY. THERE ARE PEOPLE WHO WANT TO PULL BACK ON CRYPTO AND THEY WILL SEE THIS AS AN OPPORTUNITY. BOTH PARTIES KNOW DON'T LET A CRISIS GO TO WASTE. THERE ARE PEOPLE WHO DON'T LIKE CRYPTO WHEN WILL SEE THIS AS AN OPPORTUNITY TO TRY AND GET SOMETHING ON THE BOOKS THAT IS MORE RESTRICTIVE THAN IT NEEDS TO BE.
I THINK THE CENTER OF GRAVITY IS THAT THIS IS BIPARTISAN AND NOT ASSOCIATED WITH ONE PARTY OR ANOTHER AND IT'S NOT ULTRA-POLITICIZED AND YOU MIGHT YET A DECENT PIECE OF LEGISLATION. MATT: WE WERE JUST TALKING TO THE LEADER OF A DEFI PLATFORM AND PEOPLE MIGHT NOT KNOW THAT AFTER YOU SERVED SOUTH CAROLINA AND THE UNITED STATES OF AMERICA, YOU HAVE BEEN ADVISING TO THE ASTRO PROTOCOL DEFI PLATFORM WITH TOKEN SYMBOLS. DO YOU THINK DEFI OFFERS A WAY TO SAFELY AVOIDING THESE KINDS OF CATASTROPHES WE SAW AT FTX? >> THE GUY FROM DYDX IS SPOT ON BUT WHAT HE DIDN'T SAY IS OVER THE LAST PULL OF YEARS, THESE MAJOR EVENTS HAVE BEEN IN THE CENTRALIZED AREA AND DEFI DOES NOT DO IT BY ITS NATURE AND IT MAKES IT DIFFICULT FOR THIS TO HAPPEN. HOW DOES DEFI GO MAINSTREAM? IF YOU WANT TO BE A MAJOR PLAYER, REAL FINANCIAL SERVICES PROVIDER, YOU WILL HAVE TO FIGURE OUT A WAY TO GET YOURSELF INTO THE EXISTING REGULATORY SCHEME WHICH MEANS KNOW YOUR CUSTOMER AND ANTI-MONEY LAUNDERING AND THAT'S THE STUFF D5 CANNOT DO -- DEFI CANNOT DO.
THEY ARE NOT GOOD AT PLAYING BY THE RULES YET. I AGREE WITH THAT YOUNG MAN DEFI AND MIGHT BE BIGGER THAN THE FINANCIAL SERVICES MARKET BY THE TIME HE GETS TO MY EASE BUT HAS TO GROW UP AND PLAY BY THE RULES THAT ARE INEVITABLY COMING. MATT: HOW ARE REGULATORS IN WASHINGTON TO SEPARATE THE PROPERLY WRITTEN DECENTRALIZED FINANCE PROTOCOLS THAT WILL GUARANTEE FINANCIAL SAFETY FOR EVERYONE INVOLVED FROM THE RULES AND PONZI SCHEME'S THAT HAVE BEEN WRITTEN ABOUT SO BROADLY? >> HOW DO YOU KEEP FROM DOING THE WRONG TYPE OF REGULATION? THE INDUSTRY HAS BEEN ASKING FOR REGULATION SINCE 2013. WE WERE LOOKING FOR GUIDANCE ON WHAT IS CRIP SO WHEN WHAT KIND OF ASSET IT IS. YOUR QUESTION IS HOW TO MAKE SURE THE REGULATIONS WE GET IN THAT THE INDUSTRY NEEDS ARE THE ONES THAT WILL PROMOTE GROWTH AND DON'T RETARDED THE INDUSTRY. I THINK THERE'S A CHANCE FOR THAT AND NOT A LOT OF PEOPLE ON THE HILL WHO UNDERSTAND THIS BUT THERE IS ENOUGH NOW THANKS TO THE INDUSTRY OUTREACH TO SORT OF UNDERSTAND WHAT'S GOING ON TO MAKE SURE WE DON'T SCREW THIS UP TOO BADLY.
MAYBE I'M BEING TOO OPTIMISTIC BUT I KNOW A LITTLE BIT ABOUT WASHINGTON AND THEY NEED A CHANCE TO DO THIS PROPERLY. KAILEY: THE BIG MAN BEHIND THIS WAS THE HEAD OF FTX. IT SEEMED HIS VOICE WASN'T BEING HEARD AND I WONDER IF THAT CHANGES BECAUSE OF TRUST THAT MAY HAVE BEEN LOST FROM THIS EPISODE AND IT WILL PUT MORE POWER BACK TO THE FTC HANDS. >> THAT'S REAL, THAT'S HUMAN NATURE, IF YOU LIE TO ME AND TRY TO SELL ME SOMETHING AND YOU END UP A CRIMINAL, I'M NOT LIKELY TO BELIEVE YOU NEXT TIME. THE REASON I AM SANGUINE ABOUT
THAT IS SAM WAS ON THE HILL AND GOT A LOT OF THE ATTENTION BECAUSE HE'S ONE OF THOSE PERSONALITIES. THERE ARE FOLKS THEY'RE TRYING TO EDUCATE AN INDIVIDUAL MEMBER OF CONGRESS, CHIEFS OF STAFF AND A GROUP CALLED THE DISH CALLED THE DIGITAL CHAMBER OF COMMERCE. THEY ARE DOING THIS NOW AND WE ARE DOING A DECENT JOB AS AN INDUSTRY. THERE WAS A BILL I THINK TWO YEARS AGO THAT WE WORKED ON IN THE SENATE AND THAT'S HOW IT WORKS IS THAT YOU RECOGNIZE YOU WANT TO BE A MORE SURE INDUSTRY AND DEFI IS GETTING THERE AND I THINK IT WILL SERVE THE WORLD WELL. MATT:
THANK YOU FOR JOINING US. MICK MULVANEY, ADVISING IN CRYPTO AND HELPING BUSINESSES AND GOVERNMENTS AROUND THE WORLD. CHECK OUT OUR CRYPTO PODCAST WHICH DIVES DEEPER THAN THE DAILY MARKET BUZZ TO EXPLORE HOW THIS ASSET CLASS IS CHANGING THE WAY WE LIVE. LET FOR THAT EVERY WEEK OR WHEREVER YOU GET YOUR PODCAST. THIS IS BLOOMBERG. ♪ KAILEY: THIS IS BLOOMBERG CRYPTO.
WE WANT TO TALK ABOUT A CRYPTO STORY THAT CAUGHT OUR ATTENTION OTHER THAN FTX. THE NEW YORK FED WILL PARTNER WITH A DOZEN BANKS AND FINANCIAL INSTITUTIONS TO CHECK OUT DIGITAL DOLLARS WHICH IS A SIGN THAT WALL STREET AT TECH -- INTENDS TO PUSH AHEAD WITH THE AGENDA. IT COMES BACK TO THIS DIGITAL DOLLAR VERSUS EXISTING STABLECOINS. MATT:
THEY MAKE A SERIOUS POINT: A REGULATED NETWORK AND THEY WILL USE THE LEDGER AT THE FED. IF YOU ARE LOOKING AT TRADFI, YOU MAY HAVE SEEN THE S&P 500 FALL OFF A CLIFF.
2022-11-20 02:41
