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a16z Podcast: Connecting Hearts, Bodies, and Networks to Cure Cancer
Veterinary oncology can inform human oncology, and vice versa -- providing a better model for looking at drug performance, interrelationships, and more. Especially when you add in data (there's no "doggy HIPAA!") and networks to get a "living laboratory at scale". Or so argues Amy Abernethy (Chief Medical and Chief Scientific Officer at Flatiron Health and advisor to One Health), who was recently named the new Principal Deputy Commissioner of the FDA, pending ethics clearance; and Christina Lopes, CEO and co-founder of One Health; in conversation with a16z bio general partner Jorge Conde. Dogs -- as a species, as pets, as companions, as family members -- evolved alongside humans, so are actually more similar to us... not just genetically and in terms of the biologic pathways that may cause cancer, but also in exposure to similar environmental factors as well. But what does this all mean when it comes to thinking about real-world evidence in science, human clinical trials, and more broadly, building a bio company? How can product designers -- of all kinds -- backwards-architect their product roadmap for data network effects? And how can bio founders keep both a big-picture roadmap in mind while also focusing on specific milestones, and while working across unconnected disciplines as well? We cover all this and more in this special episode of the a16z Podcast, recorded during the recent J.P.M. healthcare conference in San Francisco.
Aired 3 months ago 19:01
Consensus: Invest 2018: Financial Products in 2019 and Beyond - Ep.051
I everyone. Welcome to unconfirmed and such an analysis from the top minds crypto. I'm your host, Laura. The special episode is recording the conversation I have at consensus. Invest with yon gun Eck president and CEO of the van Eck securities for patient and Mike L, she co founder and CEO of big, oh, this was the closing fireside chat titles. Faneuil products twenty nineteen and beyond during the discussion. We addressed SEC chairman j Clayton's comments earlier that day that the main barrier to bitcoin ETF was market manipulation. We dive into how well the problem of custody is being solved potential financial products. And what the entrance of of fidelity could mean for the space twenty nineteen. It was a great conversation between two months from opposite ends of the crypto and financial world's giving us. Some insight into how they might come together. Enjoy the show are you ready for global currency, money laundering regulations. Cypris secures the crypto Connie would powerful AML tools for exchanges. Crypto businesses and regulators high. Hi, ruin walk into our panel on financial products twenty nineteen and beyond. I actually wanna start referencing some of the comments from a C C Commissioner Jane Clayton earlier because he was talking about how maybe bitcoin T up is in or the time isn't right for one because of potential Mirka manipulation and the markets. So I just wanted to start with your reaction to to that. Do you think that that's a legitimate concern? Do you feel like there is potentially maybe a higher level of than in traditional markets for the underlying products ATF's? It's it's one of the core issues that in custody that we've had to deal with think for getting ETF approved. And I it's sort of how do you define what Markelle manipulation is and what mechanism to we have to put in place to get a higher comfort level. And I'm not sure that's really been defined by the SEC. So the process that we're doing to create indices that the TC, for example is comfortable with is sourcing prices from exchanges that have surveillance mechanisms in place. So let's say we can source prices from exchanges represent one percent of the market turnover of bitcoin is that enough or do we have to survey all five percent of the market or is it forty five because we'll never get all the offshore exchanges to submit to a US surveillance regime. So it's it sounds good. And obviously no one wants to participate in nip Yele Demark. But they haven't been it's not a bright line test their offering to us it's sort of like fix this problem. But it's not clearly identified well actually, take back to because I did want to ask you what we're all different factors that went into creating you know, what you thought were robust indices. Well. We have a big ETF business. And so what we built our index company to support that business is to create indices investable. Another words we have the trade hundreds of millions of dollars a day. And you need to have an index that an ETF manager can track for example. You don't have an index full of alive small-cap stocks because you can't buy them and size. Then you can't replicate the performance of that index. So there's a lot of small coins crypto core assets these days that are not that liquid and the fund the F performance with differ quite a bit. If one just composed Tf over those. So the real impetus was to create an index company that created investable indices, so translating that into the crypto world is pretty straightforward. We put some quality constraints liquidity constraints around that and we felt that that was necessary for the community. Back to financial products. I know, and I think custody is another one of the areas that is a concern for those that are creating financial products. What are you seeing in terms of that concern how you are attempting to address it? Cold related, but distinct point so compliance and risk. They go together. Compliances the part that your regulator requires upon you for how you deal with things like custody, and obviously the SEC spoken pretty loudly that the types of custody available today are relatively limited in terms of what you need for ATF and the other hand in terms of reducing risk. We have actually very healthy custodial options available today. So if you are a fiduciary, you're holding someone else's money. Of course, you're on the hook for for dealing with that money in in mature and reasonable professional manner. So there would you have some good custodial options. That's what pick goes trying to do. We started out as a technology company focused on the core problem of security. It's the bottom most most important layer of custody, which is safe keeping and then above that. There's some clients needs to be in place. So that people know that the custodian there using working with good actors. And then above that, you get into other things about you know, how does how do you use that that money? They have in the custodian with other services, whether it's liquid into your things like that. So anyway, I think there's a lot of good options. I think the regulators are getting closer to understanding what they require of custodianship in different types of markets. I think this part's going to get solved relatively fast follow up on the from an ETF perspective. I think the SEC is concerned about the safe keeping. And I agree. The technical solutions are there from in a very solid and very robust manner. What the question is how much of the balance sheet of an organization of a custodian is going to support. So if you have a dollar of crypto Geneva dollar of cash over here in case that crypto get stolen, obviously, that's completely impractical. So you get to fifty cents. So that's impractical to ten cents. One cent, and that discussion has to happen between a Bank that the SEC likes and the bang. Regulators to tell them what does that ratio? And we're not involved in those conversations, obviously. But that seems like a long process, and I don't know what if you have an estimate on that or no better than better than I do. But that that just takes a lot of meetings by we'll say, you don't trust companies also have capital, that's how as as part of their regulatory process. So so we have that. I'm not sure that there's a good mathematical way to say like what types of assets require what types of capital balance-sheet behind them a good trust custodian, I mean, it's not a it's not a on off switch. How long is the management team at around? How long you been operating? What is your capital balance-sheet? What's your take -nology? All these things are factors that way into what's good custodian in the case of digital. I think the technology does offer some things which are different from any other asset classes we've ever seen before the technology that we can use to securities actually does have ways it could be. Analyzed that. You can't apply to or two gold, but you can't apply to to digital. So there's also transparency that you can actually see it from around the world twenty four hours a day seven days a week it's on that blockchain and that can't be taken away, and you can see who authorize transactions by way of signature process. So we have some different elements about digital asses that we don't have with other types of assets. And I think that can change the way we think about what capital reserve requirements or they're required. Totally with you to technologies probably better in many ways. The problem is the regulatory structure is just you. You know, many months if not years behind. Is is the issue for regulated investment product. Yeah. Well, actually, also went and ask because you I believe our Bacau has one hundred assets right now that you offer for custody as this rate what we support over one hundred. You know chains was token about ten different Blockchain's. And then a number of of the year, see twenty tokens. I see. Okay. Because I was wondering what on the backend needs to happen for you to be able to offer that and that in addition is there demand for that level of you know, because if you're like. Maybe it's crypto. You know, if if we were custodian holding equities, would you ask how many different stocks to hold? You might hold lots, right? And you might not have abound upon that with the blockchain technology because it's volving so quickly. We do have this question different chains or at different levels of maturity, different levels of feature said something a little security, all of these things matter everything big O does one hundred percent placing on chain. We don't touch touch coins that aren't that way. And we do try to stay away from anything. That's not established enough their subjective nece in there. We talked about price manipulation and briefly hit on thin markets. Right. So some of these smaller tokens, you know, they don't have a lot of activity going on. I think thin markets are something that are just always deceptive. You know? I mean, we we like to look at market cap is the means something, and yet we all know means nothing, but it's a measurement that we use aronie asleep over and over again, and that that is a form of price manipulation. Right. Okay. So it sounds similar almost to the same factors that that you were looking at ready or not the financial action task force anti money laundering recommendations soon, go into effect globally. If you handle cryptocurrencies, no matter where you do business. These new AM L laws will apply to you. Cypher trace helps exchanges. ICO's funds brokerages and regulators understand and manage crypto asset and compliance risks. Learn how to reduce your exposure and prepare now for tough new regulations cypher traces securing the crypto economy. Learn more at cypher trace dot com slash unconfirmed. So the other thing I wanted to ask as the we have this movement with the back end. But then also we've got kind of other headliners coming on with fidelity and backed, you know, getting in this space. And so I just wondered like where do you think we are and what will happen in terms of financial products in two thousand nineteen? Well, let's see not no standing the recent price crashes. Things have been looking pretty good, right? There's been a lot of institutional investment in twenty eight teen that's waiting to come to fruition. So swimming that that's still comes through. And I think that you know, some of those large efforts just mentioned will still come through any twenty nineteen. We're going to see some some interesting positive changes in terms of traction. And I think each one of those institutional offerings coming to to play leads to two or three more. So I've definitely heard from a number of companies that they weren't quite ready, but they're wanting to get closer and closer. I think twenty nineteen we'll be the year of the on switch. Let's see if these companies turn the on switch on they'll build it. But then they turn the switch on. I wanted to get your tank as well, I mean, you've been pursuing this ETF. I guess I live in the traditional financial world. And if you thought that the crypto ecosystem was over here, and then they were completely disconnected twenty four months ago. I think this event diagram this little overlap now, but the traditional investment world is not is not waiting for the ons which think they're partly is just the volatility the assets. I mean, we all are in this room or comfortable with very volatile risky assets. Because we get high risk and high reward those aren't assets normally fit into people's college funds or their retirement funds and the wealth management. Moral doesn't really know how to deal with that in those conversations are very early stages. So it's great that more products are coming to market. But I think adoption will be we'll be slow unless you have a bull more. It's it's a long process along. There is a very large spectrum between aggressive companies at one end, you know, the pure crypto hedge funds have been out for a couple years already to retie. Chairment in Orissa funds, and we'll keep moving down the spectrum, but it's going to be a multi year process. Yeah. And for you with the between Tf, I know that you've tried to address them in that C C's concerns get that approved. What what do you make of their continued delays? And what do you feel you need to do to to try to address their concerns roller thing real? We're doing our best the the two concerns of custody and pricing. And I think we've made a lot of progress along with several partners on the pricing front. I want to applaud some of the OTC market makers that were willing to say, listen, we want this whole ecosystem to grow and they were willing to give some of their price information which holiday had requested as part of our joint filing in front of the SEC. So getting that could have previously dark part of the system a little bit into the light was super helpful. And so I think that's getting the regulators more comfortable is just they they haven't clearly defined when we get to the finish line is. And so you just or that the finish line moves away from close you got to. But that's, but that's reality. And I think we've made a lot I think the pricing problems fundamentally solved. There's a lot of price inputs from the line of different sources, we can price bitcoin Tf the question is custody. And can you do that? And can you do that with, you know, access to all the different global markets because as we've seen the prices can be quite different in different geographies think we can get access to enough treating platforms that have surveillance on them which meets that more curricula more manipulation test to get comfortable regulators, comfortable our boards, comfortable. I do think we can cook together global equity better than we have today. You know, we still have the world's most decentralized currency traded on the world's most centralized platforms. So we can solve that problem. And it's going to improve things about a bit continuing to talk about custody. I actually there's been this idea about that trillion dollar wallet. I mean, you mentioned that everything's gonna be multi sake. But is that really enough? I mean, we've seen in the past that there have been issues very recently. There was an issue with the co pay mullet. So how do we ensure that these are all going to be secure? We'll security is is a task. That's never done. So you keep raising the bar as you securing larger and larger assets. So the you know, if you look back at twenty thirteen the size of wallets. We were talking about the large end was, you know, ten million dollars by twenty fifteen those one hundred dollars twenty seventeen we started C p companies pushing billion dollar while it's so the trillion dollar while it, you know, that we've been. Talking about is is a bit of a metaphor. There's not a trillion dollars crypto acids. So we don't have to worry about it. The point is if we want this industry to grow to that kind of level we have to start working on the security infrastructure now, and there's tremendous research going on one of the greatest thing about bitcoin. I was over at Stanford witnessing what's going on with their blockchain program. There is more research going into crypto right now than like the last thirty years, it is all of a sudden hot area. I think we're gonna see tremendous innovation, and it is going to lead to the right security solution for that choice. While. I wanted to address as when you get to these weird situations where you have things like the bitcoin cash hard work, and yet perhaps you have a traditional financial product. That's based on that. How do handle it? How do you decide? What to do like, you know, obviously, we saw the crypto exchanges just kind of halted trading. But in your case, if you had some products based on that, what would you hit some technical issues of dealing with these assets, which are new for the traditional financial world. And it's important for index companies to if those going to be money following those indices to be very transparent, and how they treat those hard forks and be very on top of the market movements. The way we treat them very quickly is first of all you have to identify them. So it's a two step process the existence of it, and then it's included in total return asset. So we never say our bitcoin total return index. But that's really what it is. And so any hard fork has to be kind of included in there because there might be some economic value at a second stage Do Quoc. Tests, which have to be one of the three support a wallet support other kinds of any any other quality types of concerns. And that's when we decide whether to keep it on the in the index on a permanent basis, whether it's whether it's real or non. I would say what's excited me about this conference? It's my first group dot com is the spirit of it. Like what Mike was talking about that many people here understand that those along ways to go that were very early innings, and yes, the regulatory process very frustrating. But I think that the so much good ideas at this conference. It's really exciting to see. So I'm excited in for twenty nineteen for the crypto world. I don't know about the regulated world crypto. But you know, I think there's a lot of great stuff happening in that. We don't know about. Why don't we end with your predictions for twenty nineteen in terms of an actual products with crypto or or just crypto general here? We are at this neater pricewise or perhaps the mayor. I don't know. We'll see what are your predictions will in the price that I wouldn't predict anything on that. It could go whatever way I think the folks that are here this conference of probably mostly pretty long-term bowl in terms of what this technology can do. We're just scratching the surface right now as to like the real benefits about transparency reduce counterparty risk. So we're in this kind of. Horrible waiting period while we build up all the infrastructure. So that people can trust each other and start to operate in a way that makes sense when we do get those things put in place, I think we're an seriously reduce counterparty risk. And that's when we start to have the real winds down the road. I think I've been calling twenty year of regulation because the SEC finally star getting engaged on number fronts. I think twenty nineteen we haven't come up with are adopted phrase yet, but I'll try this one out. It's going to be a year of singles rather than the home runs. A lot of incremental improvements on a lot of different scores, but different projects technologies regulatory solutions. And that's just fine. We're not going to distort sucking to end next year. Here. I nineteen is near singles. I think I think that's where.
Aired 4 months ago 2:36
FDA Cracks Down On E-Cigarette Sales To Curb Teen Vaping
Support for this podcast and the following message. Come from the fresh market, offering prepared sides desserts in ready to heat meals for your thanksgiving celebration, plus fresh Turkey spiral sliced Honey ham and more details in recipes available at the fresh market dot com. Federal regulators plan to ban the sale of most flavored e cigarettes at retail locations like gas stations and convenience stores. They also plan to require people buying e cigarettes online to verify their age from Colorado public radio. John Daly has these details. The new restrictions come as the FDA has been trying to rein in dramatic increase in vaping by young people smoking of traditional tobacco cigarettes has fallen to a record low, but the popularity of e cigarettes with youth is raising alarm bells FDA Commissioner, Scott Gottlieb, told Politico's pulse. Check podcast. He fears one form of nicotine is replacing another the bottom line is that if we are creating a whole pool of kids addicted to, Nick. A-team through e cigarettes some proportion Emma gonna become long-term uses of combustible tobacco that otherwise might never have initiate on tobacco. Dr Amy SAS works in adults and medicine at children's hospital, Colorado. She says research indicates e cigarettes can affect teens brain development and the e cig flavors like mint, mango and cucumber really attract kids. I think these new rules would be a great first step Colorado is among the leading states for teen vaping governor John Hickenlooper applauds the FDA taking action what's nice about this is that the FDA is following on and therefore amplifying public attention towards this issue. Don Daniels who teaches about tobacco risks at a Colorado. High school welcomes the new crackdown. He says convenience stores and gas stations are mainly were teens by e cigarettes, but students tell him they'll still be able to buy online. It's gonna happen to alter older siblings. Fight a product for them, and that's already happening. Many. In the vaping industry. Fear. The FDA regulations will make it harder for adult smokers to quit. But some say the marketing to kids has gone too, far Ray story is CEO of an industry trade group. He says vaping giant jewel has been irresponsible. When it comes to teen us, and you get to a point where basically eight or selling a product that is like a lollipop jewel declined to comment. The exact FDA rules are expected next week for NPR news in Denver. I'm John Daly. This story is a reporting partnership of NPR, Colorado, public radio and Kaiser health news. This message comes from NPR sponsor Capital One offering a variety of credit card options with features for range of customers from foodies to travelers Capital One what's in your wallet credit approval required capital. One Bank USA in a.
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