19 Burst results for "Gary Gensler"
"gary gensler" Discussed on Bloomberg Radio New York
"Now Robin Hood is then under scrutiny for gamifying that trading And the controversy has reopened this broader question of your role in society What do you say to critics who say you're democratizing addiction your glorifying gambling I reject the idea that investing in the U.S. capitol markets is gambling I think we have a problem in this country which is that since the end of World War II more and more of the stock the corporate stocks in America have been have been owned by advisers or other institutions or intermediaries So at the end of World War II the majority of stocks were actually held by households and that's been going down over time and I think at the same time you've seen really really high concerns about income inequality and wealth inequality and these concerns threaten the fabric of our society And I think people agree that that's a problem And we've got a product here that has real potential to curb that So I think any attempt to prevent individuals from accessing the markets directly is just poorly directed I think if anything we should be looking at how to encourage individuals from to invest in the markets directly and make it even easier and remove the remaining barriers that are in the way That said Gary gensler President Biden's pick to run the SEC has said he's going to address the gamification of investing as one of his top priorities What will that mean for Robinhood Well I think first of all we're excited to work with the incoming administration to clarify some of these things and we welcome people looking into it I think what they'll find is gamification is poorly defined it's not happening on Robinhood I think people just want to invest in stocks and regardless of whether they do it on Robinhood or any of the other brokers With zero commissions and low account minimums that's now possible So on the point of gamification your confetti animation that confetti that pops when users make certain trades This is something that you've defended but now Bloomberg has reported it's something you're thinking about potentially getting rid of What is the status of that Well I should say I'm a bit surprised by how much attention the confetti animation has gotten it's literally an animation that comes up after you made your first trade You'd think by from reading from reading some of the commentary that confetti's flying the flying through the app all over the place But the way we thought about it is the first time someone becomes an investor and we do have a lot of first time investors on our product That first moment of buying a stock and becoming an owner and a company is a milestone moment that people should celebrate And so you'll see confetti animation on your first trade You'll see us adding snowflakes if the markets are closed on December 25th or January 1st snowflakes will fall in the atom And there's a lot of these delightful graphical moments where it's just reflective of almost an artist signing their work So does that mean you're not getting rid of it anytime soon Well.
"gary gensler" Discussed on Gambling With an Edge
"Address and so people around the world, even if you logged in once from America, you were not allowed because the SEC told them that they were not allowed to these are securities and they are not allowed to give them out. And so people got AirDrops that were like hundreds of thousands of dollars in some cases and certainly like 5 figures was the minimum that you were getting from this. But all the U.S. people were protected by Gary gensler and the SEC and everything from just making a whole bunch of money. It's not like it was, you know, they were asking for investment. They were just literally giving out their shares. And you could just sell it immediately make a profit and walk away. Didn't matter. So that's kind of something to consider. If you are into crypto or doing protocols, it might be a good idea to get a VPN and log in from a different country. I think I'm speaking from Mexico right now, according to Skype. But yeah. And again, it's really just because there's a lot of uncertainty in who's going to go after whom and historically there were similar problems with online casinos, right? But historically, the government doesn't go after the users that goes after the purveyors. So, you know, my AirDrop story, but there are other examples of this. I've made quite a bit of money in different kinds of AirDrops. You just want to kind of get involved in every single thing that comes up. Even just a little bit. And just mess with the protocol. Because who knows, sometime down the line, they might just give you a bunch of money just for having experimented. It sounds like you can't afford to hold down a 40 hour wait job. You have to keep up on all this stuff. And then have these random chances they're going to give you $50,000. How can you afford to have a regular job? So I'm extremely fortunate in that my job has a 100% crossover with all of this. So the research that I do directly affects what I do for a living, which is to basically a lot of it is to consult with clients who are doing crypto trading crypto derivatives trading. So when I research these protocols, it overlaps. The thing that's suffered in my life is my casino play. So never go like casinos to me..
"gary gensler" Discussed on WSJ What's News
"Schedule cutbacks are the latest fallout from Boeing's prolonged Dreamliner production problems, which have been impeding the handover of popular widebody jets to airlines for over a year. Sources say the Boeing deliveries are expected to resume by April 2022 at the earliest, much later than anticipated. American had been betting on the dreamliners to help lift it out of the slump caused by pandemic travel restrictions. A Boeing spokesman said the plane maker deeply regrets the impact on their customers. Starbucks baristas in one store in Buffalo, New York have voted in favor of unionizing, marking a first for cafes owned by the company itself, to other area locations also voted one against unionization and a third in which the votes are in dispute. Restaurants reporter Heather Hatton says that the unionization efforts in Buffalo are being closely watched. This movement has worked in the swan location. I do think for Starbucks day to day operationally, you know, we'll have to see if this is really going to mean much. I don't know if unionizing one store is going to change everything and certainly not overnight, but I bet other stores are going to look at this and other markets, workers who might have questions about their own situation might look to this. So, you know, it is a real symbolic victory for this union group and some other unions, more broadly. More than half of license Starbucks cafes are already unionized according to the company, Starbucks had no immediate comment on the vote results. The Food and Drug Administration is authorizing Pfizer and BioNTech's COVID-19 booster for 16 and 17 year olds. The FDA says they can get a booster at least 6 months after finishing the initial two dose regimen. The expanded eligibility comes amid concerns about the spread of the omicron variant. A federal appeals court has rejected former president Donald Trump's request to deny the special House committee investigating the January 6th capitol riot access to records from his presidency. Trump had claimed the papers were privileged and asked a court to block their release. In the decision today, the court said that Trump provided no basis for them to overrate a judgment by President Biden and the agreement worked out between the political branches about the documents. Going public via spac, a special purpose acquisition company has soared in popularity in the past year, but the blank check companies have also been under scrutiny from the Securities and Exchange Commission. In a speech today, SEC chair Gary gensler took aim, saying that spacs don't give ordinary investors enough information, and don't afford the same protections against fraud and conflicts of interest. Cancer says he wants to level the playing fields between spacs and traditional IPOs. Our reporter Paul Keenan covers financial regulation. He's focusing on requirements around disclosure by spacs, marketing practices and also maybe creating a bit more liability for the sponsors and other gatekeepers in spac deals. And he also.
"gary gensler" Discussed on The Breakdown with NLW
"Let's start today with the latest bluster from the regulatory sphere. A Gary gensler speech is making the rounds. The block is saying that it hints at enforcement actions against crypto firms. Here are a couple of the key quotes. Sometimes people focus on labels. For example, we hear the term decentralized finance defy currency or peer to peer lending. It can seem easy to take these words at face value. Make no mistake, regardless of the label or purported mission, we will be looking at the economic realities of a given product or arrangement to determine whether it complies with the securities laws. Some market participants may call this regulation by enforcement. I just call it enforcement. Now, if you're wondering why so much enforcement talk to be fair this was given at the securities enforcement forum. So interestingly, though, gensler's comments were also focused on other areas of the market. It wasn't just crypto. Bloomberg's headline was Wall Street cop gensler pledges big cases faster investigations. And Forbes writes gensler SEC will pursue misconduct everywhere including matters that don't make headlines. But for those of us who are in the crypto industry, is there anything else worth noting around this tough talk? Well, one thing that is worth pointing out is that Dan berkowitz has joined the SEC from the CFTC. He's moving to the SEC's enforcement division, and he's perhaps best known for cleaning up the structure of the swaps market, which is what Michael Burry famously took advantage of to short mortgage bonds, leading into the great financial crisis. Over the summer berkowitz came after def platform saying that they were possibly illegal. So that is certainly worth keeping an eye on. Also in the crypto world, many people took umbrage with gensler's comments around the line. So what do I mean? Well, let's turn to Antonio juliano, the founder of DY DX, who wrote, genser today gave a speech where he set about crypto and defy, quote, if you're asking a lawyer accountant or adviser, if something is over the line, maybe it's time to step back from the line. First of all, I would challenge anyone who does not have a legal background to analyze the hundreds of pages of SEC guidance, years of speeches, and decades of case law with no counselor or even advice and have any idea at all where quote the line is. Second, not over the line equals legal. If there is a legal business opportunity, there will rise up firms to capture it. If you don't, someone else will, that's called capitalism. If there is a business opportunity you're not sure is legal, you ask a lawyer. If.
"gary gensler" Discussed on Bloomberg Radio New York
"Of what these new innovators in this ecosystem is parallel financial system are building truly is mind-blowing And people are taking this framework where anybody can build they have this open-source software so they don't need to recreate the wheel for everything new they build And people are stacking together these in the industry we call them money Legos because this is open-source software Like once somebody builds a decentralized exchange anybody can use that and build on top of it And so what we're seeing is a pace of innovation and financial services that we've never seen before And to me that's the most exciting part But if I ask my colleagues some of them would say NFTs and the creator economy might be at least as interesting All right Spencer Bogart blockchain capital general partner thank you for not holding back Always appreciate it Meantime SEC chair Gary gensler on a collision course with some of Wall Street's biggest names as his plans for overhauling stock trading rules Take shape Elaborating on a report the SEC released last week Scrutinizing January's meme stock craziness gensler said brokers may be using algorithms to goose trading in a way that hurts investor returns Gensler spoke during an interview for an upcoming episode of the David Rubenstein show peer to peer That was recorded Monday And this space whether it's a robo adviser or a broker job if they figure out by giving you David rubinstein a certain signal a certain color a certain prompt the behavioral prompt that you might trade more or you might buy a higher revenue product for them they are in lies and potential conflict What do we do when the digital algorithms.
"gary gensler" Discussed on CNBC's Fast Money
"News out of Robinhood in that call. Let's get back to Kate Rooney for those details. Kate. Hey, Melissa, CEO, Vlad tenev on the call for Robinhood saying just now that they will not add any new cryptocurrencies. They're not adding any new coins until they have more clarity on the regulatory landscape. He says they're quote keeping a close eye on crypto as the regulatory landscape is increasingly uncertain as he calls it. He says, we're aiming to deliver new features in crypto while introducing products that comply with leal and regulatory requirements. So referring to the SEC there, saying that some of these cryptocurrencies look like securities, no new coins for now, but it comes as customers are looking for new sort of meme coins as sheba E. New coin and Jeep coin. And some of these other viral meme stocks have helped really drive growth at Robin Hood, but we won't see any new versions of that on the platform for now. Back to you. Kate, I have a question for you. I don't know if you know the answer, but for doge coin, for instance, as the SEC have anything saying that that is a security and so therefore, there's clarity surrounding doge coin or is that also up for interpretation. And so therefore, could we actually see if the regulatory landscape changes these meme coins go away also? They've said the only ones that they've said are exempt in our not securities would be Bitcoin and ether. Those have been designated as commodities. As for the rest, you've had SEC chairman Gary gensler and Jay Clayton originally say everything else for the most part really walks and talks like a security. It's not clear what would be different about something like new coin or sheep coin versus Dogecoin or some of the complexity between those. But from what the SEC has said, almost all of these are securities. All right, Kate, thanks for the clarification Kate Rooney on Robinhood. Guy you have this big grimace on your face, but you know, adding new security. This is a way to get new people signing up and get, you know, a way to get the transaction volumes up because that's what we saw with doge. And the fact that they are not going to do that tells you that they're not going to have that spike because of some sort of phenomenon popularity of a coin. Yeah, it's interesting. I mean, since literature seems to be the theme tonight, Robin Hood thumbed his nose at the sheriff of Nottingham back in the day. It appears as though Gary gensler's playing the role of the sheriff. And in this case, looks like he's winning. You know, again, I don't see the innovation with Robin Hood. I don't understand the valuation in Robinhood. I get that it's really cool. But they got a lot of problems. And, you know, I don't think I don't think this move lowers addressing all the problems they have. I think it goes lower from here. All right, it's down 8.8% right now. Coming up, shares a Lockheed Martin.
"gary gensler" Discussed on Bloomberg Radio New York
"Launching crypto custody services All right very cool to get some time with you Mary Beth but I hope we can get you back because it seems to me Merkel science has a wealth of information I think our clients would like to hear more about Mary Beth Buchanan as president of the Americas and global chief legal officer for Merkel science The regulations coming and Gary gensler seems to have this very much high on his to do list Yes Well and Mary Beth knows exactly what's coming and when which is why I think she's a perfect voice for us to check in with Let's get over now to Washington D.C. Amy Morris is standing by with your world national news Amy Thank you Matt The White House floating new plans for ways to pay for President Biden's $2 trillion proposal for expanding social services and tackling climate change Now the ideas include shelving a big increase in corporate tax rates while adding a new billionaires tax on the investment gains at the very richest Americans Democrats are racing to finish the package There are some key holdouts that are not on board with plans to get rid of Trump era tax breaks to help pay for it There's also word a big name is planning a move back into the spotlight former president Trump announcing a deal that could help him get back on social media following his exile from Facebook and Twitter Bloomberg's ready to young has that story Former president Donald Trump plans to start a social media company called truth social That's according to a press release that also says the new enterprise will be operating by the first quarter of next year That would be well ahead of the midterm elections The company says it's also planning a subscription video on demand service and it would be publicly traded through a merger with another firm called digital world acquisition We need a young Bloomberg radio U.S. flight attendants would be guaranteed an extra hour of rest between shifts There's a new proposal by aviation regulators This action was actually ordered by Congress The federal aviation administration had been under growing criticism for missing a 28 deadline to adopt these new changes The FAA's proposal would in most cases extend the required rest period to ten hours from the existing 9 hours under current rules they would still have their normal rest time in between shifts Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Amy Morris This is Bloomberg Accounting professor This is peacock I love it It's streaming your favorite shows Movies live sports breaking news exclusive originals It's the office That's what she said Chrisley knows best It's gonna be Todd's way or the.
"gary gensler" Discussed on Techmeme Ride Home
"The NYSE has acknowledged that pro shares will indeed launch an exchange traded fund or ETF, linked to Bitcoin futures, tomorrow morning, giving investors exposure to crypto easily if you're in things like IRAs or four-o-one-ks without having to hold Bitcoin directly. Quoting The New York Times. 2021 will be remembered for this milestone said Michael sapir, the CEO of pro shares, investors who are curious about crypto. But hesitant to engage with unregulated crypto exchanges, want, quote, convenient access to Bitcoin and a rapper that has market integrity, he said. A Bitcoin futures ETF falls short of what some purists want a fund that holds crypto directly. Gary gensler, the SEC chair recently suggested that the agency might allow crypto ETFs based on futures, bets on Bitcoin's price fluctuations rather than the underlying crypto itself. That trade on a highly regulated exchange approval for the pro shares ETF, which is based on Bitcoin futures that trade on the Chicago mercantile exchange won't be announced by the SEC, but the firm's final prospectus met with no opposition ahead of its effective deadline, and the New York Stock Exchange is readying for lunch tomorrow. But back to Apple for a second, remember when Apple switched on that new anti ad tracking regime, they said it was all about privacy. But their critics largely their competitors were loudly remonstrating to whomever would listen that this was also a naked power.
"gary gensler" Discussed on Bloomberg Radio New York
"Period here of late for the Hank sang tech index And he was down again yesterday So we're looking for a little bit of a swing back today Right now here's what the number is telling us what's on a 50s are up four tenths of a percent still no trading in China today though due to the long golden week holiday Australian futures were up half a percent The cash Mark just opening here as we speak and at the moment just up a tenth of 1% Nike futures are suggesting a rise of maybe around 304 hundred points or so on the nikkei average In terms of currencies the dollar was stronger overnight Right now it's pretty steady here in the Asia Pacific dollar yen One 1149 One of the features was a big spike in Bitcoin Up over 50,000 In fact now up over 51,400 and we also heard Gary gensler the chair of the SEC saying that there would never be a complete ban on crypto like we've seen in China Now on the oil front WTI crude up a quarter of a percent now 7 $79 and 15 cents a barrel Natural gas futures jump to the highest in 12 years Propane up and also fuel has almost doubled from one year ago And that's a look at the market's Paul All right thanks very much Brian fed chair Jerome pals won the backing of more than half of the Republicans on the Senate banking committee That support could help him earn a second term to lead the Central Bank senator Mike crapo said today he would vote to confirm pal if President Biden would nominate him and that makes him the 7th of 12 Republicans on the panel to endorse the fed chair Powell also enjoys broad support from Democrats except for senator Elizabeth Warren Warren said she won't support pals renomination and that she's not the only one concerned about pals approach to financial regulations My view.
"gary gensler" Discussed on Bloomberg Radio New York
"Columnists near case are If financial regulators want to keep protecting investors, they'll need to give them tools to protect themselves and not just rules to follow. He joins us to explain. So you say the world of investing is in the early stages of a transformation described that transformation for us. Well, I think the fully appreciate that transformation. You sort of have to go back in time. And think about what investing looked like 100 years ago when securities regulations as we now know that came into being And those regulations were passed largely in the 19 thirties, And in those days, people bought mostly stocks and bonds. And so you have these regulations that apply to companies who are trying to raise money through the capital markets and all the intermediaries that are delivering the stocks and bonds to end investors that includes exchanges brokers. Advisors fund. All of them fall. Under this rubric of regulation. Well, now we have something completely different, which is that investment products through distributed letters. Crypto currencies and FTS are being can really be created by anyone anywhere in the world and consumed by anyone anywhere in the world. So that line between the creator of an investment product and the consumer of an investment product. It's starting to blur. And so the challenge is how do you apply these regulations that we have in place in a world where there's really no meaningful distinction between the creator and consumer of an investment product? And you're getting the reach them because in many cases this has been globalized and is a cross border. Tell us where you think n F T s might be going. Well as these are interesting because they're in the state of becoming, which is to say, You know what they are today is likely going to be very different from what they are in a year, five years, even 10 years, but they pack a particular promise. Or at least adherents of N F T hope that this is where they will go. That ultimately you will be able to buy and sell things that you buy and sell routinely. Now through these tokens, the so called token today N F. T s are used to buy and sell digital art, mostly things in the digital realm. Digital art. So called digital real estate. But you can imagine the tokens being used very easily to buy and sell other digital products like concert tickets, for example, and then there's the next step. I mean, why couldn't you buy and self real estate or diamonds or collectible their physical assets through token? It's certainly if it could be accomplished would be a lot easier than the way we buy houses today, for example. And then there's an additional step beyond that, Which is, you know, tokens now are one buyer and a seller. But you could imagine a situation where a token raft multiple buyers the way a mutual fund does today, or MPF that today, for example, and those multiple buyers through a token owned multiple asset, so there's many layers of complexity when these tokens could go So, SEC chair Gary Gensler said. Crypto markets are the wild West. You agree with that? They are the Wild West, and I think by sort of necessity at the moment because it's so difficult to regulate. It's not clear whether regulators have the authority to regulate these markets, and even if they did they have the authority. It's not clear as a practical matter whether they could actually force them and that's going to be a problem. And as long as that's the case, you know it's really up to participants to behave. And you're going to have a mixed bag of everything markets as you would in the Wild West, But you're going to have people who are good actors who are trying to develop these markets. Honestly, you're going to have people who are trying to take advantage of a void in regulation and enforcement. And so it's a largely up to participant to treat each other well, so to speak. Do you think that regulators should take a stab at least at regulating Cryptocurrencies and FTS? They probably should. I don't know that there's any harm in it. And it could do some good in the sense that you know. Anytime you have the threat of regulation and enforcement, even if that threat is not Particularly credible at the moment, it might give incentive to participants to play nicer, You know, just be careful about how they treat everyone up market, so I think they should try, But I don't think it will be enough regulations except that what they want to do is protect investors. I don't think regulations will be enough. I think what they're going to have to do is take an additional step. And pivot. In addition to regulation to really educating investors, instead of protecting them from the traditional view has been protect investors from companies and intermediaries really teach them about these markets and about how to navigate markets more responsibly in general. And you think that Gensler is the person to do it? Well, I think he's as good as anyone. You know what's interesting about Gensler is that he is the first teacher to really speak to the public directly. He has his theories on YouTube, where he speaks to investors directly, and I think that's great. And I think it can be used. It can be that platform can be broad that it can be used. To reach more investors for sure, but also to promote, you know, educational efforts that the regulators could undertake. So it's a different way to think about the relationship between regulators and the investing public through direct communication rather than regulations that really apply to the intermediaries that reach investors. Like I said, such as You Know brokers, advisers and funds, etcetera thanks near That's Bloomberg Opinion columnist near Case are coming up on Bloomberg opinion thinking of a career change. Well, now might be the time I'm.
"gary gensler" Discussed on The Breakdown with NLW
"With all of this. I tend to agree personally with some of the comments. I read before that there is clearly at least a bit of territorial assertion. Here obviously folks in the sec and the cftc are reacting but there's another whole side of this that. I think maybe more of a silver lining or a bright side than initially. it appears. Let's go back to what roy murray said. He tweeted against her speech. Read more to me like someone remarking their territory. Post a heavy-handed intrusion from treasury this week via the infrastructure bill than anything immediately overtly hostile. They've been doing years of work and don't want to lose that to some midnight provision. So what might rory be referring to. Well there's a bunch of things. I what he mentioned this last minute provision in the infrastructure bill which is clearly not the right way to regulate crypto. Second don't forget that. Seemingly out of nowhere congressman don byer. Who had never seemed to care at all about crypto dropped this massive comprehensive legislation that super focuses on authorizing central bank digital currency and making stable coins legal only subject to the department of the treasury. That had representative. Tom emmer someone who has been years focused on blockchain issues up on coin. Tv yesterday speculating that the treasury department effectively put buyer up to it. And then of course. You have elizabeth warren who is totally trying to shift the narrative. As i mentioned yesterday gains there is coming from a standpoint of investor protections. He doesn't want uninformed investors to lose their shirts on volatile bullsh- even if we disagree with him about one what rights investors should have to lose their shirts and to what constitutes volatile bullsh-. There's no part of his assessment. That says this whole thing is a net negative and we shouldn't have it exists. Refer back to his comments on satoshi or if you will look at what he says about a bitcoin. Etf he effectively says that an etf would help address issues of consumer protections and so there are many who interpret this as at some point. We're likely to get a bitcoin. Etf as a way to pull everything into this larger regulatory framework and indeed. I think when..
"gary gensler" Discussed on The Breakdown with NLW
"Link to the speech in the show notes. So you can read it but let's just share a few of the sections i. It's clear that he's admirer of satoshi and bitcoin. I'm going to read a small sample from the beginning of the speech. He says it was halloween. Night two thousand eight in the middle of the financial crisis wants a toshi. Nakamoto published an eight page paper on cipher punk mailing list that had been run by cryptographer since nineteen ninety-two nakamoto. We still don't know who she he or they were wrote quote. I've been working on a new electronic cash system that's fully peer to peer with no trusted third party. Nakamoto had solved to riddles the head. Dogged these crypto and other technology experts for a couple of decades. I had a move something of value on the internet without a central intermediary and related -ly how to prevent the double spending of that valuable digital token subsequently his innovation spurred the development of crypto assets and the underlying blockchain technology based upon nakamoto innovation about a dozen years later. The crypto asset class has ballooned as of monday. This asset class purportedly is worth about one point six trillion dollars. With seventy seven tokens worth at least one billion each and sixteen hundred with at least a one million market capitalization before starting at the honor of researching writing and teaching about the intersection of finance and technology at the massachusetts institute of technology is included courses on crypto finance blockchain technology and money. In that work. I came to believe that though there was a lot of hype masquerading as reality. In the crypto field knock komodos innovation is real further it has been and could continue to be a catalyst for change in the fields of finance and money and quote. So it's clear that this is a guy who understands the roots of this space. What makes it different. Why it's valuable how it fits into the internet ecosystem and the historical nature of this innovation. This is not a johnny come lately political opponent and shouldn't be treated as such. But my second take is that i do think that the thorny issues of what's the security and what's not are back to the forefront here in his speech genzer says effectively that he believes most tokens securities quote. I think former. Sec chairman jay clayton said it well when he testified in two thousand eighteen to the extent that digital assets like initial coin offerings or ico's or securities. And i believe every. I see oh i have seen. As a security. We have jurisdiction and our federal securities laws apply. I find myself agreeing with chairman clayton..
What's Really Behind SEC Chairman Gary Gensler's Crypto Speech
"What's going on guys. It is wednesday august fourth and today we are picking up where we left off yesterday and asking. What's really behind. sec. Chair gary crypto speech. So on yesterday's show. I gave the full debrief about the state of the infrastructure. Bill for those playing. Catch up the eleventh hour last week. A provision was put into the five hundred fifty billion dollar infrastructure bill that would change tax reporting requirements around crypto the authors claim that it would generate twenty eight billion dollars in unpaid crypto taxes and the mechanism for that was changing the definition of broker to include effectively. Anyone involved in facilitating crypto transactions. The problem is that while custodial facilitation is what actual brokers do and traditional financial systems in blockchain systems many actors including minors validates etc could be considered facilitators. Especially when you remove as this definition did the custodial requirement and that's the problem these actors are non-custodial and don't even have access to the information. This new definition of broker would require them to collect and share with the irs meaning if this new broker definition were applied ipso facto most actors in crypto ecosystems would be operating illegally so the crypto industry went to work on this yesterday show was largely about how seemingly effective the nascent crypto lobby has been and how we're seeing allies on both sides of the aisle lineup to change the language in this bill. We made a little progress in the bills. Specific language over the weekend but are now trying to get the rest of the way there via amendment as this happens the designer of the provisions. Ohio's rob portman keep saying that it's totally not about minors. Invalid eaters wallet developers and that we should all effectively chill out because of course it's not for them opponents of the provisions. Keep saying cool than just say that. In the bill not just in tweets and speeches in fact he again defended in tweets yesterday calling it a common sense provisions and not really addressing this specific criticism at all.
"gary gensler" Discussed on CoinDesk Podcast Network
"I look at all of the things that he's chosen to highlight in his tweets about this speech. He's effectively saying that. For technology to go mainstream. It needs to fit within a public policy framework. And that's what he wants to do. We're focusing and reacting more to the fitting it into the public policy framework. Then to the fact that he's talking about it going mainstream contrast this now with the tone of people like elizabeth warren and others like her. who are saying. This is all just a phony populist movement. it's just a new set of plutocrats who are taking the place of banks. They're restoring the just for criminals line. They're arguing that it is a systemic risk to the overall financial system that is a wildly different battle and one that is much more problematic than disagreements about what gets designated a security. That's what i brought up yesterday. Upon first blush and now twenty four hours later that continues to be my take. We can't weigh all fights equally or at least if we do we do it at our detriment. I'm not saying that we shouldn't push back on certain things that we disagree within this proposal for example. I think that some of his thinking around stable coins seems really underdeveloped. There's clearly a larger stable coin fight in the works and it feels to me like argument that they might be securities is again back to that claiming territory for himself and for his office. I also think that trading venues are probably gonna want to hire a few more lawyers after this but that the smart ones probably will have already hired those lawyers expecting this to be the case and finally i think we can officially view the era of regulatory scrutiny around defy as having commenced as we're seeing with the infrastructure bill this could present some of the most complex issues with the greatest need for engagement but overall and blame this on my macro brain if you will but to me. The biggest dividing line among politicians who have questions about crypto is whether those questions are about things like investor protections but they remain enthusiastic about possibilities or whether those politicians only see systemic risk. An enemy that must be fought. I at this point and willing to engage with just about anyone who falls into that first category because the second category is where the real existential battles lie anyways guys. I'm super interested in your take. Hit me up at an l. w. on twitter. I appreciate you listening and until tomorrow be safe and take care of each other piece..
"gary gensler" Discussed on CoinDesk Podcast Network
"Link to the speech in the show notes. So you can read it but let's just share a few of the sections i. It's clear that he's admirer of satoshi and bitcoin. I'm going to read a small sample from the beginning of the speech. He says it was halloween. Night two thousand eight in the middle of the financial crisis wants a toshi. Nakamoto published an eight page paper on a cipher punk mailing list. That had been run by cryptographer since nineteen ninety-two nakamoto. We still don't know who she he or they were wrote quote. I've been working on a new electronic cash system that's fully peer to peer with no trusted third party. Nakamoto had solved to riddles to head. Dogged these crypto and other technology experts for a couple of decades. I had a move. Something of value on the internet without a central intermediary and related -ly how to prevent the double spending of that valuable digital token subsequently his innovation spurred the development of crypto assets and the underlying blockchain technology based upon komodos innovation about a dozen years later. The crypto asset class has ballooned as of monday. This asset class purportedly is worth about one point six trillion dollars. With seventy seven tokens worth at least one billion each and sixteen hundred with at least a one million market capitalization before starting at the honor of researching writing and teaching about the intersection of finance and technology at the massachusetts institute of technology is included courses on crypto finance blockchain technology and money. In that work. I came to believe that though there was a lot of hype masquerading as reality. In the crypto field knock komodos innovation is real further it has been and could continue to be a catalyst for change in the fields of finance and money and quote. So it's clear that this is a guy who understands the roots of this space. What makes it different. Why it's valuable how it fits into the internet ecosystem and the historical nature of this innovation. This is not a johnny come lately political opponent and shouldn't be treated as such. But my second take is that i do think that the thorny issues of what's the security and what's not are back to the forefront here in his speech genzer says effectively that he believes. Most tokens are securities quote. I think former. Sec chairman jay clayton said it well when he testified in two thousand eighteen to the extent that digital assets like initial coin offerings or or securities. And i believe every. I see oh i have seen. As a security. We have jurisdiction and our federal securities laws apply. I find myself agreeing with chairman clayton. You see generally folks buying. These tokens are anticipating prophets. And there's a small group of entrepreneurs and technologists standing up in nurturing the projects i believe. We have a crypto market. Now where many tokens maybe unregistered securities without required disclosures or market oversight and quote in many ways. This is the set of statements that i saw the biggest divided. Line around the crypto lawyer. Who said this was totally to be expected. Were effectively saying he's literally agreeing with what his predecessor said. The people who are frustrated are those who have said that public statements. Like that of clayton do not a regulatory framework make and that an inordinate amount of time has gone into asking. Sec lawyers to help crypto project lawyers who are representing very different types of organizational structures than traditional corporations to shape a real framework for figuring out. What's a crypto security and what's not lending credibility to that point is the fact that we've had all of these various heuristic come up. Over the years and speeches the phrase sufficient decentralisation comes to mind which served more to obfuscate confuse effectively leave crypto companies to guess many have pointed out that the sec's way of regulating has effectively been through enforcement rather than providing upfront guidance. Flipside is of course to lend credibility to the conservative interpretation whether we like it or not. There is being super clear on his. Take many if not. Most tokens are securities and hence under their jurisdiction. However don't expect that. Take just to be abided though. I asked commissioner hester purse to comment on twitter and she wrote nice to see gary gansler addressing crypto issues but the existing securities laws. Don't work well. For certain aspects of crypto and people's freedom to interact using new technology has produced the innovation at the core of our prosperity. Looking forward to working. Together that is a very pleasantly put. Hell of a statement. Commissioner purse has continued to advance. Proposals for token safe harbors for good faith teams to interact with the sec. So if you want some hope him maybe just. Maybe there's a little bit of good cop. Bad cop where gary is saying how tough they're going to be so he can also have more credibility to open some more room through something like commissioner purses safe harbor proposals later. There was also this fiery tweet from cftc commissioner brian quintas who wrote jus- or all clear here. The sec has no authority over pure commodities or they're trading venues whether those commodities are wheat gold oil dot dot dot dot or crypto assets. With all of this. I tend to agree personally with some of the comments. I read before that there is clearly at least a bit of territorial assertion. Here obviously folks in the sec and the cftc are reacting but there's another whole side of this that. I think maybe more of a silver lining or a bright side than initially. it appears. Let's go back to what roy murray said. He tweeted the geezer speech. Read more to me like someone remarking their territory. Post a heavy-handed intrusion from treasury this week via the infrastructure bill than anything immediately overtly hostile. They've been doing years of work and don't want to lose that to some midnight provision. So what might roy be referring to. Well there's a bunch of things. I what he mentioned this last minute provision in the infrastructure bill which is clearly not the right way to regulate crypto. Second don't forget that. Seemingly out of nowhere congressman don byer. Who had never seemed to care at all about crypto dropped this massive comprehensive legislation that super focuses on authorizing central bank digital currency and making stable coins legal only subject to the department of the treasury. That had representative tom. Emmer someone who has spent years focused on blockchain issues up on coin. Tv yesterday speculating that the treasury department effectively put buyer up to it. And then of course. You have elizabeth warren who is totally trying to shift the narrative. As i mentioned yesterday gins there is coming from a standpoint of investor protections. he doesn't want uninformed investors to lose their shirts on volatile bullsh- even if we disagree with him about one what rights investors should have to lose their shirts and to what constitutes volatile bullsh-. There's no part of his assessment. That says this whole thing is a net negative and we shouldn't have it exists. Refer back to his comments on satoshi or if you will look at what he says about bitcoin. Etf he effectively says that an etf would help address issues of consumer protections and so there are many who interpret this as at some point. We're likely to get a bitcoin. Etf as a way to pull everything into this larger regulatory framework and indeed. I think when..
"gary gensler" Discussed on CoinDesk Podcast Network
"Irs meaning if this new broker definition were applied ipso facto most actors in crypto ecosystems would be operating a so. The crypto industry went to work on this yesterday show was largely about how seemingly effective the nascent crypto lobby has been and how we're seeing allies on both sides of the aisle lineup to change the language in this bill. We made a little progress in the bills. Specific language over the weekend but are now trying to get the rest of the way there via amendment as this happens the designer of the provisions. Ohio's rob portman keep saying that it's totally not about minors. Invalid eaters wallet developers and that we should all effectively chill out because of course it's not for them. Opponents of the provisions keeps saying cool than just say that in the bill not just in tweets and speeches in fact he again defended in tweets yesterday calling it a common sense provisions and not really addressing this specific criticism at all. meanwhile senators. Cynthia lumps republican. Senator ron wyden a democrat and senate. Finance chair are teaming up to offer an amendment to change the language. Last night senator lumps wrote more to come. But we're proud of the work we've been able to do with senator ron wyden to responsibly address digital assets in the b. I f. stay tuned for more on our amendment republican. Senator pat toomey also said yesterday that he might offer his own amendment. So that's the update there but back now to another dimension of regulatory intrigue on yesterday's show. I commented on an interview sec chair. Gary gessler gave with bloomberg. I said that in that interview basically. Nothing really surprised me. However just as i was finishing the full text of gamblers remarks at the aspen security forum were shared and they hit this industry like a bomb. When i open twitter it was all anyone was talking about. Here are a few of the variety of categories of takes. That i saw one was that this was a phase shift new turn and particularly aggressive from catherine woo former. Vc former massari founding team. She writes gins. They're really went live today to give us all a huge q. In all seriousness though this is the most aggressive and hostile stance regarding us. Crypto regulation to date from the sec magnitudes. More than anything. Before i also saw a lot of folks specifically crypto lawyers who had effectively the opposite take preston burn wrote genzer speech. Today was straight down the middle and entirely consistent with what more conservative legal advice in the space has been for years. The guy at the top one hundred percent understands crypto. I think this is actually bullish for prospects for a bitcoin. Etf burns partner at anderson. Kill stephen. Paley agreed saying agree with this and find the hand wringing in certain circles. Puzzling gins there didn't say anything. I found surprising. Unexpected and quote. I saw a lot of folks say that it was good for bitcoin. Bad for everyone else log scale tweeted. What gary genzer said today continues to signal that a crackdown is coming for most cryptos but that bitcoin will be spared as it is a store of value. His words again. Incredible to see an sec chairman speak admiringly about satoshi nakamoto brady from swan says gansler has made clear that bitcoin is here to stay and that the us government should embrace it the same time you made clear that so many of the thousands of shit coins violate sec. Laws as unregistered securities. Bitcoin is the only real player on the global monetary stage and quote a variation of that. Take i saw many who specifically honed in on comments about defy corey hafstein wrote. So you're telling me. The gary doesn't approve of lending platforms powered by unverified. Smart contracts written by anonymous devs where investors can pledge highly volatile collateral to borrow unimpeded. I'm shocked now. Excuse me i have to check my health factor. I saw some argue that it was a territorial play and was about setting a frame for washington not necessarily for us new dad. Rory murray tweeted begins her speech. Read more to me like someone remarking their territory. Post a heavy-handed intrusion from treasury this week via the infra bill than immediately overtly hostile. They've been doing years of work until wanna lose that to some midnight. Provision crypto cobain wrote geezers audiences. Not us crypto folks. His audiences whoever deals with giving the sec a budget degrade great funding pitch and quote. I also saw at least one person. Beg to keep our eyes on that infrastructure bill. Jake czerwinski tweeted. We'll have plenty of time to discuss. Chairman geezers important remarks on crypto securities regulation after we resolve the infrastructure bill issue. I'm optimistic that we can address the issues raised. There's no need to demonize him or catastrophes. What he said stay focused and quote but ultimately what all agreed or what many agreed. It seems that it felt significant. Nick carter tweeted will look back at this. Speech is more catalytic than either the dow report or the hinman speech significant show of intent from gansler spartan. Black tweeted while the market frets about. What the latest. Sec comments hold for crypto. There is more at stake than just token prices. The rules against their implements in the coming months will literally determine who wins the technology war of the next two to three decades so clearly a lot going on but what against they're.
SEC Chair Gary Gensler Plans 'Woke' Corporate Disclosure Rules
"Charlie. I don't know that we've ever spoken. If we did. It was a long time ago. How are you? It's a huge honor and pleasure, Mark. We did speak. You had me out for a book I wrote back in 2000 and three when I was at Newsweek magazine believe. Oh, my God. Well, let me say this. It's a real pleasure. You're a real serious reporter and you do your work and You broke a story today that caught my ear. And I'd like you to explain who is Gary Gansler. And what is he doing? Gary Gensler is a longtime fixture on Wall Street, essentially the revolving door between Wall Street and Washington in the sort of he worked at Goldman Sachs. He worked in the Obama administration, and he worked at the end. I think he worked in the Clinton administration, so he's been going back and forth. He's pretty rich. She was a partner at Goldman Sachs. Now he's the head of Wall Street's top cop, the Securities and Exchange Commission. Um, and he's doing something really interesting now over the years. Gary Gensler has more from sort of a Clinton Democrat into, I guess the best way to put it as an Elizabeth Warren Democrat. He's extremely woke extremely progressive. And he has some extreme ideas of how he wants Corporate America to act. He wants corporate America to adopt extreme woke. Policies he wants. Essentially every company to environment embrace environmental standards. He wants every company to have quote unquote diverse boards and diverse workforces, and he he wants to use government as the lever to do that, and he's doing that right now. At the Securities Exchange Commission. Because the Security Exchange Commission has enormous power over corporate America. It basically can mandate what they do and how they do it, and it could do that through a lot of different levers enforcement actions. In this case, what he's doing is he's proposing rules. And those rules will be passed by the Securities Exchange Commission, which is majority Democrat now, so he's going to ram them through without any without any Republican voice, And these are rules that essentially forced companies. To be more woke in certain areas in in terms of environmental issues in terms of board diversity, they will have to disclose those that their diversity have what they're doing for the environment. And when they do that, obviously, it's going to be a an object where the mainstream media is going to weigh in and say, Look at this company. Company. X is not his woke his company wide. They're not doing as much here than not doing as much there. Uh And I guess the bottom line is this. Listen, you may believe in these policies if you're liberal, if you're a free market capitalist like me, I care about the bottom line, to be honest with you, But if you're a shareholder, you really should be caring about the bottom line. These are not bottom line issues, and they Feed the S E. C s mandate. If you read the mandate, which is to make the markets safe, poor investors to make sure companies disclose stuff that investors care about for too wet to to weigh whether they should Invest in the stock or not. I mean, this is politicizing companies and corporate disclosure to a level that we've never seen before, and he's doing it. He proposed these rules and they
"gary gensler" Discussed on WMAL 630AM
"To have Charlie Gasparino senior correspondent Fox Charlie. I don't know that we've ever spoken. If we did. It was a long time ago. How are you? It's a huge honor and pleasure, Mark. We did speak. You had me out for a book I wrote back in 2000 and three when I was at Newsweek magazine. Oh Oh, my God. Well, let me say this. It's a real pleasure. Your real serious reporter and you do your work and You broke a story today that caught my ear. And I'd like you to explain who is Gary against slur. And what is he doing? Gary Gensler is a longtime fixture on Wall Street, essentially the revolving door between Wall Street and Washington in the sort of he worked at Goldman Sachs. He worked in the Obama administration, and he worked at the and I think he worked in the Clinton administration, so he's been going back and forth. He's pretty rich. She was a partner at Goldman Sachs. Now He's the head of Wall Street's top cop, the Securities and Exchange Commission. Um He's doing something really interesting. Now. Over the years, Gary Gensler has more from sort of a Clinton Democrat into, I guess the best way to put it as an Elizabeth Warren Democrat. He's extremely woke extremely progressive. And he has some extreme ideas of how he wants Corporate America to act. He wants corporate America to adopt extreme woke policies he wants. Essentially every company to environment embrace environmental standards. He wants every company to have quote unquote diverse boards and diverse workforces, and he he wants to use Government as the lever to do that, and he's doing that right now at the Securities Exchange Commission. Because the Security Exchange Commission has enormous power over corporate America. It basically can mandate what they do and how they do it, and it could do that through a lot of different levers enforcement actions. In this case, what he's doing is he's proposing rules. And those rules will be passed by the Securities Exchange Commission, which is majority Democrat now, so he's going to ran them through without any without any Republican voice, And these are rules that essentially forced companies. To be more woke in certain areas and in terms of environmental issues in terms of board diversity, they will have to disclose those that their diversity have what they're doing for the environment, and when they do that, obviously, it's going to be an object where the mainstream media is going to weigh in and say, Look at this company. Company X is not his focus company Y They're not doing as much here than not doing as much there. Uh And I guess the bottom line is this. Listen, you may believe in these policies if you're liberal, If you're free market capitalist like me, I care about the bottom line. To be honest with you. But if you're a shareholder, you really should be caring about the bottom line. These are not bottom line issues, and they exceed the SCC's mandate. If you read the S E. C s mandate, which is to make the markets safe for investors to make sure companies disclose stuff that investors care about for too wet to weigh whether they should invest in the stock or not. I mean, this is Politicizing companies and corporate disclosure to a level that we've never seen before, and he's doing it. He proposed these rules and they will pass, like biting his pushing through all this stuff he's pushing through through Congress with a 51 vote. With Kamala Harris breaking the tie breaker. He will pass this based on him. Being the tie breaker at the security has changed. Now. Here's the thing, Charlie. If he doesn't have the statutory authority. At least it can be challenged. That's great. But most of these companies are too gutless to challenge anything at anyone. And I'm very, very concerned about this because you're right because I Even way back in law School studied. Why do we have a Security Securities and Exchange Commission has nothing to do with this is to ensure that when people invest, their not getting ripped off is to have some Rules for the market. Um, you know, way back when people were selling fake stock notes and all kinds of stuff going on. And they're supposed to oversee this sort of thing. And you talk about Joe Kennedy Sr. Um And even had the SEC didn't injected in FDR even dragging back from Britain and give them that job because he was so I think whatever it was, doesn't matter. First SEC commissioner chairman I should say, Yeah. Talk about anyway. So, uh, To have a guy like this coming here like he's some kind of dictator until all these boards And all these corporations there to conduct themselves, which has absolutely nothing to do with the bottom line is pushing the hard left agenda. Just think we're crossing lines all over the place in this government now, this guy and he doesn't record speed. I mean, they haven't. We've only been there a few months, right? Yeah. And you know, yes. You're right about that, and he'll get some pushback from Republicans that Pat Toomey will has has notified him. He thinks this is, you know, outside the boundaries of what the SEC supposed to do. He's the senator from Pennsylvania. If the Republicans take the Senate, there's a good chance they can stop a lot of this. And essentially this. The Senate Banking Commission is the oversight provides oversight over the Security Exchange Commission. They could. I mean, they they could really make his life miserable for him. So he's got a window here. If you think the Republicans are going to take the Senate back in 2022, you know he has. Obviously you know what this year and next year to do this and my my guess is he'll try to push it through in those terms. But what's scary about this? From my standpoint? I'm just a simple country business reporter. You know, I cover this stuff. I do read a lot about woke this and parents being freaked out that School boards are are embracing critical race theory. Um, this sort of left wing progressive Agenda is infecting just about every part of our life, including like dollars and sense that used to be, you know, people used to cover business and thinking. Oh, I don't have to deal with politics because it's about you know, money and you know people, it's about the bottom line. Now we've gone to the point where Political left wing agenda is infiltrating every part of our life, including such mundane things like board diversity. Listen who's not a poor board? Diversity? We're all for that, right? I mean, you know you, obviously What do you care You want obviously the best people at that point, That should be the the onus not More diversity. It's the best people and, you know, if it diverse, so be it, you know, uh, just to give you a heads up Charlie in about a month or five weeks. It's going to get more political than you think in these boardrooms because I'm going to push an agenda myself. I'm sick and tired as a conservative, really is a free market capitalist. People come in like they did I forget which point with Exxon, you know, with $50 million and they buy some shares and all of a sudden they get some seats on the board and so forth. People like me in tens of millions. We don't have to be Spectators to this will have to be observers. We need to be participants. So keep your eyes wide open and your ears wide open because their movements that I intend and I'm not. I'm not trying to be as you I'm being honest with you. There's there's things that I'm going to push really, really hard and we're not going to sit on our asses and just take this anymore. Listen, remember what you're going up against? So let me I did a lot of reporting on the Exxon business. How did this tiny activist investor get too bored? Three board seats? These guys came out of nowhere. Engine number one. They're named after some, um, firehouse in San Francisco. Of course, Right. So how did they end their an environmental activist group where they want companies to embrace environmental activism. How did they get up? They got on it because Black Rock, the biggest money management firm in the World $9 trillion on the management put them there because, Larry, think Is very progressive..
"gary gensler" Discussed on KQED Radio
"And a stick it to the man kind of view that the system was rigged against companies like game stopping that this system was rigged against retail investors. A number of the big Wall Street hedge funds had actually bet against Gamestop share so they were betting the shares would go down. And these other investors were trying to effectively win the game and make them lose and at the moment they are winning. But I would just caution those who are out there today. The greatest likelihood is that these these protesters will be the ones who will ultimately lose because there is no fundamentals behind the kinds of trades that are going on at this point. So just so I understand this. These smaller traders seem to know that the bigger hedge funds had these basically short selling options on these companies, and they bigger investors were hoping the stock prices would go down there, reversing that trend and driving the stock up. How does that that reversal of fortune hurt the bigger investors? Well, in truth, it hurts. The bigger investors in so much is the hedge funds lose money. In one case, Big hedge fund has now lost several billion dollars and needed to be rescued as a result of this But what? I'm not sure the critical protesters that are that are doing this fully appreciate is Hedge funds are managing the money of pensioners. So when you really think about who's lost, at least thus far in this, and it shouldn't be considered a game in this winning and losing way, But so far, the hedge funds have lost the Wall Street hedge funds have lost, but they have effectively lost pensioners money. There has been this talk as you well know, for years about whether or not day traders are actually consequential in the market, and it's hard not to look at what's been going on over these last days and weeks and think. They are consequential. They are able to move the market in a substantial way. Do you think that this does change something fundamentally? Well, I think there's two things going on. I think they were substantial and moving the market to a degree. But like any great protest, they often get co opted by others. And there is there are professional investors now today that are also bidding up Shares of games stop. As part of almost a pop psychology play on DSA, so it's exacerbating what's happening. So yes, a small group of investors has clearly moved the market to some degree, but Coming on top of that are professional investors who affected they're trying to take advantage of those folks. And so it's gonna be very Interesting to see how this all unravels itself. Elizabeth Warren and others have said Look, a lot of these big time. Investors have treated the stock market like a casino for years, she argues, and now they're complaining. And basically, she's saying Boo hoo for them. For other point, though, is that now is the time for financial regulators to step up and address this. It's not clear to me, though. What is the role for a financial regulator? In this circumstance. What would a financial regulator do? It's complicated. First of all, Elizabeth Warren is 100% correct. And so many of the people with her s O. Many of the people buying up shares. Gamestop agree with her. They're saying the system is rigged, and they're saying we are manipulating it, but we've been manipulated for so very many years. The question. You asked, How do you regulate this? What are the regulators supposed to do is a is a real question without a great answer, because it's not clear that what's being done here is illegal. It's all actually being done for the most part out in the open, you can go online and see these people talking to each other. You could argue. Maybe it's a pump and dump scheme, but it's being done. Quite publicly. And so I think the regulators are gonna have to grapple with this. Gary Gensler has been nominated to run the S E C is gonna have a pretty hard job on his hands. Tioga out. How? How did how did what to do? I will make one mention some of the big brokerage firms are starting to limit the amount of leverage the amount of loaned money that they're providing to some of these investors. Four specific stocks like game stops, so that could reduce some of the interest in pursuing these type of events. All right, Andrew Ross Sorkin. Thanks for helping us get through this very, very complicated. Even as president Biden's team is ramping up plans for production of covert vaccines. We're also sober warnings that it will take well through the summer to vaccinate enough Americans here is CDC director Dr Rochelle Walensky. Now is the time to remain vigilant if we continue on the current trajectory, the CDC most recent national ensemble forecast predicts that 479,000 514,000 covert 19 deaths will be reported and by February 20th 2021. If we are united in action, we can turn things around. Continuing to expand safe, effective vaccination is key to ending the cove in 19 pandemic and bringing our country back to health. The U. S, is by no means the only country struggling with vaccine supply and demand. Today, a battle escalated between the EU and vaccine maker AstraZeneca. Back here. There are major concerns over vaccine supply and equity. Stephanie Cy looks looks that has our report. Judy. A recent analysis by Kaiser Health News finds black and Latino citizens are getting vaccines that significantly lower rates in a number of states, especially worrying, given the major disparities in death rates, which public health officials reminded us again of today. As you can see on this chart. Black, indigenous and Latino people are dying at a much higher rate than white people here to talk about these equity concerns. I'm joined by Doctor my Shika Roberts, the public health commissioner of Columbus, Ohio, Dr Roberts. Thank you so much for joining us. I know you've been focused on these issues. And in fact, I've heard you say in the past that they're in Columbus. Public health officials have an equity agenda. What does that mean? In practical terms? Yeah, well, thanks for having me and you here in Columbus, Ohio. Our mayor, mayor and together has an equity agenda for our city, and it does involve health, and he has declared racism as a public health issue, which is really caused my department as well as many health agencies in town. The focus their work on looking at the health inequities that exist and how we can work to overcome them. What does that mean? In terms of the current vaccination program, for example, are you going directly to those neighborhoods? Those black and brown communities where the vaccine.