And think about the biggest of the big tech crunch rightly exactly we have a lot of big names that were talking about alphabet which is the Parent Company to google were talking about microsoft apple amazon those are just name a few of the list goes on and on and like i said when you see more of the Newer Technology companies youre going to think of the nasdaq and we talk about stock exchanges and we can go back to the Rice Exchange in tokyo you know the hundreds of years ago and amsterdam in the sixteen hundreds the relative to those sorts of things nasdaq itself is also fairly new on the market is fairly new is actually founded in one nine hundred seventy one so its about forty seven years old but its really gained popularity especially with the tech boom and the dot com for the last few decades and its only going to become more and more important as these Technology Companies become more popular one of the things i think that people may not also know about technology is that most of these trading the trading that takes place. Now that was the first one that was totally electronic and so now most exchanges are electronic the New York Stock Exchange in Lower Manhattan you reported there for boom bust before they still have a floor operation they still have people on the floor i spoke with tom parley that the president and theyre going to keep that contingent of actual floor traders they think having four traders actually makes trading more efficient a particularly at bala pull times the opening of the markets in the closing of the markets but ninety plus percent of trades take place electronically and you know people there are times when they traded four hundred to five hundred times per second this is just crazy but its crazy a lot of trading goes on here at the nasdaq and you know its actually a good thing in the scenes and in the whole world and of course the first one in the New York Stock Exchange which is and im going to be down around there tomorrow and around here in times square pretty tried as art thank you so much for joining us great to see you in person again. It was blown by us. And weve come off of times square and were in the r t america studio just a few blocks away and we are joined by gary de wall of cat mutual law firm he as i said earlier in the program hes not just a lawyer hes also a professor and he knows pretty much everything you ever want to know about regulation and finance and he advises both buy and sell side clients gary thank you for being here we know that the. Chairs of the c f t c where you and i both worked in the past and the f. C. C. The chair of the f. C. C. Also jay clayton were before the Senate Banking committee not too long ago and they spent a lot of time talking about Digital Currencies whats your take on that hearing well i think it was a pretty interesting hearing and i think you can paraphrase some old philosophers to basically get the bottom line of what he what he individual said. Think therefore i am that was they cart but i think Christian Kahlo his view was its there so therefore i have to deal with it i think jay clayton was the only thing we have to fear is fear itself his message was for main Street Investors we have to fear everything especially crypto currencies i think you sir are dramatic contrast in the way that both individuals and their agencies are approaching cryptocurrency is right now and i think the most interesting thing from my perspective was Christine Carlo basically saying theres gaps in federal regulation they need to be filled in to make the currency safer fairy body and frankly j. Clayton agreed with that perspective i think a couple of things about that i think i agree with you i think you have the right right take on it one mr g. And carlo chairman of the c f. T. C. Hes been pretty out there for a couple years actually talking about how. The Digital Space should be developed and i think he. Likened it to how the internet was developed so i mean much more i think even than the f. C. C. Has in the see if d. C. Sort of been out there trying to share information and let people know in this space what they should and should be doing i think thats right i think to see if the seed took an early view that this is out there theres nothing we can do to stop it really so we might as well figure out what the problems are they embrace Virtual Currencies as a commodity and they early on to exercise jurisdiction over derivatives based on commodities as well as using their antifraud authority to root out potential bad guys in this area so i think the sea of the sea has taken a very very pragmatic view from the beginning i think its very careful to say they havent a dos the product but they simply recognize its there and it has to be dealt with it cant be ignored its good to send out warnings to investors theyve done a lot of lot of education into absolute commended for that but theyve also brought some very very important foresman cases frankly now lets just move to the s. E. C. A little bit and chairman jay clayton who i think is also doing a really good job in trying to ensure that the agency doesnt just say. No you cant do things things no you cant offer Digital Currency e. T. S. But he is trying to i believe try to figure out a way forward so its not just no you cant do things hes trying to go forward but there are a couple of interesting moments in that hearing particularly with senator Elizabeth Warren from massachusetts about i. C. A. O. Talk about that a little bit sure i mean the i think the f. C. C. Is struggling with with the with the with the instruments the digital tokens that issued in connection with ice c. E. O. s and i should have said for our viewers the initial coin offerings which they may or may not know wrecked initial coin a phrase that i was going to explain that basically from the f. C. C. Is perspective initial quote offerings are very much like initial Public Offerings their their their their their their their new issues of security type instruments and you know the industry the crypto industry tries to divide these these instruments into those that constitute securities and those that constitute utility tokens and i think the f. C. C. Has been expressing its skepticism about that approach it hasnt come out with a definitive ruling but it has said that the extent that a token represents a security therefore it needs to be issued in accordance with with with the rules dealing with new securities or a valid exemption and theyve brought a couple of inforce been actions now to back that view up but i still think that the issue is its really hard to determine what is a Virtual Currency meaning Something Like a fee currency but obviously not backed by a state completely under the jurisdiction of the c. Of the seat the extent theres a derivative based on it what constitutes a security and what constitutes a utility token i think that the regulators really need to clarify this to to to to help the investing public really understand whats out there to me and they look at awful lot like securities and if there is a. The only price that trading these sorts of things are at the sea f. T. C. At the Chicago Board Options Exchange and the Chicago Mercantile Exchange trading future. Yours on that coin. But at some point do you think we are going to have regulated exchanges gary good now weve got exchanges out there coin based as others are throughout the world that trade these Digital Currencies so its one thing to say will we at some point have registered coins that are approved by the f. C. C. Its another thing to say ok if theyre approved as a scaredy where the heck are they traded are they traded still on these quote unquote dark markets or are they going to be traded in the future do you believe on regulated exchanges like nasdaq where i was just a little bit ago of going back to or at n. Y. S. E. For example well its a very very good question i think thats one of the issues that Christian College brought up before the senate has to set a testimony is that there is these caps and they should be addressed but let me say a couple things on that one to day the exchanges out there the spot exchanges are regulated in the United States the spot exchanges have to be are subject to the financial and enforcement Crimes Network of the department of treasury theyre often licensed by state money transmitters and if they want to do business from or to new york state they need a bit license for the new York State DepartmentFinancial Services two weeks ago the new York State DepartmentFinancial Services issued new guidance and they said that if you want to operate from or or to new york residents were going to expect you to have a bit more than just a m l type procedures were going to expect you to have good Cyber Security would expect you to monitor fraud and manipulation so that they try to in fact a develop some guidance that suggested that these exchanges have to do more than just exist you are the guy who knows that all that stuff in detail boyd thank you for sharing it with our viewers we hope youll come back again gary to wall off from kat mutual thanks for being here thank you always good to see you great. Time now for a quick break but stick around because when we return we have an exclusive interview with michael. Because hes the lead Business Reporter at coin desk which is the preeminent publication around the world with blog Digital Currency im going to ask him what is the thing most important if we dont know plus ill give you a little tour of times square maybe we even have a glimpse of the naked cowboy a bunch of mickey in movies or maybe the statue of liberty but right now here are the numbers at the closing bell. There is now three hundred trillion dollars of a little wealth in the world today but i look at how much money we spend in the world on military. We just talk about a few more million. Save the lives of people around the world in doing such a way that doesnt create dependency and with that much wealth in the United States that much well. The rest of the world is a nice useable for any person in the world today you know today. Fifty years ago breaking within to come together as a sleeping pill. Because. The scientific sweat terrible but not on the road. The war. Across europe. Legal battles demanding at least some compensation. To wait till the physical times itself as well that the concept in mind that the people who actually put to take this call it has never been the justice and. Theres been a couple. With no make this manufacture consent to the public well. When the ruling class is protect themselves. With the famous merry go round the sun be the one percent. We can all middle of the room sick. Room. And were back and were really pleased to be joined by michael dell to steal hes the lead Business Reporter at coin desk which is a preeminent publication dealing with these sorts of issues regarding Digital Currency is on the block michael welcome and thank you for being with us its a pleasure thank you ok lets take us at one hundred thousand feet yes whats the most interesting thing youre seeing in this space bizarrely the most interesting thing that im watching right now is supplied Chain Finance thats different from supply Chain Management which we hear talked about a lot where distributed ledger technology. Like the block chain is being used to prove the origin point and movement of products and what were talking about with supply Chain Finance on a block chain is being able to simultaneously pay every level of a supply Chain Logistics of a moving something a product a physical product from one place to another and tracking that well the finance aspect of that is actually in the payment so what happens now is if you go to a big factory like foxconn that is making cell phones they will receive the bulk of the payment for the product and that money slowly trickles down to every layer of the supply chain taking weeks and sometimes months to finally hit the people at the very bottom of the supply chain and were seeing some interesting work actually foxconn and p. T. P. Lending platform d. N. Wrong are working together to reimagine the way the supply Chain Finance works so that the lowest level of the supply chain is actually being paid at the same time as everyone else that not only would remove the need for the middlemen that are making money in between each of those transactions but make sure that the people at the lower end of the supply chain the farmers the miners who are creating the Raw Materials that eventually go into these products arent being forgotten or delayed in payment you know i wonder if that should be we talk about block chain and in general it may be the moral to the block change story or the montra if you will is getting rid of the middleman or the middle person makes sense really i mean thats yet about i would agree i think that the innate understanding of a middleman in todays day in age or at least a couple of years ago was definitely relates to finance so it was it was a no brainer that the first application of blocks and technology would be money. Crypto currency but there are a lot of other exchanges of value out there that arent necessarily reliant on money and were seeing new cutting edge imaginative applications of this technology to remove middlemen across a wide range of value exchanges yeah ive spoken with people and i imagine youve done stories on this that want to track the movement of diamonds. And even some Precious Metals so theres a number of different applications outside of traditional Payment Systems let me ask you though the. Talk about the large Financial Institutions who really have been and theres nothing wrong with that theyve been important to the development of the world the development of our country in the us here serving as the lenders. But they really are the middle people in a lot of these trends yeah so are they on the defensive with regard to Digital Currencies or are they do they have some sneaky strategy there where theyre going to have some you know internalized banking Financial System ledger as opposed to a distributed public ledger which would truly get rid of the middle people great question i think with the big first of all the short answer to question is they are involved they are exploring and there are a couple of instances of them exploring using cryptocurrency publicly which we can talk about but to answer the first part of your question the big difference between. Innovation that is being explored in the block chain space by banks and other Financial Institutions is that they are used to leading the drive towards those Innovative Products block chain and crypto currencies as unusual perhaps even unique in the fact that it was driven by the retail world that was driven from the ground up and so in a lot of ways these banks stock exchanges Financial Institutions generally speaking had their hand forced they were watching from a distance as other people were driving innovation which is unusual but its as i said earlier its not accurate to say the banks are not involved. Some of its self preservation i mean they dont they they dont want to lose. This is a horrible term and i dont mean it in a negative what well youd better not use if you wanted to they they they dont want to lose the source of the revenue so they can provide to find that thing that is important to our economy there i say that is part of our it is it is it is difficult to talk about because of the fact that their hands have in a lot of ways been forced to this innovation i think that. They were largely content with their role in the Financial System and youre right they had to go into this in order to stay pertinent. But thats not to say that they arent also willing participants or at least they havent become willing participants some of the most exciting crypto currency experiments in the world right now some of the biggest banks in the world are in the room while theyre happening quietly about those tell me about you think what are the leading Financial Institutions around the world that are maybe paying a little bit closer attention to this than the others and when i say closer attention im talking about theyre reaching in their pocket to maybe get their wallet so theres two theres two public examples that im happy to talk about and there are a lot of examples that are going on behind the scenes. Report that we havent read the stories that you can the future so the stuff that i can talk about publicly that has been publicly revealed i should say money gram is now using ripples x r p which is a sort of next generation crypto currency that is designed to increase the quiddity between Global Banking institutions. One of the earliest use cases was in cross border payments generally speaking the sending money from one currency to another x r p serves a really potentially valuable place in doing that by freeing up money that is being stored in different accounts around the world just in case its needed instead of keeping that money laying dormant. Places like money gram can can use x r p theoretically to cut out that that middle trends and its got a lake of liquidity essential. What youre saying that can be used for that doesnt have to be it can be in held in reserve and then used to make the transaction and then they deal with whatever the the difference between one currency and another currency ideas and flatten it out and then they get paid a little part themselves there i guess so there is there is still somebody making money in the middle here but its different than the Traditional Financial Institution and i think are there others out there there are another one that i think is really interesting is is what might be called a sister currency to x. R. P. Which is lumen which is the currency that was created by a company that was founded by one of the same people who founded triple stellar and stellar recently announced a partnership with i. B. M. Which isnt a Financial Institution but i. B. M. Powers some of the technology on the enterprise level that runs some of the worlds biggest Financial Institutions that was a big deal because i. B. M. Had been in the space for a while using what we call non trip a currency applications a block chain which is moving value around in other ways storing data in a distributed way but not necessarily using an actual crypto currency i. B. M. And stellar last year publicly talking about the potential use of lumen was it was a big deal and i think that its sort of indicative of the fact that its not just Financial Institutions that are starting to become increasingly comfortable talking about crypto currency in public but Technology Companies as well are we could talk michael for a long time but we are running out of time i promised our viewers at the beginning of the show that i wanted to i was going to ask you about the biggest thing out there in this space that we dont know and maybe youll have to do so. And you havent written about there but what do you have for us ok so i think what would be most surprising to a lot of people is the degree to which some of the biggest banks in the world are in fact experimenting with crypto currency. Again i have firsthand experience knowing that some of these banks are in the room advising observing and learning and reporting back to their superiors about some incredibly exciting cryptocurrency projects. We will be looking for you well be looking for michael dell christianes articles a coin desk and we cant wait to see them thank you so much for spending was a pleasure our thank you take care take care. And before we go a little bit about right here times square its a place with more energy than most you can feel it just standing here coming up through my boots all around you this area used to be called long acre square it was renamed back in nineteen zero four when the New York Times moved its headquarters to the times building its now called one time square its just a couple of blocks away from here and it is named after the New York Times and when you hear times square its the New York Times after the one nine hundred twenty nine stock market crash this whole area was pretty beat up businesses moved out closed down went bankrupt and as they slowly businesses started to come back in they were really of a cd or nature some peep shows a little bit of vaudeville shows some pawn shops and a lot of panhandlers that was pretty much the norm and it wasnt until the one nine hundred ninety s. That americas mayor Rudy Giuliani initiated a real cleanup effort here in times square and wow did they do a great job it really came back and take a look at this canyon of whites just amazing because. Looking all around you can turn around slowly and theres seemingly an endless cascade of vibrant video of news feeds and of advertising for five stories tall even higher im looking probably fifteen story worth of lights there and speaking of that it really is a show here of course we will talk about shows we talk about broadway and broadway is like right there thats right way for broadway and forty third street and you could be at one of these local hotels and watch a different show every day for two weeks the lion king is right behind us school of rock is is just around the corner there its Pretty Amazing and its not just theater shows theres plenty of movie theaters too and theyre not just one or two screens theres sixteen and twenty four multiplex theaters its really incredible and speak about some of the anomalies also just down here a little bit is the naked cowboy the fellow that is in his white skippys with his guitar strumming and his cowboy hat love to get a couple of bucks from you and theres probably more mini and mickey mouses within a block of here than there are in disney world as a matter of fact when they rejuvenating times square they called it the disneyfication of times square its really incredible a my favorite anomaly by the way is and i dont i dont see any right here now but is the statues of liberty so youll find these folks that are on stilts so theyre big statues and theyre dressed in the gallon some of the teal color of the rusted copper on the actual statue of liberty some of them are be dealt with with gold some of them will have shades on glasses and all of these folks these different characters will be happy to take a selfie with you for a mere gratuity of a few dollars its really a neat place to be and of course on new years eve they have the ball that drops from here theyve been doing that for years and there are close to a Million People here in times square a Million People right here. Pretty nuts we are so happy to be here we will be here all week that is it for now but we hope youll catch us on you tube at you tube dot com slash boom bust archie thanks again for watching see a later. America has an economy thats been created by financialization of everything and outsourcing manufacturing to countries like china totally at the ignore ation that just made that word up means to ignore something that they can ration your local infrastructure build now trump saying we want to do infrastructure weve got to go borrow a trillion or two trillion dollars from whom our biggest creditor that would be china and china is only all the cards now in the twenty second century in america cant even get from point a to point b. Were similar to the spurs to the east you know the us and most of the snowboarding for the. Beautiful us good new books and theyre going to push. The modem close to them this material to move to my idea of the oh my goodness with the thought of you know comes. Surfing to me now to some guy in some the muslim spot of the video or the dog youll see us so youll see a little. Too close to send you to jail im with somebody else but youre going to show some cool tools to the police but you should just be posting them for them so just to take a well look you could say yeah. That would usually the nation as we see would you do you see just as i was telling me of something that you know the police will diminish the symbol to be so. Join me every thursday on the alec simon show and ill be speaking to guest in the world of politics sports business im show business ill see you then. Elliston is Getting International recognition with the help of israel at least in the world of zoos and bill fiddlesticks mission to you i completely see that my complicity is going up the study hall maybe you know john tells. Me the only palestinians who gets the most help from his jerusalem counterparts i dont think of those who in the world under the oak vision know only could do this. And though it is off to this lady of the. Im going to continue muslims you know do more in the middle dont piss off. The german tabloid is duped into publishing fake evidence of a russian troll farm supposedly meddling in germanys politics. And the hunt for russian bonds continues twitter is believed to have blocked nearly a thousand accounts belonging to conservative america. In medal winning that russian girl who tested positive for a banned substance at the Winter Olympics decides not to take his case to sports highest court. Broadcasting live direct from our studios in moscow this is our International Incheon thomas live with us now the german tabloid newspaper builds has published what it