or injuries so far the air has been investigating through a primary school and it was the scene of a shootout in two hundred sixty incidentally when three police officers were injured in the state's close to a primary school about three hundred fifty pupils there is called foyer in. brussels there so keep an eye on what could be a domestic really don't know what's happening you can see across it instantly it. along with all the rest of on the news as well for now thanks for watching this live update with me kevin though in we are international we're really proud that you watch us thank you. so. there is now three hundred trillion dollars of wealth in the world today but i look at how much money we spent on the world the military. we just talked

about a few more billion. save the lives of people around the world in doing this such a way that doesn't create. it with that much wealth in the united states that much well. the rest of the world is a nice usable for any person in the world today to go to the. server to do things that show me face it would be very.

skim you need yeah you feel you see. something in them what do you how to build them out of something. do you wonder in the midst of this come to mind if this actually might well mean that we could measure the cost more next. week's report or. this is boom bust broadcasting around the world we're at the crossroads of the world here in front of the nasdaq market site in new york city's times square we've come to the beating financial heart of the globe here and we're going to be here

all week bringing you some of the highest quality business and finance shows you'll ever get anywhere in that regard today will be joined by gary door wall of the catton mutual wa firm and gary and i have known each other for many years and he's one of the foremost authorities on evolving business and financial landscapes around the world is often quoted in the media and often writes about contemporary financial issues he covers the waterfront from issues from regulatory compliance to digital currencies advising buy and sell side clients and many others in fact gary isn't just a councilor of law he's a professor of law as taught classes really close just over the river at brooklyn law school we'll get to that interview in a minute plus we'll delve deeper into digital currencies and that debate with a very special guest reporter michael dell chrystia oh he's a senior reporter with coin desk which is the predominant global public. ation

covering digital currencies this interview is a great get for a boom bust because michael is a guy who talks with the cutting edge people in the digital currency space i've got lots of questions for michael including what's the most interesting thing he sees in digital currencies that we don't know and before we go we'll take a quick tour of times square and the canyon of white sits behind me and the enormous energy that's all coming up but first we have a special guest. and we could not be in new york without calling upon our t. correspondent trinity charges who's done such a great job not just for boom bust but for our two american general attorney thank you for being with us here at nasdaq thank you for having me mark so we are here in one of the most influential financial hubs not only in the world but in new york it's announced back to us right behind the screen that you see is actually their

market light but what's interesting about the nasdaq is the fact that no trading actually goes on inside this building it's actually more of a television studio all the trading happens closer to washington d.c. and maryland and a lot of people don't know that yet happens in bethesda not too far from boom bust i've done a bunch of t.v. interviews in here and it's sort of freaky actually the they do ring the bell here where and the there's a podium where the companies that are listed if it comes out of the floor rises up out of the floor and everybody sits around there and claps but the trading is not there and then it goes down into the floor and then they turn into as you say trinity a television studio but tell tell our viewers what actually goes on here is not just a regular stock exchange it's very specific now and it's mostly technological companies the nasdaq is actually an acronym for the national association of securities dealership automated quotation that's a mouse head that not all but that's what it stands for but i. a lot of people

don't know that it's on financial companies it's strictly you know technological companies we're talking no banks no insurance companies we're talking about. media technology software hardware if you think of all the resistance technology companies you're going to think of the next year and think about the biggest of the big tech crunch rightly exactly we have a lot of big names at the nasdaq we're talking about alphabet which is the parent company to google we're talking about microsoft apple amazon those are just name a few of the list goes on and on and like i said when you think of them or the newer technology companies you're going to think of it as that and when talk about stock exchanges 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 it's round forty seven years old but it's really gaining popularity especially with the tech boom and the dot com for

the last few decades and it's 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 that the trading that takes place was the first one that was totally electronic and so now most exchanges are electronic but 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 farley the president and they're going to keep that contingent of actual floor traders they think having floor traders actually makes trade more efficient a particularly at bottle 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 trade at four hundred to five hundred times per second this is just crazy right it's crazy a lot of time. goes on here at the nasdaq and you know it's actually

a good thing it is names in the whole world and of course the first one in the new york stock exchange which is and i'm going to be down around there tomorrow and around here in times square for the child as our first one thank you so much for joining us great to see you in person again once. more with bone but they are. i. and we've come off of times square and we're in the archie 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 he's not just a lawyer he's 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 were you and i both worked in the past and the f.c.c. 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 what's 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 i think therefore i am that was descartes but i think christian kawa his view was it's 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 sort of dramatic contrast in the way that both individuals and their agencies are approaching cryptocurrency is right now that i think the most interesting thing from my perspective was christine carlo basically saying there's gaps in federal regulation they need to be filled in to make cryptocurrency safer for everybody and frankly jake layton 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 chair. of the c f t c he's 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 the f.c.c. hasn't to see if d.c. is 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 that's right i think to see if the seed took an early view that this is out there there's 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 anti-fraud 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 it's very careful to say they haven't a dos the product but they simply recognize it's there and it has to be dealt with it can't be ignored it's good to send out warnings to investors they've done a lot of lot of education into absolute commended for that but they've also brought

some very very important for some cases frankly now let's just move to the s.e.c. a little bit in chairman jay clayton who i think is also doing a really good job in trying to ensure that the agency doesn't just say no you can't do things things no you can't offer digital currency e.t.s. but he is trying to i believe try to figure out a way forward so it's not just no you can't do things he's trying to go forward but there are a couple of interesting moments in that hearing particularly with senator elizabeth warren from massachusetts about talk about that a little bit sure i mean the i think the f.c.c. is struggling with with with the with the with the instruments the digital tokens that issued in connection with i c.e.o.'s and i should have said for our free with the initial coin offering which they may or may not know wrecked initial coin a phrase that i was going to explain that basically from the ses he's perspective initial quite a lot. brings it very much like initial public offerings they're they're they're

they're they're they're 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 hasn't 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 they've brought a couple of in for spin actions now to back that view up but i still think that the issue is it's 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 c. thinks that there's 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 what's out there to me and they look at

awful lot like securities and if there's a the the only price that trading these sorts of things are at the c f t c at the chicago board options exchange and the chicago mercantile exchange trading futures on bit coin. but at some point do you think we're going to have regulated exchanges gary good now we've got exchanges out there koin based as others are throughout the world that trade these digital currencies so it's one thing to say will we at some point have registered coins that are approved by the f.c.c. it's another thing to say ok if they're 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 it's a very very good question i think that's one of the issues that christian college brought up before the senate has to set a testimony is that there is the gaps 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 information crimes network of the department of treasury they're 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 department financial services two weeks ago the new york state department financial services issued new guidance and they said that if you want to operate from or or to new york residents we're going to expect you to have a bit more than just. procedures we're going to expect you to have good cyber security would expect you to monitor fraud and manipulation so that they try to in fact 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 you'll come back again gary to wall off from cat 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 dell because he's the lead business reporter at coin desk which is the preeminent publication around the world building with blog she's a digital currency i'm going to ask him what is the thing most important if we don't know plus i'll give you a little tour of times where maybe we even have a glimpse of the naked cowboy a bunch of mickey and minnie or maybe the statue of liberty but right now here are the numbers at the closing bell. i.