TONIGHT, I AM DAVID ASMAN. DAVID: OUR TOP STORY.
DAVID: OUR TOP STORY.
COULD FTX MAKE A A COMEBACK.
THE NEW CHIEF EXECUTIVE IS
LOOKING TO POSSIBILITY OF
REVIVING THE BANKRUPT CRYPTO
EXCHANGE.
FTX FOUNDER, SAM
BANKMAN-FRIED WAS ARRESTED
IN DERS DECEMBER AND HAS
BEEN INDICTED FOR A RANGE OF
OFFENSES, IF CONVICTED ON
ALL COUNTS COULD SEND HIM TO
JAIL FOR 115 YEARS.
BUT THE NEW CHIEF EXECUTIVE
THERE TALKING ABOUT A
COMEBACK, SAYING:
>> MR. RAY’S REPORT
METABOLISM ISOPTIMISM IS
BOLD, THERE STILL A LOT OF DARK CLOUDS HANGING OVER THE
DARK CLOUDS HANGING OVER THE
EXCHANGE.
THERE WAS ALSO A REVOLVING
DOOR BETWEEN REGULATORS AND
FTX EMPLOYEES.
THESE CONNECTIONS CAME IN
HANDY FOR THE COMPANY, FTX’S CHIEF COUNCIL, MILLER ONCE
CHIEF COUNCIL, MILLER ONCE
WORKED AT LEGAL COUNSEL FOR
FCC HANSLER, HER MAIL SHOW
MR. MILLER USED OLD CONTACTS
WITH REGULATORS TO GET SAM
BANKMAN-FRIED A SEAT AT
DINNER WITH FORMER
COMMISSIONER DAN
BERKOVITZ IN 2021.
DENNIS KELLEHER.
PRESIDENT OF GROUP THAT ADVOCATES FOR PACKAGE
ADVOCATES FOR PACKAGE
REGULATION SAID QUOTE:
>> THE QUESTION IS DID THESE
CONTACT HELP THE COMPANY
COVER-UP OBVIOUS WARNING
SIGNS ABOUT FTXY VIEABILITY.
MAYBE IT SHOULD BE ANSWERED
BEFORE WE TALK ABOUT RESURRECTING FTX, BEE GO --
RESURRECTING FTX, BEE GO -- WE GO TO CHARLIE GASPERINO.
WE GO TO CHARLIE GASPERINO.
SAM BANKMAN-FRIED SAID THIS
MORNING:
>> WHAT IS GOING ON.
>> I THINK HE IS OUT OF HIS
MIND.
IF YOU READ ANY INDICTMENT
OF THE CHARGES AND TALKED TO
ANYONE THAT KNEW ABOUT THIS
OPERATION, UNTIL NOW IN
HINDSIGHT, THEY WOULD SAY
THIS IS EITHER THE DUMB EL
EST PERSON IN THE WORLD THAT
RUN A MAJOR FINANCIAL FIRM, OR A MASSIVE FRAUD, EITHER
OR A MASSIVE FRAUD, EITHER
WAY HE IS GUILTY.
I WILL SAY, THE CLEARING
HOUSE THING IS INTERESTING,
I KNOW MY SOURCES TELL ME,
HE WAS TRYING TO CREATE A
BANK.
DAVID: TURN FTX INTO A BANK?
>> NO, GET THIS BANK TO GET A REGULATED EXCHANGE FROM
A REGULATED EXCHANGE FROM
THE FTX AND SEC.
THE REGULATED BANK WOULD BE
THE CLEARING HOUSE, WHETHER
WE WOULD TAKE DEPOSITS IN
THE FUTURE, YOU NEVER KNOW,
THE BANK WOULD BE CLEARING
HOUSE THAT WOULD HOLD THE
CRYPTO IN THE NEW NATIONALLY
REGISTERED ENTITY HE WAS
TRYING TO CREATE WITH BRAD
OF IEX .
THIS WAS ROLLING RIGHT UP ON THE MINUTE IT BLEW UP, HE
THE MINUTE IT BLEW UP, HE
MET WITH GENSLER TWICE ON
THIS ISSUE.
DAVID: WHAT DOES THAT SAY
ABOUT THE SEC AND WHERE
THEIR FOCUS WAS.
NOW, THAT RARE RAY HAD A
CLOSING LOOK AT BOOKS, HE
SAID THEY WERE IN SHAMBLES.
>> I’M NOT A BIG FAN OF THE
SEC’S REGULATION OF CRYPTO.
I THINK IT WAS MISPLACED.
THEY WENT AFTER THE DIGITAL
COINS, TRYING TO SAY, YOU
SHOULD HAVE REGISTERED THEM
WITH SEC BECAUSE THEY ARE
REALLY SECURITIES.
THE COMPANY RIPPLE HAS A
CROSS BORDER PAYMENT
MECHANISM, IT FINANCED THAT
THROUGH SALE OF THE NATIVE
COIN XRP .
THIS IS A CASE WITH THEM
RIGHT NOW.
DAVID: THAT STARTED IN 2020.
>> -- I’M A BIG CRITIC OF,
THAT I THINK. THE COINS, IF YOU BUY A
THE COINS, IF YOU BUY A
COIN, IF YOU BUY A
DOJE COIN, YOU KNOW WHAT IT
IS.
AND WHY, THE SEC DIDN’T SAY THEY -- WHAT ARE THE SAFE
THEY -- WHAT ARE THE SAFE
GUARDS IN PLACE? THE FACT THEY DIDN’T LOOK AT
THE FACT THEY DIDN’T LOOK AT
FTX AWAY LOOK WILL BE A
PROBLEM.
DAVID: ALSO CONVERSE.
MAXINE WATERS, THE HEAD OF
THE FINANCIAL COMMITTEE IN
CONGRESS, WAS HAD HER ARMS,
AUNTAROUND THE GUY.
>> TYPICAL, SAM
BANKMAN-FRIED LOOKS LIKE A
NEW TYPE OF FRAUDSTER, VERY
MART,SMART.
A LOT OF THESE GUYS GET A
PASS BECAUSE IN IS SOMETHING
KNOWN AS REGULATORY CAPTURE,
BERNIE MADOFF WAS WELL-KNOWN
AT SEC AT NAZDAQ, HE HELPED
CREATE NAZDAQ, PEOPLE DIDN’T
THINK HE WAS A BAD GUY, I
THINK SOME OF THAT WORKED
HERE.
LET’S SWITCH GEARS AND TALK
ABOUT CREATING BRINGING BACK FTX, JOHN RAY HAS ONE JOB,
FTX, JOHN RAY HAS ONE JOB,
TO GETS MUCH MONEY BACK, HIS
RESPONSIBILITY TO GET MONEY
BACK.
>> WHERE ARE THEY.
>> LOST IN THE GLOBAL CRYPTO
CASINO.
HE HAS THIS THING, HE HAS AN
ASSET, FTX, WHAT DOES HE DO
WITH THAT?
IF HE CAN’T SELL IT, WHO
WOULD BUY IT AND FOR HOW
MUCH?
ONE CENT, WHO WOULD BUY
SOMETHING THAT YOU KNOW WILL
GET PROCTOLOGY EXAM OF THE
CENTURY.
DAVID: A GRAPHIC
DESCRIPTION.
>> FROM THE SECURITY AND
EXCHANGE COMMISSION.
HOW MANY IS THAT WORTH IN
THIS REGULATORY ENVIRONMENT.
MAYBE ONLY THING HE HAS LEFT
TO SQUEEZE A FEW BUCKS OUT
TO RUN SOME TRANSACTIONS.
>> ANOTHER THING, THEY ARE
SO FOCUSED RIGHT NOW ON THE
WOKE ESG STUFF, THE SEC WITH
NEW RULES.
>> THAT WOULD UP END THE
STOCK MARKET.
DAVID: THEY LET FTX GO BY
THAT TALKS TO FOCUS OF THE
REGULATORS RIGHT NOW, THEY
ARE NOT HELPING A MILLION
POTENTIAL INVESTORS, BUT
THEY PUT OUT NEW RULES ON
ESG .
>> I HAVE NOTHING AGAINST
GARY GENSLEY, I DON’T KNOW
HIM PERSONALLY, HE GETTING A
WICKED PASS FROM THE
MAINSTREAM MEDIA, HE SPEAKS
TO THEIR DESIRES ABOUT WOKE
IMPLEMENT IF YOUISM, IF YOU
THINK ABOUT IT.
MAKING SURE THERE IS A LOT
OF DISCLOSURES OUT OF
COMPANIES.
CHANGINGS STRUCTURE OF THE
STOCK MARKET, THAT WORKS
GOOD, IT IS NOT PERFECT, WE
COULD IMPROVE IT BUT HE
WANTS TO MAKE MASSIVE
CHANGES.
WHILE THIS IS GOING ON, HE
ALSO GOING AFTER DIGITAL
COINS, I HATE TO SAY, IF YOU
BUY DOGECOIN AND BUILT
BITCOIN AND YOU LOSE HALF
YOUR VALUE, IT BUYER BEWARE.
AND YOU KNOW WHETHER THEY
MET UP WITH COMPLIANCE, HE
SAID HE HAD THE AUTHORITY,
AND HE NEVER WENT AFTER IT.
DAVID: IF YOU DEPOSITS
SOMETHING IT SHOULD BE WHERE
YOU DEPOSIT IT, NOT SENT OUT
TO CRAZY LOANS FOR GOD KNOWS
WHERE.
CHARLIE, IS FTX GOING TO BE
REVIVED IN.
>> I DON’T KNOW.
I DON’T THINK IT WOULD BE
ANYTHING CLOSE TO WHAT IT
IS.
IT HAS REGULATORY TAINT.
AND SCANDAL WRITTEN ALL OVER
IT, WOULD YOU USE IT.
DAVID: NO, ABSOLUTELY NOT.
I DON’T HAVE TO TAKE A
SECOND TO THINK ABOUT THAT.
>> WOULD.
>> YOU I WOULD.