Speaker 1: Good morning.
Speaker 2: I'm John Tucker and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: Bitcoin is trading up seven tenths of a percent to
Speaker 1: around forty six two hundred and forty dollars. This comes
Speaker 1: after US regulators for the first time approved exchange traded
Speaker 1: funds that invest directly in bitcoin. It's a move heralded
Speaker 1: as a landmark event for the roughly one point seven
Speaker 1: trillion dollar asset sector, and Bloomberg Crypto editor Anna Aurera
Speaker 1: says it will broaden access to the largest cryptocurrency the hope.
Speaker 3: Bitcoin proponents and sort of crypto proponents think it's a
Speaker 3: big deal because it sort of gives easier access to
Speaker 3: mainstream investors to investing in crypto. One of the big
Speaker 3: issues with cryptocurrencies is that you need to self custody it,
Speaker 3: and that that's exposed is used to hacks and people
Speaker 3: just stealing your asset. In this case, you would have
Speaker 3: a custodian like coinbase sort of people that do it
Speaker 3: professionally holding the underlying bitcoin, and you're just buying shares
Speaker 3: in it.
Speaker 1: Bloomberg Santa Rara says the sec authorized funds from industry
Speaker 1: heavyweights black Rock and Vasco and Fidelity to smaller competitors
Speaker 1: including Valkyrie that begin trading today.
Speaker 2: Well, John, reaction is pouring in after the approval of
Speaker 2: the bitcoin ETF, and we come up with SEC Commissioner
Speaker 2: hester Purse.
Speaker 4: I'm delighted that we're at the end of this saga.
Speaker 4: I know there's still there's still u there's still pieces
Speaker 4: of it to go, but I think this is a
Speaker 4: big milestone.
Speaker 2: The decision by hester Perse and the SEC comes a
Speaker 2: day after a false post on the SEC's x account
Speaker 2: claiming that the agency had approved the ETFs. The regulator
Speaker 2: subsequently said that the account had been compromised.
Speaker 1: And OARC Investment Management. Kathy Woods says the approval of
Speaker 1: the spot bitcoin ETF will be a price moving event
Speaker 1: long term. She spoke with Bloomberg's Carol Masser after the
Speaker 1: SEC decision.
Speaker 5: I was speaking to Eric belchunis her colleague, and according
Speaker 5: to his estimates, there's there's four billion dollars waiting, you know,
Speaker 5: in the wings. And I said to him, well, from
Speaker 5: your lips to God's ears, that would be amazing.
Speaker 1: Kathy would also slam the SEC Cherry Gary Gensler. She
Speaker 1: says Gensler denigrated the whole cryptospace by reiterating the agency
Speaker 1: does not endorse digital assets.
Speaker 2: Well, we want to turn to the economy now, John,
Speaker 2: and Wall Street is bracing for the latest inflation report.
Speaker 2: Economists or forecasting consumer prices rose two tenths of a
Speaker 2: percent in December. Let me get a preview from Bloomberg's
Speaker 2: Michael McKee.
Speaker 6: The question going into the CPI report is who will care?
Speaker 6: The Fed is already locked into no change at the
Speaker 6: January thirty first meeting, so and as expected number won't
Speaker 6: affect the Central Bank's decision. It's the bond market that matters,
Speaker 6: at least in the short run. Headline inflation is expected
Speaker 6: to rise a base effect because inflation printed negative in
Speaker 6: December of twenty twenty two, but core inflation is forecast
Speaker 6: to keep falling. That's what the Fed wants to see.
Speaker 6: Michael McKee, Bloomberg Radio.
Speaker 1: All right, thanks Mike. The ahead of the New York
Speaker 1: Federal reserves as the interistrates are now high enough to
Speaker 1: bring down inflation. But John Williams also suggested that policy
Speaker 1: makers need more evidence that price rises are slowing before
Speaker 1: they start easing.
Speaker 7: My base case is that the current restricted stance in
Speaker 7: Monte policy will continue to restore balance and bring inflation
Speaker 7: back to our two percent longer run goal. I'll expect
Speaker 7: that we will need to maintain a restricted stance of
Speaker 7: policy for some time to fully achieve our goals, and
Speaker 7: it will only be appropriate to dial back the degree
Speaker 7: of policy restraint when we're confident that inflation is moving
Speaker 7: towards toward two percent on a sustained basis.
Speaker 1: As New York Fed President John Williams, adding that any
Speaker 1: rate cuts would be dependent on the path of inflation
Speaker 1: and the economy.
Speaker 8: Well.
Speaker 2: Turning to politics now, John, The gloves were off during
Speaker 2: last night's Republican debate in Iowa between Nicki Haley and
Speaker 2: Ron DeSantis. During the CNN event, Hailey accused of Stantus
Speaker 2: of mismanaging his campaign.
Speaker 9: He has blown through one hundred and fifty million dollars.
Speaker 9: I don't know how you do that through his campaign.
Speaker 9: He has nothing to show for it. He spent more
Speaker 9: money on private planes than he has on commercials trying
Speaker 9: to get islands.
Speaker 10: To vote for him.
Speaker 9: If you can't manage a campaign, how are you going
Speaker 9: to manage a country?
Speaker 2: Disantus accused Haley of making misleading statements about her record
Speaker 2: as governor. Well, that word.
Speaker 8: Salad is the problem.
Speaker 2: He's always supported school choice and she failed to deliver.
Speaker 11: She blames other people.
Speaker 12: Leadership is about getting things done, stop making.
Speaker 2: Except DeSantis and Haley also discussed the border, Ukraine, and
Speaker 2: abortion and Karen.
Speaker 1: Two people noticeably absent from the debate, Donald Trump and
Speaker 1: Chris Christie, the former New Jersey given and Chris Christie
Speaker 1: suspended his presidential bid A hand of the event.
Speaker 13: From the moment I got into the race. The decision
Speaker 13: that I made was really simple. I would rather lose
Speaker 13: by telling the truth then lie in order to win.
Speaker 1: Christy also says he's going to make sure he does
Speaker 1: not enable Donald Trump to ever be president again.
Speaker 2: While speaking at the former President John He was counter
Speaker 2: programming the debate last night, appearing in a town.
Speaker 14: Hall on Fox News.
Speaker 2: He used the platform to lay out his plan to
Speaker 2: deport immigrants.
Speaker 5: We are going to have the largest deportation effort in
Speaker 5: the history of our country.
Speaker 12: We're bringing everybody back to where they came from.
Speaker 14: We have no choice.
Speaker 2: Former President Trump is promising to fix the situation at
Speaker 2: the border within twenty four hours of taking office.
Speaker 1: And meantime, Donald Trump's legal troubles continued today he makes
Speaker 1: an appearance at his civil fraud trial in New York.
Speaker 1: More from Bloomberg's Amy Morris.
Speaker 14: Today's hearing will cap a eleven week long trial in
Speaker 14: which New York Attorney General Letitia James seeks to ban
Speaker 14: Trump from the real estate industry within the state. Trump
Speaker 14: wants to deliver a personal statement while in court his
Speaker 14: own closing argument, but would not agree to the limits
Speaker 14: the judge said on what he could say, so he
Speaker 14: won't be allowed. Just as Arthur Engern had already held
Speaker 14: Trump liable for fraud and is expected to deliver a
Speaker 14: verdict in coming weeks now. In addition to this case,
Speaker 14: Trump also faces five other trials, including a defamation suit.
Speaker 14: In less than a week. Amy Moore as Bloomberg Radio.
Speaker 2: All right, Amy, thank you, and Chesapeake has agreed to
Speaker 2: buy Southwestern Energy for seven point four billion dollars. And
Speaker 2: this is Bloomberg Time Now for a look at some
Speaker 2: of the other stories making news around the world. And
Speaker 2: for that we're joined by Bloomberg's Amy Morris. Amy, good morning,
Speaker 2: Good morning, Karen.
Speaker 8: Transportation Secretary Pete Budajet says Boeing's Max nine airplanes. Airplanes
Speaker 8: rather will remain grounded until regulators say that they are
Speaker 8: safe to fly. That dashes hopes for a quick return
Speaker 8: to the skies.
Speaker 6: Our concern and our fidelity is not to the success
Speaker 6: of any company. It is to the safety of the
Speaker 6: traveling public.
Speaker 8: Secretary Budajete did not specify how long it could take,
Speaker 8: but says the process will not be rushed. He adds
Speaker 8: Boeing has to demonstrate that every planet delivers to airlines
Speaker 8: is one hundred percent safe. President Biden's son is scheduled
Speaker 8: to appear in federal court today in Los Angeles on
Speaker 8: tax charges. Today's hearing will be an arraignment for Hunter Biden,
Speaker 8: who was accused of choosing not to pay more than
Speaker 8: a million dollars in taxes and evading other taxes. House
Speaker 8: Republicans yesterday conducted a hearing to hold Biden in contempt
Speaker 8: of Congress for defying a subpoena to sit for a
Speaker 8: closed door deposition, but Hunter Biden made a surprise visit
Speaker 8: and said he would only testify in a public forum.
Speaker 8: Biden's attorney, Abby Lowell.
Speaker 12: Hunter chose a hearing where Republicans or could not distort, manipulate,
Speaker 12: or misuse that testimony.
Speaker 8: Republicans have tried to tie Hunter Biden's business dealings to
Speaker 8: his father, but acknowledge they have found no concrete evidence
Speaker 8: of wrongdoing, and former President Donald Trump is staying quiet
Speaker 8: on who his choice for a vice president might be.
Speaker 12: Well, I can't tell you that, really.
Speaker 15: I mean, I know who it's going to be.
Speaker 2: Give us a hint.
Speaker 6: I'll give you.
Speaker 9: We'll do another show sometime.
Speaker 8: During last night's Fox Newstown Hall event, Trump said he's
Speaker 8: open to his vice presidential choice being someone who's currently
Speaker 8: competing against him for the GOP nomination. Experts who identify
Speaker 8: and manage global risks say there is a high chance
Speaker 8: of a global catastrophe happening within a decade. The World
Speaker 8: Economic Forum survey shows nearly two thirds of respondents expect
Speaker 8: the higher chance of disaster in the next ten years.
Speaker 8: About thirty percent expect the same in the next two years.
Speaker 8: The report sites risks from misinformation, a potential recession, and
Speaker 8: extreme weather events. And a record number of Americans are
Speaker 8: signed up for the Affordable Care Act. This year, the
Speaker 8: Biden administration announced more than twenty million people signed up
Speaker 8: for health insurance plans under ACA, beating last year's record
Speaker 8: of sixteen million, and that number is likely to increase
Speaker 8: as Americans have until January seventeenth to enroll Global news
Speaker 8: twenty four hours a day and whenever you want with
Speaker 8: Bloomberg News Now.
Speaker 14: I may Mee Morris in this is Bloomberg Karen.
Speaker 2: All ran Amy, thank you what we do bring you
Speaker 2: news throughout the day here on Bloomberg Radio. But now
Speaker 2: you can get the latest news on demand, and that
Speaker 2: means whenever you want it. You can just subscribe to
Speaker 2: Bloomberg News Now to get the latest headline to the
Speaker 2: click of a button. You can get informed on you
Speaker 2: UA schedule. You can listen and subscribe to Bloomberg News
Speaker 2: Now on the Bloomberg Business app, Bloomberg dot Com, Bus Apples, Spotify,
Speaker 2: and anywhere else you get your podcasts. And it's time
Speaker 2: now for the Bloomberg Sports Update. Here's John stash Hour
Speaker 2: John Ken.
Speaker 11: To truly appreciate what Nick Saban accomplished as the football
Speaker 11: coach at Alabama, you have to look at where the
Speaker 11: program was before he got there. They had had a
Speaker 11: couple of seasons with only four wins, another with three,
Speaker 11: and he only won seven in his first season on
Speaker 11: the job, but in his next sixteen years, Saban won
Speaker 11: one hundred and ninety nine games and lost only twenty three.
Speaker 11: He won six national championships of a twelve year span,
Speaker 11: and when you throw in that he also won one
Speaker 11: at LSU. Saban has to be considered one of the
Speaker 11: greatest coaches, if not the greatest, in college football history.
Speaker 11: He's retiring at the age of seventy two, still at
Speaker 11: the top of his game. Alabama nearly beat the eventual
Speaker 11: national champion, Michigan in the College Football Playoffs semifinals. Pete Carroll,
Speaker 11: also seventy two years old, he's no longer the coach
Speaker 11: to the Seahawks. He was great at USC, went to
Speaker 11: Seattle and in fourteen years got the Seahawks to the
Speaker 11: playoffs nine times, won a Super Bowl. He won fifty
Speaker 11: fifty one more games than any other coach that the
Speaker 11: Seahawks have ever had. And now seven NFL teams are
Speaker 11: looking for a new coach, so that doesn't count New England,
Speaker 11: where seventy one year old Bill Belichick is expected to
Speaker 11: depart Kawhi Leonard a new deal with the Clippers. He
Speaker 11: would have been a free agent after the season. It's
Speaker 11: a three year extension, not actually make a little under
Speaker 11: the Supermax. Clippers won last night, so did the Celtics
Speaker 11: in overtime over Minnesota. Boston now eighteen and zero at home.
Speaker 11: The Wizards dropped to six and thirty one. They lost
Speaker 11: that Indiana. John stan Shaller Bloomberg.
Speaker 15: Sports from coast to coast, from New York to San Francisco,
Speaker 15: Boston to Washington, DC, nationwide on sirisxam, the Bloomberg Business
Speaker 15: Appen Bloomberg dot Com. This is Bloomberg Daybreak.
Speaker 1: And good morning. I'm John Tucker. We want to continue
Speaker 1: our coverage of the SEC authorization, the bitcoin spot ets
Speaker 1: and what the breakthrough means for the broader crypto space. Yesterday,
Speaker 1: our Kei Investment CEO Kathy Wood, longtime bitcoid Bull, joined
Speaker 1: Bloomberg Business Week host Carol for a conversation on Bloomberg
Speaker 1: Radio and the platform X discussing the SEC decision and
Speaker 1: what it means for bitcoin and other digital assets, and
Speaker 1: the statement afterwards from the SEC Commissioner Gary Gensler. Let's
Speaker 1: bring you part of that discussion right now.
Speaker 5: When you're talking about institutions that you know have been
Speaker 5: very fearful of this space because of Gary Gensler and
Speaker 5: you know, all of the drama. I think they're going
Speaker 5: to tread lightly. I don't know if you saw, but
Speaker 5: Gary Gensler put out a piece today right as we're
Speaker 5: about to go effective, and I'm I'm sure we all
Speaker 5: went effective roughly on the same time, and he just
Speaker 5: denigrated the whole crypto space. It was just like I
Speaker 5: couldn't believe it. So anyway, it's with that kind of
Speaker 5: trepidation that institutions are going to have to, you know,
Speaker 5: work through and do all of their due diligence. However,
Speaker 5: I do think that a lot of investors have considered,
Speaker 5: you know, have been curious. And you'll see we've been
Speaker 5: from a marketing campaign. We've been using this tagline, aren't
Speaker 5: you a bit curious? There are so many people who
Speaker 5: are curious out there. Of course, a lot of our
Speaker 5: existing clients know all about bitcoin because we have owned
Speaker 5: it since twenty fifteen, but there are a lot of
Speaker 5: people who really have a hunger to know, and we
Speaker 5: can see that as more and more people read our research,
Speaker 5: tune into our Bitcoin brainstorm that we do with Rod
Speaker 5: and uh and Bitcoin Park in Nashville, Tennessee. Read our
Speaker 5: Bitcoin monthlies and uh, you know, read all we have
Speaker 5: to say about crypto and blogs and and in our
Speaker 5: brainstorm summary. So you know, we are getting all the curiosity.
Speaker 5: I think that's why we started. So we know a
Speaker 5: lot of people are waiting, and believe it or not,
Speaker 5: Carol the curious extend to state pension funds and state
Speaker 5: treasurers we're talking to, So it's a really broad swap.
Speaker 6: Well, kety people, And.
Speaker 16: I do wonder what you think success will be out
Speaker 16: of the gate in terms of investment flows. What's your hope,
Speaker 16: what's your goal or estimate? Uh, in terms of bringing
Speaker 16: investors into the fund.
Speaker 5: Well, it's very interesting. I was we were I was
Speaker 5: speaking to Eric Beltunis, her colleague, and according to his estimates,
Speaker 5: there's there's four billion dollars waiting, you know, in the wings.
Speaker 5: And I said to him, well, from your lips to
Speaker 5: God's ears, that would be amazing. And you know, we
Speaker 5: hope we get our fair share of it. I mean,
Speaker 5: we've certainly, we've certainly done a lot to educate the community,
Speaker 5: and we experienced a lot of gratitude for that too,
Speaker 5: from from the innovation communities, including the bitcoin community, but
Speaker 5: also from the financial community, those who really are trying
Speaker 5: to find the next big idea.
Speaker 14: And this can I ask.
Speaker 16: You, as you mentioned SEC chair Gary Gensler at the
Speaker 16: top and as the headlines crossed the Bloomberg, that he
Speaker 16: the SEC approved all of those proposals for the spoppy
Speaker 16: coin ets yours included, along with everyone else the eleven.
Speaker 16: He also said investors should be cautious on crypto. He
Speaker 16: said SEC's action doesn't imply approval of crypto exchanges. And
Speaker 16: if you look at all the SEC filings, yours included,
Speaker 16: there's a long list of concerns that this is still
Speaker 16: kind of a new concept and new idea.
Speaker 5: The old guard, you know, basically throw out there all
Speaker 5: kinds of risks, and you know, some people call it fear,
Speaker 5: uncertainty and doubt. It happens every time, Carol, And I'm
Speaker 5: not saying it's a bad thing for people to really
Speaker 5: do their homework. They should do their homework, they should
Speaker 5: understand the risks. But this is par for the course
Speaker 5: in disruptive innovation, you know. And thank you, Carol. You
Speaker 5: gave us our first interview twenty fifteen. When we're barely
Speaker 5: off the ground. You believed in us back then, and
Speaker 5: at the time, you remember, we were talking about Tesla,
Speaker 5: so fear, uncertainty and doubt, not even about autonomous which
Speaker 5: is the next set of fears, but about evs and
Speaker 5: wouldn't traditional auto manufacturers absolutely choked them to death. This
Speaker 5: is completely new DNA, and so it's the old DNA
Speaker 5: as the old car companies were the old DNA, you know,
Speaker 5: basically bashing the old new DNA.
Speaker 1: That was Arnick Investment. Kathy Wood speaking with our Carol
Speaker 1: Master on Bloomberg Radio and the social media platform X
Speaker 1: and we continue our coverage of the approval of the
Speaker 1: Bitcoin ETF with the SEC Commissioner, Hester Purse, Jones, Are
Speaker 1: Killey Lines and Joe Matthew on Bloomberg's Balance of Power
Speaker 1: to discuss the implications of the SEC's approval of the
Speaker 1: exchange traded funds that invest directly in bitcoin, as well
Speaker 1: as the future of crypto regulation and the SEC x
Speaker 1: account hack. Let's go to part of that discussion.
Speaker 4: I'm delighted that we're at the end of this saga.
Speaker 4: I know there's still pieces of it to go, but
Speaker 4: I think this is a big milestone.
Speaker 10: Well, it's my stone certainly for these these bitcoin products,
Speaker 10: but it also raises a question of what sort of
Speaker 10: precedent this sets. If you look at the statement from
Speaker 10: the chairman, Gary Ginstler, he was very specific that this
Speaker 10: is specific to these bitcoin products, which are non security commodities,
Speaker 10: and there's a question of what this could mean in
Speaker 10: the future for essentially everything else. Is that door completely closed.
Speaker 4: The chair is right to point out that this is
Speaker 4: specific to a particular set of products, but obviously precedent matters,
Speaker 4: and so you look at the reasoning and people will
Speaker 4: do this. They'll look at the reasoning in the in
Speaker 4: the order, and they'll seek to apply it to other
Speaker 4: facts and circumstances as appropriate. So I think the only
Speaker 4: thing I will say is that one of my complaints
Speaker 4: in this area has been that we haven't always stuck
Speaker 4: with precedent when it comes to these kinds of exchange
Speaker 4: traded products. We haven't necessarily applied the same standards that
Speaker 4: we do with respect to other kinds of exchange traded products.
Speaker 4: But it is a precedent people will point to.
Speaker 12: That's the question, of course, We're all asking whether it
Speaker 12: opens the door for other ETFs backed by other cryptocurrencies, Commissioner,
Speaker 12: is that in our near future.
Speaker 4: Again, you know, every application has to be considered on
Speaker 4: its facts and circumstances. But I one of the things
Speaker 4: that I think that we have to acknowledge is that
Speaker 4: when we apply a particular rationale to one particular product,
Speaker 4: people will ask us to apply it to other products
Speaker 4: as well.
Speaker 10: What kind of fiduciary responsibilities are there for investment advisors
Speaker 10: for their clients before allowing them to put money into
Speaker 10: these products.
Speaker 4: It's like anything else. A fiduciary is supposed to look
Speaker 4: out for the interests of the investors that she's working with,
Speaker 4: and that means taking into account the specific circumstances of
Speaker 4: that investor, the risk tolerance, the other elements of that
Speaker 4: investor's portfolio, and so it's not a cookie cutter answer
Speaker 4: one way or the other. Fiduciaries are paid to make
Speaker 4: good decisions that are appropriate for that particular investor.
Speaker 12: There were a few moments yesterday when we thought this
Speaker 12: had been approved a day earlier, Commissioner, as you well know,
Speaker 12: everything worked out with the Twitter account at the SEC.
Speaker 4: Well it is, I mean, as there was a statement
Speaker 4: I think that came out saying that we are going
Speaker 4: to be looking into this and working with law enforcement
Speaker 4: authorities to figure out how this happened, how yesterday's event happened,
Speaker 4: and I hope that we get to the bottom of it,
Speaker 4: and I hope that we're as transparent when we explain
Speaker 4: what happened as we expect the companies that we regulate
Speaker 4: to be when they experience a similar event.
Speaker 10: Well, that certainly has gotten the attention of many on
Speaker 10: Capitol Hill. Commissioner, there have been many congressional Republicans who
Speaker 10: have made their opinions known about the SEC under this
Speaker 10: chair for some time now. I'd also point to a
Speaker 10: statement that we got out from that Financial House Finance
Speaker 10: Services Committee after this. They maintain that well, legislatition to
Speaker 10: provide clarity and certainty for digital assets remain necessary. The
Speaker 10: steps taken today are a significant improvement over what they
Speaker 10: call the SEC's track record of regulation by enforcement until
Speaker 10: that legislation exists. Even with these approvals aside, should we
Speaker 10: expect that regulation by enforcement to continue?
Speaker 4: Well, I haven't seen much progress on US as a
Speaker 4: regulator setting out clear rules of the road when it
Speaker 4: comes to crypto products and services, and I think that
Speaker 4: that's been a complaint that I've had, It's been a
Speaker 4: complaint that others have had. We could just as we
Speaker 4: changed our tune here, we could change our tune on that,
Speaker 4: and so I remain hopeful that we will That said,
Speaker 4: Congress has expressed an interest in legislating in this area,
Speaker 4: and I look forward to seeing their work in this area.
Speaker 4: And they have a clear interest in figuring out which
Speaker 4: regulatory which regulators should have authority in this area, and
Speaker 4: I look for to seeing what comes of that.
Speaker 10: There are also just questions around fraud and manipulation. The
Speaker 10: argument initially about what Chairgainstler was so concerned with about
Speaker 10: these products in the first place, spot products specifically compared
Speaker 10: to futures. Obviously, a court has ruled that that distinction
Speaker 10: was arbitrary and capricious. But do you share any concern.
Speaker 4: If people put out false information about a traditional security,
Speaker 4: a traditional company, the stock of that company can also
Speaker 4: the price can also move. So this is not unique
Speaker 4: to bitcoin or bitcoin exchange traded products. Obviously, we will
Speaker 4: continue to look at the markets and at the markets
Speaker 4: for these bitcoin exchange traded products specifically, and if there
Speaker 4: is bad activity and it's within the ETP marketplace. We
Speaker 4: have authority there to investigate and bring enforcement actions as needed.
Speaker 1: You're listening to Bloomberg Daybreak today, your morning brief. The
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Speaker 8: He then