First on CNBC: SEC Chair Gensler on Suing Coinbase and Binance 6/6/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 6 June 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla Jim Cramer and David Faber led off the show with big news involving the world of crypto: The SEC filed a lawsuit against Coinbase in New York federal court, accusing the company of operating as an unregistered securities exchange, broker, and clearing agency. The action comes one day after the regulator sued Binance. SEC Chair Gary Gensler joined the programlive and"First on CNBC" to discuss the lawsuits and regulating crypto. Also in focus: Saudi-backed LIV Golf to merge with the PGA Tour, Merck sues the federal government in an effort to halt Medicare drug price negotiation, plus Wall Street reaction to the launch of Apple's new $3,500 mixed-reality headset. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:20.9	Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Pretty steady pre-market. Apple and Coinbase are at the top of the news flow, but we've got some macro calls as well. Goldman cuts odds of a recession,
0:25.5	another S&P target hike this time from BMO. A roadmap, though, begins with Apple.
0:29.9	Getting into the headset game, as you know, looking to bring mixed reality into the mainstream.
0:36.7	Plus the SEC's crypto crackdown, Bitcoin is dropping to its lowest level since March as the regulator sues Binance and Coinbase.
0:39.2	Chair Gensler joins us first on CNBC just a few minutes from now.
0:44.6	Plus Elon Musk says AI regulations are on the way in China. We'll discuss that.
0:50.4	First up, we are going to begin with breaking news this morning involving Coinbase, the SEC,
1:00.1	suing the crypto platform in Manhattan federal court, accusing it of operating as an unregistered securities exchange broker and clearing agency. The regulator claims that since at least 2019,
1:06.6	Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset
1:12.0	securities. The move comes the day after the SEC sued Binance. We're going to discuss all of that
1:16.8	with SEC Chair Gary Gensler in just a few moments, Jim. We're going back several years here
1:22.5	in some of the complaint, just looking at the blatant, I guess, disregard for SEC laws.
1:29.4	Yeah. Now, we want to really distinguish between finance from last night,
1:33.5	where the government's going after a very specific individual, talks about co-mainally,
1:39.4	really basically running a criminal enterprise.
1:44.1	I think that when you look at Coinbase, David, what they're saying is they're running
1:49.0	an exchange that's illegal, an unregistered exchange, a little bit like the BitTrek's decision
1:54.1	from April.
1:55.3	They do not charge Armstrong.
1:57.2	They're not trying to close it down.
1:59.0	There's no combinglet.
	...

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