RUSH TRANSCRIPT Kailey this ░░░░░░░░ bloomberg surveillance early edition ░░░░░░░░ today come interview with ░░░░░░░░ heineken U S CEO ░░░░░░░░ timoney That is at ░░░░░░░░ 30 in New York ░░░░░░░░ 30 in London This ░░░░░░░░ bloomberg Matt this is ░░░░░░░░ surveillance early edition FTX ░░░░░░░░ Sam Bankman Fried is ░░░░░░░░ to appear in the ░░░░░░░░ tomorrow to testify about ░░░░░░░░ collapse of his crypto ░░░░░░░░ In a series of ░░░░░░░░ he said he would ░░░░░░░░ limited in what he ░░░░░░░░ tell the panel because ░░░░░░░░ does not have access ░░░░░░░░ all of his data ░░░░░░░░ us for more is ░░░░░░░░ Collins a former cofounder ░░░░░░░░ CEO of tether and ░░░░░░░░ the cofounder of smartmedia ░░░░░░░░ Great to get some ░░░░░░░░ with you Let me ░░░░░░░░ get your overview What ░░░░░░░░ think happened at FTX ░░░░░░░░ Sam Bankman Fried is ░░░░░░░░ of were not telling ░░░░░░░░ Reeve I doubt he ░░░░░░░░ unaware of much that ░░░░░░░░ place It did grow ░░░░░░░░ He was the CEO ░░░░░░░░ maintained a tight grip ░░░░░░░░ everything that took place ░░░░░░░░ both FTX I do ░░░░░░░░ believe he can plead ░░░░░░░░ on any of these ░░░░░░░░ Matt in that case ░░░░░░░░ you think there was ░░░░░░░░ cone rolling of funds ░░░░░░░░ it fraud I hate ░░░░░░░░ make that kind of ░░░░░░░░ without evidence I want ░░░░░░░░ hear what your take ░░░░░░░░ Reeve there is absolutely ░░░░░░░░ and glowing of funds ░░░░░░░░ out a comingling of ░░░░░░░░ and now people are ░░░░░░░░ to find out how ░░░░░░░░ Sam Bankman Fried new ░░░░░░░░ either committed gross negligence ░░░░░░░░ fraud either of which ░░░░░░░░ end up in jail ░░░░░░░░ is ultimately responsible for ░░░░░░░░ that took place there ░░░░░░░░ it cannot just mean ░░░░░░░░ for Sam Bankman Fried ░░░░░░░░ the crypto industry itself ░░░░░░░░ we now have the ░░░░░░░░ of regulators on this ░░░░░░░░ do you expect the ░░░░░░░░ to shift What you ░░░░░░░░ to hear in these ░░░░░░░░ There has been effort ░░░░░░░░ legislate crypto and stablecoin ░░░░░░░░ well that goes back ░░░░░░░░ tether which has failed ░░░░░░░░ see finite progress How ░░░░░░░░ you expect to see ░░░░░░░░ change Reeve tomorrow will ░░░░░░░░ interesting Sam has been ░░░░░░░░ this apology tour and ░░░░░░░░ to win the hearts ░░░░░░░░ the public and we ░░░░░░░░ it is against the ░░░░░░░░ of his attorneys because ░░░░░░░░ should be quiet He ░░░░░░░░ facing potentially life in ░░░░░░░░ so he is doing ░░░░░░░░ he can to get ░░░░░░░░ on his side I ░░░░░░░░ not think it will ░░░░░░░░ successful The media has ░░░░░░░░ treating him very kindly ░░░░░░░░ is not a big ░░░░░░░░ We are hoping that ░░░░░░░░ tomorrow things shift and ░░░░░░░░ ends up feeling the ░░░░░░░░ and the pressure that ░░░░░░░░ on him because he ░░░░░░░░ both the crypto industry ░░░░░░░░ the general public a ░░░░░░░░ not only apology but ░░░░░░░░ needs to pay for ░░░░░░░░ took place Kailey that ░░░░░░░░ on the side of ░░░░░░░░ parties that will be ░░░░░░░░ him and trying to ░░░░░░░░ changes to laws as ░░░░░░░░ result of this to ░░░░░░░░ something like this happening ░░░░░░░░ the future What should ░░░░░░░░ composition of those changes ░░░░░░░░ like be it regulatory ░░░░░░░░ legislative Reeve we do ░░░░░░░░ there ll be a ░░░░░░░░ more regulatory oversight coming ░░░░░░░░ this has been a ░░░░░░░░ issue No matter what ░░░░░░░░ taking place in the ░░░░░░░░ and the Senate there ░░░░░░░░ will be a lot ░░░░░░░░ people leading in People ░░░░░░░░ government are doing their ░░░░░░░░ to be more educated ░░░░░░░░ legislate responsibly Actions like ░░░░░░░░ will force legislation much ░░░░░░░░ so it might be ░░░░░░░░ than it needs to ░░░░░░░░ Everyone is demanding changes ░░░░░░░░ we believe will be ░░░░░░░░ soon Anna you obviously ░░░░░░░░ your views on what ░░░░░░░░ about the possibility of ░░░░░░░░ These are serious things ░░░░░░░░ allege somebody has done ░░░░░░░░ will wait for the ░░░░░░░░ process to run its ░░░░░░░░ Is there evidence of ░░░░░░░░ things What is the ░░░░░░░░ evidence you have seen ░░░░░░░░ read to make such ░░░░░░░░ firm statement Reeve it ░░░░░░░░ my personal opinion that ░░░░░░░░ the CEO he is ░░░░░░░░ for what took place ░░░░░░░░ cannot claim a grits ░░░░░░░░ poor management if he ░░░░░░░░ claim poor management or ░░░░░░░░ that is gross negligence ░░░░░░░░ does need to hold ░░░░░░░░ responsible and his team ░░░░░░░░ is down he did ░░░░░░░░ have a cfo How ░░░░░░░░ he have an exchange ░░░░░░░░ that size without a ░░░░░░░░ It is surprising that ░░░░░░░░ massive firms put in ░░░░░░░░ this money and did ░░░░░░░░ due diligence with facts ░░░░░░░░ that staring them in ░░░░░░░░ face and they still ░░░░░░░░ him the money Time ░░░░░░░░ tell and more stuff ░░░░░░░░ come out but at ░░░░░░░░ point all fingers point ░░░░░░░░ him Anna we ll ░░░░░░░░ to see what those ░░░░░░░░ are Clearly the whole ░░░░░░░░ space has been shaken ░░░░░░░░ the story and to ░░░░░░░░ extent it is reflected ░░░░░░░░ on other players in ░░░░░░░░ sector or raised ongoing ░░░░░░░░ about the sector Is ░░░░░░░░ something you have noticed ░░░░░░░░ there less enthusiasm from ░░░░░░░░ players in the financial ░░░░░░░░ to get more involved ░░░░░░░░ crypto Reeve right now ░░░░░░░░ is taking a much ░░░░░░░░ cautious approach and sitting ░░░░░░░░ the sidelines That is ░░░░░░░░ seen across the industry ░░░░░░░░ technologies continue to be ░░░░░░░░ This technology is only ░░░░░░░░ years old It took ░░░░░░░░ interest it took the ░░░░░░░░ 26 years before it ░░░░░░░░ real commercial applications The ░░░░░░░░ is still being built ░░░░░░░░ realize the impact it ░░░░░░░░ have More applications will ░░░░░░░░ built soon so more ░░░░░░░░ around the world will ░░░░░░░░ it with this technology ░░░░░░░░ deliver That is what ░░░░░░░░ taking place right now ░░░░░░░░ I wonder about your ░░░░░░░░ with tether It has ░░░░░░░░ an amazing run there ░░░░░░░░ is the most traded ░░░░░░░░ on earth At the ░░░░░░░░ time coinbase came out ░░░░░░░░ week and said they ░░░░░░░░ waive fees for anyone ░░░░░░░░ wants to convert tether ░░░░░░░░ usdc implying it is ░░░░░░░░ safer technology What you ░░░░░░░░ to the people who ░░░░░░░░ concerned about a lack ░░░░░░░░ transparency at tether who ░░░░░░░░ not know which assets ░░░░░░░░ back in their dollars ░░░░░░░░ Reeve it is an ░░░░░░░░ question and I believe ░░░░░░░░ coinbase did usdc is ░░░░░░░░ joint venture between circle ░░░░░░░░ coinbase and this is ░░░░░░░░ purely competitive move They ░░░░░░░░ now marketing that their ░░░░░░░░ is safer with no ░░░░░░░░ proof but it is ░░░░░░░░ marketing statement and now ░░░░░░░░ is free trades if ░░░░░░░░ want to transfer your ░░░░░░░░ from tether to circle ░░░░░░░░ to you CDC two ░░░░░░░░ I do not believe ░░░░░░░░ will have much of ░░░░░░░░ impact because those fees ░░░░░░░░ minimal At the end ░░░░░░░░ the day people use ░░░░░░░░ tokens for their utility ░░░░░░░░ all of the stablecoin ░░░░░░░░ tons of utility within ░░░░░░░░ ecosystem and cryptocurrency This ░░░░░░░░ trying to gain market ░░░░░░░░ going from 46 billion ░░░░░░░░ trying to shrink the ░░░░░░░░ between tether 69 billion ░░░░░░░░ it seems like tether ░░░░░░░░ more and more transparent ░░░░░░░░ does not ever share ░░░░░░░░ Why want you to ░░░░░░░░ put everyone s mind ░░░░░░░░ rest and put up ░░░░░░░░ actual live real time ░░░░░░░░ of all of the ░░░░░░░░ backing the tether Reeve ░░░░░░░░ believe the principles are ░░░░░░░░ their best possible job ░░░░░░░░ able to be as ░░░░░░░░ as possible They do ░░░░░░░░ audits on their website ░░░░░░░░ seems the industry does ░░░░░░░░ feel that is enough ░░░░░░░░ do not know how ░░░░░░░░ more in depth they ░░░░░░░░ need to go to ░░░░░░░░ all of the naysayers ░░░░░░░░ it has withstood the ░░░░░░░░ of time Kailey we ░░░░░░░░ to leave it there ░░░░░░░░ thank you for joining ░░░░░░░░ That is Reeve Collins ░░░░░░░░ smartmedia technologies in the ░░░░░░░░ of tether Tune into ░░░░░░░░ crypto tomorrow as the ░░░░░░░░ earrings get underway Joan ░░░░░░░░ at 1 00 New ░░░░░░░░ time six 00 in ░░░░░░░░ This is bloomberg.