Sports Boom: Betting with Gary Gensler & Fandom with George Pyne 6/11/26

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**George Pyne** (0:55)
Bring in show music, please.

**Cameron Costa** (0:59)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, the New York Knicks scored the biggest comeback in NBA playoff finals history last night. Riding the sports wave with Bruin Capital CEO, George Pyne.

**George Pyne** (1:16)
But it's not just the NBA. The NHL is experiencing a great finals, great regular season. Baseball off to a strong start, golf, sports is surging.

**Cameron Costa** (1:26)
And Gary Gensler served as chairman of the CFTC under President Obama. And now he's pushing back on the CFTC's assumed role in prediction markets.

**Gary Gensler** (1:37)
What they're trying to do is to one, say that they have authority over sports betting, which I don't think they do. That will play out all the way to the Supreme Court, of course. And two, they're trying to reverse a rule we voted unanimously.

**Cameron Costa** (1:51)
Plus, President Trump's Bellicose warning to Iran, and the SpaceX IPO is tomorrow. Leslie Picker has a report for all those hoping to nab shares.

**Leslie Picker** (2:01)
The tell from those of you who have put in orders out there is if you do find that your full allocation request has been filled, that's usually a negative sign.

**Cameron Costa** (2:10)
It's Thursday, June 11th, and Squawk Pod begins right now.

**Gary Gensler** (2:15)
Stand by Joe in three, two, one.

**Cameron Costa** (2:18)
Is Mike, cue.

**Joe Kernen** (2:22)
Oh, me? Usually, Becky would do this. Do you want to do it?

**Kelly Evans** (2:26)
Listen, I don't call the shots. I just follow what...

**Joe Kernen** (2:29)
You just set the alarm and show up, which I appreciate.

**Kelly Evans** (2:31)
Which is hard enough.

**Joe Kernen** (2:32)
Thank you for being here, Kelly. And you left the brood at home.

**Cameron Costa** (2:36)
Yes.

**Joe Kernen** (2:36)
Chaos.

**Kelly Evans** (2:37)
In the back.

**Cameron Costa** (2:38)
Screaming.

**Joe Kernen** (2:39)
You brought me. Good morning. Welcome to Squawk Box here on CNBC, live from the NASDAQ market site in Times Square. Joe Kernen along with Kelly Evans. Becky and Andrew are off today.
You got a lot of interviews. Got a lot of interviews.

**Kelly Evans** (2:51)
It's gonna be fast paced.

**Joe Kernen** (2:52)
So you're up late and then up early.

**Kelly Evans** (2:56)
It wasn't even up late to watch the Knicks.

**Joe Kernen** (2:57)
Well, let's get to the latest flare up of fighting in the Middle East, the US and Iran striking each other for a second straight day. Weird, Dan Murphy, CNBC's man is live in Abu Dhabi, but most of the headlines are that, yeah, there's a renewed exchange of aggression, but not likely to return to full scale war. Why do we think that? And are we sure?

**Dan Murphy** (3:26)
It's a good question, Joe. Good morning to you. Good morning, Kelly. Overnight, we saw the US carrying out a fresh round of strikes against Iran, and I wanted to show you this new video that's been released by US Central Command as well. It shows the USS Michael Murphy firing Tomahawk cruise missiles as part of this operation. CENTCOM saying these strikes targeted Iranian surveillance, communications and air defense sites that rendered basically, that threatened US forces and commercial shipping. Explosions also being reported at several sites across Iran. Iranian state media reporting explosions in the south of the country from the port city of Bandar Abbas to Kesham Island all along the Iranian side of the Strait of Hormuz as well. Now Iran responded pretty quickly to this. It declared the Strait of Hormuz closed to all shipping. It also warned that vessels entering the waterway could be targeted. President Trump, of course, already rejecting that claim, saying Tehran does not control the Strait of Hormuz. Tehran also claimed to obstruct US-linked targets and bases in Jordan, Kuwait and Bahrain overnight, but those claims haven't been independently verified. And Bahrain also says its air defenses actually intercepted the attacks. We showed them just before that these images have just been released by Bahrain's Interior Ministry. What you saw here was a burnt-out car. There's damage to homes and streets in Hamad city and Manama. Authorities there saying the damage was caused by falling shrapnel from intercepted Iranian drones. The cleanup there, of course, continuing. What's also interesting is that notably the UAE, Saudi Arabia and Qatar do not appear to have been drawn into this latest round of Iranian retaliation, which is also significant. This latest escalation also coming up to President Trump accused Iran of delaying negotiation and saying, we're really close to a deal, but they keep tapping us along. They keep playing us for suckers, he said. So the frustration in Washington had been building for some time. The White House obviously seeking a more long-term ceasefire, the reopening of Hormuz and a path back to nuclear talks. But for now, it seems as if there's very little evidence that Tehran is prepared to make those concessions. It's back over to you.