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☆ Federal appeals court throws out lawsuit against Apple, Google, Tesla and other tech giants over alleged child labor in Congo
▼ + stars: | 2024-03-05 | by ( Devan Cole | ) edition.cnn.com time to read: +2 min

CNN —A federal appeals court on Tuesday threw out a lawsuit that sought to hold Apple, Google, Tesla and other major tech companies liable for their alleged use of child labor to mine cobalt in the Democratic Republic of Congo. “The plaintiffs have not adequately alleged the Tech Companies participated in a venture because there is no shared enterprise between the Companies and the suppliers who facilitate forced labor,” Rao wrote. “The Tech Companies own no interest in their suppliers. A federal judge in DC had previously thrown the case out. The defendants in the case were Apple, Alphabet (which owns Google), Dell Technologies, Microsoft and Tesla.

Persons: Neomi Rao, “, ” Rao, Rao, Michelle Toh Organizations: CNN, Apple, Google, Democratic, DC Circuit, Appeals, “, Tech Companies, Companies, DC, Dell Technologies, Microsoft, International Rights Locations: Democratic Republic of Congo, Congo

A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator's denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs. CRYPTO WINThe SEC rejected Grayscale's application for a spot bitcoin ETF in June 2022, arguing the proposal did not meet anti-fraud and investor protection standards. The court said in its ruling that the SEC failed to explain why it disagreed with Grayscale's assertion that the bitcoin spot and futures markets are 99.9% correlated. If the SEC chooses not to appeal, the court would issue a mandate specifying how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale's application, in which case the SEC could still reject the proposal on other grounds.

Persons: Dado, CRYPTO, Judge Neomi Rao, Hannah Lang, Chris Prentice, Paul Simao, Matthew Lewis Organizations: REUTERS, WASHINGTON, U.S . Securities, Exchange, District of Columbia, SEC, CRYPTO WIN, Fidelity, Appeals, U.S, Supreme, BlackRock, New, Thomson Locations: District, Washington, New York

At least three court cases touching legal issues that could affect special counsel Jack Smith’s approach are ripe for rulings from the DC Circuit. But the start of the new DC Circuit term in early September puts additional pressure on the circuit judges to clear out their opinions in lingering cases. Can investigators access data on the phone of a congressman who aided in Trump’s election reversal attempts? The DC Circuit has yet to decide whether investigators can access certain data from a phone of Perry’s that the FBI seized a year ago. However, Smith’s case as a criminal prosecution differs to the approach taken by the civil litigants in other ways.

Persons: Donald Trump, Jack Smith’s, Tanya Chutkan, Trump, Scott Perry, There’s, Smith, rioter Thomas Robertson, “ dishonestly, Karen Henderson, Nina Pillard, Florence Pan, Barack Obama, Joe Biden, Perry, Jeffrey Clark, Gregory Katsas, Neomi Rao, Ronald Reagan, Henderson, –, Sri Srinivasan, Katsas, Judith Rogers, Obama, Bill Clinton Organizations: CNN, US, DC Circuit, Republican, Capitol, Trump, Department, FBI, Pennsylvania Republican, Democratic, Justice Department Locations: Washington ,, Pennsylvania

☆ The deadline for a ruling on Ark's application for a bitcoin ETF is near
▼ + stars: | 2023-08-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Ark's application for a spot bitcoin ETF was published in the Federal Register on May 15. Get in line: Bitcoin ETF applications(Date filed & Last possible review) Ark/21 Shares Bitcoin Trust 5/15/23 1/10/24Bitwise Bitcoin ETF Trust 7/18/23 3/15/24BlackRock Bitcoin ETF Trust 7/19/23 3/16/24VanEck Bitcoin Trust 7/19/23 3/16/24WisdomTree Bitcoin Trust 7/19/23 3/16/24Valkyrie Bitcoin Fund 7/19/23 3/16/24First Trust Galaxy Bitcoin 7/19/23 3/16/24Fidelity Wise Origin Bitcoin Trust 7/19/23 3/16/24 A ninth organization, Grayscale, has filed to convert its Grayscale Bitcoin Trust into a Bitcoin Spot ETF. 'Surveillance sharing agreement'The SEC has denied all prior spot bitcoin ETF applications, citing fraud and manipulation in the underlying markets. Supporters of a spot bitcoin ETF have been emboldened by a court case unfolding between Grayscale Bitcoin Trust (GBTC) and the SEC. Seif runs the Purpose Bitcoin ETF, a spot bitcoin ETF that has been trading in Canada since February, 2021.

Persons: Marco Bello, Reuters It's, Matt Hougan, It's, Neomi Rao, Bitcoin, Som Seif, Seif, Gary Gensler, Gensler, We're, Ric Edelman, Edelman, Bloomberg Intelligence's James Seyffart, Eric Balchunas Organizations: Reuters, SEC, The Securities, Exchange, Federal Register, Federal, Bitwise Asset Management, Bitcoin, BlackRock, Nasdaq, Digital Assets, Financial, CNBC, Bloomberg Locations: Miami Beach , Florida, U.S, BlackRock, Bitwise, Washington, Canada

Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would give investors exposure to bitcoin without directly buying it. He told Reuters in January that Grayscale would appeal the case if the court backed the SEC's decision to reject its bitcoin ETF proposal. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.

Kannon Shanmugam of Paul, Weiss, Rifkind, Wharton & Garrison represented PayPal, while CFPB senior counsel Christopher Deal represented the regulator. The CFPB created its Prepaid Rule to offer consumers legal protections on prepaid accounts similar to those on products such as checking accounts, including the ability to challenge payment errors, unauthorized transactions and fraud. Chief Judge Sri Srinivasan and Circuit Judge Cornelia Pillard joined Rao's decision. The appeals court returned the case to Leon to consider PayPal's other challenges to the Prepaid Rule, including constitutional and administrative law claims. Circuit Court of Appeals, No.

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