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☆ This biotech startup wants to prevent unhappiness. Here's the pitch deck Matter Bioscience used to raise $26 million.
▼ + stars: | 2024-02-26 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

Read previewAxel Bouchon cofounded Matter Neuroscience in 2019 after leading the venture arms of pharma giants Moderna and Bayer. AdvertisementMatter has emerged from stealth with $26 million from ARCH Venture Partners, Polaris Partners, Exor Ventures, and Collaborative Fund, Business Insider has learned exclusively. That $26 million includes an initial seed round led by Polaris Partners and a Series A round led by ARCH Venture Partners. The startup views itself now as a consumer biotech startup, Bouchon said. Here's the 17-slide pitch deck Matter used to raise $26 million.

Persons: —, Axel Bouchon, Bouchon Organizations: Service, pharma, Moderna, Bayer, Business, Venture Partners, Polaris Partners, Exor Ventures, Fund, Brain Imaging, Icahn School of Medicine Locations: Maastricht, Netherlands, Mount Sinai, Seoul, South Korea

☆ Ripple CEO calls U.S. SEC Chair Gary Gensler a 'political liability' over lawsuit
▼ + stars: | 2024-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Brad Garlinghouse, chief executive officer of Ripple Labs Inc., speaks during the Token2049 conference in Singapore, on Wednesday, Sept. 13, 2023. Ripple CEO Brad Garlinghouse fired off criticism at U.S. Securities and Exchange Commission Chairman Gary Gensler on Tuesday, calling the SEC chief a "political liability" amid an ongoing lawsuit. The crypto startup is fighting the SEC over allegations that the firm and its executives illegally sold XRP tokens in unregistered securities sales. A case against Garlinghouse and fellow executive Chris Larsen was dismissed in October. The SEC did not immediately respond to a CNBC request for comment.

Persons: Brad Garlinghouse, Gary Gensler, Garlinghouse, Chris Larsen Organizations: Ripple Labs Inc, U.S . Securities, Exchange, SEC, CNBC Locations: Singapore

☆ Cricket World Cup 2023: Polluted air the common opponent
▼ + stars: | 2023-11-22 | by ( Vijdan Mohammad Kawoosa | ) www.reuters.com time to read: +12 min

Air quality during 2023 Cricket World Cup matchesChart categorises the 2023 cricket World Cup matches held in 10 Indian cities by the air quality observed during the matches they hosted. Twenty matches were held in ‘unhealthy’ air quality, 11 in air that was ‘unhealthy for sensitive groups’, 12 in ‘moderate’ air quality and only two in ‘good’ air quality. Average 24-hour PM 2.5 levels on all cricket World Cup match days between 1983 and 2019Chart shows average PM 2.5 concentration on match days at places that hosted a cricket World Cup match between 1983 and 2019. Of all the regions that have ever hosted a cricket World Cup match, the Indian subcontinent has seen the most polluted air. Map shows average annual PM 2.5 levels in 2019 across the world and locations that have ever hosted a cricket World Cup match.

Persons: Delhi’s Arun, Arun Jaitley, ITO, Chandika Hathurusinghe, Joe Root, Ben Stokes, Suranga Lakmal, Mohammad Shami vomited Organizations: Sri Lankan, teams, Arun, ITO, Labs Inc, . Environmental Protection Agency, Delhi, United States Environment Protection Agency, U.S . Environmental Protection Agency, World Health Organization, Indian, Matches, Daily, International Cricket Council, Endurance Locations: New Delhi, Delhi, Lahore, Pakistan, Australia, Netherlands, India, ITO, Sri Lanka, England, Indian, Mumbai, Bengaluru, Kolkata, Sri Lankan, U.S, Canberra, United States, China, Bangladesh

☆ US SEC cannot appeal Ripple Labs decision, judge rules
▼ + stars: | 2023-10-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FILE PHOTO: A representation of cryptocurrency Ripple is seen in this illustration taken August 6, 2021. Torres said Rakoff had been considering Terraform’s motion to dismiss the SEC case, and was required to accept all reasonable inferences in the regulator’s favor. A trial in the Ripple case is scheduled for April 23, 2024. In its December 2020 lawsuit, the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The case is SEC v Ripple Labs Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Dado Ruvic, Analisa Torres, Torres, Jed Rakoff, Rakoff, Brad Garlinghouse, Chris Larsen, Ripple Organizations: YORK, U.S . Securities, Exchange Commission, Ripple Labs, REUTERS, District, SEC, U.S, Terra, Binance, Court, Southern District of Locations: Manhattan, U.S, Southern District, Southern District of New York

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

☆ Ripple obtains full license to operate in Singapore as it expands in Asia-Pacific
▼ + stars: | 2023-10-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Brad Garlinghouse, chief executive officer of Ripple Labs Inc., speaks during the Token2049 conference in Singapore, on Wednesday, Sept. 13, 2023. Cryptocurrency company Ripple said on Wednesday that it has obtained a major payments institution license in Singapore, a strategic step toward growing its presence in the Asia-Pacific region. With the full license, Ripple will continue to provide regulated crypto payment services in Singapore. Ripple said it will continue to prioritize the region for adoption of its crypto payment services. The country's Payment Services Act — which regulates payment services and the provision of crypto services to the public — has been in effect since January 2020.

Persons: Brad Garlinghouse, Ripple, Monica Long, headcount Organizations: Ripple Labs Inc, Monetary Authority of, CNBC Locations: Singapore, Asia, Pacific, Monetary Authority of Singapore, U.S

☆ Fact Check-Fabricated screenshot says SEC is not appealing Ripple Labs crypto ruling
▼ + stars: | 2023-08-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

The U.S. Securities and Exchange Commission (SEC) did not publish a press release in August saying that it will not appeal a landmark ruling involving the cryptocurrency company Ripple Labs. The headline of the screenshot reads: “SEC decides not to appeal Ripple” (ghostarchive.org/archive/R0c7W). Another added, “That's a good news for @Ripple & Cryptocurrency market as well” (ghostarchive.org/archive/ehrV1). The SEC decided to appeal a ruling involving cryptocurrency company Ripple Labs Inc. on Aug. 9. A screenshot seemingly showing a SEC press release to the contrary is fake.

Persons: Read Organizations: U.S . Securities, Exchange Commission, SEC, Ripple Labs, Reuters, Labs, Twitter

☆ Cannabis companies Cresco, Columbia Care call off $2 billion merger as industry awaits banking reform
▼ + stars: | 2023-07-31 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A worker trims leaves of young cannabis plants in a greenhouse at a Cresco Labs Inc. facility in Indiantown, Florida, U.S., on Monday, March 28, 2022. A $2 billion mega-deal between cannabis multistate operators Cresco Labs and Columbia Care has gone up in smoke more than a year after the companies announced the acquisition, the companies said Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Columbia Care has a market cap of about $200 million. Columbia Care CEO and co-founder Nicholas Vita added that after careful consideration, the decision to remain solo is "the best path forward for Columbia Care's employees, customers, and shareholders."

Persons: weathers, Charles Bachtell, Bachtell, Nicholas Vita, Sean, Diddy, Combs Organizations: Labs Inc, Cresco Labs, Columbia Care, Columbia Locations: Indiantown , Florida, U.S, Chicago, New York, New York , Massachusetts, Illinois

☆ US securities regulator 'disappointed' with defeat over Ripple's XRP
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, July 17 (Reuters) - The head of the U.S. securities regulator said Monday the agency was "disappointed" with a judge's recent ruling that Ripple Labs Inc did not violate federal securities laws in a major blow to its efforts to rein in the cryptocurrency sector. The SEC has sued a number of crypto firms in recent months, arguing that most crypto tokens are securities that should be registered with the agency. AI could also amplify the world financial system's interconnectedness, something for which current risk management models may not be prepared, Gensler said. "Many of the challenges to financial stability that AI may pose in the future ... will require new thinking on system-wide or macro-prudential policy interventions." Gensler's remarks echoed statements he has made in recent months on managing risks created by the use of AI in finance.

Persons: Gary Gensler, Gensler, Gensler's, We've, It's, Douglas Gillison, Andrea Shallal, Hannah Lang, Matthew Lewis, David Evans, Nick Zieminski Organizations: Ripple Labs, U.S . Securities, Exchange, SEC, prudential, Thomson Locations: cryptocurrency, U.S, Washington

☆ Global rules leave crypto firms with no place to hide, says G20 watchdog
▼ + stars: | 2023-07-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20's Financial Stability Board said on Monday. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog. "Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules," FSB Secretary General John Schindler told reporters.

Persons: FTX, John Schindler, Schindler, Bitcoin, IOSCO, Huw Jones, Louise Heavens Organizations: Ripple Labs, European Union, FSB, Thomson Locations: FTX, Bahamas, Basel

The crypto industry is in a tug-of-war with the SEC and its Democratic chair Gary Gensler, who has described the crypto market as a "Wild West" riddled with fraud. Saying most crypto tokens are securities, the SEC has cracked down on crypto trading platforms, including the top U.S. exchange Coinbase, in an effort to bring the industry under its oversight. Crypto firms have long disputed the SEC's jurisdiction but until Thursday no court had supported that view. The two sources, for example, said firms are considering ways to use the Judge's ruling for their defense. However, she also ruled Ripple's direct sales of XRP to investors should have been registered as securities, handing the SEC a partial victory.

Persons: Coinbase, Gary Gensler, Robert Frenchman, Mukasey Frenchman, Analisa Torres, XRP, Crypto, Teresa Goody Guillén, Spokespeople, Binance, Carol Goforth, Stuart Alderoty, Philip Moustakis, Jody Godoy, Chris Prentice, Hannah Lang, Tom Hals, Michelle Price, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, Ripple Labs, Democratic, Mukasey Frenchman LLP, San Francisco, U.S, District, Baker, Hostetler, University of Arkansas, Reuters, Circuit, Seward, Washington , D.C, Thomson Locations: Mukasey, New York, Washington, New York , Connecticut, Vermont, Washington ,

A U.S. judge said on Thursday that Ripple Labs Inc did not violate securities law by selling its XRP token on public exchanges. Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities. Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. Still, crypto investors have taken encouragement from the world's biggest asset manager, BlackRock (BLK.N), filing to launch a bitcoin exchange traded fund last month.

Persons: XRP, Coinbase, Bitcoin, Matthew Dibb, Justin d'Anethan, Binance.US, bode, Sam Bankman, Alex Mashinsky, Patrick Hillmann, Hillmann, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore, Alex Richardson, Josie Kao Organizations: Labs, U.S . Securities, Exchange Commission, Wall Street, Capital, SEC, U.S, Wall, Twitter, BlackRock, Fidelity, Thomson Locations: SINGAPORE, WASHINGTON, U.S, California , New Jersey, South Carolina, Wisconsin, Asia, Keyrock, Hong Kong, XRP, reining, China, Binance, Melbourne, Singapore

The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York

CompaniesLaw Firms Ripple Labs Inc FollowCoinbase Global Inc FollowJuly 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled. PARTIAL WIN FOR THE SECThe SEC won a partial victory as Torres found the company's $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities. Both the Ripple and Coinbase cases focus on registration requirements and whether certain digital assets are securities under U.S. law.

Persons: XRP, Analisa Torres, Brad Garlinghouse, We’ve, Torres, Paul Grewal, Chris Larsen, Garlinghouse, Larsen, Gary DeWaal, Rosenman, Tom Emmer, Jody Godoy, Chris Prentice, Tom Hals, Chizu Nomiyama, Conor Humphries, Leslie Adler, David Gregorio Our Organizations: Labs, Ripple Labs, U.S, District, U.S . Securities, Exchange Commission, SEC, Twitter, Supreme, WIN FOR, Republican, Thomson Locations: U.S, XRP, Katten, New York, Wilmington , Delaware

The deal ends nearly all of the litigation brought against the tobacco giant over Juul by local government bodies and individuals across the United States. Altria expects to record a pre-tax charge of $235 million in the second quarter of 2023 and intends to exclude it from adjusted earnings per share. As of December, its share of Juul was valued at $250 million, down from $12.8 billion in 2018. They said Altria helped the strategy by letting Juul use its sales force and place its products next to Altria's on shelves. Juul previously settled most of the cases against it, paying more than $1 billion to 48 states and territories and $1.7 billion to individuals and local government entities.

☆ Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet
▼ + stars: | 2023-05-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

But the agency will have to provide a more detailed response if Ripple, Coinbase or crypto groups that have filed friend-of-the-court briefs pushing major questions doctrine arguments manage to pique a judge’s interest. Former Coinbase manager Ishan Wahi expanded on the major questions theory last February in his motion to dismiss the SEC’s insider trading case. Under the major questions doctrine, they said, the SEC does not have the requisite Congressional authority to regulate digital assets. Coinbase’s contention in that paper, released last Thursday, is all-encompassing: The major questions doctrine, according to Coinbase counsel at Sullivan & Cromwell, “forecloses” regulation of the trillion-dollar crypto industry. But if the SEC moves ahead with a case against Coinbase, the major questions doctrine could turn out to be, well, a major question.

☆ Elon Musk says people should be cautious with AI because the tech is 'a danger to the public'
▼ + stars: | 2023-04-19 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Elon Musk called AI a danger to the public during an interview with Tucker Carlson. In an interview on Fox News' "Tucker Carlson Tonight," he said people should be "cautious with AI" and advised that there should be government oversight because the tech is "a danger to the public." "I think we'll have a better chance of advanced AI being beneficial to humanity in that circumstance," he added. It's far from the first time the billionaire has discussed the potential risks of advanced AI. He's previously compared AI with nuclear warheads, told Tesla investors that the tech stresses him out, and criticized OpenAI, a company he cofounded.

Companies Altria Group Inc FollowApril 17 (Reuters) - E-cigarette company Juul Labs Inc and its former largest investor, Marlboro maker Altria Group Inc (MO.N), on Monday settled claims by the state of Minnesota that they fueled teen vaping addiction. The settlement, whose terms are not yet public, was announced by Minnesota Attorney General Keith Ellison and by Juul as a trial in the case was nearing its end. Juul has now settled vaping-related claims with 48 U.S. states and territories. Reporting By Brendan Pierson in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

The deal, which also included Colorado, Illinois, Massachusetts and New Mexico, means that San Francisco-based Juul has now settled with 45 states for more than $1 billion. The various states had accused Juul of falsely marketing its e-cigarettes as less addictive than cigarettes and targeted minors with glamorous advertising campaigns. It previously reached a $439 million settlement with 34 states and territories, as well as settlements with several individual states. As of December, its share of Juul was valued at $250 million, down from $12.8 billion in 2018. The CDC also has said using nicotine in adolescence may raise the risk for future addiction to other drugs.

NEW YORK, April 12 (Reuters) - E-cigarette maker Juul Labs Inc has agreed to pay $462 million to settle claims by six U.S. states including New York and California that it unlawfully marketed its addictive products to minors, the states announced on Wednesday. With the deal, Juul has now settled with 45 states for more than $1 billion. The states had accused Juul of falsely marketing its e-cigarettes as less addictive than cigarettes and targeted minors with glamorous advertising campaigns. As of December, its share of Juul was valued at $250 million, down from $12.8 billion in 2018. The CDC also has said using nicotine in adolescence may raise the risk for future addiction to other drugs.

☆ Juul settlement: E-cigarette maker to pay $462 million in several states for marketing nicotine for youth vaping
▼ + stars: | 2023-04-12 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Juul Labs Inc. will pay $462 million for its role in the youth vaping surge. The settlement includes restrictions on Juul's marketing and distribution of vaping products. Like some other settlements reached by Juul, this latest includes restrictions on the marketing and distribution of the company's vaping products. For example, it is barred from any direct or indirect marketing that targets youth, which includes anyone under age 35. The spokesperson added that underage use of Juul products has declined by 95% since 2019 based on the National Youth Tobacco Survey.

March 27 (Reuters) - E-cigarette company Juul Labs Inc and its former largest investor, Marlboro maker Altria Group Inc (MO.N), will face their first U.S. trial this week over claims that they created a public nuisance by marketing addictive e-cigarettes to minors. It says Juul sold its e-cigarettes in sweet flavors and promoted them on social media to appeal to underage consumers. Juul and Altria have faced thousands of similar lawsuits around the country. The state also says Altria helped Juul market its products, including by providing it access to its sales force and including Juul advertisements in Marlboro products. Altria this month announced that it had given up its investment in Juul in exchange for some of Juul's intellectual property.

☆ Marlboro Maker Plots New Path to Smoke-Free Future After Losing Billions on Juul
▼ + stars: | 2023-03-24 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Altria CEO Billy Gifford said the company is looking to develop non-nicotine products for former smokers and others. America’s biggest cigarette company has a new plan to shift its business toward less-harmful products, after a string of failures. This time, the Marlboro maker says, its plan will work. Altria Group Inc. earlier this month divested itself of e-cigarette maker Juul Labs Inc., recording a loss of at least $12.5 billion. Altria now has a new lineup of e-cigarettes, heated-tobacco devices and oral nicotine pouches in the works, including the planned acquisition of vaping pioneer NJOY Holdings Inc.

☆ Altria Plots Life After Juul
▼ + stars: | 2023-03-24 | by ( Jennifer Maloney | ) www.wsj.com time to read: 1 min

Altria CEO Billy Gifford said the company is looking to develop non-nicotine products for former smokers and others. America’s biggest cigarette company has a new plan to shift its business toward less-harmful products, after a string of failures. This time, the Marlboro maker says, its plan will work. Altria Group Inc . earlier this month divested itself of e-cigarette maker Juul Labs Inc., recording a loss of at least $12.5 billion. Altria now has a new lineup of e-cigarettes, heated-tobacco devices and oral nicotine pouches in the works, including the planned acquisition of vaping pioneer NJOY Holdings Inc.

Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The crypto industry believes it operates in a regulatory gray area not governed by existing U.S. securities laws - and that new legislation is needed to regulate the industry. "But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court." Prior to Gensler's arrival, the SEC engaged in targeted enforcement, but the Democratic chair has ratcheted up focus on crypto platforms themselves. "There couldn't be a more significant development for crypto markets and crypto investors," said Philip Moustakis, former SEC enforcement lawyer and partner with Seward and Kissel LLP in New York.

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