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☆ TikTok and its parent company spent about $5.4 million on federal lobbying last year as it faced renewed threats of a ban
▼ + stars: | 2023-01-25 | by ( Dan Whateley | ) www.businessinsider.com time to read: +5 min

TikTok and its parent company ByteDance spent about $5.4 million on federal lobbying in 2022. TikTok and its parent company ByteDance spent about $5.4 million on federal lobbying in 2022, a roughly 4% increase from the previous year, according to year-end disclosures filed by the companies and their hired lobbying firms on Friday. While ByteDance's and TikTok's lobbying spend remained relatively flat between 2021 and 2022, both years represented a significant spike from 2020 when the companies spent around $2.6 million. In late 2020, the Trump administration attempted to ban TikTok's app from US app stores. TikTok's app has faced similar government-device bans at the state level.

☆ A 2nd Republican will soon declare a presidential run, but expect another lag before a 'clown car' of candidates make it official, seasoned operatives say
▼ + stars: | 2023-01-21 | by ( ) www.businessinsider.com time to read: +11 min

Trump is the only one who declared a presidential run for 2024. Campaign insiders call this presidential campaign period the "preseason," the "trial balloon season," or the "incubation period." And both could take advantage the spotlight of a presidential run because they don't currently hold office, in contrast to governors and US Senators potentially in the mix. Andrew Harnik/APThe field will be set by summerWhen it comes to planning a campaign, candidates don't have full control over their timelines. "If we go into the Iowa Caucuses with more than a dozen candidates," Kochel said, "then some part of the process has failed."

☆ Judge in FTX bankruptcy case rejects motion to remove elite NYC lawyers
▼ + stars: | 2023-01-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —One of America’s elite white-collar law firms has emerged as a contentious figure in the complex FTX saga. A judge ruled that the bankrupt crypto platform could retain Sullivan & Cromwell as legal counsel, overruling objections from FTX customers who accused the firm of conflicts of interest. Then FTX’s former top lawyer supported the motion in a court filing, which included additional allegations that one of his former colleagues improperly funneled FTX business to Sullivan & Cromwell. Friedberg alleged that that lawyer funneled business to Sullivan & Cromwell, hoping to curry favor with the firm to which he hoped to eventually return. Earlier this month, a group of US senators also raised objections to Sullivan & Cromwell’s participation in the FTX bankruptcy.

☆ Who is Shou Zi Chew? Mounting scrutiny on TikTok could put new spotlight on its CEO
▼ + stars: | 2023-01-20 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

Months later, when TikTok was grilled by Congress over privacy and security concerns, Pappas was the TikTok executive in the hot seat fielding questions. But Chew, who took over as TikTok CEO in April 2021, has largely stayed out of the spotlight at a time when the app he leads can’t seem to avoid it. He eventually went on to become the CFO of Chinese tech giant Xiaomi, which he helped take public in 2018. While Chew is not a Chinese national, Quint noted Chinese tech companies and leaders that have drawn too much attention to themselves have faced tough government crackdowns. Ultimately, Quint said, “I don’t think the CEO of TikTok has much relevance at all” for US lawmakers scrutinizing its ties to China.

☆ Thought last year was bad for crypto? From FTX to Silvergate, the red flags are flying for the year ahead.
▼ + stars: | 2023-01-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Those realizations came to head repeatedly in 2022 as crypto hacks and a wintry bear market crescendoed with the collapse of Sam Bankman-Fried's FTX. On a macro level, persistent recession fears make speculative assets such as tokens or tech stocks less enticing. More notable is crypto bank Silvergate's nearly 50% plunge Thursday, and the company's announcement it would cut 40% of its staff. Job cuts at Amazon and Salesforce signal the first necessary step in staging a turnaround for tech stocks. All told, analysts predict layoffs could catalyze a 20% rally for tech stocks in 2023.

☆ Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals
▼ + stars: | 2023-01-05 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Silvergate cut 40% of its staff as the crypto-focused bank reels from FTX's implosion. The collapse of FTX in particular sparked a run that forced the crypto-focused bank to cover $8.1 billion worth of customer withdrawals in late 2022. To meet the spike in withdrawals, Silvergate has had to sell assets at significant losses, liquidating debt the firm was holding on its balance sheet. The firm added that it has $4.6 billion in cash and cash equivalent, which Silvergate says exceeds its deposits. "Silvergate appears to be at the center of the improper transfer of billions in FTX customer funds.

☆ Washington man charged with leaving more than 400 threatening voicemails for members of Congress
▼ + stars: | 2022-12-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — A Washington state man has been charged with seven counts of making interstate threats after he allegedly left more than 400 voicemails over two years for members of Congress. In 2021, Leonetti left more than 400 voicemails at the office phone numbers for numerous senators and representatives of both political parties, according to the criminal complaint. The voicemails were "not always coherent," an FBI agent investigating the case said, but made references to murder or killing. We’re going to peel your ass inside out," Leonetti said in one of seven voicemails he left for one lawmaker in September, prosecutors said. In one of 32 voicemails Leonetti left for a senator over a three-day period in September, he allegedly said, "Well, so I’m gonna murder you.

☆ US senators have unveiled a new bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US Senators are cracking down on money laundering via cryptocurrency in a new bill on Wednesday. Senators Elizabeth Warren and Roger Marshall proposed the bill titled "Digital Asset Anti-Money Laundering Act of 2022." The bill, titled "Digital Asset Anti-Money Laundering Act of 2022," could amp up know-your-customer (KYC) requirements in an effort to deter bad actors in the nascent space. If it becomes a law, wallet providers, cryptocurrency miners, validators, and mixers could be classified as money service businesses. Warren, who has been a long-time outspoken critic of digital assets, says that she wants the industry to comply with the same money laundering rules as traditional financial institutions.

Vindman first joined Twitter while working in the Trump administration because it was often the way his then-boss, the president, made policy. His wife, liberal activist and podcaster Rachel Vindman, has almost 400,000 followers, making them a progressive Twitter power couple. In a clubby city obsessed with status and information, Twitter delivers both, all from the comfort of one’s mobile phone. No one wants to leave Twitter until everyone else does, but there’s no obvious place to go next. Some think Musk will kill Twitter regardless of whether there’s a mass exodus of its users.

☆ The Bahamas has hit out at 'extremely regrettable' criticism from FTX's new CEO after the Nassau-based crypto giant collapsed
▼ + stars: | 2022-11-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

After FTX went bankrupt, the Bahamas suspended its license and took control of its digital assets. The Bahamas attorney general accused the FTX CEO of "inaccurate allegations" in his court filings. After the crypto exchange founded by Sam Bankman-Fried entered bankruptcy earlier in November, the Bahamas suspended FTX's license and took control of its digital assets by transferring them into a government crypto wallet. Ray is also known for acting as CEO for energy giant Enron, and handled its liquidation after accounting fraud. FTX's bankruptcy has led to calls for tighter crypto regulations from both US senators and the Bank of England.

☆ 3 senators call for DOJ to potentially unwind the Ticketmaster and Live Nation merger: 'High prices and labyrinth-like ticketing process for Taylor Swift's Eras tour are clear examples of the harms co
▼ + stars: | 2022-11-22 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

"The high prices and labyrinth-like ticketing process for Taylor Swift's Eras tour are clear examples of the harms consumers face in an anti-competitive ticketing market," the senators write. Live Nation Entertainment has said that it "does not engage in behaviors that could justify antitrust litigation, let alone orders that would require it to alter fundamental business practices." The DOJ and Live Nation Entertainment did not immediately respond to Insider's request for comment on the letter. UMAW is also pushing for the merger between Live Nation and Ticketmaster to be unwound. Put simply, artists, venues, and consumers should no longer be at the mercy of a single seller."

☆ Lawmakers from both sides of the aisle push Biden administration to provide Ukraine with lethal 'Gray Eagle' drones
▼ + stars: | 2022-11-22 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

Lawmakers are asking the Biden administration to provide Ukraine with MQ-1C "Gray Eagle" drones. The drones, made by General Atomics, can carry four Hellfire missiles. "The long-term upside of providing Ukraine with the MQ-1C is significant," lawmakers wrote. C. Mark Brinkley, a spokesperson for General Atomics, told Insider that lawmakers are right to argue that Ukraine could put the drones into service soon after receiving them. "We believe it would be a game-changing decision to send Gray Eagles to support the Ukrainian defense."

☆ Elon Musk has upended Twitter’s business. Here’s how he could fix it
▼ + stars: | 2022-11-22 | by ( Clare Duffy | ) edition.cnn.com time to read: +9 min

The Tesla CEO has previously said he “hates advertising” and, as Twitter’s owner, professed a desire to make the company more reliant on subscription revenue than advertising dollars. Twitter has always struggled to turn its outsized influence in media, politics, and culture into a highly successful advertising business. Twitter’s advertising business has long been smaller than that of rivals like Facebook, in part because it didn’t offer the same level of user targeting. To successfully overhaul Twitter into a thriving subscription business would be to buck the trend of many other media properties that have struggled with the model. Twitter’s ad woesWhether he likes advertising or not, the business made up 90% of Twitter’s revenue prior to Musk’s takeover and replacing it won’t be an immediate shift.

☆ FBI chief says shadowy Chinese police stations in the US are 'outrageous' and he's 'very concerned'
▼ + stars: | 2022-11-18 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +3 min

FBI Director Christopher Wray said he's "very concerned" about secret Chinese police stations in the US. "We are aware of the existence of these stations," Wray said during a Senate hearing. The FBI chief on Thursday said it would be "outrageous" for Chinese police to "set up shop" in New York "without proper coordination." The FBI chief said it's important for Chinese-Americans and Chinese dissidents to call the FBI and report if they believe they've been targeted by the Chinese government. "President Xi's precedent-breaking third term bodes ill for human rights in China and around the world," Yaqiu Wang, a senior China researcher at Human Rights Watch, said last month.

☆ Disgraced Theranos founder Elizabeth Holmes has been sentenced to 11.25 years in prison with 3 years of supervised release
▼ + stars: | 2022-11-18 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +6 min

Disgraced Theranos founder Elizabeth Holmes has been sentenced to 11.25 years in prison with 3 years of supervised release. On Friday, federal judge Edward Davila handed down a prison sentence of 135 months, or 11.25 years, with 3 years of supervised release for the 38-year-old founder and former CEO of Theranos. Davila concluded the loss to investors in share value was $121 million, saying Theranos' stock would have been cheaper by that much if not for Holmes' fraud. Prosecutors, meanwhile, wanted a 15-year prison sentence and $800 million in restitution. Balwani was convicted in July on all 12 counts brought against him.

Republican Brian Kemp won a second term as Georgia's governor. Stacey Abrams sought to oust Kemp from office in a rematch of their 2018 gubernatorial contest. Kemp touted his conservative record as governor, while Abrams wants a new approach in Atlanta. Georgia Republican Gov. Brian Kemp, defeated Democrat Stacey Abrams in Georgia's gubernatorial election.

☆ Republican Gov. Brian Kemp and Democrat Stacey Abrams face off in the Georgia gubernatorial election, a rematch of their 2018 contest
▼ + stars: | 2022-10-31 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Republican Brian Kemp is seeking re-election to a second term as Georgia's governor. Stacey Abrams is seeking to oust Kemp from office in a rematch of their 2018 gubernatorial contest. Brian Kemp, who narrowly defeated Democrat and former Georgia House of Representatives Minority Leader Stacey Abrams in the 2018 gubernatorial race, is running for reelection in a rematch of that race. However, Kemp has also frustrated the most prominent Republican official in the country — former President Donald Trump. The former president credits his endorsement of Kemp as a turning point in boosting the now-governor in both the 2018 Republican primary and in that year's general election.

☆ Republicans' next big play is to 'scare the hell out of Washington' by rewriting the Constitution. And they're willing to play the long game to win.
▼ + stars: | 2022-07-31 | by ( Grace Panetta | Brent D. Griffiths | ) www.businessinsider.com time to read: +27 min

Whether it happens, he said, is highly dependent on Republicans' success winning state legislatures during the 2022 midterm elections. But not everyone in the conservative constitutional convention movement believes such a gathering is so imminent. Constitutional convention boosters include many of Trump's current and former allies, including conservative legal scholar John Eastman, Florida Gov. In 2012, the Republican National Committee went so far as to pass a resolution formally opposing the convention movement. A convention of states would be the first of its kind since the original Constitutional convention in Philadelphia in 1787.

☆ I was paying off school loans while I was the secretary of education under Obama. Here's why Biden needs to cancel student debt.
▼ + stars: | 2022-02-23 | by ( John B. King Jr. | ) www.businessinsider.com time to read: +7 min

He says he was still paying off his student loans while serving as a Cabinet member. President Biden should use his executive authority to unilaterally cancel student debt for each borrower. I was still paying off my own student loans while serving as US Secretary of Education for President Obama. Some have argued that it would be odd to cancel student debt retroactively without solving the problem going forward. Republican A. Wayne Johnson, former Federal Student Aid chief, proposed canceling up to $50,000 of student debt for each borrower.

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