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☆ Former UK finance minister joins Coinbase crypto exchange as an advisor
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Former British Chancellor George Osborne addresses guests during a visit to the Manchester Chamber of Commerce on July 1, 2016 in Manchester, England. LONDON — A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company's regulatory bargaining power at a time when it faces severe scrutiny stateside. Coinbase announced that George Osborne, who served as Britain's chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council. Faryar Shirzad, Coinbase's chief policy officer, said the company was "pleased to have George join our council at an exciting time for us in the U.K. and globally." We look forward to relying on his insights and experiences as we grow Coinbase around the world," Shirzard added.

Persons: George Osborne, beefing, He'll, Mark Esper, Patrick Toomey, Coinbase, George, Shirzard, Osborne Organizations: Manchester Chamber of Commerce, Wednesday, Coinbase, of Defense Locations: Manchester, England, British, Coinbase

☆ TikTok’s recent court victories show just how hard it might be to ban the app
▼ + stars: | 2023-12-02 | by ( Brian Fung | Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

The lawsuit in Indiana sought court-ordered fines and restrictions on TikTok for allegedly violating state consumer protection laws. Both cases reflected concerns expressed by government officials at all levels in the United States about TikTok’s ties to China through its parent company, ByteDance. Calls for a TikTok ban in the US first arose during the Trump administration and have waxed and waned in the years since, but most attempts to ban the app have been challenged in court. What comes nextUltimately, the state-level efforts in Indiana and Montana failed for many reasons, Goldman said, and policymakers should take note of this. The Indiana decision is less likely to have a nationwide impact, Goldman added, simply due to the typical obscurity of state court rulings and how state laws differ from one jurisdiction to another.

Persons: TikTok, ” Eric Goldman, ’, Trump, Donald Molloy, Molloy, Patrick Toomey, “, ” Molloy, ”, Jennifer DeGroote, DeGroote, Goldman, Blake Reid, Reid Organizations: CNN, TikTok, Santa Clara University, American Civil Liberties, Security, University of Colorado Locations: Indiana, Montana, United States, China

☆ What is Section 702? Congress is debating the controversial surveillance power
▼ + stars: | 2023-07-31 | by ( Juhi Doshi | ) www.cnbc.com time to read: +8 min

Section 702 of the Foreign Intelligence Surveillance Act, or FISA, allows the government to conduct targeted surveillance of foreign nationals living outside the U.S. without needing to obtain a warrant. As recently as this month, a court opinion disclosed that FBI employees wrongly searched foreign surveillance data for the last names of a U.S. senator and a state senator. But data on U.S. citizens is still collected when they interact with a foreign surveillance target — that's known as "incidental" collection. Lawmakers from both sides have said they won't vote to renew the provision unless major changes are made in how the FBI uses foreign surveillance data to investigate Americans. "And that means first and foremost addressing the warrantless surveillance of Americans in violation of the Fourth Amendment."

Persons: Samuel Corum, Biden, they're, George Floyd, Joe Biden's, Jake Sullivan, Jon, Read, Trump, Ron DeSantis, Bush, Donald Trump, Dick Durbin, Sen, Mike Lee, they've, Patrick Toomey, Toomey, Christopher Wray, Wray Organizations: Getty, Foreign Intelligence, FISA, FBI, Social, American Civil Liberties Union, White, President's Intelligence, Board, National, NBC, Historically, Republicans, DOJ, ACLU's National Security, National Intelligence, Committee Locations: Washington , DC, reauthorize, U.S, China, Russia, Florida, Georgia, Fulton, Utah

☆ FBI broke rules in scouring foreign intelligence on Jan. 6 riot, racial justice protests, court says
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +6 min

FBI officials repeatedly violated their own standards when they searched a vast repository of foreign intelligence for information related to the Jan. 6, 2021, insurrection at the U.S. Capitol and racial justice protests in 2020, according to a heavily blacked-out court order released Friday. The violations were detailed in a secret court order issued last year by the Foreign Intelligence Surveillance Court, which has legal oversight of the U.S. government's spy powers. At issue are improper queries of foreign intelligence information collected under Section 702 of the Foreign Intelligence Surveillance Act, which enables the government to gather the communications of targeted foreigners outside the U.S. That program expires at the end of the year unless it is renewed. FBI searches must have a foreign intelligence purpose or be aimed at finding evidence of a crime. The order says the FBI had maintained that the queries were likely to return foreign intelligence, though the reasons given for that assessment are mostly redacted.

☆ Apollo Global appoints former U.S. Senator Patrick Toomey to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, effective March 15. In a political career spanning decades, Toomey represented Pennsylvania in the Senate from 2011 to 2023, serving on the Senate banking, housing, and urban affairs, budget, and finance committees. Toomey, a member of the Republican Party, previously served in the U.S. House of Representatives from 1999 to 2005, where he was a member of the house budget committee. Earlier in February, New York-based Apollo said its fourth-quarter adjusted net income rose 77% owing to strong earnings from its retirement services business, even as gains were partly offset by a steep decline in its PE portfolio.

☆ Fed's Barr: Concerned about blowback to financial system from crypto
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +3 min

"That includes obviously crypto activity, but more broadly risks in parts of the financial system where we don't have good visibility, we don't have good transparency, we don't have good data. That can create risks that blow back to the financial system that we do regulate." Barr's remarks came in his first congressional testimony since becoming the Fed's top Wall Street cop over the summer and augmented his prepared comments to the committee that he was keeping a close eye for stresses in the financial system amid a weakening economy. Banks are not required to place other types of custody assets on their own balance sheets. "Wouldn't this impose a significant cost on banks if they are in fact obligated to put all of the ... crypto custody assets on their balance sheets," Toomey asked Barr.

☆ GOP Sen. Patrick Toomey's son poured money into GameStop during the stock's most volatile stretch — then sold out a day later as his father warned of a 'bubble' market
▼ + stars: | 2021-02-10 | by ( Jake Lahut | Dave Levinthal | ) www.businessinsider.com time to read: +6 min

Sen. Pat Toomey said Jan. 28 the GameStop stock surge "has all of the characteristics of a bubble." Toomey's son that same day sold GameStop stock for between $1,001 and $15,000, per financial disclosures. "I do think we should understand why the brokers made the decision they made, several of them, including Robinhood to limit the ability of people to buy stock," Toomey told Cavuto. Tom Williams/CQ Roll Call)'A classic bubble'In a statement to Insider, Toomey said that his son made the GameStop trades without his knowledge. In addition to GameStop stock, Toomey's son sold shares of Shopify and Tesla in late January, according to the senator's financial disclosure.

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