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☆ Singapore to triple AI talent to 15,000 experts, deputy PM says
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSINGAPORE Dec 4 - Singapore plans to triple its pool of artificial intelligence experts, including machine-learning scientists and engineers, to 15,000, as part of its national AI strategy, deputy prime minister Lawrence Wong said on Monday. Singapore also pledged under its AI strategy to increase government incentives for the sector, including by backing accelerator programs for AI startups and encouraging companies to set up AI "centres of excellence." Singapore's Infocomm Media Development Authority (IMDA) announced on Monday a $52.3 million ($70 million SGD) initiative to develop Southeast Asia's first large language model, catering to the region's languages. Reporting by Fanny Potkin in Singapore; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lawrence Wong, Singapore's, Fanny Potkin, Bill Berkrot Organizations: REUTERS, SINGAPORE, Microsoft, Nvidia, U.S Securities and Exchange Commission, Media Development Authority, Thomson Locations: Singapore, U.S, China, Taiwan

☆ Bitcoin price hits highest level in 18 months as investors gear up for ETF approval
▼ + stars: | 2023-12-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —The price of bitcoin soared above $40,000 on Monday, hitting its highest level in 18 months as investors look ahead to a lower interest rate environment and key regulatory approvals that could make the crypto asset more mainstream. Bitcoin, the world’s most popular cryptocurrency, was up more than 5% over the past 24 hours, trading at $41,600, according to CoinMarketCap. Bitcoin is now up 150% for the year, though it remains far from its historical high of $69,000 in November of 2021. A spot bitcoin ETF would allow traditional investors to have exposure to the digital asset without actually owning it. The market has long desired a way to ride the digital asset’s wild rallies, but its volatility has also made owning bitcoin unappealing outside of the digital asset community.

Persons: Jerome Powell, Powell, ”, Antoni Trenchev, Changpeng Zhao, Binance, FTX, Sam Bankman Organizations: New, New York CNN, Federal, Securities and Exchange, SEC Locations: New York

☆ Swiss firm Pando becomes 13th filer for spot bitcoin ETF
▼ + stars: | 2023-12-04 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - Pando Asset AG, a digital asset management firm based in Switzerland, last week became the latest issuer to submit an application to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to spot bitcoin prices. Pando becomes the 13th company vying for a share of what the cryptocurrency world believes could become a multi-billion dollar product, SEC filings showed. Others range from asset management giants like BlackRock and Fidelity to more specialized ETF providers like ARK Investments. Pando is a latecomer to the U.S. spot bitcoin race, but already has three other spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange. Its ETF proposal included Bank of New York Mellon as the administrator of the Pando Asset Spot Bitcoin Trust.

Persons: Pando, Suzanne McGee, Ira Iosebashvili Organizations: Pando Asset AG, U.S . Securities, Exchange Commission, SEC, BlackRock, Fidelity, ARK Investments, SIX Swiss Exchange, Bank of New York Mellon, Pando isn't, ARK Investment Management, Thomson Locations: Pando, Switzerland, U.S

☆ Twilio lays off 5% of employees in unit activists want to divest
▼ + stars: | 2023-12-04 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Jeff Lawson, chief executive officer of Twilio Inc., during the Singapore FinTech Festival in Singapore, on Friday, Nov. 17, 2023. Software provider Twilio said Monday it would lay off roughly 5% of its workforce citing underachievement in the growth of a unit that activist investors have targeted. The cuts will strike deepest in Twilio's Data and Applications unit, the same unit activist investors at Legion Partners and Anson Funds are pushing Twilio CEO Jeff Lawson to divest. Lawson said in his letter that Twilio will also change how it sells its Flex digital engagement product. Anson and Legion have pushed Twilio to sell the Data & Applications unit, if not the whole company.

Persons: Jeff Lawson, Twilio, Anson, Legion, Lawson, hasn't Organizations: Twilio Inc, Singapore FinTech Festival, underachievement, Legion Partners, Anson Funds, CNBC, Securities, Exchange Commission, Communications, Legion Locations: Singapore

☆ Mallinckrodt Avoids $40 Million SEC Fine in Medicaid Overcharge Case
▼ + stars: | 2023-12-02 | by ( David Smagalla | ) www.wsj.com time to read: 1 min

Mallinckrodt didn’t admit or deny the SEC’s findings. Photo: Whitney Curtis/Associated PressThe U.S. Securities and Exchange Commission said Mallinckrodt failed to tell investors it had potentially overcharged Medicaid for its flagship drug, but the regulator waived a $40 million civil penalty partly because the pharmaceutical company agreed to hire a compliance consultant. The SEC said in an administrative proceeding Thursday that the Centers for Medicare and Medicaid Services informed Mallinckrodt as early as 2016 that the company was using an incorrect rebate rate for its sales of Acthar Gel, a drug used to treat several rare autoimmune diseases, which meant it was overcharging state Medicaid programs for the drug.

Persons: Mallinckrodt didn’t, Whitney Curtis, Mallinckrodt Organizations: Associated Press, U.S . Securities, Exchange Commission, SEC, Medicare, Services

☆ This tiny country drove 15% of Nvidia's revenue – here's why it needs so many chips
▼ + stars: | 2023-12-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

About 15% or $2.7 billion of Nvidia's revenue for the quarter ended October came from Singapore, a U.S. Securities and Exchange Commission filing showed. Revenue coming from Singapore in the third quarter jumped 404.1% from the $562 million in revenue recorded in the same period a year ago. Singapore only trailed behind the U.S. (34.77%,) Taiwan (23.91%) and China including Hong Kong (22.24%) in Nvidia's third-quarter sales rankings. "I would highly think it's due to data centers as Singapore has quite a lot of data centers and cloud service providers," Maybank Securities analyst Jarick Seet told CNBC. Building data centers, of course!," said Sang Shin, an ex-Temasek and GIC executive, in a LinkedIn post.

Persons: Jakub Porzycki, Jarick Seet, Sang Shin, Shin Organizations: Getty, Nvidia, U.S . Securities, Exchange Commission, Maybank Securities, CNBC, Temasek, GIC Locations: Krakow, Poland, U.S, Singapore, Taiwan, China, Hong Kong, Nvidia's, GIC

After months of congressional hand-wringing, Mr. Santos finally met his demise on Friday, after Republicans and Democrats each offered separate expulsion resolutions. The resulting debate on the House floor on Thursday captured the absurdity and unseemliness of Mr. Santos’s scandals. Mr. Santos is only the sixth member of the House to be expelled in the body’s history. Mr. Santos must still contend with the federal indictment in which prosecutors have accused him of multiple criminal schemes. (That company, Harbor City Capital, has been accused of operating a Ponzi scheme by the Securities and Exchange Commission, though Mr. Santos has not been implicated.)

Persons: George Santos, Santos, Mr, “ George Santos, ”, Anthony D’Esposito, Santos’s, Mike Johnson of, Kevin McCarthy of California, Kathy Hochul, Thomas R, Suozzi, Goldman Sachs, Nancy Marks, Marks, Nicholas Fandos Organizations: New York Republican, Queens, Republican, Republicans, World Trade, House, Local, Democratic, New York Times, Baruch College, Citigroup, World Trade Center, Devolder Organization, Harbor, Harbor City Capital, Securities and Exchange Commission Locations: Orlando, Long Island, New York, Mike Johnson of Louisiana, Nassau County, Queens, New York City, Orlando ., Florida, Harbor City, United States

☆ Robinhood CEO defends payment for order flow, says practice is 'here to stay'
▼ + stars: | 2023-12-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Vlad Tenev, co-founder and CEO of Robinhood, rings the opening bell at the Nasdaq on July 29, 2021. Robinhood CEO Vlad Tenev says he doesn't believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in the U.S. is under threat. Speaking with CNBC, Tenev defended the practice of PFOF, saying that it's "inherently here to stay." PFOF is the practice of routing trades through market-makers like Citadel Securities in return for a slice of the profits. Critics say that brokers have an incentive to direct order flow to market makers offering PFOF arrangements over the interests of their clients.

Persons: Vlad Tenev, Tenev, Robinhood, we've, Ameritrade, Charles Schwab, Morgan Stanley Organizations: Nasdaq, CNBC, Citadel Securities, U.S . Securities, Exchange Commission, European Union Locations: U.S

☆ Bitcoin finishes November strong as investors enter a waiting period in the final month of 2023
▼ + stars: | 2023-12-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

November was perhaps the most significant month of this year for the crypto industry and gave bitcoin a strong setup as investors look toward 2024. "It's safe to say that the market is grinding higher in anticipation of a spot bitcoin ETF approval in January," said Ryan Rasmussen, research analyst at Bitwise Asset Management. "Some investors will continue trying to front-run the potential spot bitcoin ETF approval, but December is essentially a 'wait and see' period for bitcoin," he said. November is a historically strong month for bitcoin. "It tells us that investors are interested in more than just the potential for a spot bitcoin ETF.

Persons: Bitcoin, FTX's, Sam Bankman, Fried, Ryan Rasmussen, There's, CoinGlass, Rasmussen Organizations: Metrics, Investors, Binance, U.S . Department of Justice, Bitwise Asset Management, U.S . Securities, Exchange Commission, Wolfe Research Locations: altcoins

☆ One ETF that focuses on employee happiness is outperforming the market this year
▼ + stars: | 2023-12-01 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Executives don't need to worry about Irrational misrepresenting their company, and participation can open them up to potential inclusion in products such as an ETF, van Adelsberg said. In total, the ETF recently held nearly 150 equities and is benchmarked to the CIBC Human Capital Index. Still, the team noted some challenges in building broader awareness of what human capital is or why it matters. "In this market, what we're seeing is that those companies who have strong human capital ratings are outperforming," van Adelsberg said. "The role that human capital plays in driving future equity performance isn't going down.

Persons: doesn't, Kristof Gleich, –, it's, Gleich, …, Morningstar, HAPI, David van Adelsberg, van Adelsberg, Eli Lilly, Johnson, Berkshire Hathaway, JPMorgan Chase, they've, It's Organizations: Capital Factor, Capital Advisors, Irrational, ETF, Microsoft, Apple, Nvidia, Meta, Morningstar, Mastercard, Berkshire, CIBC Human, JPMorgan, Securities, Exchange

☆ Cristiano Ronaldo faces $1 billion class-action lawsuit for endorsing worthless NFTs
▼ + stars: | 2023-11-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. Ronaldo and Binance didn’t immediately respond to CNN’s request for comment. Notably, Ronaldo is still promoting the company, including posting a Binance ad as recently as November 28 on his X account, which has 110 million followers. Celebrities suedOther celebrities have also been the target of similar lawsuits. He also agreed to pay a $50 million criminal fine and a $150 million civil penalty.

Persons: Cristiano Ronaldo, Ronaldo “, Ronaldo, Binance didn’t, Binance, “, Gary Gensler, Kim Kardashian, Celebrities, Tom Brady, Gisele Bundchen, Brady, Bundchen, Kardashian, Floyd Mayweather, Jr, cryptocurrency, Charles Whitehead, ” Whitehead, ”, Changpeng Zhao, ” Zhao, – CNN’s Jennifer Korn, Allison Morrow Organizations: New, New York CNN — Soccer, ” Securities, Exchange, SEC, Cornell Law School, CNN Locations: New York, Florida

Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized. Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. watch nowBoth Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Regulatory approval would open up many more avenues for people to buy bitcoin.

Persons: Brian Armstrong, Carlos Jasso, Coinbase, Sam Bankman, FTX, Changpeng Zhao, Zhao Changpeng, Binance, Zhao, CoinGecko, Mizuho, it's, CNBC's Joumanna, Armstrong, Bittrex, JPMorgan Chase, Franklin Templeton Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Tech, Reuters, Justice Department, CNBC, Mizuho, Securities and Exchange Commission, U.S, SEC, JPMorgan, WisdomTree Locations: U.S, Binance, Needham, BlackRock, WisdomTree

☆ Celsius Network faces roadblocks in pivot to bitcoin mining
▼ + stars: | 2023-11-30 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin mining business, a U.S. bankruptcy judge said during a court hearing on Thursday. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past. Celsius attorney Chris Koenig argued at Thursday's hearing that Celsius's court-approved bankruptcy plan gave the company flexibility to pivot to a mining-only business. Celsius creditors can expect a 67% recovery under the new plan, an increase from 61.2% under the Fahrenheit deal, according to court documents filed on Thursday.

Persons: Dado Ruvic, Martin Glenn of, Glenn, Chris Koenig, Koenig, Arrington, BRIC, Dietrich Knauth, Alexia Garamfalvi, Grant McCool Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Bankruptcy, US Bitcoin Corp, Arrington Capital, Recovery Investment, US, Thomson Locations: U.S, Martin Glenn of New York

In a lawsuit filed late Wednesday in federal court in Washington, D.C., Meta Platforms Inc. said it is challenging “the structurally unconstitutional authority exercised by the FTC” in reopening the privacy agreement. “Meta respectfully requests that this Court declare that certain fundamental aspects of the Commission’s structure violate the U.S. Constitution, and that these violations render unlawful the FTC Proceeding against Meta,” the company says in its complaint. The dispute stems from a 2020 consent agreement Meta made with the FTC that also had the social media giant pay a record $5 billion fine over privacy violations. In May of this year, the FTC said Meta has failed to fully comply with the 2020 settlement and proposed sweeping changes to the agreement that includes barring Meta from making money from data it collects on minors. Political Cartoons View All 1274 ImagesThe FTC had no comment on the lawsuit.

Persons: “ Meta, Meta, Sen, Edward Markey, “, ” Markey Organizations: Facebook, Federal Trade Commission, Washington , D.C, Inc, FTC, Constitution, Meta, U.S, Securities and Exchange Commission, SEC, Big Tech, Massachusetts Democrat Locations: Calif, Washington ,, U.S, U.S ., Massachusetts

Las Vegas Sands and Adelson and Dumont families representative Ron Reese declined Wednesday to comment. Adelson, a physician, rarely gives interviews; in 2021, she told Las Vegas television station KNTV about her work with people fighting addictions. “A good person with good values, though he is totally opposite of us in his political views,” she told the Las Vegas Review-Journal then. The Adelson family owns that newspaper. Major League Baseball owners recently voted to let the Oakland Athletics relocate to Las Vegas, and the city is frequently mentioned as a possible home for an NBA team.

Persons: — Miriam Adelson, powerbroker, Adelson, Dumont, Sands, Patrick Dumont, Mark Cuban, Ron Reese, ” Adelson, “ I'm, Cuban, Miriam Adelson, ”, Sheldon Adelson, Sheldon Adelson's, “, Donald Trump, Trump, Robert Mueller's, “ Miriam, ” Trump, “ You’ve, Michael Milken, Israel Hayom, Benjamin Netanyahu, ” Miriam Adelson, Brad Alberts, “ I’m, ” Alberts, ___ Organizations: LAS VEGAS, Israel, Dallas Mavericks, Las Vegas Sands Corp, NBA, Forbes, Vegas Sands, Adelson, Las, Las Vegas, Sands, Expo, Republican, Cuban, White, Republican Jewish Coalition, Nevada’s, Vegas, Securities and Exchange Commission, Oakland Raiders, Major League Baseball, Oakland Athletics, Mavericks, Las Vegas Sands, NHL's Dallas Stars, Dallas Morning Locations: U.S, Las, Vegas, Las Vegas, Cuban, Israel, New York City, Boston, Sands, Macau, Singapore, Tel Aviv, Russia, Gaza, West, Vegas Sands, Dallas

☆ SEC meets with Grayscale, BlackRock about potential bitcoin ETFs
▼ + stars: | 2023-11-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The regulator said in a memo that it met with Grayscale on Thursday about the potential conversion of the Grayscale Bitcoin Trust into an ETF. SEC officials also met with representatives from BlackRock and the Nasdaq on Wednesday, according to a separate memo. BlackRock filed for a bitcoin ETF in June, followed shortly by a handful of other asset management firms. SEC Chair Gary Gensler has been a vocal critic of crypto but has said in recent public appearances that he would listen to his staff's input on a potential bitcoin ETF. The growing confidence in the market that a bitcoin ETF will eventually be approved appears to have boosted the price of bitcoin.

Persons: Gary Gensler, John Hoffman, Hoffman Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Nasdaq, CNBC PRO Locations: U.S

☆ This 48-year-old bet he could take on Coca-Cola—now his beverage company is worth $1.6 billion
▼ + stars: | 2023-11-30 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

Kirban, 48, is the co-founder and executive chairman of The Vita Coco Company, which started selling its namesake coconut water in 2004. Today, Vita Coco is a behemoth in its own right, sporting a $1.6 billion market cap as of Thursday afternoon. It commands nearly 50% of the U.S. coconut water market, according to the company's U.S. Securities and Exchange Commission filings. I remember just sitting there, in this old apartment that I lived in at the time, thinking and thinking and thinking. Somehow, I went from "Holy s---, we're dead," to ... "Holy s---, let's go and beat the s--- out of them."

Persons: Michael Kirban, Vita Coco, Zico, Ira Liran, Mark Rampolla, Kirban, let's, I'd, it's, Guy Oseary Organizations: CNBC, Vita Coco Company, Cola Company, Cola, U.S . Securities, Exchange Locations: Zico, U.S

☆ Supreme Court Weighs Whether SEC Violates Defendants’ Jury-Trial Rights
▼ + stars: | 2023-11-29 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

The U.S. Securities and Exchange Commission in Washington, whose special courts are accused of robbing defendants of the right to a jury trial. Photo: Ariel Zambelich/The Wall Street JournalWASHINGTON—The Supreme Court on Wednesday will consider a case that could severely limit the Securities and Exchange Commission’s use of its special in-house courts to punish wrongdoers. Critics have complained about the SEC’s special courts for years, saying they rob defendants, including those accused of fraud, of their right to a jury trial. Administrative law judges, who preside in the in-house courts, are supposed to be independent but are appointed by the same commissioners who authorize the enforcement cases that the judges hear.

Persons: Ariel Zambelich, wrongdoers, Critics Organizations: U.S . Securities, Exchange Commission, Street Journal WASHINGTON, Securities, Exchange Locations: Washington

☆ In the Market: Regulators look to pry open the dark corners of Treasury markets
▼ + stars: | 2023-11-29 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Duffie said more could be done, but added that the "official sector Treasury market datasets are far more comprehensive now than they were a few years ago." They would have much better estimates of the basis trade, for example, but they still wouldn't know exactly how big it is. The trade involves hedge funds exploiting the difference between a Treasury security and its derivative in the futures market. The CFTC data includes other trades that hedge funds enter into that involve shorting treasury futures, the two industry sources said. At a major Treasury market conference earlier this month, officials underscored the importance of good data.

Persons: Darrell Duffie, Duffie, John Williams, Sherlock Holmes, Paritosh Bansal, Anna Driver Organizations: U.S . Federal Reserve, Financial Research, Stanford University, Treasury, Futures Trading Commission, Securities, Exchange Commission, Regulators, ” New York Fed, Thomson Locations: ”

☆ Fintech firm SoFi set to exit cryptocurrency business
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Financial technology firm SoFi Technologies (SOFI.O) is set to exit the cryptocurrency business and has given its customers the option to migrate to UK-based Blockchain.com, the companies said on Wednesday. The San Francisco-based company said it was ending its crypto services on Dec. 19, and starting Wednesday, new SoFi crypto accounts cannot be opened. SoFi said its eligible customers can migrate their account to Blockchain.com or close their account instead. Crypto users living in New York will not be eligible for the migration due to New York state availability. London-based Blockchain.com said crypto account holders at SoFi will get access to dozens of tokens traded on its platform.

Persons: Sam Bankman, Changpeng Zhao, SoFi, Blockchain.com, Arasu Kannagi Basil, Devika Organizations: SoFi Technologies, U.S . Securities, Exchange Commission, Bloomberg News, Thomson Locations: San Francisco, New York, London, Bengaluru

WASHINGTON (AP) — The Supreme Court is hearing arguments in a challenge to the Securities and Exchange Commission's ability to fight fraud, part of a broad attack on regulatory agencies led by conservative and business interests. Circuit Court of Appeals ruled in favor of Jarkesy and his Patriot28 investment adviser group on three separate issues. And it said laws shielding the commission’s administrative law judges from being fired by the president are unconstitutional. Jarkesy's lawyers noted that the SEC wins almost all the cases it brings in front of the administrative law judges but only about 60% of cases tried in federal court. A decision upholding the 5th Circuit's ruling could sweep far more broadly, calling into question the authority of administrative law judges at numerous federal agencies, the Justice Department said.

Persons: Biden, George R, Jarkesy, ”, Jennifer Walker Elrod, Andrew Oldham, Elrod, George W, Bush, Donald Trump, Eugene Davis, Ronald Reagan Organizations: WASHINGTON, Securities, Exchange, SEC, Circuit, Oldham, Justice Department Locations: New Orleans

☆ How 3 big Supreme Court cases could derail the government
▼ + stars: | 2023-11-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

On Wednesday, the Supreme Court is hearing a case challenging the authority of federal agencies. AdvertisementThree major Supreme Court cases could upend the way the government works — and put Americans' federal benefits and consumer protections at risk. These are the other big cases to follow on the Supreme Court's docket. AdvertisementChanging how the federal government is allowed to make regulationsAnother Supreme Court challenge has big implications for the way all federal agencies function. AdvertisementThe Supreme Court will likely issue final decisions on these cases by June.

Persons: —, George Jarkesy, Jarkesy, Sheila Bair, Loper, Raimondo Organizations: Service, SEC, Securities and Exchange Commission, Center, American Progress, Social Security, Social Security Administration, Financial, Community Financial Services Association of America Ltd, Federal, Fifth Circuit, Federal Deposit Insurance, Loper Bright Enterprises, National Marine Fisheries Locations: Chevron

☆ CrowdStrike CEO says AI can help prevent ransomware attacks
▼ + stars: | 2023-11-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CrowdStrike CEO George Kurtz told CNBC's Jim Cramer that using artificial intelligence is important in fighting increasingly sophisticated ransomware attacks. "Right now, ransomware, on average is, $8.5 million per ransom event, which is double just over the last month." But as much as AI helps outfits like CrowdStrike, cybercriminals are also benefitting from it with "Dark AI" tools like FraudGPT. Kurtz stressed the importance of identity verification when it comes to preventing cybercrime, saying the biggest weakness is "between the keyboard and the chair," or individuals. Kurtz said this has created more business for CrowdStrike.

Persons: George Kurtz, CNBC's Jim Cramer, Kurtz Organizations: Publicly, Securities and Exchange Commission, CrowdStrike

☆ Philippines' SEC to block access to world's largest crypto exchange Binance
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance 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 RightsMANILA, Nov 29 (Reuters) - The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws. The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities. The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange. Former Binance chief Changpeng Zhao stepped down as CEO last week after pleading guilty to wilfully causing the exchange to fail to maintain an effective anti-money laundering program.

Persons: Dado Ruvic, Binance, Alphabet's, Changpeng Zhao, Karen Lema, Mikhail Flores, Jan Harvey Organizations: REUTERS, Rights, Securities and Exchange Commission, SEC, Alphabet's Google, Facebook, Binance, Reuters, Thomson Locations: Rights MANILA, Philippines

The nine justices are due to hear arguments in an appeal by President Joe Biden's administration of a lower court's decision restricting the SEC's in-house tribunal system. Circuit Court of Appeals in 2022 ruled that the SEC's in-house proceedings violate the U.S. Constitution's Seventh Amendment right to a jury trial and infringe on presidential and congressional powers. The SEC, which enforces various U.S. laws that protect investors, pursued 270 new in-house proceedings in the fiscal year that ended on Sept. 30, compared to 231 in federal court. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The Supreme Court is expected to rule by the end of June.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, U.S, Supreme, Securities, Exchange, Circuit, SEC, Patriot28, U.S . Consumer, Thomson Locations: Washington ,, New Orleans, Constitution's, Houston, disgorge, New York, Washington

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