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☆ Coinbase CEO points to rumors that the SEC could ban this popular crypto income-generating technique for US retail investors
▼ + stars: | 2023-02-09 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Coinbase's Brian Armstrong flagged rumors that the SEC may want to ban crypto staking for retail investors. Staking is a popular way for customers to earn yield in exchange for locking up their crypto assets. The SEC has repeatedly stated that most digital tokens could be regulated as securities. For the unititated, staking gives a crypto holder financial rewards for locking up their assets and confirming transactions on a blockchain's network. It allows users to participate directly in running open crypto networks," Armstrong tweeted.

☆ SEC commissioner Peirce publicly rebukes her agency, Gensler on crypto regulation
▼ + stars: | 2023-02-09 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), speaks during the DC Blockchain Summit in Washington, D.C., on Tuesday, May 24, 2022. Hester Peirce of the Securities and Exchange Commission publicly rebuked her agency's apparent crypto regulation by enforcement, asking if a "hostile" regulator is the best solution for the industry. "Whether one agrees with that analysis or not, a more fundamental question is whether SEC registration would have been possible," Peirce wrote. But Gensler and the SEC Enforcement division under his control have moved far more aggressively than the Department of Justice or policymakers to tamp down on the crypto industry. Peirce, who dissented on the enforcement action, indirectly disputed the premise of that assertion.

☆ How to meet evolving regulations around climate change and water conservation without sacrificing profit
▼ + stars: | 2023-02-09 | by ( Sponsor Post | Created Insider Studios With Ecolab | ) www.businessinsider.com time to read: +6 min

Governments are creating incentives to help businesses reduce carbon emissions. Minimizing water use can help organizations comply with government regulations without sacrificing profit. Understanding the ties between water use and climate change is an important step for businesses as they look to meet evolving government regulations. "This is a great example of how Ecolab Water for Climate is helping organizations meet evolving regulations." These tactics help businesses achieve profitable outcomes, leverage incentives, and meet regulatory requirements.

☆ Digital Currency Group is reportedly selling shares from its most prized crypto funds at a steep discount as the digital asset giant navigates financial woes
▼ + stars: | 2023-02-07 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The news comes as the crypto conglomerate's lending unit, Genesis, filed for bankruptcy protection last month. The company told Insider that offloading assets "is simply part of our ongoing portfolio rebalancing." Grayscale operates a bitcoin trust and an ethereum trust charging shareholders 2% and 2.5% in fees a year, respectively. Shareholders have cumulatively paid roughly $1.2 billion for its bitcoin trust and $387 million for its ether trust since 2017, per Morningstar Research. The firm is reportedly selling shares around $8, despite each share's claim to $16 worth of ethereum.

☆ Bed Bath & Beyond moves to raise $1 billion to avoid bankruptcy
▼ + stars: | 2023-02-06 | by ( ) edition.cnn.com time to read: +3 min

Bed Bath & Beyond said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. Bed, Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, two people familiar with the matter said. Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. “It’s a similar situation in which a deeply financially distressed company is attempting to sell securities,” said Lynn LoPucki, a professor at the University of Florida.

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CNN —The US could be approaching a 2011-style debt ceiling market meltdown, but worried investors shouldn’t abandon ship, Wall Street analysts say. That means that if Congress doesn’t raise the debt ceiling by then, the US could default on its debt. But lawmakers remain in a deadlock about whether to lift their self-imposed borrowing limit: Democrats want Congress to pass a debt ceiling increase without conditions but Republican leadership says that any debt limit increase should be accompanied by spending cuts. Wall Street’s response: A debt ceiling meltdown creates serious risk for investors. Even if the debt ceiling debates are resolved, it’s not a bad idea to have some money invested abroad just in case of upheaval.

☆ Bank earnings become a post-Covid parlor game
▼ + stars: | 2023-01-23 | by ( John Foley | ) www.reuters.com time to read: +6 min

Chief among the mysteries is how much interest banks will harvest in 2023 and beyond. Even then, the link between benchmark interest rates and the rate banks actually charge is getting harder to forecast. Bank of America boss Brian Moynihan said that depositors who used to have roughly $3,500 with the bank now have almost four times more. Goldman just laid off 6% of its workforce, but it remains bigger than it was in 2019; Bank of America says it’s still hiring. To that end, the fog is arguably less troublesome for Goldman and Morgan Stanley than it is for JPMorgan, Bank of America and Citigroup (C.N).

☆ Spotify is laying off around 6% of its workforce — about 600 employees — as tech job cuts continue to mount
▼ + stars: | 2023-01-23 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Spotify said Monday it plans to reduce headcount by around 6%, equating to about 600 employees. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Based on that figure, a workforce reduction of around 6% would equate to about 588 workers losing their jobs. In addition to the layoffs, Dawn Ostroff, chief content and advertising business officer, is set to leave Spotify, Ek said. Spotify's announcement comes as other major tech companies, including Google, Meta, and Twitter, cut jobs in an effort to slash costs.

☆ Crypto lending unit of Genesis files for US bankruptcy
▼ + stars: | 2023-01-20 | by ( ) edition.cnn.com time to read: +3 min

The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fueling concern that other companies could implode. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the US Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Crypto tokens were once considered a fast track to riches for Web3 startup founders. Now some aren't bothering to launch them.
▼ + stars: | 2023-01-17 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Crypto tokens were once a quick way for Web3 founders to cash in. Just over a year ago, Web3 startups regularly raised money by selling their own cryptocurrencies directly to the public. But now, the crypto crash has made it an inauspicious time for them to launch tokens. Common has since postponed its token launch indefinitely. Georgen said that his aspirations to launch tokens weren't primarily motivated by cashing in.

☆ Billionaire investor Bill Ackman says the public shouldn't 'rush to convict' Sam Bankman-Fried
▼ + stars: | 2023-01-13 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Bill Ackman, known for his lucrative bet on COVID-19 crashing the market, extolled due process for SBF. He said defendants like Sam Bankman-Fried deserve the presumption of innocence at this stage. "Let's not sacrifice our core values in a rush to convict @SBF_FTX as it does no one any good," he wrote. After FTX's bankruptcy filing in November, Ackman tweeted in support of cryptocurrency, saying it could still "enable the formation of useful businesses and technologies." In his own Substack post this week, former FTX CEO Bankman-Fried insisted that he "didn't steal" from the company.

☆ Boeing 737 Max 8 takes off in China for the first time since 2019
▼ + stars: | 2023-01-13 | by ( Pierre Meilhan | ) edition.cnn.com time to read: +1 min

CNN —A Boeing 737 Max 8 took off in China on Friday, for the first time since the government grounded all 737 Max 8 planes in 2019, according to the flight tracking website, Flightradar24. In March 2019, Chinese aviation authorities instructed airlines in the country to ground all their Boeing 737 MAX 8 aircraft, citing the need for “strict control of safety risks.” The decision followed two 737 Max 8 crashes in Ethiopia in 2019 and Indonesia in 2018. The Boeing 737 Max 8 that took off Friday is operated by China Southern Airlines and traveled from Guangzhou to Zhengzhou, according to Flightradar24. The SEC had alleged that, following an October 2018 crash of a Lion Air 737 Max jet that killed 189 people, Boeing and Muilenburg knew that part of the plane’s flight control system posed an ongoing safety concern yet told the public that the 737 Max was safe to fly. After a March 10, 2019 fatal 737 Max crash, the SEC alleged that Boeing and Muilenburg knowingly misled the public about “slips” and “gaps” in the certification process of that flight control system.

☆ US securities regulator charges Genesis, Gemini with unregistered offerings
▼ + stars: | 2023-01-12 | by ( ) edition.cnn.com time to read: +2 min

Beginning in February 2021, they raised billions of dollars’ worth of crypto assets from investors, the SEC said. The firms violated securities laws through the offer and sale of crypto assets through their Gemini Earn product, the SEC said. In November 2022, Genesis told investors they could not withdraw their crypto assets as volatility in the crypto markets prompted a liquidity crunch. At the time, Genesis had about $900 million in assets from 340,000 Gemini Earn investors. Gemini and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX’s rapid descent into bankruptcy.

☆ Triller missed its target for going public again, as it waits for the SEC to OK its confidential filing
▼ + stars: | 2023-01-10 | by ( Dan Whateley | ) www.businessinsider.com time to read: +9 min

Triller is in a holding pattern on its path to becoming a public company. A spokesperson said that once its registration statement is declared effective, it will make the filing public for the required time ahead of its public listing. The long slog toward becoming a public company as lawsuits pile upTriller has been pursuing a public offering for over a year. In December 2021, Triller announced it instead planned to go public via a reverse merger with the video-tech company Seachange International. "After much deliberation, Triller has determined that the best course of action is a direct listing for Triller."

☆ Head of Saudi investment fund subpoenaed in case over Musk’s ‘funding secured’ tweet
▼ + stars: | 2023-01-04 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk’s team has subpoenaed the head of Saudi Arabia’s Public Investment Fund as part of litigation over the Tesla CEO’s 2018 tweet that he was considering taking the car company private and had secured funding to do so. Musk has long maintained that he was considering taking Tesla private at the time he made the tweet. Saudi Arabia’s Public Investment Fund invests in entities that are important to the country’s economic growth, and says it had $620 billion assets under management as of early 2022. Musk’s team also subpoenaed three other members of the Saudi Public Investment Fund. The Tesla CEO also expressed frustration about several news reports citing unnamed sources that suggested the Saudi fund had shown no interest in funding a take-private deal.

☆ One of the world's largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms' bankruptcy proceedings
▼ + stars: | 2023-01-04 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Core Scientific will shut down thousands of bitcoin mining rigs tied to Celsius. Core Scientific says the mining rigs are costing the firm $2 million in revenue per month, per court filings. Celsius claims that Core Scientific increased its power rate, which wasn't stipulated in the two embattled companies' initial agreement. Core Scientific followed suit and filed for bankruptcy in December, as miners became pinched by a decline in bitcoin prices and higher energy costs. Core Scientific and Celsius did not immediately respond to Insider's request for comment.

☆ Sam Bankman-Fried pleads not guilty in the US government's criminal case over FTX crash
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried entered a plea of not guilty to the fraud and conspiracy charges against him, according to reports. If Bankman-Fried doesn't reach a deal with the government, the case would head to a trial. "Just because he enters a plea of not guilty, it doesn't mean he's not working with prosecutors." How those cases proceed would also depend on the course of the criminal case. A criminal trial, for instance, could help him put civil suits against him on hold.

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☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

I've been making passive income for years, so I know some side hustles are easier than others. I asked an expert for a few passive income sources that sound easy and lucrative, but probably aren't. I asked an expert for are sources of passive income that aren't as easy as they seem, and probably aren't worth my time or money. Buying fixer uppers to flip or rentOne popular passive income stream is rental income: buying real estate and renting it out. If you want to use the stock market to make potential passive income, Galstyan recommends diversifying your portfolio, which means dividing your funds among various securities.

☆ The Winklevoss twins and their cryptocurrency exchange Gemini are being sued for fraud by investors
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Crypto exchange Gemini is facing a class action lawsuit over its interest-bearing accounts. Investors are accusing Gemini — along with founders Cameron and Tyler Winklevoss — of fraud, per a complaint filed on Tuesday. Gemini's Earn Program attracted customers because it offered up to 7.4% interest. Gemini Earn Program, which offered customers up to 7.4% interest, abruptly halted its offering last month, "effectively wiping out" customers who still had holdings in the program. Gemini "refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program," the complaint reads.

☆ Meta agrees to pay $725 million to settle lawsuit over Cambridge Analytica data leak
▼ + stars: | 2022-12-23 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Facebook parent company Meta has agreed to pay $725 million to settle a longstanding class action lawsuit accusing it of allowing Cambridge Analytica and other third parties to access private user information and misleading users about its privacy practices. The proposed settlement would end the legal battle that began four years ago, shortly after the company disclosed that the private information of as many as 87 million Facebook users was obtained by Cambridge Analytica, a data analytics firm that worked with the Trump campaign. The data leak sparked an intense international scandal for Facebook, drawing the scrutiny of regulators on both sides of the Atlantic. They estimated that between 250 and 280 million people may be eligible for payments as part of the class action settlement. But the improper sharing of Facebook data triggered a cascade of events that has culminated in investigations and lawsuits.

☆ What's next for Caroline Ellison, Sam Bankman-Fried's ex who helped run Alameda Research
▼ + stars: | 2022-12-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Caroline Ellison, Alameda's ex-CEO, is out on a $250,000 bond after pleading guilty in the FTX case. She and FTX cofounder Gary Wang are working with feds probing Sam Bankman-Fried's crypto empire. The plea deals that Ellison, who was the CEO of Bankman-Fried's trading firm Alameda Research, and FTX cofounder Gary Wang have struck with federal prosecutors in New York free them each on $250,000 bonds. The counts against Ellison carry a maximum penalty of 110 years, if the sentences for each were to be stacked up. They won't be sentenced until after prosecutors unveil much more of their investigation and Bankman-Fried's own fate becomes clearer.

☆ The charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Alameda's former CEO Caroline Ellison and FTX cofounder Gary Wang are in the SEC's crosshairs. US Attorney Damian Williams said on Wednesday that Ellison and FTX cofounder Gary Wang had pleaded guilty to various charges, including fraud, and are cooperating with the government. Still, Ellison and Wang perpetuated the alleged fraud of FTX's investors and customers, according to the SEC. That gave the firm broad access to FTX customer funds — and Ellison knowingly traded at Alameda using that money. The complaint largely painted Bankman-Fried as the one making allegedly fraudulent assurances to investors, but cast Ellison and Wang as loyal enablers.

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