Podcasts about Commodity Futures Trading Commission

Listen to the SF Daily podcast for today, May 19, 2025, with host Lorrie Boyer. These quick and informative episodes cover the commodity markets, weather, and the big things happening in agriculture each morning. Weather issues in China, the EU, and Brazil were noted. The US debt downgrade and low consumer confidence affected markets. The Commodity Futures Trading Commission reported a net short position of 64,272 futures contracts in corn and a net long position of 55,667 in soybeans. Cattle futures were mixed, with cash trading at $1 lower to $1 higher. Storms in Missouri, Indiana, and Kentucky caused significant damage Learn more about your ad choices. Visit podcastchoices.com/adchoices

With cryptocurrency's increasing popularity, it's crucial to be aware of the prevalence of crypto scams. Cryptocurrency is a digital currency that uses cryptography to secure transactions. However, the rise of crypto has also led to a surge in scams. It's important to stay alert to spot these scams and avoid falling victim to them.    Links: Report any crypto scams you encounter to any or all of the agencies below: https://www.fbi.gov/contact-us https://reportfraud.ftc.gov/ https://www.cftc.gov/complaint https://www.sec.gov/submit-tip-or-complaint/tips-complaints-resources/report-suspected-securities-fraud-or-wrongdoing https://www.ic3.gov/Home/Index Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union  Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.      One important thing to note about cryptocurrency is the U.S. government does not back it. If your crypto account gets hacked or the company that provides storage for your wallet goes out of business, your money is gone. The government has no obligation to step in and help you get your money back. In comparison, U.S. dollars deposited into an FDIC or NCUA-insured account are safe. Those coverages insure deposits up to $250,000 in the event of a financial institution failure.    That said, it's important not to fall for a cryptocurrency scam. Here are some common scams and their warning signs. First, suppose someone you're considering doing business with only accepts cryptocurrency payments. That should be a red flag, especially if the company demands that you send the payment before receiving any product or service.    A common crypto scam is an investment scam. If someone asks you to invest in a new crypto coin that guarantees quick and significant returns, it's most likely a scam. Crypto investment scams can come in many forms. A scammer might pose as an investment manager promising to make you rich if you buy cryptocurrency and transfer it to their account. They might even create a fake website to trick you further. It's also known that scammers have tried to impersonate celebrities, offering to multiply any cryptocurrency you send them. Scammers will also go on dating apps to find their targets. They might seem interested in you, but it's a red flag if they start talking about crypto and try to get you to invest with them.    Rug pull scams are also very common with cryptocurrency. Rug pull scams are when investment scammers pump up a new NFT or coin to raise funds. Once they get the money that people invested, they disappear. The way these "investments" are coded prevents people from being able to sell or trade them, making them effectively worthless.   Another crypto scam is when fraudsters impersonate a business or the government. They might say they're from Amazon, EZ-Pass, or even your financial institution and claim that there's fraud on your account or your money is at risk. They'll say that to fix the issue, you have to send them crypto. Don't click links or respond to their messages; it is a scam.   One last crypto scam is blackmail. Scammers might contact you saying that they have compromising photos, videos, audio, or information about you. If you don't send them crypto, they'll send it all to your friends, family, place of work, and school. Don't do it and report it to the FBI immediately.    If you encounter a crypto scam, there are a few things you should and shouldn't do. First of all, don't engage with the scammer. Many of these scams are mass messages that the scammer sends out and are not explicitly targeted at you. Responding to the scammer lets them know you exist and can be targeted for their scam. What you should do is ignore the message. You can also report the fraud to multiple places, including the Federal Trade Commission, the Commodity Futures Trading Commission, the U.S. Securities and Exchange Commission, the Internet Crime Complaint Center, and the cryptocurrency exchange company you encountered the scam on. Links to all of these resources will be available in the show notes.  If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.         Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

Timothy Massad is currently a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at Kennedy School of Government at Harvard University, an Adjunct Professor of Law at Georgetown Law School and a consultant on financial regulatory and fintech issues. Massad served as Chairman of the U.S. Commodity Futures Trading Commission from 2014-2017. Under his leadership, the agency implemented the Dodd Frank reforms of the over-the-counter swaps market and harmonized many aspects of cross-border regulation, including reaching a landmark agreement with the European Union on clearinghouse oversight. The agency also declared virtual currencies to be commodities, introduced reforms to address automated trading and strengthened cybersecurity protections. Previously, Mr. Massad served as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury. In that capacity, he oversaw the Troubled Asset Relief Program (TARP), the principal U.S. governmental response to the 2008 financial crisis. Massad was a partner in the law firm of Cravath, Swaine & Moore, LLP. His practice included corporate finance, derivatives and advising boards of directors. Massad was also one of a small group of lawyers who drafted the original ISDA standard agreements for swaps.Howell Jackson is the James S. Reid, Jr., Professor of Law at Harvard Law School. His research interests include financial regulation, consumer financial protection, securities regulation, and federal budget policy. He has served as a consultant to the United States Treasury Department, the United Nations Development Program, the World Bank, and the International Monetary Fund. He frequently consults with government agencies and congressional committees on issues related to financial regulation. From 2023 to 2024, he was a Senior Adviser to the National Economic Council.   Since 2005, Professor Jackson has been a trustee of College Retirement Equities Fund (CREF).  He has also served as a director of Commonwealth, a non-profit dedicated to strengthening financial opportunities for low and moderate-income consumers. At Harvard University, Professor Jackson has served as Senior Adviser to the President and Acting Dean of Harvard Law School. Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, D.C. Professor Jackson received his J.D. and M.B.A. degrees from Harvard University in 1982 and a B.A. from Brown University in 1976.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master's in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina.Design and graphics support is provided by Laura King. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner. Editorial support is provided by Nora Delaney and Robert O'Neill .  

Venture capitalists have been welcomed into the Donald Trump administration, and their presence is growing. People who've been in the business of backing startups have been tapped to run the Office of Personnel Management and the Commodity Futures Trading Commission. Another, David Sacks, is the White House artificial intelligence and cryptocurrency czar. Even the vice president, JD Vance, spent time making venture deals before he moved into politics. Sarah Kunst, founder and managing director at Cleo Capital, says that in venture capital, you have to be good at saying no and comfortable taking risks knowing they likely won’t pan out. Marketplace’s Stephanie Hughes asked Kunst what it means to bring these qualities to the federal government.

Venture capitalists have been welcomed into the Donald Trump administration, and their presence is growing. People who've been in the business of backing startups have been tapped to run the Office of Personnel Management and the Commodity Futures Trading Commission. Another, David Sacks, is the White House artificial intelligence and cryptocurrency czar. Even the vice president, JD Vance, spent time making venture deals before he moved into politics. Sarah Kunst, founder and managing director at Cleo Capital, says that in venture capital, you have to be good at saying no and comfortable taking risks knowing they likely won’t pan out. Marketplace’s Stephanie Hughes asked Kunst what it means to bring these qualities to the federal government.

The zealously anti-regulatory Trump is back and anti-corruption activist Frank Vogl is very worried. Vogl warns that MAGA's increasingly deregulated America financial landscape could make the 2008 crash look like a minor bump in the economic road. With Trump putting the Foreign Corrupt Practices Act on "pause" and DOGE kingpin Elon Musk openly dreaming of turning X into a bank, we're watching traditional financial regulation shrivel to the minimal levels of Calvin Coolidge's 1920's. Meanwhile, Melania is launching crypto tokens, Putin's kleptocracy has been legitimized by the Ukraine “peace” negotiations, and the increasingly unaccountable banks are begging to gamble with our money again. What could possibly go wrong? Here are the five KEEN ON takeaways from this conversation with Frank Vogl:* Financial Deregulation Concerns - Frank Vogl warns that Trump's administration is actively dismantling financial regulations, including pausing the Foreign Corrupt Practices Act and weakening the Consumer Financial Protection Bureau. He fears this deregulation could lead to a financial crisis potentially worse than 2008.* Three-Pronged Financial Risk - Vogl identifies three interconnected areas of concern:* Traditional banks seeking reduced capital requirements and fewer restrictions* Unregulated expansion of Silicon Valley firms (like X/Twitter) into banking* The growing crypto market and its potential for money laundering and speculation* Regulatory Enforcement Weakening - The Trump administration is systematically weakening regulatory agencies by appointing anti-regulation leaders and reducing staff (e.g., the Federal Deposit Insurance Corporation lost 500 staff). This reduction in oversight capacity could enable financial abuse and fraud.* International Corruption Implications - The suspension of the Foreign Corrupt Practices Act and potential lifting of Russian sanctions could create a vacuum in global anti-corruption enforcement, as no other country (including the UK or Switzerland) is positioned to take over America's leadership role in fighting international financial crime.* Big Tech and Government Contracts - There's growing concern about the relationship between the Trump administration and tech leaders, not just for potential government contracts but also for their control of media platforms. Vogl argues this could be problematic for democracy if proper procurement and transparency processes aren't followed.FULL TRANSCRIPT: Frank Vogl Warns of a New Financial Crisis Under Trump 2.0Interview with Frank Vogl February 16, 2025Two months into Donald Trump's second presidency, financial corruption expert Frank Vogl returns to Keen On to discuss the dismantling of America's financial regulatory system and its potential consequences. Vogl, co-founder of Transparency International and author of "The Enablers: How the West Supports Kleptocrats and Corruption, Endangering Our Democracy," warns of parallels to both the 1920s and 2008 financial crisis, but with new digital-age complications.Andrew Keen: Hello, everybody. It is Sunday, February 16th, 2025. A couple of years ago, we did a show with my old friend Frank Vogl on the global fight against corruption. He is the author of "The Enablers: How the West Supports Kleptocrats and Corruption, Endangering Our Democracy" and co-founder of Transparency International, a nonprofit focused on exposing financial corruption. Last year, we had Frank back to discuss whether Donald Trump 2.0 would be what we called a semi-legal repeat of the Sam Bankman-Fried FTX debacle. Now, almost two months into the Trump regime, I'd like to revisit this question. Frank, you have an interesting new piece out in The Globalist about Trump-style U.S. financial deregulation and its global ramifications. Is it as bad as we feared?Frank Vogl: Yes, it's good to be with you, Andrew. We are in danger of developments that could lead to a financial crisis in a few years' time, potentially worse than the 2008 financial crisis. That crisis led to massive unemployment and economic hardship, not just in the U.S. but across the world. It was caused by wild speculation, greed, and mismanagement by fewer than two dozen financial institutions, many of which were bailed out. Now, thanks to what Trump and Elon Musk are doing, we're setting the stage for a new era of financial deregulation with all the risks that involves.Andrew Keen: It's chilling. Frank, I wonder about the historical parallels. Some people have made much of Trump's interest in McKinley's presidency, colonialism, and Latin America. But I wonder whether we're really returning to the 1920s and the unconstrained speculative capitalism of the Coolidge, Harding, and Hoover era. Are there historical analogies here? The teapot scandal and unregulated capitalism of the '20s resulted in the great crash.Frank Vogl: Yes, that's true. But we should remember it led to a new era of regulation - the establishment of the Securities and Exchange Commission and other regulatory bodies focused on ensuring financial institutions didn't have excessive power. What we're facing now is not only the prospect of excessive power by financial institutions but a much more complicated array of financial institutions. Take Elon Musk, who unquestionably wants to enter the financial arena by operating his own quasi-bank.Andrew Keen: He's always been clear about that - he's said X will ultimately be a bank among other things.Frank Vogl: What we're seeing now is not only the possibility of bank deregulation, but also the emergence of a whole new unregulated system of finance from Silicon Valley. Add to that the complete mayhem of gambling, greed, corruption, and money laundering associated with crypto tokens. Put all of that together and you have a dangerous situation that could affect the global economy.Andrew Keen: Some might say you're overreacting. A Silicon Valley entrepreneur friend who was on the show yesterday argued that the Biden administration, particularly figures like Lina Khan, was stifling innovation. They'd say Trump's people are just letting innovators innovate, with Musk as a prime example. How would you respond to that?Frank Vogl: I disagree when it comes to finance. Let me explain. Our government essentially has two components: the administrative state, where government departments monitor and implement programs and projects, and the regulatory state, where agencies protect American citizens in health, consumer safety, and finance. First and foremost, we need a safe and sound financial system. Everyone benefits from that. We have a healthy financial system right now - just look at the stock market. It could be improved, but let's not demolish it. The profits of the biggest banks in 2024 were at record levels. Jamie Dimon, head of JP Morgan Chase, took home a record $39 million in compensation. The head of Goldman Sachs got an $80 million bonus.Andrew Keen: Which in Silicon Valley terms isn't that much money, certainly compared to the Musks and others of this world.Frank Vogl: My point is that banks are the bedrock of our financial system. The people at the top are being compensated better than ever before. So what are they campaigning for? What are they supporting Trump on? They're arguing for the kind of deregulation that Paul Volcker, the former Federal Reserve Board president, warned would be dangerous.Andrew Keen: My understanding of the 2008 crash was that banks took advantage of vulnerable consumers and lent them money they shouldn't have borrowed, creating the subprime mortgage crisis that crashed the economy. What do bankers want to do in 2025 that, in your view, they shouldn't be allowed to do?Frank Vogl: You're right about what happened, but also many financial institutions borrowed enormous sums. They leveraged their basic resources to speculate on complicated derivative financial instruments. They were essentially gambling. As Chuck Prince, who ran Citigroup, said, "We have to keep dancing as long as the music is playing."Andrew Keen: Capitalism is about dancing, Frank. It's about taking risk, isn't it?Frank Vogl: To some degree, but when you have an institution like JPMorgan Chase with over $4 trillion in assets, you have to think hard about its mission. That mission fundamentally is to serve customers, not just the top executives. Let them get rich at the top, but let them be prudent and maintain integrity. Trump and Musk have no time for that. Let me give you one example: Trump recently announced we're no longer going to investigate international and corporate corruption. He put the Foreign Corrupt Practices Act on pause.Andrew Keen: Yes, that was February 10th. Quoting from whitehouse.gov: "Pausing Foreign Corrupt Practices Act enforcement to further American economic and national security," whatever that means.Frank Vogl: The act was signed by Jimmy Carter in 1977. The largest single fines ever paid for foreign bribery were by Goldman Sachs - nearly $4 billion globally, with $1.6 billion to the U.S. alone. Now we're ending investigations of exactly the kind of activity that made Goldman Sachs very profitable. We're ending all manner of fraud investigation in finance. Take another example: last week, the Consumer Financial Protection Bureau was essentially shuttered. A judge ruled it should continue, but Trump's appointees ensure it has minimal resources to investigate. The CFPB investigates banks that commit fraud against regular customers. Remember what Wells Fargo did? The CFPB caught them, and they paid major fines.Andrew Keen: How does all this add up to a financial crisis? The CFPB situation is troubling, but why should this cause the whole system to collapse?Frank Vogl: Let's look at this in three components: banks, digital finance, and crypto. Starting with banks - they're lobbying hard for reduced capital requirements, meaning less money in reserve for crises. They want fewer regulations on how they use their money so they can speculate on their own account. Why? Because banks' short-term profits determine the bankers' compensation. Their bonuses are tied to those profits.Andrew Keen: So if banks are allowed to gamble aggressively, that's great if they win, but if they lose, we all lose. Is that the argument? Then we have to bail them out again?Frank Vogl: That's part of it. The other concern is that as some banks lose, they may get merged into other banks until you have just a handful of enormous banks that can never fail. If they were to fail, our economy would fail. The moral hazard is that banks know when they take huge risks, they'll be bailed out. Now add to this all these quasi-banking systems from Silicon Valley - PayPal, Venmo, Apple Pay. And X recently announced a deal with Visa on payment systems, just the first step to creating X Financial.Andrew Keen: You're sounding a bit reactionary, maybe alarmist. What's wrong with PayPal? It's simply a digital system for people to buy stuff.Frank Vogl: You're right, it's fine the way it is today. But what if these entities are allowed to take deposits and make loans, doing everything banks do, all online? Who's regulating that? Where's the safety?Andrew Keen: But where's the evidence that the Trump administration will allow PayPal or X or Apple Pay to become banks without traditional regulations? From a traditional banking perspective, I'd assume Jamie Dimon and his peers would fight this because it undermines them.Frank Vogl: We're seeing an administration tearing the system apart. Look at each regulatory agency - Trump has put people in charge with long histories of opposing regulation. The Federal Deposit Insurance Corporation just lost 500 staff through "voluntary resignations." When you reduce regulatory enforcement and investigation, you open the door to abuse. History shows that when there's opportunity for abuse, abuse happens. I hope your optimism about Silicon Valley's ability to manage complicated finance is justified, but I'm skeptical.Andrew Keen: So you're saying Apple or X or PayPal shouldn't be able to be banks, even with traditional banking regulations?Frank Vogl: No, that would be fine. But who's going to regulate it? Do you see Trump proposing to Congress that a brand new regulatory agency be established for this kind of finance? That's not how the Trump team thinks. Just look at crypto.Andrew Keen: Yes, let's look at crypto. Melania Trump launched her own cryptocurrency - it's an enormous speculative bubble, like the tulip speculation. Last week, both Donald and Melania Trump's crypto tokens plummeted. Someone's profiting, someone's losing. How important is this to the broader economy? Is it just another sideshow, another way for the Trump family to get rich while we lose?Frank Vogl: It's contained at the moment. The whole crypto token business is perhaps $3-4 trillion in size - very small in terms of global finance. But I worry about an administration with strong conflicts of interest developing this kind of rapid gambling speculation. Most people invested in crypto are young, between 18 and 35. Many don't have experience with past financial crises.Andrew Keen: And there's a clear difference between using PayPal to buy something online and investing in crypto. One is entirely speculative, one is just a financial transaction.Frank Vogl: Do you really think Elon Musk's X Financial will be satisfied just being a rival to PayPal's payment system? Or does he have bigger ambitions to turn X Financial into something much more like a bank?Andrew Keen: I think he does, but...Frank Vogl: And then comes the question: who is going to regulate this?Andrew Keen: Musk himself? That's a joke. Although at the moment, there's no concrete evidence. X is still struggling for survival as just a social media platform.Frank Vogl: Look, I may sound pessimistic, but I'm only talking about the potential. There's very little public attention on what's happening with financial deregulation, as I wrote in The Globalist. The impact could be substantial. When you have this complete dismantling of the FCPA, other fraud investigations, the removal of inspectors general - the whole dismantling of the government's apparatus for accountability and transparency - then you have to worry about mounting financial risk in our system.Andrew Keen: Let's return to crypto. When does crypto become dangerous? If it becomes a rival to the dollar? At what point do we start worrying that a crypto crisis could become a broader financial crisis?Frank Vogl: I don't worry about that actually. I worry about the conflicts of interest - Trump and his children and cronies all making money from deregulating crypto. I think crypto will remain a sideshow for a long time. But I'm considerably worried about money laundering. With a Justice Department that's stopped investigating financial crimes, and a cryptocurrency system free of regulation - something Trump has promised - organized crime and kleptocrats worldwide will be able to hide their ill-gotten gains and transfer them between countries. That's worrying in itself, even if it doesn't cause a global financial meltdown.Andrew Keen: I wonder if there's another dimension to Trump's upcoming meeting with Putin in Saudi Arabia to discuss Ukraine. There's what one author called "KGB-style capitalism" - the mass laundering of illegal wealth. How much does Trump's eagerness to bring Putin back into the international system have financial ramifications?Frank Vogl: Putin and the oligarchs, Lukashenko in Belarus and his cronies, the former oligarchs of Ukraine who made their money with Russia - all these people have been sanctioned since the war started in February 2022. We're approaching the third anniversary. Putin really wants those sanctions lifted to restore global money laundering and financial crime opportunities. This might be leverage in a deal.Andrew Keen: Can Trump get away with that politically in D.C.? If he pulls the sanctions card to establish what he'd call a Ukrainian peace - really a peace imposed by America on Ukraine - will mainstream Republicans accept that?Frank Vogl: They seem to accept everything today. Trump seems to get away with an awful lot. But I'd like to return to something earlier - there needs to be more public attention on the dismantling of the Consumer Financial Protection Bureau. To use a new word in the vocabulary, it has been "Musked." The CFPB, like USA Today, has been Musked. Musk and Trump have weaponized their authority to dismantle these institutions. We'll see it at the SEC and the Commodity Futures Trading Commission. When you weaponize authority, you monetize power. This is where the conflict of interest comes in. Unfortunately, Congress isn't alert to these developments.Andrew Keen: In a broader international sense, I've always understood that American law is more aggressive than the UK's. Oliver Pollock, who's been on the show, wrote "Butler to the World" about the corrupt British system that invites dirty money from overseas, particularly Russia. Given that Trump is demanding half of Ukraine's mineral resources, could this Trump revolution undermine America's role in standing up to dirty money, both domestically and overseas?Frank Vogl: It might undermine it, but there's no authority anywhere to replace it. The U.S. Justice Department did a fantastic job investigating cryptocurrencies, crypto finance, and bribery of foreign government officials - not just by U.S. companies but by many companies worldwide with U.S. listings, like Airbus Industries. There's no authority in Europe willing to take on that task. So we leave a vacuum. And who fills the vacuum? Kleptocrats, organized crime, and corrupt businesses. A Nigerian paper recently headlined that Nigerian politicians are now open to American bribes. We're being seen as permitting corruption - a terrible reputation. The Swiss or British won't suddenly become super-active in filling the roles the U.S. Justice Department has played.Andrew Keen: As The Guardian headlined today, "Elon Musk's mass government cuts could make private companies millions." We all know the famous photo from the inauguration with Zuckerberg, Bezos, Google's CEO, and Musk. Some might say, what's wrong with that? These companies are the engine of the American economy. Why shouldn't the Trump administration focus on making big American companies more profitable? Won't that make Americans wealthier too?Frank Vogl: There are two answers. First, I agree - if standard public procurement, accountability, and transparency procedures are in place, then companies winning competitive bidding should win. If these happen to be the companies you mentioned, good for them. But if contracts are given without proper bidding processes and transparency, the public loses. Second, Trump didn't embrace these people primarily for their business power - they control media. Autocrats worldwide, from Orbán to Netanyahu, ensure they have media-controlling business tycoons on their side. Trump is incredibly sensitive to publicity and has attracted these powerful media tycoons. I worry about how this media power will be used to undermine democracy and freedom of speech.Andrew Keen: What's the headline for today? Last time, we discussed whether Trump 2.0 would be a semi-legal repeat of the Sam Bankman-Fried debacle. What's the worst that can happen in this new regime?Frank Vogl: Actions are being taken, sometimes inadvertently, that undermine the safety and soundness of our financial system. If that happens, everyone - not just here at home but internationally - will suffer.Andrew Keen: So we'll get 2008 again, or 1930?Frank Vogl: I hope we get neither. But we must be acutely aware of the risks and call out all deregulatory measures if we believe they risk our system, especially when prompted by corruption and greed rather than public interest.Andrew Keen: Well, Frank Vogl, I hope you're wrong, but I suspect you may be right. This won't be the last time you appear on the show. There will be many twists and turns in the financial history of the Trump regime. Thank you so much, Frank. Keep watching in D.C. - we need eyes and ears like yours to make sense of what's happening.Frank Vogl: Andrew, it was once again a great pleasure. Thank you.Frank Vogl is the co-founder of two leading international non-governmental organizations fighting corruption -- Transparency International and the Partnership for Transparency Fund (Frank is the Chair of the PTF Board). He teaches at Georgetown University, writes regular "blog" articles on corruption for theGlobalist.com and lectures extensively. Frank is also a specialist in international economics and finance with more than 50 years of experience in these fields - first as an international journalist, then as the Director of Information & Public Affairs at the World Bank official and, from 1990 to 2017, as the president and CEO of a consulting firm, Vogl Communications Inc.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting the daily KEEN ON show, he is the host of the long-running How To Fix Democracy interview series. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

By Christopher Mason, who is a Silicon Valley native currently located in County Cork, Ireland, Christopher Mason is a cryptocurrency industry insider. He is a Bitcoin enthusiast, and close follower of all things crypto. DISCLAIMER: the end of this article features an affiliate marketing link. You wouldn't need to be a crypto watcher to have heard the term "Strategic Bitcoin Reserve." It's been talked about quite a lot lately, and not just in fringe crypto publications. So, what is it? What would its purpose be? What are the chances it'll actually happen? Most people will be familiar with the Strategic Petroleum Reserve. It's a large stockpile of crude oil held by the United States government, specifically, the Department of Energy. It's stored underground in Louisiana and Texas; these facilities have a combined capacity of 727,000,000 barrels. The Strategic Petroleum Reserve was created by President Ford in 1975 in response to the oil embargo of 1973-1974 (when OPEC cut off oil shipments to the United States in response to aid sent to Israel during the Yom Kippur War). The basic idea behind the creation of the Strategic Petroleum Reserve was that it could serve to soften future oil-related price shocks to the US economy. Why an United States Strategic Bitcoin Reserve? So, why a Strategic Bitcoin Reserve? Oil is an essential enabler of the US economy - without it, a large portion of economic activity would grind to a halt. But Bitcoin? It depends who you ask, but there wouldn't be many that would classify it as essential to the US economy. Senator Cynthia Lummis (R, WY) would argue through her proposed BITCOIN Act of 2024 - a bill that is being considered by the United States Senate - that a Strategic Bitcoin Reserve is vital. The bill aims to reduce US government debt without raising taxes (simultaneously strengthening the US dollar); it also proposes that the US government acquire 5% of outstanding Bitcoin (similar to the portion of global gold reserves held by the US government). U.S. President Donald Trump has suggested that such a reserve would help ensure that the US dominates the cryptocurrency market and that there is growing interest in China to do just that. Whether or not this will ever come to fruition is still quite unknown, but Trump took a potential first step toward it on January 23rd, when he signed an executive order which established a cryptocurrency working group. This group will explore new cryptocurrency regulations, the protection of banking services for crypto companies, and the creation of a national cryptocurrency stockpile. The order also banned the creation of US central bank digital currencies, which would have been seen by industry followers as a potential rival to Bitcoin. The working group is not short of heavy-hitters, featuring the Secretary of the Treasury, as well as the heads of the Securities Exchange Commission and the Commodity Futures Trading Commission. The chair of the group will be David Sacks (venture capitalist and former executive at PayPal). According to the wording of the executive order, the group will "evaluate the potential creation and maintenance of a national digital asset stockpile… potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts." It's possible that the fund could be created via another executive order, directed at the Treasury Department's Exchange Stabilization Fund, often used to buy and sell foreign currencies. Critics of the strategic reserve concept have said that there is no utility in it; that Bitcoin has no intrinsic value. They say that the price fluctuations of Bitcoin mean that a strategic reserve would pose a risk to taxpayers and to the economy and that government purchases and sales of Bitcoin would have a big impact on it's value. The legality of transferring Bitcoin seized by the Justice Department into the U.S. Treasury is very much in question. And will creating a strategic rese...

This Day in Legal History: Brushaber v. Union Pacific Railroad Co.On January 24, 1916, the United States Supreme Court issued a pivotal decision in Brushaber v. Union Pacific Railroad Co. This case arose after Frank Brushaber, a shareholder of Union Pacific Railroad, filed suit against the company to challenge the federal income tax imposed on its earnings. Brushaber argued that the tax violated the Constitution by not being apportioned among the states in accordance with Article I, Section 9. His challenge directly questioned the recently ratified 16th Amendment, which granted Congress the authority to tax incomes without apportionment.In its ruling, the Supreme Court upheld the constitutionality of the federal income tax. Writing for the majority, Chief Justice Edward Douglass White rejected Brushaber's claims, affirming that the 16th Amendment eliminated the requirement for income taxes to be apportioned among the states. The Court emphasized that the amendment did not create a new power of taxation but clarified Congress's authority to levy such taxes directly.This decision was a turning point in U.S. legal and financial history, solidifying the federal government's ability to collect income taxes as a primary source of revenue. It set the stage for the modern tax system and allowed for the growth of federal programs funded through taxation. By resolving disputes surrounding the 16th Amendment, Brushaber helped ensure the stability of income taxation as a legal and constitutional practice.A federal judge in Seattle has temporarily blocked a controversial executive order issued by President Donald Trump seeking to end birthright citizenship, which is guaranteed under the 14th Amendment. The order, titled “Protecting the Meaning and Value of American Citizenship,” denies citizenship to children born in the United States if their parents lack legal status, are in the country temporarily, or if both parents fail to meet citizenship or residency criteria. This policy would leave thousands of American-born children stateless, without access to federal benefits, or documentation like passports, effectively excluding them from many civic rights and responsibilities.Senior U.S. District Judge John Coughenour declared the order "blatantly unconstitutional," citing the clear language of the 14th Amendment and Supreme Court precedent, such as United States v. Wong Kim Ark (1898), which reaffirmed birthright citizenship regardless of parental status. The executive order, effective February 19, 2025, has drawn multiple lawsuits from states and advocacy groups. Washington Attorney General Nick Brown, joined by Oregon, Illinois, and Arizona, among others, emphasized that the order could deprive an estimated 150,000 children nationally of citizenship annually. This includes 4,000 children in Washington state alone.The order also demands that federal agencies refuse to issue documents recognizing citizenship to these individuals, which state officials argue oversteps presidential authority and contradicts constitutional protections. Plaintiffs highlight significant harm to state-funded healthcare, education, and welfare programs, as federal support for these services is tied to recognized citizenship status. The ruling echoes previous legal challenges to Trump-era policies, such as the blocked travel bans, underscoring judicial limits on executive power in shaping immigration and constitutional rights​​.Judge in Seattle blocks Trump order on birthright citizenship nationwideUS judge temporarily blocks Trump's order restricting birthright citizenship | ReutersThe U.S. Supreme Court has allowed the government to enforce the Corporate Transparency Act (CTA), requiring millions of businesses to disclose their beneficial ownership to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). The Court stayed an injunction that had blocked the law's enforcement, enabling the government to proceed while litigation continues in the Fifth Circuit Court of Appeals, with oral arguments scheduled for March 25. However, the January 13 filing deadline remains suspended.Justice Neil Gorsuch supported the stay, suggesting the Court resolve the legality of nationwide injunctions in such cases. Justice Ketanji Brown Jackson dissented, arguing the government hadn't demonstrated urgency for immediate implementation. The CTA mandates most U.S. businesses incorporated before 2024—and approximately five million new annual incorporations—to report ownership details, with noncompliance subject to penalties. FinCEN estimates that 32.6 million entities will need to comply, though 10 million have already submitted information voluntarily.The CTA aims to combat financial crimes by curbing the misuse of anonymous shell companies, a measure supported by transparency advocates. Critics, including businesses and advocacy groups, argue the law infringes on constitutional rights. Texas Top Cop Shop Inc., represented by the Center for Individual Rights, has challenged the law's constitutionality.  The law's enforcement has been turbulent, with multiple court rulings and delayed deadlines. FinCEN has encouraged voluntary reporting during this period, warning of fines of $500 per day for noncompliance if enforcement resumes. Meanwhile, businesses and advisors have been urged to preemptively file to avoid potential technical issues when mandatory compliance takes effect.Supreme Court Allows Corporate Transparency Act Enforcement (1)President Donald Trump signed an executive order on January 23, 2025, creating a cryptocurrency working group tasked with drafting new regulations and exploring the establishment of a national cryptocurrency stockpile. The order aims to overhaul U.S. digital asset policy, a key promise from Trump's campaign. It protects banking services for crypto companies, bans the creation of central bank digital currencies (CBDCs), and pushes for clear regulatory frameworks for digital assets, including stablecoins.The order also directs the U.S. Securities and Exchange Commission (SEC) to rescind guidance that had imposed high costs on companies safeguarding crypto assets, a move welcomed by the industry. Venture capitalist and former PayPal executive David Sacks was named chair of the working group, which includes leaders from the Treasury Department, SEC, and Commodity Futures Trading Commission.This directive marks a shift from the previous administration's stricter stance on cryptocurrencies, which included lawsuits against major exchanges like Coinbase and Binance for alleged violations of U.S. law. Industry leaders and policymakers applauded the move, viewing it as a significant step toward mainstream adoption of digital assets and the development of consistent regulations.  The executive order also mentions evaluating the creation of a digital asset stockpile potentially sourced from cryptocurrencies seized by law enforcement, though details on its implementation remain unclear. Bitcoin's price reached record highs earlier in the week, reflecting investor optimism over Trump's pro-crypto administration.Trump orders crypto working group to draft new regulations, explore national stockpile | ReutersThis week's closing theme is by Johann Christoph Friedrich Bach. Johann Christoph Friedrich Bach (1732–1795), often referred to as the "Bückeburg Bach," was the ninth son of Johann Sebastian Bach and a distinguished composer in his own right. Born in Leipzig, Johann Christoph Friedrich grew up immersed in music under the tutelage of his father, yet he developed a unique style that bridged the Baroque and Classical eras. He spent most of his career at the court of Schaumburg-Lippe in Bückeburg, where he served as Konzertmeister and later as Kapellmeister. His music, characterized by elegance and charm, often reflected the tastes of the emerging Classical period while retaining the counterpoint and depth of his father's influence.Bach composed a variety of works, including symphonies, keyboard pieces, and chamber music, yet his output remains relatively underappreciated compared to his more famous siblings, such as Carl Philipp Emanuel and Wilhelm Friedemann. Johann Christoph Friedrich passed away on January 26, 1795, leaving behind a legacy of compositions that deserve wider recognition.For this week's closing theme, we've chosen his Flute Sonata in D minor, HW VIII/3.1 - I. Allegretto non troppo, arranged for trumpet, cello, and harpsichord. This arrangement brings new energy to Bach's graceful and lyrical lines, blending the interplay of the trumpet's bright tones with the rich warmth of the cello and the intricate textures of the harpsichord. The Allegretto non troppo exemplifies Johann Christoph Friedrich's ability to balance expressive melodies with delicate intricacies, creating music that is both accessible and profound. As we remember his contributions to music on the anniversary of his passing, let this piece inspire reflection on the enduring artistry of the Bach family.Without further ado, Johann Christoph Friedrich Bach's Flute Sonata in D minor, HW VIII/3.1 - I. Allegretto non troppo, enjoy! This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Welcome to Crypto Today with Connor Sephton — your easy-to-understand look at the top stories.In today's episode: the chair of the Commodity Futures Trading Commission resigns, and warns there are big gaps in crypto regulation.Bitcoin slides as BitMEX co-founder Arthur Hayes predicts the markets could top out in March.Court filings in the US estimate that Terra could have more than one million victims, as Do Kwon awaits trial.Plus — harrowing stories about crypto trading addictions, and what to do if you're affected.Give our show a follow wherever you get your podcasts and follow us on X: @ConnorSephton and @CryptoTodayPod.

In this riveting episode, we dive deep into the world of fiscal and monetary systems, post the global financial crisis of 2008. We are joined by Jordan MacLeod, an intellectual powerhouse who has been at the forefront of revolutionizing the global monetary system. We discuss the trends identified in 2009, the impact of 2008 on the urgency to rethink monetary frameworks, and the potential for a global rebalancing in economic and monetary frameworks.Topics Discussed• The journey of Jordan MacLeod's intellectual background and his work on identifying global trends and the future• The impact of the 2008 financial crisis on the urgency to rethink monetary frameworks• The potential for a global rebalancing in economic and monetary frameworks• The concept of a zero interest economy and its implications• The role of AI, robotics, and automation in changing the nature of labor markets• The possibility of moving from a financialized economy to a real economy• The mechanism to migrate from a speculative economy to a real economy• The potential of a new monetary system and the signs to look for that decision makers are moving in this directionThis episode is a must-listen for anyone interested in understanding the complexities of the global monetary system, the potential for a shift towards a real economy, and the implications of AI and automation on labor markets. Join us as we navigate through these intricate topics, providing valuable insights and strategies to understand the uncertain financial landscape.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Dr. Robert Frank, the Henrietta Johnson Lewis Professor of Management Emeritus and Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University. They delve into the role of luck in success, the myth of meritocracy, and the dynamics of free markets. They explore various topics, including:Topics Discussed• The approach to both microeconomics and macroeconomics in the textbooks co-authored with Dr. Ben Bernanke• The impact of behavioral economics on the understanding of microeconomics and macroeconomics• The role of luck and meritocracy in success and how policy is informed by this understanding• The concept of 'smart for one, dumb for all' in the context of competition• The implications of the Darwin Economy and the interplay between individual self-interest and societal outcomes• The effects of tax structures on entrepreneurial initiative and economic growth• The need for effective human coordination to solve major problems and improve the futureThis episode is a must-listen for anyone interested in understanding the complex dynamics of economics, the role of luck in success, and the impact of policy decisions on societal outcomes. It provides valuable insights into the intricacies of economic theories and their practical implications.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Learn how prediction markets work, the legal gray areas in which they operate, and how they could be regulated in the future. What are prediction markets like PredictIt, Polymarket and Kalshi, and how do they work? Is it legal to bet on elections in the United States? Hosts Tess Vigeland and Anna Helhoski welcome Sam Taube, the writer of the Nerdy Investor email newsletter, to break down how event contracts operate, explore the legal gray areas of election betting, and discuss whether prediction markets are a smart financial move—or just gambling in disguise. Then, Tess and Anna break down this week's money headlines, including the latest inflation figures and what they mean for interest rates, the CFPB's plan to enforce new click-to-cancel subscription rules, and Spirit Airlines' Chapter 11 bankruptcy filing. In this episode, the Nerds discuss: how prediction markets work, betting on elections, event contracts explained, investing vs gambling, election betting legality, gambling vs investing, Commodity Futures Trading Commission, event contracts legality, prediction market regulation, prediction markets news, event contracts explained simply, and Consumer Price Index. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

What is the transition like from government service to a C-suite leadership role at a cutting edge tech company? How are regulators thinking about crypto and other financial innovations? And is public service something that's still inspiring or something that we ought to aspire to?Join Heath Tarbert, Chief Legal Officer and Head of Corporate Affairs at Circle, as he draws on his extensive and prodigious career in public service–serving as Chair of the Commodity Futures Trading Commision, associate White House counsel, Supreme Court clerk, special counsel to the Senate Banking Committee, and more–to break down the legal side and wide-ranging impacts of financial markets around the globe.Listen as Heath discusses the intersection between law, finance, and public policy, the future of cryptocurrency, the value of humility, and much more.Read detailed summary: https://www.spotdraft.com/podcast/episode-67Topics:Introduction: 0:00Building a career around banking and financial markets: 8:53Being picked to lead the Commodity Futures Trading Commission: 16:50Advice to young people considering careers in politics and public service: 22:13Breaking down CFTC regulation of cryptocurrencies: 30:17Why the CFTC chose to engage with cryptocurrencies: 37:26Why Heath joined Circle as Chief Legal Officer: 41:40Should lawyers move beyond legal into business operator roles?: 47:15Rapid-fire questions: 49:16Book recommendations: 53:31What Heath wishes he'd known as a young lawyer: 55:21Connect with us:Heath Tarbert - https://www.linkedin.com/in/heath-tarbert-b2140a15/Tyler Finn - https://www.linkedin.com/in/tylerhfinnSpotDraft - https://www.linkedin.com/company/spotdraftSpotDraft is a leading contract lifecycle management platform that solves your end-to-end contract management issues. Visit https://www.spotdraft.com to learn more.

13th Nov: Blockchain DXB Podcast 

This Day in Legal History: WTC Bombers ConvictedOn November 12, 1997, Ramzi Yousef and two of his accomplices were convicted for their roles in the 1993 bombing of the World Trade Center, marking a significant legal milestone in U.S. counterterrorism efforts. The bombing, which took place on February 26, 1993, involved a truck bomb detonated in the North Tower's underground parking garage, killing six people and injuring over a thousand. The attack was an early sign of the growing threat of international terrorism on American soil, with Yousef aiming to collapse one tower into the other to maximize casualties. Yousef, the principal architect of the attack, fled the country shortly afterward but was eventually captured in Pakistan in 1995. His trial underscored the challenges of prosecuting acts of terrorism under U.S. criminal law and introduced the public to federal strategies for dealing with international terrorists within the American justice system. Prosecutors successfully argued that Yousef's attack was part of a larger, ideologically driven campaign against the United States, setting a precedent for treating terrorism as a criminal offense rather than solely a military threat.The conviction of Yousef and his co-conspirators in a civilian court demonstrated the U.S. government's commitment to using its judicial system to address terrorism, despite criticisms from some who argued for military tribunals instead. Yousef was sentenced to life in prison without the possibility of parole and was placed in the federal "supermax" facility in Colorado, where he remains to this day. This case highlighted the importance of international cooperation in tracking down fugitives and the evolving strategies to counter terrorism through legal channels in the years before 9/11.The FTC's draft settlement with Marriott International over a series of data breaches highlights the agency's growing support for "right-to-delete" policies, mirroring a trend in state-level privacy laws. This agreement, targeting breaches from 2014 to 2020 affecting 344 million customers, would require Marriott to provide U.S. customers with a way to request deletion of their personal data. Unlike the FTC's traditional "notice-and-choice" model, this approach shifts responsibility to companies to manage and remove collected data when requested. Experts say the Marriott settlement may be a sign of future federal data privacy directions, especially since the FTC has recently applied similar requirements in cases with companies like Chegg Inc. As right-to-delete policies expand, companies face challenges navigating varying state privacy laws, with 20 states already enacting or soon implementing data privacy regulations. Ensuring compliance across different jurisdictions requires complex data mapping and collaboration between legal and technical teams to track, delete, and prevent reintroduction of sensitive data. Additionally, reducing retained data may impact marketing strategies that rely on long-term customer data. Marriott's settlement and the FTC's recent blog post signal the importance of limiting data collection to only what is operationally necessary, reinforcing the idea that uncollected data cannot be stolen.FTC's Marriott Data Breach Order Echoes States' Right to DeleteRyne Miller, formerly the U.S. general counsel for FTX, has joined New Jersey law firm Lowenstein Sandler as a partner to lead its new commodities and derivatives practice. Previously with Sullivan & Cromwell, Miller advised FTX through its bankruptcy proceedings following the crypto exchange's collapse and founder Sam Bankman-Fried's fraud conviction. Though Sullivan & Cromwell faced allegations related to FTX's misconduct, Miller was not named in any subsequent litigation. After leaving FTX, Miller founded Miller Strategic Partners, providing regulatory advice in traditional and digital finance. At Lowenstein, Miller will head the commodities and derivatives group and co-chair its crypto practice, aiming to capture the recent surge in U.S.-based crypto interest. His experience, including past work for SEC Chair Gary Gensler at the Commodity Futures Trading Commission, aligns with Lowenstein's strategic expansion in financial services, fintech, and investment management.Ex-FTX US Legal Chief Joins Lowenstein, Eying Crypto ResurgenceJack Teixeira, a 22-year-old Massachusetts Air National Guardsman, faces sentencing for leaking highly classified military documents online, with prosecutors seeking a 17-year prison term. Teixeira, who held a top-secret security clearance as a low-ranking airman, shared sensitive information with a group on the messaging app Discord, reportedly discussing topics like Russia's war in Ukraine, Israel, Syria, and Iran. He was warned by his superiors twice in 2022 about mishandling classified information, yet he continued to access and share sensitive intelligence. Prosecutors argue his actions represent one of the most significant breaches of the Espionage Act in U.S. history. Teixeira's defense team requested a shorter, 11-year sentence, arguing that his intent was to inform his online friends about global events rather than harm the U.S. and citing his struggles with autism and social isolation. In separate military proceedings, Teixeira also faces charges for obstructing justice and failing to follow orders.Pentagon leaker Teixeira faces sentencing, US seeks 17-year prison term | ReutersSteve Bannon, former adviser to President-elect Donald Trump, is due back in court ahead of his Dec. 9 trial in New York state on fraud charges linked to a 2019 fundraising campaign for Trump's border wall. Prosecutors allege Bannon deceived donors, raising over $15 million while secretly diverting funds to the campaign's CEO, Brian Kolfage, despite promises that all donations would go directly to construction. Bannon, who was previously pardoned by Trump on related federal charges, faces charges in New York state court where presidential pardons do not apply.Bannon has pleaded not guilty, with his lawyers arguing that he only reimbursed Kolfage for expenses. Kolfage, who pled guilty to federal fraud charges, is currently serving a 4¼-year sentence. Recently released from a four-month federal prison sentence for contempt of Congress after refusing to testify before a committee investigating the Jan. 6 Capitol attack, Bannon has resumed hosting his podcast and claims his legal troubles are politically motivated.Fresh off prison release, former Trump adviser Bannon due back in court | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Today we're talking about a breakout story of this election cycle: the rise of prediction markets and betting on elections. For the first time in a century, Americans can legally place bets on election outcomes using a platform called Kalshi. But the Commodity Futures Trading Commission warns that these markets could warp the public’s understanding of our elections if they’re treated like polls. On this Election Day episode, Cantrell Dumas of Better Markets, a financial reform advocacy group, explains how Americans are dabbling in election betting, the legal questions surrounding these prediction markets, and why he believes manipulation of these markets has the potential to sway elections. Then, we’ll dig into the history of the “I Voted” sticker and hear a perfect poem for Election Day. Plus, a listener shares what moving abroad taught them about the U.S. voting system. Here’s everything we talked about today: “Election betting is newly legal — and risks getting confused with polls” from NBC News “Exclusive: Election betting site Polymarket gives Trump a 67% chance of winning but is rife with fake ‘wash' trading, researchers say” from Fortune Crypto “Cryptoverse: U.S. election speculators play the prediction markets” from Reuters “Wall Street regulator moves to ban election betting, escalating fight over new market” from Politico “The Case for Legalizing Political Betting” from the Cato Institute “How ‘I Voted’ Stickers Became an Election Day Staple” from Business Insider We want to hear your answer to the Make Me Smart question. Leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

Today we're talking about a breakout story of this election cycle: the rise of prediction markets and betting on elections. For the first time in a century, Americans can legally place bets on election outcomes using a platform called Kalshi. But the Commodity Futures Trading Commission warns that these markets could warp the public’s understanding of our elections if they’re treated like polls. On this Election Day episode, Cantrell Dumas of Better Markets, a financial reform advocacy group, explains how Americans are dabbling in election betting, the legal questions surrounding these prediction markets, and why he believes manipulation of these markets has the potential to sway elections. Then, we’ll dig into the history of the “I Voted” sticker and hear a perfect poem for Election Day. Plus, a listener shares what moving abroad taught them about the U.S. voting system. Here’s everything we talked about today: “Election betting is newly legal — and risks getting confused with polls” from NBC News “Exclusive: Election betting site Polymarket gives Trump a 67% chance of winning but is rife with fake ‘wash' trading, researchers say” from Fortune Crypto “Cryptoverse: U.S. election speculators play the prediction markets” from Reuters “Wall Street regulator moves to ban election betting, escalating fight over new market” from Politico “The Case for Legalizing Political Betting” from the Cato Institute “How ‘I Voted’ Stickers Became an Election Day Staple” from Business Insider We want to hear your answer to the Make Me Smart question. Leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

Today we're talking about a breakout story of this election cycle: the rise of prediction markets and betting on elections. For the first time in a century, Americans can legally place bets on election outcomes using a platform called Kalshi. But the Commodity Futures Trading Commission warns that these markets could warp the public’s understanding of our elections if they’re treated like polls. On this Election Day episode, Cantrell Dumas of Better Markets, a financial reform advocacy group, explains how Americans are dabbling in election betting, the legal questions surrounding these prediction markets, and why he believes manipulation of these markets has the potential to sway elections. Then, we’ll dig into the history of the “I Voted” sticker and hear a perfect poem for Election Day. Plus, a listener shares what moving abroad taught them about the U.S. voting system. Here’s everything we talked about today: “Election betting is newly legal — and risks getting confused with polls” from NBC News “Exclusive: Election betting site Polymarket gives Trump a 67% chance of winning but is rife with fake ‘wash' trading, researchers say” from Fortune Crypto “Cryptoverse: U.S. election speculators play the prediction markets” from Reuters “Wall Street regulator moves to ban election betting, escalating fight over new market” from Politico “The Case for Legalizing Political Betting” from the Cato Institute “How ‘I Voted’ Stickers Became an Election Day Staple” from Business Insider We want to hear your answer to the Make Me Smart question. Leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

Crypto investment scams cost Americans billions of dollars. The scammers start small with confidence or romance scams and gradually work their way up to demanding ever larger “investments.” On the latest episode of the ABA Banking Journal Podcast — sponsored by Alkami — officials from the FBI's Criminal Investigative Division and the Commodity Futures Trading Commission break down how these scams work, typologies and red flags bankers should look out for and how banks can build proactive partnerships with law enforcement. They also discuss a new educational infographic on these scams produced jointly by the ABA Foundation and several government agencies.

This Day in Legal History: Great Chicago FireOn October 8, 1871, the Great Chicago Fire ignited, marking one of the most devastating urban disasters in U.S. history. The fire burned for two days, fueled by dry conditions and wooden structures that dominated the cityscape. It destroyed over three square miles of Chicago, killing around 300 people and leaving 100,000 residents homeless. In the aftermath, the catastrophe highlighted the dangers of poor urban planning and inadequate fire-prevention measures.The devastation led to a complete overhaul of building codes and fire safety regulations. Chicago introduced stricter fire-resistant building requirements, mandating the use of materials like brick, stone, and iron instead of wood for new construction. The city also improved its firefighting infrastructure, investing in modernized equipment and more efficient water systems.These reforms had a ripple effect across the country, influencing urban development nationwide. Many U.S. cities adopted similar codes, fundamentally reshaping fire safety standards. Today, much of modern building regulations, including fire codes that require sprinkler systems and fireproof materials, can trace their origins back to the lessons learned from the Great Chicago Fire of October 8, 1871. The event is a lasting reminder of how disasters can drive lasting legal and regulatory changes.The U.S. Supreme Court recently heard arguments over whether a federal court can continue to oversee a consumer class action against Royal Canin and Purina after the plaintiffs amended their lawsuit to remove federal claims. The case involves claims from pet owners who argue that the companies misled them into believing prescription pet food was required and conspired to inflate prices. Initially filed in Missouri state court, the case moved to federal court after Purina's request. The companies' attorney, Katie Wellington, argued that federal jurisdiction should remain despite changes to the lawsuit, citing Congress's codification of supplemental jurisdiction principles. However, justices like Elena Kagan and Chief Justice John Roberts expressed skepticism, questioning whether a prior version of the lawsuit, no longer relevant, should dictate jurisdiction. Both seemed to support the companies argument initially but appeared to reconsider after hearing from the consumers' attorney, Ashley Keller, who maintained that the Eighth Circuit correctly returned the case to state court.The case's procedural history, including its back-and-forth between courts, complicates the jurisdictional question. The justices appeared to struggle with balancing precedents and whether altering the claims should impact the court where the case is heard. The broader question hinges on civil procedure and jurisdiction when a lawsuit is amended post-removal from state to federal court.The concept of supplemental jurisdiction, which allows federal courts to retain jurisdiction over state law claims if a case initially involves federal claims, even if the federal issues are later removed is central to the companies' argument.Supreme Court Wrestles With Venue in Prescription Pet Food FightFTX has received court approval to begin repaying billions of dollars to customers after its bankruptcy plan was approved by U.S. Bankruptcy Judge John Dorsey. The plan allows FTX to use up to $16.5 billion in recovered assets to repay customers affected by the crypto exchange's collapse. Under the plan, 98% of customers with claims of $50,000 or less will be repaid within 60 days of the plan's activation. FTX's bankruptcy was triggered by founder Sam Bankman-Fried's misappropriation of customer funds to cover risky bets made by his hedge fund, Alameda Research. Bankman-Fried was sentenced to 25 years in prison, and FTX has been recovering assets ever since.FTX will prioritize customer repayments over claims from U.S. government agencies like the IRS and Commodity Futures Trading Commission. The company has worked with global liquidators and settled various disputes to move forward with repayments. Some customers, however, are unhappy with the repayment structure, citing the rise in cryptocurrency prices since 2022, which they feel should be reflected in their recovery amounts. Despite these objections, FTX argues that it is not feasible to return the same crypto assets, as they were largely misappropriated.FTX cleared to repay billions to customers after bankruptcy plan approval | ReutersThe EPA has finalized the Lead and Copper Rule Improvements (LCRI), mandating an accelerated replacement of lead service lines in drinking water systems. The new rule requires replacing 10% of lead pipes annually over a decade, up from the previous 3%, with the process beginning in 2027. The EPA estimates that up to 9 million lead pipes remain in use across the U.S., posing significant health risks, especially to children. The rule also lowers the lead action level in drinking water from 0.015 to 0.010 milligrams per liter, triggering faster public notifications and filter distribution when lead is detected.The effort is backed by $15 billion from the 2021 infrastructure law, along with additional funding from the Drinking Water State Revolving Fund. It closes loopholes allowing extended replacement times and pressures homeowners to replace privately owned lead pipes. The rule reflects the Biden administration's emphasis on clean water as a priority, though legal challenges to the LCRI are expected. EPA Administrator Michael Regan reiterated that no level of lead in drinking water is safe due to its severe health impacts.EPA to Finalize Mass Lead Drinking Water Pipe Replacement PlanAnd in my column for Bloomberg this week, I talk a bit about a favorite bugbear of mine: film production tax incentives.California is losing its dominance in the film industry as productions move to other states and countries offering more attractive tax incentives. While expanding California's film tax credits might seem like an immediate solution, this approach could worsen the competition among states, leading to a "race to the bottom" in offering incentives. Instead, the state should focus on long-term solutions such as investing in infrastructure, green initiatives, and workforce development. These investments would create lasting economic benefits, rather than the temporary boosts provided by film tax credits.Tax credits for film productions have proven costly, with minimal sustained economic impact. Jobs created during productions are often short-lived, and sometimes the credits are sold, benefiting entities with no connection to the state. In contrast, California could use tax incentives to build shared production facilities and promote eco-friendly practices, lowering production costs and attracting filmmakers.Additionally, tying tax credits to workforce development through partnerships with educational institutions could create a skilled labor force within California. This would help sustain the industry locally while reducing the state's reliance on temporary incentives to compete with other regions. By investing in long-term infrastructure and labor, California can rebuild its film industry more sustainably. California Should Look Beyond Film Tax Credits to Boost Industry This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Legalized sports gambling is everywhere. Could betting on elections be next? Americans will soon be able to legally gamble on the presidential election. After a judge rejected the Commodity Futures Trading Commission's attempt to block it, financial exchange company Kashi launched the country's first fully regulated election-betting markets on Thursday. Capital markets reporter Declan Harty walks Playbook co-author Eugene Daniels through what this means for the election, and why some officials are ringing alarm bells.

In this episode, the ReSolve team chats with Ben Reeves, a seasoned financial professional with a wealth of experience in portfolio construction and investment strategies. Ben shares his journey from working at Bridgewater to facing a health crisis, and eventually joining Wealthsimple. The conversation delves into the intricacies of allocation research, portfolio design, and the challenges and opportunities in the private investment space.Topics Discussed• Ben's transition from institutional investors to portfolio construction and his learnings from Bridgewater• The impact of a health crisis on Ben's career and his shift to Wealthsimple• The essence of long-term investing and the importance of putting money at risk in a reasonable way• The exploration of privates as a first step in diversifying investment portfolios• The challenge of tracking error constraints in portfolio design and how Wealthsimple navigates this• The behavioral advantage of privates and the fear of giving up liquidity• The difficulty for active managers to reliably outperform without overweighting certain sectors• The role of gold and commodities in diversifying portfolios and mitigating risk• The importance of putting money at risk in a reasonable way and avoiding performance chasing• The potential of leverage as a diversifying tool or a risk-reducing tool• The constraints and considerations in adding leverage to portfolios• The personalization of portfolio construction and the shift towards risk parityThis episode provides a deep dive into the world of portfolio construction, the role of privates in diversifying portfolios, and the challenges of tracking error constraints. Ben Reeves offers valuable insights from his experience at Wealthsimple and Bridgewater, making this a must-listen for anyone interested in investment strategies and portfolio design.This is “ReSolve's Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

11th July: Crypto & Coffee at 8

This Day in Legal History: First US Income TaxOn July 1, 1862, President Abraham Lincoln signed the Tax Act of 1862 into law, marking a pivotal moment in American financial history. This legislation introduced a federal income tax to help fund the Civil War, imposing a 3% tax on incomes over $600 and a 5% tax on incomes above $10,000. Despite the pressing needs of the war, compliance with the act was notably poor, reflecting widespread resistance to the new tax.The Tax Act of 1862 was significant as it represented the first instance of income taxation by the federal government, setting a precedent for future taxation policies. However, after the Civil War, the constitutionality of the income tax came into question. In 1872, the federal income tax was repealed, and in 1895, the Supreme Court declared it unconstitutional in the case of Pollock v. Farmers' Loan & Trust Co., arguing that direct taxes had to be apportioned among the states according to the Constitution.This ruling effectively halted federal income taxation until the early 20th century. The financial demands of the country, particularly during times of war and economic expansion, underscored the need for a reliable source of revenue. Consequently, the ratification of the 16th Amendment in 1913 granted Congress the explicit authority to levy income taxes without apportionment, fundamentally reshaping the American tax system.The Tax Act of 1862 laid the groundwork for this constitutional change and highlighted the ongoing challenges of implementing and enforcing income tax laws. Its passage and subsequent legal battles reflect the evolving relationship between the federal government and its citizens concerning taxation. Today, the income tax remains a cornerstone of federal revenue, illustrating the enduring impact of the Tax Act of 1862 on American fiscal policy.Today, the Supreme Court issued a decision addressing the scope of presidential immunity in the case of former President Donald J. Trump, who was indicted on charges related to his conduct during his presidency following the 2020 election. The Court held that a former President is entitled to absolute immunity from criminal prosecution for actions within the "conclusive and preclusive" scope of their constitutional authority. For other official acts, the President enjoys at least presumptive immunity. However, the Court affirmed that no immunity exists for unofficial acts. The decision kicks the major questions back to the lower court for a determination consistent with the holding. Trump v. United States - SCOTUSThe U.S. Supreme Court, in a significant ruling, has overturned the Chevron doctrine, fundamentally altering how courts review agency interpretations of ambiguous statutes. The decision, issued in the case of Loper Bright Enterprises v. Raimondo, dismantles a precedent that has been in place since the 1984 Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. case.The Chevron doctrine mandated that courts defer to reasonable agency interpretations of ambiguous laws, effectively allowing agencies to shape their regulatory authority. However, the Supreme Court, led by Chief Justice Roberts, concluded that this deference undermines the judiciary's role as defined by the Administrative Procedure Act (APA) and the Constitution.Key Elements of the Decision:Judicial Responsibility: The Court emphasized that Article III of the Constitution assigns the judiciary the responsibility to interpret laws, not agencies. The ruling reinstates the principle that courts must use their independent judgment to resolve legal ambiguities.APA Compliance: The Administrative Procedure Act directs courts to "decide all relevant questions of law" and "interpret constitutional and statutory provisions." The Chevron doctrine's requirement for courts to defer to agency interpretations conflicted with this mandate.Historical Perspective: The decision drew on historical judicial practices, noting that while courts have often given weight to executive interpretations, ultimate interpretive authority has always rested with the judiciary.Inconsistencies and Ambiguity: The ruling criticized Chevron for its inherent inconsistencies and the difficulties it posed in defining statutory ambiguities. The Court argued that statutory interpretation is a core judicial function that does not change simply because an agency is involved.Separation of Powers: The Court's opinion underscored the importance of maintaining clear boundaries between legislative, executive, and judicial functions, rejecting the notion that agencies should have final interpretive authority over ambiguous statutes.Impact on Agencies: The decision suggests that agencies must now operate under increased judicial scrutiny and cannot rely on broad statutory interpretations to justify their actions.This landmark decision is expected to lead to more litigation as businesses and industry groups challenge government regulations without the deference previously afforded to agency interpretations under Chevron. It will fundamentally alter the landscape of regulatory law and may very well be the most impactful Supreme Court decision this term. 22-451 Loper Bright Enterprises v. Raimondo (06/28/2024)Chevron Doctrine's Demise Would Mean Big Changes for Tax LawThe U.S. Justice Department plans to criminally charge Boeing with fraud over two fatal crashes and will offer a plea deal that includes a financial penalty and an independent monitor for three years. The Justice Department's decision follows a finding that Boeing violated a 2021 agreement shielding it from prosecution. The proposed plea deal, which Boeing must respond to by the end of the week, would require Boeing to plead guilty to conspiring to defraud the Federal Aviation Administration. The plea deal includes a $487.2 million penalty, three years of probation, and meetings between Boeing's board and victims' families. If Boeing rejects the deal, the case will go to trial. Victims' families, unhappy with the proposed plea deal, plan to oppose it in court, seeking more significant accountability and financial consequences for Boeing. This decision intensifies Boeing's ongoing crisis, affecting its financial standing and government contract eligibility.US to criminally charge Boeing, seek guilty plea, sources say | ReutersDOJ readying criminal charges against Boeing for prior deadly 737 MAX crashes - POLITICOSteve Bannon, a prominent ally of former President Donald Trump, is set to report to prison on Monday to serve a four-month sentence for defying a congressional subpoena related to the January 6th Capitol attack investigation. Bannon will serve his time at a low-security federal prison in Danbury, Connecticut. His prison term could extend almost to Election Day, complicating his communication with followers of his "War Room" podcast due to the lack of internet access for inmates.Bannon's attempt to delay his sentence while appealing his conviction was denied by the Supreme Court. He was convicted in 2022 on two misdemeanor counts of contempt of Congress for refusing to provide documents or testify before the House committee investigating the Capitol riot. Previously, Bannon had been a key figure in Trump's 2016 campaign and served as his chief strategist in the White House in 2017.Bannon is not the first former Trump official to face prison for non-cooperation with the January 6th committee; former trade adviser Peter Navarro also received a four-month sentence. Additionally, Bannon was pardoned by Trump in 2021 on separate federal charges of fraud related to a border wall fundraising campaign. He still faces state charges for the same issue and awaits trial.Trump ally Steve Bannon to report to prison following contempt conviction | ReutersA federal judge has ruled that most of the U.S. Securities and Exchange Commission's (SEC) lawsuit against Binance, the largest cryptocurrency exchange globally, can proceed. The lawsuit accuses Binance and its founder, Changpeng Zhao, of violating securities laws by inflating trading volumes, diverting customer funds, failing to restrict U.S. users, and misleading investors about market surveillance controls. The SEC also claims Binance unlawfully facilitated trading of unregistered securities. Judge Amy Berman Jackson's decision is a setback for Binance, which sought to dismiss the case. However, the ruling partially favors the cryptocurrency industry, as it supports a previous judgment that secondary sales of Binance's tokens by other sellers on exchanges are not securities. This legal challenge follows Binance's agreement in November to pay $4.3 billion to settle illicit finance breaches with the Department of Justice and the Commodity Futures Trading Commission.Binance must face bulk of US SEC crypto lawsuit, judge rules | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

This Day in Legal History: Miranda RightsOn June 13, 1966, the U.S. Supreme Court delivered a landmark ruling in Miranda v. Arizona, fundamentally transforming the criminal justice system. The Court held that suspects must be informed of their rights prior to police interrogation, a decision aimed at protecting the Fifth Amendment right against self-incrimination. This ruling introduced what is now known as "Miranda rights," which include the right to remain silent, the right to an attorney, and the warning that anything said can be used in court. The case arose from Ernesto Miranda's conviction based on a confession obtained without these warnings, which the Court deemed unconstitutional. Chief Justice Earl Warren emphasized the necessity of procedural safeguards to ensure suspects' awareness of their rights. This decision has since become a cornerstone of American legal procedure, significantly influencing law enforcement practices nationwide. The Miranda warning aims to prevent coercion and ensure fair treatment, highlighting the importance of individual rights within the justice system.Today, Tesla shareholders are voting to approve Elon Musk's $56 billion pay package and relocate the company's legal home to Texas. Musk announced on social media that the pay package and relocation were passing by wide margins. Approval of this substantial pay deal could alleviate investor concerns about Musk's future at Tesla and support the company's efforts to reverse a court decision that voided the pay package. However, the decision may still face challenges in the Delaware court, where a judge previously ruled that Tesla's board was too influenced by Musk. Despite the shareholder vote, legal experts, such as UC Berkeley's Adam Badawi, are uncertain if the court will uphold it.Tesla's stock rose significantly in premarket trading following the announcement. The final voting results will be disclosed at a shareholder meeting in Texas. Major proxy firms had advised against the pay package, but a mix of institutional and retail investor votes helped secure its passage. Shareholders also voted on relocating Tesla's legal headquarters and re-electing board members Kimbal Musk and James Murdoch. This vote is seen as a test of confidence in Musk's leadership amid Tesla's recent challenges, including a significant drop in stock value since 2021 and concerns about Musk's commitments across his multiple ventures.Musk says Tesla shareholders voting yes for his $56 billion pay package | ReutersDisney and Florida Governor Ron DeSantis have resolved their dispute with a deal allowing Disney to develop the Walt Disney World Resort near Orlando for the next 15 years. The feud began in 2022 when former Disney CEO Bob Chapek criticized a state law limiting discussions of sexuality and gender issues in schools, known as the "Don't Say Gay" law. The new agreement, made with the Central Florida Tourism Oversight District, commits Disney to spending at least $8 billion over a decade and $17 billion over 10 to 20 years on the resort. This investment will include expanding affordable housing, ensuring 50% of the spending benefits Florida businesses, and potentially building a fifth theme park, retail and office spaces, and 14,000 additional hotel rooms. Disney President Jeff Vahle highlighted that the agreement facilitates significant investments in the resort. This deal follows a settlement in March to end a lawsuit over control of the special district encompassing Walt Disney World.Disney, Florida's DeSantis end spat with deal on 15-year expansion plan | ReutersThe U.S. Supreme Court is set to rule on the constitutionality of the Securities and Exchange Commission's (SEC) use of in-house judges for adjudicating enforcement actions. This decision could have significant consequences for other federal agencies that employ similar systems. The SEC employs administrative law judges who handle cases referred by the agency's commissioners. These judges conduct hearings, issue subpoenas, and make initial decisions on sanctions, which are then reviewed by the commissioners. This process is generally faster and more specialized than federal court proceedings.The challenge originates from George Jarkesy, a hedge fund manager fined by the SEC in 2013 for securities fraud. Jarkesy contested the SEC's in-house system, and the Fifth Circuit Court of Appeals ruled in 2022 that these proceedings violate the Seventh Amendment's right to a jury trial. This ruling has prompted the Supreme Court to review the case.During a November hearing, the Supreme Court's conservative justices expressed doubts about the legality of the SEC's in-house system, particularly its exclusion of jury trials for fraud charges. Chief Justice John Roberts questioned the constitutionality of depriving individuals of a jury trial based on the government's decision.If the Supreme Court decides to limit or abolish the SEC's in-house courts, it could affect not only the SEC but also other federal agencies like the Environmental Protection Agency, the Labor Department, and the Commodity Futures Trading Commission. These agencies might face slower enforcement actions, increased resource demands, and challenges in targeting misconduct without the use of in-house tribunals.Explainer: What is the US SEC's in-house court under Supreme Court review? | ReutersFirst, some very brief background. Qualified immunity is a legal doctrine that shields government officials, including law enforcement, from liability for civil damages unless they violated a clearly established statutory or constitutional right. It is intended to protect officials from lawsuits over actions taken in their official capacity, provided their conduct does not violate clearly established laws.Recently, the Sixth Circuit Court of Appeals told the Ohio Attorney General (AG) to stop blocking a ballot initiative aimed at ending qualified immunity. This initiative arose from widespread public dissatisfaction with various forms of immunity that often protect government employees from lawsuits. Ohio residents have been trying to place a measure on the ballot to eliminate these immunities. However, the Ohio AG, David Yost, has repeatedly refused to certify the proposed amendment, preventing it from advancing.We'll have to see what Ohio decides, but this development could pave the way for similar initiatives in other states. If Ohio successfully places the measure on the ballot and it gains voter approval, it may inspire activists and lawmakers in other jurisdictions to pursue comparable reforms. The outcome in Ohio could set a precedent and generate momentum for a broader movement to reassess and potentially limit qualified immunity across the United States.Sixth Circuit Tells Ohio AG To Stop Blocking Ballot Initiative Calling For End Of Qualified Immunity | Techdirt This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

In this episode, Alfonso Peccatiello, a renowned macro investor, joins the ReSolve team to delve into the macro end game, the impact of leverage on the financial system, and the potential paths forward. They also discuss the role of politicians in managing fiscal interventions and the increasing volatility in the macro environment.Topics Discussed• The concept of the macro end game and the unsustainability of the current financial system• The role of leverage in offsetting dwindling structural growth and its implications for the global economy• The impact of central banks' decisions to stimulate economic growth by lowering interest rates• The wealth illusion effect and its implications on the U.S. economy• The potential paths forward considering the high levels of debt and low interest rates• The shift from anti-cyclical to pro-cyclical use of fiscal policy by politicians• The need for a global macro framework in asset allocation considering the current high-leverage, high-interest rate environment• The launch of Alfonso's global macro hedge fund and its strategy to navigate the increasing macro volatilityThis episode is a must-listen for anyone looking to understand the complexities of the global financial system, the role of leverage and fiscal policy, and strategies to navigate the increasing macro volatility. Alfonso's insights provide valuable strategies for navigating the uncertain financial landscape and understanding the potential paths forward.This is “ReSolve's Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

We go over the pros and cons of hot wire pasture grazing versus traditional barbed wire.  Plus, an update on the cattle Ponzi scheme that everyone has been asking about.  We have news, markets and lots more on this all new episode of the Ranch It Up Radio Show.  Be sure to subscribe on your favorite podcasting app or on the Ranch It Up Radio Show YouTube Channel. EPISODE 187 DETAILS   Cattle Management: Hot vs Barbed Wire. Agridime Cattle Ponzi Scheme Latest News   ELECTRIC HOT WIRE VS. BARBED WIRE Maximizing Agricultural Efficiency: The Advantages of Rotational Grazing Rotational grazing offers numerous benefits for sustainable farming. By moving livestock between paddocks according to a strategic schedule, farmers allow forage crops to rejuvenate, replenish energy reserves, and enhance plant vigor, leading to long-term maximum production. The key to a successful rotational grazing system lies in its flexibility. Utilizing a highly-movable temporary fence and understanding its proper use are crucial for maximizing the benefits and maintaining an efficient grazing routine. Optimize Your Grazing Strategy Implementing a well-designed rotational grazing system can lead to healthier livestock and more productive land. Explore the essentials of rotational grazing and discover how to enhance your agricultural practices for sustainable success.   A Comprehensive Guide to Temporary Electric Fence Wires: Polywire vs. Polytape When it comes to temporary electric fencing, two main types are available: polywire and polytape. Both options consist of fine metal filaments intertwined with polyethylene or polypropylene fibers, with the metal providing the shock and the plastic ensuring strength and visibility.   Choosing the Right Polywire for Your Needs For short-distance applications, such as subdividing a pasture, a six-strand polywire is typically sufficient. However, for longer distances or areas prone to overgrowth from weeds and grass, opt for a polywire that delivers a stronger shock to ensure effective containment.   The Benefits of Polytape Polytapes are known for their superior visibility, particularly in white. If you're experiencing inadequate animal control with polywire or need better visibility for safety reasons, such as fencing for horses, switching to polytape can be beneficial. Although polytape may be more expensive, the improved control and visibility often justify the cost.   Essential Tools: Electric Fence Reels For ease of use and flexibility, especially if you plan to adjust paddock sizes frequently, an electric fence reel is indispensable. These reels, made from weather-resistant plastic, can hold one to two spools of polywire or polytape, making it easy to move and reconfigure your temporary fencing as needed.   Explore the best practices for using polywire and polytape to optimize your temporary electric fencing system, ensuring maximum efficiency and control for your livestock management.    Cattle Industry News: Agridime Ponzi Scheme, NCBA response to Farm Bill, TSCRA Relief Fund   AGRIDIME: NORTH DAKOTA GROUP MAY BUY CATTLE COMPANY THAT OWES MILLIONS According to the Bismarck Tribune, Jeff Beach/North Dakota Monitor, a North Dakota rancher said he is working on a deal for a small group of investors to take over a cattle and beef marketing business that was labeled a Ponzi scheme and owes North Dakotans millions of dollars. Wylie Bice, who ranches near Killdeer, said the group is close on a final price for Texas-based Agridime, with the goal of making it an asset to North Dakota ranchers. Bice said he hopes the group can close on a deal by July 1 to take over Agridime facilities in Texas, Arizona and Kansas. He told the North Dakota Monitor he hopes North Dakota can supply about 60% of the cattle that the business will need -- about 10,000 head per year. Bice, who is among the investors who lost money with Agridime, said the group includes a former business partner of his who is in Texas and would come out of retirement to help manage the company. In December, the Securities and Exchange Commission accused the company of operating as a Ponzi scheme by taking money from new investors to pay off previous investors instead of investing that money into cattle. The cattle were to be fed until reaching market weight and then processed. Agridime would then market the meat directly to consumers. A court-appointed receiver has been trying to determine what assets remain for the company that owes millions of dollars to investors and cattle producers in 14 states. In the first quarterly report, posted May 1 on the Agridime.com website, the receiver, Steven Fahey of Texas, said it was involved in “serious discussions with a North Dakota-based investor group.” The group would purchase the assets of the company, including the remaining meat and cattle inventory. The report said a sale could be submitted for court approval by mid-June. The retail and wholesale meat business would continue under the American Grazed Beef name. Meat sales were moved from the Agridime site to a site using the American Grazed Beef name. Bice said it was not likely to move any operations to North Dakota, instead using the existing warehouses in Texas, Arizona and Kansas that are closer to large retail markets such as Dallas-Fort Worth and Phoenix. “I like the concept of it,” Bice said. “Their online plan was really good.” While operating as American Grazed Beef, “The company has been doing pretty decent for just idling along,” Bice said. The report notes that the number of Agridime employees has dropped from 83 to 40 while under receivership. More bang? Bice said it is possible the company could again involve Taylor Bang. Bang is a longtime cattle broker from Killdeer who also operated as a sales agent for Agridime. “He's a very good salesman, and I sure hope he can stay involved with us,” Bice said. The North Dakota Securities Department said Bang earned $6 million in commissions from unregistered cattle investment contracts through Agridime. Bang told the North Dakota Monitor in December that the figure was “way high.” Agridime offered people the chance to invest in the cattle industry, offering returns of as much as 30% without having to do the work involved with raising and marketing cattle. Agridime said the money would be invested in calves that would be raised for beef sales. But investors were not actually buying cattle or given information, such as ear tag numbers, about the calves they were investing in. The Securities and Exchange Commission said in its complaint that Agridime executives started using that investment money for other purposes instead of investing in cattle, turning the operation into a Ponzi scheme. A Securities Department official estimated that North Dakotans have lost about $40 million in Agridime investments. The quarterly update also includes lists of transactions, assets and creditors, though addresses are not included with the creditors. The creditors list includes Bice and Bang and several others with the last name Bang. North Dakota Agriculture Commissioner Doug Goehring said that while Agridime's license to buy cattle in the state has been revoked, Bang still has a license to broker cattle as an individual. Goehring said he thought the idea of buying out Agridime was “odd.” “Why would you not just start over?” Goehring wondered. Bice said money from the sale of the company would go to paying off creditors. If there is no deal, the receiver said it would likely submit a liquidation plan by July 31. Bice said he has visited the Agridime facilities and is excited about the possibility. “Usually, I'm invested in stuff I know nothing about,” Bice said. “I know something about this.” Other developments Assets: The May 1 update from the receiver says, as of March 31, there were about 3,387 head of cattle on feedlots in several states. The receiver in February said there were about 6,500 head of Agridime-owned cattle. The update notes that “records as to the quantity and location of its cattle were sparse and poorly maintained.” The update says there were about 841,000 pounds of beef stored at Agridime's warehouses in Arizona, Kansas and Texas as of March 31. Lawsuit: Another federal agency announced May 14 that it is taking legal action against Agridime. The Commodity Futures Trading Commission said it has filed a civil enforcement action in the U.S. District Court for the Northern District of Texas against Agridime and its founders, Joshua Link and Jed Wood. The CFTC said it is seeking restitution for defrauded customers, civil penalties, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act and the agency's regulations. The CFTC says Agridime received more than $161 million from over 2,000 customers in 14 states. That is $30 million less than the SEC's estimate of $191 million in its complaint filed in December. Judgment: The Securities and Exchange Commission in April obtained a judgment on Link and Wood that prevents them from selling securities. The SEC will determine a civil penalty in the future. NCBA COMMENDS HOUSE AGRICULTURE COMMITTEE FOR PASSING FARM BILL The National Cattlemen's Beef Association (NCBA) thanked the House Agriculture Committee for passing the next Farm Bill, known as the Farm, Food, and National Security Act of 2024. This Farm Bill includes top priorities for cattle farmers and ranchers including cattle health, voluntary conservation, and food security provisions.   “Cattle producers are thankful that the House Agriculture Committee has advanced a Farm Bill that delivers on the needs of rural America,” said NCBA President and Wyoming rancher Mark Eisele. “This Farm Bill protects the cattle industry from foreign animal disease, supports producers' voluntary conservation efforts, and safeguards our food supply, recognizing that our food security is national security. On behalf of cattle farmers and ranchers across the country, thank you to Chairman Thompson and the House Agriculture Committee for passing this bill. I hope the full House will take the next step and pass this bill soon.”     TSCRA DISASTER RELIEF FUND DISTRIBUTES $900,000 Texas & Southwestern Cattle Raisers Association has announced the distribution of $900,000 in financial assistance through the TSCRA Disaster Relief Fund. This signifies the first of ongoing financial assistance going directly to cattle raisers impacted by the largest wildfire in Texas history.  “Funds are on the way to ranching families affected by these fires, and we will continue to quickly distribute much more funding to those in need for as long as it takes to help them to rebuild,” said TSCRA President Carl Ray Polk Jr. The distribution of funds comes after thousands of individuals and businesses came together to generously donate to the TSCRA Disaster Relief Fund in support of cattle raisers facing staggering losses. Recent data from the Texas A&M AgriLife Extension Service estimates the region faced agricultural losses totaling $123 million. This includes losses of livestock, equipment, fencing, hay, feed and more. The TSCRA Disaster Relief Fund continues to accept applications for financial aid from landowners and cattle raisers in disaster-declared counties in Texas and Oklahoma. BULL SALE REPORT & RESULTS Churchill Cattle Company Van Newkirk Herefords Gardiner Angus Ranch Cow Camp Ranch Jungels Shorthorn Farms Ellingson Angus Edgar Brothers Angus Schaff Angus Valley Prairie Hills Gelbvieh Clear Springs Cattle Company CK Cattle Mrnak Hereford Ranch Frey Angus Ranch Hoffmann Angus Farms Topp Herefords River Creek Farms Upstream Ranch Gustin's Diamond D Gelbvieh Schiefelbein Farms Wasem Red Angus Raven Angus Krebs Ranch Yon Family Farms Chestnut Angus Eichacker Simmentals & JK Angus Windy Creek Cattle Company Pedersen Broken Heart Ranch Mar Mac Farms Warner Beef Genetics Arda Farms & Freeway Angus Leland Red Angus & Koester Red Angus Fast - Dohrmann - Strommen RBM Livestock Weber Land & Cattle Sundsbak Farms Hidden Angus Wheatland Cattle Company Miller Angus Farms L 83 Ranch U2 Ranch Vollmer Angus Ranch A & B Cattle Carter Angus Farms Roller Ranch Montgomery Ranch Jorgensen Farms DLCC Ranch Four Hill Farm North Country Angus Alliance Spruce Hill Ranch Wilson Angus   FEATURING Trevor Burian @hungrymanbutte Mark VanZee Livestock Market, Equine Market, Auction Time https://www.auctiontime.com/ https://www.livestockmarket.com/ https://www.equinemarket.com/ @LivestockMkt @EquineMkt @AuctionTime Kirk Donsbach: Stone X Financial https://www.stonex.com/   @StoneXGroupInc    Shaye Koester Casual Cattle Conversation https://www.casualcattleconversations.com/ @cattleconvos   Questions & Concerns From The Field? Call or Text your questions, or comments to 707-RANCH20 or 707-726-2420 Or email RanchItUpShow@gmail.com FOLLOW Facebook/Instagram: @RanchItUpShow SUBSCRIBE to the Ranch It Up YouTube Channel: @ranchitup Website: RanchItUpShow.com https://ranchitupshow.com/ The Ranch It Up Podcast available on ALL podcasting apps.   Rural America is center-stage on this outfit. AND how is that? Tigger & BEC Live This Western American Lifestyle. Tigger & BEC represent the Working Ranch world and cattle industry by providing the cowboys, cowgirls, beef cattle producers & successful farmers the knowledge and education needed to bring high-quality beef & meat to your table for dinner. Learn more about Jeff 'Tigger' Erhardt & Rebecca Wanner aka BEC here: TiggerandBEC.com https://tiggerandbec.com/ #RanchItUp #StayRanchy #TiggerApproved #tiggerandbec #rodeo #ranching #farming References https://www.stonex.com/ https://www.livestockmarket.com/ https://www.equinemarket.com/ https://www.auctiontime.com/ https://gelbvieh.org/ https://www.imogeneingredients.com/ https://alliedgeneticresources.com/ https://westwayfeed.com/ https://medoraboot.com/ http://www.gostockmens.com/ https://www.imiglobal.com/beef https://www.tsln.com/ https://transova.com/ https://axiota.com/ https://www.ncba.org/ncba-news/news-releases/news/details/38087/ncba-commends-house-agriculture-committee-for-passing-farm-bill https://www.meatingplace.com/Industry/News/Details/114701 https://www.newsfromthestates.com/article/north-dakota-group-may-buy-cattle-company-owes-millions https://www.newsbreak.com/news/3450098136374-north-dakota-group-may-buy-cattle-company-that-owes-millions https://bismarcktribune.com/news/state-regional/business/north-dakota-agridime-ponzi-scheme-wylie-bice-taylor-bang/article_943a4a10-187d-11ef-9a29-ff8a65ed8891.html?utm_campaign=snd-autopilot&utm_medium=social&utm_source=facebook_The_Bismarck_Tribune&fbclid=IwZXh0bgNhZW0CMTEAAR2kAXTx8NoqXUawFsrK89STkUL8uymYE_8miV-G5_rWBSo9mQWRl5WTHcg_aem_AfULgMLBH2t4F03uEk6hZEAD4yBbtv7EMQyzIylwwGCCLDKIrIh6qKqwKt6mR9WfvoK5-CiyXYkoxEACuT5k_2FY https://hpj.com/2024/05/24/tscra-disaster-relief-fund-distributes-900000/

In this episode, ReSolve team members Adam Butler and Rodrigo Gordillo discuss the concept of market volatility and its implications for investment strategies. They delve into the intricacies of Carry strategies, their impact on portfolio returns, and how to navigate market volatility effectively.Topics Discussed• The concept of Carry in the investment world and its potential applications• The role of Trend and Yield in creating a fund• The importance of understanding the Carry strategy and approach• The impact of economic risk on Carry signals and expected future returns• Building Carry strategies using time spreads or calendar spreads• The influence of Absolute Carry and Relative Value Carry on performance• The effect of estimated real trade frictions on returns• The correlation between Carry and other assets in a portfolio• The performance of Carry in different market regimes• The benefits of diversification and the role of Carry in enhancing portfolio returnsThis episode provides valuable insights into the world of market volatility and Carry strategies. It highlights the importance of understanding these concepts for effective investment decision-making and portfolio management. A must-listen for anyone interested in deepening their understanding of market dynamics and investment strategies.This is “ReSolve's Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we have an engaging conversation with Roger King, the mastermind behind the successful Supplement King franchise. Roger shares his journey from starting as a local supplement provider to becoming a renowned name in the industry. He discusses his business strategies, the importance of understanding the market, and the challenges he faced along the way.Topics Discussed• Roger King's early journey into the world of supplements and how he identified an underserviced opportunity in the natural health products market.• The challenges and lessons learned from transitioning from a single store to multiple retail locations and eventually moving to online sales.• The importance of understanding the market and adjusting business strategies accordingly, including the shift from being a brand-building retailer to focusing on being the best retailer.• Insights into the franchise model of Supplement King, and how they ensure the success of their franchisees.• The strategy behind their social media marketing and the role of influencers in promoting their products.• A look at the future of the supplement industry and the potential for innovation in the face of regulatory restrictions.• Roger King's personal life and hobbies, and how he balances them with running a successful business.This episode is a goldmine for anyone interested in understanding the dynamics of the supplement industry, franchising, and online retail. Roger King's insights and experiences provide a unique perspective on navigating the challenges of the business world and achieving success.This is “ReSolve's Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

*Final results are in from the 2024 Wheat Quality Council's Hard Red Winter Wheat Tour.*A Texas ranch has been honored for its conservation efforts.  *The Commodity Futures Trading Commission is filing a civil suit in Texas against Agridime, LLC.  *The majority of Texas is now drought free.*There has been a big increase in silage production in the Texas High Plains.  *The new Farm Bill could include language to help farmers and ranchers impacted by a lack of water in the Rio Grande Valley.  *The U.S. Meat Export Federation is having its spring conference this week in Kansas City. *It has been a bit dry in the Southern Plains of West Texas, but recent rainfall is helping to get the cotton crop in the ground.  *Equine Infectious Anemia is still present in the United States. 

In this episode, we delve into the world of value investing with Tobias Carlisle, the founder of The Acquirer's Multiple and author of the book 'The Acquirer's Multiple'. From his journey from a lawyer in Australia to a value funds manager in California, to his unique approach towards value investing, this conversation is a treasure trove of insights for anyone interested in the financial markets.Topics DiscussedTobias Carlisle's journey from a lawyer in Australia to a value funds manager in CaliforniaA discussion on the performance of Carlisle's ETF ZIG and its outperformance of S&P over the last three yearsThe challenges and rewards of being a value investor in a market dominated by growth investingInsights into Carlisle's investment strategy, including his emphasis on fundamental performance over price actionThe role of patience and behavioral fortitude in value investingCarlisle's views on the future opportunities for value investing, particularly in the context of sector diversificationReflections on the recent Berkshire Hathaway annual meeting and the lessons learned from Warren Buffett and Charlie MungerCarlisle's personal investment mantra and his advice for navigating the ups and downs of the investing worldThis episode is a must-listen for anyone interested in value investing. Tobias Carlisle's insights, drawn from his extensive experience and unique approach to investing, provide valuable strategies to navigate the financial markets. Whether you're a seasoned investor or just starting out, this conversation is sure to provide you with plenty of food for thought.This is “ReSolve's Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In today's ReSolve Riffs we're taking the opportunity to introduce the inaugural episode of a brand new podcast channel called the Get Stacked Investment Podcast. In this series, we dive deep into the world of Return Stacking, exploring the latest projects, content, and insights from the www.returnstacked.com website. Co-hosted by Corey Hosteen, CIO of Newfound Research, along with the support of our own Mike Philbrick and Adam Butler this promises to be an insightful and valuable too in your investment arsenal. Subscribe to the Get Stacked feed using the link in the description to stay up-to-date with the latest episodes and never miss a beat in the exciting new world of Return Stacking.In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large-cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.Topics Discussed• The difficulties of beating the large cap U.S. equities market and the need for diversification• The shift in conversations about return stacking from risk management to creating excess returns• The potential of diversification in generating consistent positive excess returns• The idea of dictum in the markets and the difference between behavioral time and statistical time• The concept of risk parity and the importance of maintaining balance in portfolio risk• The role of trend following in risk management and return stacking• The potential of stacking strategies in enhancing portfolio returns• The structural challenges in implementing return stacked strategies in portfolios• The importance of diversification in ensuring investment successThis episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security. The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.   The lawsuit also challenges the SEC's recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous." Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US. Show highlights: Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far How they are looking for a Judge to declare that the ETH is not a security Whether the switch to proof of stake turned ETH into a security Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover Why Hinman's speech is still relevant today, even after 6 years Whether the moves by the SEC are related to a motivation to deny ether spot ETFs How the several cases against the SEC show that the industry “has had enough” Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there The implications of a Consensys victory for the industry and what the next steps in the case are Thank you to our sponsors! iTrustCapital Polkadot Guest Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys Links The lawsuit:  Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security ConsenSys's complaint Bill Hughes' thread on why Consensys sued the SEC Consensys is suing the SEC to defend the Ethereum ecosystem Hinman speech CryptoLaw: The Hinman Speech Documents Major questions doctrine Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress Reuters: SEC argues Coinbase crypto case not barred by ‘major questions' doctrine  Other SEC cases: Coinbase Unchained:  Why the SEC's Case Against Coinbase Is So Significant for Crypto Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It Uniswap Unchained:  Gary Gensler's Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Ethereum Foundation Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Debt Box Unchained: SEC Sanctioned for ‘Abuse of Power' in Debt Box Lawsuit Beba DeFi Education Fund and Beba sue SEC over airdrop policies Lejilex Lawsuit document Learn more about your ad choices. Visit megaphone.fm/adchoices

With its lawsuit, Consensys aims to settle the question of whether staking turned ether into a security, and to hopefully put an end to what it calls the SEC's “regulatory overreach.” Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security. The lawsuit also challenges the SEC's recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Lubin deemed "preposterous."Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.Show highlights:Why Consensys sued the SEC and why Brookover feels like the SEC has gone too farHow they are looking for a Judge to declare that the ETH is not a securityWhether the switch to proof of stake turned ETH into a securityWhy the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask walletHow the major questions doctrine applies to what the SEC is doing in the industry, according to BrookoverWhy Hinman's speech is still relevant today, even after 6 yearsWhether the moves by the SEC are related to a motivation to deny ether spot ETFsHow the several cases against the SEC show that the industry “has had enough”Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed thereThe implications of a Consensys victory for the industry and what the next steps in the case areThank you to our sponsors! iTrustCapital | PolkadotGuest | Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsensysLinks | The lawsuit: Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a securityConsensys's complaintBill Hughes' thread on why Consensys sued the SECConsensys is suing the SEC to defend the Ethereum ecosystemHinman speechCryptoLaw: The Hinman Speech DocumentsMajor questions doctrineUnchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and CongressReuters: SEC argues Coinbase crypto case not barred by ‘major questions' doctrine Other SEC cases:CoinbaseUnchained: Why the SEC's Case Against Coinbase Is So Significant for CryptoCourt Rejects Coinbase's Bid to Dismiss SEC Charges Against ItUniswapUnchained: Gary Gensler's Case Against Uniswap: Does the SEC Even Stand a Chance?SEC Puts DeFi in Its Sights With Potential Uniswap SuitUniswap Blog Post on the Wells noticeMarvin Ammori Thread on Wells noticeEthereum FoundationUnchained:SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: ReportThe Real Reason Why the SEC Might Be Going After EthereumDebt BoxUnchained: SEC Sanctioned for ‘Abuse of Power' in Debt Box LawsuitBebaDeFi Education Fund and Beba sue SEC over airdrop policiesLejilexLawsuit document-Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In July of 2023, the Fifth Circuit reversed the district court's decision in Clarke v. CFTC, and remanded with instructions to enter a preliminary injunction against the Commodity Futures Trading Commission. The case is one concerning the CFTC's revocation of its "no-action letter" concerning PredictIt Market. PredictIt Market is an online marketplace for people to trade contracts predicting important political events, started as a research tool by Victoria University of Wellington in New Zealand. Before going into operation, PredictIt sought a "no-action letter" from the CFTC to operate in the US without registering under the Commodity Exchange Act as a designated contract market, which the CFTC issued in 2014.However, in August 2022, the CFTC withdrew the letter and issued notice to PredictIt to cease operations within 6 months, which led to suit being filed by supporters of PredictIt. Questions included whether the revocation was arbitrary and capricious, whether the letter constituted "final action" on the part of the agency, and whether the plaintiffs had standing to sue.Join us as a panel of experts discuss this interesting case.Featuring:Michael Edney, Partner, Hunton Andrews Kurth LLPHon. David Mason, General Counsel and Chief Compliance Officer, Aristotle InternationalConnor Raso, Deputy General Counsel, Public Company Accounting Oversight Board(Moderator) Russ Ryan, Senior Litigation Counsel, New Civil Liberties Alliance

In this episode, Andy Constan, a veteran Wall Street professional, joins the ReSolve team to discuss the intricacies of the Federal Reserve's interest rate policies, the impact of long-term borrowing rates on the economy, and the role of financial advisors in the investment industry. They delve into a wide array of topics, shedding light on the complexities of asset allocation, the influence of policy makers on market dynamics, and the future prospects of bonds and equities.Topics Discussed• Andy Constan's perspective on the Federal Reserve's interest rate policies and their impact on long-term borrowing rates• The role of financial advisors in the investment industry and the importance of informed conversations between advisors and clients• Insights into the complexities of asset allocation and the challenges of stock picking• The impact of long-term interest rates on the economy and the potential implications for inflation• The role of policy makers in changing market dynamics and the potential effects of their decisions• Predictions for the future performance of bonds and equities, and the factors that could influence these outcomes• The potential impact of government spending and fiscal policies on the expected trajectories of the marketThis episode is a deep dive into the complexities of financial markets, interest rates, and asset allocation. Andy Constan provides valuable insights from his extensive experience on Wall Street, making this a must-listen for anyone interested in understanding the intricate dynamics of the investment industry and the potential future of bonds and equities.This is “ReSolve Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

IntroductionIn this episode, we are thrilled to have Jeff Weniger, the Chief U.S. Strategist for WisdomTree ETFs, back on the show. Jeff shares his insights on a range of topics, including the 'pension wars' concept, the potential for a domino effect in global equity markets, and the role of financial engineering in shaping investment strategies.Topics Discussed• Discussion on the 'pension wars' concept and its potential impact on asset flows over the next several years• Exploration of the potential domino effect in global equity markets and the implications for investment strategies• Insight into the role of financial engineering in shaping investment strategies, with a focus on the 1980s and 1990s• Analysis of the impact of rising natural gas prices on diversified enterprises and the broader market• Discussion on the future of work, with a focus on the shift towards remote work and its potential implications for the labor marketThis episode is a must-listen for anyone interested in understanding the complexities of global equity markets, the potential impact of the 'pension wars' concept, and the future of work. Jeff Weniger's insights provide valuable strategies to navigate the uncertain financial landscape and better understand the intricacies of investment strategies.This is “ReSolve's Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Dr. Mark Hyman, Ph.D., and David S. Vogel come together in this titillating conversation about the impacts of climate and environmental sustainability on human health. We cover topics such as regenerative agriculture, nutrition, animal protein - especially beef and cattle- increases in pollen- particularly PM2.5- and other air pollutants. As always, we take a solutions-focused approach to these issues. If you're seeking cutting-edge research for your health, this is the show for you.   Mark Hyman, MD is a practicing family physician and an internationally recognized leader, speaker, educator, and advocate in the field of Functional Medicine. He is the founder and director of The UltraWellness Center, founder and senior advisor of the Cleveland Clinic Center for Functional Medicine, a fifteen-time New York Times best-selling author, and board president of clinical affairs at The Institute for Functional Medicine.    He is the founder and chairman of the Food Fix Campaign, dedicated to transforming our food and agriculture system through policy. Additionally, he is a co-founder and the chief medical officer of Function Health. Dr. Hyman also hosts one of the leading health podcasts, The Doctor's Farmacy, with over 200 million downloads. Furthermore, he has an upcoming book release this summer called Young Forever Cookbook.   Dr. Hyman is a regular medical contributor to several television shows and networks, including CBS This Morning, Today, Good Morning America, The View, Fox, and CNN.  Young Forever Cookbook - releasing on June 4, 2024  The Doctor's Farmacy  Social Media Links:   Instagram - @drmarkhyman  Facebook - @drmarkhyman  Twitter - @drmarkhyman  Website:   https://drhyman.com  David S. Vogel is a data scientist who has earned international recognition for his predictive modeling accuracy. He is a multi-winner of the prestigious KDD Cup and the Heritage Health Prize in 2013. As the founder and CEO of Voloridge Investment Management, LLC, an award-winning quantitative hedge fund, David has been expertly quoted in Bloomberg, Barron's, and other publications on charitable and financial topics.    David is the co-founder, trustee, and chief scientist of VoLo Foundation. Through research funding and collaborations with top scientists, David applies his data modeling expertise to assist with cutting-edge research that has the potential to accelerate climate solutions, impact education, and optimize health to maximize longevity.  Moreover, David currently serves as a board member of the Environmental Defense Fund, JUST Capital, and Amplio.  He is also involved with the Climate-Related Market Risk Subcommittee at the Commodity Futures Trading Commission.      

In this episode, the ReSolve team is joined by Jason Buck, co-founder and CIO of Mutiny Funds, to delve into a range of topics, from the concept of ergodicity, portfolio construction, and the importance of diversification in investing. They also discuss the intricacies of the capital efficiency and tax implications of various investment strategies.Topics Discussed• Jason Buck's explanation of ergodic and non-ergodic concepts using the analogy of Russian Roulette• The importance of understanding expected value in portfolio construction• The role of offense plus defense in winning investing championships• The concept of capital efficiency in using leverage and its implications for investment strategies• The tax implications of Return Stacking and how to navigate them• The significance of broad diversification in investment strategies• The impact of different market conditions on the performance of long volatility managers• The importance of maintaining line items in the portfolio for risk protectionThis episode provides valuable insights into the complexities of investment strategies, portfolio construction, and the importance of diversification, and is a must-listen for anyone interested in understanding the nuances of investing and portfolio management.This is "ReSolve's Riffs" – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the team riffs with Doomberg, a renowned energy analyst, to discuss a range of issues from the global energy landscape to geopolitical tensions and the changing nature of warfare. The conversation also delves into the intricacies of the global natural gas market, the impact of sanctions on Russia, and the potential future of nuclear energy.Topics Discussed• Discussion on the global energy landscape, with a focus on natural gas and its role in the U.S. economy• Insights into the geopolitical tensions, particularly the war in Ukraine, and the implications of the fall of the city of Avdiivka• Examination of the changing nature of warfare, with a focus on the use of drones and the complexity of modern military conflicts• Analysis of the impact of sanctions on Russia, the effectiveness of these measures, and the potential repercussions on the global stage• Exploration of the global natural gas market, its future prospects, and the implications for the U.S. economy• Discussion on the weaponization of the U.S. dollar and the potential for gold to emerge as a neutral reserve asset• Insights into the potential future of nuclear energy, spurred by Amazon's entrance into the nuclear sectorThis episode offers a deep dive into the complexities of the current global landscape, from energy markets to geopolitical conflicts. It provides valuable insights for anyone interested in understanding these dynamics and their implications for the future. The discussion with Doomberg offers a unique perspective, blending energy analysis with geopolitical understanding, making this episode a must-listen for those seeking to navigate the intricacies of the global stage.This is “ReSolve Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Join Alex Tapscott as he decodes the world of Web3 with special guest Christopher Giancarlo, the thirteenth Chairman of the U.S. Commodity Futures Trading Commission and Senior Counsel of Willkie Farr & Gallagher. Listen in as they discuss whether Web3 will be an important agenda topic in upcoming presidential elections, the industry's ideal regulatory framework they want in the United States, the global race of emerging Web3 hubs, why the CFTC's work with Bitcoin futures was instrumental for Bitcoin ETF approvals, the origin and meaning behind Chris' “money is too important to be left to the central bankers” quote, important considerations and odds of Ethereum ETF approvals, and more!

In this episode, the ReSolve team is joined by Fred Pye, Founder of 3iQ DigitalAssets, to discuss the rapidly evolving landscape of digital assets andblockchain technology. They delve into various topics, including the rise ofBitcoin, Ethereum, and the future of the digital asset space.Topics Discussed•The transition of the financial world towards digital assets and theimplications of blockchain technology•The role and impact of intermediaries such as Coinbase and FTX in the digitalasset space•The journey and development of 3iQ Digital Assets over the past nine years•The potential of blockchain technology in tracking global trade and reducingtransaction costs•The future of bond and equity trading on the blockchain•The regulatory challenges and developments in the digital asset space•The difference between Bitcoin, Ethereum, and other digital assets•The potential growth and opportunities in the digital asset space for investors•The importance of understanding and navigating the risks in the digital assetspaceThis episode is a must-listen for anyone interested in the future of digital assets,blockchain technology, and the potential opportunities and challenges in thisrapidly evolving space. Fred Pye provides valuable insights and strategies tonavigate the digital asset landscape, offering a glimpse into the future offinance and investment.This is “ReSolve Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

On this episode of the inSecurities podcast, Chris and Kurt tackle commodities enforcement. Jamie McDonald, a Partner at Sullivan & Cromwell and a former Director of Enforcement at the Commodity Futures Trading Commission, and Avi Perry, a Partner at Quinn Emanuel Urquhart & Sullivan and a former Chief of the Market Integrity and Major Frauds Unit in the Department of Justice Criminal Division's Fraud Section, offer their perspectives on civil and criminal commodities investigations and enforcement. Jamie and Avi explain how they helped shape the CFTC and DOJ enforcement programs, how the agencies coordinate on enforcement matters, and what count among the current commodities enforcement priorities for the CFTC and DOJ.

In this episode, Adam Butler and Mike Philbrick of ReSolve Asset Management havean in-depth conversation with Chris Schindler, a seasoned investmentprofessional. They delve into a range of topics, from the intricacies ofinvesting in tech and the dynamics of the credit market, to the complexities ofportfolio construction and the impact of market forces on investmentstrategies.Topics Discussed•The challenges of investing in tech and the role of analysts in creatingcrowding effects•The importance of understanding the dynamics of the credit market and theimplications of holding credit right through maturity•The intricacies of portfolio construction, including the importance ofdiversifying across strategies, assets, and time•The impact of market forces on investment strategies and the role ofbenchmarking in driving investor behavior•The evolution of the volatility market and the influence of large players onmarket dynamics•The concept of 'netting' in multi-strategy portfolios and its impact on tradingcosts•The challenges of attribution in multi-strategy portfolios and the importanceof understanding the underlying strategies•The potential pitfalls of short-term investment strategies and the importanceof a long-term perspectiveThis episode is a must-listen for anyone interested in gaining a deeperunderstanding of the complexities of the investment landscape. Chris Schindlerprovides valuable insights into the nuances of portfolio construction, thedynamics of the credit market, and the impact of market forces on investmentstrategies, offering strategies to navigate the ever-evolving financiallandscape.This is “ReSolve Riffs” – published on YouTube Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we delve into a comprehensive discussion with Julian Brigden, arenowned global macro strategist. Brigden shares his insights on the currentstate of the US equity market, the economic implications of the Goldilocksnarrative, the potential risks of the bond market, and the future of globaleconomies like the UK, Europe, and Japan. This episode offers a deep-dive intothe complexities of global economics and financial markets.Topics Discussed• Brigden's perspective on the US equity market being massively overvaluedcompared to the rest of the world• Discussion on the dominant narrative of the Goldilocks soft landing and itsstatistical rarity• Insights into the potential risks and consequences of the Fed's rate cuts• Analysis of the resilience of countries like Australia, Canada, and the UK inthe face of high rates• Brigden's views on the structural bear market in fixed income and itsimplications• Discussion on the potential for growth and inflation to run hotter thanconsensus• Insights into the political and economic state of Japan and the potential forautonomous growth• Discussion on the potential trades and market trends to watch out forThis episode provides an in-depth analysis of the current state of global economies and financial markets. Brigden's insights offer valuable perspectives for anyone interested in understanding the intricacies of global macroeconomics and financial strategies. The audience will gain a deeper understanding of the complexities of global markets and potential future trends.This is "ReSolve Riffs" – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we have the pleasure of hosting James A. Bianco, Founder of Bianco Research Advisors. Bianco shares his insights on a wide range of topics, from his macroeconomic framework to the impact of inflation on the global economy. This conversation also delves into the implications of the current political and military climate outside the U.S. and the workings of the Bianco Total Return Index.Topics Discussed• A brief introduction to James A. Bianco's career trajectory and the establishment of Bianco Research Advisors• Understanding Bianco's macroeconomic framework, including his approach to analyzing the macro space and the key indicators he focuses on• An in-depth discussion on inflation, its current state, and its potentialimplications on the global economy• Exploring the role of the Federal Reserve in managing inflation expectations and the potential risks associated with their strategies• A look at the current political and military landscape outside the U.S., and its potential impact on the global economy• Discussion on the potential impact of shipping disruptions in the Red Sea on the global supply chain and inflation• Insights into the bond market, including the potential impact of higherinterest rates on the equity market• An exploration of the Treasury Borrowing Advisory Committee's role in advising the Treasury on bond and note issuance• A discussion on the potential signals for a hard economic landing or recession, and what could indicate a stronger economy than anticipated• An introduction to the Bianco Total Return Index and a discussion on the future of actively managed ETFs in the equity marketThis episode is a must-listen for anyone interested in macroeconomics, inflation, and the global economy. Bianco's insights provide a comprehensive understanding of the current economic landscape and offer valuable strategies for navigating potential future scenarios.This is “ReSolve Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this informative episode, we dive deep into a conversation with Chris Kennedy from Bridge Alternatives about his career, investment strategies, and perspectives on managed futures. We take a detailed look at model complexity, the necessity of balance in trading, the impact of trend intimacy, and the challenges of creating efficient investment reporting methods. We also talk about the exciting possibilities of artificial intelligence in trading and the unique attributes of the commodity space. Learn about the compelling world of investment from an expert who has been integral to its development.This is “ReSolve Riffs” – published on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Ms. Hoffman is an accomplished leader and expert in the fields of Artificial Intelligence (AI) and Blockchain, with a distinguished career spanning industry and government. Prior to her current role, she served as the Chief Technology Leader of Legal Strategy and Operations at Dell Technologies and spent a decade at IBM in Digital Transformation and Strategy, including as Co-Leader of the Global Watson AI Legal Practice. Her expertise in AI and Blockchain has earned her invitations to speak at prestigious events such as the Blockchain for Impact held at the UN in 2018 and the UN Data Forum in 2020 and 2021. Her expertise in AI and Blockchain has earned her invitations to speak at prestigious events such as the Blockchain for Impact held at the UN in 2018 and the UN Data Forum in 2020 and 2021. Ms. Hoffman was also appointed as Chair of the U.S. Commodity Futures Trading Commission's (CFTC) Distributed Ledger Technology and Market Infrastructure Subcommittee for the 2018 – 2021 term. The world woke up to the power of AI in late 2022 when OpenAI's ChatGPT sprang fully formed as if from Pandora's Box. Since that time the progenitors of Generative AI have proclaimed it an "existential threat" to the human race. Others proclaim it the savior of human kind. What is fact and what is fiction? This podcast will clear the air to answer the the following questions: * What is AI's proper role for humans? * What is Responsible AI? * Are there guardrails for the development and use of AI? * How do we shape a future where AI serves as a force for good? * Can AI protect human well-being, fairness, transparency, and accountability?

Ralph welcomes back Chuck Collins, heir to the Hormel fortune and cofounder of Patriotic Millionaires to discuss his latest report “The True Cost of Billionaire Philanthropy” which asks the question, “Would society be better off if billionaires just kept their money and paid their fair share of taxes?” Plus, we speak briefly about the situation in Gaza with Lara Friedman, president of the Foundation for Middle East Peace and Francesco DeSantis keeps us up to date with the latest news with his segment “In Case You Haven't Heard.”Chuck Collins directs the Charity Reform Initiative at the Institute for Policy Studies, where he also co-edits Inequality.org.  Mr. Collins co-founded the Patriotic Millionaires and United for a Fair Economy, and he is the author of Born on Third Base and The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions.Here's our analysis: for every dollar that Elon Musk or Bill Gates - some of these billionaires - give, the rest of us chip in 74 cents in lost tax revenue. And that's at the federal level... So, these are our tax dollars at work. And yet they're completely unaccountable in terms of where the money goes.Chuck CollinsThe financial industry, the wealth advisors—I call them the wealth defense industry—the tax attorneys and accountants. They have started to capture corners of what we think of as philanthropy with the same kind of worldview—capital preservation, tax minimization, passing on as much wealth to the next generation. So, you see ultra-wealthy people creating family foundations. And the most important thing to realize is this is taxpayer-subsidized private power.Chuck CollinsWe need to change the laws governing philanthropy. The framework that we are living with now is from 1969, which was a zenith of relative equality in the United States. We wouldn't have necessarily known that 50 years later we would be living in an oligarchy where billionaires would use their charity as an extension of their influence and power as aggressively as they are now.Chuck Collins[Shareholder resolutions are] a good way to shine some light on the murky, narcissistic, self-enriching practices of these executives who often do so at the expense of their own companies in a conflict of interest. It would be good if this discussion sparked something like that… It's not a structural reform of our political economy, to be sure. But it does alleviate some of the poverty, some of the health care necessities, the housing necessities in the areas where these corporations operate.Ralph NaderLara Friedman is the President of the Foundation for Middle East Peace. She is a leading authority on the Middle East, with particular expertise on U.S. foreign policy in the region, on Israel/Palestine, and on the way Middle East and Israel/Palestine-related issues play out in Congress and in U.S. domestic politics, Ms. Friedman is a former officer in the U.S. Foreign Service, with diplomatic postings in Jerusalem, Washington, Tunis and Beirut. She also served previously as the Director of Policy and Government Relations at Americans for Peace Now.In Case You Haven't Heard with Francesco DeSantis1. The AP reports Hamas has released a third group of hostages – including 14 Israelis and the first American hostage – as part of a four-day truce with Israel. In return, Israel has released 39 Palestinian prisoners. The Biden administration has expressed that their goal is to extend the ceasefire as long as possible. This about-face in administration policy is a testament to the power of the sustained protest and public pressure campaigns in favor of a ceasefire. However, this truce is scheduled to expire at the end of this week.2. Going further, Vermont Senator Peter Welch has called for an “indefinite ceasefire,” following the horrific shooting of three Palestinian-American students in Burlington, Vermont. Senator Welch writes “The ceasefire must be extended...to stop the bombing and prevent further loss of civilian life. The United States cannot condone a resumption of the bombing when it causes death and injury to so many civilians.” It is noteworthy that the other Senator from Vermont, Bernie Sanders, still refuses to call for a ceasefire.3. The Nation has published a piece on the genocide in Gaza that was pulled from the Harvard Law Review at the last moment. The opening lines of this article read “Genocide is a crime. It is a legal framework. It is unfolding in Gaza. And yet, the inertia of legal academia, especially in the United States, has been chilling. Clearly it is much easier to dissect the case law rather than navigate the reality of death. It is much easier to consider genocide in the past tense rather than contend with it in the present. Legal scholars tend to sharpen their pens after the smell of death has dissipated and moral clarity is no longer urgent.”4. The Intercept's Ryan Grim has shared an excerpt from his new book The Squad: AOC and the Hope of a Political Revolution in which he seeks to explain Pennsylvania Senator John Fetterman's intransigent stance in favor of Israel. Essentially, Grim argues that Fetterman made a deal with AIPAC and the Democratic Majority For Israel, with Fetterman pledging opposition to the BDS movement and support for unconditional military aid to Israel, and in exchange, “DMFI and AIPAC stayed out of his race.”5. Independent journalist Séamus Malekafzali reports “A member of Germany's ruling coalition from the Greens wants all German media to sign a pledge to support Israel and its ‘right to exist', similar to how Axel Springer's media organizations (like Politico) do.” To learn more about POLITICO's new ultra-Zionist German ownership, check out the first issue of the Capitol Hill Citizen.6. The Prospect is out with a blockbuster article on the first major anti-trust case in 25 years, U.S. v. Google. This piece traces how what was once billed as the “Trial of the Century” became “the Secret Trial,” and stresses the testimony of Al-Amyn Sumar, legal counsel for the New York Times who “listed the factors that separated this case from any other his legal team had seen before… [including] numerous closed-door proceedings, withholding of public evidence, and extensive confidentiality claims by companies (not just Google, but secondary parties to the case like Microsoft and Apple) that were granted all too liberally by the judge. [Sumar noted] Even access to trial transcripts were scant, trickling out weeks after examinations.” Sumar capped this off by saying “this simply can't be the best way to go about the legal process.”7. The Prospect also reports the Biden-appointed chair of the Commodity Futures Trading Commission, Rostin Behnam, is attempting to implement a Trump-era rule that would “roll back Dodd-Frank protections for swap trades, a major class of derivatives that led directly to the 2008 financial crisis, by relaxing margin requirements for certain categories of investment funds.” Several Democrats are coming out in opposition to this move. A letter from Senator Sherrod Brown decries this as “a step in the wrong direction… [which would] undermine the goals of Dodd-Frank.”8. A third story from the Prospect focuses on deceptive Medicare Advantage plans, and specifically how they have been able to legally circumvent ACA protections covering pre-existing conditions. Put simply, if one enrolls in a Medicare Advantage program before age 65, then wishes to transition to traditional Medicare, they can be forced to undergo “underwriting” or medical health screening. As of now, only four states – New York, Massachusetts, Connecticut, and Maine – prevent Medigap, the Medicare supplemental insurance that covers the 20 percent of medical expenses not covered by Medicare, from underwriting Medicare Advantage patients attempting to switch back to traditional Medicare. As the article explains “The millions of Americans not living in those states are trapped in Medicare Advantage, because Medigap plans are legally able to deny them insurance coverage.” Yet another instance of the pernicious influence of Medicare Advantage on the health of American seniors.9. The Tuscon Sentinel has published a story which exemplifies the folly of the so-called school choice movement. Last year, Arizona became the first state to offer all families in the state public dollars to spend at private educational institutions. In response, nearly all private schools raised their tuition rates. As the article notes, “Critics…cite the tuition increases as evidence of what they've warned about for years: Universal school choice, rather than giving students living in poverty an opportunity to attend higher-quality schools, would largely serve as a subsidy for the affluent.”10. Finally, radical and cartoonish right-wing Libertarian Javier Milei has won the presidential election in Argentina. According to the AP, Milei has vowed to implement his signature “Chainsaw Plan” for “wholesale reform of the state to slash public spending, scrap half the government's ministries, sell state-owned companies and eliminate the central bank.” It remains to be seen how far Milei will go with this program, but signs point to turbulent times ahead in Argentina.This has been Francesco DeSantis, with In Case You Haven't Heard. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

The Clarity for Payment Stablecoins bill is sensible legislation for technology that could help millions of people, says Circle's Heath Tarbert, the former chair of the U.S. Commodity Futures Trading Commission.Today's episode is sponsored by CME Group.Today's featured story is an opinion piece from Heath Tarbert, titled: “The Stablecoin Bill Is a Vital Upgrade for US Financial Plumbing.”-From our sponsors:CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin andether trading. These cash-settled contracts give full exposure to crypto performance without thehassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in atransparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more.Disclaimer:This communication is not directed to investors located in any particular jurisdiction and is notintended to be accessed by recipients based in jurisdictions in which distribution is notpermitted. The information herein should not be considered investment advice or the results ofactual market experience. Past results are not necessarily indicative of future performance.Trading derivatives products involves the risk of loss. Please consider carefully whether futuresor options are appropriate to your financial situation.-This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.