Monthly Archives: August 2021

Celsius CEO still sees Bitcoin finishing the year between $140-160K – Yahoo Finance

Posted: August 4, 2021 at 2:06 pm

Celsisus CEO Alex Mashinsky joins Yahoo Finance to discuss the latest in cryptocurrency and why he believes Bitcoin's value will more than triple to end the year.

ADAM SHAPIRO: We got to turn our attention to what's going on in the crypto corner because Bitcoin is trading lower right now but look, it's not far off of the $40,000 mark. But let's talk about what's going to happen in a greater context with crypto and we're going to do that with Alex Mashinsky. He is the CEO of Celsius. And the potential for crypto to be used on different platforms to pay for stuff, not necessarily a pure-play to just buy the crypto coin but to use it do you see that taking on greater relevance?

ALEX MASHINSKY: So crypto's main purpose is a store value, right? It is not an exceptional form of payment I think the dollar is the opposite, right? It's an exceptional form of payment but not very good store of value. So I think there are many, many other cryptocurrencies or digital assets that serve that purpose better. Mostly, Stablecoins and other forms of digital assets. So I don't think you want to take this pristine asset and try to use it to clean the windows or do something else with it. It is very good for one thing, store of value and that's what you should be using it for.

SEANA SMITH: Alex, we're looking at a chart here of Bitcoin right now, it's trading just below $40,000. I guess what do you think is going to be that next catalyst to get it above $40,000? We were briefly there last week, although it didn't hold for too long.

ALEX MASHINSKY: Yeah, so earlier this year I talked about it kind of resisting going below $29,000 and we've seen a big jump since. And I think we are hitting some resistance here in the 40,000 to 45,000 levels. And there is not a lot of resistance above that. So I think we're going to consolidate here and then break to new highs. I still stand by my prediction that this year we will see anywhere between $140,000 and $160,000 per Bitcoin.

Story continues

ADAM SHAPIRO: I think there are a lot of people cheering what you just said. Your platform, Celsius, deals with so many people who we refer to as the unbanked. Are they going to be able to get in on this, they can via the platform can't they?

ALEX MASHINSKY: Yeah, so most of what we do is enable the average person to earn a yield on their digital assets. We have almost a million customers in 170 countries, just over $17 billion in assets in total assets and we generate yield, we pay 8.8% on Stablecoins for example. So that's 30 to 40 times more than your bank pays you and we pay 6.2% on your Bitcoin.

So what Celsius does better than anyone else is give you that yield, give you that return on your capital. And we do it in three buckets, one is again, Stablecoins, we have 12 different forms of Stablecoins, three different forms of gold. So you can now earn 5.5% gold on gold or you can venture and choose between 32 different digital assets like Bitcoin, Ethereum, Litecoin, and so on. Those are the unique things that Celsius does better than anyone else.

SEANA SMITH: What about the infrastructure bill because it does include new crypto regulations for revenue? I guess do you view this as a headwind or how big of a challenge could this potentially be to crypto going forward?

ALEX MASHINSKY: Look, for those of us who pay taxes and report all of our transactions nothing in that legislation is new or different. I think Treasury and some of the other departments are trying to make sure that they collect all the taxes that are due. And at Celsius, for example, you do get a 1099 at the end of the year that tells you exactly how much you earned in yield and you do have to pay taxes on that. So I don't see-- there's no impact to us and we've been following regulation, we've been doing KYC and AML services since 2017. So none of these new regulatory requirements make any difference. And I think clarity on the regulatory side is a very good thing, it's a positive.

Now I heard some people talk about mining and how it's going to impact mining. Celsius has over $200 million invested in mining. We're one of the largest miners in North America and I can tell you that this new regulation does not hamper or slow down any of our activities. We do have to report income, we're going to pay taxes on it. And we're happy to do it running a profitable business.

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Democratic Insider and a Republican Backed by Trump Win Ohio House Races – The New York Times

Posted: at 2:06 pm

The race was not as much emblematic of a liberal-moderate divide among Democrats as it was a clash between an insider who rose fast in local party circles and an agitator who thrived on alienating party leaders by questioning their commitment to liberal ideals. Both candidates were solidly liberal in their views on a range of issues, including legalizing marijuana and making college more affordable or free in some cases.

Outside political groups from different corners of the Democratic coalition invested heavily in the race. Backing Ms. Turner were left-wing environmental interests supporting the Green New Deal; the political group founded by Senator Bernie Sanders that she once ran, Our Revolution; and two progressive groups, the Working Families Party and Justice Democrats.

Supporting Ms. Brown were more institutional players and politicians like the political committee of the Congressional Black Caucus; several senior members of the caucus; Representative James E. Clyburn of South Carolina, the Democratic House whip; Hillary Clinton; Jewish Democrats; Cleveland-area Black churches; and, unofficially, Marcia Fudge, who vacated the seat this year to become Mr. Bidens secretary of housing and urban development and consented to have her mother appear in an ad endorsing Ms. Brown because she had to remain neutral as a government official.

Democratic leaders in Washington and groups that are often at odds with the progressive left were worried that a victory by Ms. Turner, who led by double digits in early polls and initially raised more money than Ms. Brown, could presage a new round of intraparty hostilities for Democrats.

And the establishment hit back hard to a degree it had not in previous battles when candidates with the support of the partys activist left, like Representatives Alexandria Ocasio-Cortez and Jamaal Bowman of New York, took out veteran politicians with little pushback.

This time, while Ms. Ocasio-Cortez and other stars of the left campaigned in Ohio for Ms. Turner, prominent members of the Congressional Black Caucus like Mr. Clyburn visited the district and implored people to vote for Ms. Brown as someone who was respectful and willing to work with other Democrats an implicit criticism of Ms. Turners more confrontational style. Many criticized her openly, like Representative Bennie Thompson of Mississippi, who referred to Ms. Turner as a single solitary know-it-all.

Advertising attacking Ms. Turners professionalism and character was ubiquitous in the district during the final days of the campaign. One ad from the centrist group Third Way compared Ms. Turners political style and tone to Mr. Trumps, and replayed an on-camera moment she has struggled to live down throughout the campaign in which she made a crude analogy to the choice between Mr. Biden, whom she did not support, and Mr. Trump.

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China’s attempt to kill Bitcoin failed Here are 3 reasons why – Cointelegraph

Posted: at 2:06 pm

Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regionsafter giving BTC miners atwo-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.

The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process.It remains unknown whether Chinas decision was influenced or related to Musks remarks, but undoubtedly those events held a negative effect.

A couple of weeks later, on June 16, China blocked cryptocurrency exchanges from web search results. Meanwhile, derivatives exchange Huobi started to restrict leverage trading and blocked new users from China.

Finally, on June 21, the Peoples Bank of China (PBoC) instructed banks to shut down the bank accounts of over-the-counter desksand even their social networks accounts were banned. OTC desk essentially act as a fiat gateway in the region so without them it would be difficult to exchange from Bitcoin to stablecoins.

As these events unfolded, some analysts were reluctant to describe the tactics as nothing other than meaningless FUD, but in hindsight, it appears that China launched a very well-planned and executed attack on the Bitcoin network and mining industry.

The short-term impact could be considered a moderate success due to the collapse in Bitcoin price and the rising concerns that a 51% hashrate attack could occur.

Despite themaneuvers, China's attack ultimately failed and here are the main reasons why.

After peaking at 186 million TH/s on May 12, the Bitcoin network hash rate, an estimate of the total mining power, started to plunge. The first couple of weeks were due to restrictions to coal-powered areas, estimated at 25% of the mining capacity.

However, as the ban extended to other regions, the indicator bottomed at 85 million TH/s, its lowest level in two years.

As the data above indicates, the Bitcoin network's processing power recovered to 100 million TH/s in less than three weeks. Some miners had successfully moved their equipment to Kazakhstan, while others shifted to Canada and the U.S.

Even though the companies involved in crypto transactions have been banned from the country, individuals continued to act as intermediariessome of these recorded over 10,000 successful peer-to-peer transactions according to data from the exchanges own ranking system.

Both Huobi and Binance offer a similar marketplace where users can trade multiple cryptocurrencies including USD Tether (USDT). After converting their fiat to stablecoin, transacting on a regular or derivatives exchange becomes possible.

A complete crackdown on trading from Chinese entities would likely be reflected in the exchanges previously based on the region, like Binance, OKEx, and Huobi. However, looking at the recent volume data, there hadnt been a meaningful impact.

Take notice of how the three 'Asia-based' exchanges remain dominant, while Coinbase, Kraken, and Bitfinex are nowhere near their trading activities.

China's ban on Bitcoin mining and transactions may have led to some temporary hiccups and a negative impact on BTC price, but the network and price have recovered in a way that is better than many expected.

Currently, there is no way to measure the OTC transactions where larger blocks are traded but it is just a matter of time until these intermediaries find new gateways and payment routes.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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AP: What election? California Democrats worry over recall apathy – Associated Press

Posted: at 2:06 pm

SACRAMENTO, Calif. (AP) California Gov. Gavin Newsom has a simple way to beat back the recall election that could force him out of his job: Get Democrats to vote.

But it may not be as easy as it sounds. Democratic registration almost doubles that of Republicans in the state, but party leaders are alarmed because Republicans appear more eager to vote, which is backed up by polling. Some Democrats might not be paying attention because they are convinced Newsom is headed toward an easy victory.

The kind of voter Newsom needs to connect with is 37-year-old barber Dwayne Speed of Sacramento, who is a registered Democrat but has been thinking about switching to independent. He felt Newsom pushed his own personal agenda during the pandemic. But he isnt convinced by recall supporters either and hasnt decided how he will vote.

I want to know every single basis that theyre trying to recall him on, Speed said. Nobodys going to have a job and do it 100% perfectly.

Interviews with about 20 voters across Sacramento, Fresno and Los Angeles reveal the challenges Newsom faces just two weeks before ballots start arriving in voters mailboxes ahead of the Sept. 14 contest. While a handful of voters had decisive plans to vote for Newsom, many were aware of the recall but hadnt yet formed an opinion, did not know when the election was scheduled, or were lukewarm on Newsom.

Among Newsoms challenges: Voters arent used to elections in odd-numbered years, and certainly not in September. Many voters have turned away from television platforms that carry ads, and resurgent coronavirus rates could make people unwilling to answer a knock at the door from a campaign worker. But every voter will get a ballot in the mail, giving them an easy opportunity to participate.

The recall effort was launched by novice Republican activists last year before the pandemic took hold, and they successfully gathered more than the 1.5 million signatures required by state law to place it on the ballot. Their effort was initially seen as a long shot that drew little attention. But signatures spiked after Newsom was caught dining out at the high-end French Laundry restaurant in Northern California for a birthday party while urging people to stay home and avoid gatherings.

In Los Angeles, 24-year-old Nick Yi, a registered independent who is between jobs, said he hasnt been paying much attention to the recall, in part because he has been staying away from news to avoid accounts of Asian hate crimes, which he finds upsetting.

He expects to vote and tends to lean Democratic. But he doesnt have a strong impression of Newsom, calling him someone who is passionate and Republicans dont like.

As Newsoms team looks to engage voters like Yi, they are spending significant time branding the effort as a partisan contest. The majority of his TV ads have made a case against the recall rather than one for Newsom, branding it as a Republican power grab.

One ad shows video of people storming the U.S. Capitol on Jan. 6. In another, Sen. Elizabeth Warren of Massachusetts tells voters weve seen Trump Republicans across the country attacking election results and the right to vote. Now theyre coming to grab power in California.

Democrats are openly sounding the alarm. Juan Rodriguez, campaign manager of the anti-recall effort, told The Associated Press he is very concerned about turnout. In an interview with editorial boards for McClatchys California newspapers, Newsom warned that the recall would have profound consequences heading into the 2022 midterm elections. The campaign has already sent 14 million text messages to voters, and Rodriguez said enthusiasm is increasing as Democrats learn more about the race.

Three months ago, Myra Coble of Fresno was a Democrat who was convinced Newsom couldnt be recalled. Now shes a volunteer with the county party trying to convince other Democrats not to rest on that assumption.

Our fear is that in this election, Republicans will turn out and Democrats will be complacent because they think it cant happen, she said.

Democratic President Joe Biden won Fresno County with 53% of the vote in the 2020 presidential election. Though Fresno and other counties in the Central Valley are home to fewer voters than population power centers like San Diego and Los Angeles, Newsom has touted his commitment to the region throughout his governorship and traveled there regularly.

But his message doesnt always break through. Curtis Selland and Leslie Pugsley are two Fresno County Democrats who will vote to keep Newsom but arent his biggest fans.

Pugsley, 57, applauded the job Newsom did during the early months of coronavirus when he acted quickly to shut down schools and businesses. But she thinks he comes off as a snooty San Francisco liberal who isnt genuine.

On the opposite end, Christina Grout, 37, is a Democrat and mother of two from Sacramento who is excited to support Newsom.

A disability justice advocate, she pays close attention to state politics and appreciated Newsoms handling of the pandemic. If anything, she would have liked to see him be more aggressive by keeping the states mask mandate in place longer. The state dropped its mandate for vaccinated people on June 15. But on Wednesday, state officials began recommending people wear masks indoors again.

I feel proud to be a Californian, Grout said.

Los Angeles County, meanwhile, could present Newsoms biggest challenge. It is home to more than 3 million Democrats and is a place where statewide elections can be won or lost. But voters often shrug at politics and can be especially difficult to get to the polls, even during a routine November election.

Outside a local library, independent Jonathan Montes, 22, said he plans to vote but is undecided about Newsom. He is troubled by climbing rents and the unchecked spread of homelessness - people could be seen slumped in doorways nearby, or splayed beneath trees.

Hes going to give Newsom a close look before making a decision, but at this point I would like to see someone else, Montes said. Newsom hasnt lived up to expectations.

___

Blood reported from Los Angeles.

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Biden to Meet with Top Democrats on New Voting Rights Proposal – The New York Times

Posted: at 2:06 pm

President Biden, Vice President Kamala Harris and the top Democrats in Congress met at the White House on Friday to discuss their partys faltering efforts to pass major voting rights legislation.

Mr. Bidens meeting with Speaker Nancy Pelosi of California and Senator Chuck Schumer of New York came at a crucial moment, as activists are pushing the president to use his power and Democrats control of Congress to protect voting rights while they have the chance. Republican-led states have enacted at least 30 new laws containing a host of new restrictions on voting, and G.O.P. senators have blocked consideration of a Democratic bill that would impose sweeping new federal mandates aimed at overriding them.

Party leaders do not have many options to break through the gridlock. In June, Republicans successfully stalled Democrats marquee elections legislation, called the For the People Act, by filibustering it. Democrats hopes of changing Senate filibuster rules to bypass Republicans have flagged as a few holdouts within the party continue to oppose such a move. And their window for legislative action is narrow.

Democrats are close to finalizing a scaled-back bill that activists hope could be a battering ram in the fight over the filibuster. The party is also readying legislation to reinforce the Voting Rights Act of 1965 and lawmakers have discussed tucking voting provisions into the $3.5 trillion budget plan advancing in the Senate, which they can push through unilaterally over the opposition of Republicans. But the G.O.P. is largely opposed to all three.

In a statement after the meeting, the White House called passing legislation on the issue a moral imperative.

Recognizing the challenges ahead, the four leaders agreed on the importance of advancing legislation reflecting the priorities and values of those two bills, having them pass the House of Representatives and the Senate, and withstand constitutional challenge, the statement said.

Senator Amy Klobuchar, Democrat of Minnesota, confirmed on Thursday that a small group of Democratic senators had been meeting to hash out a revised bill that could be released in the coming days. Among them is Senator Joe Manchin III of West Virginia, a moderate who balked at some of the more expansive proposals in the For the People Act and has been a determined holdout on keeping the filibuster intact.

This isnt one of these Oh, maybe well get it done, Ms. Klobuchar said on Thursday during a call hosted by SiX Action, a progressive group, saying the emerging measure would have provisions on gerrymandering, voting by mail and automatic voter registration. We are very close to getting an agreement on that bill.

There is no indication that an accord among a small group of Democrats would draw any more Republican backing than previous proposals have. But activists and progressives want to see the revised measure come up for a vote before the Senate leaves Washington for its August recess, anticipating that it would fail and intensify pressure to dismantle the filibuster.

Mr. Schumer has yet to commit to a timeline, and it is unclear if he would want a full-fledged filibuster fight playing out just as he and Mr. Biden are trying to maneuver a bipartisan infrastructure bill through the Senate.

The revised elections legislation is built around a rough framework provided by Mr. Manchin earlier this year. It is expected to mandate that states provide 15 days of early, in-person voting, including at least two Sundays; a national expansion of mail-in voting; an end to partisan gerrymandering of congressional districts; a national voter identification requirement; and campaign finance provisions that would require super PACs to disclose the identities of their big donors.

The bills authors also plan to include language intended to undercut state laws in places like Georgia that they believe would allow Republican elected officials to subvert the results of an election to favor their candidates. Federal lawmakers specifically want to make it harder for their state counterparts to remove local election officials and harder for partisan poll watchers to intimidate voters and election workers. They also want to make the process of challenging any individuals ability to register to vote more difficult.

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Democrats’ national party workers forming union – Associated Press

Posted: at 2:06 pm

Staff members at the Democratic National Committee in Washington have opted to organize a union for collective bargaining rights, party and union officials said Tuesday.

The move marks the first time a national party organization has become a union shop, despite Democrats long relationship with organized labor. The development also follows a presidential campaign during which several Democratic candidates campaign staffs, including that of President Joe Biden, formed unions.

Employees at DNC headquarters will soon be part of the Service Employees International Local 500, the union confirmed in a statement.

Neither party officials nor the union released details of the vote, but DNC officials cast the outcome as proof of its commitment to labor.

As the DNC told SEIU, if a majority of DNC employees in a mutually agreed-upon bargaining unit express their desire to form a union, we will be proud to voluntarily recognize that union, said Executive Director Sam Cornale in a statement.

One of the organizers, Christen Sparago, who works in the DNCs fundraising office, called the union an opportunity for the DNC to live its values and said workers are eager to begin negotiations for an initial contract.

The SEIU local already represents public sector and not-for-profit sector workers in the nations capital and the surrounding Maryland suburbs.

Democrats 2020 platform pledges that the party will make it easier for workers, public and private, to exercise their right to organize and join unions. Biden, an ally of organized labor since his election to the Senate in 1972, pledged to be the most pro-union president youve ever seen.

During the campaign, Bidens field organizers joined Teamsters Local 238 and signed a contract with the campaign that included overtime pay beyond 40 hours per week and health insurance coverage with the campaign covering the entire premium, among other provisions.

In March, the House passed a sweeping overhaul of federal labor law designed to invigorate unions by making it easier to organize and harder for state laws to inhibit unions. The PRO Act passed 225-206 on a largely party line vote but has virtually no chance to clear the 50-50 Senate, where rules allow Republican opposition to block any bill that has support from fewer than 60 senators.

Democrats push for the most significant labor law change since the Great Depression comes after a decades-long slide in union membership. In 1970, almost a third of the U.S. workforce was unionized. In 2020, that number was 10.8%.

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Panic spreading as bitcoin price goes up and down – NEWS.com.au

Posted: at 2:06 pm

There is rising concern about a proposed US law as $6000 was shaved off the price of bitcoin.

Bitcoin dropped from Sundays high of (AUD)$57,262 to $51,454 at 7am today as fears grow about the impact of the US President Joe Bidens proposed $675 billion infrastructure bill.

Bitcoin has surged in recent weeks after a topsy-turvy year.

It took a dive when Elon Musk hinted Tesla might dump its cryptocurrency holdings in May.

A crypto clampdown by Chinese regulators in June also hit the price hard.

Now there are jitters about a provision in the infrastructure bill which could raise $37.81 billion from crypto investors, with some warning it could kill the industry.

RELATED: China bans bitcoin to make own cryptocurrency

This is a deeply misguided provision that, if adopted, will do far more harm than good to US interests, lawyer Jake Chervinsky wrote in a lengthy Twitter thread.

He explained the bill would expand the definition of a broker to include any person who (for consideration) is responsible for and regularly provides any service effectuating transfers of digital assets.

That could lead to increasing Internal Revenue Service reporting requirements.

The brokers may also been forced to collect customer data including names, addresses and phone numbers.

This definition is so broad, it could apply to nearly every economic actor in the US crypto industry, if read literally, Mr Chervinsky said.

This sounds insane, but it really might happen.

Most crypto legislation goes nowhere, so its easy to ignore. Not this time.

This provision is part of the bipartisan and otherwise popular infrastructure bill, which is moving quickly through Congress and is highly likely to pass.

First, it defies logic to adopt a regulation for which compliance is literally impossible, unless the goal is to kill the industry.

The provision was included to essentially help fund the massive cost of the bill.

It must include pay-for provisions to raise revenue for new spending so that its revenue-neutral as a whole, Mr Chervinsky explained.

The Joint Committee on Taxation has projected that, collectively, the provisions in the bill would boost revenue by $68.87 billion.

IRS Commissioner Charles Rettig requested broader authority from Congress in June to collect information on cryptocurrency transactions.

Mr Rettig said that these transactions, by design, were often off the radar screens, while noting that the most recent market cap in the crypto world exceeded $2.7 trillion and more than 8600 exchanges worldwide.

An original revenue-raising provision that was struck from consideration after losing Republican support involved giving $50 billion to the IRS to beef up its enforcement and tax-collecting initiatives as means to crack down on filers who are not fulfilling their obligations.

Senate Majority Leader Chuck Schumer said he hoped to move forward with a vote on the infrastructure bill this week.

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Rep. Roy delivers remarks on devastating impacts of Austin Democrats’ defunding of the police – Chip Roy

Posted: at 2:06 pm

WASHINGTON Today, after a roundtable with law enforcement hosted by the House GOP American Security Task Force, Rep. Chip Roy (TX-21) gave the following remarks about the devastating impact that the radical movement to defund the police has had on Austin, Texas and other cities around the country.

Footage can be found at the link here. A rough transcript is below:

We're here in Austin, Texas, which is home to at least the three of us who are representing parts of Austin. I live outside of Austin towards Dripping Springs, Texas. I love Austin. Austins a great city. Austin's a city that I mean, I'm proud of its history and legacy of what it is as a city, but Austin is in trouble because of a reckless Democrat City Council that is endangering its citizens. That's just the fact and that just the truth and we know that, and we see it happening every day.

My great, great grandfather was a Texas Ranger in Travis, Hays, and Blanco county. My grandfather was a chief of police of Sweetwater, Texas. I worked at the US Attorney's office on Project Safe Neighborhoods rooting out drugs and gun crimes, partnering with local law enforcement, worked in the Attorney General's office, and had law enforcement there as the first assistant of the Attorney General working with them to root out crime across the state of Texas.

It is so critical to a functioning and free society that we root out crime and right now, unfortunately,Democrats in Austin, Texas in the City Council, including Mayor Adler, andpeople across this country, in Washington, DC, are against law enforcement and making it easy for criminals to run ram shod over the people of Austin, Texas.

Right now, there is some little girl moving up I-35, right now as we speak, that is going to be put into the human/sex trafficking trade. That's happening right now as we sit here.

We have gangs right now that are organizing in Austin, Texas.

We have another shooting just like we had on 6th street just a few weeks ago because law enforcement is hamstrung, unable to do what they need to do because they have to divert resources to fund, and have the resources for 911 calls, and to actually police the streets, and now gangs are in power.

Human trafficking units are unable to intercept that little girl before she gets sold into that trade.

Right now, we have some young American, young Texan, in Westlake, Austin, East Austin, North Austin who is going to die of an opioid overdose because of something like Xanax being lased with fentanyl- now that we have 8,500 pounds of fentanyl that has been intercepted at our border.

But thats not all the fentanyl that is coming in. You talk to DPS, we now know that fentanyl is coming into Texas, into our communities, and you all in the media see this every day when you see the horror stories of our young people dying from opioid overdoses.

92,000 across this country, 92,000- that is a direct result of open borders, a direct result of undermining our law enforcement and police officers, a direct result of coddling criminals and not putting the resources necessary to actually root out crime in our streets.

It's enough. The American people are tired of it. The people of Texas are tired of it. The people of Austin are tired of it and we're here to stand with law enforcement and to have their back.

Congressman Roy also issued a statement about the task force roundtable which can be found here.

Footage of the entire press conference can be found here.

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After Adams Criticizes the Left, New York Democrats Try to Clear the Air – The New York Times

Posted: at 2:06 pm

When Eric Adams arrived on Capitol Hill on Wednesday, he received a warm welcome from members of the states congressional delegation but also a pointed reminder about the importance of unity.

At a closed-door meeting of New York Democratic elected officials, Representative Nydia M. Velzquez advised Mr. Adams, the Democratic nominee for mayor of New York City, to avoid any appearance of criticizing members of the delegation, according to seven people familiar with the exchange.

I said I wanted to remind him that in the age of social media and communications, that we needed to be careful as to what we say and that it is important that we treated everyone with respect, said Ms. Velzquez, an emerging leader of the partys progressive wing in the state, confirming the account.

Her remarks came a day after The New York Post reported that Mr. Adams cast the Democratic Socialists of America as an archenemy at a recent fund-raiser. He did not mention Representative Alexandria Ocasio-Cortez by name, the report said. But some nevertheless saw his remarks as implicit criticism of the congresswoman, who is closely associated with the democratic socialist group, particularly given Mr. Adamss rebuke of her policing positions during the primary.

It was important to clear the air, Ms. Velzquez said. I said, Look, we have disagreements, and we have different approaches, and we have different philosophies, but that doesnt entitle anyone to be disrespectful to anyone. And I want for him to know that I am prepared to call people out when those things happen.

In a brief interview Wednesday evening, Ms. Ocasio-Cortez declined to discuss the meeting with Mr. Adams specifically but offered him a piece of advice.

It is always a good idea for any mayor to respect all of the members that are responsible for representing the delegation, and not just to respect us as individuals but to respect the communities that we represent, she said. I think its important to preserve that on a higher note.

The gathering illustrated both opportunities and perils for Mr. Adams, the brash Brooklyn borough president who is almost certain to become mayor of New York City, where registered Democrats vastly outnumber Republicans. He has a penchant for hyperbole and can veer into strikingly sharp criticism of opponents, as he sometimes did during the mayoral primary campaign. Ms. Velzquezs admonition was a reminder that in her view, he risked doing a disservice to New York if he were to antagonize members of its delegation.

But for now, delegation members and other national Democrats appear eager to embrace Mr. Adams, and several attendees said he reciprocated with strong interest in engaging with Washington and in resetting relationships after a bruising primary.

After Election Day, were no longer campaigning, Mr. Adams said. Were governing.

Mr. Adams stressed to reporters after the meeting that he had not singled out Ms. Ocasio-Cortez by name as a political foe.

The delegation meeting marked a significant day for Mr. Adams, who met with some of the highest-ranking Democrats in the nation, including Representative James E. Clyburn of South Carolina, the No. 3 House Democrat; Representative Hakeem Jeffries, New Yorks top House Democrat; and the Senate majority leader, Chuck Schumer.

Eric is going to be a mayor for all New Yorkers, regardless of party or ideology, said Evan Thies, Mr. Adamss campaign spokesman. He did not dispute the attendees accounts of Mr. Adamss exchange with Ms. Velzquez.

Several lawmakers said that Mr. Adams approached the meeting hoping to engage Democratic lawmakers across the ideological spectrum, including those who opposed him in the primary.

It was a chance, they said, to build strong working relationships as New York City navigates staggering challenges concerning public health, safety, education and the economy.

Representative Ritchie Torres, an early backer of Andrew Yangs mayoral campaign, said Mr. Adams recognizes that the partnership between the New York City congressional delegation and the mayor is indispensable.

He essentially said that he cannot succeed without the delegation, said Mr. Torres outside the event. The delegation is united in enabling him to govern New York as effectively as possible. Everything else is secondary.

Mr. Torres and others in attendance said Mr. Adams demonstrated humility and a clear eagerness to collaborate.

Representative Jamaal Bowman, a left-wing lawmaker, dismissed primary season disagreements as water under the bridge, though he said he supported Ms. Velzquezs remarks in the meeting. He said he and Mr. Adams found common ground around issues of education and ensuring students receive sufficient support. Weve got to work together to meet the needs of the city, he said.

Ms. Velzquez emphasized that they had also discussed issues including affordable housing, and she pledged to work with Mr. Adams because its about the city of New York.

Mr. Adams, who also attended a meeting of the Congressional Black Caucus, was invited to the delegation gathering by Representative Jerrold Nadler, the dean of the congressional delegation, both men said.

After the meeting, Mr. Adams said in a statement that attendees discussed issues including combating gun violence, doubling federal investment in the New York City Housing Authority, improving education and child care and battling climate change.

He took several questions from the news media, flanked by Mr. Jeffries; Representative Sean Patrick Maloney, the chairman of the House Democratic campaign arm; and Representatives Adriano Espaillat and Thomas Suozzi, two significant endorsers.

Mr. Adams, a former police captain who sought to combat police misconduct from within the system, ran for office promising to battle both violent crime and racial injustice.

In the primary, Ms. Ocasio-Cortez endorsed Maya Wiley, a former counsel to Mayor Bill de Blasio who called for a narrower role for the police in public safety. After Ms. Ocasio-Cortezs endorsement, Mr. Adams claimed that she and Ms. Wiley would endanger the lives of New Yorkers with their policies.

After several of Ms. Wileys most progressive rivals for the nomination faltered, many left-wing New Yorkers coalesced behind her. Some of those Democrats looked askance at Mr. Adamss policy positions, including his embrace of the business and real estate sectors and his support for charter schools.

A former senior adviser to Justice Democrats, an organization that played a key role in elevating Ms. Ocasio-Cortez to Congress, led a small super PAC that campaigned for Ms. Wiley, and against Mr. Adams.

As Mr. Adamss meeting with the delegation wrapped up, there was one more show of unity between Ms. Velzquez and Ms. Ocasio-Cortez: Ms. Ocasio-Cortez put her arm around Ms. Velzquez, and they walked off in an extended embrace.

Nicholas Fandos and Chris Cameron contributed reporting from Washington.

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Bitcoin is a must have in your portfolio: Expert – Yahoo Finance

Posted: at 2:06 pm

Greg Swenson, Brigg Macadam Founding Partner, joins Yahoo Finance to discuss the outlook on the crypto market amid the push for crypto regulation and investment opportunities in the overall market.

KRISTIN MYERS: I want to continue this market conversation now with Greg Swenson, founding partner at Brigg Macadam. So, Greg, I want to first just start here on Bitcoin and cryptocurrency. I'm going to ask you about Gary Gensler's comments in just a moment. But I was reading through your notes. We're seeing right now Bitcoin down over 3%. Actually, almost 4% right now. Now, in your notes, you mentioned that Bitcoin, you called it a great inflation hedge. Why so bullish on Bitcoin as an inflation head, especially considering the amount of volatility that we have seen in Bitcoin and in cryptocurrency just even in the last two months?

GREG SWENSON: Yeah, that's a great question, Kristin. And yes, there has been plenty of volatility in Bitcoin. I mean, it's off almost 50% from its all-time high earlier this year. And you saw a lot of short covering even-- even last week. I think on the 25th, it went up to 48 at one point because of the massive liquidation of short positions, and then it settled back in around 40. So look, it's been in this range. It's sort of stuck in this 30 to 40 range. I think it's a massive buy when it gets close to 30, and maybe you take some of the leverage off when it gets close to 40.

But, you know, considering that you have this emphasis on regulation and all this chat from the SEC and other regulatory bodies and it's still holding in there in the high 30s, I think that's a really good sign. And I think, as you mentioned, long term, it's a great inflation hedge. The volatility, you have to live with it. You buy on the dips. When you see 20% corrections, you know, buy more. But at this point, I look at it as a long-term inflation hedge. With the money printing that's going on from the Fed and the government with the reckless spending, I think it's a must-have in your portfolio.

Story continues

KRISTIN MYERS: So now, of course, I would love to get your thoughts on what SEC Chair Gary Gensler did say about how he wants more oversight on not just Bitcoin, but the other cryptocurrencies. We've heard from-- some folks say that in the long term, regulation is actually going to be good for Bitcoin, good for some of the other cryptocurrencies. Of course, short term, it does cause at least some pressure on cryptocurrencies. But what are some of your thoughts and some of your comments that regulation is definitely coming, or could be coming, down the pike for cryptos?

GREG SWENSON: Yeah, look, it's inevitable, especially with this administration. I mean, you know, if it moves, tax it. If it moves a lot, regulate it. You know, that's-- that's going to happen. And ultimately, it stifles innovation. It adds market friction, which is unfortunate. But I think that's built into the price right now. Those expectations are there, and I don't think that's going away. So overregulation is something that the market has to deal with. It's unfortunate. It's happened in the energy sector, you know, since January. And I think that's, you know, that's been a headwind both for cryptos, for Bitcoin specifically, as well as energy, which you talked about in your prior segment.

But I don't-- ultimately, it'll be OK. And, you know, Bitcoin has done well in spite of, you know, the ban in China, liquidations around tax time, and I think you expect some, you know, additional or increased pressure for regulation as well as taxation. So that's something that, you know, ultimately will be a bit of a headwind. But I think in the long term, again, with the massive spending and the debasing of the currency, I think it's a long-term buy and hold, and don't worry about the volatility.

ALEXIS CHRISTOFOROUS: All right, Greg, I want to move away from cryptos for a moment and talk about the broader market and where you see opportunity because I understand you actually like equities outside the US right now. Can you tell us in particular which markets you're looking at?

GREG SWENSON: Yes. I mean, if you want to talk about specific or individual stocks, you know, in your earlier segment, we talked about BP earnings, and that's fantastic. I think, you know, I've been talking about BP for a long time, when you could buy it at around a 5% yield. I think it's down now, with the rally today, around 4.85%, but that's still a great yield. And it's got exposure to energy markets quite obviously, and that's a good inflation hedge as well because, you know, obviously, you know, to have exposure to oil and other energy segments is a good thing in an inflation-- inflationary environment.

In terms of the European market overall, you know, if you're playing the rebound trade, if you're playing the reopening and the economic rebound, it's a good sign in Europe the expectations for earnings are actually-- or earnings growth are actually higher in Europe, or the MSCI ex US. And also consider that, you know, you will see more of this rotation trade out of tech into cyclicals.

You know, cyclicals are having a great day today. They've done well this year. But I think that rotation will continue. And, you know, the MSCI ex US is 56% cyclical, or industrial, as opposed to only 13% tech. And in the US, the S&P is 37% cyclical and 27% tech. So if you're playing the rotation trade, I like Europe and the rest of the world a lot more than the US.

KRISTIN MYERS: All right, we're going to have to leave that there. Greg Swenson, Brigg Macadam founding partner, thanks so much for joining us.

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Bitcoin is a must have in your portfolio: Expert - Yahoo Finance

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