The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now.

Jim Cramer Praises SEC Chairman Gary Gensler

The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

The Mad Money host tweeted Friday:

Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy.

Crypto lender Genesis Global Capital LLC is part of a subsidiary of venture capital firm Digital Currency Group (DCG). Genesis filed for bankruptcy following an SEC lawsuit alleging that the company and crypto exchange Gemini offered and sold unregistered securities to retail investors through the Gemini Earn crypto asset lending program.

Another DCG subsidiary is digital asset manager Grayscale Investments, which has been trying to convert its flagship Bitcoin Trust (GBTC) into a spot bitcoin ETF. However, the securities watchdog has not approved the company’s filing. In June last year, Grayscale filed a lawsuit against the SEC challenging the regulator’s decision to reject its bitcoin ETF application.

In addition, Bloomberg reported earlier this month that the U.S. Department of Justice (DOJ)’s Eastern District of New York and the SEC are investigating internal transfers between Genesis and DCG.

Many People Disagree With Cramer

Many bitcoin proponents on Twitter disagreed with the Mad Money host. Lawyer John Deaton wrote: “So anyone who favored a spot BTC ETF is a bully? Cramer believes people were protected by Gary Gensler NOT granting a spot ETF, even though BTC futures and short ETFs exist. These companies didn’t get in trouble because of bitcoin.” ETF Store President Nate Geraci opined:

I would argue exact opposite… SEC failing to approve spot ETF led to rise of GBTC arbitrage trade (where large accredited investors took advantage of retail). Meaningful portion of Genesis solvency issues stem from lending to 3AC, etc to execute that arbitrage trade (which blew up).

Cramer has repeatedly warned about the SEC doing a “roundup” of uncompliant crypto firms, advising investors to get out of crypto now. “I wouldn’t touch crypto in a million years,” the Mad Money host stressed. He often cited John Reed Stark, SEC’s former head of internet enforcement, who recently said a “regulatory onslaught is just beginning.” Following the SEC lawsuit against Gemini and Genesis, Cramer tweeted: “Here comes the crackdown: Genesis and Gemini are first. We have had a fabulous short squeeze run. Ka-ching. Ka-ching.”

SEC Slammed for Enforcement-Centric Approach

While Cramer appreciated Gensler and the SEC, many people have criticized the SEC chairman for focusing on enforcement and not taking action to prevent the FTX catastrophe after several meetings with former FTX CEO Sam Bankman-Fried (SBF).

Congressman Tom Emmer (R-MN) commented on Twitter last week after the SEC announced charges against Gemini and Genesis: “Gary Gensler is once again late to the game, ‘protecting’ no one. Quite clear that his political ‘regulation through enforcement’ strategy hurts everyday Americans.” In a follow-up tweet, the lawmaker wrote:

Gary Gensler, when can we expect proactive guidance instead of leaving the industry to interpret the rules of the road through your after-the-fact enforcement actions?

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What do you think about Jim Cramer thanking SEC Chairman Gary Gensler? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Kelowna-Lake Country MP Tracy Gray

As your representative (in Parliament) for Kelowna-Lake Country, it’s important to me to hear the day-to-day concerns of residents so I can bring them to Ottawa.

I do this by meeting with residents and organizations, attending local events, activities and celebrations, and by dropping in on small businesses.

I’ve heard that with the ringing in of the new year, many people are feeling anxious about 2023. It’s easy to understand why, with many significant organizations providing less than favourable forecasts for the year.

The Office of the Superintendent of Bankruptcy found both business and personal insolvencies are on the rise, with business insolvencies in Canada 58.3% higher in November 2022 than in November 2021. It was reported insolvency experts have seen the same trend in the Okanagan.

The Bank of Canada increased interest rates a record seven times in 2022. That, of course, hit families with mortgages and the timeline of when it will be felt hardest will depend on individuals personal situations.

Small businesses, still carrying extra debt from the pandemic, are now also running against the rise in interest rates as well as continued increases in other costs due to inflation. The Canadian Federation of Independent business (CFIB) reported the average small business took on $150,000 in new debt during the pandemic and many do not have sales back to pre-pandemic levels.

People have also been hit with higher food, fuel, home heating and housing costs, making it hard to pay for these basic necessities. Department of Natural Resources research found more than one in five Canadians indicated heating costs as a significant financial burden.

A Toronto-based food bank, Second Harvest, polled more than 1,300 Canadian charities on their outlooks for 2023 where they predicted a 60% increase in food bank usage.

An increase of that size would come on top of what our own Central Okanagan Food Bank reported was a 30% increase in use in 2022. The Mississauga Food Bank CEO said people have come in there asking about accessing Medical Assistance in Dying (MAID) – not because of illness, but because they couldn’t afford to live. It’s heartbreaking to hear this feeling of hopelessness in Canada.

Recent opinion research in Maru Public Opinion’s monthly household outlook index found more than one in four Canadians felt their financial position deteriorated in the last month. Canada’s record-high inflation continues to squeeze budgets and paycheques.

While federal ministers continue to argue inflation is not home-grown in any way, the last two governors of the Bank of Canada, Tiff Macklem and Mark Carney, both said the government’s increased spending over the past few years contributed to Canada’s inflation rate.

Former finance minister, Bill Morneau, recently revealed that when he presented the prime minister with a pandemic spending plan crafted by the experts at the Department of Finance, he found his proposal ignored in favour of far larger spending targets.

“Calculations and recommendations from the Ministry of Finance were basically disregarded in favour of winning a popularity contest,” said Morneau.

We now know the cost of that popularity contest with the independent Auditor General of Canada reporting billions in taxpayer-funded pandemic relief went to ineligible recipients, including for large profitable corporations.

I’ll press the government to rein in its discretionary spending and focus on delivering core government services that Canadians expect and deserve.

I’ll also advocate for much-needed tax relief on gas, groceries, heating and paycheques. People are struggling and looking for hope and I’ll stand up on these important issues.

If you need assistance with programs or have any thoughts to share, feel free to reach out, at 250-470-5075 or at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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Barry Silbert, Founder and CEO, Digital Currency Group

David A. Grogan | CNBC

Crypto lender Genesis filed for Chapter 11 bankruptcy protection late Thursday night in Manhattan federal court, the latest casualty in the industry contagion caused by the collapse of FTX and a crippling blow to a business once at the heart of Barry Silbert’s Digital Currency Group.

The company listed over 100,000 creditors in a “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.

related investing news

Three separate petitions were filed for Genesis’ holding companies. In a statement, the company noted that the companies were only involved in Genesis’ crypto lending business. The company’s derivatives and spot trading business will continue unhindered, as will Genesis Global Trading.

“We look forward to advancing our dialogue with DCG and our creditors’ advisors as we seek to implement a path to maximize value and provide the best opportunity for our business to emerge well-positioned for the future,” Genesis interim CEO Derar Islim said in a statement.

The filing follows months of speculation over whether Genesis would enter bankruptcy protection, and just days after the Securities and Exchange Commission filed suit against Genesis and its onetime partner, Gemini, over the unregistered offering and sale of securities.

Genesis listed a $765.9 million loan payable from Gemini in Thursday’s bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable.

Gemini co-founder Cameron Winklevoss initially responded to the news on Twitter, writing that Silbert and DCG “continue to refuse to offer creditors a fair deal.”

“We have been preparing to take direct legal action against Barry, DCG, and others,” he continued.

“Sunlight is the best disinfectant,” Winklevoss concluded.

Genesis is in negotiations with creditors represented by law firms Kirkland & Ellis and Proskauer Rose, sources familiar with the matter told CNBC. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

FTX’s collapse in November put a freeze on the market and led customers across the crypto landscape to seek withdrawals. The Wall Street Journal reported that, following FTX’s meltdown, Genesis had sought an emergency bailout of $1 billion, but found no interested parties. Parent company DCG, which owes creditors a mounting debt of more than $3 billion, suspended dividends this week, CoinDesk reported.

The crypto contagion

Genesis provided loans to crypto hedge funds and over-the-counter firms, but a series of bad bets made last year severely damaged the lender and forced it to halt withdrawals on Nov. 16.

The New York-based firm had extended crypto loans to Three Arrows Capital (3AC) and Alameda Research, the hedge fund started by Sam Bankman-Fried and closely linked to his FTX exchange.

3AC filed for bankruptcy in July in the midst of the “crypto winter.” Genesis had loaned over $2.3 billion worth of assets to 3AC, according to court filings. 3AC creditors have been fighting in court to recover even a sliver of the billions of dollars that the hedge fund once controlled.

Meanwhile, Alameda was integral to FTX’s eventual demise. Bankman-Fried has repeatedly denied knowledge of fraudulent activity within his web of companies, but remains unable to provide a substantial explanation for the multibillion-dollar hole. He was arrested in December, and is released on a $250 million bond ahead of his trial, which is set to begin in October.

Genesis had a $2.5 billion exposure to Alameda, though that position was closed out in August. After FTX’s bankruptcy in November, Genesis said that about $175 million worth of Genesis assets were “locked” on FTX’s platform.

Genesis’ financial spiral has exposed Silbert’s broader DCG empire. The parent company was forced to take over Genesis’ $1 billion liability stemming from 3AC’s collapse. In a later letter to investors, Silbert disclosed an additional $575 million loan from Genesis to DCG for undisclosed investing purposes.

DCG pioneered publicly traded trusts, allowing investors to hold bitcoin and other currencies in their portfolio without direct exposure. Grayscale Bitcoin Trust’s discount to net asset value widened significantly last year as confidence in the conglomerate waned.

This is a developing story. Please check back for updates.

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When it comes to finding South Korean financial news, there are a few different avenues you can explore. You can find news through traditional media outlets, such as newspapers and television stations. With the advent of the internet, there are online sources for financial news than ever before. With so many options available, how do you know where to look? Below is a list of some of the best places to find financial news.

Searching the Internet for Financial News Websites

With just the slightest bit of online research, finding financial news has never been easier. Searching the internet for financial news websites can provide access to key information and up-to-date stories related to the markets, businesses around the world, and various investment opportunities.

Not only do many of these websites offer real-time updates, but also provide readers with in-depth analysis and commentary from a variety of market experts. Whether you’re an individual investor or a business seeking to thrive in today’s economy, having access to quality financial news is essential.

Checking the Business Section of Your Local Newspaper

Staying informed on current financial news can have a big impact when making important economic decisions. A great resource for this information is checking the business section of your local newspaper. You can find valuable insights on key events that could help determine stock prices, provide insight into the state of the economy.

It can also reveal helpful details about new laws and regulations. Whether you are investing or simply trying to form an educated opinion, staying up to date with financial news can give you the peace-of-mind to make informed decisions.

Listening to Business News Radio Programs

Listening to business news radio programs can be a great way to stay informed about current events in the business world. It’s an easy way for business owners or entrepreneurs to keep up with industry trends, economic predictions and other important topics. Business radio programs often feature interviews with key people in the field, providing tips and insights into successful strategies.

With these broadcasts, you can get a better sense of what is happening in the economy on a daily basis, which is critical information for any business owner or entrepreneur who wants to remain competitive. By staying informed through commercial news radio shows, you’ll stay one step ahead of the competition.

Watching Business News Television Shows

Watching business news television shows can be a great resource for staying informed on the latest economic and financial news. Some networks offer around-the-clock coverage of national and international markets and provide in-depth analysis to help put current trends into perspective. You can watch shows with well known anchors and expert panelists, as well as obtain valuable insight from smaller market commentators.

In addition, interviews with top executives give viewers unique perspectives from thought leaders in banking, finance, technology, and private industry. Watching business news television shows is an excellent way to stay informed on the daily changes occurring in the world of finance.

Conclusion

Being up to date with the latest financial news is crucial if you want to make sound investment decisions. There are a number of ways you can stay on top of the latest economic developments, including checking the business section of your local newspaper, listening to business news radio programs, watching business news television shows, and searching the internet for financial news websites.

By regularly consuming financial news from a variety of sources, you can gain a well-rounded understanding of what’s happening in the markets and make informed investment choices that will help you reach your financial goals. We hope that this article has helped you and given you a clear idea of where you can find South Korean financial news.

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Where Can You Find Financial News

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Debt ceiling: what’s it all about?

Across this week we’re going to be discussing aspects related to the US debt ceiling so, in case you’re not au fait with the term, here’s a little summary.

The debt ceiling is a legislative limit on the amount of national debt that the United States government is authorized to borrow. It is, effectively, intended to ensure that the government does not spend more than it can afford, but it has been a source of political controversy in recent years as lawmakers debate whether or not to raise the limit.

The debt ceiling does not limit the amount of money the government can spend, but rather the amount it can borrow to finance that spending. The United States Congress has the power to raise or lower the debt ceiling, and it has been raised many times in the past.

You could say it’s like a credit card limit for the government. Just like you have a limit on how much money you can borrow on your credit card, the government also has a limit on how much money it can borrow. Sometimes they raise it because the government needs to borrow more money to pay for things like schools, roads, and the military. It has caused some problems in the past when Congress doesn’t agree — yeah, that happens quite a bit — on whether or not to raise it.

Since the modern debt ceiling was first established in 1917, Congress has raised the limit more than 100 times. The frequency of increases has varied over time, with some periods seeing multiple increases in a single year and others going several years without any change.

A government shutdown or defaults on debt payments are what we all want to avoid.

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Back to the story about how private equity firm Bain Capital is looking at returning Virgin Australia to the Australian Securities Exchange.

Virgin was saved from collapse by Bain Capital during the pandemic after it was forced to lay off a third of its workforce and go into voluntary administration.

But now fortunes have turned around for the aviation industry with demand for travel surging.

In a statement, Bain Capital says it will seek advice on a potential future IPO (initial public offering) and re-listing  of Virgin Australia. 

The airline was public listed on the ASX for 16 years before it went into voluntary administration in 2020 and was bought by Bain Capital for $3.5 billion.

Former Jetstar chief executive Jayne Hrdlicka was appointed chief executive.

Bain notes that “importantly, no decisions have been made as to when, or even if, any IPO will happen.” 

Bain Capital Sydney based partner, Mike Murphy, said Virgin Australia was “in great shape.”

“In the coming months we will consider how to best position Virgin Australia for continued growth and long term-prosperity.”

“Prior to covid, Virgin Australia had a proud history as a public company.”

“While there is currently no set timetable, at some point in the future, if any IPO does happen, Bain Capital would welcome public market investors joining as as shareholders in what is a great Australian company.”

“Bain Capital has made a long-term commitment to support Virgin Australia’s growth and sustainability.”

“It is Bain Capital’s current intention to retain a significant shareholding in a future IPO of Virgin Australia.” 

Bain Capital mulls Virgin Australia IPO(Bain Capital)
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23 January has been earmarked by the IRS as the official beginning of the 2023 tax filing season. Being just over a week away many will be wondering the other significant dates in the tax calendar.

Filers will have nearly two full months for which to file their taxes with the deadline on 18 April. However, it is not worth leaving it late as the sooner you file your taxes, the sooner the IRS can process your refund, if that is what you are owed.

“This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act,” said Acting IRS Commissioner Doug O’Donnell.

Here is a list of the crucial dates you need to put in your diary for 2023. The crucial date, the closing of the filing season, has been marked in italics. Certainly one to put on the calendar.

Important dates for tax season 2023

• 13 January: IRS Free File opens
• 17 January: Due date for tax year 2022 fourth quarter estimated tax payment.
• 23 January: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.
• 27 January: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
• 18 April: National due date to file a 2022 tax return or request an extension and pay tax owed due to the Emancipation Day holiday in Washington, D.C.
• 16 October: Due date to file for those requesting an extension on their 2022 tax returns.

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Citigroup’s investment banking fees slipped by 58% in the final three months of 2022, capping a difficult year for dealmakers during which revenue halved and banks rolled out job cuts.

The Wall Street bank made $3.1bn in investment banking fees last year, a 53% decline on 2021 when fees reached new highs across the sector. In the final three months of the year, Citi’s dealmakers brought in around $1bn, which was a fall of 58%. Rival JPMorgan posted a 48% decline in dealmaking fees for 2022, while fees at rival Bank of America fell by 41%.

Banks have struggled against macroeconomic challenges, which have dampened appetite for dealmaking and forced them to roll out job cuts for the first time in three years. Citi’s M&A bankers made $1.8bn last year, which was a fall of 24%, while equity capital markets activity slumped by 74% as appetite for raising funds on stock markets disappeared.

Citi’s traders fared better, with markets revenue coming in at $17.9bn, an increase of 7%, buoyed by the performance of its fixed income unit. Overall net income at the bank was $14.8bn, which was a decline of 32% from a year earlier.

READ Bank of America’s 41% deal fee slump beats Wall Street rivals

“One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders and I am pleased with the significant progress we have already made in terms of our transformation, simplification and strengthening our five interconnected businesses, some of which delivered excellent results this quarter,” chief executive Jane Fraser said in a statement.

Citigroup has maintained its fifth-place spot in the global dealmaking fee league tables, taking 4% of the market, according to data provider Dealogic. It has been among the most active recruiters of senior dealmakers over the past year as it attempts to gain ground on Wall Street rivals, focusing hires on areas such as technology and healthcare coverage, but has nonetheless trimmed its ranks in recent months.

Fraser told a December conference that it was “repacing” its investments in dealmakers after an expected uptick in activity during the fourth quarter did not happen. Citi has a target of reaching the top three places in investment banking, and is gunning for the number one spot in Europe, the Middle East and Africa, executives have told Financial News.

Goldman Sachs cut 3,200 jobs in an attempt to rein in costs after dealmaking has slumped. These are the deepest of any large investment bank so far, with rival Morgan Stanley stripping out 1,600 roles in December, while Citigroup, Barclays and Deutsche Bank have all cut dozens of dealmakers.

To contact the author of this story with feedback or news, email Paul Clarke

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Turnout at Davos this year might be a bit like the snow: good at the top, but thinner than usual further down.

Big names like JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink are returning to the premier talkfest for the global elite. But there are questions about the quality and quantity of the lower ranks. Anecdotal evidence suggests that more organisations are staying away or cutting back their presence, partly for PR reasons.

“The optics of swanning around Davos in the middle of a massive cost-of-living crisis are not great,” says one corporate adviser.

The irony is that not since the global financial crisis have there been so many pressing issues for the Davos crowd to debate. Not since the financial crisis has there been a greater need for the sort of concerted international action that the Davos organisers say it facilitates.

The war in Ukraine, growth, energy and food security, the ESG backlash, protectionism, the China threat, recasting global supply chains and the future of digital assets — the list has never been longer.

Of course, for most of the attendees, the event is less about confronting these issues and more about networking and the ability to later drop into conversation lines like, “as Larry Summers argued at a lunch in Davos”.

For bankers, it is a target-rich environment with many of their top clients from all around the world queuing for the same buffet. As M&A has virtually dried up, dealmakers have plenty of time on their hands to schmooze the halls. And with hopes high of a revival of activity, particularly of the cross-border variety, the opportunity could hardly be better.

READ ESG experts split over Davos: ‘It’s a risky brand to be associated with’

Some of the criticism aimed at Davos is off-target. On the left, the Davos organisers are often seen as the high priests of globalisation and financial capitalism. Yet, from its earliest days in the 1970s, Davos has been at the forefront of the stakeholder capitalism movement and the programme was full of sessions on social inclusion and environmental protection well before they reached the business mainstream. Some on the right see Davos as the high temple of wokery and big government; the organisers boast that there will be near gender parity in session moderation this year.

The old joke about Davos is that it is the perfect contra-indicator – whatever the consensus of the conference you can bet it will turn out to be completely wrong, whatever the main focus of the debates, you can be sure that the real issue will prove to be something else entirely.

This is also slightly unfair. It is rare that what turns out to be the big issue was not addressed in some way at the conference. Take the pandemic. As I have pointed out before, the Covid disaster will not have come as a surprise to those Davos folk who had been paying attention. Year after year, Bill Gates warned Davos that a pandemic was coming. In 2019, Peter Sands, former chief executive of Standard Chartered, presented a paper at Davos that predicted there would be devastating global pandemics in the coming years with an average annual cost of $570bn, or two-thirds of the cost of global warming.

READ Davos becomes a snoozefest as bankers ‘struggle to find a party that goes past 7pm’

So what is the key issue that will be aired but not taken seriously enough this year? My money is on the need to fund energy transition in the developing world. There will be plenty of talk about the opportunities and challenges related to climate change in the developed world. And there will be sessions on the ESG world’s new focus on protecting biodiversity. But the much tougher problem is finding the $1tn a year of energy investment needed by developing and emerging economies by the end of the decade.

This issue is miles more important than most of the ESG and climate change stuff that big financial firms spend their time worrying about. Without this investment, the whole global effort to curb emissions will fail.

The bulk of the money will have to come from the private sector (much of it controlled by Davos attendees) but it won’t happen without support from governments and international development banks (also well represented at the conference). Ideally, most of the investment will come from the west to counter the growing influence of China and Russia in emerging markets. The very serious impact that the last few years have had on many less-developed economies makes action even more critical.

In a recent article in the Wall Street Journal, Jamie Dimon argued that only the US has “the capability to lead and coalesce the Western world” to tackle the challenges facing the globe. He is right, particularly in relation to energy transition in the developing world.

Dimon and other US financial bosses need to push this issue up the agenda. Davos provides the perfect platform.

To contact the author of this story with feedback or news, email David Wighton

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