The crypto industry’s Republican allies have introduced retrograde legislation to normalize the crypto assets known as stablecoins. This comforting moniker for a particular class of crypto assets is largely a public relations ploy that obscures their inherent risks. They really should be called un-stablecoins. However, they are a critical component of the crypto industry’s digital casino. And the crypto industry expects a huge return on its $130 million electoral spending spree. As such, passing this legislation would anoint stablecoins with federal imprimatur, exposing more crypto investors and the entire economy to more risk and instability.
Today, the Consumer Financial Protection Bureau, which has been largely shut down by Elon Musk’s team and Acting Director Russell Vought, pulled the plug on a lawsuit against an online lender, SoLo Funds, that the agency had alleged was deceiving borrowers and imposing deceptive fees on more than half a million borrowers.
Groups Launch Equitable & Just Insurance Initiative to Find Solutions to Climate-Driven Insurance Crisis By Andrew Cullen It’s no secret that the climate crisis is changing the insurance market in huge ways. Home insurance premiums are going through the roof as climate disasters are in increasing in number and intensity, leaving homeowners, especially those with
Last week, newly confirmed Treasury Secretary Scott Bessent granted billionaire Elon Musk’s Department of Government Efficiency (DOGE) team access to all of the federal government payments data. Musk’s team of tech bros are currently upending and disrupting the entire federal government without clear statutory authority or congressional approval.
The combination of Big Banks, Big Tech, and Big Data have converged to rampantly collect and commodify people’s most private information and financial data. These companies are surveilling every bank transaction, mouse click, cell phone tap, and online purchase.
Last December, Alex Mashinsky, the founder and former CEO of the crypto lender and trading platform Celsius Network, pled guilty to federal fraud charges and agreed to surrender $48 million in illegal gains from his schemes. Mashinsky admitted he misled customers about the safety of their investment accounts and used their funds to manipulate the price of Celsius’s in-house token.
