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Mike Lee's proposed public lands sale blocked by Senate parliamentarian

Mike Lee's proposed public lands sale blocked by Senate parliamentarian

Axios6 hours ago

A proposal by Utah Sen. Mike Lee, a Republican, to sell millions of acres of public lands to private housing developers hit the skids late Monday when the Senate parliamentarian ruled it couldn't be included in President Trump's One Big, Beautiful Bill.
Why it matters: Lee's plan would have ordered federal land managers to sell up to about 3.3 million acres of land for housing and infrastructure.
Lands eligible for sale included some of Utah's most beloved backcountry destinations for hiking, camping, skiing and more.
Driving the news: The Senate parliamentarian decided Monday night that Lee's proposal violated rules limiting "extraneous" measures that can be added during budget reconciliation.
To overcome the ruling, Lee's plan would require a 60-vote majority.
Catch up quick: Lee's proposed land sale prompted widespread backlash, including from some Republicans.
Lee said the land sales would make room for more housing in western states — but the policy language didn't require homes built on the land to meet any standard for affordability.

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Alvin Bragg, Manhattan prosecutor who took on Trump, wins Democratic primary in bid for second term
Alvin Bragg, Manhattan prosecutor who took on Trump, wins Democratic primary in bid for second term

Hamilton Spectator

time21 minutes ago

  • Hamilton Spectator

Alvin Bragg, Manhattan prosecutor who took on Trump, wins Democratic primary in bid for second term

NEW YORK (AP) — Manhattan District Attorney Alvin Bragg, the prosecutor who oversaw the historic hush-money case against President Donald Trump, won Tuesday's Democratic primary as he seeks reelection. Bragg defeated Patrick Timmins — a litigator, law professor and former Bronx assistant district attorney — to advance to November's general election. About 70% of registered Manhattan voters are Democrats. The first-term incumbent will face Republican Maud Maron, who was a public defender for decades and previously ran for Congress and NYC's City Council as a Democrat. Bragg has long been one of the nation's most prominent prosecutors, spotlighted in TV's 'Law & Order' and other shows. The DA directs about 600 attorneys in one of the biggest local prosecutors' offices in the U.S. He raised the office's profile still further by bringing the hush-money case. His predecessor, fellow Democrat Cyrus R. Vance Jr., spent years investigating various Trump dealings but didn't procure an indictment . Bragg decided to focus on how and why porn actor Stormy Daniels was paid $130,000 to clam up about her claims of a 2006 sexual encounter with the married Trump. The payment was made, through the then-candidate's personal attorney, weeks before the 2016 presidential election. Trump's company records logged the money as a legal expense. Trump denied any wrongdoing and any sexual involvement with Daniels. But a jury last year found him guilty of 33 felony counts of falsifying business records, the first-ever felony conviction of a former — and now again — U.S. commander in chief. Trump is appealing the verdict. The Republican president has long derided the case as a political 'witch hunt,' and he has kept lambasting Bragg by social media as recently as March. Bragg, 51, was a civil rights lawyer, federal prosecutor and top deputy to New York's attorney general before becoming DA. Raised in Harlem and educated at Harvard, he's the first Black person to hold the post. His tenure had a rocky start. Days after taking office in 2022, he issued a memo telling staffers not to prosecute some types of cases, nor seek bail or prison time in some others. After criticism from the police commissioner and others, Bragg apologized for creating 'confusion' and said his office wasn't easing up on serious cases. The matter continued to animate his critics. Trump repeatedly branded Bragg 'soft on crime,' and Timmins said on his campaign site homepage that the memo 'has brought about increased crime and a perception of chaos in the subway and on our streets.' Timmins — who has raised about $154,000 to Bragg's $2.2 million since January 2022 — also pledged to do more to staunch subway crime, keep cases from getting dismissed for failure to meet legal deadlines, and prioritize hate crimes, among other things. Bragg's campaign emphasized his efforts to fight gun violence, help sexual assault survivors, prosecute hate crimes and go after bad landlords and exploitative bosses, among other priorities. His office, meanwhile, has been enmeshed in a string of high-profile cases in recent months. The office is using a post-9/11 terrorism law to prosecute UnitedHealthcare CEO killing suspect Luigi Mangione , lost a homicide trial against Marine veteran and Republican cause célèbre Daniel Penny in a case that stirred debate about subway safety and self-defense, and retried former movie mogul Harvey Weinstein on sex crimes charges. Mangione, Penny and Weinstein all pleaded not guilty. Bragg unexpectedly inherited the Vance-era Weinstein case after an appeals court ordered a new trial. In a jumbled outcome, jurors this month convicted Weinstein on one top charge, acquitted him of another and didn't reach a verdict on a third, lower-level charge — which Bragg aims to bring to trial a third time. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .

Coinbase Global (COIN) Adds Market Torque as U.S. Senate Ushers in Tokenized Trading
Coinbase Global (COIN) Adds Market Torque as U.S. Senate Ushers in Tokenized Trading

Yahoo

time28 minutes ago

  • Yahoo

Coinbase Global (COIN) Adds Market Torque as U.S. Senate Ushers in Tokenized Trading

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This structure allows users to benefit from fast, low-cost digital transactions while avoiding the extreme volatility typically associated with crypto assets. As the largest registered crypto exchange in the U.S. and a key player behind USD Coin (USDC), Coinbase is strategically positioned to capture a meaningful share of this rapidly expanding market. At the same time, Coinbase is actively exploring tokenized trading, a technology that could enable 24/7 market access, faster settlement, and greater global reach. Tokenized equities—digital versions of traditional company shares that operate on blockchain infrastructure—have the potential to transform capital markets by improving efficiency and accessibility. Currently, however, tokenized equity trading remains prohibited in the U.S. Yet, the recent advancement of the GENIUS Act suggests a shifting regulatory climate that is becoming more receptive to digital assets. In that context, Coinbase's efforts to influence and align with regulators appear to be well-timed and strategically positioned for future adoption. Despite recent encouraging developments, key risks still loom. The GENIUS Act, while promising, is still making its way through the legislative process—and as history shows, bipartisan support in the Senate doesn't guarantee smooth passage in the House. Political pushback could result in amendments that dilute the bill's benefits for companies like Coinbase. Additionally, the path to tokenized equities remains uncertain. Their future hinges not only on favorable regulation but also on broad market acceptance and infrastructure readiness, making widespread adoption a longer-term and less certain prospect. On Wall Street, COIN sports a Moderate Buy consensus rating based on 13 Buy, 11 Hold, and zero Sell ratings in the past three months. COIN's average price target of $268.70 implies ~13% downside potential over the next 12 months. Bear in mind that COIN is up nearly 21% in the past five days, so its average price target hasn't yet adjusted to several analyst upgrades. In May, analyst Mark Palmer from Benchmark Co. maintained a Buy rating on COIN with a price target of $252. The rating followed Coinbase's inclusion in the S&P 500, which the analyst believes is 'likely to attract passive investment flows from funds tracking the index.' Moreover, he noted that its 'selection by the S&P 500 Committee also underscores Coinbase's adherence to high standards of profitability, regulatory compliance, and governance, reinforcing the company's strategic position in the financial sector.' Coinbase is benefiting from a wave of favorable developments that could accelerate the adoption of both its trading platform and USDC. The GENIUS Act, if fully passed, would legitimize Coinbase's fast-growing stablecoin business and strengthen its position as a key player in the digital asset ecosystem. At the same time, the company's pursuit of SEC approval for tokenized equity trading represents a bold strategic move that, if successful, could disrupt traditional finance and diversify Coinbase's revenue beyond transaction fees. This combination of regulatory momentum and long-term innovation presents a strong case for bullish investors, even as Coinbase's valuation remains elevated at a P/E of 55.3. However, competition from platforms like Robinhood (HOOD) and stablecoins, like PayPal's (PYPL) 'PayPal USD,' should not be overlooked. The GENIUS Act is also still pending final approval, and specific provisions—such as tighter regulatory scrutiny—may introduce new operational risks. Overall, Coinbase remains a high-risk, high-reward opportunity for investors seeking exposure to the rapidly evolving crypto space. 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A test of oil-eating microbes is underway at a retired fossil-fuel field in Central Valley
A test of oil-eating microbes is underway at a retired fossil-fuel field in Central Valley

Los Angeles Times

time33 minutes ago

  • Los Angeles Times

A test of oil-eating microbes is underway at a retired fossil-fuel field in Central Valley

Microbes can break down everything, including methane and plastic. Now, a startup is pioneering their use to consume oil and produce clean hydrogen. Houston-based Gold H2 has completed a field trial at a retired oilfield in California's San Joaquin Basin, successfully producing hydrogen underground using its novel biotechnology in what it says is a world first. The most common form of clean hydrogen is produced using machines that can split apart water, but the process is expensive compared with producing it with fossil fuels. Gold H2 is working to bring down costs of the green fuel by utilizing existing resources and infrastructure. The startup introduces a proprietary blend of microbes and nutrients into nearly depleted oil reservoirs. The microorganisms then break down the oil in the reservoir, excreting hydrogen in the process that the startup can pump to the surface. The startup's value proposition to an oil company is, 'Let's utilize this oil that you're unable to produce, and rather than go and abandon these assets, let's produce what's down there in a clean and cost-effective manner,' said Chief Executive Officer Prabhdeep Singh Sekhon. Gold H2 has a path to producing hydrogen at a cost of about 25 cents per pound, which could make it cost-competitive with natural gas, Sekhon said. The company's process emits some carbon dioxide running its hydrogen purification system, though Gold H2 estimates that the emissions would be comparable to green hydrogen produced by electricity and well below gas derived from fossil fuels. The company is finalizing other field trials in the U.S. and globally, with one planned for the third quarter in Texas. But scaling the process to reach commercial scale, let alone be cost-competitive with other forms of hydrogen, remains challenging. Other startups are also trying to find and tap underground deposits of hydrogen, some of which could be nearly 100% pure. In comparison, Gold H2's field test produced hydrogen at a 40% purity, which is 'incredibly low,' said Musfika Mishi, a technology and innovation analyst for BloombergNEF. That means Gold H2 will have to purify and process the hydrogen it produces to strip away other gases, an expensive process. Federal incentives for clean hydrogen are on the chopping block as part of Republicans' tax bill. The current Senate version eliminates a production tax credit, which would probably keep U.S. demand low for clean hydrogen — which can be used in place of fossil fuels for hard-to-abate sectors such as shipping and aviation. The Senate is considering a path to saving the credit. Because of the uncertainty, Gold H2 is targeting building projects abroad and sees potential in Canada, the Middle East, Europe and Brazil, Sekhon said. 'We're definitely — I don't want to say insulated — but preparing for international deployment,' Sekhon said. Ma writes for Bloomberg.

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