
Amazon.com defeats lawsuit by Prime Video subscribers over commercials
Subscribers who paid $139 a year for Prime Video said Amazon had led them to believe the service would remain ad-free. They said the ads amounted to a price increase that breached their subscriber agreements and violated Washington state consumer protection laws.
U.S. District Judge Barbara Jacobs Rothstein in Seattle concluded, however, that the ads were a "benefit modification" specifically contemplated and authorized by Amazon and the subscribers. The change went into effect in January 2024.
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Exclusive-Tesla IT exec with no traditional car-sales experience is running sales, sources say
A relatively little-known information technology executive is running Tesla's sales team as the electric carmaker grapples with a sales freefall, according to people familiar with the matter. Raj Jegannathan, a senior executive with a wide purview including several IT and data functions, recently took over the sales role, said the people familiar with the matter. Some inside Tesla have interpreted this to mean that Jegannathan has assumed the role of Troy Jones, Tesla's top sales executive in North America until he departed earlier this month after 15 years with the company, said the people. Jegannathan, who has recently grown closer to CEO Elon Musk, has no traditional sales experience, according to two people familiar with the matter and his LinkedIn profile. Reuters could not determine if it is an interim role. Demand for Tesla's cars in Europe and North America has dropped sharply. Last quarter, its quarterly sales plunged 13 per cent to the weakest in nearly three years, due to a backlash to Musk's politics, Tesla's aging vehicle lineup and increased competition from rivals offering more affordable alternatives. Tesla did not immediately respond to a request for comment. Jones, the latest in a string of high-level departures, managed the fallout as Musk's political affiliation with U.S. President Trump prompted left-leaning consumers to shun Tesla. As Tesla's sales were dropping earlier this year, Jones implored managers to work on selling and pushed back against concerns over political headwinds related to Musk, according to a person who heard the comment. Other key figures who recently left include Musk's confidant Omead Afshar, who was in charge of sales and manufacturing operations in North America and Europe. Jegannathan's expanded role has been interpreted as taking over Afshar's responsibilities as well, some of the people said. Milan Kovac, the head of Tesla's Optimus humanoid robot team, announced he was leaving in June. Other recent departures include top battery executive Vineet Mehta and software chief David Lau. Last year, Tesla faced a wave of high-level departures, including chief battery engineer Drew Baglino and global public policy head Rohan Patel. Jegannathan has spent 13 years at Tesla in technology roles. He joined in 2012 as a senior staff engineer, with responsibilities for internet traffic and cloud security, according to his LinkedIn page. More recently, he has helped develop Tesla's data center effort in Texas, two people familiar with the matter said. His duties have expanded rapidly. Earlier this year, he became a vice president for IT/AI infrastructure, apps and information security, according to his LinkedIn page. In recent months, he has taken over Tesla's vehicle-service operations, according to a person familiar with the matter and Jegannathan's comments on X. Jegannathan was among the Tesla employees seconded to Twitter after Musk's takeover of the company in 2022, according to a person familiar with the matter and a media report.


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Trump signs US stablecoin law, pushing crypto industry closer to mainstream adoption
WASHINGTON: US President Donald Trump on Friday (July 18) signed into law the country's first major regulation on stablecoins, marking a milestone for the cryptocurrency sector as it pushes to gain broader legitimacy and adoption. The new law, officially titled the GENIUS Act, establishes federal rules for stablecoins—cryptocurrencies designed to maintain a fixed value, typically pegged to the US dollar. The bill passed the House by a vote of 308 to 122, with support from most Republicans and nearly half of Democrats. 'This signing is a massive validation of your hard work and pioneering spirit,' Trump said during the signing ceremony, which included several crypto executives. Under the law, stablecoins must be fully backed by liquid assets, including US dollars and short-term Treasury bills. Issuers will be required to publicly disclose the composition of their reserves each month. The law is seen as a significant victory for crypto advocates, who have lobbied for a clear regulatory framework for years. The move aims to provide certainty for the sector, encourage innovation and draw in mainstream institutions and users. MARKET IMPACT AND CRITICISM The stablecoin market, currently valued at more than US$260 billion according to CoinGecko, could expand to US$2 trillion by 2028, Standard Chartered estimated earlier this year. Industry players argue the law will increase stablecoins' credibility and facilitate their use by banks, merchants and consumers for instant payments. Some crypto firms, including Circle and Ripple, are already pursuing banking licenses to enable faster, lower-cost settlement and increase trust. However, critics say the legislation falls short on several fronts. Democrats and consumer advocates argue it lacks strong anti-money laundering protections and fails to restrict tech giants or foreign entities from issuing their own stablecoins, raising concerns over market concentration and regulatory oversight. The law's passage follows an aggressive lobbying push by the crypto sector, which spent more than US$245 million in the 2024 election cycle backing pro-crypto candidates, including Trump, according to Federal Election Commission data. GROWING DEMAND FOR TREASURY BILLS Supporters of the legislation say it could create new demand for US Treasury bills, as issuers are required to hold large quantities of short-term government debt to back their tokens. JPMorgan analysts wrote in April that stablecoin issuers could become the third-largest buyers of T-bills in the coming years. But some worry the added pressure on the Treasury market could contribute to volatility. US banks are reportedly weighing their entry into crypto through pilot programs and limited trading operations, according to a Reuters report in May. TRUMP'S PERSONAL TIES TO CRYPTO Trump has increasingly aligned himself with the digital asset industry. In March, he signed an executive order establishing a strategic bitcoin reserve. Earlier this year, he launched a meme coin called $TRUMP and holds a partial stake in World Liberty Financial, a crypto firm. These ventures have drawn scrutiny from Democrats, who raised conflict-of-interest concerns as the legislation progressed. At one point, their opposition threatened to derail the bill. The White House has denied any ethical violations, saying Trump's financial holdings are in a trust managed by his children. During his presidential campaign, Trump told a crypto conference he intended to make the US 'the crypto capital of the planet.' With the signing of the stablecoin law, the industry is one step closer to that vision.


CNA
an hour ago
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Trump signs stablecoin law as crypto industry aims for mainstream adoption
U.S. President Donald Trump on Friday signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative chaos. "This signing is a massive validation of your hard work and pioneering spirit," said Trump at a signing event that included several crypto executives. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly. The new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves monthly. Crypto companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds instantly. The stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion, could grow to $2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this year. The law's passage culminates a long lobbying effort by the industry, which donated more than $245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission data. The Republican president, who has since launched his own coin, in turn aligned himself with the industry and told a crypto conference during his presidential campaign that he would make the U.S. "the crypto capital of the planet." But Democrats and critics have said the law should have blocked big tech companies from issuing their own stablecoins, which could increase the clout of an already powerful sector, contained stronger anti-money laundering protections and prohibited foreign stablecoin issuers. COULD BOOST DEMAND FOR T-BILLS Big U.S. banks are internally debating an expansion into cryptocurrencies as regulators give stronger backing to digital assets, but banks' initial steps will be cautious, centering on pilot programs, partnerships or limited crypto trading, Reuters reported in May. Meanwhile, several crypto firms including Circle and Ripple are seeking banking licenses. This would enable the companies to settle payments faster and cut costs by bypassing intermediary banks, as well as enhancing their legitimacy. Backers of the bill have said it could potentially give rise to a new source of demand for short-term U.S. government debt, or T-bills, because stablecoin issuers will have to purchase more T-bills to back their assets. But others worry this activity could increase volatility in the Treasury bills market. In an April research note, JPMorgan analysts estimated that stablecoin issuers could become the third-largest buyer of Treasury bills in the coming years. TRUMP CREATES BITCOIN RESERVE Trump has sought to broadly overhaul U.S. cryptocurrency policies, signing an executive order in March establishing a strategic bitcoin reserve. The president has moved personally into digital assets, launching a meme coin called $TRUMP in January and partly owning crypto company World Liberty Financial. Democrats in Congress grew increasingly critical of Trump and his family members promoting their personal crypto projects, and their ire threatened to derail the legislation at one point. The White House has said there are no conflicts of interest for Trump and that his assets are in a trust managed by his children.