Latest news with #SWC
Coin Geek
20-05-2025
- Business
- Coin Geek
US Senate makes history, advances stablecoin bill to floor vote
Getting your Trinity Audio player ready... Stablecoin legislation is heading to the United States Senate floor for the first time, despite some senators' concerns that the bill they just advanced contains significant legal loopholes. Late on May 19, the U.S. Senate voted 66-32 to invoke cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aims to regulate so-called 'payment stablecoins.' The vote marks a historic step that will for the first time send stablecoin legislation to the Senate floor for a final vote. The move to invoke cloture required 60 'aye' votes, a hurdle that GENIUS failed to clear in a similar vote on May 8. That vote saw GENIUS receive 49 'aye' votes, only one more than those opposed. The ranks of those opposed included Senate majority leader John Thune (R-SD), who later said he voted 'nay' in order to revisit the process following further cross-party haggling. Following that setback, the two parties haggled behind closed doors most of last week to craft a version of GENIUS that could garner the 60 votes needed to move forward. While the resulting tweaks garnered the approval of some key Dems who previously voted 'nay,' those who remained opposed viewed these revisions as largely cosmetic, seemingly intended to give naysayers cover for switching their votes this time. It didn't hurt that the pro-crypto lobby group Stand With Crypto (SWC), funded by the Coinbase (NASDAQ: COIN) exchange, issued a not-so-veiled threat on Monday morning, tweeting that 'SWC will be scoring this vote as a KEY VOTE.' This means how senators vote on GENIUS would impact their SWC' scorecard,' aka the designation that determines whether they're pro- or anti-crypto (with potentially serious repercussions for those in the latter camp come the 2026 midterm elections). As Crypto in America reporter Eleanor Terrett noted following Monday's vote, 'all the candidates that [pro-crypto political action committee] Fairshake supported in the election' voted 'aye' on Monday. Earlier Monday, Politico reported that the plan was to vote to advance the revised version of GENIUS, allowing some opportunity for further debate on the Senate floor. But since the coming floor vote requires only a simple majority—which the GOP already has—the Dems who flipped their votes from last time have effectively surrendered their bargaining power before the bargain has been sealed. At any rate, GENIUS supporters in the Senate don't plan to wait long for a floor vote, which could come as early as Tuesday but will almost certainly come before the Memorial Day holiday (May 26). Assuming the floor vote tracks a similarly friendly path, the bill would then head to the House of Representatives, which has its own stablecoin bill (STABLE) in the works. What's new One of the main sticking points from the original GENIUS was its thumbs-up for Big Tech firms to issue their own stablecoins. A summary of changes in the revised GENIUS shows the dealmakers papered over this crack by requiring 'non-financial publicly traded companies' to receive approval from a new Stablecoin Certification Review Committee (SCRC)—comprised of the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC)—that would be tasked with ensuring a Big Tech stable didn't pose a 'material risk' to the banking system. However, given (a) the current administration's wholesale embrace of all things crypto, (b) the degree to which Big Tech firms have ingratiated themselves with the administration, and (c) the abandonment of nearly all crypto enforcement by regulatory agencies, it's hard to believe that this Committee would prove anything more than a low-level speedbump for would-be stable issuers. Big Tech stable-issuers would be prohibited from using their customers' stablecoin transaction data to target said customers for other promotions and from selling this data to third parties. However, these prohibitions would be rendered moot if customers click 'okay' to an updated Terms of Service notification, which, as we all know, few customers will actually read. So again, it's not much of a guardrail. There also doesn't appear to be any prohibition on private tech firms issuing their own stablecoins. In a Senate Banking Committee Democratic Staff Analysis of the revised GENIUS, Elon Musk's X (formerly Twitter) is singled out as an example of a private company not predominantly involved in financial activities that could take advantage of this loophole. As for 'foreign' stable issuers like Tether (USDT), GENIUS previously allowed them more or less free reign to operate in the U.S. provided they could claim registration in a country deemed to have 'comparable' rules as America. The revised GENIUS would require the SCRC to approve this 'comparable' designation rather than leaving it up to the sole discretion of Treasury Secretary (and crypto fan) Scott Bessent. Foreign issuers also couldn't be based in a country under U.S. economic sanctions or a jurisdiction deemed to be of 'primary money laundering concern.' And while foreign-issued stablecoins would be barred from trading on centralized exchanges (CEXs), no such prohibition applies to decentralized exchanges (DEXs). Back to the top ↑ Dems split on how to handle Trump's digital asset ventures Last week, Sen. Elizabeth Warren (D-MA) issued her own critique of the revised GENIUS that largely focused on the lack of constraints put on the crypto activities of President Donald Trump and his family. These include the USD1 stablecoin issued by the Trump-controlled decentralized finance (DeFi) project World Liberty Financial (WLF). Warren claimed the GENIUS loopholes will allow Trump to 'functionally regulate his own stablecoin,' given his previous executive order asserting 'direct control over independent financial regulators.' On May 19, Warren reiterated her objections on the Senate floor, saying the revised GENIUS's 'basic flaws remain unaddressed.' Warren said she'd welcome a bill that strengthened stablecoin oversight, but a bill that 'turbocharges the stablecoin market, while facilitating the President's corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.' Warren's colleague Mark Warner (D-VA) voted 'aye' on Monday, releasing a pre-vote statement calling the revised GENIUS 'not perfect, but it's far better than the status quo.' Warner added that 'blockchain technology is here to stay. If American lawmakers don't shape it, others will—and not in ways that serve our interests or democratic values.' However, Warner acknowledged his 'very real concerns about the Trump family's use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans.' Warner added that senators have 'a duty to shine a light on these abuses and stop Donald Trump from exploiting emerging technologies to enrich himself, dodge accountability, and weaken the safeguards that protect American consumers and the rule of law.' Ahead of Monday's vote, Sen. Michael Bennett (D-CO) introduced a bill to impose the kind of restrictions on Trump's crypto ventures that GENIUS lacks. Cheekily titled the Stop Trading Assets Benefiting Lawmakers' Earnings while Governing Exotic and Novel Investments for the United States (STABLE GENIUS) Act, the bill would prohibit 'elected officials and federal candidates from issuing or endorsing digital assets while also preventing officials from making legislative or policy decisions influenced by the digital assets they hold.' It stands precisely zero chance of passage, so let that be the last we hear of it. Back to the top ↑ Justin Sun, founder of the TRON blockchain, recently began tweeting clips of himself visiting U.S. landmarks, strongly suggesting that he will be in attendance at Thursday's dinner for the top 220 holders of President Trump's $TRUMP memecoin. The controversial contest to obtain an invite to the 'gala' dinner at the Trump National Golf Club closed last week, with the top wallet identified only by the name 'Sun.' Technically, the 'Sun' wallet is associated with the Seychelles-based HTX (formerly Huobi) exchange, which has long been rumored to be under Sun's control (although Sun denies this). Sun is also a WLF adviser, an appointment he secured after spending $75 million to buy WLF's governance token WLFI. The media won't be welcome at Thursday's gala dinner, so we'll have to wait for attendees (or perhaps the president himself) to dish the dirt on who attended and what they talked about. Back to the top ↑ Sen. Blumenthal slams WLF inquiry response Returning to WLF a moment, earlier this month, Sen. Richard Blumenthal (D-CT), the ranking member of the Senate Permanent Subcommittee on Investigations, opened a preliminary inquiry into $TRUMP, WLF, and the president's 'other associated business ventures.' Blumenthal said he was 'seeking answers' from WLF co-founder Zach Witkoff 'about how the President may be violating the law and using the immense power of the federal government to enrich the company, its foreign business partners, and others in the cryptocurrency industry.' On May 15, Zach Witkoff tweeted a copy of a letter his attorneys had sent in response. Witkoff's letter claimed Blumenthal's letter to Witkoff contained 'inaccuracies and fundamentally flawed inferences,' while also claiming that WLF has 'no affiliation, formal or informal' with the entities responsible for issuing $TRUMP. While declining to address many of Blumenthal's queries, the defiant letter said WLF 'rejects the false choice between innovation and oversight' and 'opposes' the 'misuse of regulatory authority and uncertainty to suppress lawful innovation.' Blumenthal told The Block that he found Witkoff's response 'seriously inadequate' and said WLF's 'refusal to answer even the most basic questions about President Trump's financial entanglements with the company raises serious concerns, and I will continue demanding transparency for the American people.' Demanding ain't getting. Just sayin'. Back to the top ↑ Watch: Bringing the Metanet to life with Teranode title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
14-05-2025
- Business
- Yahoo
Chemtrade Logistics Income Fund (CGIFF) Q1 2025 Earnings Call Highlights: Strong Revenue and ...
Revenue Growth: Increased by 11.5% year over year. EBITDA Growth: Up 9.3% year over year. SWC Segment Revenue: Grew by 11.9% excluding foreign exchange impacts. SWC Segment EBITDA: Increased by 12.5% year over year, excluding foreign exchange impacts. EC Segment Revenue and EBITDA: Relatively flat compared to the prior year period, excluding foreign exchange impacts. MECU Netbacks: Increased by approximately $165 per unit year over year. Distributable Cash: Generated $62.1 million in Q1, or $0.53 per unit. Growth Capital Investment: $7.2 million invested in Q1, with a full-year plan of $40 million to $60 million. Monthly Distribution Increase: Raised by 5% to $0.0575 per month in January 2025. Unit Purchases: 3.9 million units purchased in Q1 under NCIB. Net Debt Ratio: Approximately 2 times at the end of Q1. Available Liquidity: $780 million at the end of Q1. Adjusted EBITDA Guidance: Raised to the higher end of $430 million to $460 million for 2025. New Acquisition: Purchased Thatcher Group's aluminum sulfate water treatment chemicals businesses for $30 million. Warning! GuruFocus has detected 2 Warning Signs with CGIFF. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Chemtrade Logistics Income Fund (CGIFF) reported a strong start to 2025 with a revenue increase of 11.5% year over year and EBITDA up 9.3%. The SWC segment was a significant driver of growth, with revenue and EBITDA increasing by 11.9% and 12.5% respectively, due to higher pricing and volumes. Chemtrade's capital allocation strategy is robust, with $62.1 million of distributable cash generated in Q1, supporting growth investments and unit holder returns. The company raised its monthly distribution by 5% in January 2025, reflecting sustained growth in earnings and cash flow. Chemtrade's Vision 2030 targets an average annual EBITDA growth of 5% to 10%, aiming for $550 million to $600 million by 2030, driven by organic growth and strategic acquisitions. Higher input costs in the SWC segment, particularly for water chemicals and sulfuric acid, posed challenges despite being managed effectively. The EC segment's revenue and EBITDA were relatively flat year over year, with lower chlorine volumes and revenues from Brazil impacting growth. Chemtrade faces uncertain macroeconomic conditions, making it challenging to forecast sales for the remainder of 2025. The company anticipates a collective EBITDA impact of roughly $5 million due to maintenance turnarounds at several sulfuric acid plants. Potential volatility in global trade and tariff structures could impact Chemtrade's operations, although the direct financial impact has been limited so far. Q: Can you characterize the current cycle position for Chemtrade's SWC and Electrochem segments, and is this a mid-cycle earnings period for Chemtrade? A: Scott Rook, President and CEO, explained that the SWC segment is considered mid-cycle, with future growth expected from organic opportunities like ultra-pure sulfuric acid. The EC segment varies by product; caustic soda is mid-cycle with potential upside, chlorine is near the top of the cycle, and hydrochloric acid is tied to fracking activity, making it harder to predict. Q: Regarding the Vision 2030 plan, is the organic growth primarily from the Casa Grande, Arizona project, and is M&A focused on water chemicals? A: Scott Rook clarified that the Vision 2030 plan does not include the Casa Grande project, which is on hold. Organic growth will come from existing projects like Cairo, Ohio, and other ultra-pure acid locations. M&A will focus on small to moderate acquisitions, primarily in water chemicals. Q: Why choose to spend $30 million on a five-times EBITDA acquisition instead of buying back stock at a lower multiple? A: Rohit Bhardwaj, CFO, stated that Chemtrade's capital allocation strategy includes growing the business, returning capital to unit holders, and maintaining balance sheet strength. The acquisition is strategic and synergistic, particularly in the water business, and they plan to continue with share buybacks as well. Q: Can you provide details on the water treatment chemical acquisition, its impact on guidance, and whether the deal has closed? A: Scott Rook confirmed the acquisition has not closed yet and is expected to close later in May. It is not factored into the upper end of the guidance. The acquisition involves buying a customer list without acquiring new facilities, allowing Chemtrade to service customers from existing operations. Q: What is the outlook for future tuck-in acquisitions, especially in the water treatment sector? A: Scott Rook mentioned that Chemtrade has a pipeline of potential projects and is cautiously evaluating them. While not targeting a specific number of acquisitions per year, they prioritize accretive deals and maintain a focus on share buybacks and organic growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New Indian Express
25-04-2025
- Business
- New Indian Express
Single-window panel approves seven RE projects worth Rs 1,191 crore
BHUBANESWAR: The single-window committee (SWC) of the Energy department chaired by principal secretary Vishal Kumar Dev has granted in-principle approval to seven renewable energy (RE) projects in the state. With a cumulative capacity of 149.97 MW entailing an investment of `1191.47 crore, the approved proposals include two wind power projects of 95.7 MW, four ground-based solar projects of 53.97 MW and the first battery storage project of 0.6 MWh. These projects will strengthen the state's progress towards achieving its RE goals under the Odisha Renewable Energy Policy-2022, Dev said . During the meeting, progress of various projects approved in the last SWC meeting was also reviewed. The proactive RE policy of the state government has streamlined the processes through the single-window committee and GRIDCO, the nodal agency, continues to attract investments in the renewable energy sector. The SWC has so far accorded in-principle approval for investment proposals worth Rs 12,387.36 crore for a total capacity of 1,707.56 MW in the RE sector.
Yahoo
17-04-2025
- Business
- Yahoo
‘Withdraw those funds immediately': Tennessee Sports Wagering Council fines unlicensed sportsbooks
NASHVILLE, Tenn. (WKRN) — Bettors are being advised to immediately withdraw their funds from two sportsbooks that were reportedly found to be operating illegally in Tennessee. The Tennessee Sports Wagering Council said they issued fines totaling $50,000 each to BetUS and MyBookie on Thursday, April 17. According to the council, the fines stem from the sportsbooks' failure to comply with cease and desist letters. 📧 Have breaking news come to you: → Additionally, the council encouraged those who have money within the sportsbooks to 'withdraw those funds immediately.' 'In stark contrast to our legal sportsbooks, illegal operators are choosing to violate our state and federal law. They do not offer any of the same consumer protection mechanisms that the law requires of licensed entities,' Executive Director Mary Beth Thomas said. 'They do not restrict minors from accessing their site, they often extend credit to vulnerable individuals, and players have no way of knowing where and with whom their personal and financial data is shared after they log in to an illegal sportsbook. We cannot help players who get into a dispute with an offshore sportsbook, other than to continue our work to shut them down.' In November, illegal sportsbook Bovada shut down operations in Tennessee after the SWC fined them $50,000. ⏩ Officials added the Sports Gaming Act authorizes the council to impose a $10,000 fine for the first offense of accepting wagers without a license, which then rises to $15,000 for the second offense, and increases to $25,000 for the third offense. The SWC reports any additional offenses after that can lead to the imposition of a $25,000 fine for each occurrence, with an occurrence being a single wager accepted in Tennessee. A list of licensed sportsbooks can be found on the SWC's website. To view the list, follow this link. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Middle East Eye
14-03-2025
- Politics
- Middle East Eye
Columbia University expels, suspends and revokes degrees of 22 students
Columbia University leadership made a series of concessions to the Trump administration on Thursday following an extraordinary letter that listed nine demands it expected the university to make if it did not want its federal funding to be pulled. On Thursday, the university announced it was expelling, suspending and revoking the degrees of 22 students following last year's Hamilton Hall protest, fulfilling one of the nine demands issued in a letter from the Trump administration to Columbia. The University Judicial Board (UJB) - which has been overseeing disciplinary proceedings for pro-Palestinian protestors since the fall and issued the punishments - said it was issuing 'multi-year suspension, temporary degree revocations, and expulsions related to the occupation of Hamilton Hall' on 30 April. Previously, the UJB - an independent body of faculty, staff and students - had only suspended students. One of the demands made by the Trump administration is to eliminate the UJB and centralise discipline beneath the president's office, giving them sole jurisdiction over punishing students. A statement from the Columbia Palestine Solidarity Coalition alleged that co-chair of the Board of Trustees David Greenwald - who worked at Goldman Sachs for 20 years - 'was revealed to have personally interfered in the disciplinary cases of these students'. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters An estimated six students were expelled from Columbia University, according to student organisers. One of the students expelled and fired was Grant Miner, president of the Student Workers of Columbia (SWC) union. According to the union, the expulsion occurred a day before contract negotiations were set to begin with the university on Friday. In a press release issued on Friday, they said: 'Miner was expelled without any evidence after nearly a year of disciplinary proceedings.' 'The first bargaining session between SWC and Columbia begins Friday, where the Union will present demands to protect international and undocumented student workers. "Mahmoud Khalil, a UAW card signer, was detained by the US government last week, making Miner the second SWC member to be targeted. The Union is demanding protections for international and undocumented students, which would make it more difficult for Columbia to cave to federal pressure by aiding the Department of Homeland Security in abducting student workers.' At the time of publication, SWC said Columbia had cancelled bargaining two hours before negotiations were due to take place. Homeland security visits Columbia again On Thursday night local time, less than a week after immigration authorities detained Columbia student protest leader Mahmoud Khalil, Department of Homeland Security agents were back on the university's campus to serve two search warrants. Trump administration issues nine demands to Columbia University to restore federal funding Read More » The occurrence came to light after interim President Katrina Armstrong wrote an email to the university community late Thursday. 'I am writing heartbroken to inform you that we had federal agents from the Department of Homeland Security (DHS) in two University residences tonight. No one was arrested or detained. No items were removed, and no further action was taken.' Armstrong said DHS served Columbia University with 'two judicial search warrants signed by a federal magistrate judge authorizing DHS to enter non-public areas of the University and conduct searches of two student rooms.' Armstrong wrote that the university was obligated to comply with the warrants, and that 'University Public Safety was present at all times'. In addition, the DHS issued a press release saying that federal Immigration and Customs Enforcement agents had arrested a second Columbia student - a Palestinian from the West Bank - for allegedly overstaying her student visa. The Department said she had participated in Pro-Palestine protests. They also said they had cancelled the visa of an Indian doctoral student for 'supporting Hamas'. The Indian student was said to have "self-deported". Demands The presence of DHS agents on campus came hours after it was revealed that the Trump administration - through the Department of Education, the Department of Health and Human Services, and the General Services Administration - delivered a letter to Columbia with a list of actions it demanded the university take before it would consider reinstating $400m in grant funding it cut from the school. This included placing the distinguished Middle East, South Asian, and African Studies department under an 'academic receivership' for a minimum of five years and installing a new department chair. This would involve the university ceding control of the department and an outsider chair that could be appointed by the government to run it, potentially overseeing everything from curriculum design to the hiring and firing of faculty. The Trump administration also demanded that Columbia discipline students involved in last year's protest at Hamilton Hall, and centralising all disciplinary processes under the university's president's office, giving them the power to suspend or expel, and an appeals process only through the president. The university is also being told to 'Ban masks that are intended to conceal identity or intimidate others, with exceptions for religious and health reasons', and requiring masked individuals to wear their school IDs outside their clothing. The administration also wants Columbia to formalise a definition of antisemitism, referencing the controversial IHRA definition that Harvard University and New York University recently adopted. The administration requested 'immediate compliance', upon which they 'hope to open a conversation about immediate and long-term structural reforms' to return the institution 'to its original mission of innovative research and academic excellence'.
