Streetbeat News

Regulatory

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Major insurers including Allstate Corp, American Family Insurance, Berkshire Hathaway Inc., Nationwide, and Erie Insurance Group are reportedly reducing or eliminating coverage for extreme weather events due to climate change. This follows Hurricane Idalia, which caused industry-insured losses to onshore property estimated between $2.5 billion to $4 billion, according to Verisk Analytics, Inc. Insurers are excluding protection from weather events such as hurricanes, wind, hail, and wildfires in disaster-prone areas, raising premiums and deductibles.

Portfolio Pulse from Nabaparna Bhattacharya

September 04, 2023 | 4:37 pm

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Four major medical marijuana retailers in New York, including Curaleaf Holdings, Inc. (CURLF), Green Thumb Industries (GTBIF), and Acreage Holdings (ACRHF), have written to Gov. Kathy Hochul, urging her to issue them licenses to sell adult-use cannabis. The companies argue that the state's current licensing process is endangering New Yorkers and hurting taxpayers, while illicit weed sales continue to thrive. They suggest that issuing them licenses would more than double the number of adult-use marijuana dispensaries and help other cannabis sellers.

Portfolio Pulse from Maureen Meehan

September 04, 2023 | 3:45 pm

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DogeDesigner, a graphic designer at Dogecoin, has denied speculation that Elon Musk, CEO of Tesla and SpaceX, is the creator of Bitcoin. The designer argues that the absence of memes in the original Bitcoin white paper serves as evidence against Musk being Satoshi Nakamoto. Musk's involvement with Dogecoin has been intermittent but notable, with his tweets occasionally fueling its popularity. Recently, Musk's social media platform, X (formerly known as Twitter), has been granted a license to provide cryptocurrency wallet services in Rhode Island, leading to speculation that Musk could integrate Dogecoin into the platform.

Portfolio Pulse from Mehab Qureshi

September 04, 2023 | 12:00 pm

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Global Google search traffic for the term “cryptocurrency” has reached its lowest point in five years, according to Google Trends. YouTuber Coffeezilla attributes this to the average person now understanding what crypto is. However, searches for Bitcoin have maintained levels above those observed in 2019 and 2020, while searches for Ethereum have dipped. The SEC's intensified efforts to regulate crypto entities like Binance and Coinbase could also be influencing the decline in search traffic.

Portfolio Pulse from Mehab Qureshi

September 04, 2023 | 11:45 am

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Crypto analyst 'Sunnydecree' has highlighted the reluctance of individuals to buy Bitcoin (BTC) at its current price of around $26,000, despite major asset managers like BlackRock filing for a Bitcoin ETF. The analyst noted that people tend to show interest in purchasing Bitcoin only when its price skyrockets. This comes as the SEC has delayed its decision on the approval of the nation’s first Bitcoin-focused ETF until October.

Portfolio Pulse from Mehab Qureshi

September 04, 2023 | 11:30 am

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Social media influencer Andrew Tate is awaiting the SEC's decision on the approval of a Bitcoin ETF. Several entities are competing for a spot in the Bitcoin ETF space, including Grayscale Bitcoin Trust, Ark/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust. The SEC has delayed its decision until October. Advocates believe a Bitcoin ETF would simplify retail participation in the Bitcoin market.

Portfolio Pulse from Mehab Qureshi

September 04, 2023 | 10:45 am

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House Speaker Kevin McCarthy clarified that any impeachment inquiry proceedings against President Joe Biden would only proceed with a full House vote. Tesla's Cybertruck has been shown to have towing capabilities, reigniting faith among fans. Tesla has also begun hiring on Elon Musk's social media platform, X, with other companies like Coinbase and Y Combinator also joining.

Portfolio Pulse from Benzinga Neuro

September 04, 2023 | 10:09 am

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A study by the European Union suggests that changes made by Elon Musk to X's (formerly Twitter) safety protocols are aiding the spread of Russian misinformation. The study indicates that the reach of Kremlin-backed accounts has increased in the first half of 2023 due to the changes. Prior to Musk's acquisition, Twitter had policies to label and reduce the visibility of Kremlin-associated accounts, which were discontinued after the restructuring. The study also mentions that X's actions would have violated the EU's Digital Services Act, which requires tech giants to address safety risks proactively.

Portfolio Pulse from Benzinga Neuro

September 04, 2023 | 9:48 am

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Walt Disney Co. (NYSE:DIS) is seeking to narrow the scope of a lawsuit it initiated against Florida Governor Ron DeSantis. The amendment seeks to remove the part related to the development contracts worth about $17 billion the company previously committed over the next decade. However, Disney's core accusation that DeSantis and the state violated its First Amendment rights was retained. The standoff between Disney and DeSantis started over a year back when Disney opposed the Florida state's “don't say gay” law.

Portfolio Pulse from Shanthi Rexaline

September 04, 2023 | 9:47 am

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Binance CEO, Changpeng Zhao, has stated that the company is 'much stronger' and 'way ahead' in terms of regulatory compliance, despite recent regulatory scrutiny. He also expressed optimism about the future of decentralized finance (DeFi) and its potential to surpass centralized finance (CeFi) trading volumes. However, Binance is facing legal scrutiny in several countries for suspected regulatory infractions.

Portfolio Pulse from Mehab Qureshi

September 04, 2023 | 6:13 am