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News

Events

Federal Reserve

Bank Of America CFO Borthwick Said Expects Terminal Rate Of 2.75%-3%

Needham analyst Mike Matson reiterates NeoGenomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEO#NASDAQ">NEO</a>) with a Buy and maintains $19 price target.

Price Target

Reiteration

Analyst Ratings

Needham Reiterates Buy on NeoGenomics, Maintains $19 Price Target

Caroline Ellison, a key accomplice of fallen cryptocurrency mogul Sam Bankman-Fried in the FTX scandal, was sentenced to 24 months in prison by a federal court on Tuesday.
However, apart from the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41014040/from-ceo-to-inmate-caroline-ellison-sentenced-to-24-months-in-ftx-case-what-the-industry-m">quantum of punishment</a>, the remarks made by Judge Lewis Kaplan, who also presided over Bankman-Fried&#8217;s trial and sentenced him to 25 years in jail, were noteworthy.
What Happened: As <a href="https://www.businessinsider.in/tech/news/judge-predicts-the-public-wont-be-as-mean-to-caroline-ellison-now-that-shes-been-sentenced/articleshow/113647596.cms">reported</a> by Business Insider, U.S. District Judge Kaplan, who oversaw the case, acknowledged the &#8220;unusual&#8221; public scrutiny Ellison has been subjected to. He expressed optimism that the backlash and scrutiny would likely diminish after her sentencing.
&#8220;Every part of your life has turned inside out and public to an unusual degree,&#8221; Kaplan said. &#8220;And now that&#8217;s probably, hopefully, going to relax.&#8221;
According to another <a href="https://www.bloomberg.com/news/live-blog/2024-09-24/caroline-ellison-sentencing?srnd=phx-latest">report </a>by Bloomberg, Kaplan heavily praised Ellison's cooperation in the case, saying he has "never seen one quite like" her during his 30 years on the bench. The judge noted zero inconsistencies in her testimony, which was in stark contrast to Bankman-Fried&#8217;s conduct. 
But despite acknowledging Ellison&#8217;s extensive cooperation, Judge Kaplan insisted that she still needed to serve time in prison. 
&#8220;You are genuinely remorseful," he said, but noted that the severity of the crime was such that the cooperation cannot be a "get out of jail free card."
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40973470/anthony-scaramucci-discloses-holding-a-lot-of-solana-backs-the-ethereum-killer-network-to-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Discloses Holding &#8216;A Lot Of&#8217; Solana, Backs The &#8216;Ethereum Killer&#8217; Network To Lead Tokenization Revolution</a>
Why It Matters: Ellison&#8217;s legal team had sought leniency, citing her testimony and the emotional distress caused by her on-and-off romantic relationship with Bankman-Fried.
Ellison, who admitted her role in the sensational case nearly two years ago, <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35168021/caroline-ellison-points-finger-at-ftxs-sam-bankman-fried-in-crypto-fraud-trial" target="_blank" rel="noreferrer noopener">provided crucial testimony </a>against SBF in a trial last November.
Once known as the crypto white knight, Bankman-Fried&#8217;s fortunes changed dramatically after his FTX empire came crashing down following accusations of&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35445270/the-true-cost-of-the-ftx-collapse-how-much-did-sam-bankman-fried-really-make" target="_blank" rel="noreferrer noopener">misappropriation of customer accounts</a> in November 2024. Federal prosecutors&nbsp;<a href="http://www.cnbc.com/2022/12/18/how-sam-bankman-fried-ran-8-billion-fraud-government-prosecutors.html" target="_blank" rel="noreferrer noopener">alleged&nbsp;</a>that Bankman-Fried swindled a staggering $8 billion worth of customer&#8217;s cryptocurrency funds. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40972902/kamala-harris-finally-mentions-crypto-and-that-too-on-wall-street-promises-to-encourage-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Finally Mentions Crypto And That Too On Wall Street: Promises To Encourage &#8216;Innovative Technologies&#8217; Like Digital Assets</a></li>
</ul>
Photo courtesy: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

Sam Bankman-Fried Aide Caroline Ellison Was 'Genuinely Remorseful:' This And More Of What Judge Said While Handing The Former FTX Executive 2-Year Prison Sentence

Insider Trades

BNZI

Banzai International Investor Alco Investment Reported Purchase Of 2,662,680 Shares @ Avg Price Of $2.42/Share In A  Form 4 Filing On Tuesday

Mark Cuban responded to posts criticizing Vice President Kamala Harris and defended her policies over those of former President Donald Trump over X.
What Happened: On Wednesday, X user Andy Swan accused Harris of wanting to confiscate equity from successful startups through an &#8220;unrealized capital gains tax&#8221; and promoting &#8220;equity&#8221; as everyone ending up in the same place. Swan also compared Harris unfavorably to Trump.
Cuban clarified that Harris never proposed an unrealized gains tax, attributing that to President Joe Biden instead. He pointed out that Trump has proposed price controls, a tariff tax on all imports, and punishing companies that produce in Mexico despite the USMCA agreement.
See Also: <a href="https://www.benzinga.com/news/24/09/40973072/lindsey-graham-says-either-saudi-arabia-recogonizes-israel-or-tel-aviv-targets-tehran-we-need-game-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Lindsey Graham Says Either Saudi Arabia Recogonizes Israel Or Tehran Gets Targeted: &#8216;We Need Game Changing Peace Or Game Changing Military Strategy&#8217; (UPDATED)</a>
In a follow-up exchange, Swan suggested that Cuban selectively supports Biden-Harris policies. 
Cuban countered, &#8220;Trump has a new tax cut or tariff for every city he visits. Even when it violates his own signed policies or the law.&#8221;
&#8220;I tell you what I know from my conversations. Her campaign actually thinks through proposals before she says them.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You have that backwards. Trump has a new tax cut or tariff for every city he visits. Even when it violates his own signed policies or the law. I tell you what I know from my conversations. Her campaign actually thinks through proposals before she says them
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1838695497386586171?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Cuban&#8217;s defense of Harris comes <a href="https://www.benzinga.com/news/24/09/40933169/mark-cuban-teams-up-with-kamala-harris-to-protect-american-businesses-from-unfair-foreign-competitio">amid his ongoing support</a> for her pro-business stance. Recently, Cuban teamed up with Harris to protect American businesses from unfair foreign competition, particularly from Chinese knockoffs. He emphasized the detrimental impact of knockoffs on small businesses, stating they &#8220;cost them time, money and may put them out of business.&#8221; 
Cuban has praised Harris for <a href="https://www.benzinga.com/startups/24/09/40855223/mark-cuban-praises-kamala-harris-support-for-business-is-her-new-tax-plan-a-game-changer">listening to business leaders</a> and gathering feedback on fair policies that encourage investment in businesses. He described her as more supportive of entrepreneurs than any other candidate in recent memory. 
Additionally, Cuban has been vocal about his <a href="https://www.benzinga.com/startups/24/09/41008222/mark-cuban-wants-to-crack-down-on-chinese-knockoffs-says-vice-president-kamala-harris-is-on-board-wi">mission to crack down</a> on Chinese knockoffs, with Harris showing support for his plan. He highlighted the serious impact of counterfeit products on small businesses, likening it to an endless game of whack-a-mole. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40993290/trump-vs-harris-2024-election-betting-odds-show-vice-president-maintains-lead-as-race-near?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: 2024 Election Betting Odds Show Vice President Maintains Lead As Race Nears One-Month Mark</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

General

Mark Cuban Fires Back At Criticism Of Kamala Harris Tax Policies: 'Trump Has A New Tax Cut Or Tariff For Every City He Visits'

Bank Of America CFO Alastair Borthwick, Speaking At Financials CEO Conference, Said Consumer Spending Is Growing Albeit At A Slower Pace; Said Fed Seems To Be Winning The Inflation Battle

Meta Platforms, Inc. CEO Mark Zuckerberg has reportedly moved his political ideologies from activism to regret, leaning towards classic liberalism.
What Happened: Zuckerberg, once an enthusiastic activist, has grown cynical about politics due to his experiences in Washington and the political scrutiny faced by his company, <a href="https://www.nytimes.com/2024/09/24/technology/mark-zuckerberg-trump-politics.html">reported</a> The New York Times.
His early enthusiasm for topics like immigration and social justice has diminished due to negative experiences in Washington and backlash against Meta&#8217;s political involvement
The Meta CEO now prefers to avoid political discussions publicly, opting instead for a more neutral stance. Several instances led to this shift.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40974511/iphone-15-pro-models-and-iphone-13-discontinued-by-apple-heres-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here&#8217;s Why</a>
For example. after the 2020 election, Zuckerberg faced backlash for donating $400 million to the Center for Tech and Civic Life for voting safety during pandemic lockdowns.
The donation was criticized as &#8220;Zuckerbucks&#8221; by former President Donald Trump, who alleged it aimed to boost Democratic voter turnout. According to the report, Zuckerberg has expressed regret over the fallout from their contributions.
Later in 2021, Zuckerberg and his wife, Dr. Priscilla Chan decided to halt the Chan Zuckerberg Initiative&#8217;s internal political efforts, opting to support two bipartisan organizations, including Fwd.us.
Privately, Zuckerberg now identifies more with libertarianism or &#8220;classical liberalism.&#8221; This includes a preference for free markets, globalism, and skepticism of regulations that restrict businesses, the report noted, citing people who have spoken to him.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Difference Between Musk And Zuckerberg&#8217;s Political Evolution
While Zuckerberg has grown cynical about politics, Elon Musk has embraced a provocative and openly conservative approach, particularly after acquiring X, formerly Twitter, where he champions free speech principles. The Tesla CEO has also <a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo">publicly supported Trump</a> for the 2024 U.S. presidential election.
Why It Matters: Earlier this month in an interview, Zuckerberg said that he has <a href="https://www.benzinga.com/news/24/09/40866457/mark-zuckerberg-says-he-is-done-apologizing-reveals-one-of-the-biggest-mistakes-of-his-career">grown tired of taking on too</a> much ownership of problems beyond his or his company&#8217;s control.
Previously, he had also revealed that the Joe Biden administration pressured Meta to censor certain COVID-19 content. The tech mogul expressed <a href="https://www.benzinga.com/general/biotech/24/08/40575260/mark-zuckerberg-reveals-biden-administration-pressured-meta-platforms-to-censor-certain-covid-19-">regret for not opposing</a> the pressure sooner.
His relationship with former President Trump has also been contentious. 
Trump has criticized Zuckerberg in his <a href="https://www.benzinga.com/news/24/08/40643211/trump-doesnt-mince-words-about-mark-zuckerberg-in-his-new-coffee-table-book-he-would-come-to-the-ova">new coffee table book</a>, saying, &#8220;He would bring his very nice wife to dinners, be as nice as anyone could be, while always plotting to install shameful Lock Boxes in a true PLOT AGAINST THE PRESIDENT.&#8221;
Despite these controversies, Zuckerberg&#8217;s wealth has <a href="https://www.benzinga.com/startups/24/09/40882577/mark-zuckerbergs-wealth-skyrockets-by-51-billion-this-year-putting-him-on-track-to-claim-the-title-o">skyrocketed by $51 billion this year</a>, putting him on track to become the richest person on Earth.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40999352/steve-jobs-and-steve-wozniak-once-pranked-the-pope-by-pretending-to-be-henry-kissinger-im-just-calli?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Jobs And Steve Wozniak Once Pranked The Pope By Pretending To Be Henry Kissinger: &#8216;I&#8217;m Just Calling To Make A Confession,&#8217; Said One Apple Co-Founder</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ray-Ban

Tech

Media

Mark Zuckerberg Has Given Up On Politics After A Barrage Of Backlash Against Meta And Himself: Here's What He Identifies As Now

Former President Donald Trump said on Tuesday that he would <a href="https://www.benzinga.com/news/24/09/40913456/trump-vows-200-tariffs-on-chinese-made-cars-in-mexico-warns-of-us-auto-industry-collapse-if-kamala-h">impose 100% tariffs</a> on every car imported into the U.S. from Mexico if elected President in the upcoming Nov. 5 elections.
What Happened: &#8220;We will put a 100% tariff on every single car coming across the Mexican border. The only way they'll get rid of that tariff is if they want to build a plant right here in the United States, with you people operating that plant.&#8221; Trump said while addressing a rally in Savannah, Georgia.
Automakers including Ford Motor Co, Chrysler parent Stellantis NV, and General Motors currently produce cars in Mexico. EV giant Tesla Inc was also considering putting up a factory in Mexico but paused it citing possible changes in policy and tariffs after the elections. 
Why It Matters: Last week, Trump pledged to <a href="https://www.benzinga.com/news/24/09/40913456/trump-vows-200-tariffs-on-chinese-made-cars-in-mexico-warns-of-us-auto-industry-collapse-if-kamala-h">impose 200% tariffs </a>on vehicles manufactured by Chinese automakers in Mexico and imported into the U.S.
Trump's tariff proposals have been a recurring theme in his campaign. He has previously said that imposing high tariffs on products made outside the country will force companies to manufacture within the U.S., thereby increasing jobs in the country. 
However, critics have pointed out that <a href="https://www.benzinga.com/news/24/09/40868156/former-democratic-senator-al-franken-says-biden-is-wrong-to-impose-higher-tariffs-on-evs-made-in-chi">heightened tariffs </a>will only be passed down to U.S. consumers and <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">won&#8217;t be borne by manufacturers</a>. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40999063/elon-musks-grok-ai-chatbot-has-no-clue-what-teslas-cybertruck-looks-like-senior-exec-calls-it-extra" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Grok AI Chatbot Has ‘No Clue&#8217; What Tesla&#8217;s Cybertruck Looks Like: Senior Exec Calls It ‘Extra Disappointing&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Global

Trump Pledges 100% Tariffs On All Cars Made In Mexico: 'The Only Way They'll Get Rid Of That Tariff Is…'

AOSL

Alpha And Omega Semiconductor Announced The Release Of Its AOZ1390DI-01 And AOZ1390DI-02 Ideal Diode Protection Switches

ALVO

Alvotech Announced The Initiation Of A Confirmatory Patient Study For AVT16, A Biosimilar Candidate To Entyvio (vedolizumab)

Huize Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUIZ#NASDAQ">HUIZ</a>) reported $38.94 million in sales this quarter. This is a 23.32 percent decrease over sales of $50.77 million the same period last year.

Earnings

HUIZ

Huize Holding Q2 Sales $38.94M Down From $50.77M YoY

Federal Trade Commission (FTC) Chair Lina Khan has raised concerns about the potential misuse of AI by airlines to charge <a href="https://www.benzinga.com/general/entertainment/24/09/40697540/oasis-fans-furious-as-dynamic-pricing-pushes-ticket-prices-sky-high-its-just-not-fair-says-">higher prices for passengers attending funerals</a>.
What Happened: Speaking at the 2024 Fast Company Innovation Festival, Khan highlighted the risks AI poses in enabling fraud and price discrimination. She emphasized that AI tools are accelerating scams and allowing personalized pricing based on consumer data, Business Insider <a href="https://www.businessinsider.in/tech/news/ftc-chair-lina-khan-warns-that-airlines-might-one-day-use-ai-to-find-out-youre-attending-a-funeral-and-charge-more/articleshow/113608485.cms">reported</a> on Wednesday.
Khan explained that AI is already automating traditional online scams like phishing and introducing new frauds such as voice cloning. She also warned about retailers using AI-driven surveillance technology to adjust prices for specific shoppers.
The FTC is investigating AI&#8217;s role in price discrimination, which differs from dynamic pricing which adjusts prices based on market conditions. Khan noted that AI could lead to varied prices based on personal data collected by digital companies.
She provided examples, such as people with nut allergies being charged more for granola bars or restaurants using QR codes for personalized menus. 
&#8220;Or somebody being charged more for an airplane ticket because the company knows that they just had a death in the family and need to fly across the country,&#8221; Khan said.
In July, the FTC issued a market inquiry to eight companies to provide information on &#8220;surveillance pricing products and services&#8221; that use consumer data. Khan stressed the importance of examining this practice to determine its impact on consumers.
Khan concluded by questioning whether society wants to accept such targeted pricing or implement regulations to prevent it. She also noted that dynamic pricing in areas like ride-sharing has made people more accustomed to variable pricing.
See Also: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
Why It Matters: The concerns raised by Khan about AI-driven price discrimination come amid broader scrutiny of tech companies&#8217; data practices. 
Last week, the FTC criticized major tech firms like Amazon.com Inc. and Meta Platforms Inc. for their extensive data collection and monetization practices, which <a href="https://www.benzinga.com/government/24/09/40946073/no-privacy-for-profits-sake-ftc-calls-out-amazon-meta-big-tech-for-exposing-users-to-host-of-harms">pose significant privacy risks to consumers</a>.
Moreover, in December CNBC&#8217;s &#8220;Mad Money&#8221; host Jim Cramer criticized Khan&#8217;s policies, arguing that her <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36295790/jim-cramer-slams-ftc-chair-lina-khans-policies-for-hampering-investor-returns-one-w">stance on mergers and acquisitions</a> is negatively impacting investor returns. Cramer referred to her as a &#8220;one-woman wrecking crew&#8221; for stock portfolios, highlighting the tension between regulatory oversight and market performance.
Additionally, in July 2023, Elon Musk accused Khan of <a href="https://www.benzinga.com/government/23/07/33218387/twitters-elon-musk-accuses-ftcs-lina-khan-of-bias-and-overreach-seeks-to-end-privacy-investigation">bias and overreach in the FTC&#8217;s privacy investigation</a> into Twitter (Now known as X). Musk&#8217;s allegations underscore the contentious relationship between the FTC and tech giants, as they navigate the complex landscape of data privacy and consumer protection.
In April, Apple Inc. was called out by Jon Stewart for allegedly blocking an interview with Khan on his podcast. This incident highlights the ongoing antitrust investigations into Apple&#8217;s <a href="https://www.benzinga.com/news/24/04/38062028/please-dont-talk-to-her-apple-called-out-by-jon-stewart-for-blocking-ftc-chair-lina-khans-interview">business practices and market dominance</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist Who Called 2020 Election Correctly Says Its Gone From &#8216;Drastic Landslide In Trump&#8217;s Direction To A Drastic Landslide For Harris&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

AAPL

AMZN

FTC Chair Lina Khan Warns Airlines May Exploit AI For Price Discrimination, Raising Concerns Over Targeting Vulnerable Travelers

Democratic Party candidate Kamala Harris <a href="https://www.benzinga.com/news/24/09/40974653/trump-vs-harris-vice-president-leads-in-2-more-new-polls-but-pollster-says-undecided-republicans-can">may be riding on the high of the strong impact</a> she has created among voters ever since she replaced President Joe Biden on the Democratic ticket in late July. But she can&#8217;t count on the support of Sen. Joe Manchin (I-W.Va.), who was a Democrat until May this year and has since then registered as an independent, refused to endorse her.
What Happened: Manchin&#8217;s stance against Harris comes as the Vice President said in an interview with Wisconsin Public Radio that she was in favor of bypassing the Senate&#8217;s filibuster rule if it was needed to protect abortion rights. A Senate filibuster is an attempt to delay or block a vote on a piece of legislation
In an interview with CNN, Manchin, who is a conservative in ideology, <a href="https://edition.cnn.com/2024/09/24/politics/joe-manchin-not-endorse-harris-filibuster/index.html">said</a>, &#8220;She knows the filibuster is the holy grail of democracy. It's the only thing that keeps us talking and working together. If she gets rid of that, then this would be the House on steroids.&#8221;
Manchin said he would not endorse Harris as he was of the view that the elimination of filibusters would destroy the country. &#8220;My country is more important for me than any one person or any one person&#8217;s ideology,&#8221; he said.
<a href="https://benzinga.grsm.io/register174">Benzinga </a>has reached out to the senator&#8217;s press team and Harris&#8217; campaign for clarification and will update the story on receipt of a response from them.
See Also: <a href="https://www.benzinga.com/government/24/05/38779387/joe-manchin-expresses-disappointment-in-congress-inaction-over-nations-rising-35-trillion-debt-its-a">Joe Manchin Expresses Disappointment In Congress&#8217; Inaction Over Nation&#8217;s Rising $35 Trillion Debt: &#8216;It&#8217;s A Shame &#8230; No One Cares About It&#8217;</a>
Why It&#8217;s Important: An earlier attempt by Biden in 2022 to restore abortion as a constitutional right by making an exception to the filibuster fell through due to a lack of support from Manchin and Sen. Kyrsten Sinema (I-Ariz.).
The Senate has already dropped the 60-vote threshold for confirming judicial and executive branch nominees.
Manchin is set to retire after his current term. Although an independent, he continues to caucus with Democrats. He had previously expressed his willingness to endorse Harris contingent on her stance on filibustering aligns with his.
Read Next:
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<li>Did You Know? Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image Via Shutterstock

Government

Regulations

Long-Time Democrat Turned Independent Joe Manchin Withholds Endorsement For Kamala Harris: 'This Would Be House On Steroids' Says Senator, If Vice President Gets Rid Of Filibuster

SPGI

Platts, Part Of S&P Global Commodity Insights, Announced The Upcoming Launch Of First Daily Carbon-accounted Iron Ore Price Assessments And Related Carbon Intensity Estimates To Bring Greater Transparency To The Industry's Decarbonization Efforts

Global financial services company The Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) secured an exception from the U.S. Securities and Exchange Commission&#8217;s (SEC) contentious SAB 121 rule, paving the way for its entry into the lucrative but largely untapped cryptocurrency custody market.
What Happened: The regulator did not raise any objections to BNY&#8217;s plan to safeguard cryptocurrency assets for its exchange-traded product clients, without reflecting these assets on the bank&#8217;s balance sheet, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-24/bny-plans-to-custody-crypto-for-etfs-after-sec-review">reported</a> Tuesday.
This is a significant development considering the ongoing debate around the SEC&#8217;s SAB 121 rule, which mandates that companies holding customers' cryptocurrencies <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38880951/senate-votes-to-overturn-controversial-sec-crypto-rule-but-will-biden-veto-it">must record them on their balance sheets</a>. Banks have been critical of this rule, arguing that it hampers their ability to custody digital assets.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41017645/elon-musk-applauds-pro-bitcoin-el-salvador-president-nayib-bukele-for-un-address-we-do-not">Elon Musk Applauds Pro-Bitcoin El Salvador President Nayib Bukele For UN Address</a>
BNY clarified that the SEC&#8217;s non-objection is limited to its ETP use case and does not address the broader issue of SAB 121 restricting bank custody of digital assets. The bank intends to continue its engagement with the Office of the Chief Accountant (OCA) on additional use cases through the OCA&#8217;s &#8216;facts and circumstances&#8217; process.
Why It Matters: A TradFi giant, BNY holds more than $50 trillion in assets as of June 30. Its decision to step into the digital custodian market could be influenced by the successful launch of spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded funds (ETFs) earlier this year.
Currently, the market is lop-sided, with Coinbase being the primary custodian for most ETFs. Its hegemony was challenged somewhat after Anchorage Digital Bank <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40835527/crypto-bank-anchorage-digital-challenges-coinbases-etf-custody-dominance">secured a role as custodian</a> for the&nbsp;ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>).
This development comes amidst a broader debate around the SEC&#8217;s SAB 121 rule. Republican lawmakers from both the Senate and House <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41007125/caitlin-long-says-progressives-are-actually-big-bank-corporatists-as-republican-lawmakers-">urged the SEC to retract this controversial accounting rule</a> for cryptocurrency assets.
It is the only cryptocurrency-related legislation to pass through the House and Senate, although it was vetoed by the White House in May.
Price Action: Shares of BNY closed 0.27% lower at $71.87 during Tuesday&#8217;s regular trading session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:
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Photo courtesy: Shutterstock

$BTC

$ETH

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

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Ukrainian President Volodymyr Zelenskyy has called on Western leaders to take decisive action to compel Russia into ending the war, which he says cannot be resolved through dialogue alone. This plea comes amid accusations from the Kremlin that the United Nations is ignoring Ukraine&#8217;s alleged incursion into Russia&#8217;s Kursk region.
What Happened: Speaking at the United Nations Security Council, Zelenskyy emphasized the need for &#8220;forcing Russia into peace,&#8221; reported Reuters on Wednesday.
&#8220;This war can&#8217;t be calmed by talks. Action is needed,&#8221; Zelenskyy urged.
Zelenskyy&#8217;s <a href="https://www.benzinga.com/news/24/09/40975071/ukraines-zelenskyy-heads-to-us-to-present-victory-plan-against-russia-to-biden-as-war-drags-for-over">&#8220;victory plan&#8221; to end the war</a>, which he has been advocating to Western leaders, does not involve ceding any territory to Russia. He also accused North Korea and Iran of being &#8220;de facto accomplices&#8221; of Moscow by providing arms for the war.
Meanwhile, Russian Foreign Minister Sergei Lavrov slammed the U.N. of ignoring alleged atrocities committed by Ukrainian forces during an incursion into Russia&#8217;s Kursk region last month. 
&#8220;I have not heard any voices from U.N. representatives responsible for human rights, including, of course, the secretary general,&#8221; he said, referring to U.N. Secretary Antonio Guterres.
See Also: <a href="https://www.benzinga.com/government/24/09/40971374/elon-musk-responds-to-venture-capitalists-claim-on-government-subsidies-for-spacex-tesla-do-some-res?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Responds to Venture Capitalist&#8217;s Claim On Government Subsidies For SpaceX, Tesla: &#8216;Do Some Research Before You Display Your Utter Ignorance&#8217;</a>
Why It Matters: Zelenskyy&#8217;s call for Western support to force Russia into peace comes after a series of escalating tensions. Earlier this month, Russian President Vladimir Putin warned that Ukraine&#8217;s use of Western-made <a href="https://www.benzinga.com/news/24/09/40851131/russian-president-says-ukraines-use-of-long-range-missiles-would-signal-that-us-and-nato-are-at-war">long-range missiles</a> against Russia could lead to a direct military confrontation between Russia and the West. Zelenskyy had been lobbying for Western allies to permit Ukraine to deploy these missiles as a means to limit Moscow&#8217;s attack capabilities, a move that Putin argued would implicate the countries providing the missiles in the conflict.
Additionally, former U.S. President Donald Trump recently claimed that <a href="https://www.benzinga.com/news/24/09/40998738/trump-says-ukrainian-president-backs-kamala-harris-for-white-house-zelenskyy-is-the-greatest-salesma">Zelenskyy favors a Democratic win </a>in the upcoming 2024 U.S. election. This assertion contrasts with some of Trump&#8217;s allies who believe Ukraine would welcome his return, claiming he has the skills to negotiate peace with Putin.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by evan_huang on Shutterstock

Ukraine's Zelenskyy Urges West For Forcing Russia To Peace While Kremlin Slams UN For Turning A Blind Eye To Kyiv's Incursion Into Kursk

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HII (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>) announced today that its Ingalls Shipbuilding division was awarded a $9.6 billion multi-ship procurement contract for the construction of three San Antonio-class (LPD 17) amphibious ships and a contract modification for the next America-class (LHA 6) large-deck amphibious ship. This combined procurement — the first of its kind for amphibious ships — begins the journey for the construction of LPDs 33, 34, 35 and LHA 10 for the U.S. Navy. &nbsp;
"We greatly appreciate the stability that this award provides to all Ingalls shipbuilders and our surrounding communities," Ingalls President Kari Wilkinson said. "It is an honor to continue our support of the joint Navy and Marine Corps mission to meet the minimum 31-amphibious-ship requirement."
Approximately half of all Ingalls shipbuilders build amphibious ships today, with another 650 supplier partners in 39 states across the country that provide components for the construction of amphibious ships.

Reported Earlier, HII Secures $9.6B Contract to Build Amphibious Ships for US Navy

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