Fintech Deals

Blockchain.com, Gemini, and the Sequoia-backed contracts-trading platform Kalshi are among those showing interest in buying FTX's LedgerX, Bloomberg reports.

Why it's the BFD: LedgerX is one of the few pieces of the FTX empire that still has value in the eyes of would-be buyers, in large part due to its licenses.

Background: FTX US acquired LedgerX last year as those licenses would be the first step toward allowing the exchange to offer crypto derivatives —a highly lucrative product— in the U.S. 

The licenses are expensive due to a lack of supply. The Commodity Futures Trading Commission has approved few, with only 15 organizations in the U.S. currently holding the right documents to be considered a Derivatives Clearing Organization (DCO).

FTX US paid just under $500 million for LedgerX, according to Axios' Dan Primack.

LedgerX is also among the few solvent pieces of the FTX empire.

Of note: Gemini has separately been awaiting approval on its Designated Contract Markets license — another CFTC-regulated one that LedgerX also already holds — since 2020. 

Which shows just how painful it can be to get these approvals through direct channels.

The big question: Will the licenses get discounted in a fire sale?

Blockchain.com, Gemini, Kalshi eye FTX's LedgerX

LedgerX's licenses allow companies to potentially offer crypto derivatives.

Illustration of a row of laptops with binary code, money and circles.

Fintech

Blockchain.com, Gemini, and the Sequoia-backed contracts-trading platform Kalshi are among those showing interest in buying FTX&#x27;s LedgerX, <a class="gtmContentClick" data-vars-link-text="Bloomberg reports" data-vars-click-url="https://www.bloomberg.com/news/articles/2022-12-03/ftx-s-ledgerx-is-up-for-sale-as-restructuring-process-picks-up?leadSource=uverify%20wall" data-vars-content-id="37a9a416-9e0b-4cf7-a359-d45ca4e36e45" data-vars-headline="Blockchain.com, Gemini, Kalshi eye FTX&#x27;s LedgerX" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/articles/2022-12-03/ftx-s-ledgerx-is-up-for-sale-as-restructuring-process-picks-up?leadSource=uverify%20wall" target="_blank">Bloomberg reports</a>.Why it&#x27;s the BFD: LedgerX is one of the few pieces of the FTX empire that still has value in the eyes of would-be buyers, in large part due to its licenses.

National

Amazon must reinstate a former warehouse worker who was fired after a protest against the e-commerce giant's working conditions at its Staten Island facility early in the pandemic, a judge ruled Monday. Amazon said it will appeal the ruling.

Why it matters: In his decision, administrative law judge Benjamin Green agreed with the National Labor Relations Board's findings that Gerald Bryson was fired for protesting safety conditions in April 2020, which he said was "unlawful." He ruled that Bryson was owed back pay for "discriminatory discharge." 

The big picture: Amazon has said it fired Bryson for violating its policy against "vulgar and harassing language" after getting into a dispute with a female associate during the protest.

The decision notes that the NLRB found that the woman tried to provoke Bryson during an exchange and that she told him, "Go back to the Bronx" — which he "could reasonably construe" as racial "since he is African American," Green said.

Bryson testified that he reported the incident to a manager, who denied this. But the judge found it unlikely Bryson would "fail to convey such a prominent remark," accusing Amazon of a "rush to judgement and skewed investigation" after the incident.

What he's saying: "For me to win and walk back through those doors changes everything," Bryson told the New York Times Monday. "It will show that Amazon can be beat. It will show you have to fight for what you believe in."

The other side: Amazon said in a statement to news outlets that it "strongly" disagrees with the ruling and was "surprised the NLRB would want any employer to condone Mr. Bryson’s behavior."

"Mr. Bryson was fired for bullying, cursing at and defaming a female co-worker over a bullhorn in front of the workplace," the company added. "We do not tolerate that type of conduct in our workplace and intend to file an appeal with the NLRB."

Flashback: The ruling comes after Amazon workers at a Staten Island warehouse voted to unionize earlier this month.

Read the decision in full, via DocumentCloud:

Amazon must reinstate fired warehouse worker, judge rules

Amazon said it will appeal the decision, which found it acted "unlawfully."

Chris Smalls, a fired Amazon fulfillment center employee, center, speaks during a protest outside an Amazon.com facility in the Staten Island borough of New York, U.S., on Friday, May 1, 2020.

A protest outside an Amazon.com facility in the Staten Island borough of New York in  May 2020. Photo: Michael Nagle/Bloomberg via Getty Images

Amazon

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

President Biden has made the COVID-19 crisis and a post-Trump return to national unity and traditional democratic ideals his top priorities. From vaccinations to stimulus to schools, Biden is seeking bipartisan compromise while showing a willingness to use executive authority and bare Democratic majorities in the U.S. House and Senate to implement his policies. Republican leaders are navigating deep party divisions over if and how to move beyond former President Trump.

Politics & Policy

Mask use is "highly effective" at reducing COVID-19 transmission and the World Health Organization recommends people wear face coverings in public even if there are no mandates, a top regional WHO official said Wednesday.

Why it matters: Ciro Ugarte, director of health emergencies at the WHO's Pan American Health Organization, made the comments at a briefing in response to questions about the U.S. and other countries dropping face mask requirements in recent weeks.

What they're saying: Ugarte said wearing masks was "very important" for the protection of individuals during the pandemic. "This has also proven to be highly effective to reduce transmission," he said.

"This is a measure that continues to be very relevant," complimenting other measures including physical distancing, Ugarte noted.

"Regarding travelers and travel by plane, we know that the use of masks has reduced dramatically the transmission during traveling," he continued. 

"We've seen that in some countries, the use of masks has been reduced to voluntary levels, and at the same time they’ve reduced the detection of cases," Ugarte added. "We can't let our guard down."

Driving the news: Airlines and other travel companies dropped mask requirements in the U.S. after a federal judge struck down the Biden administration's rule mandating masks on planes, trains and other forms of public transportation.

The U.S. Justice Department is appealing the ruling following a request from the CDC, which concluded that mandates remained necessary.

WHO: People should wear masks in public even if it's not mandatory

"The use of masks has reduced dramatically" COVID transmission while traveling, official says.

Dr. Ciro Ugarte (R), Pan American Health Organization chief, and PAHO's Dr. Carissa Etienne (L), hold a press briefing about the Coronavirus at PAHO Headquarters in Washington, DC, March 6, 2020.

World Health Organization officials Carissa Etienne (left) and Ciro Ugarte at a 2020 press briefing in Washington, D.C. Photo: Saul Loeb/AFP via Getty Images

Face masks

Coronavirus

Mask use is &quot;highly effective&quot; at reducing COVID-19 transmission and the World Health Organization recommends people wear face coverings in public even if there are no mandates, a top regional WHO official said Wednesday.Why it matters: Ciro Ugarte, director of health emergencies at the WHO&#x27;s Pan American Health Organization, made the comments at a briefing in response to questions about the U.S. and other countries <a class="gtmContentClick" data-vars-link-text="dropping face mask requirements" data-vars-click-url="https://www.axios.com/federal-judge-travel-mask-mandate-2788e176-9a2a-4b89-8693-aaeea294bd39.html" data-vars-content-id="62a5ccf2-e7ce-474e-aa7a-31543538e58a" data-vars-headline="WHO: People should wear masks in public even if it&#x27;s not mandatory" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/federal-judge-travel-mask-mandate-2788e176-9a2a-4b89-8693-aaeea294bd39.html" target="_self">dropping face mask requirements</a> in recent weeks.

The U.S. faces a range of health care flashpoints — unaffordable drugs, opioids, vaping — as we debate whether to adopt universal care. For now, the Affordable Care Act is the law of the land, but Republicans want to issue it a final death blow.

Health

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.

World

A group of Georgia voters can proceed with their case against Rep. Marjorie Taylor Greene (R-Ga.) that seeks to disqualify her from congressional office over her alleged involvement in the U.S. Capitol riot, a judge ruled Monday.

Why it matters: Trump loyalist Greene, who denies any wrongdoing, was seeking a temporary injunction against the lawsuit, arguing that the case was not likely to be resolved before Georgia's primary elections in May, per Reuters. 

The ruling means a hearing in the case, brought by liberal groups represented by Free Speech for People, will go ahead as scheduled on Friday morning before a Georgia state judge.

Similar constitutional challenges pending against other Republican officials rely on a 14th Amendment provision, known as the "Insurrectionist Disqualification Clause," that was adopted after the Civil War to prevent members of the Confederacy from holding office. 

Driving the news: The President Obama-appointed U.S. District Court Judge Amy Totenberg, of the Northern District of Georgia, wrote in her order that the "case involves a whirlpool of colliding constitutional interests of public import."

"The novelty of the factual and historical posture of this case — especially when assessed in the context of a preliminary injunction motion reviewed on a fast track — has made resolution of the complex legal issues at stake here particularly demanding," she added.

Worth noting: A similar case brought in North Carolina against Rep. Madison Cawthorn (R-N.C.) over the Jan. 6, 2021, insurrection was blocked by the Trump-appointed U.S. District Judge Richard Myers, per CNN.

What they're saying: James Bopp, a lawyer for Greene, told the New York Times the ruling was "flawed" and "fundamentally anti-democratic" and that Greene had "publicly and vigorously condemned the attack on the Capitol."

Read the ruling in full, via DocumentCloud:

Challenge to Marjorie Taylor Greene's candidacy can go ahead, judge rules

Greene had argued that the case was not likely to be resolved before Georgia's primary elections in May.

 Rep. Marjorie Taylor Greene at the Capitol on March 01, 2022 in Washington, DC. 

 Rep. Marjorie Taylor Greene at the U.S. Capitol in March. Photo: J. Scott Applewhite-Pool/Getty Images

Marjorie Taylor Greene

A group of Georgia voters can proceed with their case <a class="gtmContentClick" data-vars-link-text="against Rep. Marjorie Taylor Greene" data-vars-click-url="https://www.axios.com/georgia-voters-marjorie-taylor-greene-jan-6-1905af2b-6e2e-4849-a222-ad62a25aba3f.html" data-vars-content-id="81dc0498-a09f-4fa6-b5a7-24ff95bb5718" data-vars-headline="Challenge to Marjorie Taylor Greene&#x27;s candidacy can go ahead, judge rules" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/georgia-voters-marjorie-taylor-greene-jan-6-1905af2b-6e2e-4849-a222-ad62a25aba3f.html" target="_self">against Rep. Marjorie Taylor Greene</a> (R-Ga.) that seeks to disqualify her from congressional office over her alleged involvement in the U.S. Capitol riot, a judge ruled Monday.Why it matters: Trump loyalist Greene, who denies any wrongdoing, was seeking a temporary injunction against the lawsuit, arguing that the case was not likely to be resolved before Georgia&#x27;s primary elections in May, <a class="gtmContentClick" data-vars-link-text="per Reuters" data-vars-click-url="https://www.reuters.com/world/us/lawsuit-challenging-marjorie-taylor-greene-reelection-can-proceed-judge-rules-2022-04-19/?taid=625e304a2d4cd2000149c8ca&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" data-vars-content-id="81dc0498-a09f-4fa6-b5a7-24ff95bb5718" data-vars-headline="Challenge to Marjorie Taylor Greene&#x27;s candidacy can go ahead, judge rules" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.reuters.com/world/us/lawsuit-challenging-marjorie-taylor-greene-reelection-can-proceed-judge-rules-2022-04-19/?taid=625e304a2d4cd2000149c8ca&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank">per Reuters</a>.

Ukraine's President Volodymyr Zelensky said Tuesday Russia should be expelled from the United Nations, and he called for an international tribunal to investigate "the actions of Russian occupiers on Ukrainian soil."

Driving the news: Zelensky said in a video address to the UN Security Council that the Kremlin must be "brought to justice," otherwise "it could bring terrorist activity" to other European countries and Asia — specifically the Baltic states, Poland, Moldova, and Kazakhstan.

What he's saying: Zelensky said the UN should send a representative to Ukraine so officials could independently verify that Monday's deadly attack on a Kremenchuk shopping center "indeed was a Russian missile strike," after Russia's military denied targeting the mall.

"We need to act urgently to do everything to make Russia stop the killing spree," Zelensky said. 

"Putin has become a terrorist," Zelensky of the Russian president. "Daily terrorist acts, without weekends. Every day they are working as terrorists."

What they're saying: Dmitry Polyanskiy, Russia's deputy ambassador to the UN,  called Zelensky's virtual address a "remote PR [public relations] campaign for President Zelensky in order to get more weapons," per Reuters.

Worth noting: Zelensky cited Article 6 of the UN Charter, which states that a member that has "persistently violated the principles contained in the present Charter may be expelled from the organisation by the General Assembly upon the recommendation of the Security Council."

Yes, but: Russia has the power of veto as a UN Security Council permanent member, so that's unlikely to happen.

Flashback: The UN voted unanimously in April to adopt a rule that would automatically trigger a General Assembly meeting if any of the Security Council's five veto-wielding members use that power to block a resolution.

What counts as a war crime and why they're so hard to prosecute

Editor's note: This article has been updated with comment from Russia's deputy ambassador to the UN.

Zelensky slams "terrorist" Putin and urges UN to expel Russia

Russia must be "brought to justice" or it "could bring terrorist activity" to other European countries and Asia, Zelensky said.

Ukrainian President Volodymyr Zelensky sits for a press conference on April 23, 2022 in Kyiv, Ukraine. 

Ukrainian President Volodymyr Zelensky during an April news conference in Kyiv, Ukraine. Photo: John Moore/Getty Images)

Volodymyr Zelensky

Russia

Ukraine&#x27;s <a class="gtmContentClick" data-vars-link-text="President Volodymyr Zelensky" data-vars-click-url="https://www.axios.com/2022/05/20/livestream-interview-zelensky-jonathan-swan" data-vars-content-id="fc9282fb-02cd-4438-9bab-abe36805672c" data-vars-headline="Zelensky slams &quot;terrorist&quot; Putin and urges UN to expel Russia" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/05/20/livestream-interview-zelensky-jonathan-swan" target="_self">President Volodymyr Zelensky</a> said Tuesday Russia should be expelled from the United Nations, and he called for an international tribunal to investigate &quot;the actions of Russian occupiers on Ukrainian soil.&quot;Driving the news: Zelensky said in a <a class="gtmContentClick" data-vars-link-text="video address" data-vars-click-url="https://media.un.org/en/webtv" data-vars-content-id="fc9282fb-02cd-4438-9bab-abe36805672c" data-vars-headline="Zelensky slams &quot;terrorist&quot; Putin and urges UN to expel Russia" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://media.un.org/en/webtv" target="_blank">video address</a> to the UN Security Council that the Kremlin must be &quot;brought to justice,&quot; otherwise &quot;it could bring terrorist activity&quot; to other European countries and Asia — specifically the Baltic states, Poland, Moldova, and Kazakhstan.

Carlos Cunha

Stories

Blockchain.com, Gemini, Kalshi eye FTX's LedgerX

Zelensky slams "terrorist" Putin and urges UN to expel Russia

WHO: People should wear masks in public even if it's not mandatory

Amazon must reinstate fired warehouse worker, judge rules

Challenge to Marjorie Taylor Greene's candidacy can go ahead, judge rules