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David H. Koch accepts the Laureate Award at the Lincoln Center Spring Gala. Photo: Dia Dipasupil/Getty Images for Lincoln Center

Billionaire David Koch is stepping away from Koch Industries and the the Koch political network due to his poor health, leaving his brother, Charles, at the helm.

Why it matters: The Koch network has received considerable attention for its role in the rise of what the left calls “dark money,” with their donations funding substantial portions of conservative activism. The Koch brothers have also played a major philanthropic role in the U.S., and the David H. Koch Foundation alone has pledged or contributed more than $1.3 billion to cancer research, medical centers, educational institutions, and arts and cultural institutions.

"Due to health reasons, David Koch will be resigning from the board of Americans for Prosperity Foundation. We greatly appreciate his vital role on the board and all that he has done to help us build a strong foundation for our future success. We wish him and his family well.”
— The Seminar Network Co-chairman Mark Holden

Take note: Despite the announcement, David has had a minimal role in recent years and Charles has steering the network.

Get more stories like this by signing up for our daily morning newsletter, Axios AM. 

Go deeper

China deems all cryptocurrency transactions illegal

A person walking past China's central bank in Beijing in August 2007. Photo: Teh Eng Koon/AFP via Getty Images

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.

Biden sinks in swing districts

Photo: Biden speaks about wild fires and climate change in Sacramento on September 13, 2021. Photo: Brendan Smialowski/ AFP via Getty Images

Sudden doubts about President Biden's competence — on Afghanistan, immigration and COVID — are driving double-digit drops in his approval in private polling in swing House seats, The Cook Political Report's Amy Walter writes.

Why it matters: "[T]hese early mistakes go directly to the very rationale of his presidency; that it would be low drama and high competence."