Monday, February 20, 2023

Supreme Court hears Google case / Meta launches paid subscription service / VC funding falls 65%

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February 20, 2023

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The U.S. Supreme Court will hear the Gonzalez v. Google case this week, an appeal by the family of Nohemi Gonzalez, a young woman killed in an ISIS attack in Paris in 2015. The case aims to challenge the long-held broad immunity many social media platforms have under Section 230 of the1996 Communications Decency Act.

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Section 230 gives internet platforms like TikTok, Twitter, YouTube, and Facebook legal immunity for almost all third-party content hosted on their sites.
The Gonzalez family and other families of terrorism victims claim social platforms bear some responsibility for attacks by terrorist groups based on content posted on their platforms.
- The Gonzalez family alleges that YouTube failed to take down some ISIS terrorist videos and even recommended them to users.
The court’s ruling on the case could severely impact the internet industry and its business models, as well as users globally.
Section 230 is considered the foundational internet law and helped build the modern-day internet.
The law has been under scrutiny in recent years, with politicians across the political spectrum calling for it to be revoked or modified.

Meta Platforms announced a new paid subscription service — Meta Verified — that allows users to verify their accounts with a government-issued ID. Meta said the service aims to increase security and authenticity across the company’s services and help up-and-coming creators grow their presence and build community faster.

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Meta Verified will cost $11.99 a month for Facebook and Instagram accounts that sign up from a web browser or $14.99 a month for signups through Android and Apple’s iOS system.
Meta plans to start testing the service in Australia and New Zealand this week and roll out the service in the U.S. and other markets in the coming weeks.
Meta Verified subscribers would also receive direct access to customer support, especially when facing issues like hacks or being locked out of their accounts.
The move comes months after Twitter re-released its Twitter Blue subscription service, which offers users various perks, including a verified blue check.
- Twitter Blue costs $8 per month for signups from a web browser and $11 a month for signups through Apple’s iOS devices.

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Bao Fan, the founder and CEO of China’s leading investment bank China Renaissance, went missing last week. In a filing to the Hong Kong Stock Exchange on Thursday, the investment bank said it has been unable to contact Bao and was not aware of his whereabouts nor aware of any information that shows Bao’s disappearance was related to the business of the firm.

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Bao’s sudden disappearance has sent shockwaves across China and the larger global tech and finance markets.
Bao founded China Renaissance in 2005 after some time as an M&A banker at Morgan Stanley and Credit Suisse.
Over the years, the investment bank has grown into one of China’s top financial institutions, often winning tech M&A deals from larger Wall Street banks.
China Renaissance listed in Hong Kong in 2018; some of its clients include Tencent, Alibaba, and embattled ride-hailing company Didi.
Bao’s sudden disappearance makes him the latest in a long list of Chinese financial executives who have disappeared while being caught up in related corruption investigations on the mainland.
Following news of Bao’s disappearance, China Renaissance’s shares fell nearly 30% on Friday.

Venture Capital funding fell 65% in Q4 2022 compared to Q4 2021. Venture firms raised $20.6B in new funds in Q4, the lowest amount since Q4 2013 and less than half the amount raised in Q3 2022, according to data firm Preqin.

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In the past 10 years, investors, including university endowments, family offices, and pension funds, poured money into VC firms believing the industry could provide much higher returns than other asset classes.
- Investments in VC firms peaked in Q1 2022, with firms raising more than $70B in the quarter.
Limited Partners invested in 226 VC firms in Q4 2022, compared to the 620 firms they backed during the same period in 2021.
The decline in funding comes as tech startups and the broader tech sector face a slowdown in the economy and announce layoffs.
Some VCs have reduced the fees they charge limited partners to better reflect the slowdown in startup investing activity.

United Airlines announced on Monday that it will make it easier for families to book seats together on its flights. The move comes as the Biden administration proposed new rules that would require airlines and online travel agencies to disclose fees like those for advanced seat selection, checked baggage, and other add-ons.

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Airlines often charge travelers fees for additional perks like seat selection, which used to come with the price of the flight ticket.
President Joe Biden has previously said that customers should be able to see the full cost of their ticket while they are comparison shopping.
- President Biden also called on lawmakers to fast-track the ban on family seating fees.
United said it will start showing adult travelers accompanying a child younger than 12 years old access to “preferred” seats and regular economy seats, if needed, at the time of booking so they can sit together.
The airline said the option will also be available to travelers with standard and basic economy tickets and will go into effect next month.

Shipping giant Maersk has agreed to sell its two logistics sites in Russia to IG Finance Development. The company said it had received regulatory approvals in the EU and Russia to sell its 1,500-container-capacity (TEU) depot facility in Novorossiisk and its chilled and frozen warehouse in St. Petersburg.

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The move marks the end of Maersk's business activities in Russia nearly a year since the start of the Russia-Ukraine conflict.
IG Finance Development is registered in Cyprus; the company has signed an agreement with Arosa, a large food importer in Russia, to operate the two locations.
Maersk is still in talks to sell four tugboats under its Svitzer brand.
- Once completed, the company would have completely exited its Russian businesses.
In August, Maersk sold its 30.75% stake in Russian port operator Global Ports Investments to Russia's largest container operator Delo Group.

Quick Hits

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President Biden made a surprise visit to Kyiv, Ukraine, on Monday in a show of support nearly a year since the start of the Russia-Ukraine conflict. In a White House statement, Biden said he was meeting with Ukrainian President Volodymyr Zelenskyy to reaffirm the U.S.’s unwavering and unflagging commitment to Ukraine’s democracy, sovereignty, and territorial integrity.
A new 6.4 magnitude earthquake hit southern Turkey on Monday, two weeks after a couple of high-magnitude earthquakes hit Turkey and Syria, killing more than 45,000 people.
Ericsson plans to lay off 1,400 workers in Sweden as part of a broader plan to reduce costs globally.
Disney and Marvel Studios’ “Ant-Man and the Wasp” Quantumania” generated $104M in domestic ticket sales during its opening weekend. Internationally, the movie earned $121M, bringing its estimated total global ticket sales over the last three days to $225M.
The Carter Center said former U.S. President Jimmy Carter has decided to forego medical treatment and enter hospice treatment at home. Carter, who is 98 years old, is America’s longest-living former president.
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Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring.

Connect with her on Twitter @VanessaOmeo or on LinkedIn.

Editor

Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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Special Presidents' Day Edition 🇺🇸

February 20, 2023

The biggest crypto news and ideas of the day

Was this newsletter forwarded to you? Sign up here.

Today is Presidents' Day, 🇺🇸 so we decided to take a dive into the role that presidents play in crypto, since they have an immense influence on the regulatory and policy environment surrounding the industry.

By the way, if you're interested in learning more about the intersection of cryptocurrency and government, be sure to subscribe to the State of Crypto newsletter, written by Nikhilesh De, CoinDesk's managing editor for global policy and regulation.

- CoinDesk staff

The Role Presidents Can Play in Shaping Crypto

(Burazin/GettyImages)

Presidents can play a significant role in crypto regulation by implementing policies to ensure that the use of cryptocurrencies and blockchain technology is safe and secure for consumers, while also preventing criminal activities such as money laundering and terrorist financing.

Here are some ways that presidents can potentially affect the crypto industry:

Executive orders: In the United States, presidents can issue executive orders to direct government agencies to take certain actions, such as implementing regulations or policies related to cryptocurrencies.
Appointments: Presidents can appoint officials who are responsible for regulating the crypto industry. For example, in the United States, the president appoints the head of the Securities and Exchange Commission (SEC), which plays a key role in regulating cryptocurrencies.
Legislative proposals: Presidents can propose legislation to regulate cryptocurrencies and blockchain technology. In the United States, the president has the power to approve or veto laws related to the crypto industry.
Public statements: Presidents can use their platform to make public statements on cryptocurrencies and blockchain technology. Such statements can have an impact on public opinion and can potentially influence the regulatory environment.

How Governments Can Regulate Crypto

Here are just a small handful of the ways:

Licensing and registration requirements: Governments can require cryptocurrency businesses to obtain a license or register with regulatory authorities. This can help ensure that these businesses are operating in compliance with applicable laws and regulations, and provide a mechanism for oversight and enforcement.
Anti-money laundering (AML) and know-your-customer (KYC) regulations: Governments can require cryptocurrency businesses to implement AML and KYC procedures to prevent criminal activities such as money laundering and terrorist financing.
Taxation: Governments can impose taxes on cryptocurrency transactions and profits, similar to traditional financial transactions.
Consumer protection: Governments can set rules to protect consumers from fraudulent or deceptive cryptocurrency schemes, such as Ponzi schemes or ICO scams.
Monitoring and enforcement: Governments can monitor the use of cryptocurrencies and blockchain technology and enforce applicable laws and regulations to ensure compliance and prevent criminal activities.

Check out a Few of Our Past Issues on Presidents and Crypto Regulation:

Biden's Executive Order Produces Few Answers in Crypto Reports From US Treasury

Crypto firms have been eagerly awaiting a series of U.S. government reports they hoped would clarify what the Biden administration and regulators intend to do about digital assets. Most of the documents are out now, but the picture remains murky.

However, one aspect is becoming increasingly clear: the federal government sees a lot of potential risks in crypto, and the various agencies believe stepping up enforcement actions may be an important step.

The reports from the Treasury Department largely recommend the government continue assessing crypto risks, keep up enforcement actions and push forward with work on a digital dollar (without recommending the U.S. should have one).

The White House Office of Science Technology and Policy likewise published a report assessing the technical aspects of a digital dollar, while the Commerce Department's report addressed competitiveness more broadly. The Justice Department said it would launch a "Digital Asset Coordinator Network," a group of 150 federal prosecutors nationwide who would specialize in investigating and prosecuting crypto crimes.

The reports are a response to President Joe Biden's executive order on digital assets, signed in March, which directed federal agencies to analyze different aspects and issues around the cryptocurrency ecosystem and provide recommendations for how the U.S. can both be a leader in the digital asset sector worldwide, as well as address any monetary stability or consumer protection risks posed by the burgeoning industry. Agencies will publish a total of 21 reports.

- September 16, 2022

Read the full story here

Unpacking the Trump Presidency's Crypto Legacy

Want a recap of where former President Donald Trump left things off with regards to crypto just two weeks after Biden took over? Donald Trump may have been anti-crypto but his appointed regulators ushered in a largely industry-friendly regime.

- January 26, 2021

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The White House Is Concerned About Crypto

U.S. President Joe Biden's White House published a statement on implementing safeguards for cryptocurrencies.

- February 3, 2023

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Biden to Name Fed Vice Chairwoman Lael Brainard as Top Economic Adviser

Brainard has been leading the U.S. Federal Reserve's work on a potential digital dollar and has been minding the store on crypto policy discussions until the central bank appoints its permanent vice chair for supervision.

- February 13, 2023

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.