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Federal Reserve Expects to Raise Interest Rates in 2023

Federal Reserve officials left policy unchanged on Wednesday but moved up expectations for when they would first raise interest rates from rock bottom, a sign that a healing labor market and rising inflation were giving policymakers confidence that they would achieve their full employment and stable price goals in coming years.

Fed policymakers expect to make two interest rate increases by the end of 2023, the central bank’s updated summary of economic projections showed Wednesday. Previously, the median official had anticipated that rates would stay near zero — where they have been since March 2020 — at least into 2024. The Fed now sees rates rising to 0.6 percent by the end of 2023, up from 0.1 percent.

The significant upgrade comes as the economy is healing, and as Fed officials penciled in stronger growth in 2021, faster inflation and slightly quicker labor market progress next year.

“Progress on vaccinations has reduced the spread of Covid-19 in the United States,” the Fed said in a statement released at the conclusion of its June 15-16 policy meeting, one that contained several optimistic revisions. “Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain.”

late April, and since it last released economic projections in March. Inflation data have come in faster than officials had expected, and consumer and market expectations for future inflation have climbed. Employers have been hiring more slowly than they were this spring, as job openings abound but it takes workers time to flow into them.

The Fed continued to call that inflation increase largely “transitory” in its new statement. It has consistently pledged to take a patient approach to monetary policy as the economic backdrop rapidly shifts.

Mr. Powell acknowledged that “inflation has come in above expectations” but suggested it was largely because of robust consumer demand coupled with shortages and bottlenecks as the economy reopens.

“Our expectation is that these high inflation readings that we’re seeing now will start to abate,” he said, adding that if prices moved up in a way that was inconsistent with the Fed’s goal, central bankers would be prepared to react by reducing monetary policy support.

The central bank made no changes on Wednesday to its main policy interest rate, which has been set at near zero since March 2020, helping keep borrowing cheap for households and businesses. The Fed will also continue to buy $120 billion in government-backed bonds each month, which keeps longer-term borrowing costs low and can bolster stock and other asset prices. Those policies work together to keep money flowing easily through the economy, fueling stronger demand that can help to speed up growth and job market healing.

Officials have pledged to continue to support the economy until the pandemic shock is well behind the United States. Specifically, they have said that they want to achieve “substantial” progress toward their two economic goals — maximum employment and stable inflation — before slowing their bond purchases. The bar for raising interest rates is even higher. Officials have said they want to see the job market back at full strength and inflation on track to average 2 percent over time before they will lift interest rates away from rock bottom.

a “number” of officials at the Fed’s April meeting suggested that they would like to start talking about how and when to begin the so-called taper soon, minutes from that gathering showed.

The Fed is buying $80 billion in Treasury bonds each month, and $40 billion in mortgage-backed securities. Those purchases have helped to push the central bank’s balance sheet holdings up to about $8 trillion — roughly twice as big as they were as recently as summer 2019.

Officials including Robert S. Kaplan, the president of the Federal Reserve Bank of Dallas, and Patrick Harker, the president of the Federal Reserve Bank of Philadelphia, have signaled that they think it would be appropriate to get those discussions going. Other important policymakers have sounded patient, with John Williams, the New York Fed president, saying that “we’re not near the substantial further progress marker,” in a June 3 Yahoo Finance interview.

Mr. Powell said on Wednesday that officials had begun “talking about talking about” slowing those bond purchases but that the central bank was not preparing to start tapering anytime soon.

“I expect that we’ll be able to say more about timing as we start to see more data,” Mr. Powell said.

Some Republican politicians have questioned whether emergency monetary policy settings remain necessary as the economy reopens and growth rebounds, the Fed has signaled over that the United States is in for a long period of central bank support.

preferred inflation gauge came in at 3.6 percent in April compared to the previous year and is likely to jump even higher in May. The more up-to-date Consumer Price Index was up 5 percent in the year through last month, partly as the figures were compared to very low readings last year.

Officials expect the current price pop to prove temporary, the product of one-off data quirks and the fact that demand is recovering faster than supply chains coming out of the pandemic. Markets seem to broadly share that view: While they have penciled in slightly higher inflation, that recent increase in expectations appears to be stabilizing at a level that is probably more or less consistent with the Fed’s goals.

Still, Wall Street strategists and politicians in Washington alike are watching for any sign that Fed officials have become more concerned about lasting price pressures as some stickier prices in the real economy — such as shelter costs — stabilize and increase.

If inflation does take off in a lasting way and the Fed has to lift interest rates to slow the economy and tame price pressures, that could be bad news. Rapid rate adjustments have a track record of causing recessions, which throw vulnerable workers out of jobs.

But the Fed tries to balance risks when setting policy, and so far, it has seen the risk of pulling back support early as the one to avoid. Millions of jobs are still missing since the start of the pandemic, and monetary policy could help to keep the economy recovering briskly so that displaced employees have a better chance of finding new work.

Alan Rappeport and Matt Phillips contributed reporting.

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The Week in Business: Crypto’s Crashes

Good morning and happy Sunday. Here’s what you need to know in business and tech news for the week ahead. — Charlotte Cowles

had a rough week. Digital currencies saw several ugly crashes, with Bitcoin ending Friday nearly 30 percent below its price a week before. The plunge followed an announcement from China that effectively banned its financial institutions from providing services related to cryptocurrency transactions. (Elon Musk’s sudden about-face on Bitcoin probably didn’t help, either.) The volatility shook some investors’ confidence in crypto, which has ridden a seemingly unstoppable wave of popularity — and gained traction with mainstream investors — over the past year.

Texas, Oklahoma and Indiana joined more than a dozen other states that are ending federal pandemic unemployment benefits early, citing the need to incentivize people to get back to work. The decision will get rid of the $300-a-week supplement that unemployment recipients have been getting since March and were scheduled to receive through September. It will also end all benefits for freelancers, part-timers and those who have been out of work for more than six months. Some lawmakers believe that cutting off benefits will encourage more people to apply for jobs, but that’s not always the case — a persistent lack of child care has also prevented many parents from returning to work.

can cause premature death, according to a new study by the World Health Organization. Long hours — also known as overwork — are on the rise and are associated with an estimated 35 percent higher risk of stroke and 17 percent higher risk of heart disease compared with working 35 to 40 hours per week, researchers said.

give the Internal Revenue Service more money to chase down wealthy individuals and companies who cheat on their taxes. As part of the same effort to close tax loopholes, the U.S. Treasury Department is trying to convince other countries to back a 15 percent global minimum tax rate on big companies. The policy is meant to deter corporations from sheltering their operations in tax havens such as Bermuda and the British Virgin Islands. But a number of governments have been hesitant to sign on for fear that they’ll scare off businesses.

Congress wants to bolster the United States’ ability to compete with China and is willing to throw money at the problem. The senate is working on a bill that would invest $120 billion in the nation’s development of cutting-edge technology and manufacturing. Known as the Endless Frontier Act, the legislation would fund new research on a scale that its proponents say has not been seen since the Cold War. In related news, the European Union blocked an investment deal with China on Thursday, citing concerns with the country’s abysmal human rights record.

Executives from the largest U.S. banks, including JPMorgan, Bank of America and Goldman Sachs, will testify before lawmakers this week about their actions (or lack thereof) to help struggling Americans and small businesses during the pandemic. Democrats on the Senate Banking and House Financial Services committees organized the hearings to scrutinize the banks’ role in lending money to alleviate the financial pressures of the past 15 months. The testimony could affect how lawmakers seek to regulate Wall Street in the coming years.

soared 30 percent in its initial public offering on Wednesday. Amazon indefinitely extended its ban on police usage of its facial recognition software, which has faced ethical criticism. And New York City lifted nearly all of its pandemic restrictions, allowing businesses to welcome customers back at full capacity.

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Yes, Pot Is Legal. But It’s Also in Short Supply.

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In New York and New Jersey, the race is on to grow legal weed.

In Orange County, N.Y., there are plans to build a large cannabis cultivation and processing plant on the grounds of a defunct state prison.

About 25 miles south, over the border in New Jersey, an industrial complex once owned by the pharmaceutical giant Merck will be converted into an even bigger marijuana-growing hub.

In Winslow, N.J., about 30 miles outside Philadelphia, a new indoor cultivation complex just celebrated its first harvest.

The advent of legalized adult-use marijuana in New York and New Jersey is an entrepreneur’s dream, with some estimating that the potential market in the densely populated region will soar to more than $6 billion within five years.

medical marijuana market, the supply of dried cannabis flower, the most potent part of a female plant, has rarely met the demand, according to industry lobbyists and state officials. At the start of the pandemic, as demand exploded, it grew even more scarce, patients and business owners said.

The supply gap has narrowed as the statewide inventory of flower and products made from a plant’s extracted oils more than doubled between March of last year and this spring. Still, patients and owners say dispensaries often sell out of popular strains.

“There’s very little stock,” said Shaya Brodchandel, the chief executive of Harmony Foundation in Secaucus, N.J., and president of the New Jersey Cannabis Trade Association. “Almost no wholesale. As we harvest we’re putting it straight into retail.”

Harmony purchased the former Merck site in Lafayette, N.J., late last year and is awaiting permits to begin construction, Mr. Brodchandel said.

Oregon, which issued thousands of cultivation licenses after legalizing marijuana six years ago, has an overabundance of cannabis. But many of the other 16 states where nonmedical marijuana is now legal have faced supply constraints similar to those in New York and New Jersey as production slowly scaled up to meet demand.

“There’s always a dearth of flower in a new market,” said Greg Rochlin, chief executive of the Northeast division of TerrAscend, a cannabis company that operates in Canada and the United States and this month opened New Jersey’s 17th medical marijuana dispensary.

In New York, where the medical marijuana program is smaller and more restrictive than New Jersey’s, the menu of products includes oils, tinctures and finely ground flower suitable for vaping. But the sale of loose marijuana buds for smoking is prohibited, and only 150,000 of the state’s 13.5 million adults who are 21 or older are registered as patients.

With modest demand, there has been little incentive to boost supply. Until now.

Adult-use marijuana sales could begin within a year in New Jersey and in early 2023 in New York, industry experts predict.

Mid-Orange Correctional Facility, which was closed in 2011.

Citiva, a competitor, is also building a new production hub there. A cannabis testing lab and a CBD extract facility, urbanXtracts, are already there.

“We’re calling it a cannabis cluster,” said Michael Sweeton, Warwick’s town supervisor.

“It is the definition of irony,” he added about the reinvented role for a correctional facility that boomed during the war on drugs, imprisoning 750 men at a time and providing 450 jobs.

hemp farmers will play an important role in the effort to generate enough cannabis to satisfy what is quickly expected to become one of the country’s largest marijuana markets.

THC, is used to make CBD oil.

New York’s law also permits individuals to grow as many as six marijuana plants for personal use; New Jersey’s legislation does not allow so-called home grow.

In the coming months, both states are expected to issue regulations to govern the new industry. Each has framed legalization as a social justice imperative and has dedicated a large share of the anticipated tax revenue to communities of color disproportionately harmed by inequities in the criminal justice system.

Trying to balance the goal of building markets focused on social and racial equity against the inherent dominance of multistate corporations with early toeholds in the region will be crucial, officials in New York and New Jersey said.

“They should have that ability to help jump start the market,” Norman Birenbaum, New York’s director of cannabis programs, said about the 10 medical marijuana companies already licensed to operate in the state. But it should not come “at the expense of new entrants,” he said.

Jeff Brown, who runs New Jersey’s cannabis programs, said the market has room — and a crucial need — for newcomers.

The state’s current operators, he said, “are not by themselves going to be able to supply the personal-use market.”

court challenge, and some of the 12 current operators, Mr. Brown said, have been slow to take full advantage of their ability to expand.

This has resulted in caps on the amount of cannabis that can be sold to patients in a single visit. Lines to enter stores, intensified by Covid-19 regulations, are common.

“You can’t always find the strain that you may have found works best for your condition,” said Ken Wolski, a retired nurse who now leads the Coalition for Medical Marijuana, a nonprofit advocacy group. “And that’s a very frustrating thing for patients.”

expansion of a medical marijuana program that had languished under his predecessor, Chris Christie, a Republican.

price of flower in New Jersey hovers between $350 and $450 an ounce before discounts. In California, the average price of an ounce of premium marijuana was about $260, according to priceofweed.com, a frequently cited price directory.

“Popular products run out and prices are still higher than we’d like to see them,” Mr. Brown said. “The key to all that is more competition.”

Last month, Curaleaf, which operates a dispensary and two cultivation facilities in New Jersey, eliminated its half-ounce limit on sales of flower after a strong yield at its new indoor-grow facility in Winslow, said Patrik Jonsson, the company’s regional president responsible for seven Northeast states.

large cultivation facility in Boonton, N.J., operated by TerrAscend, put hundreds of plants into bundles of coconut coir in early 2021 to begin a four-month growing and drying process. Tiered platforms are now filled with rows of pale green and purple-hued plants.

TerrAscend’s new dispensary, in Maplewood, N.J., drew a line of customers within hours of opening earlier this month.

Stuart Zakim, one of the first people in line, talked to a cashier — the “budtender” — about alternatives to the product he originally requested but was told was not in stock.

“You’re not waiting in the dark for your dealer anymore,” said Mr. Zakim, a longtime medical marijuana patient. “You’re walking into a beautiful facility.”

“The supply issue,” he added, “is really the biggest issue.”

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Yes, Pot Is Legal. But It’s Also in Short Supply in NY and NJ

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In New York and New Jersey, the race is on to grow legal weed.

In Orange County, N.Y., there are plans to build a large cannabis cultivation and processing plant on the grounds of a defunct state prison.

About 25 miles south, over the border in New Jersey, an industrial complex once owned by the pharmaceutical giant Merck will be converted into an even bigger marijuana-growing hub.

In Winslow, N.J., about 30 miles outside Philadelphia, a new indoor cultivation complex just celebrated its first harvest.

The advent of legalized adult-use marijuana in New York and New Jersey is an entrepreneur’s dream, with some estimating that the potential market in the densely populated region will soar to more than $6 billion within five years.

medical marijuana market, the supply of dried cannabis flower, the most potent part of a female plant, has rarely met the demand, according to industry lobbyists and state officials. At the start of the pandemic, as demand exploded, it grew even more scarce, patients and business owners said.

The supply gap has narrowed as the statewide inventory of flower and products made from a plant’s extracted oils more than doubled between March of last year and this spring. Still, patients and owners say dispensaries often sell out of popular strains.

“There’s very little stock,” said Shaya Brodchandel, the chief executive of Harmony Foundation in Secaucus, N.J., and president of the New Jersey Cannabis Trade Association. “Almost no wholesale. As we harvest we’re putting it straight into retail.”

Harmony purchased the former Merck site in Lafayette, N.J., late last year and is awaiting permits to begin construction, Mr. Brodchandel said.

Oregon, which issued thousands of cultivation licenses after legalizing marijuana six years ago, has an overabundance of cannabis. But many of the other 16 states where nonmedical marijuana is now legal have faced supply constraints similar to those in New York and New Jersey as production slowly scaled up to meet demand.

“There’s always a dearth of flower in a new market,” said Greg Rochlin, chief executive of the Northeast division of TerrAscend, a cannabis company that operates in Canada and the United States and this month opened New Jersey’s 17th medical marijuana dispensary.

In New York, where the medical marijuana program is smaller and more restrictive than New Jersey’s, the menu of products includes oils, tinctures and finely ground flower suitable for vaping. But the sale of loose marijuana buds for smoking is prohibited, and only 150,000 of the state’s 13.5 million adults who are 21 or older are registered as patients.

With modest demand, there has been little incentive to boost supply. Until now.

Adult-use marijuana sales could begin within a year in New Jersey and in early 2023 in New York, industry experts predict.

Mid-Orange Correctional Facility, which was closed in 2011.

Citiva, a competitor, is also building a new production hub there. A cannabis testing lab and a CBD extract facility, urbanXtracts, are already there.

“We’re calling it a cannabis cluster,” said Michael Sweeton, Warwick’s town supervisor.

“It is the definition of irony,” he added about the reinvented role for a correctional facility that boomed during the war on drugs, imprisoning 750 men at a time and providing 450 jobs.

hemp farmers will play an important role in the effort to generate enough cannabis to satisfy what is quickly expected to become one of the country’s largest marijuana markets.

THC, is used to make CBD oil.

New York’s law also permits individuals to grow as many as six marijuana plants for personal use; New Jersey’s legislation does not allow so-called home grow.

In the coming months, both states are expected to issue regulations to govern the new industry. Each has framed legalization as a social justice imperative and has dedicated a large share of the anticipated tax revenue to communities of color disproportionately harmed by inequities in the criminal justice system.

Trying to balance the goal of building markets focused on social and racial equity against the inherent dominance of multistate corporations with early toeholds in the region will be crucial, officials in New York and New Jersey said.

“They should have that ability to help jump start the market,” Norman Birenbaum, New York’s director of cannabis programs, said about the 10 medical marijuana companies already licensed to operate in the state. But it should not come “at the expense of new entrants,” he said.

Jeff Brown, who runs New Jersey’s cannabis programs, said the market has room — and a crucial need — for newcomers.

The state’s current operators, he said, “are not by themselves going to be able to supply the personal-use market.”

court challenge, and some of the 12 current operators, Mr. Brown said, have been slow to take full advantage of their ability to expand.

This has resulted in caps on the amount of cannabis that can be sold to patients in a single visit. Lines to enter stores, intensified by Covid-19 regulations, are common.

“You can’t always find the strain that you may have found works best for your condition,” said Ken Wolski, a retired nurse who now leads the Coalition for Medical Marijuana, a nonprofit advocacy group. “And that’s a very frustrating thing for patients.”

expansion of a medical marijuana program that had languished under his predecessor, Chris Christie, a Republican.

price of flower in New Jersey hovers between $350 and $450 an ounce before discounts. In California, the average price of an ounce of premium marijuana was about $260, according to priceofweed.com, a frequently cited price directory.

“Popular products run out and prices are still higher than we’d like to see them,” Mr. Brown said. “The key to all that is more competition.”

Last month, Curaleaf, which operates a dispensary and two cultivation facilities in New Jersey, eliminated its half-ounce limit on sales of flower after a strong yield at its new indoor-grow facility in Winslow, said Patrik Jonsson, the company’s regional president responsible for seven Northeast states.

large cultivation facility in Boonton, N.J., operated by TerrAscend, put hundreds of plants into bundles of coconut coir in early 2021 to begin a four-month growing and drying process. Tiered platforms are now filled with rows of pale green and purple-hued plants.

TerrAscend’s new dispensary, in Maplewood, N.J., drew a line of customers within hours of opening earlier this month.

Stuart Zakim, one of the first people in line, talked to a cashier — the “budtender” — about alternatives to the product he originally requested but was told was not in stock.

“You’re not waiting in the dark for your dealer anymore,” said Mr. Zakim, a longtime medical marijuana patient. “You’re walking into a beautiful facility.”

“The supply issue,” he added, “is really the biggest issue.”

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Paul Van Doren, 90, Dies; Built an Empire With Skateboard Shoes

Paul Van Doren, a founder of Vans, the Southern California sneaker company that became synonymous with skateboarding almost by chance and then grew into a multibillion-dollar business, died on May 6 in Fullerton, Calif. He was 90.

His death, at the home of one of his children, was confirmed by a representative for VF Corporation, which now owns Vans. He lived in Las Vegas.

Mr. Van Doren founded the Van Doren Rubber Company in 1966 with the investor Serge D’Elia and soon brought on his younger brother James and Gordon Lee, a colleague from his years working for another sneaker manufacturer.

The idea was straightforward: sell high-quality but inexpensive sneakers from a store adjacent to a factory in Anaheim. The company handled production on-site, making it easy to fill orders of different sizes and allowing buyers to customize their shoes in a rainbow of colors and patterns.

Los Angeles magazine this year. “And here’s a company listening to them, backing them and making shoes for them.”

Vans provided Mr. Alva and Mr. Peralta with free shoes and sponsored them as part of a team of professional skateboarders, an arrangement that became a model in the skateboard shoe business.

The company went on to develop new styles, like the Old Skool, which has leather panels on the toe and heel for increased durability; the Sk8-Hi, an Old Skool with a padded high-top collar to protect ankles from errant boards; and a laceless canvas slip-on equipped with the signature Vans sole.

By the early 1980s the shoes were available in about 70 Vans stores, mostly in Southern California, and in outlets around the country. The shoes had earned a following among skateboarders, surfers and BMX bicyclists but were not widely known outside of those core markets.

Fast Times at Ridgemont High.”

Frank Ocean wore checkerboard slip-ons to the White House to meet President Barack Obama.

Vans has collaborated on custom shoes with the labels Kenzo and Supreme, companies like Disney, the music makers Public Enemy and Odd Future and the contemporary artist Takashi Murakami. Customers can design their own shoes on the company’s website.

But Vans remains tied to its original demographic, continuing to sponsor skateboarders, snowboarders, surfers and other athletes and run surfing and skateboarding contests around the world. For nearly 25 years it funded the Warped Tour music festival, which featured skateboarding demonstrations.

“We lost our founding father, but his roots run deep with us,” Mr. Alva wrote on Instagram after Mr. Van Doren’s death.

Paul Joseph Van Doren was born on June 12, 1930, to John and Rita (Caparelli) Van Doren and grew up in Braintree, Mass., south of Boston. His father was an inventor who designed fireworks and clothespins, and Mr. Van Doren learned valuable business lessons working alongside him.

He wrote that he dropped out of high school at 16 and for a time made a living at the horse track and in pool halls, work his mother could not abide. She helped him get a job at the Randolph Rubber Manufacturing Company, a Massachusetts concern that made canvas sneakers.

died in 2011 at 72.

His son Steve, daughter Cheryl and some of his grandchildren continue to work for the company he built.

Mr. Van Doren spent more than 15 years at Randolph Rubber. In 1964 he moved to Southern California to run a factory for Randolph there but left two years later to start Vans, having had disagreements with Randolph management.

He retired in the early 1980s, and his brother James took control of the company. James Van Doren tried to compete with companies like Nike and Adidas by expanding into different sports — running, basketball, wrestling and break dancing among them — only to bankrupt the company by 1984, Mr. Van Doren wrote.

Mr. Van Doren returned to lead Vans back to solvency. He refocused the company on its core offerings, and in a few years Vans paid back about $12 million in debt, he wrote.

mound wearing a pair of Sk8-Hi shoes customized with spikes, Mr. Van Doren wrote.

“The company doesn’t pay people to do these things; they happen organically,” he added. “Our customers, famous or not, just like the shoes.”

Alain Delaquérière contributed research.

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Josh Harris Steps Down From Apollo

Vegan milk is now a multibillion-dollar business on Wall Street. Oatly, the oat milk maker, priced its I.P.O. at $17 a share, the top end of its range, valuing it at about $10 billion. Part of the reason it appeared to avoid broader market declines is that it courted investors focused on so-called E.S.G. principles.

Even by Bitcoin’s standards, it’s been a wild week. A particularly steep drop in the cryptocurrency yesterday seemed to drag the entire market down with it, and the frenzy led to outages at big exchanges like Binance and Coinbase. Then, it came roaring back in late trading (Elon Musk tweeted about it) and has held the gains so far today. Still, Bitcoin is down by about a third from the all-time high it set just over a week ago.

The episode proves the point of skeptics that digital assets are too volatile to be taken seriously, and of die-hard supporters who say that the ups and downs come with the territory. DealBook spoke with Changpeng “C.Z.” Zhao, the C.E.O. of Binance, the world’s largest crypto exchange, about what it all means.

“It was a busy day but it happens,” C.Z. said. “I think it’s pretty typical.” It’s a commonly held belief among the crypto crowd that big corrections are part of the journey to new heights. “If you look at 2017, where there was a bull market, there were at least two instances of 40 percent drawdowns,” he said. New investors rushing in “may or may not be fully committed” but he believes it’s good for the markets to “shake out” the jittery types.

Lawmakers aren’t so sure. Yesterday, the Senate Banking Committee chair, Sherrod Brown — a crypto skeptic — wrote to the acting Comptroller of the Currency, Michael Hsu, with concerns about crypto companies getting approved for national trust charters. In particular, Brown mentioned that the approvals came under the former acting comptroller, Brian Brooks, who once worked for Coinbase and recently became the C.E.O. of Binance’s U.S. division.

All eyes are on the regulators. One factor in yesterday’s crash appeared to be a warning from China’s central bank that reiterated the ban on financial institutions in the country dealing in cryptocurrencies. Many of the crypto market’s ups and downs come amid questions about regulation driving mainstream acceptance (or not), as when the launch of a Bitcoin futures exchange in 2017 accompanied the last big run-up in crypto prices.


— Joseph Blount, the C.E.O. of Colonial Pipeline, in his first public interview about paying a ransom to hackers after a cyberattack crippled its systems. Colonial paid in Bitcoin worth $4.4 million, but the decryption tool it received in return didn’t immediately work, and the pipeline was shut for six days.

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