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The top US securities regulator, a skeptic towards cryptocurrency who was appointed by President Joe Biden, announced Thursday he will step down in January when Donald Trump takes office. Gary Gensler, chair of the Securities and Exchange Commission (SEC), said he will resign on January 20, the same day Trump assumes the presidency. The move clears the way for the president-elect to pick Gensler’s successor. The news comes as bitcoin hit a fresh record, trading above $99,000 and nearing the symbolic $100,000 level. Gensler’s five-year term does not end until 2026, but agency chairs customarily step down when the party of presidential administration turns over. During the election campaign, Trump promised to fire him. Gensler took office in April 2021 shortly after the so-called “meme stock” frenzy in January 2021 prompted massive volatility in GameStop and a handful of other stocks. A former mergers and acquisitions partner at Goldman Sachs, Gensler led rulemaking proposals intended to improve efficiency in capital markets. But his future in Washington looked precarious in light of the SEC’s confrontational approach to cryptocurrency throughout the Biden years. Gensler referred to crypto as “the Wild West.” During the campaign, Trump drew heavy financial support from cryptocurrency backers, some of whom are also close to the Republican’s close ally, Tesla and SpaceX CEO Elon Musk. In the absence of clear regulations, Gensler took an aggressive stance toward digital currencies, treating them like traditional financial securities such as stocks and bonds. The approach has prompted SEC lawsuits against major trading platforms including Binance, Coinbase, and Kraken, along with various smaller startups. Legislation currently in Congress would shift oversight of cryptocurrency supervision to the Commodity Futures Trading Commission, known for its lighter-touch approach to regulation. Gensler thanked Biden and fellow commissioners, saying in a statement, “The SEC has met our mission and enforced the law without fear or favor.” But the SEC’s announcement drew cheers from the crypto industry. The Blockchain Association posted a waving hand emoji on X in response to Gensler’s impending exit, while its CEO, Kristin Smith, noted the announcement came the same day as a favorable US court ruling in Texas for cryptocurrency. The Texas ruling constitutes “a fitting turning point of the SEC’s harassment campaign of the crypto industry, and the beginning of a new era,” Smith said on X. Smith warned Gensler against “sneak” last-minute enforcement and called for a “better-functioning” SEC that avoids overreach and is willing to work “with industry to find fit-for-purpose solutions.” Hailey Lennon, a partner at law firm Brown Rudnick who was formerly general counsel at Coinbase, said the SEC under Gensler “played gatekeeper and stalled innovation.” Citing Gensler’s departing comments, she wrote on X that “saying the SEC has regulated without fear or favor is insane gaslighting.” With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.House Democrats who voted yes on NDAA lament transgender restrictions
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Purdue athletic director Mike Bobinski promised to give new coach Barry Odom everything he needed to revive the Boilermakers program. Increasing the NIL budget is a solid start. Odom knows what's coming next — the questions. So naturally, it didn't take long for the former UNLV coach to be asked one thing he's likely to hear frequently on the recruiting trail: Could he explain the payment dispute that led to the departure of his starting quarterback, Matthew Sluka, after just three games this season? “I think every story, you look at what you're able to say, what's the truth, what's the reality and what's fabricated,” Odom said Tuesday at his introductory news conference. “I think you look at that very specific instance there was very open communication from the day the recruiting process started. Everything we did as a staff, as a university, as an athletic department was by the book and by the law.” Sluka transferred from Holy Cross to UNLV after twice being selected as a Walter Payton Award finalist. The award goes to the best player in the Football Championship Series. He didn't last long in Las Vegas. Sluka entered the transfer portal after winning all three starts, claiming he never received a promised $100,000 NIL payment. Odom issued a statement at the time saying the program abided by the “applicable rules.” On Tuesday, he seemed to acknowledge that part of the explanation was a continuing quarterback competition between Sluka and Hajj Malik-Williams, who took over as the starter and led UNLV (10-3) to its best record in 40 years and a second straight Mountain West Conference championship game appearance. Malik-Williams was a second-team all-conference selection. Odom likely will need more detailed answers for prospective recruits if he intends to make the Boilermakers competitive again in a Big Ten with four playoff-bound teams. Odom does have some advantages at Purdue — a strong alumni base led by former NFL star Drew Brees, a recently renovated stadium, other upgraded facilities and the school's longtime reputation as the “Cradle of Quarterbacks.” The biggest advantage, though, will be Purdue going all in on NIL money. “We’re going to operate at the full cap," Bobinski said. “We’re going to be as resourced as anybody in the country, allowing Barry and his staff the ability to go out there and be eyeball to eyeball with everybody we’re competing for, a transfer or from a high school recruiting perspective.” Bobinski said Odom's results at UNLV were the primary attraction, though. As the Boilermakers continued to struggle in November, Bobinski started studying the revival of a UNLV program that had struggled for decades. What he found was that the man Missouri fired in 2019 after posting a 25-25 record in four seasons had earned a second chance with a Power Four program. “What was accomplished at UNLV these last couple years was nothing short of remarkable,” Bobinski said. “What that shows me is Coach Odom brings a very unique combination of an old-school, traditional football toughness and mindset with ability to operate and adapt to today’s college football environment.” It's a combination Purdue desperately needs following an embarrassing 2024 season in which it went 1-11 (0-9 Big Ten) and suffered the two most lopsided losses in school history — 66-7 to Notre Dame and 66-0 to Indiana. He takes over a team that lost its final 11 games and did not beat an FBS opponent. Navigating the path back in what's likely to be the first year of revenue sharing and NIL caps tied to roster limits could be even trickier given what he's facing. The state's other two most prominent programs — No. 3 Notre Dame (11-1, No. 5 CFP) and No. 9 Indiana (11-1, No. 8 CFP), will meet in a first-round playoff game on Dec. 20. There are other complications, too. Purdue signed only six recruits on the first day of the early signing period and has 21 players currently in the transfer portal, including All-American safety Dillon Thieneman, starting linebacker Yanni Karlaftis, starting tight end Max Klare and two quarterbacks. “We've got to be great evaluators, and then you've got to build an offense or a defense and a kicking game around the strengths of our players,” Odom said. “And then we've got to be great teachers at making them and teaching them, understanding the reasons we're calling the play and how important their job is to get that job done.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballThe streets of Tbilisi and its central Rustaveli Avenue were crowded on the 16th consecutive day of protests, as more than a dozen separate marches converged on the parliament building. Throughout the day, different social and professional groups – from clubbers to psychologists, from PR/HR workers to emigrants, from the theatre to the IT/tech community – held separate protest marches and rallies at different places and times of the day. At 1 pm, workers from different companies left their offices as part of an announced one-hour symbolic general strike. The protests brought traffic to a standstill across Tbilisi, causing serious disruption to the city’s transport system. ‘s Guram Muradov captured memorable moments from the protest: This post is also available in:
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EDITOR'S NOTE: The original version of this piece was published in November 2019 as The Nassau Guardian observed its 175th anniversary. By Bahamian standards of longevity, The Nassau Guardian has been around since King Hammer was a hatchet, as the old saying goes. And that’s a mighty long time! Indeed the oldest continuously operating institutions in this country today are the legislature, the Anglican Church, the police force, the Baptist then Presbyterian then Methodist churches followed by (after a gap of about 50 years or so) The Nassau Guardian in 1844. From then to now, The Guardian has been an integral part of the life of The Bahamas, not only as a purveyor of pure news (if there is ever such a thing) and chronicler of our history but as a major shaper of public opinion over the past 180 years on a multitude of things, large and small. I offer some reflections on The Guardian ’s evolution over that timespan. Broadly speaking, The Guardian ’s history can be divided into: (1) the Moseley era (from the founding of the newspaper in 1844 until the mid-point of the 20th Century, give or take a few years, and (2) what might be described — unimaginatively, I admit — as the post-Moseley era (from 1955 to the present). The Moseley era (1844 –1955) The dominant figure in The Guardian ’s Moseley era was not its founder and first editor, Edwin Charles Moseley, but rather his granddaughter, Miss Mary Moseley (she died a spinster with neither chick nor child). About 20 years ago, in a piece I wrote on the July 1926 hurricanes, I described Mary Moseley (1878-1960) in these terms: No other woman, before or since, has exercised such influence on public opinion in The Bahamas. Moseley was a woman of many parts, not all of them in harmony with each other. She was (in no particular order) an exemplar of Victorian virtue; a true patriot and staunch supporter of the British Empire (she had received an MBE while in England for services to convalescing British soldiers in World War I); a racial bigot; a woman of great compassion for the poor and needy; doyenne of Bahamian journalists; walking encyclopedia of Bahamian history; publisher and editor of the very first Bahamas Handbook in 1926; pioneering advocate for environmental conservation and civic beautification; and among other social positions, a leading light of the Bahamas Chapter of the Imperial Order of the Daughters of the Empire to which none but the cream of white society dared beg admittance. She was, for certain, an immensely gifted writer with a distinct leaning towards the use of lyrical prose even in her news stories. One striking example would be furnished in her description of the July 1926 hurricane as it was preparing to barrel into Nassau, observing how: “.... the mighty silk cotton trees which with almost uncanny insight promptly shed their leaves and stood gaunt and stripped for battle against the awful strokes of the gale.” Of greater consequence, Moseley was the local media’s voice for what Aaron Burr would have called in his time the “best blood of the country”. She was convinced that it coursed through the veins of the two dominant and closely-leagued political figures of the early 20th Century Bahamas: the speaker of the House of Assembly and the leading member of the legal profession, Harcourt Malcolm (with whom Moseley shared a close friendship and a consuming passion for Bahamian historical research), and Sir George Gamblin, the local head of the Royal Bank of Canada and, next to Malcolm, the most influential member of the House of Assembly. This pair constituted the twin-head of the local political aristocracy (soon to be joined by A.K. [Sir Kenneth] Solomon). Making no apologies for it, Mary Moseley was their most formidable promoter and ardent defender. The Guardian , however, was not all about local politics and international affairs. Thrice weekly, it also covered the births, christenings, betrothals, marriages, anniversaries, scholastic achievements, travels, soirees, amusements, sporting and recreational activities and the illnesses and deaths of the ruling class. Moseley’s Bahamas, as perceived through the lens of The Guardian , was strictly upper crust and, even more so, lily-white. Back then if you wanted to get caught up on what colored folk – 80-85 percent of the population – might be up to in their social lives, you would have to read The Tribune. Moseley had no time for such trifles. The Guardian in the Moseley era became increasingly conservative and uncompromisingly supportive of the racialist policies of the local oligarchy, especially from the 1930s. (By contrast, its nemesis, the Nassau Daily Tribune, under Etienne (later Sir Etienne) Dupuch, was the crusader-in-chief for social reform, racial equality and liberal causes generally, all while maintaining a steadfast loyalty to crown and empire). It was ironic that The Guardian should have cast itself in this rearguard role, considering its genesis. The founder of the newspaper, the first of the Moseleys in The Bahamas, had emigrated from England to work for The Argus, an unabashedly racist and inflammatory newspaper which, under its editor, George Biggs, had been the most outspoken and virulent of the local proponents for the retention of slavery in the run-up to Abolition in 1834. The story that has come down, and there is no reason to think it apocryphal, is that the original Edwin Moseley was so revolted by the racism of The Argus that he declined to take up his appointment, becoming a teacher instead at the recently established King’s College (under the auspices of King’s College, London). Located just off East Street and East Hill Street where the Royal Victoria Hotel would later be established, the school was an intriguing, if ultimately unsuccessful, social experiment for its time, with its consciously non-racial admissions policy and its racially balanced group of shareholders and board of directors. But that is a story for another time. Suffice it to say here that after a few years teaching, E.C. Moseley (as he was referred to) segued into the journalistic career that would occupy the rest of his working life, all of it at The Guardian. Despite the liberalism on race that was evident at the founding of The Guardian , it would not endure. Under Mary Moseley, The Guardian would become ever more dismissive of all the talk about (and later the outcry from certain quarters for) the curtailment of racial discrimination in the body politic and in the society at large. Moreover, it resolutely supported the maintenance of the status quo in relation to virtually all things political and social. To the end, Mary Moseley remained a creature of 19th Century arch-conservative thinking. (Note: Mary Moseley deserves a full-length biography. She was a remarkable lady, especially for her times and considering - ironically again - the systemic discrimination against women that was a mark of those times. In the meantime, those interested in learning more about her should refer to the short monographs written about her a while back by Ruth Bowe [now Madam Justice Ruth Bowe-Darville]; James Lawlor and the late Benson McDermott, himself a former editor of The Guardian) . The post-Moseley era (1955-present) The beginning of the post-Moseley era saw The Guardian falling into the hands of a group that made it no secret that its singular mission was to preserve and perpetuate the hegemony of the local oligarchy which was at that time coalescing into what would soon become the United Bahamian Party. That The Guardian was in this period essentially a propaganda tool for this group, the soon-to-be ancient regime, is not a matter for serious debate. Moreover, the racist policies of The Guardian became even more blatant than they had been in the Moseley Era. Indeed, Sir Etienne Dupuch, in his autobiography, "The Tribune Story” wrote: “Even as late as 1961, The Guardian emphasized in an advertisement in ‘Editor and Publisher’ that it ‘reaches practically 100% of the WHITE population of The Bahamas” (the word “White” really was in caps). Following the achievement of Majority Rule in 1967 under the Progressive Liberal Party (which both The Guardian and the Tribune had found common cause in vigorously opposing), a non-Bahamian/non-resident group headed by a wealthy American, John Perry, bought T he Guardian . They would continue to hold the majority stake for the ensuing 35 years or so until selling out to its present Bahamian owners about 22 years ago. In the post-Majority Rule part of the post-Moseley era to date (longhand for saying from 1967 to the present), it is, I think, fair to say that The Guardian has, for the most part, placed itself in the middle of the political road in its editorial policy notwithstanding that there have been extensive periods within that time swath when it was routinely dismissed by some as being joined-at-the-hip to the FNM or, if not that, biased towards the party in power. Speculation in the latter regard was no doubt fueled by a cynical perception that the Perry Group and later the present owners saw The Guardian as a business opportunity and/or as a support apparatus for their other, more consequential, business interests rather than a furnace to stoke any crusading zeal over the burning issues of the day that they might otherwise have had. Competing for government contracts for the printing of the official Gazette and the like was also seen by some, post 1967 until the '90s at least, as giving rise to a need to curry favor with the party in power by leveraging a neutral or perhaps only mildly critical editorial policy. Whether there is a kernel or two of truth in that is likely never to be known. It’s not something that lends itself to easy confession nor is it the kind of stuff that ends up in tactful memoirs. Be that as it may, looking at The Guardian today, it is fair, I think, to pronounce the following verdict: It is more balanced and objective in its editorial policy and news coverage than it has ever been before. It’s an equal opportunity exposer and slayer of the corrupt and the incompetent, the pompous and foolish alike, no matter which party is in power. Conversely, there is, in my estimation, no shortage of editorials praising the soundness of new ideas and the goodness of men and women when they do good, no matter which side of the political aisle (or wherever else) they might spring from. Some others may see it differently. I do not. Moreover, in terms of the width and breadth of its non-news subjects, The Guardian is today a far more interesting publication than ever before. Moreover, the social and racial snobbery that disfigured the newspaper in the Moseley Era and first decade of the Post-Moseley Era is long gone. If it is indeed correct that today's Guardian should be characterized in the way I have suggested in the last two paragraphs above, what better footing can there be for the nation’s oldest newspaper as it both celebrates its 180th anniversary and launches itself towards the ever-nearer milestone of its bicentenary in 2044. Congratulations and best wishes!
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