Good morning, Coin Discoverers!

CRYPTO

• BTC: $59,965.30(-2.01%)YTD (+35.75%)

• ETH: $2,590.67(-1.64%)YTD (+10.11%)

• BNB: $564.60 (-0.91%)YTD (+79.92%)

*Crypto numbers as of 5:00 am EST on August 22th

Republican Senator Tim Scott proposes establishing a digital asset-focused panel if he assumes leadership of the Senate Banking Committee

Republican Senator Tim Scott, known for his supportive stance toward the cryptocurrency industry, currently serves as the leading Republican on the Senate Banking Committee, which is chaired by Senator Sherrod Brown, a Democrat from Ohio. His influence in this role has positioned him as a key figure in shaping the future of digital asset regulation.

During the Wyoming Blockchain Symposium, Senator Scott joined Senator Cynthia Lummis, a Republican from Wyoming, to discuss the potential for cryptocurrency legislation to be enacted this year. The conversation highlighted the ongoing efforts within Congress to address the regulatory framework for digital assets, signaling that progress in this area remains a possibility despite the challenges.

Ryan Salame's attorneys claim misconduct in the handling of his plea agreement

Ryan Salame's legal team has requested that a New York court either dismiss any indictments against him related to campaign-finance violations or, if dismissal isn't possible, vacate the conviction judgment issued in May. They are challenging the basis of the charges and seeking a reconsideration of the case.

Salame, who was sentenced to seven and a half years in prison, was originally scheduled to appear for sentencing on August 29. However, his lawyer has requested a postponement until October 13, citing the need for Salame to undergo urgent surgery following an injury sustained in a dog attack.

FCC Secures $1 Million Settlement With Telecom Company Over AI-Related Election Interference

Lingo Telecom has agreed to a $1 million settlement with the Federal Communications Commission (FCC) following allegations that the company facilitated AI-generated robocalls mimicking President Joe Biden’s voice. These robocalls were intended to meddle in the 2024 New Hampshire presidential primary, raising significant concerns about the use of artificial intelligence in election interference.

The scheme was orchestrated by political consultant Steve Kramer, who has since faced serious legal repercussions. Kramer was charged with 13 felony counts of voter suppression and 13 misdemeanor counts of impersonating a candidate. Additionally, he was fined $6 million by the FCC earlier this year in May for his role in the election interference plot.

Bitfarms to Purchase Stronghold Digital Mining in a $164 Million Acquisition

Bitfarms Ltd., a Canadian Bitcoin mining company, is set to acquire Stronghold Digital Mining in a $164 million transaction. As part of the agreement, Bitfarms will exchange 2.5 of its shares for each share of Stronghold and will also assume Stronghold’s existing debt, according to a press release on August 21.

Stronghold has faced significant financial challenges following the Bitcoin halving event in April, which reduced mining rewards by half, intensifying pressure on mining operations. The Pennsylvania-based company reported a $21.3 million loss on $19.1 million in revenue during the second quarter, contributing to a 60% decline in its stock price this year.

STOCKS

• DOW: 40,890.53(+0.14%)

• S&P: 5,620.85 (+0.42%)

• NASDAQ: 17,918.94 (+0.57%)

*Stock numbers as of market close on August 21th

Media veteran Bronfman increases his offer for Paramount takeover to $6 billion

Veteran media executive Edgar Bronfman has raised his takeover bid for Paramount Global to $6 billion. The revised offer is intended to acquire both the controlling stake held by National Amusements and a minority share in Paramount itself, according to a source familiar with the negotiations. This new bid follows an earlier offer of $4.3 billion.

Following the announcement, Paramount's stock saw a rise of more than 2.4% in after-hours trading. On Wednesday, Paramount confirmed receiving Bronfman's acquisition proposal, presented on behalf of a consortium of investors, although the company did not disclose the specific terms of the offer.

Franklin Templeton unit appoints new investment chief and launches $2 billion fund

Western Asset Management, a division of Franklin Templeton, announced on Wednesday that it has appointed Michael Buchanan as its new chief investment officer, effective immediately. Buchanan replaces Ken Leech, who is on a leave of absence following notification from the U.S. Securities and Exchange Commission about potential civil charges against him.

In addition to the leadership change, Western Asset Management will be closing a $2 billion fund. The decision comes amid ongoing federal investigations into Leech’s conduct, prompting the company to take these significant steps.

REAL ESTATE

• 15-year: 6.00%

• 30-year: 6.46%

*Mortage rates via Mortgage News Daily

Bonds Remain Unmoved by Fed Minutes

Initially, the bond market’s primary focus appeared to be the 2 p.m. release of the Minutes from the latest Federal Reserve meeting. However, the actual impact on bonds was minimal, reflecting a general indifference. This lack of reaction isn’t surprising given that the Fed’s discussion of potential rate cuts in July and the near certainty of a cut in September were already well-anticipated.

Instead, the main market movement came from the confusion surrounding the 10 a.m. release of the QCEW payroll data, which had been highlighted in the morning commentary. This uncertainty about the payroll figures became the day’s more influential factor for bond traders.

TECH

Archer Aviation Prepares to Launch Its Air Taxi Service in Los Angeles

As the 2028 Olympics approach in Los Angeles, many will seek alternative transportation options within the city. Archer Aviation is actively working to address this need, having recently received approval from the U.S. Federal Aviation Administration (FAA) to operate its air taxi service within Los Angeles airspace.

Established in 2018 and based in San Jose, California, Archer specializes in electric vertical takeoff and landing (eVTOL) aircraft. These innovative vehicles are designed to take off and land vertically like helicopters and then transition to forward flight like traditional propeller-driven airplanes.

QUICK RECAP

#1. U.S. private equity firm General Atlantic sold its entire 10.69 billion rupee ($127.4 million) stake in PNB Housing Finance.

#2. India's Zomato will acquire Paytm's movie and events ticketing businesses for $244.2 million to expand its ticketing operations.

#3. Canada's Couche-Tard is considering a takeover of Japan's Seven & i, potentially marking the largest foreign buyout of a Japanese company.

#4. HSBC Holdings is considering selling its South Africa operations, focusing on Asia, Bloomberg reported, with no retail banking involved.

#5. An arbitration panel will assess Hess's secret oil value in Guyana, central to Chevron’s $53 billion offer for Hess.