Monday, January 16, 2023

SO ARE CANADIANS;BYPASSING U$A

Americans are flocking to Mexico – a trend ignored during Biden's immigration-focused visit

MEXICO CITY – For more than a decade, Marcos Del Rosario Santiago has lived in la Roma — at the time an up and coming neighborhood in the west side of Mexico City.

But Del Rosario has seen a shift in his neighborhood. More Airbnbs are popping up after those living in apartments, some who have had to already have three or four roommates, could no longer afford to live there. At his local panadería, where he often orders a coffee and pan dulce, he used to only hear people order in Spanish, even if they were not Mexican. Now, he said he’s seeing and hearing more foreigners order in English.

“Some of them don't even try to speak in Spanish,” he said.

While many Mexicans are increasingly concerned about gentrification brought on by the influx of Americans that relocated to "el D.F." as the capital used to be called, Del Rosario, believes having new neighbors isn't necessarily a bad thing.

“Diversidad.” The singular word Del Rosario used to describe the impact of this new phenomenon.  And the rising rent and food costs? Well that’s just the price to pay for progress, he said.

Less than five miles from Del Rosario's neighborhood, President Joe Biden met with Mexican President Andrés Manuel López Obrador this past week to discuss how to stop large swaths of migrants from coming to the United States illegally.

“We’re working together to address this challenge in a way that upholds our nations’ laws and protects the human rights of migrants facing desperate circumstances,” Biden said at Tuesday’s press conference at the National Palace in Mexico City.

While immigration rhetoric in the U.S. has focused on sending migrants back to Mexico, another burgeoning phenomenon remains largely ignored: Americans migrating to Mexico.

In the last decade, Mexico has become the top nation for U.S. Americans to move to — a trend that ramped up during the pandemic. There are now a record number of U.S. Americans becoming temporary residents in Mexico as of 2022.

According to an analysis from Bloomberg, there was an 85% increase between 2019 and 2022 in the number of Americans becoming temporary residents in Mexico.

Americans are also choosing to move to Mexico because of the easy process compared to other countries.

A majority of the expats flocking south work for U.S. based companies, earn U.S. dollars and can take advantage of a favorable exchange rate and don't need to go through the cumbersome process of requesting a visa if they plan on staying there for 180 days or less.

Some neighborhoods in Mexico City, such as Roma, La Condesa and Coyoacán,  are beginning to mirror gentrified areas in the U.S. like East Austin, Texas, Brooklyn, and Miami’s Wynwood district.

In a cafe called Ojo de Agua — a Mexico City chain that is now opening locations in the U. S., like in Miami’s Brickell region — located in the La Condesa neighborhood, American top-40 pop songs blared over the speakers.

A group of people speaking English found their way to the cafe, after initially walking past it. They took a seat at a long table that could fit their group of ten. Immediately, a worker, one who spoke to them in English, came over to greet the patrons. She explained the concept of the eatery, saying they must go to the register to order.

But as the group of U.S. nationals was settling into the cafe, a Spanish speaking couple seated at a table on the sidewalk had just got their order of an agua de fresa and smoothie bowl, enjoying the breezy 60-something degree weather.

A mariachi band stopped by to serenade the couple. At the same time, Demi Lovato’s '‘Cool for the Summer’' blasted throughout the cafe — competing with the mariachi’s melody.

Migration of U.S. citizens to Mexico isn’t new, said Ariel G. Ruiz Soto, a policy analyst at the Migration Policy Institute, a think tank focused on immigration policy.

What is new is the demographic of Americans moving to Mexico.

“More U.S. citizens, usually understood to be digital nomads, have been able to work from Mexico, get paid in U.S. dollars by their U.S. based companies and have better life conditions,” Ruiz Soto said. The number of remote U.S. workers is only a couple of thousand in comparison to the more than millions who live in the city.

Ruiz Soto added that Mexico and Mexico City officials are not deterred by the rise in “digital nomads,” noting that the country relies heavily on tourism.

In fact, Mexico City Mayor Claudia Sheinbaum last October partnered with Airbnb to increase the number of remote workers to come to the city. At the time, Sheinbaum dismissed concerns of rising rent prices, saying those who were coming were moving to areas where rent was already high.

But some of the backlash among locals with the rise of U.S. remote workers is based on social perception and perceived fears over the budding group of citizens moving to the country, Ruiz Soto said.

In the past, when U.S. tourists would come to the city, or U.S. investment would come, it was on a temporary basis, he said. Now, Americans are staying and local restaurants and businesses are catering to those U.S. nationals. Businesses now have English menus. Some businesses are now even running television ads in English.

“Even though the number is still relatively small, in the city of millions of people, Mexicans tend to perceive this as a significant change to the social fabric that they have become accustomed to,” Ruiz Soto said.

And even some Americans who have been living in Mexico City for more than a decade are seeing the culture shift.

Dan DeFossey, a New Yorker who has lived in Mexico City for 13 years, said that when he first moved to the city, he was forced to integrate because there were so few Americans living there.

“We had to be immersed into Mexican culture,” DeFossey said of the small group of Americans he knew when he first moved to Mexico City. “Walking down the street, if you spoke English, people would turn around and look at you. It was a different experience. We were forced to learn Spanish and to immerse ourselves into the culture.”

DeFossey, who owns a Texas-style barbecue joint in Mexico City, said new U.S. remote workers rely heavily on social media to find good restaurants, the best neighborhoods and just the “cool places to go.”

He said because of crowdsourcing, Americans are all ending up in the same neighborhood, like la Condesa or la Roma.


DeFossey noted that while there is some weariness to Americans coming to live in Mexico City — some of his friends are worried about feeling like “an alien in their own city” — there is still a sense of pride that he is seeing among his friends that people want to relocate to Mexico.

“People were so excited to hear that their city was something that an American would desire to come to,'' he said. ''And I think there's still a bit of that.”

While many locals and local officials are getting used to the new group of Americans, Mexico’s top leader has often taken a more nationalistic stance during his governing of Mexico. López Obrador has repeatedly taken hits at the U.S. and has not been afraid to call the new immigrants, even Americans, “foreigners.”

But that messaging isn’t resonating well with the Mexican public, said Duncan Wood, senior advisor to the Mexico Institute at the Wilson Center, a public policy think tank.

“We've seen that over the past year with the president trying to lash out on a couple of occasions against the United States, and having to reel that back in because opinion polls showed that Mexicans actually have a very favorable opinion of the United States,” Wood said.

He noted that many Mexicans now have ties to the U. S. or have visited the country more.

“I actually think that there's a lot less suspicion today of the United States than there was 20 years ago,” Wood said.

While many Mexicans do accept the new Americans setting down roots in Mexico City, some are still worried about the rising costs for Mexicans who can no longer live in the neighborhoods they once called home.

Betsabé Basáñez, who has owned a residence in the La Condesa neighborhood for nearly 20 years, said that rent is now “sky high” in her neighborhood and that stores and coffee shops have begun raising their prices.

“Most of the people who were there, like renting, they had to leave,” Basañez, 43, said. “They’d flee to surrounding neighborhoods because they were just unable to afford it.”

"It's not as cheap as it used to be three years ago," she added.

Reach Rebecca Morin at Twitter @RebeccaMorin_

This article originally appeared on USA TODAY: Biden in Mexico missed an immigration trend: US citizens moving there

CRIMINAL CRYPTO CAPITALI$M;FTX
UPDATED

Former FTX US President Accuses SBF of ‘Gaslighting and Manipulation’


Sun, January 15, 2023

Former President of FTX US Brett Harrison shared details of his tenure under Sam Bankman-Fried on Saturday, distancing himself from the disgraced crypto mogul who’s been charged with a series of financial crimes.

In a flurry of Twitter posts, Harrison accused Bankman-Fried of “gaslighting and manipulation,” claiming he was isolated as a leader while working to build out the defunct cryptocurrency exchange’s presence in the U.S.

Harrison stepped down from FTX’s U.S. division in September, just weeks before Bankman-Fried’s crypto empire began to crumble—but says his relationship with the former CEO had begun to fall apart long before that.

“My relationship with Sam Bankman-Fried and his deputies had reached a point of total deterioration, after months of disputes over management practices at FTX,” he wrote.

Former FTX US President Promises to Share More Information ‘In Time’

While Harrison led FTX US for a total of 17 months, the former high-ranking employee said he threatened to leave the company in April of last year—just 11 months into his role—over “organizational problems” that he identified with FTX’s structure.

Harrison said one issue he flagged was the separation of FTX’s legal, development, and executive teams, which had influence over both FTX US and the company’s international exchange, according to Harrison.

Harrison said Bankman-Fried ultimately disagreed with the suggested structural changes early on in his role at FTX US, describing the FTX founder as stubborn and spiteful when his authority was questioned.

Harrison added that he faced “tremendous pressure not to disagree with Sam” as president of FTX US, along with other employees who worked within the cryptocurrency exchange’s U.S. division. He said the team’s professional background was rendered “irrelevant and valueless.”

“I wasn’t the only one at FTX US who disagreed with Sam and members of his inner circle,” he stated. “FTX US was staffed with experienced professionals from US finance firms, law firms, and regulated exchanges.”

Other sticking points Harrison said he identified were “the delegation of managerial responsibility and controls,” which he said were handled by Bankman-Fried and other company executives based in the Bahamas, where FTX was based.

He also wanted to make more transparent the software development responsibilities of FTX co-founder Gary Wang and Nishad Singh, the former FTX engineering chief who is now seeking a cooperation deal with federal prosecutors in New York pertaining to Bankman-Fried’s criminal trial.

Attorneys in the Southern District of New York filed charges against Wang last month, as well as the former CEO Alameda Research, Caroline Ellison, who led the trading firm founded by Bankman-Fried before FTX. Wang and Ellison are both cooperating with investigations into FTX. Singh and Harrison have not been accused of wrongdoing.

Prosecutors have charged Bankman-Fried with eight criminal charges, including fraud and money laundering. He is accused of siphoning billions of dollars worth of customer funds away from FTX to cover trades made by Alameda, donate to political campaigns, purchase private real estate, and expand his business.

After submitting a formal complaint about issues he identified with FTX’s structure, Harrison resolved to leave the company upon receiving backlash, stating he was “threatened on Sam’s behalf” that he would be fired and his professional reputation ruined.

FTX US President Brett Harrison Stepping Down, Shifting to Advisory Role

Harrison explained he was initially sympathetic towards Bankman-Fried’s unfavorable leadership, stating he thought “addiction and mental health problems” could’ve been a contributing factor.

The former FTX US president had come to know Bankman-Fried as a junior trader at New York-based trading firm Jane Street, where Ellison also got her start in finance as an intern. Harrison had worked there for over seven years prior to roles at Citadel Securities and Headlands Technologies.

In addition to the proficiency Bankman-Fried displayed in a programming class he taught, Harrison developed a positive perception of Bankman-Fried as a “sensitive and intellectually curious person who cared about animals,” and senior traders “indicated he had promise.”

During Harrison’s time at FTX US, the company was hit with a cease-and-desist-letter from the Federal Deposit Insurance Corporation over a false and misleading statement made by Harrison. In a now-deleted Tweet, Harrison had claimed “direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.”

When asked about the statement via Twitter on Saturday by EZPR founder and CEO Ed Zitron, Harrison blocked Zitron’s account, according to a recent post made by Zitron. Zitrion told Decrypt that Harrison’s move was “laughable.”

FTX US Hit With FDIC Cease-and-Desist Over 'False and Misleading' Statements

Harrison did not respond immediately to requests for comment, but he replied to Zitron’s question stating “it’s impossible to have a good faith or fact-based discussion” about the incident on Twitter.

When Harrison departed from FTX US in September, he announced that he would be shifting into an advisory role with the firm over the next few months but wouldn’t be leaving the crypto space in his next role.

“I don’t doubt my experiences in this role will be among the most cherished of my career,” he stated. “I’ll be assisting Sam and the team with this transition to ensure FTX ends the year with all its characteristic momentum.”

Harrison is currently launching a crypto software company, for which he recently sought funding at a valuation of up to $100 million, Bloomberg reported last month. In a reply to Harrison’s thread on Saturday, American financier and former White House director of communications Anthony Scaramucci identified himself as an investor.

Scaramucci's investment firm Skybridge Capital received $40 million from Bankman-Fried's FTX Ventures in September in exchange for a 30% stake in the investment firm. FTX was also featured prominently as a sponsor at SALT New York last year, a networking event affiliated with Skybridge.

“I am proud to be an investor in your new company,” Scaramucci stated. “Go forward. Don’t look back.”

Meet Sam Trabucco, the Alameda exec who oversaw the development of the crypto hedge fund's ultra-risky trading strategies

Morgan Chittum
Sun, January 15, 2023 

Sam Trabucco was the co-CEO of Alameda Research.

Sam Trabucco was Alameda Research's co-CEO. He left the crypto hedge fund a few months before its collapse.


Before he left Alameda, he reportedly went on a $10 million all-cash property buying spree and bought a 52-foot yacht.


US prosecutors have not alleged Trabucco with any wrongdoing.

Sam Trabucco stepped down as the co-CEO of trading firm Alameda Research in August, just months before Sam Bankman-Fried's crypto empire filed for bankruptcy and lost $8 billion of customer money.

Around the time of his departure in late August, he tweeted, "But if I've learned anything at Alameda, it's how to make good decisions – and this is the right one for me."

Whereabouts of Trabucco, who has not been accused of any wrongdoing, are unclear. Here's what we know about one of the top executives at Alameda Research.

Bankman-Fried was the sole CEO of Alameda from its inception until October 2021 when Ellison and Trabucco took over. Trabucco was formally in his role as Alameda's co-CEO for less than a year, according to a court filing, from October 2021 to August 2022.

Trabucco, 30, hasn't publicly been accused of any wrongdoing. He stepped down from the company in August, shifting Caroline Ellison into the role of Alameda's CEO.

Trabucco significantly reduced his role at Alameda in this months leading up to his departure. He couldn't "personally continue to justify the time investment of being a central part of Alameda," he tweeted, adding that he would be staying on as an advisor to the company but would not have a "strong day-to-day presence."

Trabucco wanted to "prioritize other things."

"What other things? I'm really not sure, exactly. Lately I've been really happy, spending a lot of time traveling, visiting friends and family, working on 'myself' and whatnot," he said. "Also I bought a boat, that's been cool. I needed to relax, and I'm really, really happy."

Before he left Alameda, it was reported that Trabucco a went on a $10 million all-cash property buying spree, purchasing two luxury apartments in San Francisco, according to Protos. He also bought a 52-foot yacht, which he called "Soak my Deck." The Financial Times reported that Trabucco even paid a freelancer on Fiverr to design the boat's logo.

A little over a month after his departure from FTX, Trabucco tweeted: "Why are journalists so excited to make my stepping down about something other than a desire to go fast over the nice water."

Bankman-Fried and Trabucco have known each other for over a decade. They met at a five-week math camp at Mount Holyoke College in 2010, where Trabucco said Bankman-Fried rarely slept during his stay, Insider reported.

The two later reconnected in college at Massachusetts Institute of Technology, where Trabucco studied math and computer science. Before joining Alameda as a trader in 2019, he had a stint as a quant trader on Susquehanna's bond exchange-traded fund desk, according to his LinkedIn.

In a press release announcing Trabucco and Ellison's move to become co-CEOs, the company said the two will "oversee all operations at Alameda while also collaborating to execute on the strategy the organization" and "focus on managing the trading desk."

The former exec was an aggressive crypto trader, employing risky bets in Alameda's business. Trabucco has indicated in a series of public comments that he also employed poker and blackjack strategies in trading, Bloomberg reported.

"Bigger is Bigger (when Betting is Better)," he tweeted in January of 2021, explaining how his gambling experience shaped his trading methods. "Getting it in good is a poker term referring to the idea that, when your odds are best.... you wanna bet more."

When crypto exchange OKX suspended user withdrawals on its platform in January of 2021, Alameda began buying out positions of investors wanting to reduce exposure.

"Not only are we not sellers, we're HUGE buyers -- even though it's risky -- because, in fact, we can take the risk and this trade is GREAT according to what we know -- was crucial, and it's something we're always aiming to do," he tweeted.

As for his involvement in FTX's downfall, US prosecutors have not said Trabucco was involved in any wrongdoing even as he worked in Alameda's C-suite with several execs who are now facing a slew of charges.

"[Sam] is not really involved in day-to-day operations in Alameda," Trabucco told CoinDesk in October of 2021. "Caroline and I have been leading the charge [at Alameda] for quite some time."

Despite his claims to the news outlet over a year ago,"Bankman-Fried remained the ultimate decision-maker at Alameda, even after Ellison and Trabucco became co-CEOs," the US Securities and Exchange Commission said in its complaint against the fallen FTX CEO.

The court document reads: "Bankman-Fried directed investment and operational decisions, frequently communicated with Alameda employees, and had full access to Alameda's records and databases."

Trabucco did not respond to Insider's request for comment.

FTX Collapse: Bankman-Fried Takes On a Powerful Law Firm

The disgraced former crypto king continues to tell a version of events that ignores regulators' allegations against him.

LUC OLINGA
JAN 14, 2023 

Sam Bankman-Fried faces a series of criminal and civil charges, including alleged fraud.

The trial of the disgraced founder of cryptocurrency exchange FTX and its sister company Alameda Research, a hedge fund and trading platform, is scheduled for October.

Bankman-Fried was released on bail on Dec. 21 after being extradited from the Bahamas where he lived and where FTX's headquarters were based.

The former trader pleaded not guilty on Jan. 3 during a hearing in New York.

Facing the court, he remained silent but since Bankman-Fried, known by the initials SBF in the crypto space, has resumed speaking on social networks. He tries, as during his apology tour at the end of November/beginning of December, to exculpate himself. In doing so, he tries to blame others.

He has just done this in a blog post in which he points the finger at the powerful law firm Sullivan & Cromwell. To be clear, Bankman-Fried is not accusing Sullivan & Cromwell of any wrongdoing related to FTX or Alameda Research.


Jabin Botsford/The Washington Post via Getty

'I Would Sometimes Work Out of S&C's Office'

He accuses Sullivan & Cromwell of conflicts of interest. He also claims that the law firm forced him to file for bankruptcy and to choose John Ray, the new CEO of FTX, as liquidator of FTX and Alameda Research. Basically, if his empire is in disarray it is the fault of Cromwell & Sullivan because there were other options than bankruptcy, says Bankman-Fried.

"Senators have raised concerns about a potential conflict of interest from Sullivan & Crowell (S&C)," the former crypto emperor wrote. "Contrary to S&C’s statement that they 'had a limited and largely transactional relationship with FTX', S&C was one of FTX International’s two primary law firms prior to bankruptcy, and were FTX US’s primary law firm."

He continued: "FTX US’ GC came from S&C, they worked with FTX US in its most important regulatory application, they worked with FTX International on some of its most important regulatory concerns, and they worked with FTX US on its most important transaction. When I would visit NYC, I would sometimes work out of S&C’s office."

GC stands for General Counsel. FTX US is the American subsidiary of FTX. Consumers residing in the United States wishing to buy or sell cryptocurrencies and other digital assets (NFTs) via FTX could only do so through FTX US, an entity based on American soil.

"S&C and the GC were the primary parties strong-arming and threatening me into naming the candidate they themselves chose as CEO of FTX -- including for a solvent entity in FTX US -- who then filed for Chapter 11 and chose S&C as counsel to the debtor entities," Bankman-Fried asserted without providing any evidence.

Sullivan & Cromwell did not respond to a request for comment.

The law firm is FTX's lead counsel in its bankruptcy.

'Pressured'

Four U.S. senators -- Sens. John Hickenlooper (D-Colo.), Thom Tillis (R-N.C.), Elizabeth Warren (D-Mass.) and Cynthia Lummis (R-Wyo.) -- recently wrote to Delaware Judge John Dorsey to point out that, given the past relationship between FTX and Sullivan & Cromwell, the law firm was not in the best position to deal with the current bankruptcy proceedings.

The bipartisan group of senators wrote that the law firm has "advised FTX for years leading up to its collapse and one of its partners even served as FTX’s general counsel."

As a result, "the firm is simply not in a position to uncover the information needed to ensure confidence in any investigation or findings."

"The firm had a limited and largely transactional relationship with FTX and certain affiliates prior to the bankruptcy,” Sullivan & Cromwell responded in a statement according to Bloomberg. A "broad team of sophisticated professionals, including conflicts counsel,” is advising FTX in bankruptcy.

The law firm has already said in court documents that it collected $8.5 million from FTX for work related to regulatory requests and transactions.

Dorsey found the senators' letter 'inappropriate' but said he will "make my decisions on the matters referred to in the letter based only upon admissible evidence and the arguments of parties and interest presented in open court."

Bankman-Fried says there was another option other than bankruptcy.

"Despite its insolvency, and despite processing roughly $5b of withdrawals over its last few days of operation, FTX International retains significant assets – roughly $8b of assets of varying liquidity as of when Mr. Ray took over," he asserted without providing evidence.

"In addition to that, there were numerous potential funding offers – including signed LOIs (letters of intent) post chapter 11 filing totaling over $4b. I believe that, had FTX International been given a few weeks, it could likely have utilized its illiquid assets and equity to raise enough financing to make customers substantially whole."

Bankman-Fried is not optimistic.

"Since S&C pressured FTX into Chapter 11 filings, however, I worry that those pathways may have been abandoned."

Why the IRS Has an Interest in the FTX Bankruptcy Case


Stacy Elliott
Sat, January 14, 2023

Of all the crypto bankruptcies over the past year, the FTX Chapter 11 proceeding is the only one that’s had a Department of Justice attorney assigned to represent the Internal Revenue Service.

Deputy Attorney General David Hubbert filed notice for Department of Justice trial attorney Elisabeth Bruce (replacing attorney Warren Benson, who was assigned in December) to appear in the FTX bankruptcy proceedings on Thursday.

There’s been no indication of the IRS’s exact interest in the case. A call to the IRS’s press office from Decrypt yielded a decline to comment. It’s also not clear if the agency plans to pursue its own litigation against the bankrupt crypto exchange. But the fact that it's involved at all is notable, especially given the IRS's prior interest in the customer data of major crypto exchanges such as Coinbase and Kraken.

FTX, founded by ex-CEO Sam Bankman-Fried, filed for bankruptcy on November 11. In the days leading up to its voluntary filing, the company saw billions worth of assets pulled off its crypto trading platform, was almost acquired by competitor Binance, and then froze withdrawals in a last-ditch attempt to stay afloat.

It was a sudden and spectacular downfall that caught the attention of U.S. regulators and law enforcement. Sam Bankman-Fried has since been arrested and charged with eight financial crimes. Members of his inner-circle Caroline Ellison and Gary Wang have already pleaded guilty and are cooperating with prosecutors as Bankman-Fried awaits trial.

Meanwhile, the FDIC, Federal Reserve, and Office of the Comptroller put out a joint statement two weeks ago, warning that crypto isn’t “safe and sound.” The White House has ramped up its call for regulation (while fielding questions about meetings between Bankman-Fried and President Joe Biden).

As for the IRS, Miles Fuller, TaxBit’s director of government solutions, told Decrypt that it seems the agency has more than a passing interest in the case.

Normally when debtors file for bankruptcy, those cases get assigned to an insolvency unit within the IRS, he said. The unit keeps tabs on the case and, if the IRS becomes a creditor in the proceedings, they file a proof of claim without getting lawyers involved.

He would know. Fuller spent 15 years working as an attorney at the IRS before joining TaxBit last year.

“If there was some very administrative thing that just needed to be handled, the Department of Justice's tax division is like, ‘Yeah, we don't care about that. We'll let you guys handle that,’” Fuller said. “But for any sort of really substantive tax related matter or high profile tax matter, they say, ‘No, no, we want to do that.’”

TaxBit, a tax software and crypto account firm, raised $130 million last year at a $1.3 billion valuation. That made it one of the rare startup unicorns in the middle of a not so great year for most of the crypto industry.

DOJ, IRS Target Tax-Evading Clients of Crypto Broker SFOX

Fuller said it’s possible, but a long shot, that the IRS is trying to get its hands on the customer list that FTX was given permission to keep private for another three months. If that were the agency’s interest, it wouldn’t be completely unprecedented. The IRS has issued John Doe summons seeking information on potential tax evaders to crypto firms Coinbase, KrakenCircle, and SFOX.

Fuller suggested the IRS could also be working on guidance for how customers who have lost money in FTX, or other crypto collapses, can claim their assets at a loss without having to wait for the full bankruptcy proceeding to play out. The agency created a rule for victims of theft and Ponzi schemes in 2009 following the Bernie Madoff case.

Lisa Zarlenga, a tax attorney and partner at Steptoe & Johnson in D.C., said she’s not as optimistic about the IRS making accommodations for FTX victims.

Court Greenlights IRS Access to Kraken’s Customer Data

“You're probably still in limbo because you're gonna have to wait for the bankruptcy to play out. You could recover something, and so it's not really a closed transaction yet. They haven't actually incurred the loss,” she told Decrypt. “Some people have talked about triggering a loss by abandoning something, but can you even abandon a crypto account?”

She’s gotten the sense that most customers would prefer to wait and see what they can get from the bankruptcy, even if it means they forgo any immediate benefit. As for the IRS sending a Justice Department attorney to represent it in the case, she said her initial thought was that the agency is getting in line to file its own claim. Why? FTX—or one of its 130 entities—could owe the government money, she said.
CRIMINAL CRYPTO CAPITALI$M;TWINS
Tyler Winklevoss says SEC charges over Gemini are 'super lame' and a 'manufactured parking ticket'

Ryan Hogg
Sat, January 14, 2023 

Gemini cofounders Tyler and Cameron Winklevoss.Gemini
A PORTRAIT OF HUBRIS

Tyler Winklevoss called the SEC "super lame" after filing charges against his crypto company.

Gemini was sued along with Genesis after blocking $900 million of withdrawals in November.

Winklevoss said the SEC was trying to score political points rather than work with Genesis clients.

Tyler Winklevoss called regulators "super lame" after his company was hit by charges linked to a $900 million funds crisis.


On Thursday the Securities and Exchange Commission (SEC) charged Genesis' lending arm Genesis Global Capital and digital currency exchange Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program.

Gary Gensler, the SEC chair, said in a statement: "We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors."

The Winklevoss company, which he runs with twin brother Cameron, launched its Earn program along with Genesis in February 2021, allowing users to lend crypto to institutional investors and earn interest on assets.

However, the collapse of FTX left $900 million of Gemini clients' funds stuck on the platform after Genesis halted withdrawals, prompting a feud between the Winklevoss twins and Genesis' parent company DCG.

In a Twitter thread Thursday, Tyler Winklevoss argued that the SEC action was counterproductive to the company's aim of settling cases with customers.

He added that despite working with the SEC for 17 months, it hadn't raised the prospect of enforcement action until after Genesis paused withdrawals in November.

"Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame. It's unfortunate that they're optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors," Tyler Winklevoss wrote.

"We look forward to defending ourselves against this manufactured parking ticket. And we will make sure this doesn't distract us from the important recovery work we are doing."

Tyler Winklevoss also questioned the pace of the SEC's action, given the Earn program had been shut down for more than two months.

A representative for the SEC declined to comment further.
Immigration spike has created an unexpected wave of enrollment at Miami-Dade schools


Al Diaz/adiaz@miamiherald.com


Sommer Brugal
Sun, January 15, 2023 

Since the start of the 2022-23 school year, nearly 10,000 students from Cuba, Haiti, Nicaragua and Venezuela have enrolled in Miami-Dade County public schools — about 2,500 more students than who arrived in the entire 2021-22 year, reflecting the surge of immigrants coming from those four countries over nearly six months.

All told, the district has enrolled more than 14,700 new students who’ve emigrated from another country, an unexpected wave that comes at a time when the district is grappling with an already thin workforce and classroom teacher vacancies — one of the pandemic’s lingering effects.

“This whole thing is like a perfect storm. We’ve already been experiencing, for the last couple of years, the lack of human capital,” said Miami-Dade School Board Chair Mari Tere Rojas in a meeting Wednesday where board members and Superintendent Jose Dotres discussed the issue. “Now, we’re going to have more children to serve.”

Of the 14,723 students who enrolled in the district between Aug. 17, 2022 — the start of the school year — and Jan. 10, 2023, 9,935 came from Cuba, Haiti, Nicaragua and Venezuela, the four countries where U.S. immigration levels have been at record highs over the past year, according to the district. The remaining students, enrolled in all grade levels, have come from more than 20 countries, mostly countries in the Americas such as Argentina, Colombia, Honduras, Mexico and Peru, and some from Russia and Ukraine.

READ MORE: Fast turnaround: Feds approve first Cubans to come to the U.S. under new parole program

The increase has become a topic of discussion for School Board members in recent months. Rojas in October requested data regarding migrant students. On Wednesday, at the end the board’s first workshop of the calendar year, the numbers came into sharper focus.

Board members and district staff briefly discussed the implications of the influx of students, particularly with the district facing fewer teachers since the pandemic. (At the start of the school year, the district reported about 220 classroom vacancies.)

The arrival of the new students has been particularly acute over the last few months, reflecting the near-daily landings of migrants off Florida’s southeast coast.

From mid-October to Dec. 22, the number of student migrants who enrolled in the district increased by more than 3,100, records show. On Oct. 11, the district reported 9,864 students who had enrolled after immigrating; by Dec. 22, the number totaled 12,978 students.

In December, just before Christmas, 175 Cubans arrived in the Florida Keys and Hollywood Beach in 24 hours. Over the New Year’s weekend, more than 500 Cubans arrived in the Keys. A group of 70 Haitian migrants arrived Thursday afternoon off Virginia Key, a barrier island off Miami that leads to Key Biscayne.

READ MORE: Border Patrol says migrants from Brazil, Bahamas and Haiti arrived in Fort Lauderdale

Students coming from Cuba, Nicaragua, Haiti and Venezuela

During the entire 2021-22 school year, the district enrolled 13,404 students who recently came from other countries, records show.

Notably, the countries the district is paying most attention to are Cuba, Haiti, Nicaragua and Venezuela, when comparing this year’s numbers to last year, said Dotres, who updated board members Wednesday on the latest numbers.

So far this year, there have been 4,600 more Cuban immigrant students who have enrolled compared to all of last school year, and nearly 1,700 more students from Venezuela, records show. Overall, the number of students this year enrolling from Nicaragua is just about 330 shy of the total number of students who emigrated last year from the country. And from Haiti, the number is just 90 fewer students compared to last year, data show.

The number of students emigrating from other countries has remained relatively stable compared to previous years, he said, prompting district staff to play closer attention to the four outliers.

In response, the district has launched its Student Influx Guide, or plan for how the district responds to a sudden increase in enrollment. It comprises three brackets and is deployed depending on the severity of the influx.

Currently, the district is operating in the first bracket, or the “engaging stage,” Chief Operating Officer Luis Diaz told the Herald Thursday. That means, once the district is made aware of an influx, staff begins monitoring and targeting which schools students are enrolling in.

READ MORE: Between politics and poor pay, teachers are more strained than ever — and the numbers show it

For the time being, no school has become too overcrowded or is unable to provide the resources needed, Diaz said. Though exact data was not available for which schools have received the majority of students since the start of the school year, Diaz said, historically, a family’s country of origin has indicated where they have settled across the region. (Cubans, for example, often choose to reside in Hialeah, he said.)

The district registers the new students immediately and, as part of the engaging stage, follows up with those students to ensure proper documentation, or language exams, for example, are finalized. Then, and perhaps most importantly, services for those students are “triggered.”

“At this point in time, [we’re] making sure that every student that resides in and enrolls in the district gets the services they’re allowed to receive and the services they should receive,” Diaz said.

The next phase, Diaz said, would be to set up registration centers or hubs around the district to streamline student enrollment processes, avoid overcrowding at one or various schools in a particular neighborhood and centralize the resources both the schools and families often require upon arrival.
Broward Schools see fewer migrant students

Compared to Miami-Dade, Broward County schools usually receive fewer immigrant students, defined as those born in another country who have been in the U.S. for less than three years, said Victoria Saldala, director of the Bilingual or English for Speakers of Other Languages Department at Broward Schools.

The district reported nearly 6,900 foreign-born students who registered for the first time at a U.S. school less than three years ago, although its August number includes those who enrolled during June and July.

Since June 2022, the highest enrollment numbers have come from Colombians, followed by Cubans, Haitians and Venezuelans.

The district operates an International Welcome Center, which supports parents and guardians as they register their children for school, and connects them with school social workers to help them with school supplies, uniforms, clothing and food. All schools also provide mental health and other services as well.

“We don’t care how they got here,” said Saldala, who’s been working with these families for about 35 years, the first 18 or so in Miami-Dade and 17 years in Broward. “Our job is not to question that. We accept all students.”

READ MORE: Florida says it’s helping feds deal with migrant surge but not directly intervening

Previous influx of migrant students


This isn’t the first time Miami-Dade schools have dealt with an influx of students as the result of immigration, which Rojas noted Wednesday.

In the 1980s, there was the Mariel boatlift, which allowed Cubans who wished to leave Cuba to board boats at the port of Mariel in Havana and flee to the US. In just six months, more than 125,000 Cubans arrived to the United States, predominantly settling in South Florida.

In the 1990s, there was the rafter crisis, which saw 35,000 Cubans flee the country.

This year, Diaz said, the challenges are mostly related to hiring teachers and other staffers.

“In some cases, it will take a minute or so to hire a teacher,” he said. If and when a school receives an influx of students and a new position is required to offset the numbers, the district will allocate and budget for the position “as soon as possible. The issue will be the hiring of the staffer for the position.”
Why Oil And Gas Companies Are Considering Green Hydrogen



















Editor OilPrice.com
Sun, January 15, 2023

As interest in green hydrogen picks up worldwide, energy firms are using a variety of renewable energy projects to power hydrogen production. One major source for this production is wind power, thanks to decades of development of wind farms worldwide. Green hydrogen has been hailed by many as a magical fuel that could eventually provide an alternative to diesel and jet fuel, as well as a movement away from the sole reliance on electric batteries – produced using mined metals and minerals. However, the reason for the sudden interest in green hydrogen by many energy companies is to support longer-term oil and gas production by helping to decarbonize operations.

The U.S. Office of Energy Efficiency and Renewable Energy believes that the net-zero carbon emissions by 2050 target cannot be achieved by relying purely on renewable electricity. Instead, green hydrogen could provide households with a vital heating source and could contribute substantially to the decarbonization of the transport sector. It could also be used in industries that currently rely heavily on fossil fuels, and in agriculture. While the production of blue and grey hydrogen – using natural gas to drive output – is already fairly common, the production of green hydrogen from renewable energy sources is less typical.

The growing number of wind farms in the U.S. and other countries around the world could help energy companies to shift their hydrogen production practices from blue and grey to green. Green hydrogen is produced using renewable electricity to power an electrolyzer, which then splits water into hydrogen and oxygen. The gas is then burned to produce power, emitting only water vapor and warm air, making it carbon-free. The potential for green hydrogen produced from wind energy is significant, as both onshore and offshore wind operations are expanding at a rapid rate.

In the U.S., the offshore wind pipeline grew by 13.5 percent in 2021, compared to 2020, with 40,083 megawatts (MW) now in various stages of development. In 2021 and 2022, the government expanded the areas of the U.S. available for offshore wind development, auctioning several new lease areas. This development was supported by the falling costs of wind energy projects, with the cost of commercial-scale offshore wind projects decreasing by 13 percent, to $84/MW-hour on average. Meanwhile, global offshore wind installations saw a record year in 2021, with the commissioning of 17,398 MW of new projects, meaning a global installed capacity of over 50 GW.

The development of the green hydrogen industry is seen as key to a green transition as it has the potential to replace natural gas in heating, as well as to be used in place of diesel and other fuels. In Europe and Asia, numerous large-scale green hydrogen projects have been announced over the last year, with a major hydrogen corridor planned for Europe. At present, the production of green hydrogen is expensive compared to other forms of renewable energy. However, much like solar and wind power, production prices are expected to drop significantly as hydrogen operations expand worldwide.

But many energy companies are looking to green hydrogen not only to support the transition away from fossil fuels but to decarbonize oil and gas operations to boost their longevity. In the Gulf of Mexico, offshore wind farms have attracted great interest, with some looking to use the energy to power homes in Texas and Louisiana – around 3.1 million houses in total – and others seeing the potential for powering oil refining operations. The Biden administration plans to build 30 GW of offshore wind by 2030, capable of powering 10 million homes. But others are eyeing the windfarms for their potential to fuel green hydrogen projects that could power industrial processes, helping energy firms to decarbonize operations.

Green hydrogen would be sent to shore via oil and gas pipelines, replacing fossil fuels in powering oil operations, reducing carbon emissions by as much as 68 percent. This would be the first project of its kind and could spur other companies around the globe to do the same. Some opponents believe it would be prolonging the lifespan of the fossil fuel projects that they wish to end. The national policy director for Taproot Earth, Kendall Dix, explained: “Hydrogen is, at worst, a false solution and, at best, potentially a distraction.”

Many oil and gas majors have already started to shift to lower-carbon oil operations by moving away from aging oil regions to new areas, such as Africa and the Caribbean, and incorporating carbon-cutting technologies. Wind-powered hydrogen production is just the latest trend that Big Oil is jumping on as a means of extending the potential lifespan of oil and gas operations, to meet the high global demand while decarbonizing. But many believe this is a fallacy and that as demand for green hydrogen increases, the clean fuel source could be better used for heating and transportation in a bigger transition away from fossil fuels.