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| February 21, 2019

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Snapchat halts decline in users; stock surges in after-hours trading

February 6, 2019 |

Snap Inc. has been facing crumbling investor confidence for months amid a decline in the number of users on its Snapchat platform and a series of high-profile executive departures.

But in its fourth-quarter earnings statement, released Tuesday, the company showed some signs a turnaround might be…

L.A. Times – Business

Supreme Court halts Louisiana abortion clinic law for now

February 2, 2019 |

The Supreme Court is temporarily keeping a Louisiana law regulating abortion clinics on hold.
FOX News

Construction halts on $1-billion mixed-use complex in downtown L.A.

January 25, 2019 |

Construction on Oceanwide Plaza, one of the biggest real estate development projects in downtown Los Angeles, has stalled in what may be a shortfall in financing from the project’s Chinese owner.

The condominium, hotel and retail complex across the street from Staples Center is expected to cost…

L.A. Times – Business

The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining

October 22, 2018 |

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead

In today’s edition of The Daily, we look at how the current bear market is facilitating consolidation in the global cryptocurrency industry. We also focus on recent calls by an intergovernmental organization to tighten up rules on virtual assets throughout the world, as well as a story about a small U.S. town that has banned cryptocurrency mining for a period of one year.

Also Read: Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud

Market Consolidating in
Response to Low Prices

The Daily: Small Town Takes a Break From Mining, Industry Consolidation AheadBearish sentiment in the cryptocurrency market has driven an industry-wide increase in mergers and acquisitions, with such deals spiking by more than 200 percent year on year in 2018. According to figures compiled by JMP Securities for Pitchbook, 115 deals have already been announced throughout the world this year, with roughly 30 more expected by the end of December. That compares with just 47 mergers and acquisitions that were completed in all of 2017.

“You’re seeing a mispricing of assets,” Satya Bajpai, head of digital assets investment banking at JMP Securities, told CNBC. “Even for great businesses, the value of the token remains correlated to bitcoin, which can create an ideal opportunity for strategic acquirers.”

A growing number of established companies are using the downturn to buy startups. They are mainly pursuing such deals to gain access to human resources, as talent is in short supply, rather than to simply secure new products and technologies.

“As soon as a company becomes interesting, they get bought,” said Bajpai. “The deal size may still remain small, but the number of deals will increase because that’s the most viable and fastest way to grow in this environment.”

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead
Source: JMP Securities

Global Group Calls for Strict Rules on Virtual Assets

The Daily: Small Town Takes a Break From Mining, Industry Consolidation AheadThe Financial Action Task Force, a Paris-based intergovernmental organization that aims to stamp out money laundering and terrorism financing, issued a clarification last week regarding recent recommendations it has made on how to regulate virtual assets. It said that all countries throughout the world need to take coordinated action to prevent the use of such assets to fund terrorism and criminal activities.

“All jurisdictions should urgently take legal and practical steps to prevent the misuse of virtual assets,” said the organization, which is known as Groupe d’action financière in France. “This includes assessing and understanding the risks associated with virtual assets in their jurisdictions, applying risk-based [anti-money laundering and counter-terrorism financing] regulations to virtual asset service providers and identifying effective systems to conduct risk-based monitoring or supervision of virtual asset service providers.”

The organization is expected to set its own rules on the mandatory oversight of cryptocurrency businesses by June. Countries that fail to comply may be added to a blacklist. Beyond exchanges, the organization also wants national governments throughout the world to start imposing more regulations on initial coin offerings and encrypted wallet providers.

Community to Take ‘Break’ From Mining

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead
The Priest Rapids Hydroelectric Dam

The city council of Ephrata, a municipality of about 8,000 people in the U.S. state of Washington, has voted to ban new cryptocurrency mining operations for the next 12 months. According to the Columbia Basin Herald, local residents have complained about the noise emanating from mining facilities in the area. In addition, the authorities want to determine how such businesses fit in with the area’s electricity infrastructure.

“The noise was like an ocean. And I tried to pretend it was the ocean, but that gets old, 24/7, 24/7, 24/7,” complained Ephrata resident Donna Huesties, whose home overlooks one of the city’s mining outfits.

Kathleen Allstot, a member of the city council, said that the temporary ban would give the local authorities the chance to assess the implications of allowing mining businesses to operate in the community. In particular, she said that the one-year “break” will give Grant County Public Utility District — the main regional electricity supplier and operator of the Priest Rapids Dam and Wanapum Dam hydroelectric projects — a chance to determine how to provide power to mining businesses.

Only one council member, Matt Moore, voted against the decision. He said that he dissented over concerns about the potential economic impact of the ban.

“Economics will be the deciding factor,” Moore told the newspaper. “If this is an economical business, and this is one of the ideal places to situate it, I don’t want to surrender any economic opportunity, big or small.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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The post The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining appeared first on Bitcoin News.

Bitcoin News

Judge’s Ruling Halts Grizzly Bear Hunts

September 25, 2018 |

Score one for the bears: A judge has restored protection for a group of around 700 grizzly bears living around Yellowstone National Park, meaning Wyoming and Idaho will have to call off the first bear hunts planned in the lower 48 states in nearly 30 years. Judge Dana Christensen, siding…

Judge Halts State’s First Grizzly Hunt Since 1974

August 31, 2018 |

Hunters hoping to legally shoot a grizzly bear in Wyoming for the first time since the Ford administration might be out of luck. A federal judge has halted Yellowstone National Park-area g rizzly hunts that were supposed to start Saturday morning, the AP reports. US District Judge Dana Christensen granted…

IndyCar racer Robert Wickens’ frightening crash halts Pocono race

August 19, 2018 |

Sunday’s IndyCar Series race at Pocono Raceway in Pennsylvania was halted after fewer than six laps when a multi-car wreck sent Robert Wickens’ car soaring into the fence.
FOX News

Judge Halts Deportation, Warns Jeff Sessions

August 10, 2018 |

On learning that the mother and daughter at the center of a lawsuit before him were being deported, a federal judge called the move “outrageous” and ordered its reversal. US District Judge Emmet G. Sullivan warned Attorney General Jeff Sessions and Homeland Security officials that they could be held in…

Build-A-Bear halts ‘Pay Your Age’ deal because of overwhelming crowds

July 16, 2018 |

Build-A-Bear Workshop’s “Pay Your Age” promotion proved too popular. The chain known for its customizable teddy bears and other stuffed toys couldn’t handle the crowds Thursday and had to turn shoppers away.

The company wrote in a Facebook post that it closed lines at its stores in Canada and the…

L.A. Times – Business

Judge Halts Nevada’s Controversial Execution Plan

July 11, 2018 |

A Nevada judge effectively put the execution of a two-time killer on hold Wednesday after a pharmaceutical company objected to the use of one of its drugs to put someone to death, the AP reports. Clark County District Judge Elizabeth Gonzalez disallowed the use of the drug in a ruling…