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May 19th - According to the Wall Street Journal, White House officials revealed that President Trump will preside over the swearing-in ceremony for incoming Federal Reserve Chairman Kevin Warsh at the White House on Friday. This ceremony underscores the importance Trump places on this appointment. Trump nominated Jerome Powell to head the Federal Reserve during his first term in 2018, and Powells swearing-in ceremony was held at the Federal Reserve, which Trump did not attend. The last Federal Reserve chairman to be sworn in at the White House was Alan Greenspan, who took office in 1987. Subsequent ceremonies have all been held at the Federal Reserve. The last president to attend such a ceremony was George W. Bush, who attended Ben Bernankes swearing-in ceremony in 2006. Later that year, Warsh was sworn in as a Federal Reserve Governor at the Eisenhower Executive Office Building, presided over by Vice President Dick Cheney. This Fridays swearing-in ceremony will conclude this unusually long transition at the top of the Federal Reserve hierarchy.On May 19, Iranian Supreme Leader Mojtaba Khameneis social media account reposted his first statement since taking office on May 18, reiterating his intention to consider opening new fronts in areas where the enemy is not adept. The statement said that research on opening other fronts has been completed, and that "the enemy has very little experience and is extremely vulnerable in these areas." The statement indicated that if the "state of war" continues, Iran will open these new fronts.The Dow Jones Industrial Average rose 159.95 points, or 0.32%, to close at 49,686.12 on Monday, May 18; the S&P 500 fell 5.45 points, or 0.07%, to close at 7,403.05 on Monday, May 18; and the Nasdaq Composite fell 134.41 points, or 0.51%, to close at 26,090.73 on Monday, May 18.White House Press Secretary Kelly: (Regarding Iran) Trump has all the options at any time.Federal Reserves Goolsby: If interest rates are cut too much, it will further trigger inflation.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

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Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.

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