(Reuters) – Bitcoin neared $100,000 for the first time on Thursday as the election of Republican Donald Trump as president fuelled expectations that his administration will create a friendly regulatory environment for cryptocurrencies.    

The world’s biggest and best-known cryptocurrency has more than doubled from this year’s low of $38,505 and is up about 45% in the two weeks since Trump’s sweeping election win. 

Here are key events in bitcoin’s journey towards $100,000: 

2008: Satoshi Nakamoto, the pseudonym used by the cryptocurrency’s presumed developer, introduces the concept of bitcoin

2010: The first retail transaction takes place when a user pays 10,000 bitcoin for two Papa John’s (NASDAQ:PZZA) pizzas

2013: As bitcoin’s popularity grows, Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini, file their first application with the U.S. Securities and Exchange Commission to create a spot bitcoin ETF. 

Grayscale Investments launches the Bitcoin Investment Trust, an open-ended private bitcoin trust. 

2016: The Winklevoss brothers adjust their application numerous times, such as the exchange on which the product would be traded. They also file amendments naming State Street (NYSE:STT) as administrator. Grayscale files with the SEC to convert its bitcoin trust into a spot bitcoin ETF.

2017: The SEC rejects the Winklevoss application on the grounds bitcoin markets were not mature enough. Grayscale withdraws its first attempt to convert its trust into an ETF, saying the regulatory environment was not developed enough. 

2018: The SEC rejects the Winklevoss twins’ second application to launch a spot bitcoin ETF, saying cryptocurrency exchanges do not have the necessary controls to prevent manipulation.

2020: Grayscale transforms its trust into an SEC-reporting entity, and its shares begin trading on the pink sheets, for stocks that trade over the counter. Although not an ETF, it is the first publicly traded bitcoin fund in the U.S.

2021: The first spot bitcoin ETF launches in Canada. Gary Gensler replaces Jay Clayton as SEC chair in April. 

In October, the SEC approves the ProShares Bitcoin Trust listed on the Chicago Mercantile Exchange, noting the CME has a satisfactory mechanism for surveilling abuse in the futures market. It is the first U.S.-listed futures-based bitcoin ETF, accumulating $1 billion in assets within its first days of trading – faster than any other ETF.

Also in October, Grayscale again submits an application to the SEC to convert its trust into a spot bitcoin ETF. 

2022: The SEC rejects several applications from would-be spot bitcoin ETF issuers, including SkyBridge, Fidelity and Bitwise. The SEC also rejects Grayscale’s application, prompting the company to sue the agency. 

Amid crashing crypto prices, multiple crypto companies file for bankruptcy, including Three Arrows Capital, Celsius Network and FTX, whose founder Sam Bankman-Fried is also charged with fraud.

2023: 

May: Cathie Woods’ ARK Investments and CBOE Global Markets file for a spot bitcoin ETF, giving the SEC a maximum of 240 days to approve or reject the application.

June: BlackRock (NYSE:BLK) files a spot bitcoin ETF application with the SEC, raising industry hopes the agency may approve the product and sending the price of bitcoin to a one-year high. A flurry of other issuers and exchanges, including Fidelity and Invesco, file bitcoin ETF applications in the subsequent weeks and months. 

August: A federal appeals court in Washington D.C. rules in favor of Grayscale, saying the SEC did not justify why it had rejected its proposal. Europe’s first spot bitcoin ETF begins trading on the Euronext (EPA:ENX) Amsterdam stock exchange. 

October: The SEC opts not to appeal the court’s ruling in the Grayscale case and is required to reexamine the application. 

2024: 

Jan. 10: The SEC approves 11 proposals from issuers including BlackRock, Fidelity and VanEck, among others, to launch spot bitcoin ETFs.

February: Net inflows into the 10 largest ETFs hit $4 billion in the first month, according to LSEG data.    

March: Bitcoin tops $70,000 for the first time to hit a record high, having doubled in value in the five months.    

June: Trump pitches himself as a champion for cryptocurrency and slammed Democrats’ attempts to regulate the sector during a San Francisco fundraiser.    

July: Trump tells a bitcoin conference that, if elected, he will create a strategic national bitcoin stockpile and will ensure the United States is the “crypto capital of the planet.”     

October: The SEC grants “accelerated approval” to U.S. exchanges to list and trade options tied to 11 spot bitcoin ETFs.

Nov 6: Trump is declared winner of the presidential election, sparking a huge rally in a range of assets, with bitcoin being the standout gainer.

Nov 12: Total (EPA:TTEF) crypto market cap reaches $3 trillion for the first time. Year-to-date ETF net inflows hit $25.8 billion, according to LSEG data.

Nov 21: Bitcoin nears $100,000 for the first time in history, driven by a swell of buying from investors in anticipation of Trump dismantling a lot of the regulation around crypto investment. The price has risen by around 40% since the election.

By Sheila Dang

(Reuters) – Snap on Thursday filed a motion to dismiss a New Mexico lawsuit that alleged the tech company enabled child sexual exploitation on its messaging app Snapchat, arguing there were inaccuracies to the state’s investigation.

The lawsuit, brought by New Mexico Attorney General Raul Torrez in September, is among a series of efforts by U.S. lawmakers to hold tech companies accountable for harm to minors who use their services. In January, U.S. senators grilled the CEOs of Snap, Meta Platforms (NASDAQ:META), TikTok, X and Discord, accusing the companies of failing to protect children from abuse and “sextortion,” in which predators coerce minors into sending explicit photos or videos.

As part of a months-long investigation, New Mexico set up a decoy account for a 14-year-old girl, which investigators said did not add any friends but quickly received suggestions from Snapchat to add users with explicit account names.

In a filing in the first judicial court of New Mexico, Snap said the allegations were “patently false” and that the decoy account proactively sent many friend requests to certain users, contrary to the state’s claims.

New Mexico’s lawsuit also accused Snap of failing to warn children and parents of the dangers of sextortion on Snapchat. The Santa Monica, California-based company responded that the claims were barred by the First Amendment because Snap cannot be compelled to speak.

“Not only would Snap be required to make subjective judgments about potential risks of harm and disclose them, but it would have to do so with virtually no guidance about how to avoid liability in the future,” Snap said in the filing.

The state’s lawsuit is also a clear violation of Section 230, a portion of a 1996 law that protects online platforms from civil liability over content posted by users and third parties, Snap said.

The company added it has doubled the size of its trust and safety team and tripled its law enforcement operations team since 2020.

By Abigail Summerville and Johann M Cherian

(Reuters) -Wall Street’s main indexes turned positive after choppy trading on Thursday, with the blue-chip Dow touching a one-week high.

Dow Jones Industrial Average gains were aided by cloud company Salesforce (NYSE:CRM)’s 5.2% advance after three brokerages lifted their price targets on the stock.

Shares of Wall Street’s biggest company, Nvidia (NASDAQ:NVDA), were up 0.8% after teetering following its earnings release on Wednesday. The chip company surpassed expectations for quarterly results, and projected fourth-quarter revenue above estimates.

“[Nvidia’s] earnings report was really, really good. Some of the whisper numbers were higher and they disappointed there, but the fundamentals of AI and Nvidia continue to fire on all cylinders and the outlook for next year is positive,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial (NYSE:AMP).

Some investors were unimpressed that the forecast was its slowest in seven quarters.

The broader Philadelphia SE Semiconductor index was up 1.5%.

At 2 p.m. ET, the Dow rose 516.64 points, or 1.19%, to 43,925.11, the S&P 500 gained 38.62 points, or 0.65%, to 5,955.73 and the Nasdaq Composite gained 42.92 points, or 0.22%, to 19,008.22.

Alphabet (NASDAQ:GOOGL) slid 5.4% to touch a more than two-week low after the Justice Department argued to a judge that Google must sell its Chrome browser and take other measures to end its monopoly on online search.

The stock’s losses weighed on the communication services sector, which fell 1.93% and was the biggest sectoral decliner on the S&P 500.

Amazon.com (NASDAQ:AMZN) lost 2% after a report said it will likely face an EU investigation next year into whether it favors its own brand products on its online marketplace.

On the data front, a weekly report on jobless claims showed they fell unexpectedly last week, suggesting a rebound in job growth in November.

Investors will be closely monitoring commentary from Federal Reserve officials before the mid-December FOMC meeting.

Money-market bets are in favor of a 25-basis-point interest rate cut by the Fed in December, according to the CME Group’s (NASDAQ:CME) FedWatch.

“We’ve moved on from the election a bit, we got the Nvidia report, so the next thing markets will look for is the Fed meeting, and some policy speak from Fed officials this week have pointed to maybe a pause in the making for December,” Saglimbene said.

Richmond Fed President Tom Barkin said the United States is more vulnerable to inflationary shocks than in the past, according to a media report.

Chicago Federal Reserve President Austan Goolsbee said on Thursday he supports further interest rate cuts and is open to doing them more slowly.

Traders also monitored geopolitical tensions between Ukraine and Russia that sent crude prices higher and aided a 1.1% gain in the energy sector.

Shares of machinery manufacturer Deere (NYSE:DE) gained 9% after reporting an upbeat fourth-quarter profit, while AI company Snowflake (NYSE:SNOW) jumped 34% after raising its annual product revenue forecast.

Advancing issues outnumbered decliners by a 3.46-to-1 ratio on the NYSE and by a 2.25-to-1 ratio on the Nasdaq.

The S&P 500 posted 62 new 52-week highs and four new lows while the Nasdaq recorded 122 new highs and 127 new lows.

By Patricia Zengerle

WASHINGTON (Reuters) – U.S. Senator Chris Van Hollen has introduced legislation seeking to halt American weapons sales to the United Arab Emirates until the United States certifies that the UAE is not arming the paramilitary Rapid Support Forces (RSF) in Sudan, according to an early version of his announcement seen by Reuters.

Van Hollen has filed a joint resolution of disapproval in the Senate, while fellow Democrat Sarah Jacobs has filed one in the House of Representatives. Their effort is unlikely to win significant support in Congress as U.S. administrations under presidents of both parties long have viewed the UAE as a vital regional security partner, but would draw attention to a conflict that has become one of the world’s worst humanitarian disasters.

“The UAE is an important partner in the Middle East, but the United States cannot sit idly by as it aids and abets the humanitarian disaster in Sudan – we must use our leverage to try to bring this conflict to a peaceful resolution,” van Hollen said in a statement.

U.S. law requires congressional review of major arms deals, and lets members of the Senate force votes on resolutions of disapproval that would block such sales. Although the law does not let House members force such votes, resolutions must pass both chambers of Congress, and potentially survive a presidential veto, to go into effect.

No resolution of disapproval has ever both passed Congress and survived a presidential veto. Such resolutions have at times led to heated debates that highlighted human rights concerns and lawmakers’ dissatisfaction over weapons sales.

The UAE has long been a major purchaser of U.S. weapons. In October, the Biden administration announced, for example, that it had approved a potential sale of GMLRS and ATACMS munitions, and related support, for $1.2 billion. GMLRS, or Guided Multiple Launch Rocket System rockets, are made by L3Harris Technologies (NYSE:LHX)’ business unit Aerojet Rocketdyne. The long-range ATACMS are made by Lockheed Martin (NYSE:LMT).

The newly introduced resolutions seek to stop that sale. 

President Joe Biden, a Democrat, this year recognized the UAE as a major defense partner, and the Gulf state is host to the Al Dhafra Air Base with U.S. military aircraft and thousands of American personnel.

Sudan’s army has accused the UAE of providing weapons and support to the RSF in Sudan’s 17-month-old war. The Gulf state denies the allegations. U.N. sanctions monitors have described as credible accusations that the UAE had provided military support to the RSF.

The UAE has denied involvement in military support to any of Sudan’s rival parties.

War erupted in April 2023 between the Sudanese army and the RSF over a transition to free elections, with tens of thousands of people reported dead. The United Nations has said nearly 25 million people – half of Sudan’s population – need aid, famine is looming and some 8 million people have fled their homes.

“The UAE is one of the biggest outside actors fueling the violence in Sudan, and yet the U.S. is on the brink of selling the UAE another $1.2 billion in weapons that could end up in the hands of the RSF,” Jacobs, who met with Sudanese refugees on the border with Chad this year, said in a statement.

By David Shepardson

WASHINGTON (Reuters) – A group representing major automakers including General Motors (NYSE:GM), Toyota Motor (NYSE:TM) Corp, and Volkswagen (ETR:VOWG_p) urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.

The Alliance for Automotive Innovation in a previously unreported Nov. 12 letter to Trump also raised concerns about vehicle emissions rules citing “federal and state emissions regulations (particularly in California and affiliated states) that are out-of-step with current auto market realities and increase costs for consumers.”

The automakers did not specify how they want the rules revised but said they support “reasonable and achievable” emissions regulations. The Trump transition team did not immediately comment.

The letter, signed by the group’s CEO John Bozzella, said automakers face unfair competition “from heavily subsidized electric vehicles and technologies exported from China” and also noted that China was implementing a regulatory framework to support deployment of self-driving vehicles.

The group also asked Trump to reconsider rules finalized in April requiring nearly all new cars and trucks by 2029 to have advanced automatic emergency braking systems. The group earlier said the rules are “practically impossible with available technologies.”

Last week, Reuters reported that Trump’s transition team wants to kill the $7,500 consumer tax credit for electric-vehicle purchases – a move that would likely slow an already stalling U.S. EV transition.

This week, Reuters reported Trump transition team plans to target federal regulations championed by President Joe Biden that aim to make automobiles more fuel-efficient and incentivize a shift toward EVs.

The move appears aimed at satisfying a Trump campaign promise to “end the EV mandate,” and would mirror a similar move during the first Trump administration to rollback Obama-era vehicle-efficiency rules.

Although no such “EV mandate” exists, the Biden administration regulations would effectively require automakers to shift at least 35% of production to EVs in order to meet 2032 requirements, and encourage a gradual phase-out of the production of vehicles that run on fossil fuels.

STOCKHOLM (Reuters) – Swedish truckmaker Scania said on Thursday it will lend Northvolt $100 million as part of the struggling Swedish battery maker’s U.S. Chapter 11 bankruptcy protection deal.

Scania is part of the Volkswagen-owned Traton Group.

By Douglas Gillison

WASHINGTON (Reuters) – U.S. Securities and Exchange Commission Chair Gary Gensler will step down on Jan. 20 when President-elect Donald Trump’s administration takes over, the agency said on Thursday, ending an ambitious tenure that saw him clash with Wall Street and the crypto industry.  

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,” Gensler, who was nominated by Democratic President Joe Biden in 2021, said in a statement. 

Known for his hard-charging style, Gensler led an ambitious agenda to boost transparency, reduce systemic risks, and stamp out conflicts of interest on Wall Street, completing dozens of new rules, some of which have been challenged in court. 

Among his major accomplishments were changes to increase the resilience and efficiency of U.S. markets, including speeding up trade settlements and overhauling the $28 trillion Treasuries market, as well as a number of rules boosting investor disclosures and corporate governance. 

The Baltimore native also successfully implemented rules mandated by Congress imposing SEC oversight on auditors of U.S.-listed Chinese companies, ending a decade-long tussle with Beijing that lawmakers said had put U.S. investors at risk. 

On the enforcement front, Gensler’s SEC broke new ground with a multi-year effort focused on Wall Street’s use of text, WhatsApp and other unauthorized channels to discuss business, levying more than $2 billion in fines against dozens of firms, including JP Morgan and Goldman Sachs.

He also took on the crypto industry, suing Coinbase (NASDAQ:COIN), Kraken, Binance and others, alleging that their failure to register with the agency violated SEC rules, accusations the companies deny and are fighting in court. When it comes to crypto, the courts have mostly backed Gensler’s positions.

But his sweeping agenda and uncompromising posture sparked intense pushback from Wall Street, as well as congressional Republicans, and even some Democrats. 

The U.S. Chamber of Commerce, Managed Funds Association and other groups sued in the conservative-leaning Fifth U.S. Circuit Court of Appeals and elsewhere to overturn at least eight rules, arguing they were unjustified, harmful or beyond the SEC’s authority.

Jill Fisch, a University of Pennsylvania law professor specializing in securities regulation, said Gensler would depart with a mixed legacy.

“I think there are clearly some victories, but I would say he came in with a fairly aggressive rule-making agenda and most of that either hasn’t or isn’t likely to endure.”

TRUMP TRANSITION

In a major blow to the agency, the Fifth Circuit ruled in June that the SEC did not have the authority to oversee the $27 trillion private funds industry. That loss, and other legal challenges, have slowed the agency’s rule-making this year, and could impede the agency in the long run, Reuters reported.

Just before Gensler’s announcement on Thursday, a federal judge in Texas struck down the SEC’s overhaul of Treasury dealer rules adopted earlier this year.

Some critics also say Gensler’s crypto crusade was ill-conceived and damaged the U.S. economy by stifling innovation and pushing crypto companies offshore, criticism he has rejected. In a speech this month, he argued history has shown that “robust securities regulation both creates trust in markets and fosters innovation.”

Trump has not said who would replace Gensler, although he is widely expected to appoint one of the current Republican SEC commissioners, Hester Peirce or Mark Uyeda, as acting head of the agency.

Reuters previously reported that Trump’s transition team is considering former SEC officials for the job permanently.

Gensler’s successor is expected to immediately end the crypto crackdown, review many of Gensler’s rules, pull enforcement actions wending their way through the courts, and pursue rule changes focusing on promoting capital formation.

(Reuters) – Bank of America’s co-head of investment banking in India and two other bankers have left the company amid an investigation into wrongdoing allegations, the Financial Times reported on Thursday, citing three people familiar with the matter.

The internal investigation was launched earlier this year and is scrutinizing wether BofA and bankers at its Asian investment banking arm shared nonpublic information with certain investors ahead of upcoming secondary stock offerings, the report said.

BofA did not immediately respond to a Reuters request for comment.

(Reuters) – Fox Entertainment and Hulu announced on Thursday a multi-year content deal whereby the Walt Disney-controlled streaming platform will retain the streaming rights for Fox’s extensive programming slate.

The agreement includes an expansion of their platform marketing arrangement, reportedly valued at over $1.5 billion across four years, according to Deadline.

The new deal builds upon both firms’ partnership spanning more than two years, a period that saw a surge in consumer interest in streaming platforms, prompting traditional television companies to look for partners to house their shows and movies.

Under the terms of the new agreement, Fox’s prime-time entertainment programming — including “The Masked Singer”, “The Simpsons”, and “Family Guy” — will continue to stream on Hulu a day after the telecast.

“Our collective marketing efforts, which will continue with this new deal, have generated impressive results and helped viewers successfully find the shows they want to watch, when they want to watch them,” said Lauren Tempest, general manager at Hulu.

Disney (NYSE:DIS)’s efforts to raise prices and crack down on password sharing helped the House of Mickey report a second straight quarterly profit for its streaming business.

Fox is also enjoying strong growth with its own streaming business Tubi, an ad-based platform which the company expects to cross the $1 billion revenue mark in this fiscal year.

The deal also includes a renewal of an agreement that allows Hulu to stream out-of-season episodes of a number of Fox’s unscripted programs.

Investing.com — Carson Block, founder of Muddy Waters (NYSE:WAT) Capital, predicts that short-sellers might face increased scrutiny under the Trump administration. 

Speaking with Bloomberg Television, Block noted that the populist narratives of Donald Trump and Elon Musk often align, with both leaders previously blaming short-sellers for declines in the stock prices of their companies, including Tesla (NASDAQ:TSLA) Inc. and Trump Media & Technology Group.

“We’ve already had some rhetoric, we might have some more anti-short seller rhetoric,” Block said during the interview. 

While he doubts Trump or Musk genuinely believes short-sellers are to blame for their stock performance, Block believes the populist tendency to target short-sellers aligns with broader political messaging.

Block has gained prominence for high-profile bets against companies. Recently, he revealed a short position against cosmetics brand Elf Beauty, alleging overstated revenues and sluggish sales. Elf Beauty denied the claims.

In his interview with Bloomberg Block said that historically, Republican administrations have taken a lighter approach to market regulation. 

However, he expressed uncertainty about whether Trump would scale back existing rules, emphasizing the importance of who will head the Securities and Exchange Commission under the new administration.

Despite the potential for intensified rhetoric, Block has previously highlighted the role of short-sellers in modern markets. 

Bloomberg noted in its report that Muddy Waters has built at least four new short positions in the past 12 months.