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Novartis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) reported quarterly earnings of $1.97 per share which beat the analyst consensus estimate of $1.89 by 4.23 percent. This is a 16.57 percent increase over earnings of $1.69 per share from the same period last year. The company reported quarterly sales of $12.512 billion which beat the analyst consensus estimate of $12.375 billion by 1.11 percent. This is a 9.40 percent increase over sales of $11.437 billion the same period last year.

Earnings

Earnings Beats

News

Novartis Q2 2024 Adj EPS $1.97 Beats $1.89 Estimate, Sales $12.512B Beat $12.375B Estimate

Eric Balchunas, a renowned financial analyst, recently expressed skepticism about the potential success of Grayscale&#8217;s Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETF due to its high fee structure.
What Happened: Grayscale submitted updated S-1 filings with the SEC Wednesday, revealing the all-important information about the fund management fee. The digital asset management giant will charge 2.5% for its Grayscale Ethereum Trust, significantly higher than its competitors. A miniature version of the fund, Grayscale Ethereum Mini Trust, will however charge 0.25%. 
Balchunas questioned these moves, asking whether the 0.25% fee would be low enough to attract sufficient organic flows to offset what he referred to as &#8220;The Big Unlock&#8221;.
He further speculated on the ability of new entrants to the market to counterbalance the predicted outflows due to the flagship version&#8217;s high fees, drawing a parallel with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). &#8220;Anyway short story is the 2.5% fee made path to a decent net flow number a little harder,&#8221; Balchunas feared.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cheap but not sure cheap enough to move the needle (as most are cheaper and brand name BlackRock is same fee) to attract organic flows to offset The Big Unlock. And do these newborns have enough strength to offset those outflows a la btc. Anyway short story is the 2.5% fee made… <a href="https://t.co/0sH0tXrjtL">https://t.co/0sH0tXrjtL</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1813696205295145274?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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Another well-known ETF expert, Nate Geraci, called this a &#8220;huge miss&#8221; by Grayscale, indicating that the mini trust should have been priced much lower. &#8220;Entire pricing strategy around both spot BTC &amp; ETH ETFs seems focused on maximizing short-term revenue vs playing long game,&#8221; Geraci stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Btw, think this is &#x2A;huge&#x2A; miss by Grayscale… If you're gonna charge &#x2A;2.5%&#x2A; on ETHE, need to undercut market w/ mini trust. Disappointing. Entire pricing strategy around both spot btc &amp; eth ETFs seems focused on maximizing short-term revenue vs playing long game. <a href="https://t.co/8DE1UIlCIo">https://t.co/8DE1UIlCIo</a>
&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1813698463403765780?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39822573/mark-cuban-trumps-re-election-wont-directly-impact-bitcoins-price">Mark Cuban: Trump&#8217;s Re-Election Won&#8217;t Directly Impact Bitcoin&#8217;s Price</a>
Why It Matters: These criticisms come even as other funds, including the one by BlackRock, are <a href="https://x.com/JSeyff/status/1813693107214717181">priced much lower</a>. The ishares Ethereum Trust will charge 0.25%, and so will the ETFs by Fidelity and Invesco.
Grayscale, which already operates the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>), faced significant outflows pressure after launch due to its 1.5% fees, highest among all spot Bitcoin ETFs. Since launch, it has recorded net outflows of $18.69 billion as of this writing, <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">according </a>to SoSo Value.
Grayscale&#8217;s flagship Ethereum Trust, along with the mini Trust, are <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39784783/ethereum-spot-etfs-likely-to-start-trading-by-july-23-provided-no-unforeseeable-last-min-i">expected to go live for trading</a> by July 23.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,423.79, down 1.55% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Illustration via Shutterstock.
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Markets

ETFs

$BTC

$ETH

GBTC

Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'

Nokia&#39;s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.

Guidance

Nokia 2024 Outlook Unchanged, Expects Comparable Operating Profit Of €2.3B-€2.9B And Free Cash Flow Conversion From Comparable Operating Profit Of 30%-60%

Nokia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) reported quarterly adjusted&nbsp;earnings of $0.06 per share which beat the analyst consensus estimate of $0.05 by 29.2 percent. This is a 15 percent decrease over earnings of $0.08 per share from the same period last year. The company reported quarterly sales of $4.81 billion which missed the analyst consensus estimate of $5.26 billion by 8.59 percent. This is a 22.70 percent decrease over sales of $6.22 billion the same period last year.

Nokia Q2 Adj. EPS $0.06 Beats $0.05 Estimate, Sales $4.81B Miss $5.26B Estimate

Cathie Wood, the CEO of ARK Invest, has predicted a potential shift in the equity market, favoring small-cap stocks over large-cap tech companies. This forecast is based on the current &#8220;restrictive&#8221; monetary policy of the Federal Reserve, as outlined in a recent investor letter on Wednesday.
What Happened: Wood highlighted the potential impact of the Fed&#8217;s current policy, which is aimed at curbing inflation following the COVID-19 crisis. She pointed out that previous instances of market concentration, such as in 1973 and 2000, were followed by significant market downturns. 
In contrast, periods of broader market concentration, such as in 1932, 1964, and 2009, signaled the beginning of broader-based equity bull markets.
Wood suggested that the current risk is a result of the Fed&#8217;s &#8220;restrictive&#8221; policy, which is in stark contrast to the &#8220;easing&#8221; policy of 1973 and 2000. She believes that this could create an opportunity for smaller-cap stocks to outperform the mega caps currently dominated by the &#8220;Magnificent Six.&#8221;
Wood wrote, &#8220;In our view, having already paid dues with tight money and higher interest rates in this cycle, the next few years could prove fertile for the broad swath of the equity market beyond the Magnificent Six. As inflation and interest rates continue to unwind during the next few years, smaller-cap stocks should have much more compelling upside potential relative to the mega caps now dominated by the Magnificent Six.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a>
Top U.S. tech companies renowned for their advancements in AI have been pivotal in driving stock market growth. These companies include the &#8220;Magnificent Seven&#8221; — Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Google&#8217;s parent company Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>).
Last week, Wood <a href="https://www.benzinga.com/markets/equities/24/07/39725875/cathie-wood-touts-palantir-coinbase-and-roku-as-arks-flagship-fund-shifts-focus-from-mag-6-amid-">acknowledged</a> that the company's flagship fund ARK Innovation ETF&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) performance has been impacted by the shift in focus from the "Magnificent Six" to multiomics stocks, which have been adversely affected by the prospect of prolonged high interest rates.
Why It Matters: This prediction by Wood aligns with a recent surge in small-cap stocks. Market strategist Tom Lee noted that small-caps have been on a tear since Federal Reserve Chair Jerome Powell&#8216;s Congressional testimony, and the rally in the space is only getting started. Lee <a href="https://www.benzinga.com/markets/equities/24/07/39786725/market-strategist-breaks-down-bull-case-scenario-for-small-caps-predicts-40-jump-in-near-term-i-">predicted a 40% jump in the near term</a> for small-caps.
Wood&#8217;s prediction also comes in the <a href="https://www.benzinga.com/news/24/07/39807403/tesla-stock-could-shoot-up-10-times-due-to-robotaxis-says-cathie-wood-the-biggest-ai-project-evolvin">wake of her optimistic outlook</a> for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), where she suggested that the company&#8217;s stock could see a significant surge as it moves into the autonomous taxi business, potentially capturing up to 50% of the autonomous taxi market.
Meanwhile, CNBC&#8217;s "Mad Money"&nbsp;host Jim Cramer&nbsp;<a href="https://www.benzinga.com/markets/equities/24/07/39588207/jim-cramer-has-a-market-strategy-interest-rates-up-buy-mag-7-rates-down-buy-everything" target="_blank" rel="noreferrer noopener">advised investors to consider buying the ‘Mag 7' stocks</a>&nbsp;when interest rates rise and to buy everything when rates fall, indicating a potential market strategy shift.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Claps Back After Gavin Newsom Shares Donald Trump&#8217;s &#8216;Drop To Your Knees And Beg&#8217; Post About Tesla CEO From 2022: &#8216;You Never Get Off Your Knees&#8217;</a></li>
</ul>
Image Via WEF on Flickr
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Federal Reserve

AAPL

AMZN

ARKK

GOOG

GOOGL

MSFT

NVDA

TSLA

Why Cathie Wood Is Betting On Small-Cap Stocks Triumphing Over 'Magnificent Six' Amid Restrictive Fed Policy

IPOs

TWFG

Reported Earlier, TWFG Insurance Prices Its Initial Public Offering Of 11M Common Shares At $17/Share For Gross Proceeds Of $187M

Reported Earlier, CLEAR Expands To Honolulu's Daniel K. Inouye International Airport, Adding 64 Jobs And Boosting The Local Economy

In a historic auction, Ken Griffin, the hedge fund billionaire, has purchased a Stegosaurus fossil for a record-breaking $44.6 million.
What Happened: The 150-million-year-old dinosaur, affectionately named &#8220;Apex,&#8221; was auctioned off at Sotheby&#8217;s on Wednesday. The sale price is the highest ever paid for a fossil at an auction, <a href="https://www.wsj.com/arts-culture/fine-art/ken-griffin-paid-45-million-for-a-stegosaurus-e8b51f17?mod=wknd_pos1">reported</a> The Wall Street Journal.
Griffin, the 55-year-old founder and CEO of Citadel, expressed his intention to lend &#8220;Apex&#8221; to a U.S. museum. The dinosaur was discovered by commercial paleontologist Jason Cooper on his property in Dinosaur, Colo., two years ago. The skeleton, standing at 27 feet, is almost complete, with at least 254 of its approximately 319 bones found on-site.
&#8220;Apex was born in America and is going to stay in America," Griffin said after the sale.
Griffin has a history of acquiring significant pieces. In 2021, he outbid a group of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrency investors to secure a $43.2 million first-edition copy of the U.S. Constitution, which he later loaned to the Crystal Bridges Museum of American Art.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Claps Back After Gavin Newsom Shares Donald Trump&#8217;s &#8216;Drop To Your Knees And Beg&#8217; Post About Tesla CEO From 2022: &#8216;You Never Get Off Your Knees&#8217;</a>
Why It Matters: The sale of the Stegosaurus fossil is part of a growing trend of high-profile auctions of rare and historic items. In July 2022, a 77-million-year-old Gorgosaurus skeleton was auctioned at Sotheby's New York, e<a href="https://www.benzinga.com/news/22/07/28017327/who-wants-to-buy-a-77-million-year-old-gorgosaurus-skeleton">xpected to sell for up to $8 million</a>. The Gorgosaurus, unearthed near Havre, Montana, was notable for being the only one not part of a museum collection.
More recently, in September, Bob Ross&#8216;s first artwork from &#8220;The Joy of Painting&#8221; was listed for $9.8 million. The painting, titled &#8220;A Walk in the Woods,&#8221; was featured in the inaugural episode of the beloved PBS show, captivating audiences with Ross&#8217;s tranquil <a href="https://www.benzinga.com/general/entertainment/23/09/34663990/bob-ross-first-artwork-from-the-joy-of-painting-on-sale-for-9-8-million">demeanor and gentle strokes</a>. The painting is currently housed at the Modern Artifact gallery in Minneapolis.
Additionally, in August, several rare Apple Inc. and Steve Jobs-associated <a href="https://www.benzinga.com/news/23/08/34060563/steve-jobs-signed-check-sells-for-over-135k-alongside-apple-rarities-like-sealed-iphone">items were auctioned</a>, including a sealed iPhone and an Apple-1 computer. These auctions highlight the increasing value and interest in rare and historic artifacts.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39787296/first-obvious-error-by-trump-after-winning-nomination-says-anthony-scaramucci-of-ex-president-picks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;First Obvious Error&#8217; By Trump After Winning Nomination, Says Anthony Scaramucci As Ex-President Picks JD Vance As Running Mate: Pollster Says &#8216;Not The Pick…To Maximize Chances Of Winning The Presidency&#8217;</a></li>
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Image Via Flickr
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Entrepreneurship

Global

Ken Griffin Buys Dinosaur Skeleton For Record $45M Amount: 'Apex Was Born In America And Is Going To Stay In America'

Nabors intends to use the net proceeds from this offering, along with cash on hand, to redeem all of its&nbsp;7.25%&nbsp;senior guaranteed notes due 2026. Any excess proceeds will be used for general corporate purposes, including, potentially, repayment of other outstanding indebtedness.&nbsp;

Reported Earlier, Nabors Industries Prices $550M Senior Guaranteed Notes Due 2031 At 8.875% Annual Interest

Buybacks

Reported Earlier, SAI.TECH To Repurchase Up To 1M Shares Under New Program By January 2025

Researchers from the University of Tokyo have successfully attached living skin tissue to robotic faces, enabling them to &#8220;smile.&#8221;
What Happened: The smiling robot, featured in&nbsp;a study published&nbsp;by Cell Reports Physical Science,&nbsp;is the culmination of a decade-long&nbsp;research by Shoji Takeuchi and his&nbsp;team on the fusion of&nbsp;biological and artificial machines, reported Reuters.
The scientists cultivated&nbsp;human skin cells in the&nbsp;form of a face and manipulated it into a broad smile using ligament-like attachments.
Living&nbsp;tissue, Takeuchi pointed out, has several benefits over metals and plastics, such as energy efficiency and self-repair capabilities. &#8220;By attaching these actuators and anchors, it became possible to manipulate living skin for the first time,&#8221; he added.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39765031/at-t-reportedly-pays-hacker-about-400k-to-wipe-stolen-data-security-expert-says-it-was-drop-in-the-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AT&amp;T Reportedly Pays Hacker About $400K To Wipe Stolen Data, Security Expert Says It Was &#8216;Drop In The Ocean&#8217; For The Company: Here&#8217;s Why</a>
The team intends to incorporate more elements into the lab-grown skin in the future, including a circulatory system and nerves.
This could pave the way for&nbsp;safer testing platforms for cosmetics&nbsp;and drugs absorbed through the&nbsp;skin, and&nbsp;more realistic and functional coverings&nbsp;for robots.
&#8220;There&#8217;s still a bit of that creepiness to it,&#8221; Takeuchi said, adding, &#8220;I think that making robots out of the same materials as humans and having them show the same expressions might be one key to overcoming the uncanny valley.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this month, Tesla CEO Elon Musk <a href="https://www.benzinga.com/news/24/07/39659954/tesla-ceo-elon-musk-rejects-idea-for-self-healing-human-skin-wrapped-terminator-like-robots-pointles">dismissed the idea of self-healing</a>, human skin-wrapped robots, by calling the innovation &#8220;pointless.&#8221;
Musk&#8217;s comment was in response to an earlier innovation from the University of Tokyo, which allowed for self-healing in robots. 
Musk&#8217;s Tesla is currently <a href="https://www.benzinga.com/news/24/07/39702458/tesla-ceo-elon-musk-teases-new-optimus-design-says-it-is-something-special">developing a humanoid robot</a> named Optimus. This robot, designed to resemble a human, has moving hands capable of performing various tasks in a factory setting. However, it lacks any form of skin.
In June, Musk said that two Optimus robots are <a href="https://www.benzinga.com/news/24/06/39307242/tesla-says-optimus-bots-are-now-performing-autonomous-tasks-at-its-factory-3-years-after-introductio">currently working in Tesla&#8217;s</a> Fremont factory, where they remove cells from the end of the production line and place them in containers.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39762636/microsofts-1-5b-investment-under-scrutiny-alibaba-showcases-ai-breakthroughs-in-shanghai-and-more-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft's $1.5B Investment Under Scrutiny, Alibaba Showcases AI Breakthroughs In Shanghai And More: This Week In Artificial Intelligence</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

Media

Days After Elon Musk Deemed University Of Tokyo's Idea 'Pointless,' Scientists Develop Smiling Robot With Living Skin

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Unemployment Rate For June 4.1% Vs. 4.1% Est.; 4.0% Prior

Reported Earlier, Australia Full Employment Change For June 43.3K Vs. 41.3K (Revised) Prior

Reported Earlier, Australia Employment Change For June 50.2K Vs. 19.9K Est.; 39.5K (Revised) Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Trade Balance For June 224.0B Vs. -240.0B Est.; -1,220.1B (Revised) Prior

Reported Earlier, Japan Exports (YoY) For June 5.4% Vs. 6.4% Est.; 13.5% Prior

Reported Earlier, Japan Adjusted Trade Balance -0.82T Vs. -0.82T Est.; -0.64T (Revised) Prior

The Maelstrom Fund, spearheaded by BitMEX co-founder Arthur Hayes, has unveiled a grant program to bolster Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) development. 
What Happened: The Bitcoin Grant Program promises to provide annual funding ranging from $50,000 to $150,000 per developer, capping at $250,000 per annum, as reported by <a href="https://decrypt.co/240287/arthur-hayes-maelstrom-fund-bitcoin-development-grants">Decrypt</a>. The Maelstrom Fund&#8217;s objective is to augment Bitcoin&#8217;s &#8220;resilience, scalability, censorship resistance, and privacy characteristics&#8221; through this initiative. 
&#8220;As loyal followers of Lord Satoshi, we are doing our part to spread the word,&#8221; Arthur Hayes, Maelstrom&#8217;s chief investment officer, stated while introducing the grant program..
The grants will be disbursed over 12-month periods, with monthly payments made in BTC, USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), or Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>). The grantees are required to contribute to Bitcoin&#8217;s technical development, possibly through pull requests or code reviews for the Bitcoin Core software project.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39829658/odds-of-biden-dropping-out-of-race-surge-to-66-pollster-nate-silver-joins-crypto-based-pre">Odds of Biden Dropping Out Of Race Surge To 66% — Pollster Nate Silver Joins Crypto-Based Prediction Market Polymarket</a>

Why It Matters: This grant program aligns with Hayes&#8217; vision for Bitcoin and could further stimulate its development and adoption. Earlier this month, he argued that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39590057/arthur-hayes-says-bitcoin-is-superior-whereas-gold-is-inferior-heres-why">Bitcoin is a superior safe-haven asset compared to gold, citing its technological advantages</a>.
In May, Hayes predicted <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38794260/arthur-hayes-major-economies-to-print-even-more-money-in-the-next-24-months">a bullish outlook for the cryptocurrency marke</a>t, driven by factors such as the upcoming <a href="https://www.benzinga.com/topic/2024-presidential-election">U.S. presidential election</a> and continued expansion of the monetary base. He suggested that major economies would print even more money in the next 18 to 24 months. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,896.73, down 1.36% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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Rep. Marjorie Taylor Greene (R-Ga.) has demanded the resignation of Secret Service Director Kimberly Cheatle over the security failures in the assassination attempt on former President Donald Trump.
What Happened: Greene, in a series of tweets, called for Cheatle&#8217;s resignation, citing the security failure in the assassination attempt on Trump. She also highlighted that the House Oversight Committee chairman James Comer&nbsp;(R-Ky.) has issued a subpoena to compel Cheatle&#8217;s appearance before the committee.
Greene wrote on X, that &#8220;the assassination attempt on President Trump was an absolute security failure. As I've said all week, Director Cheatle MUST RESIGN!&#8221;
Greene also quoted her previous post saying, &#8220;Director Cheatle must absolutely appear before our Oversight Committee. But this DEI hire should do the right thing and immediately RESIGN.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">After today's briefing, it confirms what we already knew, the assassination attempt on President Trump was an absolute security failure. As I've said all week, Director Cheatle MUST RESIGN! <a href="https://t.co/RgTDinuvHG">https://t.co/RgTDinuvHG</a>
&mdash; Rep. Marjorie Taylor Greene&#x1f1fa;&#x1f1f8; (@RepMTG) <a href="https://twitter.com/RepMTG/status/1813722500997734893?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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Despite facing scrutiny and calls for her resignation, Cheatle remains firm in her position. "I am the director of the Secret Service, and I need to make sure that we are performing a review and that we are giving resources to our personnel as necessary," she said. Cheatle <a href="https://www.benzinga.com/news/24/07/39784760/secret-service-director-kimberly-cheatle-says-the-buck-stops-with-me-on-trump-assassination-attempt">has defended herself</a>, stating that local law enforcement was responsible for the building the shooter was on.
"The buck stops with me," Cheatle stated, accepting her role as the head of the agency to investigate the incident and ensure it doesn't recur. 
See Also: <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Warns South Korea &#8216;Must Be Ready For Paying A Very High Price&#8217;Over Leafleting Campaign</a>
Why It Matters: It was also revealed that the Secret Service was informed of the local police&#8217;s <a href="https://www.benzinga.com/news/24/07/39829608/trump-rally-security-secret-service-was-informed-of-police-inability-to-watch-sniper-location">inability to provide adequate security</a> at the building where the shooter positioned himself. This information raises further questions about the Secret Service&#8217;s handling of the situation.
The incident has had significant political implications, with some Republicans suggesting that it could boost support for Trump in the <a href="https://www.benzinga.com/news/24/07/39763322/republicans-say-trump-rally-shooting-is-a-game-changer-for-former-president-he-just-won-the-election">upcoming November elections</a>.
The attempted assassination of Trump at a rally in Pennsylvania has been a significant event, with several developments <a href="https://www.benzinga.com/news/24/07/39765353/trump-rally-shooter-briefly-featured-in-blackrocks-2022-ad-largest-money-manager-admits-ahead-of-its">unfolding since the incident</a>. The shooter, Thomas Matthew Crooks, was briefly featured in a BlackRock advertisement in 2022.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39768877/anthony-scaramucci-warns-bidens-path-to-presidency-winds-down-with-loss-in-any-of-these-3-key-battle?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Warns Biden&#8217;s Path To Presidency Winds Down With Loss In Any Of These 3 Key Battleground States: &#8216;Donald Trump Is…Framing The Narrative And Whether You Like It Or Not&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Marjorie Taylor Greene Slams 'Absolute Security Failure' Over Attempted Trump Assassination — Secret Service Director Kimberly Cheatle 'Must Resign'

As part of an ongoing<a href="https://www.benzinga.com/markets/cannabis/24/06/39188435/californias-cartel-cannabis-flourishes-in-national-parks-weed-grown-on-public-lands-accounts-for"> initiative to dismantle illegal cannabis operations</a> in California&#8217;s state parks, law enforcement operations in Saddleback Butte State Park and Colonel Allensworth State Historic Park resulted in the destruction of thousands of illegal plants and the seizure of multiple firearms.
In a Tuesday <a href="https://www.gov.ca.gov/2024/07/16/california-law-enforcement-agencies-seize-thousands-of-pounds-of-illegal-cannabis-near-state-parks/">press release</a>, Governor Gavin Newsom&#8216;s office reported that authorities eradicated more than 3,600 plants weighing approximately 9,600 pounds near Saddleback Butte State Park, in Antelope Valley. The operation also resulted in the recovery of eight firearms, including assault weapons and ghost guns.
In Tulare County, at Colonel Allensworth State Historic Park, authorities destroyed over 1,500 plants weighing about 3,750 pounds and seized six guns, including one ghost gun.
<h3 class="wp-block-heading">Unified Cannabis Enforcement Taskforce in Action</h3>
The operations were conducted jointly by the California Department of Parks and Recreation and the Governor's <a href="https://www.benzinga.com/markets/cannabis/22/10/29267848/cannabis-enforcement-task-force-destroys-15m-in-illegal-marijuana-as-ca-gov-ag-crack-down-on-cri">Unified Cannabis Enforcement Taskforce (UCETF)</a>. Comprised of law enforcement officials from various local, state and federal agencies, the UCETF carried out more than 256 search warrants since its creation in 2022, seizing<a href="https://www.benzinga.com/markets/cannabis/24/05/38840704/gov-gavin-newsom-authorities-seized-61m-in-unlicensed-cannabis-products-plants-so-far-this-year"> more than $400 million in unlicensed cannabis and more than 400,000 plants</a>.
<h3 class="wp-block-heading">Environmental, Community And Industry Protection Efforts</h3>
Armando Quintero, director of California State Parks, emphasized the importance of these actions. "The nation's largest state park system is responsible for protecting California's most valued natural and cultural resources. Preventing environmental damage from illegal cannabis cultivation and ensuring park safety are integral to our mission," Quintero stated.
Illegal cannabis cultivation often involves harmful pesticides and unregulated practices that <a href="https://www.benzinga.com/markets/cannabis/24/06/39195663/legal-california-cannabis-market-on-the-verge-of-collapse-while-illegal-growers-thrive-destroyin">contaminate local water sources and damage the environment</a>. Newsom underscored the dual mission of the task force: protecting communities from the black market and supporting state's legal cannabis industry. "California's legal market produces billions of dollars for our state economy. We'll continue to support businesses doing it right by dismantling criminal operations undermining their success," the governor said.
Photo courtesy of California State Parks

Cannabis

Regulations

California Law Enforcement Agencies Seize Thousands Of Pounds Of Illegal Cannabis Near Two State Parks

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