Latest news for Mandarake (OTC:MDRKF) Stock

Mandarake Inc is a Japan-based company engaged in the purchase and sale of Japanese cartoon-related secondhand books, goods, and animation-related products. It provides mail-order sale of comics, magazines, DVDs, games, and costume along with an auction of books, toys, celluloid pictures, animations, and acting scripts.

Mandarake Inc

The U.S. debt reached a new record high and breached the $35 trillion mark, and economist Peter Schiff on Monday rued the political apathy <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37324835/ticking-time-bomb-over-85-of-americans-fear-national-debt-crisis-impact-on-their-fu">toward this ticking timebomb.</a>
What Happened: The U.S. national debt now stood at $35.01 trillion and has ballooned by over $7.2 trillion since President Joe Biden took office, said Schiff in a post on X, formerly Twitter. To put things in perspective and to emphasize the recent surge, the gold bull noted that it took 43 presidents, 215 years, to add the $7.2 trillion debt. Biden did it in just 3.5 years, he said.
The previous administration headed by former President Donald Trump did not do any worse, statistics shared by the economist showed. He noted that Trump added $7.8 trillion in debt during his term, a record debt pile for a single term. 
&#8220;Biden is on track to break the record,&#8221; Schiff said. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The U.S. <a href="https://twitter.com/hashtag/NationalDebt?src=hash&amp;ref_src=twsrc%5Etfw">#NationalDebt</a> just broke $35 trillion, up over $7.2 trillion since <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a> took office. It took 43 presidents 215 years to add the first $7.2 trillion. Biden did it in just 3.5 years. <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> added a single-term record $7.8 trilion. Biden is on track to break that record.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1817871910862008388?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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<figcaption class="wp-element-caption"> See Also: <a href="https://www.benzinga.com/money/best-inflation-stocks">Best Inflation Stocks</a> Why It&#8217;s Important: Commenting on the debt breaching the $35 trillion mark for the first time ever, House Budget Committee Chairman Jodey Arrington (R-Texas) said this equates to $104,497 per person, $266,275 per household and $483,889 per child. He quoted former President Ronald Reagan&#8217;s statement which said, &#8220;We don&#8217;t have a trillion-dollar debt because we haven&#8217;t taxed enough; we have a trillion-dollar debt because we spend too much.&#8221; The Republicans and the Democrats are at loggerheads over the means to steer the economy out of the fiscal mess, with the former clamoring for spending cuts, while the latter bet more on raising additional revenue sources through taxation of the rich, among other things. Another undesirable offshoot of the higher debt is the interest-rate burden the country is left to shoulder. Every day, the U.S. spends $2.4 billion on interest, <a href="https://www.pgpf.org/national-debt-clock">according</a> to the policy think tank Peter G. Peterson Foundation. &#8220;Rapidly growing interest payments are a burden that hinders our future economy,&#8221; it said.</figcaption></figure>
In an update to the budget and economic outlook in mid-June, the Congressional Budget Office said the federal <a href="https://www.benzinga.com/government/24/06/39400726/us-budget-crunch-cbo-warns-federal-interest-costs-now-higher-than-defense-spending-deficits-to-remai">budget deficit in fiscal year 2024</a> is estimated to be $1.9 trillion, equating to 7% of the GDP. The agency expects the larger deficits to push federal debt held by the public to 122% of GDP in 2034.
The iShares U.S. Treasury Bond ETF (CBOE: GOVT) ended Monday&#8217;s session up 0.13% at $22.84, according to Benzinga Pro data.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36464390/us-national-debt-soars-past-34-trillion-gold-bull-peter-schiff-has-just-one-questio">US National Debt Soars Past $34 Trillion: Gold Bull Peter Schiff Warns Of Crisis Before Year End, Analyst Raises Alarm Over Social Programs</a></li>
</ul>
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Analyst Color

Government

News

Politics

GOVT

Biden On Track To Break Trump's Record, Says Peter Schiff, As US Debt Tops $35 Trillion And Counting

3Q 2024 guidance
<ul>
<li>Looking ahead, bp expects third quarter 2024 reported upstream&#x2A; production to be lower compared with second-quarter 2024, including in higher margin regions.</li>
<li>In its customers business, bp expects fuels margins to remain sensitive to movements in cost of supply, and seasonally higher volumes compared to the second quarter.</li>
<li>In products, bp expects realized refining margins to continue to be sensitive to relative movements in product cracks and North American heavy crude oil differentials. In addition bp expects a similar level of turnaround activity to the second quarter.</li>
<li>bp expects income taxes paid in the third quarter to be around $1 billion higher than the second quarter 2024 mainly due to the timing of instalment payments, which are typically higher in the third quarter each year.</li>
</ul>

Earnings

Guidance

BP Expects Lower Q3 Upstream Production Compared To Q2; Expects Fuel Margins To Remain Sensitive to Supply Costs And Higher Seasonal Volumes

bp today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 20 September 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 9 August 2024. The ex-dividend date will be 8 August 2024 for ordinary shareholders and 9 August 2024 for ADS holders. The corresponding amount in sterling is due to be announced on 3 September 2024, calculated based on the average of the market exchange rates over three dealing days between 28 August 2024 and 30 August 2024. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2024 dividend.

Dividends

BP Announces Interim Dividend Increase Of 10% To 8.000 Cents Per Ordinary Share, Payable September 20, 2024; Holders Of ADSs Are Expected To Receive $0.48 Per ADS

Cryptocurrency-focused Fairshake is now the largest super political action committee in this year's presidential election, with a war chest now exceeding $202 million.
What Happened: Tom Dunleavy, a managing partner at cryptocurrency investment firm MV Global, revealed on X that the total funds raised by the pro-cryptocurrency super PAC has now surpassed both the biggest Republican and Democratic PACs, Make America Great Again Inc and Senate Majority PAC, respectively.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Crypto now has the number one Super PAC in the US with over $200m raised Fairshake (crypto) now surpasses both the biggest Republican and Democratic Super Pacs: Make America Great Again (Republican) and Senate Majority (Dem). Source: OpenSecrets dot org <a href="https://t.co/Poj8VWFYic">pic.twitter.com/Poj8VWFYic</a>
&mdash; Tom Dunleavy (@dunleavy89) <a href="https://twitter.com/dunleavy89/status/1817896423293100087?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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Super PACs pool money from corporations, unions, and individuals but unlike traditional PACs, they are prohibited from donating money directly to political candidates.
Fairshake represents a coordinated effort to support and put political candidates in office who can further the interests of the cryptocurrency industry.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40027813/cynthia-lummis-push-for-bitcoin-strategic-reserve-ridiculed-by-economist-justin-wolfers-on">Cynthia Lummis&#8217; Push For Bitcoin Strategic Reserve Ridiculed By Economist Justin Wolfers: &#8216;One Of The Most Amazing Word Salads I&#8217;ve Ever Read&#8217;</a>
According to Open Secrets, the non-partisan super PAC has spent $14.42 million in this year's election cycle, with more than 90% of it spent against Democratic candidates.&nbsp;
Why It Matters: Fairshake's swelling arsenal highlights concerted efforts by big industry names to support pro-cryptocurrency candidates.&nbsp;
Cryptocurrency exchange Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and blockchain-based firm Ripple Labs have spearheaded the financial contribution, with both pouring $45 million into Fairshake.
The significance of these super PACs comes as cryptocurrency rises as a big political issue in the upcoming elections.&nbsp;
Republican candidate Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">has pivoted to a pro-cryptocurrency stance</a>, vowing to make the U.S. the "crypto capital" of the world.&nbsp;
On the other hand, experts believe presidential hopeful Kamala Harris <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40028210/kamala-harris-participation-in-upcoming-major-crypto-conference-sought-by-democratic-donor">has a good opportunity to reset the Democratic Party&#8217;s attitude on the issue</a>, particularly after President Joe Biden&#8217;s exit.
Price Action: At the time of writing, Bitcoin, the market bellwether, was trading at $66,437.12, plunging 4.52% 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>. 
Photo by Avi Rozen on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40027409/shiba-inu-burn-rates-shoots-up-4527-as-community-cheers-shibariums-6m-block-feat">Shiba Inu Burn Rates Shoots Up 4527% As Community Cheers Shibarium&#8217;s 6M Block Feat</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

COIN

Crypto-Focused Fairshake Becomes Biggest Super PAC With Over $200M In Donations, Spends 90% Of The Funds Against Democrats

BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) reported quarterly earnings of $1.00 per share which beat the analyst consensus estimate of $0.92 by 8.7 percent. This is a 12.36 percent increase over earnings of $0.89 per share from the same period last year. The company reported quarterly sales of $47.299 billion which missed the analyst consensus estimate of $52.925 billion by 10.63 percent. This is a 2.56 percent decrease over sales of $48.540 billion the same period last year.

Earnings Beats

Earnings Misses

BP Q2 2024 Adj. EPS $1.00 Beats $0.92 Estimate, Sales $47.299B Miss $52.925B Estimate

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Monday denied any future possibility of the company making a <a href="https://www.benzinga.com/news/21/06/21524034/tesla-begins-deliveries-of-model-s-plaid-everything-you-need-to-know">Plaid+ version </a>of the Model S sedan. 
What Happened: The void of a Plaid+ version of the Model S will be filled by the Roadster, Musk said in a reply on social media platform X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Roadster
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1817965368700174639?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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Tesla&#8217;s Model S sedan was previously <a href="https://www.benzinga.com/news/21/03/20135928/tesla-delays-model-s-plaid-plus-deliveries-to-middle-of-next-year">slated to have a Plaid+ version</a>, a premium variant of Model S Plaid priced at around $150,000 with a range of over 500 miles and more horsepower. 
However, Tesla canceled the version in June 2021. The Plaid is just too good to warrant a Plaid+ version, the CEO then explained.
Tesla currently offers only two versions of the Model S &#8211; the Model S all-wheel drive and the more premium Plaid version. While the all-wheel drive starts at $74,990, the Plaid starts at $89,990.
Void Fill Roadster: As for the upcoming Roadster, Tesla intends to start production in 2025. While most of the engineering is complete, there are some more updates the company intends to make on the vehicle, <a href="https://www.benzinga.com/news/24/07/39924101/new-tesla-roadster-will-be-something-special-says-ceo-elon-musk-production-to-commence-in-2025">Musk said </a>during the company&#8217;s second-quarter earnings call last week.
In February, Musk said that the upcoming Tesla Roadster can accelerate from <a href="https://www.benzinga.com/news/24/05/38817313/tesla-ceo-elon-musk-says-making-new-roadster-only-as-fast-as-model-s-plaid-would-be-ridiculous">0 to 60 mph in less than 1 second</a>, lower than the company&#8217;s initial estimate of 1.9 seconds. The vehicle relies on a collaboration between Musk&#8217;s two companies- Tesla and rocket manufacturer SpaceX- to provide the incredible performance, he added.
The new generation Roadster prototype was showcased at the end of the event dedicated to unveiling the Tesla Semi on November 16, 2017. Tesla then said the vehicle would be available starting in 2020 and priced around $200,000.
However, the production timeline for the vehicle has been pushed several times since.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40009883/senior-tesla-executive-reveals-cybertruck-range-extender-will-not-be-removable-to-avoid-safety-risks">Senior Tesla Executive Reveals Cybertruck Range Extender Will Not Be Removable To Avoid Safety Risks</a></li>
</ul>
Photo via Shutterstock

Tech

TSLA

Tesla CEO Elon Musk Turns Down Possibility Of Model S Plaid Plus Variant, Upcoming Roadster Set To Fill That Gap Instead

AudioCodes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUDC#NASDAQ">AUDC</a>) reported quarterly earnings of $0.18 per share which missed the analyst consensus estimate of $0.19 by 5.26 percent. This is a 12.5 percent increase over earnings of $0.16 per share from the same period last year. The company reported quarterly sales of $60.303 million which beat the analyst consensus estimate of $60.242 million by 0.10 percent. This is a 0.47 percent increase over sales of $60.020 million the same period last year.

AUDC

AudioCodes Q2 2024 Adj. EPS $0.18 Misses $0.19 Estimate, Sales $60.303M Beat $60.242M Estimate

Macro Economic Events

Econ #s

Economics

France Gross Domestic Product (YoY) Preliminary For Q2 1.1% Vs. 1.1% Prior

France Gross Domestic Product (QoQ) Preliminary For Q2 0.3% Vs. 0.2% Est.; 0.3% (Revised) Prior

France Consumer Spending (MoM) For June -0.5% Vs. -0.2% Est.; 0.8% (Revised) Prior

The U.S.&nbsp;Senate is expected to pass&nbsp;a bill on Tuesday that seeks to protect children from harmful online content. This marks&nbsp;the first major effort by&nbsp;Congress in recent years to <a href="https://www.benzinga.com/news/23/11/35887485/senate-demands-answers-from-mark-zuckerberg-linda-yaccarino-and-other-tech-ceos-on-online-child-safe">hold tech companies accountable</a> for the impact of their platforms.
What Happened: The bill, which has wide bipartisan support, requires tech&nbsp;companies to take reasonable steps&nbsp;to prevent harm on online&nbsp;platforms frequently used by minors, <a href="https://apnews.com/article/senate-child-online-safety-vote-f27c329679feb2d74787fc3887aa710f">reported</a> AP News.
The legislation was put forward by Sen.&nbsp;Richard Blumenthal&nbsp;(D-Conn) and Sen.&nbsp;Marsha Blackburn (R-TN). Its objective is to enable children, teens, and parents to regain control of their online lives, &#8220;and to say to big tech, we no longer trust you to make decisions for us."
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39997056/top-analyst-says-openais-ai-powered-search-engine-likely-isnt-a-threat-to-google-its-hard-to-see-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Top Analyst Says OpenAI&#8217;s AI-Powered Search Engine Likely Isn&#8217;t A Threat To Google: &#8216;It&#8217;s Hard To See Why SearchGPT Is 10X Better…&#8217;</a>
While the House has yet to act on the bill, Speaker&nbsp;Mike Johnson (R-La.), has shown a willingness to review it. Supporters are hopeful that a strong Senate vote will prompt the House to take action.
If passed, the law would mandate companies&nbsp;to mitigate harm to children,&nbsp;including bullying, violence,&nbsp;promotion of suicide, eating disorders,&nbsp;substance abuse, sexual exploitation,&nbsp;and advertisements for illegal products.
Moreover, <a href="https://www.benzinga.com/news/24/02/36881443/senator-sheldon-whitehouse-grills-tech-ceos-over-child-safety-collectively-your-platforms-really-s-k">social media platforms</a> like Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook and Instagram, Snap Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat, Elon Musk&#8217;s X, formerly Twitter and ByteDance-owned TikTok, would be required&nbsp;to provide minors with some options. 
This includes the option&nbsp;to protect their information, disable addictive product features,&nbsp;and opt out of personalized&nbsp;algorithmic recommendations. They would also&nbsp;need&nbsp;to limit other users from&nbsp;communicating with children and restrict features that prolong the use of the platform.
Several tech companies, including&nbsp;Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), X, and&nbsp;Snap, have voiced their support for the bill. However, Mark Zuckerberg-led&nbsp;Meta has yet to take a position, the report noted.
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: This legislation comes in the wake of growing concerns about the impact of social media on children. In February this year, a Senate Judiciary Committee&nbsp;<a href="https://www.benzinga.com/markets/equities/24/01/36875784/its-terrible-metas-zuckerberg-apologizes-to-families-of-online-child-abuse-victims-at-senate-hea" target="_blank" rel="noreferrer noopener">hearing on children's safety online</a>, saw lawmakers expressing frustration against big tech companies.
In March, Florida implemented&nbsp;<a href="https://www.benzinga.com/markets/equities/24/03/37922168/new-florida-law-to-ban-social-media-for-kids-under-14-require-id-checks-on-all-ages-whats-at-sta">new measures</a>&nbsp;to keep children and teenagers away from social media. During the same month, billionaire tech investor&nbsp;Chamath Palihapitiya&nbsp;also expressed <a href="https://www.benzinga.com/news/24/03/37926650/ron-desantis-led-ban-on-social-media-for-kids-has-the-support-of-this-billionaire-investor-obvious-a">support for government regulation</a> of social media use among teenagers.
In May earlier this year, Musk&nbsp;who acquired Twitter for $44 billion in October 2022, <a href="https://www.benzinga.com/news/24/05/38997483/elon-musk-who-acquired-twitter-for-44b-says-social-media-is-bad-for-kids-theyre-being-programmed-by">warned about the potential dangers</a> of social media for children.
"I would urge parents to limit the amount of social media that children can see because they're being programmed by a dopamine-maximizing AI," the tech mogul said at the time.
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;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40000381/elon-musks-ai-ambitions-mark-zuckerbergs-apple-critique-and-taiwans-100b-economic-reform-this-week-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s AI Ambitions, Mark Zuckerberg&#8217;s Apple Critique, And Taiwan&#8217;s $100B Economic Reform: This Week In AI</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Social Media

Media

MSFT

SNAP

Senate Set To Approve New Child Online Safety Bill On Tuesday: What It Means For Elon Musk's X, Meta, Snap And TikTok

The U.S. Senate is expected to pass a bill on Tuesday that seeks to protect children from harmful online content. This marks the first major effort by Congress in recent years to <a href="https://www.benzinga.com/news/23/11/35887485/senate-demands-answers-from-mark-zuckerberg-linda-yaccarino-and-other-tech-ceos-on-online-child-safe">hold tech companies accountable</a> for the impact of their platforms.
What Happened: The bill, which has wide bipartisan support, requires tech companies to take reasonable steps to prevent harm on online platforms frequently used by minors, <a href="https://apnews.com/article/senate-child-online-safety-vote-f27c329679feb2d74787fc3887aa710f">reported</a> AP News.
The legislation was put forward by Sen. Richard Blumenthal (D-Conn) and Sen. Marsha Blackburn (R-TN). Its objective is to enable children, teens, and parents to regain control of their online lives, &#8220;and to say to big tech, we no longer trust you to make decisions for us."
See Also: <a href="https://www.benzinga.com/news/24/07/39997056/top-analyst-says-openais-ai-powered-search-engine-likely-isnt-a-threat-to-google-its-hard-to-see-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Top Analyst Says OpenAI&#8217;s AI-Powered Search Engine Likely Isn&#8217;t A Threat To Google: &#8216;It&#8217;s Hard To See Why SearchGPT Is 10X Better…&#8217;</a>
While the House has yet to act on the bill, Speaker Mike Johnson (R-La.), has shown a willingness to review it. Supporters are hopeful that a strong Senate vote will prompt the House to take action.
If passed, the law would mandate companies&nbsp;to mitigate harm to children,&nbsp;including bullying, violence,&nbsp;promotion of suicide, eating disorders,&nbsp;substance abuse, sexual exploitation,&nbsp;and advertisements for illegal products.
Moreover, <a href="https://www.benzinga.com/news/24/02/36881443/senator-sheldon-whitehouse-grills-tech-ceos-over-child-safety-collectively-your-platforms-really-s-k">social media platforms</a> like Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook and Instagram, Snap Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat, Elon Musk&#8217;s X, formerly Twitter and ByteDance-owned TikTok, would be required to provide minors with some options. 
This includes the option to protect their information, disable addictive product features, and opt out of personalized algorithmic recommendations. They would also need to limit other users from communicating with children and restrict features that prolong the use of the platform.
Several tech companies, including Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), X, and Snap, have voiced their support for the bill. However, Mark Zuckerberg-led Meta has yet to take a position, the report noted.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: This legislation comes in the wake of growing concerns about the impact of social media on children. In February this year, a Senate Judiciary Committee <a href="https://www.benzinga.com/markets/equities/24/01/36875784/its-terrible-metas-zuckerberg-apologizes-to-families-of-online-child-abuse-victims-at-senate-hea" target="_blank" rel="noreferrer noopener">hearing on children's safety online</a>, saw lawmakers expressing frustration against big tech companies.
In March, Florida implemented <a href="https://www.benzinga.com/markets/equities/24/03/37922168/new-florida-law-to-ban-social-media-for-kids-under-14-require-id-checks-on-all-ages-whats-at-sta">new measures</a> to keep children and teenagers away from social media. During the same month, billionaire tech investor Chamath Palihapitiya also expressed <a href="https://www.benzinga.com/news/24/03/37926650/ron-desantis-led-ban-on-social-media-for-kids-has-the-support-of-this-billionaire-investor-obvious-a">support for government regulation</a> of social media use among teenagers.
In May earlier this year, Musk who acquired Twitter for $44 billion in October 2022, <a href="https://www.benzinga.com/news/24/05/38997483/elon-musk-who-acquired-twitter-for-44b-says-social-media-is-bad-for-kids-theyre-being-programmed-by">warned about the potential dangers</a> of social media for children.
"I would urge parents to limit the amount of social media that children can see because they're being programmed by a dopamine-maximizing AI," the tech mogul said at the time.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Key Democratic donors are reportedly pushing for Vice President Kamala Harris to be a speaker at the upcoming cryptocurrency conference, Permissionless. The event, which is expected to be the largest U.S.-based cryptocurrency conference of the second half of 2024, is set to focus on U.S. politics.
What Happened: These donors are urging Blockworks, the organizer of the event, to extend an invitation to Harris for their event, Decrypt <a href="https://decrypt.co/242293/democratic-donors-kamala-harris-crypto-conference">reported </a>Monday. They have even offered to facilitate discussions between Harris&#8217;s representatives and the organizers.
Jason Yanowitz, the founder of Blockworks, disclosed that the donors are advocating for Harris&#8217;s participation, as they believe the upcoming U.S. presidential election could be a turning point for mainstream acceptance of cryptocurrency. The conference organizers are reportedly aiming to attract speakers from both sides of the political spectrum.
Mike Novogratz, CEO and founder of Galaxy Digital and a prominent Democrat, is already confirmed as a speaker for the event which is scheduled from October 9 to 11. Additionally, Coinbase Chief Legal Officer Paul Grewal and Silicon Valley investor&nbsp;Balaji Srinivasan are set to speak at the event.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001633/scaramucci-i-agree-with-every-single-thing-trump-has-said-on-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Scaramucci: &#8216;I Agree With Every Single Thing&#8217; Trump Has Said On Bitcoin</a>
Why It Matters: These speculations come after Harris, who is the Democratic presidential nominee, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39938175/vice-president-harris-snubs-bitcoin-conference-would-have-been-a-disaster-for-her-shrugs-o">refused to participate</a> in the recently concluded Bitcoin 2024 conference in Nashville.
The event, which was largely attended by Republican politicians, saw former President Donald Trump making a fervent pitch for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrencies, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">even advocating for a national stockpile of digital assets</a>.
Experts feel the Democratic Party has a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875949/democrats-have-huge-opportunity-to-win-back-chunk-of-crypto-vote-after-bidens-exit-from-20">significant opportunity to win back a large portion of the cryptocurrency vote</a> in the upcoming elections after incumbent President Joe Biden's withdrawal from the race but it is contingent on Harris declaring a genuine commitment to the industry's growth in the U.S.
Image via Shutterstock
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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.

$BTC

Kamala Harris' Participation In Upcoming Major Crypto Conference Sought By Democratic Donors

Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) is scheduled to release its financial results for the second quarter, before the <a href="https://www.benzinga.com/quote/PFE/earnings">opening bell on Tuesday.</a>
Analysts expect the New York-based company to report quarterly earnings at 46 cents per share, down from 67 cents per share in the year-ago period. Pfizer expects to post revenue of $13.02 billion, compared to $12.73 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 25, Pfizer announced that the European Commission approved a conditional marketing authorization for DURVEQTIX, a gene therapy for severe and moderately severe hemophilia B in adults whom meet certain criteria.
Pfizer shares fell 0.2% to close at $30.72 on Monday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings </a>page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/PFE/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b6d0ffb85e9300014425da/louise-chen">Cantor Fitzgerald analyst Louise Chen</a> reiterated an Overweight rating with a price target of $45 on July 10. This analyst has an accuracy rate of 69%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58c6ab8bb85e9300015f1ad7/terence-flynn">Morgan Stanley analyst Terence Flynn</a> maintained an Equal-Weight rating and raised the price target from $28 to $29 on May 2. This analyst has an accuracy rate of 71%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/63172c7d98361b00014be397/evan-david%20seigerman">BMO Capital analyst Evan David Seigerman</a> reiterated an Outperform rating and boosted the price target from $33 to $36 on May 2. This analyst has an accuracy rate of 71%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/590b5cc5290fa700017b6a5e/david-toung">Argus Research analyst David Toung</a> downgraded the stock from Buy to Hold on March 22. This analyst has an accuracy rate of 68%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/585939c1ee7bf600010fe944/vamil-divan">Guggenheim analyst Vamil Divan</a> initiated coverage on the stock with a Buy rating and a price target of $36 on Feb. 23. This analyst has an accuracy rate of 76%.</li>
</ul>
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Pfizer Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Reported Earlier, Australia Building Approvals (MoM) Preliminary For June -6.5% Vs. -2.3% Est.; 5.7% (Revised) Prior

The United Arab Emirates has reportedly put a halt to meetings between Emirati AI firm G42 and U.S. Congressional staffers in the wake of concerns over the potential <a href="https://www.benzinga.com/news/24/07/39611580/microsofts-1b-project-with-uae-artificial-intelligence-giant-comes-under-national-security-scanner">transfer of technology to China</a>.
What Happened: The UAE Ambassador to the U.S. &#8220;personally intervened&#8221; to stop meetings between&nbsp;the House Select Committee on&nbsp;China staffers and G42, reported Reuters on Monday, citing a congressional spokesperson.
This intervention was triggered by U.S. lawmakers&#8217; fears that G42 might transfer U.S. AI technology to China. These concerns were <a href="https://www.benzinga.com/24/04/38277724/is-microsofts-1-5-billion-move-with-abu-dhabis-g42-a-gamble-for-ai-dominance-that-could-send-their-s">amplified by&nbsp;a $1.5 billion</a> investment by&nbsp;Microsoft Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) in G42. 
The lawmakers fear that this could lead to the transfer of sensitive technology&nbsp;to the UAE firm, which&nbsp;has historical ties with&nbsp;China. 
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.
&#8220;The committee has even more concerns about the G42-Microsoft deal given the UAE&#8217;s refusal to meet with congressional staff to discuss these issues. As a result, expect Congress to get more involved in oversight of these negotiations,&#8221; stated the committee spokesperson.
Why It Matters: The cancellation of these&nbsp;meetings could signal diplomatic fallout&nbsp;from the increasing&nbsp;efforts by China hardliners in Congress to <a href="https://www.benzinga.com/news/24/07/39742644/microsofts-1-5b-investment-in-uae-ai-firm-with-china-ties-raises-eyebrows-among-republican-lawmakers">scrutinize the G42-Microsoft&nbsp;deal</a> and control&nbsp;the flow of sensitive AI&nbsp;technology to the Middle East&nbsp;over fears of diversion to&nbsp;China.
The staffers had sought the meetings as part of a regional visit on July 16-19 to discuss the transfer of sophisticated chips from companies like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to the UAE and Saudi Arabia, as well as <a href="https://www.benzinga.com/news/24/07/39904313/chinas-chip-sector-poised-for-explosive-growth-in-next-3-5-years-amid-tech-war-with-us-says-industry">U.S.-China tech competition</a>.
Image Generated With DallE_3
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>.
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NVDA

Congress Staff Sought Meetings With AI Firm G42 Amid China Tech Transfer Concerns, But These Were Personally Blocked Top UAE Diplomat: Report

The global cannabis travel and tourism industry is projected to become a $444 billion business by 2030, according to the Cannabis Travel Association International (CTAI). As of 2023, this sector has already grown into a $57.18 billion industry. During the recent 2024 State of International Cannabis Travel &amp; Tourism presentation, Brian Applegarth, founding chair of CTAI, highlighted the expansive growth and opportunities within the cannabis tourism landscape, <a href="https://www.travelpulse.com/news/features/experts-reveal-current-state-of-the-cannabis-travel-and-tourism-industry">reported</a> Travel Pulse.
&#8220;The global cannabis industry is poised for strong growth over the coming decade as expansion of legal access around the world accelerates,&#8221; Applegarth said. &#8220;We're consistently seeing access open up and legalization unfold, including medical legalization and adult-use recreational legalization.&#8221; 
<h3 class="wp-block-heading">Global Cannabis Tourism Developments</h3>
There are many locations worldwide offering services for cannabis pleasure seekers. 
In Canada, adult-use cannabis, cannabis lounges, and safe consumption spaces are becoming increasingly popular.&nbsp;&#8220;There is strong collaboration happening between the Canadian Cannabis Tourism Association and the travel industry at the national level,&#8221;&nbsp;Applegarth explained. These efforts focus on public and visitor safety, enhancing the overall experience for tourists. 
Similarly, Germany recently legalized the possession of small amounts of cannabis for recreational use. &#8220;They are going to be issuing licenses for private cannabis clubs next month,&#8221; Applegarth said. This model, akin to the private clubs in <a href="https://www.benzinga.com/markets/cannabis/24/02/37404264/icbc-barcelona-2024-all-you-need-to-know-about-this-top-european-cannabis-conference">Barcelona</a>, Spain, is expected to significantly impact <a href="https://www.benzinga.com/markets/cannabis/24/04/38029760/cannabis-on-the-rise-in-europe-why-germanys-legalization-is-a-game-changer-for-the-ecosystem">Germany's</a> economy.
Meanwhile, in the U.S., hotspots such as <a href="https://www.benzinga.com/markets/cannabis/22/04/26503498/marijuana-tourism-airbnb-includes-california-cannabis-farm-in-its-offering-wait-is-that-legal">California</a>, <a href="https://www.benzinga.com/markets/cannabis/23/06/32746353/a-weed-tourists-guide-to-las-vegas">Las Vegas</a>, <a href="https://www.benzinga.com/markets/cannabis/23/07/33347497/cannabis-meets-tourism-discover-nevadas-best-cannabis-shops-off-the-las-vegas-strip">Nevada</a> and <a href="https://www.benzinga.com/markets/cannabis/22/03/26379590/denver-hotel-becomes-first-in-nation-to-receive-license-to-legally-consume-cannabis-1">Denver</a> are thriving. California alone boasts about 100 different cannabis consumption spaces. &#8220;It's not just lounges. You also have cannabis spas, cafes, and upscale hybrid restaurants,&#8221; Applegarth noted. These establishments offer integrated experiences that attract a wide range of visitors.
In contrast, Thailand's landscape is changing, with recent shifts in regulations and general <a href="https://www.benzinga.com/markets/cannabis/24/07/39922637/thailand-will-not-re-criminalize-cannabis-prime-minister-agrees-to-regulate-industry-instead-wha">turmoil</a>.&nbsp;&#8220;There's still very much going to be a wellness, therapeutic strategy there,&#8221;&nbsp;Applegarth explained, suggesting a focus on <a href="https://www.benzinga.com/markets/cannabis/24/01/36769602/garden-societys-erin-gore-cannabis-as-a-wellness-tool">wellness</a> and therapeutic <a href="https://www.benzinga.com/markets/cannabis/22/06/27576740/cannabis-tourism-flourishes-into-a-usd-17-million-industry-with-aging-millennials">cannabis tourism </a>rather than leisure and recreational use.
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<h3 class="wp-block-heading">Innovative Experiences</h3>
The <a href="https://www.benzinga.com/markets/cannabis/24/06/39555096/germany-leads-the-global-medical-cannabis-explosion">medical</a> cannabis tourism industry is also poised for growth. At the moment, 70 countries have legalized the medicinal use of cannabis, providing opportunities for tourism strategies. Despite media reports, Amsterdam is not abandoning its cannabis cafe culture but rather restructuring it for increased regulation and a more structured supply chain.
The cannabis tourism industry is witnessing a surge in creative and curated experiences.&nbsp;&#8220;We're seeing a lot of innovation in cannabis consumption spaces,&#8221;&nbsp;Applegarth said.&nbsp;&#8220;In mature markets, the focus is on creating high-touch curated experiences, which is what tourism and travel are all about.&#8221;
This innovative approach is transforming the cannabis travel and tourism industry, making it an exciting sector to watch in the coming years.
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Image by RDNE Stock project via Pexels

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Cannabis Tourism Is Destined For Amazing Growth: Best Locations To Profit

Liang Chen, the general manager of Tencent Holdings&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) Tencent Cloud&#8217;s internet industry department, has expressed skepticism about the widespread use of artificial intelligence in the gaming industry.
What Happened: Chen, who is responsible for enhancing game manufacturers&#8217; productivity and efficiency with technology, including Tencent&#8217;s popular mobile game Honor of Kings, stated that the use of generative AI in gaming is still in its early stages, <a href="https://www.cnbc.com/2024/07/30/tencent-cloud-downplays-ai-hype-when-it-comes-to-making-games.html">reported</a> CNBC on Monday. 
He mentioned that while AI has been used by gaming companies for functions like pattern recognition, the effective use of generative AI comes with high costs.
Chen, speaking at the annual ChinaJoy gaming conference in Shanghai, said, &#8220;My personal view is that large-scale application [of generative AI] will still take some time.&#8221; He also highlighted the challenge of balancing costs and results to scale the use of AI in gaming.
Despite the potential of generative AI to understand and generate content in a human-like manner, Chen believes that the industry is still far from widespread application. He cited the need to train generative AI to provide historically accurate answers when a user interacts with a virtual character inside a game set several hundred years ago as an example.
See Also: <a href="https://www.benzinga.com/news/24/07/39997764/elon-musk-bernard-arnault-once-discussed-potential-spacex-louis-vuitton-collab-im-afraid-he-will-ask?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk, Bernard Arnault Once Discussed Potential SpaceX-Louis Vuitton Collab: &#8216;I&#8217;m Afraid He Will Ask Me To Go With Him In The Rocket&#8217;</a>
Chen also mentioned that Tencent is using its in-house developed models, such as the Hunyuan AI model, for such functions. He declined to comment on NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), whose most advanced chips are prized for training AI models, due to the U.S. restrictions on exporting these semiconductors to China.
Despite the challenges, Tencent&#8217;s AI Lab announced a tool called GiiNEX Game AI Engine in March, which incorporates generative AI for developing city scenes in games. Chen also revealed that Tencent has been using AI tools for 3D rendering, reducing the time spent on this step from at least five days to around two hours.
Why It Matters: The cautious stance of Tencent Cloud aligns with broader industry sentiments. In April, Sir Demis Hassabis, co-founder of Google DeepMind, expressed concerns about the <a href="https://www.benzinga.com/news/24/04/38017024/google-deepmind-co-founder-voices-concerns-over-ai-hype-were-talking-about-all-sorts-of-things-that">excessive hype surrounding AI</a>, comparing it to the crypto buzz. He warned that this hype could overshadow genuine scientific progress.
Additionally, despite the market excitement, only a <a href="https://www.benzinga.com/news/24/07/39622815/despite-the-market-hype-only-5-of-us-firms-use-generative-ai-in-production">small fraction of U.S. firms</a> have integrated generative AI into their production processes. A Goldman Sachs report from July revealed that merely 5% of U.S. companies are utilizing generative AI for production, indicating that the technology&#8217;s practical application is still limited.
The AI sector is also facing a reality check in 2024. According to Wolfe Research, the industry may be approaching a &#8220;trough of disillusionment&#8221; as investors demand tangible <a href="https://www.benzinga.com/markets/equities/24/01/36474257/ais-2024-reality-check-facing-peak-ai-hype-its-time-to-prove-its-worth">returns on their AI investments</a>.
Public figures like Jon Stewart have also <a href="https://www.benzinga.com/news/24/04/38054886/jon-stewart-roasts-bait-and-switch-ai-hype-from-zuckerberg-pichai-altman-and-other-silicon-valley-ch">criticized the lofty promises</a> made by tech leaders, highlighting the gap between AI&#8217;s potential and its current capabilities.
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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>

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Is AI In Gaming Overhyped? Cloud Executive For Tech Giant Weighs In: 'Large-Scale Application Will Still Take Some Time'

The U.S. Environmental Protection Agency (EPA) has awarded nearly $6.2 million grant to the Hemp Building Institute (HBI), a Nashville-based nonprofit, to propel the use of biogenic materials like <a href="https://www.benzinga.com/markets/cannabis/22/02/25762696/is-hempcrete-the-new-green-construction-material-it-could-soon-be-approved-as-just-that">hemp in building construction</a>. This grant is part of a broader $160 million <a href="https://www.epa.gov/greenerproducts/grant-program-reducing-embodied-greenhouse-gas-emissions-construction-materials-and">initiative</a> under President Biden's Inflation Reduction Act, aimed at revitalizing U.S. manufacturing and reducing greenhouse gas emissions associated with construction materials.
The <a href="https://www.epa.gov/system/files/documents/2024-07/2024-epd-grant-summaries-ira-60112-final-7.15.24.pdf">document</a> published by the EPA with summaries of proposed grantee projects provides detailed insights into the initiatives funded.
<h3 class="wp-block-heading">Hemp Leaders' Partnership Spearheads Initiative</h3>
Jacob Waddell, founder of HBI, along with Todd Hughes, founder of Maryland-based EntreVator, are set to spearhead the project. The partnership will develop digital carbon accounting standards for materials like hemp, soy, and straw bale, essential for integrating bio-based materials into mainstream construction practices. "We are deeply honored to receive this grant from the EPA, which marks the beginning of a pivotal journey towards the widespread adoption of biogenic building materials," Hughes expressed in an email, <a href="https://mailchi.mp/1f2808169898/nihc-november-newsletter-17849408">according</a> to a National Industrial Hemp Council newsletter.
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<h3 class="wp-block-heading">Developing Sustainable Material Standards</h3>
The project&#8217;s scope is comprehensive, including developing Environmental Product Declarations (EPDs) and Life Cycle Assessments (LCAs) for these green materials. Collaborating with Alabama State University and the California Straw Bale Association among others, the initiative aims to establish an open-source database to enhance accessibility and understanding of biogenic materials' environmental impacts.
Hughes, emphasized the project&#8217;s potential to standardize these materials and overcome regulatory and market barriers. &#8220;Achieving mainstream adoption [of natural building materials] requires not only standardizing EPDs but also overcoming regulatory hurdles, increasing public and industry awareness, securing supply chain stability, and ensuring cost competitiveness.&#8221;
<h3 class="wp-block-heading">EPA Funds Clean Construction With Federal Initiative</h3>
The broader EPA funding effort highlights the Biden-Harris Administration&#8217;s strategy to foster cleaner construction practices and support clean U.S. manufacturing under the <a href="https://www.benzinga.com/government/23/08/33883306/the-inflation-reduction-act-turns-1-year-old-biden-says-he-aims-to-rekindle-american-dream">Inflation Reduction Act</a>. The Federal Buy Clean Initiative, highlighted in a <a href="https://www.epa.gov/newsreleases/biden-harris-administration-announces-nearly-160-million-grants-support-clean-us">recent</a> EPA press release, prioritizes low-carbon materials in federal projects, underscoring a commitment to reducing climate pollution.
The initiative also involves the Parsons Healthy Materials Lab at The New School, New York, ensuring a multi-disciplinary approach to tackling emissions from the construction industry, which accounts for over 15% of annual global greenhouse emissions. Waddell <a href="https://mailchi.mp/1f2808169898/nihc-november-newsletter-17849408">stated</a>, &#8220;We have a plan to execute this project that we believe in and we are glad that the EPA could see it as well.&#8221;
<h3 class="wp-block-heading">Top Cannabis Stocks Poised For Hempcrete Market</h3>
Leaders in hemp cultivation and processing such as Charlottes Web Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>), Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>), Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) and Hemp Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HEMP#OTC">HEMP</a>) may benefit from the rising use of hempcrete and other hemp-derived building materials.
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Renowned economist Justin Wolfers scoffed at pro-Bitcoin Senator&nbsp;Cynthia Lummis&#8216;&nbsp;(R-Wyo.) point of view that adding Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a strategic reserve would cut down inflation and national debt.
What Happened: On Monday, Wolfers, who is also a professor at the Ford School of Public Policy at the University of Michigan, mocked Lummis&#8217; advocacy as &#8216;one of the most amazing word salads&#8217; that he&#8217;s ever read, noting a lack of logical connection between the phrases.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">this (in orange) is one of the most amazing word salads I&#39;ve ever read, as no two phrases appear to have any logical connection with each other. 11/10, would smoke again. <a href="https://t.co/ivA5xjc3AJ">https://t.co/ivA5xjc3AJ</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1817947539125023228?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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In a July 28 X post, Senator Lummis highlighted the double whammy of soaring inflation and rising national debt in the U.S., and how diversifying into Bitcoin could be a solution for all the problems.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002999/bitcoin-ethereum-dogecoin-move-sideways-as-trump-raises-pro-crypto-pitch-why-does-this-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ethereum &#8216;Monster Move&#8217; Coming After Bitcoin Rally Is Done, Says Trader</a>
Why It Matters: Wolfers&#8217; critique comes at a time when cryptocurrency is becoming a significant point of discussion in the political sphere. 
Former President Donald Trump&#8217;s proposal to <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">establish a&nbsp;strategic national cryptocurrency stockpile</a> at a recent Bitcoin Conference has been met with mixed reactions, with some seeing it as a strategic move and others, like economist Peter Schiff <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40003571/peter-schiff-confronts-donald-trump-and-michael-saylors-never-sell-your-bitcoin-strategy-w">questioning the logic behind the strategy</a>.
As for Wolfers, this is not the first time that he has ridiculed Lummis for her pro-Bitcoin statements. A known critic, he jabbed the Republican senator earlier after she called for Federal Reserve to hold Bitcoin on its balance sheet. Wolfers termed the proposal as &#8220;inane political posturing&#8221; and &#8220;self-serving nonsense&#8221; from a legislator who holds Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Multiple choice. Is this: a) Careful monetary analysis of how best to stabilize the economy b) Inane political posturing c) Someone bought off by industry d) Self-serving nonsense from a senator who holds bitcoin <a href="https://t.co/e5fU23HfRW">https://t.co/e5fU23HfRW</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1494788713146167299?ref_src=twsrc%5Etfw">February 18, 2022</a></blockquote>
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Price Action: At the time of writing, Bitcoin was trading at $66,601.43, plummeting 4% 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>. 
Photo Courtesy: Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Bitcoin Will &#8216;Skyrocket Like Never Before&#8217; If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1</a></li>
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