Latest news for Oncology Pharma (OTC:ONPH) Stock

Oncology Pharma Inc is engaged in the development, manufacturing, and commercialization of therapeutics. Its NanoSmart's platform technology is a human-derived, antinuclear antibody (ANA) that targets areas of necrosis present in solid tumors. The company is developing a novel drug delivery vehicle that targets many types of cancer.

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Prosecutors push for harshest punishment for Sam Bankman-Fried, convicted on fraud charges in FTX collapse. Defense seeks leniency.

World Awaits Bankman-Fried Sentence, Drug Stock Pump-And-Dump, Penny Stock Fraud: Financial Crimes Weekly

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In a massive endorsement for the world&#8217;s largest cryptocurrency, presidential candidate Robert F. Kennedy Jr. said he&#8217;d make the U.S. government buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) equivalent to the country&#8217;s gold reserves.
What Happened: Kennedy, who is running as an independent, expressed during an interview, his intent to persuade the federal government to amass Bitcoin until its holdings equaled the nation&#8217;s gold reserves.
It&#8217;s worth noting that the U.S. has the largest gold reserves of any country in the world, worth nearly $579 billion, <a href="https://www.gold.org/goldhub/data/gold-reserves-by-country">according </a>to the World Gold Council. This is equivalent to 43% of Bitcoin&#8217;s current global market cap.
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<iframe loading="lazy" title="The Real Bitcoin Candidate: Kennedy's Vision For The Future Of Bitcoin" width="500" height="281" src="https://www.youtube.com/embed/sDQ30-3REW4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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It&#8217;s worth noting that 
In the interview moderated by YouTuber Scott Melker, Kennedy described Bitcoin as an &#8216;honest currency,&#8217; praising its decentralized nature for embodying democratic principles. He also dubbed that currency an &#8220;offramp to the inflationary highway.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
Why It Matters: These remarks come amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39914148/donald-trump-to-announce-a-strategic-bitcoin-reserve-crypto-bettors-think-its-unlikely-but">considerable speculations</a> that Republican presidential nominee Donald Trump will announce Bitcoin as a strategic reserve asset during the ongoing Bitcoin Conference 2024. Interestingly, Kennedy is also slated to speak at the marquee event.
Kennedy's pro-cryptocurrency stance is not new. Earlier in March, he blamed big banks for turning Congress members against Bitcoin and emphasized the need for transactional freedom.
Kennedy has also <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39103888/robert-kennedy-jr-applauds-trumps-crypto-commitment-expresses-hope-for-bidens-alignment">praised Trump&#8217;s pivot to a pro-cryptocurrency stance</a> during the Consensus 2024 conference in May.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,150.49, jumping 4.5% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Memecoin themed on RFK, Kennedy Coin (CRYPTO: BOBBY) plunged 4.65% in the last 24 hours.
Photo by Ringo Chiu on Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39968581/could-a-bitcoin-treasury-fix-the-us-national-debt-one-trader-details-how-bitcoin-fixes-thi">Could A Bitcoin Treasury Fix The US National Debt? One Trader Details How &#8216;Bitcoin Fixes This&#8217;</a></li>
</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.

$BTC

Robert Kennedy Jr. Proposes Bitcoin Purchase To Match US Gold Reserves: 'An Offramp To The Inflationary Highway'

Japan&#8217;s SBI Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBHGF#OTC">SBHGF</a>) has teamed up with U.S. investment firm Franklin Resources Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) subsidiary Franklin Templeton to establish a digital asset management company. This venture aims to prepare for the potential approval of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrency exchange-traded funds in Japan.
What Happened: The new company, in which SBI will hold a 51% stake and Franklin Templeton the remaining 49%, is set to launch as early as this year. With approximately $1.6 trillion in assets under management, Franklin Templeton is the world&#8217;s seventh-largest asset manager, <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Franklin-Templeton-and-SBI-team-up-to-bring-bitcoin-ETFs-to-Japan">reported</a> Nikkei on Friday.
While Franklin Templeton has traditionally focused on asset classes such as stocks and bonds, it has recently expanded into digital assets. 
The firm was among the first to venture into spot Bitcoin ETFs after they were approved by the U.S. Securities and Exchange Commission in January. The cumulative inflows into these ETFs have surpassed $16 billion in just over six months.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
Japan is yet to approve Bitcoin ETFs, but the new company is poised to launch crypto ETF products as soon as the Financial Services Agency gives the green light. The joint venture is also expected to offer digital asset securities, an area where Franklin Templeton has already made significant headway.
Why It Matters: The collaboration between SBI Holdings and Franklin Templeton comes at a time when the cryptocurrency market is experiencing significant developments globally. 
In January, the SEC approved a Bitcoin ETF, marking a pivotal moment in the history of cryptocurrencies. This decision has been seen as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36792534/exclusive-secs-green-light-to-bitcoin-etf-is-2024-a-new-era-for-cryptocurrencies">major step towards mainstream acceptance</a> and could potentially unlock a new wave of institutional investment in the crypto sector.
In June, Australia saw the listing of its first-ever Bitcoin spot ETF on <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39404023/first-ever-bitcoin-spot-etf-start-trading-on-australias-main-stock-market-investors-get-ex">its main stock market</a>, further boosting the cryptocurrency sector. The VanEck Bitcoin ETF, with a seed investment of nearly $657,000, made its debut on the Australian Securities Exchange.
Additionally, in July, Hong Kong launched Asia&#8217;s first <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883795/hong-kong-launches-asias-first-bitcoin-futures-inverse-product">Bitcoin futures inverse product</a>, marking a new milestone in the evolution of crypto-based financial instruments in the region. 
With the approval of Bitcoin ETFs, investors can now include this digital asset in their portfolios through traditional brokerage accounts, similar to how they invest in stocks or bonds. For <a href="https://benzinga.com/money/best-spot-bitcoin-etfs">those looking to diversify</a>, options include Fidelity Wise Origin Bitcoin Fund Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), ProShares Bitcoin Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITO#NYSE">BITO</a>), Valkyrie Bitcoin and Ether Strategy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTF#NASDAQ">BTF</a>), VanEck Bitcoin Trust Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/HODL#BATS">HODL</a>), ARK 21Shares Bitcoin ETF Common Shares of Beneficial Interests (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>), Franklin Templeton Digital Holdings Trust Shares of Franklin Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EZBC#BATS">EZBC</a>), and iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>).
Price Action: Bitcoin traded at $67,027.60 today, up 1.87%. Year to date, Bitcoin has increased by $22,855.60, or 51.74%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</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>

Asia

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

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Bitcoin ETFs In Japan: Franklin Templeton Partners With SBI Holdings To Launch Digital Asset Management Company

Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) has successfully leveraged artificial intelligence and machine learning to prevent $40 billion in fraudulent activities, according to a company executive.
What Happened: James Mirfin, global head of risk and identity solutions at Visa, <a href="https://www.cnbc.com/2024/07/26/ai-and-machine-learning-helped-visa-combat-40-billion-in-fraud-activity.html">informed</a> CNBC that the company has utilized AI and machine learning to combat fraudulent activities, which have nearly doubled from the previous year.
Visa has managed to prevent $40 billion in fraudulent activities from October 2022 to September 2023, which is almost twice the amount from the previous year, Mirfin said.
He explained that fraudsters use AI to generate primary account numbers (PAN) and repeatedly test them. This method, known as an enumeration attack, results in $1.1 billion in fraud losses annually.
&#8220;We look at over 500 different attributes around [each] transaction, we score that and we create a score –that&#8217;s an AI model that will actually do that. We do about 300 billion transactions a year,&#8221; Mirfin told CNBC.
Visa assigns a real-time risk score to each transaction to detect and prevent enumeration attacks in transactions processed remotely without a physical card via a card reader or terminal.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</a>
&#8220;Every single one of those [transactions] has been processed by AI. It&#8217;s looking at a range of different attributes and we&#8217;re evaluating every single transaction,&#8221; Mirfin said.
Visa also uses AI to assess the likelihood of fraud for token provisioning requests and has invested $10 billion in technology to reduce fraud and increase network security over the last five years.
Why It Matters: The significance of Visa&#8217;s achievement in preventing $40 billion in fraudulent transactions is underscored by the alarming rise in cybercrime. According to Charles Lobo, Visa&#8217;s Regional Risk Officer for Central and Eastern Europe, Middle East, and Africa, cybercrime could rival the world&#8217;s top economies by 2025, with projected costs <a href="https://www.benzinga.com/markets/equities/24/07/39913436/visa-warns-cybercrime-could-rival-worlds-top-economies-by-2025-reportedly-defends-against-40b-in">reaching $10.5 trillion annually</a>.
Additionally, the use of AI-generated fake IDs to bypass Know Your Customer (KYC) checks on cryptocurrency exchanges has become <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36950776/ai-generated-fake-ids-bypass-crypto-exchange-kyc-checks-okx-says-industry-wide-issue">a widespread issue</a>. OnlyFake, an online service, has been creating counterfeit IDs that successfully pass KYC checks, raising significant security concerns.
Moreover, the use of deepfake technology in scams is on the rise. In one instance, fraudsters used deepfake technology to impersonate a company&#8217;s CFO during a video call, resulting in a $25 million loss, as reported by <a href="https://www.benzinga.com/news/24/02/36930090/fraudsters-use-deepfake-tech-to-steal-25-million-in-sophisticated-corporate-scam">Hong Kong police</a>.
Furthermore, the Hong Kong Securities and Futures Commission recently warned about a <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38895127/elon-musk-deepfake-scam-used-to-promote-fraudulent-crypto-trading-platform-hong-kongs-fina">fraudulent cryptocurrency trading platform</a> called &#8220;Quantum AI,&#8221; which used deepfakes of Elon Musk to lure victims, highlighting the growing use of AI in committing fraud, particularly in Asia.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a></li>
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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>

Tech

Visa Leverages AI To Prevent $40B In Fraud: How Machine Learning Is Combatting The Surge In Cybercrime And AI-Driven Scams

Chris Lehane, a leading Democratic strategist and former member of the Bill Clinton White House, is set to join the board of directors at leading cryptocurrency exchange Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).
What Happened: Coinbase, which is the largest digital asset trading platform in the U.S., announced Thursday that Lehane, who is recognized for his significant role in technology and politics, will be joining the board.
For the curious, Lahane was a a former policy chief for Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) and went on to join ChatGPT-maker OpenAI as a senior executive. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today we announce that Chris Lehane, Paul Clement, and Christa Davies are joining Coinbase's Board of Directors. They each have different political philosophies and career paths but all have arrived at the same conclusion: crypto is a powerful tool to update the system. <a href="https://t.co/bQyEtO6thl">pic.twitter.com/bQyEtO6thl</a>
&mdash; Coinbase &#x1f6e1;&#xFE0F; (@coinbase) <a href="https://twitter.com/coinbase/status/1816570153792049643?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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His association with the cryptocurrency space is not new <a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32371165/coinbase-fills-new-advisory-council-with-former-us-lawmakers">as he was also part of Coinbase's Global Advisory Council</a>, floated to help the company &#8220;navigate the complex and evolving landscape of the industry.&#8221;
Along with Nahane, Paul Clement, former U.S. solicitor general, and Christa Davies, chief financial officer for Aon PLC. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) also joined the board. Coinbase stated, &#8220;They each have different political philosophies and career paths but all have arrived at the same conclusion: cryptocurrency is a powerful tool to update the system.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39968581/could-a-bitcoin-treasury-fix-the-us-national-debt-one-trader-details-how-bitcoin-fixes-thi">Could A Bitcoin Treasury Fix The US National Debt? One Trader Details How &#8216;Bitcoin Fixes This&#8217;</a>
Why It Matters: Lehane&#8217;s appointment comes at a time when the political landscape in the U.S. has been shifting in favor of cryptocurrencies. Investment bank Citi upgraded <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923754/bidens-exit-spurs-bullish-outlook-citi-upgrades-coinbase-amid-favorable-crypto-regulatory-">shares of Coinbase from neutral to buy</a>, anticipating an improved regulatory landscape for cryptocurrency assets. 
Experts believe the Democratic Party <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">has a significant opportunity to win back a large portion of the cryptocurrency vote</a> in the upcoming elections with the withdrawal of President Joe Biden from the presidential race. 
Anthony Scaramucci, a former Donald Trump aide, voiced his support for presumptive Democratic presidential nominee Kamala Harris, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948413/trump-era-white-house-official-anthony-scaramucci-says-kamala-harris-is-capable-and-has-a-">expressing anticipation for her future policies on cryptocurrency</a>.
Price Action: Shares of Coinbase are up 1.81% in after-hours trading, after closing 5.53% lower during Thursday&#8217;s regular trading session, 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 rafapress on Shutterstock
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Politics

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COIN

Clinton White House Staffer And OpenAI Executive Chris Lehane Joins Coinbase Board

CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) CEO George Kurtz has confirmed that more than 97% of the company&#8217;s Windows sensors are back online following a global outage.
What Happened: The outage was caused by a faulty software update from the cybersecurity firm, which led to a global system crash on Microsoft Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Windows operating system. The incident occurred last week, affecting over 8.5 million Windows devices.
Kurtz, however, has announced that the recovery process has been significantly improved, thanks to the development of automatic recovery techniques and the mobilization of all resources to support affected customers.
&#8220;Our recovery efforts have been enhanced thanks to the development of automatic recovery techniques and by mobilizing all our resources to support our customers,&#8221; Kurtz said in a&nbsp;<a href="https://www.linkedin.com/posts/georgekurtz_falcon-content-update-remediation-and-guidance-activity-7222323091652108289-19Xv?utm_source=share&amp;utm_medium=member_desktop" target="_blank" rel="noreferrer noopener">post</a> on LinkedIn.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39972036/nasdaq-100-falls-to-7-week-lows-marks-worst-2-day-drop-in-nearly-2-years-as-tech-rout-rages-on">Nasdaq 100 Falls To 7-Week Lows, Marks Worst 2-Day Drop In Nearly 2 Years As Tech Rout Rages On</a>
Why It Matters: The outage, which began on Jul. 19, was attributed to a flawed security update from CrowdStrike&#8217;s Falcon platform. The issue originated from the Rapid Response Content, a dynamic protection mechanism, which inadvertently caused a system crash due to an <a href="https://www.benzinga.com/news/24/07/39930356/crowdstrike-blames-error-with-test-software-for-taking-down-8-5m-windows-computers-globally-says-a-n">undetected error in the update</a>. 
CrowdStrike has since reverted the defective update and emphasized that Mac and Linux hosts remained unaffected. 
In response to the disruption, CrowdStrike offered a $10 Uber Eats gift card to its <a href="https://www.benzinga.com/markets/equities/24/07/39948973/crowdstrike-offers-10-uber-eats-gift-card-as-apology-for-its-outage-that-took-down-8-5m-windows-">partners as an apology</a>. However, some users reported issues redeeming the vouchers, which were flagged as fraud due to high usage rates. 
Interestingly, less than two months ago, Jim Cramer, the host of CNBC&#8217;s &#8220;Mad Money,&#8221; had praised CrowdStrike, expressing confidence in the company&#8217;s stability. However, the recent events have shown the <a href="https://www.benzinga.com/startups/24/07/39963188/to-no-ones-surprise-jim-cramer-praised-crowdstrike-less-than-two-months-ago-i-dont-think-that-domino">unpredictability of the stock market</a>, even for seasoned experts. 
The faulty update not only disrupted everyday operations but also significantly impacted <a href="https://www.benzinga.com/trading-ideas/24/07/39903295/how-a-faulty-cybersecurity-update-from-crowdstrike-unleashed-chaos-on-global-infrastructure-while-m">critical infrastructure globally</a>, including major airlines, financial institutions, and emergency services. U.S. airlines experienced groundings and over 1,500 flight cancellations. Similar issues occurred in Germany and Spain. 
Price Action: CrowdStrike&#8217;s stock closed at $254.15 on Thursday, down 1.55% for the day. In after-hours trading, the stock increased 0.30%. Year to date, the stock has risen by 2.94%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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Image Via Shuttestock 
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>

MSFT

CrowdStrike CEO George Kurtz Announces Over 97% Of Windows Sensors Back Online After Global Outage

Canadian medical cannabis company Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ACB#TSX">ACB</a>) has been granted two licenses by the Federal Institute for Drugs and Medical Devices (BfArM) under Germany&#8217;s new Medical Cannabis Act (MedCanG).
The company said on Thursday the license grants it continued domestic cultivation, which has been underway for two years now.
Under the new license, the Canadian medical cannabis giant may also cultivate an approved additional product, with plans to expand its offerings to the rapidly growing German patient base.
Additionally, the company said it will also receive a dedicated R&amp;D license, allowing for the trial of up to seven additional novel cultivars at the company&#8217;s local EU GMP facility in Leuna, Germany, which has been operational since 2021.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/03/37568032/aurora-cannabis-exec-says-company-well-positioned-in-germany-will-push-for-expansion-of-medical-">Aurora Cannabis Exec Says Company Well-Positioned In Germany, Will Push For Expansion Of Medical Market</a>
&#8220;We thank the German government for its continued investment in the growth of medical cannabis, made possible by decriminalization, which will improve access to medical cannabis for patients all across Germany,&#8221; said Michael Simon, president of Aurora Europe. &#8220;Being one of the few companies to receive enhanced licenses is a testament to Aurora&#8217;s established leadership in the region and unparalleled commitment to making available the highest quality cannabis. We now have the framework to extend our portfolio, invest in domestic research and leverage Aurora&#8217;s global cultivation expertise locally.&#8221;
Germany became the third country in Europe to legalize adult-use marijuana after&nbsp;<a href="https://www.benzinga.com/markets/cannabis/21/12/24601584/maltas-parliament-says-yes-to-cannabis-legalization-becoming-first-in-europe-to-legalize-weed">Malta</a> and&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/06/33063370/another-eu-country-legalizes-weed-top-gov-official-calls-cannabis-criminalization-a-failure">Luxembourg</a>, with sales being launched this spring.
One of the key drivers of Aurora's recent growth has been its international medical cannabis sales, particularly in markets like Germany and Australia.
Moreover, with the German cannabis market projected to expand to €1.7 billion by 2025, as recently <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37896976/cannabis-stocks-set-to-dominate-germanys-new-market-a-surge-in-demand-meets-establi">highlighted</a> by Benzinga's <a href="https://www.benzinga.com/author/nicol-s-jose-rodriguez">Nicolás Jose Rodriguez</a>, the stage is set for Canadian exporters like Aurora to capture significant market share.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/04/38297284/another-cannabis-pioneer-expands-in-germany-via-acquisition-as-experts-say-theres-no-stepping-ba">Another Cannabis Pioneer Expands In Germany Via Acquisition As Experts Say &#8216;There&#8217;s No Stepping Back&#8217; From Legalization Wave</a></li>
</ul>
<h3 class="wp-block-heading">ACB Price Action</h3>
Aurora's shares traded 0.52% higher at $5.79 per share at the close on Thursday.
To learn more about cannabis stocks, come, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

Eurozone

TSX:ACB

Aurora Ramps Up Medical Cannabis Production In Germany With Enhanced Licenses To Expand Portfolio

Illinois Governor J.B. Pritzker expressed his commitment to promoting equity in the cannabis industry and called on neighboring states to step up their <a href="https://www.benzinga.com/cannabis">legalization efforts.</a>
During a speech at an International Cannabis Bar Association (INCBA) event on Thursday, Pritzker highlighted Illinois's achievements in social equity initiatives, describing the state's efforts as the most effective in the nation for ensuring reparative justice for those most impacted by marijuana criminalization. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39750143/illinois-cannabis-sales-surpass-1b-by-july-setting-new-record">Illinois&#8217; Cannabis Sales Surpass $1B By July, Setting New Record</a>
Despite these strides, Pritzker made it clear that there is still much work to be done. "It hasn't been easy. We have more work to do—there's no doubt," he said, <a href="https://www.marijuanamoment.net/illinois-governor-says-marijuana-market-is-boosted-by-cannabis-tourists-from-other-states/">according</a> to Marijuana Moment. "I'm not satisfied with where we are. We have a long way to go to repair the damage done by the war on drugs."
<h3 class="wp-block-heading">Focus On Cannabis Social Equity </h3>
A recent study by Illinois&#8217;s Cannabis Regulation Oversight Office reported that 60% of adult-use marijuana business licenses have been granted to minority- or women-owned businesses. 
This study followed the opening of the 100th social equity-owned marijuana store in the state. Pritzker praised the careful planning behind Illinois' legalization policy, describing it as a model of &#8220;common-sense equity-focused cannabis policy.&#8221;
He also contrasted Illinois's approach with other states: "We wanted to start from the very beginning, trying to get it right."
<h3 class="wp-block-heading">Economic Impact</h3>
Illinois's cannabis industry has shown significant economic success, generating nearly $2 billion in sales in 2023. A notable portion of these sales is attributed to out-of-state visitors from states where cannabis remains illegal. 
Pritzker humorously commented on the phenomenon of "cannabis tourists" from neighboring states: "People from Indiana, people from Iowa, people from Wisconsin, Kentucky, drive across the border and buy something in a dispensary in Illinois. Now, they're not supposed to drive back over the border to their home states, so I assume they're just staying in Illinois."
Looking forward, Pritzker stressed the importance of federal legalization to ensure broader equity in the cannabis market. "Equity demands that we go at this at the federal level," he stated.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39800670/illinois-has-the-most-diverse-cannabis-business-ownership-in-the-country-opens-100th-social-equi">Illinois Has The &#8216;Most Diverse Cannabis Business Ownership&#8217; In The Country, Opens 100th Social Equity Shop</a></li>
</ul>
Come to Illinois and see for yourself! Join us at the upcoming Benzinga Cannabis Capital Conference in Chicago on Oct. 8-9 Meet top executives, investors , policymakers and advocates. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
Image credits: <a href="https://www.shutterstock.com/es/g/AndreasStroh">Andreas Stroh</a> on Shutterstock.

Government

Retail Sales

Gov JB Pritzker: 'Cannabis Tourists' Are Boosting Illinois' Weed Sales Which Have Surpassed $1B Already This Year

On Thursday, major U.S. indices showed mixed results. The Dow Jones Industrial Average increased by 0.2% to 39,935.07, while the S&amp;P 500 fell by 0.5% to 5,399.22. The Nasdaq dropped 0.9% to 17,181.72.
Let&#8217;s take a closer look at the top stocks that caught the attention of retail traders and investors throughout the day.
The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)
The Walt Disney Company saw a decrease of 0.66% in its stock, closing at $89.21. The stock&#8217;s intraday high and low were $90.5 and $89.21 respectively, with a 52-week range of $123.74 to $78.73. On Thursday it was reported that Disney&#8217;s ESPN secured an 11-year, <a href="https://www.benzinga.com/news/24/07/39955759/nba-chooses-new-broadcast-partners-warner-bros-stock-falls">$77 billion deal </a>to broadcast NBA games, airing 80 regular-season games including 20 on ABC, which will continue to exclusively broadcast the NBA Finals.
Eli Lilly and Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)
Eli Lilly&#8217;s stock fell by 4.50%, closing at $821.19. The stock&#8217;s intraday high and low were $851.62 and $806.38 respectively, with a 52-week range of $966.1 to $446.56. The decline was due to <a href="https://www.benzinga.com/news/24/07/39965143/why-eli-lilly-and-company-shares-are-moving-lower-on-thursday">Viking Therapeutics advancing its novel obesity treatment</a>, VK2735, to Phase 3.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39972036/nasdaq-100-falls-to-7-week-lows-marks-worst-2-day-drop-in-nearly-2-years-as-tech-rout-rages-on" target="_blank" rel="noreferrer noopener">Nasdaq 100 Falls To 7-Week Lows, Marks Worst 2-Day Drop In Nearly 2 Years As Tech Rout Rages On</a>
AST SpaceMobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>)
AST SpaceMobile saw a significant increase of 24.55% in its stock, closing at $16.64. The stock&#8217;s intraday high and low were $16.8 and $13.6 respectively, with a 52-week range of $16.8 to $1.97. The rise in stock value was due to the <a href="https://www.benzinga.com/news/24/07/39958682/ast-spacemobile-stock-is-moving-higher-thursday-whats-going-on">successful completion </a>of its first five commercial satellites.
DexCom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>)
DexCom&#8217;s stock fell by 3.65%, closing at $107.85. The stock&#8217;s intraday high and low were $112.55 and $107.56 respectively, with a 52-week range of $142 to $74.75. The decline was due to <a href="https://www.benzinga.com/news/earnings/24/07/39971462/dexcom-stock-drops-after-mixed-q2-results-weak-forward-guidance">mixed second-quarter results and weak forward guidance</a>.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock increased by 1.97%, closing at $220.25. The stock&#8217;s intraday high and low were $226 and $216.23 respectively, with a 52-week range of $278.98 to $138.8. Despite the increase, the company faced a <a href="https://www.benzinga.com/24/07/39960058/tesla-faces-a-tough-road-ahead-as-stock-closes-down-12-after-declining-revenue-and-disappointing-ear">tough road ahead</a> due to declining revenue and disappointing earnings results.
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948413/trump-era-white-house-official-anthony-scaramucci-says-kamala-harris-is-capable-and-has-a-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: &#8216;Look Forward To Seeing Her Policies On Crypto&#8217;</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ASTS

TSLA

Walt Disney, Eli Lilly, AST SpaceMobile, DexCom, Tesla: Why These 5 Stocks Are On Investors' Radars Today

The Republican vice-presidential nominee, J.D. Vance, has been under the spotlight for his connections with the tech industry. Nobel Prize-winning economist, Paul Krugman, recently highlighted this aspect of Vance&#8217;s background.
What Happened: Krugman took to X to remind his followers of Vance&#8217;s primary support base. He pointed out that Vance was heavily backed by the tech community, the same group that had previously shown a strong interest in Robert F. Kennedy Jr.
&#8220;As the hits keep coming on JD Vance, worth remembering that he was, above all, the candidate of tech bros — the same people who, a year ago, were infatuated with RFK Jr,&#8221; Krugman wrote. 
The post included a link to a New York Times article discussing how a network of tech billionaires played a crucial role in J.D. Vance&#8217;s rise to political power, highlighting the influence of Silicon Valley&#8217;s elite in his ascent.
Despite spending a relatively short time in the tech industry, Vance&#8217;s connections, particularly with figures like Peter Thiel, co-founder of PayPal, Palantir Technologies proved instrumental in his political ascent.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As the hits keep coming on JD Vance, worth remembering that he was, above all, the candidate of tech bros — the same people who, a year ago, were infatuated with RFK Jr.<a href="https://t.co/uSEudatVhv">https://t.co/uSEudatVhv</a>
&mdash; Paul Krugman (@paulkrugman) <a href="https://twitter.com/paulkrugman/status/1816535182696182266?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
These ties were further solidified during a fundraising event for former President Donald Trump in San Francisco, where tech, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), and cryptocurrency executives and investors, including Thiel, endorsed Vance as Trump&#8217;s running mate.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</a>
Why It Matters: The scrutiny on Vance&#8217;s venture capital background has intensified following his selection as Trump&#8217;s running mate in the 2024 presidential election. Vance&#8217;s short stint in Silicon Valley and his relationships with influential tech investors like Thiel have been <a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-">under the microscope</a>. 
Vance&#8217;s venture capital <a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-">career is being questioned</a>, with some critics suggesting that his primary focus was on his book, &#8220;Hillbilly Elegy,&#8221; rather than his venture capital duties.
Moreover, Krugman has been vocal about the economic policies of the Trump administration. He criticized Trump&#8217;s tariff policies, arguing that they would harm the majority of Americans while <a href="https://www.benzinga.com/news/24/07/39630382/paul-krugman-says-trump-tariffs-will-hurt-80-of-americans-benefit-only-the-top-1-burden-would-fall-o">benefiting only the top 1%</a>. This context adds another layer to Krugman&#8217;s recent comments on Vance.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39900472/rich-dad-poor-dad-author-robert-kiyosaki-predicts-bitcoin-gold-and-silver-prices-will-soar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Predicts Bitcoin, Gold, And Silver Prices Will Soar If Trump Wins 2024 Election, Says King Crypto Will Reach $105K</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>

Trump VP Choice JD Vance Is A Tech-Bro Pick, Says Paul Krugman — Same People Last Year Were Infatuated With Robert Kennedy Jr.

A new study by a UK-based research group, Drug Science, suggests that medical marijuana could help treat suicidal ideation.
The researchers assessed about 4000 patients at the beginning of the study, but observational data was available for 2,112 patients at three months, and 777 patients for 12 months. The goal of the study was to observe the prevalence and correlates of suicidal ideation among individuals seeking medical marijuana based products, according to the <a href="https://www.tandfonline.com/doi/full/10.1080/13811118.2024.2356615?ref=little-big-world.ghost.io">paper</a> published Wednesday in Archives of Suicide Research.
Some 25% of the sample confirmed suicidal ideation at treatment entry and were assessed to have depression and poor overall health. Their quality of life was lower and they had more trouble sleeping. Self-reported depressed mood and suicidal ideation were assessed using items from the patient health questionnaire-9.
After three months of treatment, the prevalence of suicidal ideation dropped from 23.6% to 17.6%. This means that the number of people reporting suicidal thoughts dropped by 25.4% after just three months of treatment with medical marijuana.
Furthermore, depression levels improved significantly over the year, especially for those who had suicidal thoughts at the start. Participants with suicidal thoughts, improved their depression scores by 42%, compared to 37% for those without ideation.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/01/36681186/new-clinical-study-by-german-psychiatric-hospital-shows-medical-marijuana-improves-chronic-depre">Medical Marijuana Improves Chronic Depression Symptoms, New Clinical Study By German Psychiatric Hospital Shows</a>
<h2 class="wp-block-heading">Differentiating Causation And Correlation</h2>
This study does not align with some of the previous findings that suggest cannabis users are more likely to have suicidal ideation. However, it could be that previous studies didn't differentiate between correlation and causation, meaning it has not been concluded if cannabis use causes suicidal thoughts, or if people with such thoughts are more prone to use cannabis.
The Drug Science study suggests that people who feel suicidal are more likely to seek medical marijuana, <a href="https://little-big-world.ghost.io/this-week-in-weed-mystery-cannabinoids-a-dea-record-and-promising-research-about-cannabis-and-suicidal-thoughts/">writes</a> Indispensable's Hannah Harris Green. Additionally, the research suggests that once they are given access to medical marijuana, they might get relief from such symptoms.
Furthermore, previous data have shown that cannabis legalization <a href="https://www.benzinga.com/markets/cannabis/21/11/23821385/study-cannabis-legalization-reduces-suicide-rates-among-middle-aged-males">reduces suicide rates among middle-aged males</a>. "Critics of marijuana legalization point to studies showing correlations between heavy cannabis use and suicide, depression, and mental health disorders. However, such studies that demonstrate correlation have yet to confirm causation, which should be determined by a model's ability to predict," reads the <a href="https://www.medrxiv.org/content/10.1101/2020.09.25.20201848v2.full.pdf">study</a> published in 2021.
<a></a> Read Also: <a href="https://drupal-cloudfront.benzinga.com/markets/cannabis/19/06/13851648/study-suicide-numbers-dropped-in-california-after-marijuana-legalization">Study: Suicide Numbers Dropped In California After Marijuana Legalization</a>
The importance of Drug Science&#8217;s new study is primarily the conclusion that medical marijuana might be a helpful tool in treating suicidal thoughts and depression. It is also significant as it dismantles the myth, commonly used as an argument against cannabis legalization, that cannabis causes suicidal ideation.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/21/10/18046869/cannabis-provides-immediate-relief-for-symptoms-of-depression">Study Published On Yale Journal Shows Cannabis Provides Immediate Relief For Symptoms Of Depression &amp; Other Mental Health Issues</a></li>
</ul>
Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of PeopleImages.com &#8211; Yuri A via Shutterstock

Medical Marijuana Helps Treat Suicidal Thoughts And Depression, New Study

The initial public offering target for Bill Ackman&#8216;s U.S. investment fund, Pershing Square USA, has been drastically reduced by as much as 90%. This comes as the CEO&#8217;s comments are disavowed by the fund.
What Happened: Ackman, a prominent billionaire hedge fund manager, has cut the fundraising goal for the IPO of his U.S. investment fund, Pershing Square USA, by up to 90%, the Financial Times <a href="https://www.ft.com/content/c4b4f63e-81cc-4902-874c-75a1a0baa28c">reported</a> on Thursday. The initial target of $25 billion has been significantly reduced.
In a letter filed with the Securities and Exchange Commission, Ackman stated that he anticipates raising between $2.5 billion and $4 billion, with the possibility of increasing to $10 billion based on marketing efforts.
In a letter to investors in his Pershing Square holding company sent on Wednesday, Ackman urged, &#8220;This is a moment when you can be very helpful to Pershing Square by participating in the PSUS offering and giving your order to the banks, the sooner the better.&#8221;
However, Pershing Square USA &#8220;specifically disclaims&#8221; Ackman&#8217;s statement in the filing that included the letter.
Despite this, the fund has already received orders from investors, including the Baupost Group, the Teacher Retirement System of Texas, and a family office with over $65 billion in assets.
See Also: <a href="https://www.benzinga.com/news/24/07/39881526/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a>
Ackman also highlighted the role of U.S. retail investors in the IPO, anticipating them to be a &#8220;huge source of after-market demand.&#8221;
Why It Matters: Ackman&#8217;s decision to reduce the IPO target comes after a series of events that have put him in the spotlight. This includes his use of <a href="https://www.benzinga.com/news/24/07/39766570/bill-ackman-says-his-unofficial-mentor-warren-buffett-inspired-him-to-take-pershing-square-funds-pub">social media to attract potential investors</a>, his endorsement of former President Donald Trump, and his public admiration for his &#8220;unofficial mentor&#8221; Warren Buffett.
In recent years, many hedge funds have struggled to raise capital, with investors favoring a select group of multi-manager firms and alternative asset managers focused on infrastructure and private credit.
It is also worth noting that Pershing Square USA is a closed-end fund set to be listed on the New York Stock Exchange, investing in large, publicly traded stocks that Ackman and his team believe are undervalued. Ackman had previously informed investors that he expected the company to trade at a premium compared to the net assets it held.
Despite the reduction in the IPO target, Ackman remains optimistic about the fund&#8217;s potential, particularly with the involvement of U.S. retail investors and the <a href="https://www.benzinga.com/news/24/07/39811552/from-warren-buffett-style-annual-meetings-to-social-media-strategy-heres-how-bill-ackman-plans-to-bo">support of institutional investors</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</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>

Management

IPOs

Bill Ackman's US Fund IPO Target Slashed By 90% As Pershing Square 'Specifically Disclaims' CEO's Comments

The cryptocurrency market was a mixed bag on Thursday, with Bitcoin and Dogecoin rebounding sharply and Ethereum sliding further.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.95%</td>
<td>$66,325.97</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.94%</td>
<td>$3,183.16.</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.82%</td>
<td>$0.1271</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin started to surge during early trading hours. The rally gained steam after the market closed, causing the apex cryptocurrency to break $66,000.
The uptrend might have been powered by the world's biggest Bitcoin miner, Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39958725/marathon-digital-buys-bitcoin-adopts-full-hodl-strategy-whats-going-on-with-the-mining-sto">$100 million BTC purchase</a>, and its adoption of a full HODL strategy&nbsp;
Ethereum also reversed the downsides after trading hours, ensuring little change from the previous day. However, the second-largest crypto has witnessed intense sell-offs since its spot ETFs debuted.
In the past 24 hours, 58,130 traders were liquidated, as the total liquidations came in at $226.26 million. Ethereum led the wipeout with more than $84 million in liquidations.
The Long/Short Ratio lent credence to the above observation, showing a jump in bullish bets on the cryptocurrency against bearish bets.
Downside bets for Ethereum surged in comparison to bullish bets in the last 24 hours, signaling a bearish mood.&nbsp;
The Cryptocurrency Fear &amp; Greed Index flashed "Greed" as of this writing, implying significant FOMO in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Pyth Network (PYTH)</td>
<td>+11.09%</td>
<td>$0.3806</td>
</tr>
<tr>
<td>Helium (HNT)</td>
<td>+10.55%</td>
<td>$5.26</td>
</tr>
<tr>
<td>SATS (1000SATS)</td>
<td>+7.62%</td>
<td>$0.0003162</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.36 trillion, declining 0.51% in the last 24 hours.
Stocks extended their losing streak Thursday. The S&amp;P 500 slipped 27.91 points, to end 0.51% lower at 5,399.22. The tech-focused Nasdaq Composite dropped 0.93% to close at 17,181.72. On the contrary, the blue-chip index Dow Jones Industrial Average rose 0.20% to finish at 39,935.07.
Investors continued to dump shares of tech giants Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) for the second day.&nbsp;
Investors may have also taken into account the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39958813/surprise-q2-gdp-growth-inflation-eases-economy-is-much-stronger-than-people-realize-7-etfs">stronger-than-expected second-quarter GDP</a> numbers.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Prominent on-chain researcher Ali Martinez anticipated a bullish breakout for Bitcoin as its Relative Strength Index broke through a downward trendline, which has been in effect since July 19.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is signaling a potential bullish breakout as its RSI on the hourly charts breaks through a downward trendline established since July 19! <a href="https://t.co/OAdjKosbK7">pic.twitter.com/OAdjKosbK7</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1816581135251415480?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In an earlier X post, he noted that Bitcoin needs to cross $66,450 for the sentiment to flip bullish.
Another widely followed cryptocurrency analyst, Miles Deutscher, refused to read too much into Ethereum's correction, rather saying, "If anything, this pullback is an opportunity."
Deutscher reminded that the first two weeks after Bitcoin ETFs were loss-making for Bitcoin too as it dropped 20%. However, over the next 50 days, King Crypto surged 91%.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Honestly, this <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> dip is not surprising at all. When the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> spot ETF first launched, it dropped 20% in 14 days. Afterwards, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> proceeded to rally 91% in 51 days. If anything, this pullback is an opportunity. <a href="https://t.co/r8v5c1KE0I">pic.twitter.com/r8v5c1KE0I</a>
&mdash; Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1816520855461200198?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39975390/trumps-bitcoin-support-a-political-no-brainer-to-garner-votes-says-peter-schiff-promise-to">Trump&#8217;s Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Make King Crypto A Reserve Asset &#8216;Won&#8217;t Be Kept&#8217;</a></li>
</ul>

$DOGE

$ETH

GOOGL

MARA

Bitcoin, Dogecoin Spike, Ethereum Remains Muted After ETF Debut:  Bullish Breakout For King Crypto Anticipated Because Of This Factor

A national drug policy reform organization is challenging the DEA's proposal to ban two psychedelic substances, arguing the move would hinder critical scientific research. As <a href="https://www.marijuanamoment.net/deas-move-to-ban-two-psychedelics-is-challenged-as-a-disservice-to-science-in-legal-filing-from-student-group/">reported</a> by Marijuana Moment, the nonprofit Students for Sensible Drug Policy (SSDP) presented their case in a <a href="https://ssdp.org/wp-content/uploads/2024/07/Copy-of-DOI-and-DOC-Hearing-Request-Sent-to-DEA-on-January-4th-2024.docx-1.pdf">prehearing statement</a> to the DEA's administrative court on Tuesday.
The DEA <a href="https://www.benzinga.com/markets/cannabis/23/12/36246702/dea-renews-effort-to-place-2-psychedelics-in-strictest-drug-category">plans to classify 2,5-dimethoxy-4-iodoamphetamine (DOI) and 2,5-dimethoxy-4-chloroamphetamine (DOC) as Schedule I</a> drugs under the Controlled Substances Act (CSA). This classification is reserved for substances with high abuse potential and no accepted medical use. However, the SSDP, representing 20 graduate students, researchers and professors, are contesting the move, arguing for the therapeutic potential of these compounds.
The petitioners argue the agency has not provided sufficient evidence to support the high abuse potential claim. According to SSDP, there are no documented cases of harmful effects or dependence related to DOI and DOC in medical literature. "DOI and DOC are important research chemicals with basically no evidence of abuse," stated Brett Phelps, SSDP alum and its legal counsel.
<h3 class="wp-block-heading">Impact on Research</h3>
Experts warn that scheduling these psychedelics would severely impact ongoing research. "DEA's proposed rulemaking defies scientific study and will make it more difficult for researchers to work on the serotonin 2 receptor," said Elijah Ullman, chair of SSDP's Science Policy Committee. The serotonin 2 receptor plays a crucial role in regulating learning, memory and mood.
<h3 class="wp-block-heading">Historical Context</h3>
This challenge is part of a longer battle between the <a href="https://www.benzinga.com/topic/drug-enforcement-administration">DEA</a> and the scientific community. In 2022, the agency first attempted to list these substances, but the proposal was <a href="https://www.benzinga.com/markets/cannabis/22/08/28654017/deas-latest-proposal-for-psychedelics-banning-gets-archived">withdrawn after significant pushback</a>. The DEA renewed its efforts last December, continuing the contentious debate.
Research over the past 35 years, including studies funded by federal health agencies, suggests DOI and DOC may be effective in treating chronic pain, opioid and alcohol addiction and other mental health disorders. Kat Murti, SSDP executive director underscored the broader implications. "This is about preserving the integrity of scientific inquiry, advancing medical treatment, and ultimately, impacting lives positively."
<h3 class="wp-block-heading">Future Implications</h3>
As the DEA moves forward with its proposal, the scientific community and advocacy groups remain vigilant. The debate underscores the need for balanced drug policy that considers both potential abuse and therapeutic benefits.
Cover image made with AI

Psychedelics

DEA Faces Backlash Over Psychedelics Ban Proposal From Student Advocacy Group

Vice President Kamala Harris has released her first digital campaign video, aiming to counter Republican critics and Donald Trump&#8217;s attempts to <a href="https://www.benzinga.com/news/24/07/39947274/trump-takes-aim-at-kamala-harris-in-first-rally-post-bidens-exit-calls-her-a-radical-left-lunatic-vp">label her as an ultra-liberal</a>.
What Happened: Harris&#8217;s campaign video features scenes from her first major rally in Milwaukee, Wisconsin. The video contrasts images of Trump and his running mate&nbsp;JD Vance.
&#8220;There are some people who think we should be a country of chaos, of fear, of hate. But us, we choose something different, we choose freedom,&#8221; Harris can be heard saying in the video posted on YouTube which also features music from Beyoncé's hit song &#8220;Freedom.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948413/trump-era-white-house-official-anthony-scaramucci-says-kamala-harris-is-capable-and-has-a-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: &#8216;Look Forward To Seeing Her Policies On Crypto&#8217;</a>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Kamala Harris Launches Her Campaign for President" width="500" height="281" src="https://www.youtube.com/embed/sHky_Xopyrw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
This was first <a href="https://www.ft.com/content/cf730038-dc9b-4b75-8f17-e279df397171">noted</a> on the Financial Times.
Why It Matters: This comes after President Joe Biden dropped out of the race last week, setting the stage for a <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">head-to-head battle between</a> Trump and Harris. The Vice President has been gaining ground in the head-to-head matchups against Trump, especially in swing states.
A&nbsp;recent poll&nbsp;showed a narrow lead for Trump, <a href="https://www.benzinga.com/news/24/07/39957078/trump-vs-harris-new-poll-shows-close-race-but-vice-president-could-benefit-from-dramatic-shifts-amon">with a 49%-46% margin among registered voters</a>. This lead was within the survey's margin of error, indicating a potentially tight race.
Trump and the Republicans have initiated early attacks against Harris. At a rally in Charlotte, North Carolina, Trump launched a direct attack on Harris, dubbing her &#8220;Lyin&#8217; Kamala Harris&#8221; and calling her a &#8220;radical crazy person.&#8221;
Photo Courtesy: Shutterstock.com
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<li><a href="https://www.benzinga.com/news/24/07/39897685/ted-cruz-says-trump-victory-in-november-not-a-given-cautions-republicans-against-underestimating-kam?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ted Cruz Says Trump Victory In November Not A Given, Cautions Republicans Against Underestimating Kamala Harris: &#8216;This Is Not A Layup&#8217;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Kamala Harris Channels Beyoncé In First Campaign Video And Slams Trump: 'There Are Some People Who Think We Should Be A Country Of Chaos'

Since July 24th, prospective cannabis business owners verified as social equity applicants were instructed to submit applications for <a href="https://www.benzinga.com/markets/cannabis/24/02/37019579/minnesota-prepares-for-launch-of-its-legal-cannabis-market-with-pre-licensing-property-reforms">cannabis business license preapproval</a> through the Minnesota Office of Cannabis Management's (OCM) website. This marks a crucial step for those wishing to participate in Minnesota&#8217;s <a href="https://www.benzinga.com/topic/minnesota-cannabis">burgeoning cannabis industry</a>.
 "The high degree of interest we're seeing from prospective business operators reflects the excitement of Minnesotans as we continue working to launch the market,&#8221; said Charlene Briner, OCM interim director. &#8220;We're committed to providing a wide range of resource materials and documents to help applicants at this important stage of the process."
<h3 class="wp-block-heading">Application Timeline </h3>
As <a href="https://mn.gov/ocm/media/news-releases/?id=1202-638585">reported</a> by OCM, the application period will run from July 24 to August 12, following a schedule defined by state law. Business license solicitations and all required documentation must be submitted through the office&#8217;s website, where informative and technical resources can also be found.&nbsp;
<h3 class="wp-block-heading">Social Equity Verification Requirement</h3>
To proceed with the registration, applicants must have received social equity verification. OCM plans to offer additional social equity verification opportunities for future licensing rounds. This step also includes paying the application fee for the requested license.
Once submitted, requests will undergo a thorough review and vetting process. Qualified applicants will then be entered into a lottery that will award licenses in nine different categories. Following the completion of the lottery, OCM will notify each applicant whether or not they were selected. The first license lottery is set to take place this fall.

Minnesota Opens Applications For Cannabis Business Social Equity License Preapproval

2U Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWOU#NASDAQ">TWOU</a>), a prominent online education company, has filed for Chapter 11 bankruptcy protection. The Maryland-based firm has been grappling with <a href="https://www.benzinga.com/news/earnings/24/07/39967398/gold-down-2-5-northrop-grumman-posts-upbeat-earnings">mounting debt and intensified competition</a>.
What Happened: On Thursday, 2U, a key player in the online education sector, announced its decision to file for Chapter 11 bankruptcy protection. The company, which has been in operation since 2008, has partnered with 260 colleges and universities, including prestigious institutions like Yale, UC-Berkeley, and Morehouse College.
2U has been facing financial challenges due to stiff competition and a heavily leveraged balance sheet. This has led to multiple rounds of layoffs since 2022. To address these issues, the company has struck a deal with its lenders and noteholders, which will cut its debt load by 50% to $459 million, extend the maturity of its loans, and provide $110 million in new capital.
Despite the bankruptcy filing, 2U has assured that the restructuring process will not disrupt services for students or colleges. The company is expected to emerge from the bankruptcy proceedings as a privately held entity, backed by its current lenders and noteholders.
&#8220;Today marks an important milestone for 2U. New capital and a healthier balance sheet will enable us to continue our long-standing mission,&#8221; said&nbsp;Paul Lalljie, Chief Executive Officer of 2U.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
Why It Matters: The bankruptcy filing by 2U comes at a time when corporate bankruptcies in the U.S. are on the rise. A recent report from S&amp;P Global revealed that a higher-for-longer interest rate environment has led to a surge in <a href="https://www.benzinga.com/markets/equities/24/07/39670079/corporate-bankruptcies-hit-a-high-in-june-is-the-us-economy-slowing">corporate bankruptcies</a>, raising concerns about <a href="https://www.benzinga.com/markets/equities/24/07/39670079/corporate-bankruptcies-hit-a-high-in-june-is-the-us-economy-slowing">the U.S. economy</a>.
Earlier in the year, Genesis Global, a subsidiary of Digital Currency Group, also <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36895378/bankrupt-genesis-global-agrees-to-21m-sec-settlement-over-lending-program">filed for bankruptcy</a> and agreed to a $21 million settlement with the Securities and Exchange Commission over a contentious lending program. The bankruptcy filing by 2U adds to the growing list of companies facing financial challenges in the current economic climate.
Price Action: 2U stock closed at $1.51 on Thursday, down 63.35% for the day. In after-hours trading, the stock further declined 1.32%. Year to date, the stock has fallen 95.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a></li>
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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>

Education

TWOU

Online Education Pioneer 2U Files For Chapter 11 Bankruptcy, Assures No Service Disruption Amid Debt Crisis

Vice President&nbsp;Kamala Harris&nbsp;has launched her own TikTok account, following her announcement to run for the presidency.
What Happened: &#8220;Well, I've heard that recently I've been on the ‘for you' page, so I thought I would get on here myself,&#8221; Harris&nbsp;said in her first post on the account on Thursday, referring to her recent popularity on the platform.
At the time of writing, she wasn&#8217;t following anyone from the account but had more than 562,000 followers.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="668" height="617" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58.jpeg" alt="" class="wp-image-458205" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58.jpeg 668w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25214608/Screenshot-2024-07-26-at-09.57.58-300x277.jpeg 300w" sizes="(max-width: 668px) 100vw, 668px" /></figure>
See Also:&nbsp;<a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">J.D. Vance Venture Capital Background Under Scrutiny: &#8216;It Never Seemed Like He Was Even Working, It Felt Like His Full-Time Job Was The Book&#8217;</a>
Since her presidential campaign announcement, Harris&#8217;s popularity&nbsp;on ByteDance-owned social media platform&nbsp;TikTok has surged, making her a trending topic among Gen Z users, <a href="https://thehill.com/homenews/4793730-kamala-harris-tik-tok/">reported</a> The Hill.
Her campaign has capitalized on this momentum, integrating the branding of Charli XCX&#8217;s 2024 hit album &#8220;Brat&#8221; into their social media strategy.
Many believe that Harris&#8217;s widespread social media popularity signals growing support among younger American demographics. CNN commentator Van Jones has stated that TikTok has helped transition Harris&#8217;s image from &#8220;cringe to cool&#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: Harris and former President Donald Trump are likely to <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">face off in the 2024 presidential election</a>, with the former gaining ground in head-to-head matchups against Trump. This comes after President Joe Biden stepped out of the presidential race last week.
A&nbsp;recent poll&nbsp;shows a close race between the two, with Trump leading by a small margin. However, the lead is within the <a href="https://www.benzinga.com/news/24/07/39957078/trump-vs-harris-new-poll-shows-close-race-but-vice-president-could-benefit-from-dramatic-shifts-amonhttps://www.benzinga.com/general/politics/24/07/39967679/trump-vs-harris-fox-news-proposes-another-2024-presidential-debate-how-media-company-could-be-bi">survey's margin of error</a>, indicating a potential shift in favor of Harris.
Trump has been critical of Harris, labeling <a href="https://www.benzinga.com/news/24/07/39947274/trump-takes-aim-at-kamala-harris-in-first-rally-post-bidens-exit-calls-her-a-radical-left-lunatic-vp">her a &#8220;radical-left lunatic&#8221;</a> and questioning her trustworthiness and fitness to lead.
Both Trump and President Biden have also used <a href="https://www.benzinga.com/news/24/06/39128716/trump-gains-3m-followers-on-tiktok-amid-ufc-themed-debut-heres-how-bidens-super-bowl-themed-arrival">TikTok to reach young voters</a>. The Biden administration and TikTok are currently embroiled in a <a href="https://www.benzinga.com/news/24/05/38906555/tiktok-and-us-justice-department-push-for-speedy-court-action-on-divestment-law-report">legal battle regarding</a> the proposed divestment law.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39924772/democratic-mega-donors-predict-kamala-harris-to-pick-vp-among-these-3-lawmakers-as-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Kamala Harris Hops On The TikTok Bandwagon: 'Recently I've Been On The 'For You' Page, So I Thought...'

Economist Peter Schiff suggests that former President Donald Trump&#8217;s endorsement of Bitcoin is a strategic move to gain political support, not a commitment to make it a reserve asset.
What Happened: On Thursday, Schiff expressed his views on X, questioning Trump&#8217;s motivations for promoting the world&#8217;s largest cryptocurrency. He argued that Trump&#8217;s endorsement is a calculated move to secure votes and contributions from the cryptocurrency community. 
Schiff also stated that by pursuing cryptocurrency-supporting voters, Trump risks alienating supporters who do not trust the asset&#8217;s potential.
&#8220;He&#8217;s not worried that by supporting Bitcoin he&#8217;ll lose support from no-coiners, so it&#8217;s a political no-brainer,&#8221; the Bitcoin critic argued.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39972037/wyoming-senator-criticizes-proposed-bitcoin-mining-tax-stresses-potential-consequences">Wyoming Senator Criticizes Proposed Bitcoin Mining Tax, Stresses Potential Consequences</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The only reason <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> supports <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is to get contributions and votes from the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> community. He&#39;s not worried that by supporting Bitcoin he&#39;ll lose support from no-coiners, so it&#39;s a political no-brainer. But any promise to make Bitcoin a reserve asset won&#39;t be kept.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816565512719249764?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Schiff also slammed MicroStrategy CEO Michael Saylor&#8217;s attempts to get Trump to include Bitcoin in their balance sheets. He described such a move as a gamble with taxpayer money and rated it worse than a CEO gambling shareholder money.</figcaption></figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">First <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a> tired to convince CEOs to add <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to their company&#39;s balance sheet. Since that failed he&#39;s now trying to get <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> to add Bitcoin to the national balance sheet. A president gambling taxpayer money on Bitcoin is even worse than a CEO gambling shareholder money.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816583359142961449?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Schiff&#8217;s comments come in the wake of expectations that Bitcoin could be designated as a strategic reserve asset. He equated this <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948158/peter-schiff-compares-hopes-that-trump-declares-bitcoin-as-treasury-reserves-with-bidens-s">anticipation to political vote-buying tactics</a>, likening it to President Joe Biden&#8217;s promise to forgive student loans to win votes.
Trump is slated to speak at the ongoing Bitcoin 2024 conference on July 27.
Schiff, a known Bitcoin skeptic, recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922885/peter-schiff-polls-hodlers-asks-if-theyll-sell-if-bitcoin-slips-below-15k-heres-how-they-r">conducted a poll questioning the resolve of Bitcoin holders </a>in the face of a potential market downturn. He asked if they would sell their holdings if Bitcoin&#8217;s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. About 89% of the respondents said they would continue to hold the asset.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next: 
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,190.93, up 1.1% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883138/trump-vs-harris-first-poll-post-biden-exit-shows-majority-approval-potential-impact-on-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump vs. Harris: First Poll Post-Biden Exit Shows Majority Approval; Potential Impact On Trump&#8217;s Chances</a></li>
</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.

Trump's Bitcoin Support A Political No-Brainer To Garner Votes, Says Peter Schiff: Promise To Make King Crypto A Reserve Asset 'Won't Be Kept'

A recent survey shows a significant majority of cannabis-related businesses want <a href="https://www.benzinga.com/markets/cannabis/24/07/39610764/intoxicating-hemp-products-face-regulatory-crackdown-across-multiple-states">intoxicating hemp</a> products regulated. But it&#8217;s not the same for those who are profiting from it as for those who are not.
Nearly half of hemp businesses expressed a desire for regulatory oversight on intoxicating hemp-derived cannabinoids. 80% of cannabis businesses and 46% of hemp businesses have indicated these products should be regulated in the same way as state-legal cannabis markets. This, according to a <a href="https://www.cannabisbusinesstimes.com/news/us-cannabis-council-hemp-derived-products-thc-farm-bill/">report</a> by Cannabis Business Times.
The research sheds light on the growing divide between the cannabis and hemp industries regarding the regulation of intoxicating cannabinoids like <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">Delta-8</a> and <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">Delta-9</a>. The survey reveals a complex landscape where opinions on regulation vary significantly.
<h3 class="wp-block-heading">Cannabis Industry&#8217;s Stance</h3>
The majority of state-legal cannabis businesses support regulation, with four out of five participants advocating for the same controls for hemp derived products as those imposed on medical and adult-use cannabis markets. Many in the cannabis sector feel that the<a href="https://www.benzinga.com/markets/cannabis/23/08/33661988/lack-of-oversight-continues-to-hurt-hemp-industry-what-to-expect-from-2023-farm-bill"> lack of regulation </a>leads to consumer confusion and poses a threat to the industry&#8217;s integrity.
According to the survey:
<ul>
<li>80% of state-legal cannabis businesses say intoxicating hemp-derived cannabinoids should be regulated similarly to cannabis products.</li>
<li>67% say these cannabinoids confuse consumers.</li>
<li>52% see these cannabinoids as a threat to the overall industry.</li>
</ul>
Furthermore, 56% of cannabis businesses say state and local officials should <a href="https://www.benzinga.com/markets/cannabis/24/07/39783607/how-hemp-became-americas-loophole-for-legal-highs">take legal action</a> to remove these products from retailers in states where they are <a href="https://www.benzinga.com/markets/cannabis/24/07/39828962/fda-accuses-companies-of-marketing-cannabis-products-to-children-amid-debate-on-hemp-cannabinoid">banned</a>, while 41% support closing down non-compliant retail operations.
Read Also: A Nasty High: <a href="https://www.benzinga.com/markets/cannabis/24/07/39915334/a-nasty-high-experts-sound-alarm-over-soup-of-unknown-compounds-in-hemp-derived-thc-products">Experts Sound Alarm Over &#8216;Soup&#8217; Of Unknown Compounds In Hemp-Derived THC Products</a>
<h3 class="wp-block-heading">Hemp Derived Industry Perspectives</h3>
The hemp derived industry is more divided. While 51% of licensed hemp businesses oppose regulating these cannabinoids like cannabis, 46% support such measures. In some states, these companies even brought <a href="https://www.benzinga.com/markets/cannabis/23/08/33522492/hemp-businesses-sue-arkansas-over-ban-on-thc-infused-products">lawsuits</a> to remove the bans. This division might be reflecting different <a href="https://www.benzinga.com/markets/cannabis/24/04/38341776/hemp-space-grew-3x-the-rate-of-cannabis-where-did-marijuana-get-it-wrong">business models</a> and market strategies within the sector.
Survey findings include:
<ul>
<li>51% of hemp businesses say intoxicating hemp-derived cannabinoids should not be regulated the same way as cannabis products.</li>
<li>46% say they should be regulated similarly.</li>
<li>51% see these cannabinoids as an opportunity for their business.</li>
<li>32% acknowledge that these products could confuse consumers.</li>
</ul>
In this group, a bit more than a third of members consulted said state and local officials should take legal action to remove these products from retailers in states where they are banned.
<h3 class="wp-block-heading">The Broader Picture</h3>
The survey, conducted between May 13 and June 13, 2024, included responses from 303 participants across the cannabis and hemp industries. Meanwhile, with regulatory scrutiny intensifying and legislative changes on the horizon, the future of intoxicating hemp-derived cannabinoids remains uncertain. This is issue is among the most import matters affecting the way <a href="https://www.benzinga.com/topic/cannabis-legalization">cannabis industry</a> is functioning in the U.S. The discussion is gaining momentum, as a silent battle deploys. Cannabis and hemp industries, often composed by similar <a href="https://www.benzinga.com/markets/cannabis/24/06/39464801/curaleafs-new-online-cannabis-storefront-to-debut-hemp-derived-thc-products-just-in-time-for-jul">industry players</a>, must navigate a complex landscape of market demand, innovation and consumer protection to achieve a balanced regulatory framework.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39820619/strategy-shift-in-the-works-are-cannabis-giants-getting-into-the-hemp-derived-thc-market">Strategy Shift In The Works? Are Cannabis Giants Getting Into The Hemp Derived-THC Market?</a></li>
</ul>
Cover: AI generated image

Regulations

Hemp-Derived Cannabinoids Vs. Legal Cannabis: What Industry Members Are Saying About This Not So Silent Battle

Vivian Jenna Wilson, the transgender daughter of serial entrepreneur Elon Musk has broken her silence about her father&#8217;s harsh and unsupportive behavior.
What Happened: Wilson, 20, reacted to Musk&#8217;s remarks about her transgender identity, made earlier this week. Musk had claimed in a digital interview that he had been &#8220;duped&#8221; into approving trans-related medical procedures for Wilson when she was 16, a statement Wilson strongly refutes, <a href="https://www.nbcnews.com/tech/tech-news/elon-musk-transgender-daughter-vivian-wilson-interview-rcna163665">reported</a> NBC News.
&#8220;I think he thought I wouldn't speak up and I would just let this slide, unopposed," Wilson stated. She portrayed Musk as a neglectful father who was harsh towards her for being queer and feminine.
Wilson also disclosed that Musk would coerce her to present more masculine, including urging her to lower her voice from a young age. "He was distant," she expressed. "He's very quick to anger. He is indifferent and self-centered."
Wilson, who is currently a college student, has mostly remained out of the public spotlight. However, she did garner attention in 2022 when she petitioned the court to change her name and disowned her father. "I no longer live with or wish to be associated with my biological father in any way, shape or form," she declared in the court document.
She also responded to Musk's recent comments in a series of posts on the social media app Threads. "He doesn't know what I was like as a child because he simply wasn't there," she penned. "And during the little time that he was, I was relentlessly bullied for my femininity and queerness."
Wilson mentioned an incident from her fourth grade where she went on a road trip with her father and he &#8220;he was constantly yelling at me viciously because my voice was too high.&#8221;
Wilson informed NBC News that she had contemplated speaking out about Musk's conduct as a parent and as an individual for years, but that she could no longer stay silent following his comments on Monday.
See Also: <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un Rejects Donald Trump&#8217;s Friendship Claims? North Korea Says &#8216;We Do Not Care,&#8217; Expresses Nuclear Readiness Amid Rising Tension With US</a>
Why It Matters: This public revelation follows a series of events that have unfolded over the past two years. In June 2022, Musk&#8217;s ex-wife, Justine Wilson, <a href="https://www.benzinga.com/news/22/06/27801710/elon-musks-ex-wife-speaks-out-on-daughters-name-change-heres-what-she-said">publicly supported</a> their child&#8217;s decision to change their name from Xavier Musk to Vivian Jenna Wilson. Vivian received court approval to legally <a href="https://www.benzinga.com/news/22/06/27839370/elon-transgender-daughter-legal-approval">change her name</a> and gender.
In July, Musk expressed his disapproval of his child&#8217;s transition during an interview, claiming he had been &#8220;tricked&#8221; into <a href="https://www.benzinga.com/news/24/07/39897986/elon-musk-vowed-to-destroy-woke-mind-virus-after-being-tricked-into-signing-puberty-blocker-document">consenting to puberty blockers</a> for his child.
Notably, Wilson said that Musk had &#8220;not by any means&#8221; been tricked in to signing the forms and &#8220;He knew the full side effects,&#8221; according to NBC News. She said when she gave her father the forms he read them at least twice before signing them.
On Puberty Blockers, she said, &#8220;They save lives. Let's not get that twisted," she said. "They definitely allowed me to thrive.&#8221;
Image via Shutterstock
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie?itm_source=parsely-api">Elon Musk Denies $45M Monthly Donation To Trump, Clarifies True Purpose Of &#8216;The America PAC&#8217; In Interview With Jordan Peterson</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

Elon Musk's Transgender Daughter, Vivian Wilson, Speaks Out About Father's Absence And Cruelty: 'He's Very Quick To Anger. He Is Indifferent And Self-Centered'

Oncology Pharma

&#8220;Thousands of ordinary people lost their savings,&#8221; said prosecutors in the trial of Sam Bankman-Fried this week, urging the judge to enact the harshest possible punishment when the disgraced founder of collapsed cryptocurrency exchange FTX is <a href="https://www.benzinga.com/news/legal">sentenced next week</a>. 



Bankman-Fried was convicted in November on seven counts of fraud and conspiracy related to the collapse of FTX. Ahead of sentencing on March 28, Judge Lewis Kaplan has received presentencing memorandums from both sides.



Prosecutors, seeking $11 billion in compensation and up to 50 years of imprisonment, say Bankman-Fried, &#8220;driven by greed and hubris&#8221; repeatedly gambled other people&#8217;s money and that his education and privileged upbringing equipped him with the knowledge to know that he was acting illegally.



The defense lawyers maintain that FTX investors will eventually recover their money and have requested leniency from Kaplan, suggesting a sentence of between five and six years. 



Also Read: <a href="https://www.benzinga.com/news/24/03/37880169/worst-foul-decision-in-sec-game-leaves-fans-analysts-baffled-craziest-call-in-sport-this-week">&#8216;Worst Foul&#8217; Decision In SEC Game Leaves Fans, Analysts Baffled: Craziest Call In Sport This Week</a>



<h2 class="wp-block-heading">Drug Stock Pump-And-Dumper Fined $7.2 Million</h2>



The Securities and Exchange Commission, which civilly charged Kevin Dills and two entities he controlled with operating a fraudulent share scheme, obtained a final judgment in the case this week.



According to the SEC complaint, Dills allegedly paid Joseph Padilla to arrange sales of Oncology Pharma (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ONPH#OTC">ONPH</a>) stock, a company secretly controlled by Dills.



The shares were sold through two other entities controlled by Dills, Bright Star International and Life Sciences Journeys, the SEC said. 



The shares were being promoted while Dills allegedly used his controlling influence over Oncology Pharma, to have the company publish press releases to make its stock more appealing to investors.



The complaint alleged that Dills, by dividing his Oncology Pharma ownership between two front companies, transferring shares to Padilla, and then sharing in the proceeds of Padilla's illegal sales, purposely flouted the registration requirements of federal securities law.



Dills consented to a final judgment that permanently bars him from dealing in penny stocks. The judgment ordered Dills to pay disgorgement of ill-gotten gains of $6.2 million, and fees amounting to $1 million.



<h2 class="wp-block-heading">Scam Forex Trader Fined $3.4 Million </h2>



The Commodity Futures Trading Commission this week entered a consent order imposing a permanent injunction and civil and restitution penalties on Joseph Carvajales worth a total $3.4 million.



Carvajales, who worked for The W Group is alleged to have made false statements to customers in connection with foreign exchange futures and options.



It&#8217;s further alleged that he misled customers into thinking he had opened individual trading accounts where customers&#8217; funds would be deposited. But in reality, accounts were never opened and customers&#8217; funds were misappropriated. 



Now Read: <a href="https://www.benzinga.com/markets/equities/24/03/37855254/are-you-a-housing-market-lock-in-high-mortgage-rates-result-in-people-not-living-in-homes-they-w">Are You A Housing Market Lock-In? High Mortgage Rates Result In &#8216;People Not Living In Homes They Would Prefer&#8217;</a>



Image created using artificial intelligence with Midjourney.

Biotech

Oncology Pharma, Inc. Says Has Received Committed Funding To Perform All Necessary IND-Enabling Preclinical Work for Its First Lead Candidate, a Dactinomycin Nanoemulsion Drug Product

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Oncology Pharma

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Latest news for Oncology Pharma (OTC:ONPH) Stock

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