Daily financial dose 24.24.2021 | Top Story: China Shakes Up Digital Currency World By Banning Crypto Transactions | Robins Kaplan LLP

An already tough week for cryptos has just gotten worse, now that China’s central bank has declared “all cryptocurrency-related transactions.” . . illegal, strengthening the country’s tough stance against digital rivals for government-issued money. The news immediately lowered the price of bitcoin by 5%, and Ether is plunging too – WSJ and Bloomberg and MarketWatch and TechCrunch

As for equities, by contrast, Wall Street rebounded again on Thursday, with the S&P 500 and the Nasdaq composite recouping much of the losses suffered earlier in the week (when news of a possible Evergrande default hit. shook the world markets) – NY Times and WSJ and Bloomberg

Not that Evergrande came out of the woods, far from it – WSJ and Bloomberg

And your mandatory audit-failure angle on the crisis – WSJ

NYC leads the way in regulating delivery service providers, approving Thursday a “set of laws that will set minimum wages and improve working conditions for couriers employed by app-based food delivery services like Grubhub, DoorDash and Uber Eats ”- NY Times and MarketWatch

Even though supply chain issues remain a concern globally, California ports are proving to be a particularly nasty node in the flow of goods. As of Thursday, 61 ships were still anchored off the coast of Cali, up from a record 73 over the weekend, but still very bad – NY Times

Major changes to come in the federal approach to flood insurance mean that the hefty subsidies that have enabled hundreds of thousands of homeowners to afford life by the water are diminishing – in the process. “[f]forcing Americans to pay something closer to the true cost of their flood risk, which increases as the planet warms. Federal officials hope the often dramatic price change will force people to “better understand the extent of risk they face, and perhaps move to safer ground, thereby reducing the human toll and disaster finance “- NY Times

A little experience getting to know you for Saule Omarova, Cornell’s law professor, President Biden has chosen to become the new chief of the office of the Comptroller of the Currency – the “regulator overseeing America’s largest banks” – NY Times and Law360

If confirmed, Ms. Omarova’s OCC would include crypto regulation among its previous priorities. But it’s far from the only agency thinking about digital currencies, and the Treasury Department and other federal regulators are rushing – after years of crypto inactivity – to issue rules and advice, in especially for stable coins – NY Times

The “ghost” of “Silicon Valley bankruptcy sweetheart Jawbone Inc.” (well, the company’s patents, at least) are “at the center of new royalty lawsuits from Alphabet’s Google and Apple Inc. Inc. on noise canceling technology in their headphones, smartphones and smart home devices ”- Bloomberg

PE firm TPG has promoted company vet Todd Sisitsky to the new role of chairman ahead of its upcoming IPO – WSJ

New [very] old fossilized footprints in New Mexico signify a recalculation – of around 10,000 years – of the earliest known human occurrence in the Americas – WSJ and NY Times

Stay safe, get vaxxed and have a great weekend,

MDR

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