CNBC has been running a factually false front-page headline for pretty much all of Sunday, both before and after it was updated. Elon Musk did not say that $TSLA *will* accept bitcoin again *as* something has happened. He said the company *might* depending on future conditions.
Editors write headlines, not reporters. But this is particularly unacceptable as the same network also notes that this "news" has led to a price boost in BTC of 13%. Whoever wrote and/or approved this is utterly brain-dead, should be fired, and should never work in media again.
In short, if you can't tell the difference between what did happen and what might happen, get away from the content management system.
Even more egregious is the fact that the HTML TITLE headline is correct, but CNBC stuck with the incorrect headline for actual presentation on the site. For an entire day.
Now it's on CNBC's home page twice with self-contradictory headlines. It both already happened and might happen in the future. How embarrassing for a network that has already stooped to the level of Jim Cramer.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
This is a smoking gun e-mail. Since August 2019 at least, the California DFPI has known that Tether and similar "stable coins" pose a risk to anyone using the financial system. Yet Bob Venchiarutti has opted to do precisely nothing about it.
Then, in December 2020, Tether Limited registered with FinCEN—as it should have years earlier—as a Money Services Business under the Bank Secrecy Act. Two problems: it doesn't have state licenses required everywhere that Tethers are used, and it lied about where that is.
This is as brazen and consequential a violation of 18 U.S.C. 1960 as there ever has been: operation of an unlicensed money transmitting business. It's also a violation of the California Money Transmission Act. There is no DFPI or predecessor legal opinion exempting stable coins.
@pmarca The California DFPI is hard at work regulating cryptocurrency companies. Audits and capital controls are obsolete, having been replaced by back-scratching, congratulatory platitudes, and golf.
@pmarca From the Inmates-Running-The-Asylum Department... $COIN
After a year of preparation for response, key words in the SEC's cover letter:
"in anticipation of litigation" $TSLA
These documents reveal that as expected, Elon Musk's Twitter Sitter changed over time. It wasn't always Yun Huh. $TSLA
They also reveal John Hueston, Musk's former lawyer who disappeared mid-SEC case without formally withdrawing, writing in a manner consistent with someone who was fired (and also highlighting the conflict problem between Musk and $TSLA).
In which the centi-billionaire CEO wishes to bully the federal government personally.
The SEC specifically identified $TSLA lawyer Yun Huh as "Securities Counsel/Disclosure Counsel," making him a prime candidate for the official Twitter Sitter, at least at the point in time the letter was written on May 8, 2020.