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Gensler talks down crypto as ETF acceptance nears

US Securities and Exchange Commission (SEC) Chair Gary Gensler on Monday posted some words of wisdom warning about the risks associated with digital assets, saying that “those offering crypto asset investments/services may not be complying w/ applicable law, including federal securities laws,” and that crypto assets “can be exceptionally risky” and “are often volatile.”

Gensler has always been critical of crypto, and while he doesn’t mention it, the timing of his posts comes as the SEC is expected to issue the long-awaited spot Bitcoin exchange-traded fund (ETF) approval.

You can read more on the matter here.

What’s going on?

• Trans Mountain Pipeline Expansion Is Nearing Completion (theDeepDive)

• Desperate for Cannon Fodder, Russia Will Grant Citizenship to Foreigners Who Join Its Army (theDeepDive)

• Meta says it will restrict content for teens, as complaints mount about harmful effects on youth (CNBC)

• The Messenger: Conservative Investors Offer to Bail Out News Startup for Majority Stake (theDeepDive)

• Statistics Canada reports merchandise trade surplus $1.6 billion in November (BNN)

• Prime Minister Justin Trudeau Faces Criticism Over Jamaican Vacation (theDeepDive)

• U.S. lunar company’s inaugural mission falls short of moon landing after spacecraft malfunction (CNBC)

• Double Standard? Bill Ackman, A Top Claudine Gay Critic, Goes On A 5,000-Word Rant After His Wife Gets Called Out for Plagiarism (theDeepDive)

• World Bank Sees ‘Wretched’ Run for Post-Pandemic Global Growth (Bloomberg)

• Elon Musk Faces Scrutiny Over Alleged Drug Use, Posing Risk On Company Leadership (theDeepDive)

• Is An RFK Jr-Gabbard Ticket In The Works To Challenge Biden-Harris? (theDeepDive)

What’s the latest?

• Trade Surplus Narrows: Canada's merchandise trade surplus decreased to $1.6 billion in November, a significant reduction from the revised $3.2 billion surplus in October. This change was driven by a 1.9% increase in total imports and a 0.6% decrease in total exports. Notably, imports saw a substantial rise in energy products, including an 11.6% increase in uranium imports from Kazakhstan and an 18.8% increase in refined petroleum products, particularly gasoline and aviation fuel from the United States.

• Missing Bolts: U.S. air-safety officials investigating a fuselage blowout on an Alaska Airlines Boeing 737 Max 9 are focusing on four missing bolts essential for securing a door panel. The incident has prompted broader inspections, revealing loose bolts on other Max 9 planes operated by Alaska Air and United Airlines Holdings Inc. The NTSB is contemplating expanding the investigation to include other 737 Max models, potentially increasing scrutiny on Boeing's manufacturing processes.

• US Trade: The U.S. trade deficit narrowed in November to $63.2 billion, as imports, particularly of consumer goods, fell to their lowest level in a year amid slowing domestic demand. This decrease in imports was matched by a 1.9% decline in exports, reflecting cooling demand both domestically and internationally

• Google Lawsuit: Google is facing a federal jury trial in Boston over allegations that its processors used for artificial intelligence in products like Google Search, Gmail, and Google Translate infringe patents held by Singular Computing. Singular Computing claims Google copied technology for its Tensor Processing Units, which enhance AI capabilities, and is seeking up to $7 billion in damages, a sum that would exceed the largest-ever patent infringement award in U.S. history.

• Meta Restrictions: Meta Platforms announced new measures to enhance protection for teens on Instagram and Facebook, following global regulatory pressure. The changes include placing all teens into the most restrictive content control settings and limiting certain search terms on Instagram. These steps aim to reduce teens' exposure to sensitive content like suicide, self-harm, and eating disorders.

Jeffrey Epstein list unsealed

The stock market and stuff

• Evolve ETF’s To Terminate Metaverse ETF (theDeepDive)

• Google faces multibillion-dollar US patent trial over AI technology (Reuters)

• Match shares surge on report activist investor Elliott takes $1 billion stake (CNBC)

• JD.com Unit Dives 46% After Disclosing ‘Suspicious’ Revenue (Bloomberg)

In the juniors

• Surge Battery Metals Intersects 4,084 ppm Lithium Over 30.9 Metres (theDeepDive)

• Carta: Is This Startup Platform Using Confidential Customer Info To Facilitate Transactions? (theDeepDive)

• Cannabis company Tilray Brands reports US$46.2M Q2 loss, revenue up 34% from year ago (BNN)

• EMP Metals Reports After-Tax NPV(8%) Of US$1.07 Billion For Viewfield Lithium Project (theDeepDive)

FULL DISCLOSURE: Heritage Mining is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Heritage Mining. The author has been compensated to cover Heritage Mining on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.