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US Extends Student Loan Momentum During Supreme Court Challenge by Reuters

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© Reuters. FILE PHOTO: US President Joe Biden boards Air Force One to leave Marine Corps Station Cherry Point, North Carolina, US November 21, 2022. REUTERS/Jonathan Ernst

By Kanishka Singh

WASHINGTON (Reuters) – Americans with student loan debt could get relief from payments through August under a plan announced by President Joe Biden on Tuesday, who said the schedule would give the Supreme Court an opportunity to hear an objection to his policy.

The Biden administration on Friday asked the Supreme Court to lift a lower court order blocking his plan to cancel billions of dollars in student debt, in a challenge brought by six Republican-led states.

Biden said on Twitter that the pause in student debt payments will be extended while he waits for the case, possibly until June 30. The US Department of Education announced that payments will resume after 60 days, which may continue until late August.

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In a policy benefiting millions of Americans, Biden announced in August that the US government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples.

“I’m confident our student debt relief plan is legal. But it’s on hold because Republican officials want to block it,” the US president said on Tuesday.

The Congressional Budget Office calculated in September that debt relief would cost the government about $400 billion. Republicans have raised concerns that the plan would be inflationary.

The policy has delivered on a promise the Democratic president made during the 2020 presidential campaign to help heavily indebted former college students.

Separately, the government is challenging another ruling by a federal judge in Fort Worth, Texas, that also threatens the debt forgiveness program. On November 10, US Judge Mark Pittman found the program illegal.

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The administration stopped accepting student debt forgiveness applications after Pittman’s decision.

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Coinbase CEO Brian Armstrong Says He’s ‘Puzzled’ That FTX’s Sam Bankman-Fried Isn’t ‘Really Taken’

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FTX founder Sam Bankman-Fried should now be in custody, in connection with Brian Armstrong. The Coinbase The CEO said this week it was “puzzling to me why he wasn’t already in custody”.

“The Department of Justice or whoever should be able to testify — just based on his public statements, I think there is a very open and closed case of fraud,” Armstrong said At the a16z Crypto Founders Summit on Tuesday. He added, “I’m no expert on this, but the people I talk to seem to agree on that.”

Armstrong also asked why the media refrained from describing Bankman Fried as a criminal.

“I think we were all shocked to see the scale of fraud that happened at FTX. And let’s call it a scam. We have to call it what it actually is. It was very strange that the mainstream media didn’t really come out and say, ‘This guy is a criminal.’ They probably want to wait until He’s already being charged or something, and in custody. But it seems pretty clear at this point that that’s the case.”

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FTX exploded spectacularly last month, surprising many in and outside the crypto sector. The $32 billion exchange has established itself as an industry leader, yet Recruit star athletes Like Tom Brady and other celebrities to enhance her image. Its collapse shook confidence in the cryptocurrency sector and sparked calls for tighter regulation.

Bankman-Fried resigned as CEO of FTX on November 11, the same day that the company, along with the trading arm of Alameda Research, Filed bankruptcy. One of the main accusations leveled against Bankman-Fried is that it used customer funds from its cryptocurrency exchange To finance risky bets At Alameda Research.

Armstrong Coinbase, like FTX, is a cryptocurrency exchange. But while FTX Bankman-Fried is based in the Bahamas – where he reportedly enjoyed a program Luxurious penthouse lifestyle—Coinbase is a public company in the United States

“You can read our financials,” Armstrong said. “Audited by a third party, you don’t have to trust us. All client funds are segregated. We don’t invest any money from clients without their express direction.”

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People will go to jail

Armstrong wasn’t the only cryptocurrency mogul to share Bankman-Fried’s harsh views this week. Mike Novogratz, CEO of cryptocurrency firm Galaxy Digital Holdings, told Bloomberg Television On Thursday, “Sam and his colleagues swindled. They used clients’ money to bet that he ‘mismanaged the risk’ after he made it.”

The problem was that he took our money. Novogratz added. “And so he needs to be sued. People are going to go to jail, and they should go to jail.”

Shares in Coinbase and Galaxy Digital are both listed in Canada dropped more than 25% last month, exacerbating an already harsh “crypto winter.” Coinbase shares are down nearly 80% this year, wiping out about $44 billion in value. Black stone CEO Larry Fink said this weekI actually think most companies wouldn’t exist, he said, referring to the embattled crypto sector.

Last week, Mark Cuban, billionaire owner of the Dallas Mavericks and a prominent crypto investor, told TMZ that Bankman-Fried You should worry about it jail time.

“I don’t know all the details,” he said, “but if I were him, I would be afraid to go to prison for a long time.” “It sure looks bad. I actually talked to the guy, and I thought he was smart, but boy, I had no idea he was going to take other people’s money, you know, and put it to his own personal uses. Yeah, that sure… looks like it happened.” .

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Armstrong lamented the fact that the crypto sector attracts an overwhelming number of bad actors.

“We have to kind of come to terms as an industry with the fact that our industry attracts a disproportionate share of scammers and scammers. And that’s really unfortunate. It doesn’t mean it’s representative of the entire industry.”

This story originally appeared on Fortune.com

More Fortune: The American middle class at the end of an era Sam Bankman-Fried’s crypto empire was run by a gang of kids in the Bahamas who all dated each other. The 5 most common mistakes lottery winners make Tired of the new Omicron variant? Be prepared for these symptoms

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Amazon resumes advertising on Twitter

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© Reuters. FILE PHOTO: The Amazon logo is seen outside the JFK8 Distribution Center in Staten Island, New York, US November 25, 2020. REUTERS/Brendan McDiarmid

(Reuters) – Amazon.com Inc (NASDAQ:) plans to reinvent advertising on Twitter at about $100 million annually, pending some security tweaks to the social media company’s advertising platform, according to a tweet by a Platformer reporter Saturday.

Twitter CEO Elon Musk also said Apple Inc (NASDAQ::) has resumed advertising on the platform, according to a Bloomberg report, citing comments made during a Twitter Spaces chat on Saturday.

Amazon, Apple and Twitter did not immediately respond to a Reuters request for comment.

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FTX founder Sam Bankman-Fried says he can’t count the billions sent to Alameda

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The businessman says he had little insight into the workings of the trading company despite owning 90% of it.

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