Texas
Texas investigates celebrity endorsements of bankrupt crypto firm FTX
![Texas investigates celebrity endorsements of bankrupt crypto firm FTX](https://thumbnails.texastribune.org/IR6xmRBocceffvBGmUCvH_naKOU=/1200x630/filters:quality(95):focal(0x0:3000x2000)/static.texastribune.org/media/files/2ffa45b6fbc243c17064d3dac7451688/FYX%20LOGO%20REUTERS%20TT.jpg)
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Texas is investigating celebrities who had endorsed FTX, the now bankrupt cryptocurrency agency, for doubtlessly violating state securities legal guidelines.
The Texas State Securities Board began wanting into FTX’s operations final month over whether or not the change’s yield-bearing crypto accounts had been offering residents with unregistered securities. Because the firm’s collapse on Nov. 11, the board has considerably expanded its probe to look at the influence of this multibillion-dollar chapter.
And promotions of FTX by celebrities such because the Golden State Warriors’ Steph Curry and the Tampa Bay Buccaneers’ Tom Brady are actually a part of this broadened investigation, as first reported by Bloomberg Information and confirmed by The Texas Tribune.
It additionally comes amid a class-action lawsuit filed in Florida towards Curry, Brady and different celebrities — principally high-profile athletes — which alleges that FTX had used their endorsements as a part of a scheme designed to reap the benefits of “unsophisticated buyers.” It additionally names FTX’s former CEO Sam Bankman-Fried.
“Anybody who renders funding recommendation in Texas usually must be registered and so they usually should honestly disclose all recognized materials information,” mentioned Joe Rotunda, the state board’s enforcement director. “In Texas, there may be not a special system of justice or regulation for people who find themselves celebrities.”
It’s presently unclear if any distinguished Texan can be investigated, however Rotunda mentioned his workforce continues to be compiling an inventory of related events primarily based on latest courtroom filings by FTX’s present CEO John J. Ray III and the class-action lawsuit. Specifically, it will likely be what the promoters disclosed, how they had been compensated and the way their promotions had been scripted and filmed.
“It’s necessary from a securities regulation standpoint, and from a chapter standpoint, to find out the methods FTX was encouraging purchasers and Texans to make use of FTX and make investments with FTX,” he mentioned.
He added that his workforce will even have to think about how the related legislation applies on this scenario, because it was established through a 1985 case involving an funding and monetary publication being distributed through fax.
“That’s a far cry from social media and broadcast ads, not to mention tokens and blockchains, proper?” Rotunda mentioned.
Curry, Brady and FTX didn’t reply to the Tribune’s requests for remark.
They aren’t the primary celebrities to have been scrutinized or penalized for selling crypto. Final month, Kim Kardashian agreed to pay the Securities and Alternate Fee, the federal securities regulator, $1.26 million to settle allegations that she had hyped a crypto token on Instagram with out informing the general public that she obtained $250,000 for the put up.
Finally, Rotunda mentioned the scrutiny of movie star endorsement shouldn’t be his prime precedence, however the subject stays on his radar as his FTX inquiry continues. Past Texas, the crypto agency can also be going through quite a few different state, federal and worldwide investigations.
“Proper now, we’re making an attempt to determine how a $32 billion firm went to zero nearly in a single day,” he mentioned.
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Texas
Why Arch Manning hasn’t transferred from Texas despite backup role
![Why Arch Manning hasn’t transferred from Texas despite backup role](https://nypost.com/wp-content/uploads/sites/2/2024/07/newspress-collage-vxto654mi-1720454549064.jpg?quality=75&strip=all&1720440206&w=1024)
Quarterback Arch Manning will still not be the pioneer for Texas football next year, with Quinn Ewers returning to lead the highly touted Longhorns.
“It’s tough because you want to be out there playing with your boys,” Manning said during media availability at this year’s Manning Passing Academy, as reported by The Athletic.
Instead of looking for a new school where he could start, though, Manning has elected to stay in Austin.
“But (it came down to) just realizing there’s nowhere else I want to be, and it was my dream to play at Texas,” Manning said. “I’m going to stick it out and play there eventually.”
Barring an injury to Ewers, the decision means Manning won’t be coined QB1 until at least the 2025 campaign.
Skipping between schools has become common amongst college quarterbacks hoping to find their groove and more playing time.
In December 2023, nearly two-thirds of the top 20 quarterbacks from the each of the 2019-22 recruiting cycles (80 total), as ranked by 247 sports, were either in the transfer portal or had already switched schools, according to The Associated Press.
Manning’s decision brought surprise and confusion, so some turned to Ewers to get his take on the matter.
“I think he understands that what he’s got here is he’s gonna be the most ready whenever he goes to the NFL,” Ewers said, according to The Athletic.
“I think coach (Steve Sarkisian) does the best job getting quarterbacks ready for the NFL and developing guys. (Manning will) be playing in his third year. He’ll be more than comfortable in operating the offense, and it’s just a really good fit for him.”
Ewers also relates to Manning’s situation on a more personal level, as he was at Ohio State before transferring in 2021.
“I think his actions definitely go to show that the kid’s got some patience, for sure. I know it’s tough, because when I went to Ohio State, obviously it’s tough sitting behind somebody,” Ewers told the outlet.
The reality is that it’s hard to find time on the field as a quarterback, which means most players will have their collegiate career spread out over a few teams.
But Manning is deferring from that reality due to his lifelong dream to play at Texas.
Texas
Boeing will plead guilty to fraud and Hurricane Beryl lands in Texas
![Boeing will plead guilty to fraud and Hurricane Beryl lands in Texas](https://npr.brightspotcdn.com/dims3/default/strip/false/crop/8256x4644+0+430/resize/1400/quality/100/format/jpeg/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2Fb0%2Fe8%2Fe8c281f04fc5bb77b67261661b95%2Fgettyimages-2160455301.jpg)
Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.
Today’s top stories
As Congress returns from recess today, Democrats are in for a tough family conversation. Four senior House Democrats said on a private call yesterday that they believe President Biden should drop out of the 2024 race. Others have publicly criticized those calling for Biden to step aside. Meanwhile, Biden campaigned in Pennsylvania yesterday like a man on a mission.
Democrats from across the country are weighing in on whether President Joe Biden should remain the party’s nominee for president.
SAUL LOEB/AFP via Getty Images/AFP
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SAUL LOEB/AFP via Getty Images/AFP
- 🎧 NPR’s Tamara Keith tells Up First that “the whole point” of Biden’s campaigning in Pennsylvania “seemed to be to show his critics that he has the stamina to beat Trump.” She adds that many House members are looking for clues from top leadership like House Minority Leader Hakeem Jeffries and Senate Majority Leader Chuck Schumer — but they haven’t shown their cards yet.
- ➡️ In an effort to quell concerns about his ability to do the job for four more years after a weak debate performance last month, Biden sat down for an interview with ABC’s George Stephanopoulos. Here are six takeaways from their conversation.
- ➡️ Vice President Kamala Harris is the top alternative to replace Biden if he exits the race, according to current and former Democratic leaders. It’s put her under intense scrutiny, even if he stays in. Here are the other up-and-coming Democrats that could be contenders this year or in 2028.
- ➡️ Who is backing Biden, and who wants him to step down? Keep up with NPR’s tracker.
Boeing has agreed to plead guilty to a criminal fraud charge stemming from two fatal 737 Max crashes in 2018 and 2019, the Justice Department said in a court filing on Sunday. As part of the plea deal, Boeing will pay a $243.6 million fine, invest upwards of $450 million toward safety and compliance programs and be on probation for three years.
- 🎧 The crash victims’ families hate this deal, NPR’s Joel Rose reports. They say it’s a “sweetheart deal for Boeing.” They’ve urged a federal judge to reject the deal. Many hoped for bigger fines and personal accountability for the company’s leaders. Rose adds that federal law enforcement is looking separately into an incident in January when a door plug blew off a Boeing jet operated by Alaska Airlines midflight.
France’s far-right party fell far short of getting a majority after a historic number of voters participated in the country’s snap elections. The country saw a 67% voter turnout.
- 🎧 NPR’s Eleanor Beardsley describes it as “a huge surprise and upset” for the far-right party. Voters tell her they became frightened after the first round of voting last week when the far-right was in the lead. At a gathering in Paris, Beardsley reports voters from the left were “exhilarated” after the results were announced. But moving forward, she expects a “big political mess.” President Emmanuel Macron’s centrist party and the far-left worked together to defeat the right, but Beardsley says they don’t have much in common.
- ➡️ NPR’s international correspondents will cover major elections from across the world all year. Keep track of them all here.
Beryl made landfall in Texas this morning as a Category 1 Hurricane, the National Hurricane Center said in its 5:00 a.m. ET update. More than 100 counties are under a state disaster declaration, and Texas Lt. Gov. Dan Patrick said yesterday more may be added. More than 2,500 responders have been dispatched across the state.
Life Advice
![A man sups on surf and turf and champagne while his dining mates eat tiny salads.](https://npr.brightspotcdn.com/dims3/default/strip/false/crop/5571x3134+0+290/resize/1100/quality/50/format/jpeg/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2F75%2F15%2Ff164ac4142e49bca386443789359%2Fmind-business.jpg)
If you order more food than everyone else, how do you split the check? Chef and writer Kiki Aranita offers advice.
Malaka Gharib/NPR
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Malaka Gharib/NPR
Dining out with your friends is all fun and games until it’s time to pay for your meal. Splitting the bill is a fine art. New York Magazine food editor Kiki Aranita says there should be “a sense of equality in how the check is divvied up” when the meal ends. She offers advice on how to keep things “fair and square”:
- 🧾 If you arrive late and everyone has already ordered appetizers and drinks, consider telling your server you want your food and drinks on a separate check.
- 🧾 Speak up if you didn’t order alcohol and everyone else did. Chances are, your friends will reconfigure the bill more fairly.
- 🧾 Make life easier for your server by putting down one or two credit cards and paying each other back if you’re a large group.
- 🧾 Make sure everyone is on the same page before you order appetizers for the table.
Picture show
![Bolivian women skateboarders — wearing traditional garb — demonstrate their skills on the half pipe.](https://npr.brightspotcdn.com/dims3/default/strip/false/crop/4000x2250+0+277/resize/1100/quality/50/format/jpeg/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2F7e%2F7c%2Ffd45184c4ce98a5f2c0b2672e447%2Fsmithsonian-folklife-30.jpg)
Bolivian women skateboarders — wearing traditional garb — demonstrate their skills on the half pipe.
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Indigenous arts and culture from across Latin America were on display at this year’s Smithsonian Folklife Festival. From an all-female Bolivian skateboarding crew to artists singing and painting to weaving, people from the Latin American contingent at the festival shared their stories and expertise with excited onlookers like 2-year-old first-time skateboarder Poppy Moore. One of the artists NPR’s team met was Ubaldo Sanchez from Guatemala. His portrait of former President Obama was selected for his White House collection, and he successfully painted a giant kite by the festival’s closing.
📷 See photos from the festival and read about the special connection Sanchez found with NPR’s Marc Silver.
3 things to know before you go
![Jennifer Privett takes her Himalayan cat Jean Claude out for a stroll in San Francisco.](https://npr.brightspotcdn.com/dims3/default/strip/false/crop/5461x3072+0+726/resize/1100/quality/50/format/jpeg/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2Fcb%2F0d%2F6579b3ac4151849085df45b40a9a%2Fimg-9553.jpeg)
Jennifer Privett takes her Himalayan cat Jean Claude out for a stroll in San Francisco.
Chloe Veltman/NPR
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Chloe Veltman/NPR
- In the U.S., whether cats should be allowed to roam freely outdoors is a controversial topic. Some cat owners (including me!) navigate the issue by taking their furry friends on leashed walks.
- Companies like Walmart and McDonald’s are transforming how they think about higher education by convincing schools to allow employees to earn college credit for what they learn on the job.
- Angela Zhao was 10 years old when she entered her first piano competition in 2020. She began to doubt herself before the performance until her unsung hero, a fellow competitor, gave her the “precious gift” of a kind smile.
This newsletter was edited by Majd Al-Waheidi. Anandita Bhalerao contributed.
Texas
Heavy rainfall, winds expected in North Texas from Hurricane Beryl, flooding may be possible
![Heavy rainfall, winds expected in North Texas from Hurricane Beryl, flooding may be possible](https://assets3.cbsnewsstatic.com/hub/i/r/2024/07/07/4210ad32-7c14-4062-a621-98e398fd1909/thumbnail/1200x630/398a65cdda9426a28185d9d8e7c2d55b/gettyimages-87866147.jpg?v=57e8061b2038d609da26e467de5ddfb8)
NORTH TEXAS — Sunday night, Beryl officially became a Hurricane again. North Texas can expect winds and heavy rainfall. Flash flooding is possible.
Beryl’s timing
12 a.m. – 2 a.m.: If any isolated storms to our northwest hold together Sunday night, this would be the timeframe they could reach DFW.
2 a.m. – 5 a.m.: Isolated stray hit/miss showers could pop up across the region.
10 a.m. – 3 p.m.: Heavier showers and thunderstorms are possible in the metroplex and especially points to the east. If more showers and storms develop between the frontal boundary and Beryl, they could drop fast-hitting, heavy rainfall.
3 p.m. – 6 p.m.: Remaining activity should diminish or exit East/Northeast.
The latest track shifts a weakening Beryl further east of DFW.
All in all, the heaviest rainfall is trending east of the metroplex with a steep drop-off to the west of Beryl’s potential track. However, due to the interaction with the frontal boundary moving in from the northwest and Beryl, there certainly could be locally much higher amounts if stronger storms develop right over DFW.
Starting late week and amplifying into next week, a large upper-level ridge of high pressure will sit over the south and expand across the central and western United States. We could see extreme heat build back in for the extended forecast as a result.
For the 7-day forecast, Beryl and its associated activity exit the region quickly followed by more heat.
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