Nevada
The crypto industry is corrupt & convoluted, but its survival strategy is simple: Control Congress. • Nevada Current
Jacky Rosen and Sam Brown each have been raising and spending millions of dollars telling voters to “pick me” in the Nevada U.S. Senate race.
But that’s not the only thing Nevada’s incumbent Democratic senator and her Republican challenger have in common.
Both Rosen and Brown have each been granted “A” grades from the cryptocurrency industry, which describes them both as “strongly supportive.”
Nevada U.S. Democratic Reps. Steven Horsford, Susie Lee, and Dina Titus also got “A” grades and were rated “strongly supportive” of crypto.
So were Republican Rep. Mark Amodei, as well as Amodei’s opponent, independent candidate Greg Kidd, and Southern Nevada Republican congressional candidate Drew Johnson, who is running against Lee.
The ratings were bestowed by the Stand With Crypto Alliance, a creation of the cryptocurrency exchange corporation Coinbase as part of the industry’s campaign efforts that have raised more political action committee money than any other industry during the 2024 campaign cycle.
The only Nevada politician ranked by Stand With Crypto who didn’t get an “A” was Democratic Sen. Catherine Cortez Masto, who instead got an “F” and was described as “strongly against” crypto.
“I support reasonable regulations on crypto – including my bipartisan bills to close loopholes that are allowing drug cartels and terrorist organizations like Hamas to use digital currency to fund their operations. That’s just common sense,” Cortez Masto said in a statement when asked about her “F” grade from the industry.
The Stand With Crypto Alliance describes that bill as “very anti-crypto.”
“I look forward to continuing to work with my Senate colleagues to crack down on bad actors,” Cortez Masto added.
As if to reply “Bad actors? Us?,” the Stand With Crypto Alliance scheduled an “America Loves Crypto Swing State Bus Tour” to visit Las Vegas Thursday, headlined by Nevada State Treasurer (yes, treasurer) Zach Conine.
“America Loves Crypto” is an appropriate name for the event, not because America loves crypto, but because the crypto industry loves – indeed could not survive without – hype about crypto’s purported importance and popularity.
The industry spent some of its $174 million 2024 campaign warchest against whiteboard-wielding Rep. Katie Porter (crypto grade: F, strongly against) in her California U.S. Senate Democratic primary won by Rep. Adam Schiff (A, strongly supportive).
It’s also spending heavily to defeat Ohio Democratic Sen. Sherrod Brown, whose loss would give Republicans control of the U.S. Senate.
But the industry appears to be content to sit on much if not most of its campaign money, as if the fear that it might rain down political death and destruction via attack ads is itself enough to make politicians of both parties fall in line and stay on the right side of the industry.
The only Nevada politician to have received substantial cryptocurrency campaign contributions is not Brown, or Rosen, but Horsford, according to researcher Molly White’s Follow the Crypto campaign contribution tracking site. The Nevada congressman and chair of the Congressional Black Caucus has received nearly $110,500 from crypto PACs.
As for all the other Nevada pols with A grades, the crypto PACs might not be contributing to them but, even more importantly, nor are they spending to defeat them.
Useless ‘use cases’
Crypto enthusiasts are jargon heads, so instead of identifying (or imagining) purposes for cryptocurrency, they instead natter on about “use cases.”
Fine. Fifteen years after Bitcoin was created, by far the largest “use case” for cryptocurrency is not the purpose originally promised – a new way to pay for things – but rather as a speculative investment, according to a Federal Reserve Board report published in May of this year.
And if “America loves crypto,” the love appears to be fading. The Fed report found that only 7% of adults in the U.S. had any use at all for crypto in 2023. That was down from 10% the year before, and 12% the year before that.
Those who aren’t using crypto as a speculative investment might be using it in more nefarious ways, including money laundering. (It wouldn’t be that surprising if Las Vegas was the one place in the U.S. where crypto is used for money laundering more than for speculative investment).
You will be surprised (just kidding) to learn that the crypto industry’s estimates of how many people are using crypto are a lot bigger than the 7% in the Fed’s study, and that the industry’s boosters also promise robust growth for the foreseeable future.
Makes sense. If your industry consists primarily of holding then selling an investment in something with no intrinsic value and that doesn’t actually add anything to the economy except more investment instruments that don’t actually add anything to the economy, convincing the public that there is a demand for your effectively useless product – in other words, hype – is pretty much the foundation and perhaps sum total of your revenue model.
Hence things like ads during the Super Bowl, an “America Loves Crypto Swing State Bus Tour,” and of course, using hundreds of millions of dollars to get elected officials to act like you’re credible.
These things must be done if the industry is going to survive in an environment where the vast majority of the public may not be excited and curious about cryptocurrency, but rather just tired of hearing about it.
Creating the perception that elected officials comprehend the potentially beneficial if thus far elusive uses (er, use cases) of cryptocurrency and also genuinely think it’s crucial to the nation’s future economic competitiveness (or however politicians are phrasing their purported crush on crypto these days) isn’t just good for building up hype and polishing crypto’s image for potential investors.
It’s also good for attracting the biggest investor of all.
Wyoming Republican Sen. Cynthia Lummis (yes, Wyoming gets a U.S. senator; two of them in fact, sigh) has introduced legislation to establish a “strategic Bitcoin reserve,” by having the U.S. government “acquire” 5% of the total Bitcoin supply and hold on to it for at least 20 years.
As a pair of really quite conservative economists dryly observed while blistering the plan’s idiocy, the government holding on to the Bitcoin would be crucial because “We couldn’t have the government selling its Bitcoin and driving down the cryptocurrency’s price, now could we?”
Donald Trump went from calling crypto a “scam” (a phenomenon with which he is not without expertise) that’s “based on thin air” to now promising to be President Bitcoin or whatever, because of course he has. So given the chance, he might instruct a docile Republican Congress to pass the Lummis scam, er, scheme.
If Kamala Harris wins, however… crypto will still probably get kid gloves treatment.
Democratic Senate Majority Leader Chuck Schumer, who seems to love recklessly exotic investment instruments almost as much as he loves the campaign contributions that accompany them, is all-in for crypto. And he’s leading a group of Democrats who are pushing Harris to “reset” the relationship with the industry.
The industry wants a reset with the White House because Joe Biden and his Securities and Exchange Commission chair think crypto is super risky to consumers and the entire economy and needs to be regulated.
Because how old is Joe Biden? He’s old enough to remember when slipshod regulation of deeply flawed investment instruments sent the entire global economy into a Great Recession and a decade-long tailspin so severe that Nevada never did fully recover.
Stand With Crypto by the way gives Biden a “D” and labels him “against crypto.”
Kamala Harris got an “N/A” grade and her position on crypto is listed as “pending.”
The power of campaign financing – whether spent for or against a politician – is sometimes oversimplified by both the press and the public.
But crypto’s relatively recent acquisition of the United States Congress is pretty simple. And pretty crude. And demeaning, not only to members of Congress, but to their constituents.
Democrats like Rosen, Horsford, Schiff, Schumer, and Harris say elected officials like themselves must prioritize the interests of average people who are working hard yet still often struggling to get by, not powerful special interests.
Those elected officials need to do as they say, and not bow before a special interest whose practical purpose they can’t even clearly explain to the average people they profess to care about.
Nevada
Nevada high court ends casino mogul Steve Wynn’s defamation suit against The Associated Press
LAS VEGAS (AP) — The Nevada Supreme Court on Thursday ended a defamation lawsuit brought by casino mogul Steve Wynn against The Associated Press in 2018, rejecting his bid for a jury to hear his claim that he was defamed by an AP story about two women who alleged Wynn committed sexual misconduct.
The seven-member court upheld a February ruling by a three-judge panel that cited the state’s anti-SLAPP law, or “strategic lawsuits against public participation, that blocks lawsuits filed to intimidate or silence critics.
That ruling said anti-SLAPP statutes “were designed to limit precisely the type of claim at issue here, which involves a news organization publishing an article in a good faith effort to inform their readers regarding an issue of clear public interest.”
In what the unanimous full court said was an effort to clarify the law, Justice Ron Parraguirre wrote that Wynn, as a public figure, needed to show “clear and convincing evidence to reasonably infer that the publication was made with actual malice.”
“The public had an interest in understanding the history of misconduct alleged to have been committed by one of the most recognized figures in Nevada,” the opinion said, “and the article directly relates to that interest.”
Attorneys who represent Wynn personally and those who handled the case did not respond to email and telephone messages seeking comment.
“The Associated Press is very pleased with the Nevada Supreme Court’s decision,” Lauren Easton, AP vice president of corporate communications, said in a statement.
The AP plans to seek reimbursement for legal costs through a lower court.
Dominic Gentile, a veteran Nevada lawyer well-known for his work in First Amendment law, said the ruling “will make it even more difficult for a public figure to bring an action over expressive conduct.”
“In most cases, the standard is ‘a preponderance of evidence’ that a lawsuit is being brought to stifle speech,” he said. “This case has taken that and raised the bar for someone who is a public figure to not get thrown out of court.”
Gentile has been an attorney in the state since 1979 and has taught at the University of Nevada, Las Vegas Boyd School of Law. Malice, he said, means “you know it’s false or you didn’t do enough to determine that it was.”
Wynn, now 82 and living in Florida, is the billionaire developer of a luxury casino empire in the U.S. and the Chinese gambling enclave of Macao. He has consistently denied sexual misconduct allegations, which were first reported in January 2018 by the Wall Street Journal.
He resigned as CEO of Wynn Resorts Ltd. after the reports became public, divested company shares and quit the corporate board. Last year, he cut ties to the industry he helped shape in Las Vegas, agreeing with Nevada gambling regulators to pay a $10 million fine, with no admission of wrongdoing.
In a flurry of settlements in 2019, the Nevada Gaming Commission fined Wynn’s former company a record $20 million for failing to investigate claims of sexual misconduct made against him before he resigned. Massachusetts gambling regulators fined the company and a top executive $35.5 million for failing to disclose while applying for a license for a Boston-area resort that there had been sexual misconduct allegations against Wynn.
Wynn Resorts agreed in November 2019 to accept $20 million in damages from Wynn and $21 million more from insurance carriers on behalf of current and former employees of Wynn Resorts to settle shareholder lawsuits accusing company directors of failing to disclose misconduct allegations.
Those agreements also included no admission of wrongdoing.
Wynn filed his defamation lawsuit in April 2018 against AP, one of its reporters and one of the women, Halina Kuta. Kuta filed claims to police that Wynn raped her in the 1970s in Chicago and that she gave birth to their daughter in a gas station restroom.
Neither accuser was identified in the AP report. Their names and other identifying information were blacked out in documents obtained by AP under a public records request. Las Vegas police refused to provide additional details and said too much time had elapsed since Kuta said the events occurred in 1973 or 1974. No charges were ever filed against Wynn.
The AP typically does not publish names of people who say they are victims of sexual assault, but Kuta agreed to be named in later news reports.
Wynn attorneys argued that the article, which cited police documents, failed to fully describe elements of Kuta’s account that would have cast doubt on her allegation.
A trial court judge later ruled that Kuta defamed Wynn with her claims, which the judge termed “totally fanciful,” and awarded Wynn a nominal $1 in damages.
Copyright 2024 Associated Press. All rights reserved.
LAS VEGAS, Nev. (FOX5) – Nevada State University opened 22 years ago with just 144 students. Last week, they welcomed 7,200 students. In 20 years, they expected to serve 20,000. Plans are being made now to prepare for that massive growth.
A map showing the projected growth over the next couple decades, showing a lot of building around the current school, from the new “University Area Livable Centers Study,” was shared with the Henderson City Council this week.
“It is the city of Henderson’s vision that has continued to propel us forward,” contended Nevada State University President Dr. Derionne Pollard. Dr. Pollard thanking the council this week for acting now to address the schools future needs.
“Our faculty, our students, and our neighbors will have dedicated spaces to live, work, play and thrive,” Dr. Pollard explained.
The City of Henderson, RTC, and the school are all coming together to strategize for future growth of the college area, the heart of Southeast Henderson.
About 1,000 people on campus and in the general area responded to a survey on what they’d like to see happen with more than 450 acres of vacant land. The big goal: a more walkable, bikeable, connected community.
FOX5 went to the campus and asked students who live in student housing what they would like to see.
“Being that it is so like desert-y there are not a lot of shops around like very close to school it would be very nice if there were more…The closest thing is our student cafe…There is nothing in walking distance,” shared LeAsha Bryant, a freshman in the pre-nursing program.
Students agree the roadmap for future development needs to include a much shorter drive to get food.
“Fast food is 15-20 minutes away… To be able to get to the closest store, I’ve got to drive about 15 minutes so it is a bit of a hassle especially on gas,” described Adrianne Almaraz, a sophomore studying English.
There has been push back against development in the general area before. Back in 2022, FOX5 told you about a proposal to open a road between the school and the Mission Hills neighborhood. Neighbors there, especially those with horses, fought against opening the road and more traffic. The road remains blocked off.
The school will hold an event next month on plans for its growth and the growth of the area. Here is what they’ve shared:
We are excited to announce our Nevada State SMART Growth Launch Event that will take place on Thursday, October 24th at 9am.
With more than 450 acres of vacant land in southeast Henderson, Nevada State is poised for transformative development that will enrich our campus, the university community, and the entire state. Our ambitious plan aims to leverage innovative collaborations with the private sector to construct state-of-the-art buildings and other facilities that will support the next generation of Nevada educators, health care professionals, scientists, and other critical workforce roles.
Come join developers, investors, and regional stakeholders for an insightful look at Nevada State and our vision for the future.
RSVP here: https://lnkd.in/gfH7J7pH
hashtag#NSUSMARTGrowth hashtag#HigherEducation hashtag#WorkforceDevelopment
Copyright 2024 KVVU. All rights reserved.
LAS VEGAS (KTNV) — The number of people facing homelessness in Southern Nevada continues to grow.
On Wednesday, Clark County released the results of their annual census, which was carried out by volunteers on Jan. 25, 2024.
On any given night, 7,906 people in Clark County are experiencing homelessness. That’s a 20% jump compared to 2023 and a 36% jump compared to 2022.
Clark County
According to county data, the most impacted groups are women, African Americans, and those between 35 and 44 years old.
Clark County
County officials add that while individuals experiencing homelessness currently represent less than 1% of the overall population, the number of people and proportion relative to the total population have been rising.
Those trends “indicate a potential shift towards increased homelessness” and allow county officials to plan for the future, including putting proactive measures in place like adding additional shelter locations and adding affordable housing and permanent supportive housing programs.
How do we compare to other cities?
When looking at national data, Las Vegas is number 11 when it comes to the largest population of those experiencing homelessness on a single night.
(Note: Las Vegas numbers include those people in shelters as well as people on the street. Other major cities ranked lower on the list below only provided shelter-only counts. Based on shelter-only rates, Las Vegas would rank in the 20 to 25 range.)
Clark County
What is causing homeless rates to go up in Southern Nevada?
One of the biggest factors in the rise of homeless rates is housing affordability and income.
For example, between 2021 and 2022, median household prices surged by over 35%, according to Clark County. Officials add that income did increase but was “comparatively slower, growing at approximately half the rate of the surge in median household prices and Fair Market Rents.”
That tracks with data from the Princeton University Eviction Lab, which tracks housing and rent costs across the country.
Over the past year, there have been 51,825 eviction filings in Las Vegas, which is up 42%, compared to an average year before the COVID-19 pandemic. Looking closer, there have been 4,983 eviction filings in just the last month, which is up 63%, compared to an average year before the COVID-19 pandemic.
Many of those evictions are in the central or eastern part of the valley.
Princeton researchers say the data in Clark County is likely an undercount because those records “are only available with a delay”.
Princeton University Eviction Lab
Princeton University Eviction Lab
What are valley officials doing to help those experiencing homelessness?
In Clark County, there are 9,013 total beds for people experiencing homelessness. That number includes emergency shelters, transitional housing, permanent supportive housing, other than permanent housing, and rapid rehousing.
According to the 2024 census data, only 7,635 of those beds were used on any given night, or about 85%
Clark County has been looking for ways to add beds and last year, they opened the Clark County Navigation Center. A former Motel 6 was converted into temporary housing for up to 70 people. The Vintage Safari Motel was also converted into transitional housing.
WATCH: Vacant motel transformed into Betterment Community for homeless populations in Las Vegas
Vacant Las Vegas motel transforms into shelter for homeless Nevadans
In response to the 2023 homeless census, Clark County also added non-congregate shelter beds to help individuals find safer and more suitable accommodations and get more people off the street.
In May, Clark County commissioners approved over $66 million in funds to go towards constructing and rehabilitating affordable housing units for low to extremely low-income residents. That round of funding is going to nine projects, which will create 1,273 units.
The City of Las Vegas also has the Courtyard Homeless Resource Center, which has case managers to help people navigate the resources they need to get off the streets. That includes a computer lab, medical care, laundry room, showers, bathrooms, and a kennel for people’s animals.
The Courtyard also has a free Arrow shuttle that transports people to service providers such as the DMV, Nevada Job Connect, and the Goodwill Career Center.
Las Vegas also has a Multi-agency Outreach Resource Engagement, or MORE, team. They provide mobile intervention and outreach services to homeless individuals that live in encampments, the street, flood control tunnels, and outlying uninhabited areas around Las Vegas.
You can learn more about those resources here.
WATCH: Learn more about the MORE Team and the work they do in Las Vegas
13 Investigates: What’s being done to address homelessness in the Las Vegas Valley?
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