Regulation and Deregulation of Industry

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      Bitcoin Price Surges to a Milestone: $100,000

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      The price of a single Bitcoin rose to six figures for the first time, an extraordinary level for a 16-year-old cryptocurrency once dismissed as a sideshow.In May 2010, Laszlo Hanyecz, an early cryptocurrency enthusiast, used Bitcoin to buy two pizzas from Papa John’s. He spent 10,000 Bitcoins, or roughly $40 at the time, in one of the first purchases ever made with the digital currency.It has turned out to be the most expensive dinner in history.On Wednesday, the price of a single Bitcoin rose to more than $100,000, a remarkable milestone for an experimental financial asset that had once been mocked as a sideshow and a fad. The total cost of those pizzas today: $1 billion.Bitcoin now stands as arguably the most successful investment product of the last 20 years. The value of all the coins in circulation is $2 trillion, more than the combined worth of Mastercard, Walmart and JPMorgan Chase. The motley assortment of hackers and political radicals who embraced Bitcoin when it was created by an anonymous coder in 2008 have become millionaires many times over. And the invention has spawned an entire industry anchored by publicly traded companies like Coinbase, a cryptocurrency exchange, and promoted by celebrities, athletes and Elon Musk.Even the president-elect says he is a believer. During the campaign, Donald J. Trump marketed himself as a Bitcoin enthusiast, vowing to create a federal stockpile that could push its price even higher.

      Note: As of 10 p.m. Eastern on Dec. 4Source: Investing.comBy The New York TimesBitcoin began as “essentially an experimental hobbyist project,” said Finn Brunton, the author of a 2019 book about the history of cryptocurrency. “To see where it is now is to see a really impressive feat.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why Mexico Is Eliminating Independent Watchdog Agencies

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      A vote in the country’s Senate has cleared the way to abolish seven independent organizations that provided oversight on issues such as public information and price fixing.Mexico’s Senate on Thursday night passed a sweeping proposal to dissolve several government-financed yet independent watchdog organizations, a move the president and her supporters said would help reduce corruption and waste. Critics have called it a step backward for transparency and regulation.The duties of most of the seven agencies, which provided oversight on a host of issues, such as public information requests and price fixing in the telecommunications, pharmaceutical and energy sectors, would be absorbed by other parts of the federal government, overseen by the president.Perhaps the most noteworthy of the agencies — the National Institute for Transparency, Access to Information and Protection of Personal Data, known as INAI — would have its responsibilities divided among a handful of existing federal agencies.“The disappearance of these autonomous bodies represents a democratic setback,” the Mexican Association for the Right to Information, a nongovernmental group, said in a statement. The move, the group added, “weakens the mechanisms of control, transparency and protection of rights that have been built with great effort in our country.”The constitutional amendment dissolving the agencies is part of a series of far-reaching proposals pushed by the former Mexican president, Andrés Manuel López Obrador, that are supported by his successor and mentee, Claudia Sheinbaum, and by their political party, Morena.In September, Mexico passed an amendment overhauling the country’s judiciary, which supporters of the proposal said was riddled with graft, influence-peddling and nepotism. Critics warned that the move, which will see nearly all Mexican judges elected rather than appointed, undermines judicial independence and politicizes the courts.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Australia Bans Social Media for Everyone Under 16

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      The law sets a minimum age for users of platforms like TikTok, Instagram and X. How the restriction will be enforced online remains an open question.Australia has imposed a sweeping ban on social media for children under 16, one of the world’s most comprehensive measures aimed at safeguarding young people from potential hazards online. But many details were still unclear, such as how it will be enforced and what platforms will be covered.After sailing through Parliament’s lower house on Wednesday, the bill passed the Senate on Thursday with bipartisan support. Prime Minister Anthony Albanese has said that it puts Australia at the vanguard of efforts to protect the mental health and well-being of children from detrimental effects of social media, such as online hate or bullying.The law, he has said, puts the onus on social media platforms to take “reasonable steps” to prevent anyone under 16 from having an account. Corporations could be fined up to 49.5 million Australian dollars (about $32 million) for “systemic” failures to implement age requirements.Neither underage users nor their parents will face punishment for violations. And whether children find ways to get past the restrictions is beside the point, Mr. Albanese said.“We know some kids will find workarounds, but we’re sending a message to social media companies to clean up their act,” he said in a statement this month.As with many countries’ regulations on alcohol or tobacco, the law will create a new category of “age-restricted social media platforms” accessible only to those 16 and older. How that digital carding will happen, though, is a tricky question.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Markets Cheer Trump’s Treasury Pick, Scott Bessent

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      Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.Stocks and bonds are gaining on Monday, as investors seem to cheer the pick of Scott Bessent to run the Treasury Department.Dominic Gwinn/Middle East Images/AFP via Getty ImagesA steady hand Stocks and bonds are rising on Monday, and the dollar is down. On the first trading day since Donald Trump chose the billionaire financier Scott Bessent as his pick for Treasury secretary, investors seem to be signaling they like the choice.The hedge fund mogul is seen as a steady hand to enact the president-elect’s economic vision — and, just as important, oversee the $28 trillion Treasuries market. “Investors prefer orthodoxy, predictability, and coherence from economic policy; there were fears that some of the candidates may not possess those attributes. Bessent does,” Paul Donovan, chief economist of UBS Global Wealth Management, wrote in a research note on Monday.The Key Square Group founder overcame serious opposition from some in Trump’s inner circle. Elon Musk derided Bessent as a “business-as-usual choice” and threw his weight behind Howard Lutnick, the C.E.O. of Cantor Fitzgerald. When Trump tapped Lutnick to lead the Commerce Department instead, Bessent was left to fight it out against the likes of Mark Rowan, the boss of Apollo Global Management, the private equity giant.Bessent won a “knife fight” to get the nod. On Wall Street, a document was circulated suggesting that his Key Square hedge fund had underperformed the booming markets. Bessent’s ascent is notable in that he doesn’t appear to have been on Trump’s radar during his first administration.His background as a former Democratic donor who worked with George Soros, a villain for the right, has also been scrutinized. (Interesting fact: Bessent furnished the progressive billionaire financier with key data that prompted Soros to make one of his most famous trades: shorting the British pound.) Some Trump backers, including Palmer Luckey, the defense tech entrepreneur, worried about Bessent’s commitment to the president-elect’s America-first agenda.Investors appear to have fewer qualms. Bessent gets high marks as a fiscal conservative and a champion of growth — at Key Square, he told clients that Trumponomics would usher in an “economic lollapalooza” — through deregulation and lower taxes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk recibe un curso intensivo sobre cómo funciona el mundo de Donald Trump

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      La persona más rica del mundo, no muy conocida por su humildad, está aprendiendo la despiadada política cortesana del círculo íntimo de Donald Trump, y su influencia final sigue siendo una incógnita.Durante los primeros 53 años de su vida, Elon Musk apenas pasó tiempo con Donald Trump. Luego, a partir de la noche del 5 de noviembre, básicamente no pasó tiempo sin él.Y así, Musk, más que cualquier otro actor clave en la transición presidencial, se encuentra en un entrenamiento intensivo para aprender la política cortesana del círculo íntimo de Trump. Para la persona más rica del mundo —no muy conocida por su humildad o su paciencia— es un reto de ingeniería social mucho más difícil y menos familiar que la fabricación pesada o la ciencia de cohetes.Abundan las dudas sobre si se graduará en 2028 con un título de cuatro años en Trumpismo: en este momento, en Washington y Silicon Valley, es como un juego de salón especular cuánto durará la relación Musk-Trump. La respuesta, como te dirán los asesores descartados del primer mandato de Trump, puede depender de la capacidad de Musk para aplacar al jefe y mantener un perfil relativamente bajo, pero también para apuñalar a un rival cuando llegue el momento.En resumen, cómo jugar a la política en el mundo de Trump.La mayoría de las personas que rodean actualmente a Trump en la transición son ayudantes curtidos en batallas anteriores o amigos personales desde hace décadas. Musk no es ni lo uno ni lo otro. Lo que aporta en cambio son sus 200 millones de seguidores en X y los aproximadamente 200 millones de dólares que gastó para ayudar a elegir a Trump. Ambas cosas han impresionado mucho al presidente electo. Trump, asombrado por la disposición de Musk a despedir al 80 por ciento del personal de X, ha dicho que el multimillonario de la tecnología ayudará a dirigir un Departamento de Eficiencia Gubernamental junto con Vivek Ramaswamy.Musk mostró a Trump y a legisladores republicanos la sala de control antes del lanzamiento de un cohete de SpaceX el martes, en el sur de Texas. Foto de consorcio de Brandon BellWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Rep. Lori Chavez-DeRemer for Labor Secretary

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      Lori Chavez-DeRemer, a first-term Republican representative from Oregon who narrowly lost her House seat this month, was chosen on Friday to serve as labor secretary in the coming Trump administration.“Lori has worked tirelessly with both business and labor to build America’s work force, and support the hardworking men and women of America,” President-elect Donald J. Trump said in a statement.A moderate from a swing district that includes parts of Portland, Ms. Chavez-DeRemer, 56, is not a major figure in American labor politics. But she was one of only a few House Republicans to support major pro-union legislation, and she split her district’s union endorsements with her Democratic opponent, Janelle Bynum, earning nods from ironworkers, firefighters and local Teamsters.When the House speaker, Mike Johnson, spoke at a Chavez-DeRemer rally in October, he said, “She’s got more labor union endorsements than any Republican I’ve ever seen in my life.”Labor leaders criticized Mr. Trump’s policies during his first term as president, and at one point in the race this year, he praised Elon Musk for a willingness to fire workers who go on strike. But Mr. Trump also proposed ending taxes on tips and overtime, and many rank-and-file union members embraced his pro-tariffs economic agenda.After Ms. Chavez-DeRemer’s defeat this month, the president of the Teamsters, Sean O’Brien, urged Mr. Trump to consider her for the labor secretary role, Politico reported. On Friday, Mr. O’Brien praised her selection, posting a photograph on X of himself standing with Mr. Trump and Ms. Chavez-DeRemer.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Dr Martin Makary Chosen to Head the FDA

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      President-elect Donald J. Trump announced on Friday that he would nominate Dr. Martin A. Makary, a Johns Hopkins University surgeon with a contrarian streak, to be commissioner of the Food and Drug Administration.In a post on social media, Mr. Trump said: “F.D.A. has lost the trust of Americans and lost sight of its primary goal as a regulator.” He said that Dr. Makary would work under Robert F. Kennedy Jr., the president-elect’s choice for the cabinet-level role as health secretary, to “properly evaluate harmful chemicals poisoning our nation’s food supply and drugs.”“I am confident that Dr. Makary, having dedicated his career to high-quality, lower-cost care will restore the F.D.A. to the gold standard of scientific research and cut the bureaucratic red tape at the agency to make sure Americans get the medical cures and treatments they deserve,” Mr. Trump said in a statement.Mr. Trump announced two other top health picks on Friday evening as well. He chose Dr. Dave Weldon, a physician and former congressman from Florida, to lead the Centers for Disease Control and Prevention.For years, Dr. Weldon championed the notion that thimerosal, a preservative once used widely in vaccines, caused an explosion of autism cases around the world. In 2007, he backed a bill proposing to take vaccine safety research out of the hands of the C.D.C. Health officials reject the idea that research shows any link between thimerosal and autism.Mr. Trump also put forward Dr. Janette Nesheiwat, a physician and Fox News contributor, to be surgeon general. She worked caring for patients after Hurricane Katrina, an announcement from Mr. Trump said, and on the front lines of the Covid pandemic in New York City. She also markets vitamin B and vitamin C dietary supplements.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Bondi Might Do as Attorney General

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      Donald Trump’s new pick to lead the Justice Department fought to overturn the Affordable Care Act, and has lobbied for Amazon, Uber and General Motors.Pam Bondi in 2020. She is seen as a Donald Trump loyalist who may lead a shake-up of the Justice Department.Pete Marovich for The New York TimesNew face, same goals?Heads in Washington are still spinning after Donald Trump named Pam Bondi as his choice for attorney general, just hours following Matt Gaetz’s withdrawal from consideration.Bondi, a former Florida attorney general and close ally of the president-elect, would most likely share his and Gaetz’s goal of shaking up the Justice Department. But the switcheroo also raises questions about how willing Republicans might be to push back against the more divisive elements of the Trump agenda.What to know: As Florida’s attorney general, Bondi participated in efforts to overturn the Affordable Care Act and the legalization of marijuana, as well as a multi-state lawsuit against Purdue Pharma, the maker of OxyContin.Since leaving office in 2019, she has worked for the powerful Republican lobbyist Brian Ballard — where her clients included General Motors (labor and tax policy), Amazon (cloud computing and trade) and Uber (the gig economy) — and a separate right-wing think tank that’s close to the Trump transition team.But while she is a favorite of Trump’s, it’s unclear whether she had been on a vetting list for an administration role. The Times reports that she interviewed for the position only on Thursday.It’s also uncertain how Bondi would steer the Justice Department. She is a longtime loyalist who served on the legal team that fought his first impeachment and publicly criticized the prosecutors and judge in his Manhattan criminal trial. “For too long, the partisan Department of Justice has been weaponized against me and other Republicans — Not anymore,” Trump wrote in announcing her selection.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More