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The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies
NNPA NEWSWIRE — In a CBS News interview, Treasury Secretary Janet Yellen said the fall of FTX should warn Americans about investing their money in “extremely risky” financial products traded in a space lacking “appropriate supervision and regulation,” adding, “I think this is a space where investors and consumers should really be very careful.”
The post The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies first appeared on BlackPressUSA.

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
The fall of Cryptocurrencies, the recent wave of the investment craze that includes NFTs and trading cards, has not only ruined bank accounts for some but now has the federal government investigating its dramatic downfall.
FTX, the Bahamas-based cryptocurrency exchange founded just before the pandemic paralyzed America and much of the world, landed in bankruptcy this month, leaving federal authorities perplexed over the fall of the company, which was valued at $32 billion.
Some have compared crypto’s fall to the famed failed Ponzi scheme orchestrated by Bernie Madoff.
“And just as Madoff’s Ponzi scheme fell apart during the 2008 financial crisis, FTX’s collapse arrives amid a broader pullback for the tech industry,” Erin Griffith, a tech writer, penned for the New York Times’s digital newsletter.
“Tech stocks have crashed. Venture capital funding is drying up. As a result, nearly 800 tech companies have laid off more than 120,000 workers this year, with cuts hitting Meta, Amazon, and Twitter,” Griffith noted.
In a CBS News interview, Treasury Secretary Janet Yellen said the fall of FTX should warn Americans about investing their money in “extremely risky” financial products traded in a space lacking “appropriate supervision and regulation,” adding, “I think this is a space where investors and consumers should really be very careful.”
“We have very strong investor and consumer protection laws for most of our financial markets, but in some ways, the crypto space has inadequate regulation.”
Yet, the crypto space has lured not just financial bigwigs but heavyweights in entertainment like Snoop Dogg, Jay-Z, Russell Simmons, and Ja Rule.
Along with friend and business partner Herb Rice, Ja Rule co-founded The Painted House and launched the NFT collection Black Is Beautiful, with a charitable component benefiting historically Black colleges and universities.
Earlier this year, Ja Rule told the Black Press that he wanted to create a space for people of color in the crypto world.
“That’s important. We need to be at that table,” Ja Rule said.
Simmons, the hip-hop architect, and successful businessman said he leaped into the NFT market because he wanted hip-hop pioneers to get their flowers and much-deserved money while still alive.
In collaboration with NFT marketplace Tokau, Simmons’ NFT honored individuals like D.J. Hollywood, Bizzy Bee Starski, and Grandmaster Caz.
Snoop Dogg agreed to curate the NFT collection.
“This is a multi-billion-dollar industry, and so many of the younger generation don’t know the shoulders on whom they stand,” Simmons told the Black Press at his launch party.
“Some of these guys [founders] don’t even have bank accounts, but we have to consider, all of us have to consider. None of us would be here without them.”
Simmons insisted that Snoop Dogg “gets it.”
“He wants to be a part of this. That’s why I love him so much,” Simmons asserted. “Snoop has such a big heart; he cares about these guys.”
In June, Jay-Z announced that he teamed with Twitter Founder Jack Dorsey to launch a new “Bitcoin Academy” for underserved residents – particularly those in Brooklyn, New York’s Marcy Houses.
The plan included adding other locations for the program designed in collaboration with Crypto Blockchain Plug and Black Bitcoin Billionaire.
Jay-Z and Dorsey said their mission included providing education and empowering the community with knowledge.
Program participants were promised MiFi devices, a one-year limited data plan, and smartphones if needed.
Each of the artists has yet to speak on the current state of the crypto space.
This week, a new study found that the District of Columbia topped the list of American states and places that have demonstrated the most interest in NFTs and cryptocurrency.
The study found that Bitcoin sold for a record $68,000 in November 2021, while NFT sales peaked at $12.6 billion in January 2022.
Both have since dropped precipitously.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” John Ray III, the new CEO of FTX, told MSN as he laid out “a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.”
“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented,” said Ray.
He performed cleanup work in the aftermath of the disastrous Enron scandal.
Griffin wrote in the New York Times newsletter that it would take time and multiple federal investigations to entirely understand what happened behind the scenes at FTX.
However, the impact is already evident.
“Lawmakers are calling for more oversight,” Griffin wrote.
“Crypto die-hards are trying to distance themselves. Critics of this sector of finance are crowing. And for those of you who had, until now, managed to ignore the rise and rise and rise of crypto as a phenomenon? First of all, good for you. And second, you may want to watch this one play out.”
The post The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies first appeared on BlackPressUSA.
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Remembering George Floyd
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OP-ED: Oregon Bill Threatens the Future of Black Owned Newspapers and Community Journalism
BLACKPRESSUSA NEWSWIRE — Nearly half of Oregon’s media outlets are now owned by national conglomerates with no lasting investment in local communities. According to an OPB analysis, Oregon has lost more than 90 news jobs (and counting) in the past five years. These were reporters, editors and photographers covering school boards, investigating corruption and telling community stories, until their jobs were cut by out-of-state corporations.

By Dr. Benjamin F. Chavis, Jr.
President and CEO, National Newspaper Publishers Association
For decades, The Skanner newspaper in Portland, the Portland Observer, and the Portland Medium have served Portland, Oregon’s Black community and others with a vital purpose: to inform, uplift and empower. But legislation now moving through the Oregon Legislature threatens these community news institutions—and others like them.
As President and CEO of the National Newspaper Publishers Association (NNPA), which represents more than 255 Black-owned media outlets across the United States—including historic publications like The Skanner, Portland Observer, and the Portland Medium—l believe that some Oregon lawmakers would do more harm than good for local journalism and community-owned publications they are hoping to protect.
Oregon Senate Bill 686 would require large digital platforms such as Google and Meta to pay for linking to news content. The goal is to bring desperately needed support to local newsrooms. However, the approach, while well-intentioned, puts smaller, community-based publications at a future severe financial risk.
We need to ask – will these payments paid by tech companies benefit the journalists and outlets that need them most? Nearly half of Oregon’s media outlets are now owned by national conglomerates with no lasting investment in local communities. According to an OPB analysis, Oregon has lost more than 90 news jobs (and counting) in the past five years. These were reporters, editors, and photographers covering school boards, investigating corruption, and telling community stories, until their jobs were cut by out-of-state corporations.
Legislation that sends money to these national conglomerate owners—without the right safeguards to protect independent and community-based outlets—rewards the forces that caused this inequitable crisis in the first place. A just and inclusive policy must guarantee that support flows to the front lines of local journalism and not to the boardrooms of large national media corporations.
The Black Press exists to fill in the gaps left by larger newsrooms. Our reporters are trusted messengers. Our outlets serve as forums for civic engagement, accountability and cultural pride. We also increasingly rely on our digital platforms to reach our audiences, especially younger generations—where they are.
We are fervently asking Oregon lawmakers to take a step back and engage in meaningful dialogue with those most affected: community publishers, small and independent outlets and the readers we serve. The Skanner, The Portland Observer, and The Portland Medium do not have national corporate parents or large investors. And they, like many smaller, community-trusted outlets, rely on traffic from search engines and social media to boost advertising revenue, drive subscriptions, and raise awareness.
Let’s work together to build a better future for Black-owned newspapers and community journalism that is fair, local,l and representative of all Oregonians.
Dr. Benjamin F. Chavis Jr., President & CEO, National Newspaper Publishers Association
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Hate and Chaos Rise in Trump’s America
BLACKPRESSUSA NEWSWIRE — Tactics ranged from local policy manipulation to threats of violence. The SPLC documented bomb threats at 60 polling places in Georgia, traced to Russian email domains.

By Stacy M. Brown
Black Press USA Senior National Correspondent
The Southern Poverty Law Center has identified 1,371 hate and antigovernment extremist groups operating across the United States in 2024. In its latest Year in Hate & Extremism report, the SPLC reveals how these groups are embedding themselves in politics and policymaking while targeting marginalized communities through intimidation, disinformation, and violence. “Extremists at all levels of government are using cruelty, chaos, and constant attacks on communities and our democracy to make us feel powerless,” said SPLC President Margaret Huang. The report outlines how hard-right groups aggressively targeted diversity, equity, and inclusion (DEI) initiatives throughout 2024. Figures on the far right falsely framed DEI as a threat to white Americans, with some branding it a form of “white genocide.” After the collapse of Baltimore’s Francis Scott Key Bridge, a former Utah legislator blamed the incident on DEI, posting “DEI = DIE.”
Tactics ranged from local policy manipulation to threats of violence. The SPLC documented bomb threats at 60 polling places in Georgia, traced to Russian email domains. Similar threats hit Jewish institutions and Planet Fitness locations after far-right social media accounts attacked them for trans-inclusive policies. Telegram, which SPLC describes as a hub for hate groups, helped extremists cross-recruit between neo-Nazi, QAnon, and white nationalist spaces. The platform’s lax moderation allowed groups like the Terrorgram Collective—designated terrorists by the U.S. State Department—to thrive. Militia movements were also reorganized, with 50 groups documented in 2024. Many, calling themselves “minutemen,” trained in paramilitary tactics while lobbying local governments for official recognition. These groups shared personnel and ideology with white nationalist organizations.
The manosphere continued to radicalize boys and young men. The Fresh & Fit podcast, now listed as a hate group, promoted misogyny while mocking and attacking Black women. Manosphere influencers used social media algorithms to drive youth toward male-supremacy content. Turning Point USA played a key role in pushing white nationalist rhetoric into mainstream politics. Its leader Charlie Kirk claimed native-born Americans are being replaced by immigrants, while the group advised on Project 2025 and organized Trump campaign events. “We know that these groups build their power by threatening violence, capturing political parties and government, and infesting the mainstream discourse with conspiracy theories,” said Rachel Carroll Rivas, interim director of the SPLC’s Intelligence Project. “By exposing the players, tactics, and code words of the hard right, we hope to dismantle their mythology and inspire people to fight back.”
Click here for the full report or visit http://www.splcenter.org/resources/guides/year-hate-extremism-2024.
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