Bitcoin ETFs, GOP debate, and wearable airbags.

Adam Rogers
January 11, 2024

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Big Stories

The Securities and Exchange Commission (SEC) has reluctantly approved the first exchange-traded funds (ETFs) tied to Bitcoin.

Despite skepticism about cryptocurrencies, the SEC gave the green light to 11 ETFs, signaling a potential shift toward mainstream acceptance of digital assets.
An ETF is a convenient way to invest in assets, like Bitcoin, without directly owning them. Unlike traditional mutual funds, ETFs trade on stock exchanges, making them easily accessible. The approved ETFs operate similarly to funds like SPDR Gold Shares, allowing investment in Bitcoin without the need for physical ownership or storage.
While the approval is a win for Wall Street and the cryptocurrency industry, the SEC remains cautious. Chairman Gary Gensler emphasized the need for more regulation and investor protections. Some commissioners expressed concern about potential fraud and manipulation affecting ordinary investors, particularly those relying on retirement savings.
The approval opens the door for more Bitcoin ETFs with others already expected to apply in the future. Crypto investors were eagerly awaiting the approval as the general use of Bitcoin ETFs could drive up demand for the cryptocurrency. However, investors are being advised to remain cautious due to the volatility in the price of Bitcoin and the ongoing regulatory challenges in the crypto industry.

Florida Gov. Ron DeSantis and former U.N. Ambassador Nikki Haley faced off on Wednesday night in the final debate before the Iowa caucuses.

The candidates clashed on various issues, accusing each other of dishonesty. Notably, DeSantis questioned Haley's stance on immigration, accusing her of opposing a border wall. The debate also touched on topics like Israel, campaign spending, and Social Security, with both candidates trading criticisms on their records.
Both DeSantis and Haley attacked each other’s campaign strategies. DeSantis accused Haley of running to serve her donors rather than addressing voter issues. Haley, in turn, criticized DeSantis for alleged mismanagement of campaign funds, citing excessive spending and a lack of effectiveness in the polls.
Former President Trump opted out of participating in the debate, choosing instead to appear on a Fox News Town Hall. He hinted that he has already chosen a vice president although his team downplayed the remark.
Earlier, Chris Christie dropped out of the presidential race while taking shots at Trump and Nikki Haley as he went. During a hot mic moment, he said that Haley was “going to get smoked, and you and I know it.” He also said that she’s not up to the task of taking down Trump before his mic was cut off.

Nick Saban, one of college football’s greatest coaches, is retiring.

Saban announced his retirement after 17 seasons as head coach of the University of Alabama football program. During his career, he led Alabama to seven national championships, revitalizing the program and solidifying its dominance in college football.
His coaching legacy spans 28 years in which he won 12 conference championships and 19 bowl games. He never had a losing season during his career. Saban also left his mark on the NFL Draft where 49 of his players were drafted in the first round - the most of any coach since 1967.
Saban's influence extends beyond championships, as he played a pivotal role in shaping or relaunching the coaching careers of Kirby Smart, Steve Sarkisian, and Lane Kiffin.

Donald Trump wants to make a closing argument in his civil fraud trial on Thursday, but his lawyer rejected the request due to strict conditions set by the judge. The judge said Trump would be required to follow the rules or be fined and removed from the courtroom. Trump’s legal team didn’t agree to the terms before the judge’s deadline. (More)

Health insurance sign-ups through the Affordable Care Act (ACA) have hit a new record for the third year in a row, according to the Centers for Medicare and Medicaid Services. Over 20 million people have enrolled in ACA plans for 2024, surpassing last year's enrollment by about 4 million. With just less than a week left to enroll, the number could still rise. (More)

A consumer advocacy group is taking legal action against Starbucks claiming the coffee company falsely advertises its commitment to ethical sourcing. The lawsuit, filed in Washington, D.C., argues that Starbucks misleads the public by promoting a "100% ethical" sourcing commitment while knowingly purchasing coffee and tea from suppliers with documented human rights and labor issues. (More)

The U.S. and the U.K. are considering military action against Yemen's Houthi rebels after the groups launched their largest attack on shipping in the Red Sea. Warships shot down twenty-one drones and missiles launched by the militants on Tuesday night. The rebels claim to have targeted a U.S. ship supporting Israel, but their claims are often found to be untrue. (More)

Alaska Airlines has decided to cancel all flights on Boeing 737-9 MAX planes until Saturday. The decision comes after an incident where an exit door came off during a flight. The airline is waiting for the required documentation to start safety inspections on the aircraft. By canceling the flights, Alaska Airlines will have 110 to 150 fewer flights each day. (More)

These wearable airbags were designed to prevent slip and fall injuries.

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