3. SEC vs CZ
The Securities and Exchange Commission on Monday accused Binance and CEO Changpeng Zhao of several violations after months of heightened regulatory scrutiny on the world’s largest crypto exchange in the wake of FTX’s collapse. “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” Gary Gensler, the SEC’s chair, said in a news release. Binance expressed disappointment about the complaint, saying it had “actively cooperated with the SEC’s investigations.” Zhao, also known as CZ, dismissed the accusations, as well. The SEC case isn’t Binance’s only legal challenge. The Commodity Futures Trading Commission sued the company in March, and the Justice Department is also investigating it.
4. GM’s pickup pick-me-up
Even though General Motors and its main rivals are pushing toward an all-electric future, they’re still heavily reliant on good ol’ fashioned pickup trucks powered by gas and diesel. The company underlined that fact Monday, when it announced it would invest $1 billion to manufacture new heavy-duty pickups. GM is counting on its highly profitable pickups to carry it financially into an era where it can turn profits on electric vehicles. The investment also comes ahead of potentially contentious contract negotiations with the United Auto Workers union, which is seeking better compensation for workers as they navigate the transition to EVs.
5. Dam destroyed in Ukraine
A dam in a Russian-occupied area of southern Ukraine was destroyed early Tuesday, unleashing a torrent of water that triggered emergency evacuations. Ukraine’s government blamed Russian forces for the catastrophe. “Russian terrorists,” tweeted Ukrainian President Volodymyr Zelenskyy. “The destruction of the Kakhovka hydroelectric power plant dam only confirms for the whole world that they must be expelled from every corner of Ukrainian land.” Russia denied it and instead blamed Ukraine itself for the dam’s damage. Follow live war updates.
— CNBC’s Mike Calia wrote this newsletter. Alex Harring, Lauren Feiner, Kif Leswing, Rohan Goswami, Michael Wayland, Holly Ellyatt and Sam Meredith contributed.
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