UK government reveals ‘robust’ plans to regulate crypto

The UK government has detailed “ambitious” plans to regulate the crypto industry, with proposals on stronger rules for trading platforms, crypto lending, new token issues and more. The goal, it says, is to protect consumers and businesses, while enabling “a new and exciting sector to safely flourish and grow,” it wrote in a press release. 

Last year saw the fall of FTX, Celsius and other crypto exchanges, along with wildly fluctuating prices for Bitcoin, Ethereum and other cryptocurrencies. As a result, critics in the UK have been calling for new rules that protect consumers from the “crypto wild-west,” as the opposition Labour party’s Tulip Siddiq put it.  

The UK government plans to strengthen rules around the operation of crypto trading firms like FTX, along with other financial intermediaries. The primary aim, it wrote, is to enhance consumer protection and the ability of exchanges to weather storms. As part of that, it’s proposing what it calls a “crypto market abuse regime” that would create rules around money laundering and other illegal schemes. It also plans to strengthen laws around cryptocurrency lending. 

At the same time, the treasury department is introducing a time-limited exemption that would allow designated crypto firms to issue new tokens. Companies registered with the UK’s Financial Conduct Authority (FCA) for anti-money laundering purposes would be allowed to issue coins while the new regulations are written. 

In January 2022, the UK government promised a crackdown on misleading crypto ads, but that now seems quaint given the tumultuous year that followed. At the time, the government figured that around 2.3 million people in the country owned a cryptoasset.

Today’s proposal “delivers on the original policy intention of the measure to promote innovation, enhance consumer protection and ensure that cryptoasset promotions can be held to equivalent standards as promotions of financial services products with similar risk profiles,” the government said. The consultation will close on April 30th, 2023, at which point regulators will review feedback and formulate a response. 

Boeing completes the last ever delivery of the iconic 747 jumbo jet

The last Boeing 747 to ever be built has changed hands in front of thousands of people who wanted to say goodbye to the iconic widebody plane. Customers, suppliers, celebrities, as well as current and former employees — including the original staff known as the “Incredibles” who built the first 747 — gathered at the company’s Everett factory to witness Boeing delivering the plane to Atlas Air Worldwide. The event marks the plane’s end of production since it was first built in 1967. 

Boeing revealed back in 2020 that it was going to retire the model in a couple of years after it was done building the last orders for it. The 747 was one of the most famous four-engine widebody jets in the world and revolutionized air travel by doubling passenger capacity and thereby lowering the price of each seat. During the peak of its popularity in 1990, Boeing delivered 70 units in a single year. But like most older technologies, it eventually took a backseat to some of the company’s newer jets, particularly its two-engine planes that can fly the same routes but can use fuel more efficiently. 

As Reuters notes, the company only delivered five 747s in 2022, though the whole program itself produced 1,574 jets. The last planes Boeing delivered, including this one, will be used to transport cargo in the years to come. Yes, we won’t be seeing any new 747 anymore, but Bloomberg says the orders delivered for freighter use could be around until the 2050s. 

Boeing Commercial Airplanes CEO Stan Deal said in a statement:

“This monumental day is a testament to the generations of Boeing employees who brought to life the airplane that ‘shrank the world,’ and revolutionized travel and air cargo as the first widebody. It is fitting to deliver this final 747-8 Freighter to the largest operator of the 747, Atlas Air, where the ‘Queen’ will continue to inspire and empower innovation in air cargo.”

Kim Smith, Boeing’s VP and general manager for the 747 and 767 programs, revealed that the model’s production line shut down as workers finished building different parts for the last plane. Employees who worked on in the factory have now been transferred to other programs or have voluntarily retired. 

YouTube TV drops MLB Network after failing to renew deal

YouTube TV has dropped the MLB Network from its service after failing to renew its agreement, according to a statement from YouTube given to The Streamable. “You will also lose access to any previous Library recordings from this channel,” the streamer wrote. “Members will be able to continue watching select national MLB games via coverage on FOX, ESPN, and TBS through our Base Plan.”

The dispute appears to be over compensation, according to a statement from MLB Network. “YouTube TV has been unwilling to negotiate a fair carriage agreement… consistent with what close to 300 other US providers have agreed to for distribution.” MLB Network was part of YouTube’s $65 Base Plan and one of the few that carried 4K content as part of YouTube TV’s 4K Plus add-on. 

The news isn’t too tragic yet, as baseball season is still a couple of months away. YouTube TV has previously lost access to other channels including Disney’s ESPN and ABC, but in the case of the latter, they were restored just a day later. That lends some hope that the streaming company can reach an agreement with MLB Network ahead of any disruption to games next season. 

In the meantime, “MLB Network remains widely available throughout the US, including on Altice USA (Optimum), AT&T U-verse, Charter Communications (Spectrum), Comcast, Cox Communications, DIRECTV, DIRECTV Stream, DISH, fuboTV, Sling TV, Verizon Fios and many others,” MLB Network wrote. 

Amazon once again broke labor laws during New York unionization drive, judge rules

Last month, Amazon failed to overturn a Staten Island warehouse’s vote to unionize and now it has taken another loss. A National Labor Relations Board (NLRB) judge has ruled that the the company broke federal labor laws in an effort to push back a unionization drive at that facility and another that voted against the union, The New York Times has reported. Amazon can still appeal the ruling to the NLRB’s Washington board.

Federal administrative judge Benjamin Green ruled that Amazon supervisors unlawfully threatened wage increases and benefits if workers formed a union. The company also violated the law by removing a worker’s post on a digital message board inviting co-workers to sign an Amazon Labor Union petition to make Juneteenth a paid holiday, the judge said. 

Several other complaints by the union were dismissed, however. Those include accusations that Amazon said take-home pay would fall in the case of unionization, and that it promised improvements in an educational subsidy program if workers voted against the union. The union also protested Amazon saying workers would be fired if they formed a union but failed to pay union dues. The latter was not illegal, the judge ruled, and the other complaints were overstated.

Amazon took all that as a positive. “We’re glad that the judge dismissed 19 — nearly all — of the allegations in this case,” said spokesperson Mary Kate Paradis in a statement to the NYT. “The facts continue to show that the teams in our buildings work hard to do the right thing.”

The judge set aside one decision brought by the labor board as to whether employers can force workers to attend anti-union meetings. That puts the ball in the court of the NLRB, which can overturn a 75-year old ruling. “I believe that the NLRB case precedent, which has tolerated such meetings, is at odds with fundamental labor-law principles,” the labor board’s lawyer Jennifer Abruzzo wrote in a memo last year.