Crypto News: Stayin' alive

Good morning. The chances of a TikTok reprieve are rising. Defending the dollar is a key Trump administration priority. And Lebron's business partner wants to create a rival to the NBA. Listen to the day's top stories.

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A reprieve for TikTok looks in the cards. Joe Biden's team is seeking ways to keep the app available and Donald Trump is considering an executive order to delay the US ban, according to separate reports. That follows a campaign by TikTokers to save the app by flooding Trump with messages across social media. Meanwhile, the NYT said the company's CEO plans to attend the inauguration together with other tech moguls.

Defending the dollar as the world's reserve currency is crucial for the US, Scott Bessent is set to say at his Treasury secretary confirmation hearing today. Marco Rubio—Trump's pick to be the top US diplomat—told his hearing yesterday that Cuba will probably be relisted as a state sponsor of terrorism, and added that he's not happy about the sanctions waiver that allowed Chevron to operate in Venezuela.

What to Watch for at Bessent's Treasury Confirmation Hearing

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Biden is set to issue an executive order today aimed at strengthening the federal government's cybersecurity and offering it more tools to punish digital attackers. In another last-minute move, the outgoing administration is poised to finalize billions of dollars in financing for EV maker Rivian and hydrogen manufacturer Plug Power.

TSMC's outlook topped forecasts, with the main chipmaker for Apple and Nvidia saying it expects to spend $38 billion to $42 billion on tech this year. In other corporate news, Southwest was sued by the US government for "unlawful chronic flight delays."

A view of debris and a burned sports car at Malibu Beach. Photographer: Tayfun Coskun/Getty Images

The Los Angeles fires are at the heart of a climate riddle. Though meteorologists posted eerily accurate warnings that Santa Ana gusts could fuel a disaster, they've had a harder time pinpointing the role of climate change in such events. Meanwhile, the city has become a car collector's nightmare, with images of bulldozers plowing SUVs out of the road and collectibles in a garage caked in ash and rubble.

Deep Dive: Wealth in the Biden Era

The very richest Americans are among the biggest winners from Biden's time in office, despite his farewell address warning of an "oligarchy" and a "tech industrial complex" that threaten US democracy.

The 100 wealthiest got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index.
Biden warned yesterday of "a dangerous concentration of power in the hands of a very few ultra wealthy people" and said "an oligarchy is taking shape in America."
The top 0.1% gained more than $6 trillion during the Biden years, Federal Reserve estimates show, though the share of households in the 90-99.9% bracket fell.
Biden ran for office promising to boost taxes on the wealthy and close loopholes but most of his proposals weren't adopted by Congress—including an idea to tax the unrealized gains of billionaires.

The Big Take

Palestinians in Gaza wave flags during celebrations following the announcement of a ceasefire agreement on Wednesday. Photographer: Ahmad Salem/Bloomberg

The Gaza ceasefire marks a tentative end to a 15-month conflict that's left tens of thousands dead, far more homeless and Israel's enemies across the Mideast reeling. But it's a fragile reprieve, and getting Benjamin Netanyahu's cabinet to sign off on the deal still looks a ways off.

The Ceasefire Deal and What Comes Next

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Opinion

The massive risk-on rally after yesterday's inflation report is testament to the amount of nerves that had developed about Fed policy ahead of the data, John Authers writes. More detailed statistical measures confirm that inflation is coming down, but very slowly and it remains above target.

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Laken Riley Act Should Be a Priority for Both Parties

Hegseth and Rubio Show Substance Won't Win in Trump's Cabinet

Before You Go

Photographer: Ethan Miller/Getty

Investors advised by LeBron James' business partner are seeking $5 billion to form an international basketball league to rival the NBA, people familiar said. The plan is for six men's and six women's teams, with games played in eight cities around the world with two weeks in each city.

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