Massachusetts Senator Elizabeth Warren introduced new legislation Wednesday aimed at cracking down on money laundering, fraud, and theft in the cryptocurrency industry. The bill, called the Digital Asset Anti-Money Laundering Act, would bring to crypto some of the same rules that govern the US financial system. One of the primary goals is to close some of the loopholes that criminals and terrorists have been exploiting, Warren’s office said. The legislation, co-sponsored by Senator Roger Marshall of Kansas, comes during a tumultuous period in the industry and just weeks after the collapse of crypto exchange FTX. “Rogue nations, oligarchs, drug lords, and human traffickers are using digital assets to launder billions in stolen funds, evade sanctions, and finance terrorism,” Warren said in a press release. “The crypto industry should follow common-sense rules like banks, brokers, and Western Union.” For example, Warren said, the bill would extend “know-your-customer” requirements to digital asset wallet providers, crypto miners, and other groups that validate and secure crypto transactions. The bill would also prohibit financial institutions from doing transactions with anonymous accounts and require operators of crypto ATMs to verify the identity of their customers. — ANISSA GARDIZY
Twitter has suspended an account that used publicly available flight data to track Elon Musk’s private jet, despite a pledge by the social media platform’s new owner to keep it up because of his free speech principles. Tweets from the widely followed @elonjet account were no longer viewable Wednesday. The account had more than 526,000 followers as of Tuesday. “He said this is free speech and he’s doing the opposite,” said Jack Sweeney, the 20-year-old college sophomore and programmer who started the flight-tracking account, in an interview with the Associated Press. Started in 2020 when Sweeney was a teenager, the account automatically posted the Gulfstream jet’s flights with a map and an estimate of the amount of jet fuel and carbon emissions it expended. Sweeney said he woke up Wednesday to a flood of messages from people who saw that @elonjet was suspended and all its tweets had disappeared. He logged into Twitter and saw a notice that the account was permanently suspended for breaking Twitter’s rules. But the note didn’t explain which rules were broken. — ASSOCIATED PRESS
New York City’s business districts would get a makeover under a blueprint unveiled Wednesday, with recommendations to convert office space to residential areas, make outdoor dining permanent, and improve transit. The report from a committee of business leaders including Goldman Sachs chief executive David Solomon and Coldwell Banker Richard Ellis chief executive Mary Ann Tighe contains 40 recommendations to reimagine the city’s business districts as around-the-clock, mixed-use destinations. New York Governor Kathy Hochul and New York City Mayor Eric Adams launched the “New” New York Panel seven months ago as an effort to reengage a business community still reeling from the pandemic as their employees work from home or flee to other lower-tax locales. — BLOOMBERG NEWS
Visa will invest $1 billion in its business across Africa as the technology giant seeks to push adoption of digital payments across the continent. The investment will be spread over five years, chief executive Al Kelly said during the US-Africa Business Forum in Washington, D.C., on Wednesday. The forum is taking place alongside the US-Africa Leaders Summit, which drew about 50 heads of state and senior government officials from African countries to address issues related to COVID-19, food security, and the climate crisis. — BLOOMBERG NEWS
General Motors is recalling more than 825,000 SUVs and cars in the United States and Canada because the daytime running lights may not turn off when the headlights are on. The recall covers certain 2022 and 2023 Cadillac Escalade, Chevrolet Silverado 1500, Chevrolet Suburban and Tahoe, GMC Sierra 1500, and GMC Yukon SUVs. Also included are Cadillac CT4s and CT5s from the 2020 to 2023 model years, as well as Buick Envisions from 2021 to 2023. GM says in documents posted Wednesday by US safety regulators that daytime running lights that stay on with headlights can cause glare for other drivers, increasing the risk of a crash. Dealers will update software, or it will be updated online. Owners will be notified by letter starting Jan. 23. — ASSOCIATED PRESS
Meta accused of stoking hate speech on Facebook in Africa
Meta Platforms Inc. has been accused of amplifying hate speech and inciting violence on Facebook in Africa, in a lawsuit filed in Kenya’s high court that’s calling for about $2 billion in restitution. The case was brought by Ethiopian researchers Abrham Meareg and Fisseha Tekle, along with Kenyan human rights group Katiba Institute, and supported by legal nonprofit Foxglove. Meareg’s father, chemistry professor Meareg Amare, was shot and killed outside his home last November after a series of hateful posts targeted him for attack, the court filings state. — BLOOMBERG NEWS
Average price at the pump lowest in 14 months
Average pump prices in the United States fell by nearly 1 percent overnight Tuesday, the largest decline since late March 2020, shortly after the COVID-19 pandemic shut down offices and schools across the country, devastating fuel demand. The national average of gasoline now stands at $3.214 a gallon, according to auto club AAA. That’s the cheapest price American motorists have paid in more than 14 months. — BLOOMBERG NEWS
HSBC reaching out to bankers being laid off elsewhere
As global banks from Credit Suisse to Goldman Sachs prepare for a fresh wave of job cuts, HSBC is going on the offensive. In a move that illustrates the cutthroat world of Wall Street, HSBC has been sending recruitment e-mails to bankers and other employees at firms facing job losses. Credit Suisse staff who are leaving the bank in Europe and Asia were among those to receive the message, according to a person familiar with the matter, who asked not to be identified discussing private information. — BLOOMBERG NEWS
Washington Post looking at job cuts next year
Fred Ryan, the publisher of The Washington Post, said in a meeting with employees Wednesday that the company would eliminate some positions early next year, including some in the newsroom, as the company looks to focus on different coverage areas. Ryan said that the cuts would amount to a single-digit percentage of staff, adding that the company would finish its plans over the coming weeks. He said there would not be an overall reduction in the newsroom’s head count because the cuts would be offset by hiring in other areas. The newsroom has more than 1,000 employees. Ryan’s remarks came during a contentious town hall meeting that culminated with Ryan stepping offstage without answering follow-up questions from employees, according to people with knowledge of the gathering. — NEW YORK TIMES