Microstrategy’s executive chairman, Michael Saylor, sees bitcoin as “the strongest asset.” He believes that capital is going to keep flowing from other asset classes, such as gold and real estate, into bitcoin because the cryptocurrency is “technically superior to those asset classes.” He emphasized that bitcoin is an exit strategy and Microstrategy has no plan […]
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Microstrategy’s executive chairman, Michael Saylor, has explained why bitcoin has become “the world’s most popular investment asset.” He noted that following the rebalancing after the launch of spot bitcoin exchange-traded funds (ETFs), the crypto has “found its footing and now people are beginning to realize that there’s 10 times as much demand for bitcoin coming […]
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Robinson Aircraft, which does business as Horizon Aircraft, said that Chief Executive Brandon Robinson would become chairman after it goes public.
Horizon, which is developing hybrid-electric vertical take-off aircraft, is set to merge with special-purpose acquisition company Pono Capital Three
PTHR,
to go public.
After the merger, the combined company will have five directors, including three of who will be independent.
The combined company will be renamed Horizon Aircraft Holdings and will trade under the ticker HOVR.
Fenway Sports Group Chairman Tom Werner on Monday acknowledged that the company has held talks with the PGA Tour as the golf organization’s framework agreement with Saudi-backed LIV Golf faces new doubts.
“We confirm that we’ve had conversations,” Werner told CNBC’s Scott Wapner during “Halftime Report.” He declined to comment further.
Werner, who spoke alongside PGA Tour star Rory McIlroy, said that the players “will decide the direction the tour goes.”
There’s growing speculation that Fenway, which owns the MLB’s Boston Red Sox and soccer team Liverpool FC, could come through with an offer that could top the Saudis’ bid. The PGA Tour-LIV Golf combination was never finalized beyond a framework agreement. Veteran golf journalist Alan Shipnuck last week posted on X that Fenway Sports Group has put in a “monster bid to usurp the PIF.”
Monday’s interview with Werner and McIlroy came days after a Endeavour Group Holdings executive said the PGA Tour turned down a strategic partnership with the company, which owns a majority stake in WWE and UFC parent TKO.
The PGA Tour-LIV deal was announced in June. It was a surprising development that came after months of bitter legal feuding and lobbying. The agreement triggered its own share of anger and criticism, triggering Senate hearings to investigate the deal. Critics claimed that the deal was a means for Saudi Arabia’s Public Investment Fund to gain influence in the U.S. through sports investments. Saudi Crown Prince Muhammad bin Salman controls the PIF.
McIlroy had been outspoken in his disdain for LIV Golf, saying in July that if LIV Golf was “the last place to play golf on earth, I would retire.”
Speculation mounted that Mcllory’s efforts to launch the PGA Tour-blessed TGL golf league with Tiger Woods was a response to LIV Golf’s encroachment on the sport. LIV lured PGA Tour players, like Phil Mickelson, to with deals worth hundreds of millions of dollars. Last month, Disney’s ESPN snagged the broadcast rights for TGL. Fenway backs McIlroy’s TGL team, Boston Common.
McIlroy sounded a friendlier note Monday, when asked about the potential for a renewed rivalry between the PGA Tour and LIV Golf.
“I feel like we’ve got a fractured competitive landscape right now,” McIlroy told CNBC. “But hopefully when this is all said and done, I sincerely hope the PIF are involved and we can bring the game of golf back together.”
The former chairman of the United States Commodity Futures Trading Commission (CFTC), Timothy Massad, highlighted the importance of government attention being paid to the stablecoin ecosystem in an interview with CNBC.
On July 24, Massad told the CNBC interviewer that he sees stablecoins as a bridge between “the crypto world and the real world,” and that governments should not view them as a fad fated to disappear.
The ex-chairman said he is concerned that regulators are not properly addressing the risks of stablecoins; instead, they are kept out of the conversation due to the notion that they don’t work.
“I’m sympathetic to a lot of people in the government saying […] we’re not convinced of the use case here; we don’t really see what the value is in the real world,” he said, adding, “but sometimes it takes time to really discover that.”
Massad has been an outspoken advocate for crypto regulation and more cohesive collaboration between the CFTC and the U.S. Securities and Exchange Commission (SEC) when it comes to digital assets.
On July 24, the U.S. Government Accountability Office (GAO) — a national congressional watchdog agency — released a report on the use of blockchain in finance, echoing the sentiment for interagency cooperation on crypto regulations.
Related: Korean banks research stablecoin, CBDC alternative
In the same CNBC interview, he highlighted that stablecoins could hold the potential to create faster payment mechanisms in the U.S. and that if the U.S. were to develop a stablecoin, it could lead other countries to do the same.
“I think the competition from stablecoins could be useful, again, if we address the risks, and they are significant.”
In addition to faster payment systems, he argued that stablecoins are already causing banks to consider their current operating systems and how they can be improved.
Massad has previously criticized the U.S. for not creating a central bank digital currency (CBDC) fast enough.
These comments come as regulators in the U.S. continue to mull over regulations for the crypto industry, which include multiple bills that would affect stablecoin issuance and usage.
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