World Street | Bitcoin nears $100,000, Google may sell Chrome browser, SEC head resigns, and more
2024-11-22

Bitcoin surged near $100,000 amid crypto optimism under President-elect Trump, while SEC Chair Gary Gensler announced his January resignation, paving the way for a Wall Street-friendly replacement. Alphabet shares slid 4 percent after the DOJ proposed splitting off Chrome, and Citadel’s Ken Griffin hinted at selling a minority stake in the future. Meanwhile, Archegos founder Bill Hwang was sentenced to 18 years for fraud tied to the firm’s 2021 collapse. All this and more on the November 22 edition of World Street.
SEC Chair to Step Down
Gary Gensler, head of the Securities and Exchange Commission since 2021, will step down on January 20, according to the agency. This clears the way for President-elect Donald Trump to appoint a new leader. Gensler, known for his bold regulatory moves on crypto and other issues, could have stayed until 2026 but chose to depart early. Trump's replacement is expected to favor Wall Street and cryptocurrency interests.
Alphabet Shares Fall
Alphabet's stock declined by 4 percent on Thursday after the Justice Department proposed that Google divest its Chrome browser. The DOJ argued this would end Google's dominance over a key internet access point and boost competition. This antitrust fight, spanning years, follows an earlier ruling that Google illegally monopolized search and advertising markets.
Citadel Founder May Sell Stake
Ken Griffin, founder of hedge fund Citadel with $65 billion in assets, hinted at the possibility of selling a minority stake in the future. Speaking at the Economic Club of New York, he referenced a past deal with Sequoia Capital involving Citadel Securities, though he dismissed the idea of an IPO for that entity anytime soon.
Bitcoin Surges
Bitcoin surged to $98,550 early Friday in Singapore, nearing the $100,000 mark after briefly hitting $99,000 in the US on Thursday. The rally is driven by hopes for crypto-friendly regulations under President-elect Donald Trump and rising investor demand. The broader crypto market has gained about $1 trillion since Trump’s November election win.
Archegos Founder SentencedBill Hwang, the founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud and market manipulation tied to the firm's 2021 collapse. Hwang expressed remorse, requesting leniency to continue contributing to society. Archegos' downfall led to major losses for banks including Credit Suisse, Morgan Stanley, and UBS, shaking Wall Street.