Finance

The Silent Sovereign: America's Quiet Finance Leader

The quiet queen of American finance is a powerful, yet largely unnoticed figure who has quietly shaped the financial landscape of the nation. With her strategic moves and steady influence, she has navigated the complex world of finance with a subtle strength, leaving a lasting impact on the industry without seeking the spotlight. Her quiet authority and remarkable success have earned her a place at the table among the most influential financial leaders, even if her name remains understated in the public eye.

TECH

Pentagon Plans Potential Split of Tech Offices in Policy Transformation

As part of a broader shift in acquisition strategy, the Pentagon is considering merging several innovation-driven offices into a single new entity focused on acquiring cutting-edge products from private companies, according to a senior defense official who spoke with Defense One.

The official explained that the goal is to create a "commercial-engineering version of DARPA," combining elements of the Strategic Capabilities Office, the Defense Innovation Unit, and the Chief Digital and Artificial Intelligence Office. Additionally, the Pentagon aims to reduce spending on research and what the official called "abstractions" while directing more resources toward tangible weapons and equipment. The official emphasized that the focus would be on practical applications, such as autonomous weapons systems, rather than broad technologies like artificial intelligence.

The plan, still in its early stages, is subject to change. Another defense official added that the Pentagon is looking at its structure to better align efforts and improve efficiency, building on the successes of organizations like the DIU in delivering commercial technologies to the military. However, no final decisions have been made yet.

If implemented, this shift would require approval from the defense secretary and Congress, as it would affect funding and mandates for existing organizations like the DIU. The restructuring would also impact the way the military services procure equipment both individually and collaboratively. For example, the Chief Digital and Artificial Intelligence Office (CDAO) would see its non-acquisition tasks—such as policy advice and digital talent management—moved to other departments. However, its work on projects like Advana, which aims to build a software platform for Pentagon data, would become a formal acquisition program.

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CRYPTO

Coinbase Announces SEC to Drop Crypto Lawsuit

On Friday, Coinbase announced that the Securities and Exchange Commission (SEC) had agreed to drop its lawsuit against the cryptocurrency exchange, removing a major legal obstacle for both the company and the wider crypto industry. The company stated in a website post and regulatory filing that it had reached a preliminary agreement with the SEC to have the lawsuit dismissed with no financial penalty. If the SEC approves the proposed settlement, it would mark a significant shift by the agency, which has been embroiled in legal disputes with crypto firms for years.

The SEC had filed the lawsuit against Coinbase, the largest crypto platform in the U.S., in 2023, alleging that the digital currencies traded on its platform were unregistered securities, potentially exposing consumers to financial risk.

For the lawsuit to be dismissed, the SEC's commissioners must approve the settlement. A spokesperson for the SEC declined to comment on Coinbase’s announcement.

This lawsuit was one of the most notable among several the SEC had filed against prominent crypto companies, arguing they were operating illegally. A government win could have jeopardized Coinbase's operations—valued at around $65 billion—and posed a serious threat to the broader cryptocurrency market.