Daily Archive: July 7, 2020

SEC Votes on Expedited Review Process — Shorter Wait Times for EFTs? By Cointelegraph

SEC Votes on Expedited Review Process — Shorter Wait Times for EFTs?

The United States Securities and Exchange Commission (SEC) announced it would be streamlining the application process for investment companies, potentially resulting in expedited crypto and blockchain firms operating in a “more efficient and less costly manner.”

In a July 6 announcement on the SEC website, the Commission said it had voted to adopt rule amendments for an expedited review process for companies under the Investment Company Act. In addition, the SEC referred to a “new informal internal procedure” for any other applications that did not qualify for this expedited process.

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Lift & Co. offloading assets as COVID-19 shakes the cannabis sector

Cannabis events and data insights company Lift & Co. has laid off nearly all of its staff and is seeking an “asset-light” strategy amid what it described as pressure from the COVID-19 pandemic. But sources said it began winding down operations before the pandemic, after funding fell through late last year. Lift’s struggles are in part a reflection of the cannabis sector as a whole, which, now in its second year of legalization in Canada, has failed to meet investors’ expectations.

The Logic spoke with four people with direct knowledge of the company, who asked not to be named out of concern for their job prospects in the tight-knit cannabis industry. They said Lift has since laid off nearly all of its staff; the few who have stayed to help it through its transition, including CEO Matei Olaru, are forgoing wages in exchange for stock options. The company’s founder, Tyler

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These congressional districts saw the highest number of PPP loans over $150,000

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Where did the money land?

After a long wait and plenty of hounding from Congress, oversight agencies, and outside groups, a deluge of Paycheck Protection Program loan data was released Monday.

Though there are may ways to slice the data, one interesting window is to look at the number of loans by congressional district. As Fortune‘s analysis shows, the districts that saw the most loans tended to be in the wealthiest enclaves in California, New York and Texas. The 10 districts receiving the most PPP loans over $150,000 are represented in the chart below.

The highest number of loans were awarded in Jerry Nadler’s New York 10th congressional district (6,976). The 10th district includes parts of upper and lower Manhattan (including the Financial District) and Brooklyn. … Read More