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CNBC

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  • Apple reveals complex system of App Store fees to avoid EU fine of 500 million euro Kif Leswing POLAND - 2024/03/23: In this photo illustration an Apple logo is displayed on a smartphone with an EU flag on the background. Apple, Meta, Google to face EU Digital Markets Act probes. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images) Omar Marques | Sopa Images | Lightrocket | Getty Images Apple Thursday made changes to its App Store European policies, saying it believes the new rules will help the company avoid a fine of 500 million euro ($585 million) from the EU for violating the Digital Markets Act. The new policies are a complicated system of fees and programs for app makers, with some developers now paying three separate fees for one download. Apple also is going to introduce a new set of rules for all app developers in Europe, which includes a fee called the “core technology commission” of 5% on all digital purchases made outside the App Store. The changes Apple announced are not a complete departure from the company’s previous policy that drew the European Commission’s attention in the first place. Apple said it did not want to make the changes but was forced to by the European Commission’s regulations, which threatened fines of up to 50 million euros per day. Apple said it believed its plan is in compliance with the DMA and that it will avoid fines. “The European Commission is requiring Apple to make a series of additional changes to the App Store,” an Apple spokesperson said in a statement. “We disagree with this outcome and plan to appeal.” A spokesperson for the European Commission did not say that Apple was no longer subject to the fine. He said in a statement that the EC is looking at Apple’s new terms to see if the company is in compliance. “As part of this assessment the Commission considers it particularly important to obtain the views of market operators and interested third parties before deciding on next steps,” the spokesperson said in a statement. The saga in Brussels is the latest example of Apple fiercely defending its App Store policies, a key source of profit for the iPhone maker through fees of between 15% and 30% on downloads through its App Store. It also shows that Apple is continuing to claim it is owed a commission when iPhone apps link to websites for digital purchases overseas despite a recent court ruling that barred the practice in the U.S. Steering rules no longer in effect in U.S. Under the Digital Markets Act, Apple was required to allow app developers more choices for how they distribute and promote their apps. In particular, developers are no longer prohibited from telling their users about cheaper alternatives to Apple’s App Store, a practice called “steering” by regulators. In early 2024, Apple announced its changes, including a 50 cent fee on off-platform app downloads. Critics, including Sweden’s Spotify, pushed back on Apple’s proposed changes, saying that the tech firm chose an approach that violated the spirit of the rules, and that its fees and commissions challenge the viability of the alternative billing system. The European Commission investigated for a year, and it said on Thursday that it would again seek feedback from Apple’s critics. “From the beginning, Apple has been clear that they didn’t like the idea of abiding by the DMA,” Spotify said last year. Epic Games CEO Tim Sweeney, whose company successfully changed Apple’s steering rules in the U.S. earlier this year, accused Apple last year of “malicious compliance” in its approach to the DMA. Sweeney said Apple was looking to comply with the letter of the law but make it difficult for developers to benefit from the changes. The European Commission announced the 500 million euro fine in April. The commission at the time said that the tech company might still be able to make changes to avoid the fine. Apple’s restrictions on steering in the United States were tossed earlier this year, following a court order in the long-running Epic Games case. A judge in California found that Apple had purposely misled the court about its steering concessions in the United States and instructed it to immediately stop asking charging a fee or commission on for external downloads. The order is currently in effect in the United States as it is being appealed and has already shifted the economics of app development. As a result, companies like Amazon and Spotify in the U.S. can direct customers to their own websites and avoid Apple’s 15% to 30% commission.
  • Bitcoin rises, NYSE battles for Trump ETF, and crypto may be coming to mortgage next background of header The price of bitcoin rose again on Wednesday, reaching above $108,000 at an intraday high, as investors looked past the recent tensions in the Middle East and the stock market hovered near an all-time record. But the trading in cryptocurrencies was uneven, with ether and solana both slipping modestly in afternoon trading. Washington, D.C., figured in a major way in the latest crypto headlines. Fed Chair Jerome Powell spoke about crypto in his testimony before the Senate Banking Committee on Wednesday morning, saying the stablecoin industry has matured significantly over the past few years, and increasingly become part of the mainstream financial landscape. The director of Federal Housing Finance Agency, William Pulte — whose family founded Pulte Group, one of the nation's largest homebuilders — may have also given bitcoin a boost after ordering Fannie Mae and Freddie Mac to study the usage of cryptocurrency holdings for those looking to qualify for mortgages. After the Senate unveiled a bill Tuesday to write the "crypto rules of the road," Senator Cynthia Lummis, who heads the Senate Banking subcommittee on digital assets, spoke with CNBC's "Squawk Box" on Wednesday to break down the details of new legislation. She said the U.S. should be a leader in crypto rulemaking, and noted that rules of the road for digital assets already exist in some markets overseas. Meanwhile, the New York Stock Exchange went to bat for the planned crypto ETF from President Trump's Truth Social, asking for a rule change to allow the bitcoin and ethereum ETF to launch. If approved by the SEC within the next 90 days, it would further Trump's push into digital assets. Finally, Crypto World spoke with Yuval Rooz, CEO of Digital Asset, which raised $135 million in a fundraising announced on Tuesday, a round backed by major names in banking and finance, including Goldman Sachs and Citadel Securities. He explained how the money will be used and what the investment highlights. Watch the video above to hear his take on the big deal.
  • Goldman Sachs and Citadel back crypto firm Digital Asset in $135 million funding round Crypto company Digital Asset said Tuesday that it's netted $135 million in funding from a raft of major names in banking and finance. The firm, which touts itself as a regulated crypto player, said it raised the fresh cash in a funding round co-led by DRW and Tradeweb, with Goldman Sachs, BNP Paribas and Ken Griffin's Citadel Securities also investing. The investment highlights how large financial institutions are embedding themselves in the once murky world of cryptocurrencies. Previously associated with fraud, money laundering and other illicit activities, digital assets have become a more mainstream asset class over the years as big names like JPMorgan Chase, Goldman Sachs and Morgan Stanley warmed to the space. Just last week, JPMorgan launched its own version of a stablecoin, a deposit token called "JPMD." "With growing participation from global financial institutions and market participants, we expect this funding round to help us solidify our role as the backbone of digital finance," Yuval Rooz, Digital Asset's CEO and co-founder, told CNBC. Digital Asset sells a number of digital asset services to its clients, which include major Wall Street players like Goldman Sachs, Citadel and Virtu. Co-founded in 2014 by trader-turned-entrepreneur Yuval Rooz, it competes with the likes of Ripple, R3 and Consensys. The firm will use the new funding to advance adoption of the Canton Network. Initially developed by Digital Asset but now open-source, Canton is a public blockchain designed for financial institutions to move assets and data around while meeting regulatory and privacy requirements. Banks and trading firms are using Canton to tokenize real-world assets such as bonds, commodities and money market funds. "This raise will allow us to build upon the continuing momentum around the Canton Network and accelerate the onboarding of more high-quality assets, finally making blockchain's transformative promise an institutional-scale reality," Rooz told CNBC. The network now supports trillions of dollars in tokenized assets, according to Digital Asset's CEO
  • Goldman Sachs and Citadel back crypto firm Digital Asset in $135 million funding round Crypto company Digital Asset said Tuesday that it's netted $135 million in funding from a raft of major names in banking and finance. The firm, which touts itself as a regulated crypto player, said it raised the fresh cash in a funding round co-led by DRW and Tradeweb, with Goldman Sachs, BNP Paribas and Ken Griffin's Citadel Securities also investing. The investment highlights how large financial institutions are embedding themselves in the once murky world of cryptocurrencies. Previously associated with fraud, money laundering and other illicit activities, digital assets have become a more mainstream asset class over the years as big names like JPMorgan Chase, Goldman Sachs and Morgan Stanley warmed to the space. Just last week, JPMorgan launched its own version of a stablecoin, a deposit token called "JPMD." "With growing participation from global financial institutions and market participants, we expect this funding round to help us solidify our role as the backbone of digital finance," Yuval Rooz, Digital Asset's CEO and co-founder, told CNBC. Digital Asset sells a number of digital asset services to its clients, which include major Wall Street players like Goldman Sachs, Citadel and Virtu. Co-founded in 2014 by trader-turned-entrepreneur Yuval Rooz, it competes with the likes of Ripple, R3 and Consensys. The firm will use the new funding to advance adoption of the Canton Network. Initially developed by Digital Asset but now open-source, Canton is a public blockchain designed for financial institutions to move assets and data around while meeting regulatory and privacy requirements. Banks and trading firms are using Canton to tokenize real-world assets such as bonds, commodities and money market funds. "This raise will allow us to build upon the continuing momentum around the Canton Network and accelerate the onboarding of more high-quality assets, finally making blockchain's transformative promise an institutional-scale reality," Rooz told CNBC. The network now supports trillions of dollars in tokenized assets, according to Digital Asset's CEO
  • Pompliano’s ProCap raises over $750 million, goes public via SPAC background of header Anthony Pompliano: Gold, crypto divergence shows investors aren't used to going Bitcoin for safety The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in. ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday. Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform. The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble. "There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works." ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets. From Trump Media's $2.5 billion bitcoin treasury plan to Jack Mallers' Twenty-One and the Nakamoto fund, a growing number of firms are racing to offer stock market exposure to bitcoin. Some, like Tron founder Justin Sun, are using reverse mergers to take crypto businesses public — in Sun's case, folding his blockchain platform into a Nasdaq-listed toy manufacturer. Others, like Mallers, are launching purpose-built bitcoin holding firms backed by heavyweight investors including Tether and SoftBank. While Trump Media isn't a crypto-native firm, it has embraced the playbook of raising money to buy bitcoin and promoting the asset through affiliated ventures. All are following a path blazed by Strategy's Michael Saylor: Turning public companies into bitcoin proxies. But ProCap says it's pushing beyond that model, aiming not just to hold bitcoin but to build a financial services platform on top of it. "Most other firms raised capital that's just sitting in cash while they wait for deals to close," Pompliano told CNBC. "We're buying bitcoin immediately." He added that ProCap's equity investors are getting direct exposure from day one. Anthony Pompliano: Circle 'may be more of a stablecoin story than it is a crypto story' The structure gives ProCap a rare first-mover edge in a space where many deals are still weeks or months from closing, with some yet to even file their S-4s — the regulatory documents required to complete a merger. It also sets the stage for a new phase of the bitcoin proxy trade: not just holding bitcoin, but generating yield from it. "We want to build the leading bitcoin-native financial services company," Pompliano said. "Like a traditional Wall Street firm, but on top of a bitcoin balance sheet instead of dollars." ProCap plans to offer services like lending, trading, and capital markets — all denominated in bitcoin. The goal is to recreate the architecture of a Goldman Sachs or Cantor Fitzgerald, rebuilt from the ground up in crypto. "The goal is to look and feel like a traditional financial institution," he added. "That resonates very differently with capital allocators." ProCap's pitch to investors is that it's not just chasing momentum. It's building the infrastructure for what Pompliano calls a new financial system — one that runs on bitcoin, but looks and feels familiar to the institutions still sitting on the sidelines. "Many companies don't care about the cost of capital. We do," he added. "We're traditional capital allocators — we care about building a sustainable business that generates cash flow."
  • Pompliano’s ProCap raises over $750 million, goes public via SPAC background of header Anthony Pompliano: Gold, crypto divergence shows investors aren't used to going Bitcoin for safety The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in. ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday. Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform. The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble. "There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works." ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets. From Trump Media's $2.5 billion bitcoin treasury plan to Jack Mallers' Twenty-One and the Nakamoto fund, a growing number of firms are racing to offer stock market exposure to bitcoin. Some, like Tron founder Justin Sun, are using reverse mergers to take crypto businesses public — in Sun's case, folding his blockchain platform into a Nasdaq-listed toy manufacturer. Others, like Mallers, are launching purpose-built bitcoin holding firms backed by heavyweight investors including Tether and SoftBank. While Trump Media isn't a crypto-native firm, it has embraced the playbook of raising money to buy bitcoin and promoting the asset through affiliated ventures. All are following a path blazed by Strategy's Michael Saylor: Turning public companies into bitcoin proxies. But ProCap says it's pushing beyond that model, aiming not just to hold bitcoin but to build a financial services platform on top of it. "Most other firms raised capital that's just sitting in cash while they wait for deals to close," Pompliano told CNBC. "We're buying bitcoin immediately." He added that ProCap's equity investors are getting direct exposure from day one. Anthony Pompliano: Circle 'may be more of a stablecoin story than it is a crypto story' The structure gives ProCap a rare first-mover edge in a space where many deals are still weeks or months from closing, with some yet to even file their S-4s — the regulatory documents required to complete a merger. It also sets the stage for a new phase of the bitcoin proxy trade: not just holding bitcoin, but generating yield from it. "We want to build the leading bitcoin-native financial services company," Pompliano said. "Like a traditional Wall Street firm, but on top of a bitcoin balance sheet instead of dollars." ProCap plans to offer services like lending, trading, and capital markets — all denominated in bitcoin. The goal is to recreate the architecture of a Goldman Sachs or Cantor Fitzgerald, rebuilt from the ground up in crypto. "The goal is to look and feel like a traditional financial institution," he added. "That resonates very differently with capital allocators." ProCap's pitch to investors is that it's not just chasing momentum. It's building the infrastructure for what Pompliano calls a new financial system — one that runs on bitcoin, but looks and feels familiar to the institutions still sitting on the sidelines. "Many companies don't care about the cost of capital. We do," he added. "We're traditional capital allocators — we care about building a sustainable business that generates cash flow."
  • How the Israel-Iran standoff took a turn and what's next after a pivotal 24 hours Lim Hui Jie ARLINGTON, VIRGINIA - JUNE 22: An operational timeline of a strike on Iran is displayed during a news conference with Chairman of the Joint Chiefs of Staff Air Force Gen. Dan Caine and U.S. Defense Secretary Pete Hegseth at the Pentagon on June 22, 2025 in Arlington, Virginia. U.S. President Donald Trump gave an address to the nation last night after three Iranian nuclear facilities were struck by the U.S. military. (Photo by Andrew Harnik/Getty Images) Andrew Harnik | Getty Images News | Getty Images The past 24 hours have been pivotal in the Israel-Iran conflict, with the U.S. entering the war — a move that has left investors and world leaders on edge. On Saturday night, American B-2 Spirit stealth bombers and submarines struck three of Iran's most critical nuclear sites: Fordo, Natanz, and Isfahan. The strikes represented the first direct action that the U.S. had taken against Iran since the country was hit by Israeli attacks earlier in June. Israel and Iran had been trading strikes since Israel preemptively attacked it on June 13, killing key Iranian military figures and nuclear scientists. Since then, the world has seen reactions from around the globe over the strikes, including from Iran itself, which has called the strikes "outrageous" and vowed "everlasting consequences". Iran's parliament has also voted to close the critical Strait of Hormuz, endangering energy supplies. Here's a roundup of the events since the U.S. attacks happened, and what could happen next. U.S. enters Israel-Iran war At 7.50 p.m. Eastern Time, U.S. President Donald Trump announced on Truth Social that the U.S. had conducted a "very successful attack" on the three nuclear sites, and said "NOW IS THE TIME FOR PEACE!". About an hour later, a U.S. official told Reuters that B-2 Spirits were involved in the bombings. These bombers are believed to be the only planes which have the capability to deliver the weapons powerful enough to penetrate the underground facility at Fordo. The International Atomic Energy Agency later confirmed that all three sites were hit. Following the strikes, world leaders reactions poured in, among which was Israeli Prime Minister Netanyahu who thanked Trump for the strikes, calling it a "bold decision." The IAEA released two updates after the strike, saying that Director General Rafael Grossi would call an emergency meeting of the IAEA Board of Governors to discuss the decision. The agency said it was also informed by Iranian regulatory authorities that there has been no increase in off-site radiation levels after the attacks. The UN Security Council also met on Sunday to discuss the attack, as Russia, China and Pakistan proposed that the UNSC adopt a resolution calling for an immediate and unconditional ceasefire in the Middle East. China strongly condemned the U.S. attack on Iran and on nuclear facilities supervised by the IAEA, China's U.N. Ambassador Fu Cong said at a UNSC meeting on Sunday. While U.S. officials, including U.S. Vice President JD Vance and Defense Secretary Pete Hegseth said that the attacks were not meant to enact regime change in the Islamic Republic, Trump himself raised the possibility of that happening. The U.S. president posted on Truth Social that "It's not politically correct to use the term, "Regime Change," but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" Oil rises on Hormuz closure news Oil prices jumped more than 2% on Sunday evening, and continued to rise to just under $80 per barrel for Brent crude, and just under $75 for West Texas Intermediate crude. The rise comes after Iran's parliament backed closing the critical Strait of Hormuz, where about 20% of the world's oil transits. The U.S. Energy Information Administration has described it as the "world's most important oil transit chokepoint." However, the final decision to close the Strait lies with Iran's national security council, according to the report. The Strait currently remains open, but analysts have told CNBC that oil prices could test $100 a barrel if Iran closes the Strait and Western forces try to reopen it by force. U.S. Secretary of State Marco Rubio on Sunday had also called for China to prevent Iran from closing the Strait. China is Iran's largest oil customer, accounting for the bulk of Iranian oil exports, and maintains friendly relations with the country. Bracing for Iran's response The world now waits for Iran's response, after Iranian Foreign Minister Abbas Araghchi said in a statement on X that his nation "reserves all options" in responding to the attack. "The events this morning are outrageous and will have everlasting consequences," Araghchi said. Iranian deputy foreign minister Majid Takht Ravanchi told German media that the country will continue its uranium enrichment program, and that "no one can tell us what to do", according to Reuters citing Iranian media Tasnim News. Shane Oliver, chief economist and head of investment strategy at Australian bank AMP, said in a Monday note that if Iran only undertakes "a few token moves" and "surrenders unconditionally" as Trump demands, "then oil prices will quickly settle down and shares will rally." Oliver noted that this was basically what happened when the U.S. led-coalition entered the first and second Gulf Wars. However, if Iran undertakes actions such as hitting U.S. bases in the region, the U.S. is likely to retaliate and this would keep markets on edge, he added. Vandana Hari, founder of energy intelligence firm Vanda Insights, told CNBC's "Squawk Box Asia" on Monday that the risk of closure remains "absolutely minimalistic." This is because if Iran follows through, it runs the risk of alienating its neighboring oil-producing countries and customers, including China, which accounts for the majority of Iranian oil exports, according to the U.S. Energy Information Administration. There is "so very, very little to be achieved, and a lot of self-inflicted harm that Iran could do" if it closed the Strait, Hari said.
  • Trump says US has attacked three Iranian nuclear sites The United States has attacked three Iranian nuclear sites, President Donald Trump says, joining an Israeli air campaign as Tehran promises to retaliate. The move means the US has directly joined Israel’s effort to decapitate the country's nuclear program in a risky gambit to weaken a longtime foe amid Tehran’s threat of reprisals that could spark a wider regional conflict. In a post on social media, Trump announced the apparent military strike. He wrote: "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. "All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. "Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!" The decision to directly involve the US comes after more than a week of strikes by Israel on Iran that have moved to systematically eradicate the country’s air defences and offensive missile capabilities, while damaging its nuclear enrichment facilities. But US and Israeli officials have said that American stealth bombers and a 30,000-pound. bunker buster bomb, they alone can carry, offered the best chance of destroying heavily fortified sites connected to the Iranian nuclear program buried deep underground. The strikes are a perilous decision for the US as Iran has pledged to retaliate if it joins the Israeli assault, and for Trump personally, having won the White House on the promise of keeping America out of costly foreign conflicts and scoffed at the value of American interventionism.
  • Trump says US has attacked three Iranian nuclear sites The United States has attacked three Iranian nuclear sites, President Donald Trump says, joining an Israeli air campaign as Tehran promises to retaliate. The move means the US has directly joined Israel’s effort to decapitate the country's nuclear program in a risky gambit to weaken a longtime foe amid Tehran’s threat of reprisals that could spark a wider regional conflict. In a post on social media, Trump announced the apparent military strike. He wrote: "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. "All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. "Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!" The decision to directly involve the US comes after more than a week of strikes by Israel on Iran that have moved to systematically eradicate the country’s air defences and offensive missile capabilities, while damaging its nuclear enrichment facilities. But US and Israeli officials have said that American stealth bombers and a 30,000-pound. bunker buster bomb, they alone can carry, offered the best chance of destroying heavily fortified sites connected to the Iranian nuclear program buried deep underground. The strikes are a perilous decision for the US as Iran has pledged to retaliate if it joins the Israeli assault, and for Trump personally, having won the White House on the promise of keeping America out of costly foreign conflicts and scoffed at the value of American interventionism.
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