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A new California law will require that most food-service workers get paid at least $20 per hour starting next year.

But hundreds of pizza delivery drivers in the Los Angeles area are about to discover Thomas Sowell’s famous adage that the true minimum wage is zero.

Pizza Hut announced Wednesday that it would lay off about 1,200 delivery drivers in Los Angeles, Orange, and Riverside counties, CBS News reported. Pizza Hut franchises are outsourcing delivery to third-party apps like GrubHub and UberEats as a cost-saving measure in advance of the new law taking effect.

The layoffs are likely to take effect in February, The Los Angeles Times reports, just weeks before the new, higher minimum wage hits.

California’s minimum wage for all workers is already $15.50, one of the highest wage floors in the country. The new $20 per hour minimum wage applies to all employees of fast-food chains with at least 60 locations in the country.

Gov. Gavin Newsom signed the fast food worker minimum wage proposal into law in September. The law also created a new state board, the Fast Food Council, that will play a role in setting labor standards and future wage increases for many food-service jobs.

That the new wage mandate is already costing jobs should not be much of a surprise. Perhaps worse is the unseen costs in the form of jobs that will never exist in the first place. Like burger-flipping in a fast-food joint, pizza-delivery gigs are low-level employment opportunities for workers with low skills or those seeking a little extra cash. Hiking the minimum wage means some workers will earn more, but other people will effectively be priced out of the labor market.

“Labor costs account for one-third of fast-food costs, so prices will rise. McDonald’s and Chipotle already have announced higher prices for next year,” Reason contributor Steven Greenhut wrote last month. “For most of us, the higher prices will mean a little less pocket cash and a lot more home-cooked meals. But think about the lost opportunities for people who need them the most.”

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What Larson can learn from past Indy 500-Coke 600 Doubles

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What Larson can learn from past Indy 500-Coke 600 Doubles

The Memorial Day Double. Double Duty. The Indy-Charlotte Double. The 500/600 Double.

What Kyle Larson will attempt to do this weekend — contest the Indianapolis 500, IndyCar’s biggest race, and the Coca-Cola 600 at Charlotte Motor Speedway, NASCAR‘s longest race, on the same day — has so many nicknames that reading the list will leave you with double vision. That’s fitting. Because Larson’s goal will be not only to complete the Double, perhaps even win one or both ends of it, but also do what he can to ensure he and the two teams depending on him are not placed in double jeopardy.

To understand the difficulty of driving two races on two very different racetracks in two race cars that might as well be from two different galaxies, let’s look back at the two-lane road that was paved for Larson by his NASCAR/IndyCar double duty forefathers. A five-pack of drivers who have attempted — or will attempt — to wrap their two hands around the steering wheels of two dissimilar machines and depending on a fleet of other varied vehicles to get from one event to the other, all while staring at the weather radar, gloved fingers crossed.

The Early Years: 1911-93

The Indianapolis 500 took its first green flag on May 30, 1911, on what was then known as Decoration Day. The 500, like Decoration Day, was always on the 30th, no matter what day of the week that fell upon, and quickly became recognized as one of the world’s most prestigious sporting events. In 1960, NASCAR ran its first World 600, also scheduled around Decoration Day, but instead of the 30th it was held on the closest Sunday to the holiday.

The separate dates allowed for a handful of crossover moves. NASCAR stars such as Junior Johnson, Curtis Turner, Neil Bonnett attempted to qualify at Indy but came up short. Drivers such as Bobby Johns and “Chargin'” Charlie Glotzbach also chose to skip Charlotte to concentrate on Indy efforts. NASCAR legend Bobby Allison made a pair of Indy starts. In 1965, Ford flew in NASCAR’s famed Wood Brothers crew to pit the cars of Johns and Jim Clark. Clark won the race, which was a huge boost toward his second Formula One world title (Indy was included in the F1 schedule then).

From 1967 to 1971, a total of six drivers ran both races. The first was Cale Yarborough, suffering a mechanical failure at Charlotte and finishing 41st, and three days later finished 17th at Indy after a late spin. In 1969, LeeRoy Yarbrough won at Charlotte but finished 23rd at Indy. The most successful Double Duty racer was Donnie Allison, who won the World 600 on May 24, 1970, and finished fourth at Indy six days later. The next year he earned top-six finishes in back-to-back days, running sixth behind Al Unser in the Indy 500 on Saturday, finishing second behind Glotzbach at Charlotte, and then flying back to Indy for the awards dinner that night.

In 1974, following the standardization of Memorial Day as a Monday holiday, the Indy 500 permanently moved to Sunday, the same day as what was about to be renamed the Coca-Cola 600. Double Duty was parked.

“It was fun, but it would also kick your butt, even when the races were several days apart,” Allison remembered in January on the night of his induction into the NASCAR Hall of Fame. “But me and Cale and brother Bobby, we looked at running both as a badge of honor. Like, OK, you are a real racer’s racer if you can pull that off. And Kyle Larson certainly fits that description, though I don’t know how he’s stacking up that schedule to do it. Just tell him to get some fluids in him. I think I sweated out half myself, and I had time to recover. He won’t.”

The OG, John Andretti: 1994

Hydration wasn’t John Andretti’s problem on May 29, 1994. It was quite the opposite. The man needed somewhere to pee.

The modern-age Double Duty godfather had no plans to attempt both races in 1994. He had entered the season merely hoping to secure a ride for one or the other. On the NASCAR side, he had landed a ride with the sponsor-less and cash-strapped team of owner Billy Hagan. But he also had made a half-dozen Indy 500 starts and was riding a streak of three consecutive top-10 finishes. That’s why Charlotte Motor Speedway president and P.T. Barnum-esque promoter Humpy Wheeler called Andretti into his office that spring. Wheeler said he had done the math and believed it was possible for someone to run both races, all 1,100 miles, in one day, and he told Andretti that if anyone could pull it off, it was him.

The seed was planted. Andretti, son of Aldo and nephew of Mario, couldn’t resist. So, he went to his godfather, A.J. Foyt, and secured a car for Indy. Then he mapped out a schedule of 11 flights, crisscrossing the 580-mile distance between Concord, North Carolina and Speedway, Indiana. Then he cut a deal with a private jet company to manage that crisscrossing … and, oh yeah, the much longer, 2,220-mile trips the weekend before, between the Cup Series event at Sonoma Raceway and Indy 500 qualifying.

On race day, Andretti finished a solid 10th at Indy after starting on Row 3 and running as high as third. From there, the real race was on.

In a striking contrast to Larson’s harmonic cross-series coordination efforts this year, in 1994, Indianapolis Motor Speedway refused to allow Andretti to land a helicopter at the racetrack. That cost him 20 precious minutes, going from a golf cart to a van and through race day traffic to a chopper blocks away from the track. Once he was in the air, however, he received help from air traffic controllers; a pilot who had once wheeled Air Force One; and Wheeler, who not only allowed Andretti to land inside Charlotte Motor Speedway but had a helicopter parked at the end of the runway in Statesville, North Carolina, and had it buzz the grandstand en route to a touchdown on the front straightaway to the roar of the crowd, all just as the national anthem was beginning.

“The good news is that we were smart enough to have IV bags on the plane so that I would be plenty hydrated and I felt great when we got there,” Andretti recalled in 2019, roughly a year before he died of cancer. “The bad news is that I was too hydrated and I had to pee so bad, but there was no time. They ran me to the car. I’ve never been one of those guys who can just pee in his suit during a race, so I was dying. The crankshaft broke halfway through the race and we were out. I was bummed, but I was also really happy because I could finally get to the bathroom!”

Smoke on the Water (he didn’t drink), Tony Stewart: 1999, 2001

Tony Stewart spent the mid-’90s juggling two big league day jobs as a full-time racer in the Indy Racing League and NASCAR’s Busch (now Xfinity) Series, winning the 1997 IRL championship while also making the transition into his first ride with Joe Gibbs Racing. So, when Gibbs gave Stewart permission to run the 1999 Indy 500 for his old IRL crew chief Larry Curry, the transition of getting back into an IndyCar was easy.

Running both races was not.

“Man, I was such an idiot that first year. Nutrition was not really my thing, and I sure proved it,” Stewart recalls, laughing, and reminding how proud he used to be of his three-trips-to-McDonald’s-a-day diet. “The morning of the 500, I think I had a couple of mini bagels. I put an energy bar in my car, but when I dug it out, it was all melted from the heat. On the plane to Charlotte, I drank a Gatorade and maybe ate a hamburger or something. That was it. I swear to you, when we got the final 100 laps of the 600, I was hallucinating. A piece of trash flew by the car and in my mind, it looked like a pink-spotted elephant running down the back straightaway.”

Still, he finished ninth at Indy, although four laps down, and followed that with a fourth-place run in Charlotte over a total of 7 hours, 13 minutes and 41 seconds of racing. When he climbed from his car, Stewart’s legs gave out and he collapsed.

“I said that night there was no way I was doing it again, but two years later I had the chance with Chip Ganassi at Indy. Joe said I could, but this time he was getting me help.”

Gibbs, a Pro Football Hall of Famer, called the Carolina Panthers and recruited a trainer to spend the entire month of May with Stewart, monitoring and coaching up his food and water intake, as well as his sleep habits. The racer responded with sixth- and third-place finishes, becoming the first and still only driver to complete all 1,100 miles.

“That’ll be the biggest challenge for Kyle, and it’s probably the part he’s not yet thought about, not the nutrition or any of that, but the length of the day,” Stewart says of Larson, who he believes could win one or even both races. “And the adrenaline spikes. He’s going to have one after Indy. He’s going to have one during driver introductions before Indy. He’s going to have one when he lands at Charlotte before he even gets in the car … but he’s driving a great race car at Indy [Arrow McLaren Racing] and he’s driving a great race car in Charlotte [Hendrick Motorsports]. He’s got a great group of people around him. You have to have the people to help you manage all of that. Like I did.”

Mr. Five-Time (sort of), Robby Gordon: 1997, 2000, 2002, 2003, 2004

Robby Gordon has won in stock cars, open wheels, motorcycles, sports cars and off-road trucks, so it seems only natural that he would be the racer who has attempted Double Duty the most. In fact, he’s the one who officially turned that phrase into racing jargon and even sold “Double Duty” fan packages to ride along with him on his flight from Indiana to North Carolina. Gordon has pulled off more two-race weekends than can be listed, from Indy Racing League/CART double entries that crossed over political divisions to NASCAR-to-Baja 1000 commutes that streaked across the U.S. map from Atlantic to Pacific.

The Californian’s first attempt was the second ever, when he ran both races in 1997, but the 500 was delayed two full days because of rain. In 2000, rain delayed the Indianapolis green flag three hours. Gordon decided to stay at Indy and let backup driver P.J. Jones start the 600. It was the right call, as Gordon finished sixth, then took over his stock car in Charlotte midrace and finished 35th. Rain also foiled his last attempt, in 2004, as Indy was red-flagged with a storm so strong it was assumed the event would be postponed, so Gordon left for Charlotte. However, the 500 was restarted; backup driver Jaques Lazier dropped out with a broken axle while Gordon finished 20th in the 600.

His other two Double Duty runs — the dry ones — were a mixed bag of finishes, although in 2002 he came within one lap of completing the full 1,100 miles.

“Unfortunately, rain is kind of the theme of my Double attempts,” Gordon recalled last month as he raced in the Stadium Super Trucks Series during IndyCar’s Long Beach Grand Prix weekend. “When I watch Larson, that’s the one thing I hope he doesn’t have to deal with. Not even the rain, but the decisions that have to be made because of the rain. For me, the childhood dream was always Indy, but for most of those years, my full-time job was in NASCAR with Richard Childress. So, making that call, of where to go when you can only run one, that’s no fun, man.”

The last Double (until now), Kurt Busch: 2014

After Gordon’s final Double Duty, Indianapolis made sweeping changes to its May schedule, including moving the waving of green flag for the first time since 1963, a full one hour later, from noon to 1 p.m. ET. Andretti, Gordon and Stewart had all cut it close to making it to Charlotte, missing prerace drivers meetings and literally running to their stock cars for the Coca-Cola 600’s 5:30 p.m. ET start. The move was made to grab a bigger West Coast TV audience (full disclosure: ESPN/ABC didn’t fight the idea), but it also eliminated the chances for Double Duty attempts from the likes of Indy 500 winners Juan Pablo Montoya and Dario Franchitti or even NASCAR aces Jeff Gordon and Jimmie Johnson.

“This is dumbest thing I’ve seen the Indianapolis Motor Speedway do,” Stewart said at the time.

When Indy finally did move its start time back to the traditional high noon, it didn’t take long for another Double Duty attempt to go on the books. Kurt Busch, who had tested an open-wheel racer for Bobby Rahal in 2003, drove for Andretti Autosport at Indy in 2014 and wowed the IndyCar regulars as he took his time, picked his spots, and worked his way up to a sixth-place finish and Indy 500 Rookie of the Year honors. His trip to Charlotte was flawless, having conferred with John Andretti and his new Cup Series car owner, Stewart. He soaked up a bag and a half of saline IV; drank a 20-ounce concoction of B12 vitamin, liquid oxygen, sugar, potassium and beet juice; scarfed down an energy bar, a bag of beef jerky and a box of raisins; and even sneaked in a 20-minute nap.

Unfortunately, none of that could help his No. 41 Chevy, which blew an engine two-thirds of the way through the 600. The next year he completed another sort of Indianapolis Double Duty, winning the Brickyard 400 for the first time.

“The way the racing business works now, at least the way it has worked as my generation was coming up, they want you to specialize,” Busch says now. “Us racers, we hate that. We want to drive everything before our careers are over. That’s the way that Mario Andretti and A.J. Foyt and Cale Yarborough, all those old-school guys, did it.

“Kyle Larson has always been one of those guys. So, to see him do the Double, it will be fine. But it’s been a decade since I did it, and it had been a decade since anyone did it before me. Maybe this will open the door for guys who deserve a shot from being denied in the future.”

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Volvo CE brings mobile charging to the construction job site

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Volvo CE brings mobile charging to the construction job site

Volvo CE and Penta revealed two new mobile charging solutions for North American construction fleets at the Advanced Clean Transportation Expo in Las Vegas.

Volvo CE unveiled two Volvo-branded mobile charging units at a press conference held last night, calling them the next logical step towards full job site electrification.

“We all have a common goal to revolutionize the landscape of sustainable technology within the heavy equipment sector,” said Dr. Ray Gallant, Vice President — Sustainability and Productivity Services at Volvo CE. “Collaborating on these products allows us to make significant steps forward in the adoptability of electric machines.”

The first mobile charger, PU750, is a mobile DC fast charging solution developed to be an ideal solution for fast-charging larger equipment onsite without the need for a converter. The portable power unit (hence, “PU”) packs 750 usable kWh into a towable chassis that can fully charge the batteries in a machine like the Volvo EC230 Electric excavator from 0-100% three times before needing to be recharged itself.

Volvo PU quick specs

Volvo CE mobile charger quick specs; via Volvo CE.

When the PU750 does need charging, it can be managed using the grid interactive UIG power system. That enables the battery-hauling rig to maximize available AC power while tracking multiple assets simultaneously, all managed and visualized within the GridSure platform to make vehicle and charging power management clear to the fleet manager.

“We teamed up with UIG last year because of their expertise in integrating multiple assets to maximize on- and off-grid charging possibilities,” said Darren Tasker, Vice President Industrial, Volvo Penta North America. “Weaving our Volvo CE teammates into the partnership was always the plan, and it’s exciting to see what has come of this relationship so quickly.”

Volvo PU130 mobile AC charger

Volvo mobile AC charging solution; via Volvo CE.

On the AC side of the equation, the new Volvo PU130 is a portable Level 2 charger, designed for more compact machines (like the ECR25 Electric we first covered last April).

Volvo co-developed the PU130 with Portable Electric, and used its proprietary 48-volt technology, the PU130 provides the ability to charge equipment in less than an hour with 130 kWh of energy storage capacity and a 20 kW charge rate, while simultaneously providing up to 40 kW of onsite power to run portable offices or other buildings.

Volvo says the mobile chargers are further proof of the OEM’s commitment to providing the best solutions possible to make carbon reduction in the construction industry a reality. “Battery electric equipment is not feasible for every job site or application, but its use cases continue to grow,” said Dr. Gallant. “As long as owners and operators are making an effort to reduce emissions in whatever way they can, that is forward progress.”

Electrek’s Take

Volvo’s press events at ACT Expo always bring something exciting and, more importantly, useful to the table – and these mobile chargers are no exception.

As fleets are forced to electrify through a combination of legislation, environmental requirements, noise regulations, customer ESG goals, and volatile fuel costs, the need to get usable power to where work is being done becomes a critical variable for fleets to solve for. Solutions like this will help some fleets electrify sooner than later, and that’s why we’re all here.

FTC: We use income earning auto affiliate links. More.

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Uniswap fights back against SEC as the Ethereum crackdown continues

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Uniswap fights back against SEC as the Ethereum crackdown continues

Here's why DeFi platforms using Ethereum are facing SEC scrutiny

For years, the Securities and Exchange Commission has been cracking down on the crypto sector writ large, but in the last few months, the agency appears to have trained its sights on Ethereum, in particular. Some of the biggest names in decentralized finance are now fighting back.

In a 40-page filing on Tuesday, Uniswap Labs — which builds decentralized finance infrastructure including a popular DeFi crypto exchange that enables users to custody their own coins — details to the SEC all the reasons why the agency shouldn’t pursue legal action against them. It comes a few weeks after the commission issued Uniswap a Wells notice, warning the company that it identified potential violations of U.S. securities law.

“The SEC’s entire case rests on the false assumption that all tokens are securities. Tokens are in fact, simply a file format for value,” said Uniswap’s chief legal officer Marvin Ammori.

“The SEC has to essentially unilaterally change the definitions of exchange, broker, and investment contract in order to try to capture what we do,“ continued Ammori.

A Wells notice is typically one of the final steps before the SEC formally issues charges. It generally lays out the framework of the regulatory argument and offers the potentially accused an opportunity to rebut the SEC’s claims.

So far this year, the federal regulator has sent Wells notices, filed lawsuits, or reached settlements with a host of crypto firms, and the agency’s legal challenges are increasingly focused on ethereum and players working in decentralized finance, including ShapeShift, TradeStation, Uniswap and Consensys. It also comes as the agency is reportedly investigating the Ethereum Foundation.

CNBC reached out to the SEC about the recent batch of Wells notices sent out to crypto firms, and an agency spokesperson declined to comment.

In April, Consensys tried to preempt the SEC’s action with its own lawsuit, alleging regulatory overreach on the part of the regulator. The 10-year-old crypto firm said its suit followed three subpoenas issued last year, plus a Wells notice from the SEC that claimed the company was violating federal securities laws.

“This action is about the almost certainty that we hold that the SEC is trying to slow or kill ethereum, decentralization, disintermediation, and disintermediated technology in the U.S. and probably wouldn’t stop there with its long arm,” said long-time ethereum veteran Joseph Lubin, who went from co-founding the blockchain to launching and running Consensys.

“It might influence other nation states to do similarly draconian things,” continued Lubin.

Read more about tech and crypto from CNBC Pro

Security vs. commodity

The recent spate of actions targeting major names working in the Ethereum ecosystem come ahead of a long-awaited decision on whether the regulator will approve or deny applications to launch spot ether exchange-traded funds.

To date, the agency’s stance on ether’s classification as either a commodity or a security remains uncertain.

“We think big banks like the way things are organized. We think certain factions of the U.S. government like the way they operate,” said Lubin. “Without explicitly stating their intentions, without public discussion and clear rule-making, the SEC seems to have decided to reclassify ether as a security without being able to utter that that’s what they’re doing.”

The industry argues if ether — the native token of the Ethereum blockchain — gets classified as a security, it could throw the future of the Ethereum network and many adjacent crypto firms into question. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether.

“If the SEC, in fact, does take the position that Ethereum is a security, pretty much everyone in this business that is using or providing services of the Ethereum blockchain, they’re going to be on notice that they might need to be registered,” said digital assets attorney Christopher Gerold, who previously served as the chief of the New Jersey Bureau of Securities.

“Whatever protections they thought they had before are no longer going to be there, and we’re going to see a shift in the industry,” continued Gerold.

Ethereum co-founder Joseph Lubin on bitcoin ETF decision, prospect of a spot ether ETF

The head of litigation and investigations at Consensys told CNBC that they’ve been alarmed that the SEC has been targeting developers.

“They asked for a list of the names of any Consensys developers who contributed any coding to the merge,” said Laura Brookover.

The so-called merge was a years-in-the-making systemwide upgrade to the Ethereum blockchain that took effect in September 2022 and changed the way transactions are verified. The proof-of-stake model, which replaced the proof-of-work model, requires volunteers on the network to put up their ether tokens, or “stake” them, in order to secure the network.

Brookover says the agency has explicitly asked for the identities of public and private Consensys software developer code repositories.

“Those are very strange requests from a financial regulator,” continued Brookover. “I can speak to that, because I used to be in the CFTC’s enforcement division and investigated cases myself.”

Multiple coders and industry executives have told CNBC that it is possible the SEC could be taking more of an interest in Ethereum, because the regulator thinks its native token functions more like a security after the merge.

Brookover told CNBC that their suit asks the court to declare both that ether is not a security and that the SEC lacks jurisdiction to investigate Ethereum. Ultimately, the regulator will have to respond to the Consensys complaint in a legal filing.

“They’re going to be hard pressed not to stay in their answer whether they think Ethereum is a security or not,” said Gerold, adding that he suspects that the agency will take the position that it is a security because of the proof-of-stake change that took effect two years ago.

One thing the SEC has been clear on is its classification of bitcoin as a commodity. With ether, the narrative has changed.

In 2018, when Bill Hinman was still the Director of the Securities and Exchange Commission’s Division of Corporation Finance, he told CNBC that, “When we look at bitcoin or if we look at ether and the highly decentralized nature of the networks, we don’t see a third-party promoter where applying the disclosure regime would make a lot of sense.”

“So we’re comfortable…viewing these as items that don’t have to be regulated as securities,” continued Hinman.

In April 2023, when Rep. Patrick McHenry (R-N.C.) asked SEC Chair Gary Gensler whether ether was a commodity or a security, Gensler demurred.

Ether up 50% this year as trader optimism soars over possible spot ether ETF approval

SEC vs. crypto

Gensler has, in multiple interviews, repeatedly shared that he believes much of the industry already belongs under its jurisdiction, and its lawsuits are simply bringing the industry under compliance. Crypto firms argue that the recent legal battles haven’t given the regulatory clarity the industry has been seeking for years.

With the Uniswap Wells notice, for example, a source at the company told CNBC that dealing with the SEC was akin to “talking to a wall.”

For two years preceding the Wells notice, Uniswap described the protracted interactions with the agency as an opaque process that involved responding to multiple requests, including giving testimony and sending several documents to the agency, without getting much feedback about the regulator’s concerns around potential wrongdoing. This source also told CNBC they had not heard from the regulator at all in 2024 until the agency told them in a half-hour phone call that they would be receiving a formal notice.

SEC Chair Gary Gensler dodges Trump Media campaign finance questions

Both Consensys and Uniswap suggest the SEC’s broad approach to classifying securities may be outdated.

“The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers,” Ammori said.

But Uniswap argues that the protocol itself is a general purpose computer program that anyone can use and integrate.

“So the protocol is not an exchange also, because under the law, it would have to be specifically designed for securities trading, and it is not,” continued Ammori.

Uniswap argues in its response to the SEC that the majority of its trading volume is obvious non-securities, like ether, bitcoin, and stablecoins.

“It’s not run by a group, as the definition requires, but as autonomous software no person or group controls,” added Ammori.

“The SEC knows that the current definition of exchange does not cover the protocol, or anything we do. That’s why as we speak, there’s a pending rulemaking, for the SEC is trying to redefine about a half dozen words in their own regulations to try to capture us,” contined Uniswap’s chief legal officer.

Alma Angotti, partner and global legislative and regulatory risk leader at the consulting firm Guidehouse, cautions that it is less clear whether decentralized exchanges function like an alternative trading system, or a market maker — or whether they really are just a technology that does not act as a broker dealer.

Meanwhile, as the SEC ramps up its focus on decentralized players in the crypto ecosystem, centralized players also remain under scrutiny by the regulator.

In May, investment platform Robinhood announced it received a Wells notice for the company’s crypto operations. The SEC has also sued Coinbase and Binance. With multiple pending legal challenges from the regulator and enduring uncertainty about the future of crypto regulation in the U.S., multiple crypto businesses have said they are considering decamping from the country altogether.

“We’ve got companies that are wasting resources trying to figure out, ‘Am I a broker dealer? Are these assets securities?'” said Binance’s former chief compliance officer, Christina Rea.

“We’re already having a hard enough time trying to get them to be compliant with other important laws — anti-money laundering laws, anti-bribery and corruption laws.”

On Thursday, the commission will issue a decision on whether to approve one of the spot ether ETF applications after a multi-month delay. Many are waiting to see whether the regulator will offer clarity on its stance on ether.

CNBC’s Jordan Smith contributed to this report.

Grayscale CEO Michael Sonnenshein steps down, replaced by Goldman exec: CNBC Crypto World

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