DraftKings, a sports betting company, said Wednesday it filed with the Federal Election Commission (FEC) to create a corporate political action committee (PAC).
DraftKings’s PAC will fall under the separate segregated funds (SSF) category, which means the committee can solicit contributions only from individuals associated with a connected or sponsoring organization, according to the FEC.
“We have established this PAC to support state and federal candidates and organizations who have shown an interest in issues affecting our business,” a company spokesperson told The Hill.
DraftKings fell under scrutiny in recent years due to their alleged attempt to “obstruct or impair competition” in the sports betting industry, which is a violation of federal antitrust laws.
Bipartisan lawmakers urged the Federal Trade Commission and Justice Department to investigate their dealings after a failed 2016 merger with FanDuel.
While the company did not directly respond to requests for comment about alleged wrongdoing, a spokesperson did share that they hope to use their newly founded PAC to improve the online gambling experience for consumers.
“DraftKings’ ultimate goal is to build the best, most trusted, and most customer-centric destination for our players. The recent tax increase in Illinois makes it harder to provide the best service to our players while it simultaneously incentivizes more players to wager in the unregulated, illegal market,” a spokesperson told The Hill.
“Among other things, we are monitoring a range of regulatory, tax, and licensing policies around the country, including the recent tax increase in Illinois. In addition, DraftKings may prioritize issues that impact business operations, including the expansion of the legal, regulated online betting market,” they added.
NEW YORK (Reuters) -U.S. Treasury market participants hoping for a long-awaited shift in bank leverage rules may be in for a letdown if U.S. regulators choose to ease capital requirements rather than exclude U.S. government bonds from leverage calculations.
The Federal Reserve said this week it would weigh proposals to ease leverage requirements for large banks at a June 25 meeting, launching what’s likely to be a wider review of banking regulations. The agenda includes potential changes to the “supplementary leverage ratio,” a rule that mandates banks hold capital against all assets, irrespective of risk.
Regulators including the Fed, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have been considering whether to tweak the rule’s formula to reduce big banks’ burdens or provide relief for extremely safe investments, like Treasury bonds, Reuters has reported.
Currently, all banks are required to hold 3% of their capital against their leverage exposure, which is their assets and other off-balance sheet items like derivatives. The largest global banks must hold an extra 2% as well in what is known as the “enhanced supplementary leverage ratio.”
The Fed is expected to propose tweaks to that ratio in a bid to reduce the overall burden of that requirement, as opposed to broadly exempting categories of assets from the requirement, such as Treasury bonds, according to two industry officials.
However, it is possible the Fed could seek input on some exemptions, the officials said. The FDIC announced its own meeting next Thursday, where the agency will also discuss proposed changes to that ratio.
On Tuesday, Bloomberg reported that regulators plan to reduce by up to 1.5 percentage points the enhanced ratio for the biggest banks, bringing it down to a range of 3.5% to 4.5%.
“Lowering the capital requirements instead of a Treasury carve-out from the SLR is a weaker form of regulatory easing, and in my view it doesn’t fully address the constraint dealers face during intense market stress,” said Steven Zeng, U.S. rates strategist at Deutsche Bank.
“In our view, the news is moderately underwhelming,” analysts at Wells Fargo said in a note. “We think that many market participants were anticipating a carve out of UST assets from the denominator.”
The Fed did not immediately respond to a request for comment.
Spreads between long-term swap rates and Treasury yields tightened on Wednesday, turning more negative, even as earlier in the year they had been widening amid hopes that regulatory shifts in bank capital rules would bolster demand for Treasuries. The move likely reflected disappointment on the news that regulators plan to lower the requirements, said Zeng.
“I still think a full carve-out is the most effective way to bolster market liquidity and compress the spread between Treasuries and swaps, but understandably it’s also a significant jump for Fed regulators,” he said.
The 10-year swap spreads were last at minus 54 basis points from minus 53 on Tuesday, while 30-year swap spreads were last at minus 88 bps from minus 86.5 bps on Tuesday.
Banks have argued for years that the SLR, established after the 2007-2009 financial crisis, should be reformed. They say it was meant to serve as a baseline, requiring banks to hold capital against even very safe assets, but has grown over time to become a constraint on bank lending.
U.S. Treasury Secretary Scott Bessent has said in a Bloomberg interview last month that a shift in the ratio could bring Treasury yields down significantly.
Treasury market participants have come to see it as a major obstacle to banks providing liquidity to traders, particularly at times of heightened volatility, but there are doubts over whether an easing of the requirement will boost Treasury prices.
“We’re skeptical that lowering SLR will trigger a massive round of buying in U.S. Treasuries from major U.S. banks,” BMO Capital Markets analysts said in a note on Wednesday.
(Reporting by Davide Barbuscia and Pete Schroeder; editing by Diane Craft)
When U.S. Vice President JD Vance joined Bluesky on Wednesday evening, he got banned immediately. However, his account was restored after a while, with Bluesky saying that the ban was issued after the social network’s system that looks for impersonating attempts fired a warning.
“Vice President Vance’s account was briefly flagged by our automated systems that try to detect impersonation attempts, which have targeted public figures like him in the past. The account was quickly restored and verified so people can easily confirm its authenticity,” A Bluesky spokesperson told TechCrunch in a statement.
“We welcome the Vice President to join the conversation on Bluesky,” the spokesperson said.
Vance’s first post on Bluesky was about the Supreme Court’s decision to uphold a Tennessee law that bars gender-affirming care for transgender minors.
The Canadian Soccer Association and head coach Jesse Marsch are under investigation by Concacaf over claims of rules violations and the use of offensive language during Canada‘s 6-0 Gold Cup win over Honduras on Tuesday.
Marsch wasn’t even on the sidelines for the game since he was serving a two-game suspension for receiving a red card in Canada’s third-place game of the Nations League finals against the United States in March.
“The Disciplinary Committee will review all available evidence, including official reports detailing that the CSA and its head coach disregarded regulations applicable to suspended match officials and used offensive language toward CONCACAF match officials,” Concacaf said in a statement Wednesday.
Marsch claimed in March that Canada has long been treated with “disrespect” by Concacaf match officials.
Marsch, 51, is a native of Wisconsin, who played more than 300 games in MLS with D.C. United, the Chicago Fire and Chivas USA.
He was a head coach with the Montreal Impact and New York Red Bulls before heading to Europe, where he has coached at Red Bull Salzburg, RB Leipzig and Leeds United.
Information from Field Level Media was used in this report.
8. As for Roy Scheider, he landed the part of police chief Martin Brody after meeting Spielberg at a party.
“I was sitting there and somebody walked over to me and introduced themselves to me and said, ‘You’re sitting here all alone. Are you OK?'” Spielberg recalled in Jaws: The Inside Story. “And it was Roy Scheider.”
Spielberg began lamenting to Scheider—who at this point had starred in The French Connection—about how he couldn’t find an actor to play Chief Brody.
“I told him the whole story—I even told him the five or six actors I had talked to that I decided that I didn’t want to go with,” the Oscar winner continued. “Roy looked at me and he said, ‘What about me? I’m an actor. I’d love to be in Jaws.'”
9. While Scheider got the part, Charlton Heston had also been vying for the role. However, Spielberg was concerned Heston—who’d starred in The Ten Commandments, Ben-Hur, and The Agony and the Ecstasy—was too big of a star and that the audience wouldn’t relate to him.
“I thought for Charlton Heston to play that part would be a little bit not fair for the shark,” he added in Jaws: The Inside Story, “because the shark wouldn’t last through the first act.”
10. And you’re gonna need…to thank Scheider for this iconic line.
“One of the oft-quoted lines in the movie is Roy Scheider saying, ‘We gotta get a bigger boat,’ which he improvised on the set,” Gottlieb said in 1995’s The Making of Jaws. “I acknowledge that as a writer. I’m pleased that he said that.”
A “dismal” month for supermarkets led to UK retail sales falling in May at the fastest pace for more than a year, official figures show.
Sales volumes dropped 2.7% in May, the biggest monthly fall since December 2023, according to the Office for National Statistics (ONS).
Food retailers saw lower sales of alcohol and tobacco as households cut back, while clothing and household goods stores reported “slow trading”, the ONS said.
Separate figures on the UK economy showed that government borrowing rose last month, hitting the second highest level for May since monthly began in 1993.
Borrowing – the difference between spending and tax income – was £17.7bn, up £0.7bn from May last year.
The ONS said revenue from income tax and National Insurance contributions increased, but spending rose by more, partly due to inflation-linked uplifts to many benefits.
May’s fall in sales followed a 1.3% rise in April, when sales were boosted by sunny weather.
The good weather earlier this year led to people bringing forward home improvement projects, which meant demand for DIY goods fell in May.
The ONS figures show that sales volumes in the three months to May were still up by 0.8% compared to the previous three months, which is seen as a better guide to underlying trends.
However, Paul Dales, chief UK economist at Capital Economics, said the data added to “other evidence that the burst of economic growth” in the early part of the year “is over”.
He said some of May’s decline was due to the boost in April from the warm weather fading, but “the ONS also said retailers noted inflation was prompting consumers to cut back”.
Related video: LA Dodgers deny access to stadium by ICE agents (KTLA)
A federal judge on Thursday rejected Department of Transportation (DOT) Secretary Sean Duffy’s attempt to tie state funding to immigration enforcement operations.
“Congress did not authorize or grant authority to the Secretary of Transportation to impose immigration enforcement conditions on federal dollars specifically appropriated for transportation purposes,” U.S. District Judge John McConnell wrote in the preliminary injunction.
McConnell, a former President Obama appointee, said the 20 states suing the Trump administration are likely to succeed in blocking Duffy’s efforts to restrict federal funding.
In late April, the Transportation secretary said states would lose federal funds for roads, bridges and other infrastructure projects if they block President Trump’s immigration enforcement efforts; support diversity, equity and inclusion initiatives; or defy other directives from the administration.
Democratic state attorneys general in jurisdictions with sanctuary cities filed the lawsuit, alleging that Duffy’s restrictions were an overreach of authority.
The White House and Department of Homeland Security did not immediately respond to The Hill’s request for comment.
The 20 states are also pursuing a separate case in Rhode Island regarding the blocking of federal grants issued by the Department of Homeland Security.
The legal battle between factoring company OTR Solutions and DAT Freight & Analytics has come to a quick end, with DAT disclosing Wednesday that OTR had “voluntarily” ended its suit.
The closure to the lawsuit comes a week after OTR had won a victory in the Superior Court of Cobb County, when a court ordered DAT Solutions to suspend the operations of Outgo, a financial services and factoring company DAT acquired in May.
A spokesman for DAT, which put out a brief announcement about the end to the lawsuit, declined to answer questions submitted by FreightWaves about any provisions in the settlement.
“Following the resolution, OTR voluntarily dismissed its lawsuit against DAT,” the statement said.
The lawsuit’s end came even as it appeared OTR had the upper hand in the dispute, at least in court. In the June 10 Cobb County decision, the court said OTR was likely to succeed on the claims it made in the lawsuit.
The court ordered DAT to suspend operations of Outgo and come into compliance with a 2021 non-compete agreement between OTR and DAT.
Whatever provisions were in the recent agreement between DAT and OTR, it does not appear OTR will have any sort of special presence on the DAT load board as it did before the Outgo acquisition.
“DAT thanks OTR for their years of partnership and their collaboration in reaching a constructive outcome,” DAT said in a prepared statement.
With the end of the lawsuit, and the ruling by Cobb County Superior County Judge Adele P. Grubbs, DAT is now free to market the factoring services of Outgo on its platform. “Outgo, a DAT product, is fully operational through the DAT One platform—delivering fast, transparent payment services that help carriers manage cash flow and keep their businesses moving,” DAT said in its statement.
OTR also declined to answer further questions beyond its prepared statement. “OTR and DAT were able to reach an amicable resolution,” the statement said. “We look forward to focusing our attention on serving the needs of our clients.”
Before the Outgo acquisition, the relationship between OTR and DAT involved OTR paying referral fees to DAT, while the latter’s load board had a blue checkmark next to OTR’s name to signal DAT had reviewed OTR’s creditworthiness for its factoring activities.
DAT and OTR had a non-disclosure agreement signed in February 2021. That relationship was strengthened in August of that year with a “referral and revenue sharing agreement.”
If you’re serious about traction, scale, and funding, you have 4 days left to secure your pass to TechCrunch All Stage — and save up to $210 while you’re at it. Prices rise after June 22 at 11:59 p.m. PT.
This is not just another startup event. It’s your tactical launchpad and the fuel to scale to the next level. On July 15 in Boston, join 1,000 founders and investors at all stages for one day packed with real scaling strategies, live investor feedback, and conversations that move the needle.
Stronger pitch and traction tactics with investors like – Tiffany Luck, partner, NEA – Charles Hudson, founder and managing partner, Precursor Ventures
New ways to break through the plateau with insights from – Cathy Gao, partner, Sapphire Ventures – Chris Gardner, general partner, Underscore VC – Jahanvi Sardana, partner, Index Ventures
Smarter fundraising strategies in a competitive market with – Brandon Krieg, co-founder and co-CEO, Stash – Rob Biederman, founding and managing partner, Asymmetric Capital
Check out the full agenda and the leaders who’ll shape the conversations.
From Seed to Scale: Two breakout stages tailored to your startup journey
Foundation Stage: Build early traction with hands-on startup strategies
Scale Stage: Master late-stage growth, Series C+ strategy, and IPO readiness
Plus, small-group roundtables where you’ll dive into:
Time’s almost up — and so are the $210 ticket savings
You’ve got just 4 days to grab your discounted TC All Stage pass. After that, prices jump. Register here to save up to $210 before June 22 at 11:59 p.m. PT.
Stephen joined ESPN in 2022, covering the Indianapolis Colts and NFL at large. Stephen finished first place in column writing in the 2015 Indiana Associated Press Media Editors competition, and he is a previous top-10 winner in explanatory journalism in the Associated Press Sports Editors national contest. He has chronicled the NFL since 2005, covering the Tampa Bay Buccaneers from 2005-2013 and the Colts since 2013. He has previously worked for the Miami Herald, Tampa Bay Times, Indianapolis Star and The Athletic.
INDIANAPOLIS — Surrounded by pandemonium in the wake of arguably the most meaningful win in Indiana Pacers history, former Pacers star Metta World Peace tried to collect his thoughts and put the victory into historical perspective.
“This city deserves it, man,” said World Peace, formerly Ron Artest. “It’s been a long time coming.”
Quite a long time — as in forever.
That’s the notable context around this 108-91 Pacers win over the Oklahoma City Thunder in Game 6 of the NBA Finals. With the series tied 3-3, the Pacers now have a chance to do what the 2000 Pacers never did: Close out a championship series.
The 1999-2000 Pacers lost 4-2 in a Finals defeat against the Los Angeles Lakers. Those Pacers never led the series and were never this close to hoisting the Larry O’Brien Trophy. Artest didn’t join Indiana until the 2001-02 season, but he has a deep appreciation for the franchise and its fans in this state where basketball roots run deep, which is why he stayed long after the final buzzer to soak in the celebration.
Just across the way was Rik Smits, who spent the entirety of his 12-year career as a Pacers center and was a member of that 2000 Finals squad. The significance of the franchise finally breaking through for a possible title was top of mind for him.
“This franchise really deserves it,” Smits said. “We had a lot of great years, but obviously never made it this far. So, I’m just happy for the team, the owners, the whole city. It’s a great fan base here. I’ve always loved playing here, so I would love to see a championship.”
The 2000 Finals loss will always prompt “what if’s” in these parts. But so, too, does the 2004-05 season — one marked by one of the ugliest chapters in Pacers history. After the so-called “Malice in the Palace,” during which Pacers players brawled with the Detroit Pistons and their fans during a game in Detroit, the unprecedented suspensions handed down to World Peace, Stephen Jackson and Jermaine O’Neal derailed what players thought was a championship team.
Those thoughts flashed back to Jackson Thursday night.
“This means everything for the guys who played [years ago] to the guys playing now,” he said. “We were supposed to win one when we were here. But it didn’t work out. So, it’s good to see the young guys bring this back.”
How the current Indiana players have gotten here was not lost on these Pacers legends. And they encouraged them to double down on their strengths heading into Game 7.
“It’s different contributions from different guys every night,” Smits said. “It’s really a team effort with them. We don’t have to rely on one or two old stars. It’s been really fun to watch.”
That might have been a reference to Smits’ own 1999-2000 Pacers. Four of the five starters on that squad were 30 or older. That includes Pacers legend Reggie Miller, who was 35 that season.
These Pacers are led by 25-year-old Tyrese Haliburton, who has solidified his stardom during a stunning postseason run. But Thursday’s win was emblematic of the Pacers’ makeup: Their leading scorer was forward Obi Toppin, who finished with 20 points off the bench.
World Peace, sitting on the baseline at Gainbridge Fieldhouse near other former teammates, found the composition of today’s Pacers refreshing. They are giving the rest of the NBA something to think about, he said.
“What a great team,” he said. “It’s not like a LeBron James team. From that perspective, I feel like if they win it, it changes how people put together teams. They’re changing the game.”
With one more victory, the current Pacers can call themselves something no previous Pacers have: NBA champs.
And one of the most beloved former Pacers believes that’s exactly what’s going to happen. Former Pacers guard Lance Stephenson still receives ovations that rival those of Hall-of-Famer Miller when he is shown on the giant screen inside the arena.
Stephenson, still brimming with excitement long after Game 6, anticipates having more to celebrate soon.
“I think we’ve got this, man,” he said of Sunday’s Game 7, the league’s first since 2016. “It’s going to be tough, but I think we’re going to have a great game altogether. You’re going to have a bunch of guys in double figures and they’re going to win.
