Business
SEC, Gensler face bipartisan backlash over X account hack on January 18, 2024 at 11:00 am Business News | The Hill
Securities and Exchange Commission (SEC) Chair Gary Gensler is facing bipartisan political backlash after the agency’s social media account was hacked last week and falsely claimed it had approved several highly anticipated bitcoin investment funds.
While the SEC ultimately approved the exchange-traded funds (ETFs) holding bitcoin about 24 hours later, the high-profile blunder for the agency puts Gensler in a tough spot as an already unpopular figure in the cryptocurrency world and among Republican lawmakers.
And some Democrats who have been generally pleased with Gensler are joining calls for investigations.
“Mainly, it was embarrassing for the SEC,” Ian Katz, managing director at research consultancy Capital Alpha Partners, told The Hill.
“It’s given ammunition to Gensler’s enemies and his opponents and people in Congress who don’t like him to begin with,” he added.
The SEC revealed last Tuesday afternoon that its account on X, formerly known as Twitter, had been hacked after it appeared to approve the spot bitcoin ETFs. The agency deleted the post after about 30 minutes and replaced it with a disavowal.
“The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” the agency said.
The incident quickly prompted calls from Republican lawmakers for the SEC to provide an explanation for the breach.
“Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened,” Sen. Bill Hagerty (R-Tenn.), a member of the Senate Banking Committee, said in a post on X. “This is unacceptable.”
Sens. JD Vance (R-Ohio) and Thom Tillis (R-N.C.) sent a letter to Gensler in the aftermath requesting information about the incident, noting the impact of the false announcement on the price of bitcoin.
The price of bitcoin briefly surged on the news, jumping to nearly $48,000, before falling to less than $46,000.
“These developments raise serious concerns regarding the Commission’s internal cybersecurity procedures and are antithetical to the Commission’s tripart mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,” Vance and Tillis wrote.
The agency drew further scrutiny after X said a “preliminary investigation” found the hack was not due to a breach of the social media company’s systems but rather “an unidentified individual obtaining control over a phone number” associated with the account.
The social media company also said the SEC’s account did not have two-factor authentication enabled at the time of the hack.
Several Republican members of the House Financial Services Committee slammed the agency’s apparent lack of security measures in a letter to Gensler on Wednesday.
“This failure is unacceptable, and it is disturbing that your agency could not even meet the standard you require of private industry,” they wrote.
The criticisms of the SEC’s cybersecurity practices come as the agency recently enacted a rule requiring public companies to disclose significant cyber incidents that could affect investor decisions within four business days.
The rule has drawn stiff opposition from congressional Republicans, who are pushing to overturn the requirement using the Congressional Review Act.
However, the cyber disclosure rule is just one of many recent rulemaking and enforcement efforts by the agency under Gensler that have drawn Republican ire.
GOP lawmakers have also accused the SEC of overreach with its proposed climate disclosure rule and have repeatedly criticized what they view as Gensler’s heavy-handed approach to crypto regulation.
While Gensler has often faced Republican criticism, concern over the breach of the SEC’s account took on a bipartisan flavor when Sens. Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) called on the SEC inspector general to probe the incident.
“Given the obvious potential for market manipulation, if X’s statement is correct, the SEC’s social media accounts should have been secured using industry best practices,” Wyden and Lummis wrote.
In a statement, Gensler noted there is “currently no evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts,” while also acknowledging the security concerns raised by the hack.
“The SEC takes its cybersecurity obligations seriously,” Gensler said.
Ron Hammond, director of government relations with the crypto industry group Blockchain Association, said the spotlight on the recent ETF decision “looped in a lot more folks from the traditional side” of finance and gave them “their first taste of what it’s like to be on the crypto side.”
“This was almost just like another week in crypto, just given the craziness that has occurred in this industry and the intersection of DC politics for the past at least two or three years probably, if not longer,” Hammond told The Hill.
Amid the chaos and criticism over the breach, the SEC ultimately approved the 11 spot bitcoin ETFs that were the subject of the hacked posts. The decision, which crypto supporters touted as a “historic outcome,” represents the first time that the agency has permitted the trading of funds directly invested in crypto assets.
The SEC previously rejected all applications for such funds. The agency’s shift on the issue comes after the U.S. Court of Appeals for the District of Columbia ruled in August that it improperly rejected an application for a spot bitcoin ETF from Grayscale Investments.
Gensler appeared less than enthusiastic in his statement about the approvals, describing it as “the most sustainable path forward” given the court’s decision. He also emphasized that the SEC’s approvals were confined to ETFs holding bitcoin.
“It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities,” Gensler said.
Katz suggested the hack was even more embarrassing for the agency because the SEC chair “didn’t really want to do these approvals anyway.”
Hammond added that Gensler and the agency are “definitely not in a good space” at the moment following the hack.
“We’ll see what happens through the letters and hearings and investigation of the FBI, but they’re not in a good spot at the SEC right now,” he said.
Business, Technology, bitcoin, cryptocurrency, cryptocurrency etfs, SEC hack, Securities and Exchange Commission Securities and Exchange Commission (SEC) Chair Gary Gensler is facing bipartisan political backlash after the agency’s social media account was hacked last week and falsely claimed it had approved several highly anticipated bitcoin investment funds. While the SEC ultimately approved the exchange-traded funds (ETFs) holding bitcoin about 24 hours later, the high-profile blunder for the…
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
Business
Why 9 Million Americans Have Left

The Growing American Exodus
Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets
Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.
Health Care Concerns Drive Migration
America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad
Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.
Tax Burdens and Bureaucracy
US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.
The Digital Nomad Revolution
Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream
The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.
Business
Will Theaters Crush Streaming in Hollywood’s Next Act?

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back
Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.
Industry Pulse: From Crisis to Renaissance
On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.
Blockbusters Lead the Culture
Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.
Streaming’s Limits and Studio Strategy
Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams
As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.
For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.
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