The Biden administration has stopped taking student loan applications following another court ruling. We’ll also look at the most shocking crypto collapse yet, how affordable housing performed with midterm voters and Twitter’s verification disaster.
But first, see why the GOP is dreading a Trump 2024 announcement.
The Biden administration announced Friday it would stop accepting student loan forgiveness applications after a federal judge ruled against the program on Thursday.
The government website that previously led to the student loan applications now shows a message titled “Student Loan Debt Relief Is Blocked.”
“[A]t this time, we are not accepting applications,” the site reads, explaining the pause is due to the court ruling in Texas.
The site goes on to say the administration will fight in court for the program and the department will hold the applications of the millions of borrowers who already applied for the relief.
Here’s more from The Hill’s Lexi Lonas.
From The Hill: Federal judge strikes down Biden student debt relief program
Crypto faces a crisis of confidence amid FTX collapse
Cryptocurrency is facing a crisis of confidence after popular crypto exchange FTX filed for bankruptcy, the latest and most significant failure in a series of high-profile collapses.
FTX lent billions of dollars in users’ deposits to an affiliated trading firm that suffered massive losses on risky bets. That left FTX with a shortfall of up to $10 billion, raising the question of whether its users will lose everything.
Karl explains the mess here.
Here’s how affordable housing fared on midterm ballots
One housing affordability measure made it on a statewide ballot in this year’s midterm elections amid a nationwide housing crisis that has left the U.S. short at least a million homes — and it is projected to pass narrowly.
But a new report released Friday by Moody’s Analytics shows that local ballot measures promoting affordable housing had widespread bipartisan support in the 2022 midterms.
The Hill’s Adam Barnes digs into this here.
Markey presses Twitter for answers about verification process
Sen. Ed Markey (D-Mass.) pressed Twitter for information about its process to verify users who paid for a subscription on Friday after a fake account impersonating the senator received a blue verification check mark.
The impersonating account, under the username @realedmarkey, received a blue verification mark after it was set up as a test by a Washington Post reporter with Markey’s permission.
Democrats’ chance of pushing through a key antitrust bill to rein in the power of tech giants may be thwarted if their shot at keeping Senate control depends on the results of a Georgia runoff.
Even if Democrats secure Senate control, their chances of passing the bill, or other antitrust legislation targeting tech giants, in the next Congress are slim with Republicans poised to win control of the House — making the lame-duck session the best shot for the bill’s supporters.
Here’s what else we have our eye on:
That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you Monday.