Joshua Dunlap deserves confirmation to US Court of Appeals | Letter

In nominating Maine native Joshua Dunlap for the U.S. Court of Appeals for the First Circuit, Senator Susan Collins has made an outstanding choice.

As Josh’s former law partner, I know first-hand of his superb qualifications: his intelligence, thoughtfulness, humility, and love of the law and the Constitution are exceptional. He will work vigorously for the impartial dispensation of equal justice under the rule of law.

In better times, Josh would receive near-unanimous confirmation. However, in today’s hyper-partisan climate, judicial appointments are sadly exploited for more political skirmishing.

Thankfully, we don’t do it that way in Maine. As former Governor Angus King knows first-hand, qualified judicial nominees routinely receive bipartisan support, and Maine’s judiciary is the envy of many states where partisanship infects judicial selections.

Senator King should join Senator Collins in supporting Josh’s nomination. Washington sorely needs another lesson in why Maine is “the way life should be.”
https://www.sunjournal.com/2025/10/31/joshua-dunlap-deserves-confirmation-to-us-court-of-appeals-letter/

Trump Nominates Michael Selig as New CFTC Chair

U.S. President Donald Trump has chosen Michael Selig as the chair of the Commodity Futures Trading Commission (CFTC), according to Bloomberg reports on Friday. This nomination replaces his previous nominee, Brian Quintez, following pressure from Tyler and Cameron Winklevoss, founders of Gemini.

### Selig as the New CFTC Chair

Michael Selig currently serves as chief counsel for the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force and Senior Advisor to SEC Chairman Paul Atkins. Before joining the SEC, Selig was a partner at the law firm Willkie Farr & Gallagher LLP, where he specialized in asset management and digital assets regulation.

Selig’s extensive background positions him well to promote greater coordination between the SEC and CFTC, two key agencies overseeing financial markets. This nomination is closely tied to the implementation and impact of the CLARITY and GENIUS Act, which are expected to shape crypto regulation.

With Selig at the helm of the CFTC, he will have direct influence on how major cryptocurrencies and tokenized assets are regulated in practice. He is expected to leverage his cross-agency experience to harmonize regulatory frameworks related to spot crypto trading, tokenized collateral, and investor protections. These efforts are likely to advance institutional confidence in regulated digital assets.

### Industry Reaction

Earlier this month, when Selig emerged as the leading candidate for CFTC Chair, Jake Chervinsky, chief legal officer at the Variant Fund, described the development as a pivotal moment for U.S. crypto policy. He said:

> “There’s nothing more important for crypto policy than the White House nominating a new CFTC chair, and nobody better than Mike Selig for the job. I’ve had the honor of knowing Mike for years, and he’s the real deal: a brilliant lawyer and proven leader perfect for this role.”

Chervinsky also praised Selig as a trustworthy and skilled lawyer with proven leadership experience, qualities that could help stabilize and advance crypto oversight in a positive and more predictable manner.

### What’s Next? Senate Vote

Following President Trump’s nomination, Selig must be approved by the U.S. Senate before officially taking office. The confirmation process involves a hearing before the Senate Agriculture Committee, which typically handles CFTC nominations.

During the hearing, Selig will likely face questions regarding his qualifications and his stance on current U.S. regulations. If he receives Senate approval, Selig can officially begin his term as Chair of the Commodity Futures Trading Commission.
https://coinpedia.org/news/trump-nominates-michael-selig-as-new-cftc-chair/

Editorial: DTS fare hike is mostly reasonable

The Honolulu City Council is considering a measure to raise public transportation fares for nearly all riders. The city Department of Transportation Services (DTS) says this increase is necessary to keep up with rising operational and maintenance costs.

While the Budget Committee did not reach a consensus on Tuesday—partly due to disagreements over proposed carve-outs—Bill 54 remains very much alive and should pass.

Honolulu’s last public transit fare increase came in 2022, before the opening of Skyline, a rail system that now adds value to the already comprehensive TheBus and TheHandi-Van services. New capabilities and conveniences come with new costs, and the proposed fare increases are reasonable.

According to the latest version of Bill 54:

– Adult annual fares will increase by 12.5%, from $880 to $990.
– Monthly adult fares will go from $80 to $90.
– Annual senior rates will increase by 11% to $50.
– Monthly TheBus fares for youth riders will rise 12.5% to $45.
– Seven-day passes will increase by 28.5% to $45.
– Single fares remain steady at $3 for HOLO card users; however, cash-paying riders will be subject to a 25-cent surcharge.

So far, these changes are justifiable.

However, some more dubious proposals have emerged, including maintaining discounted pricing for residents over nonresidents, expanding discount eligibility for low-income riders, and removing the personal care attendant (PCA) fare exemption on buses and rail.

DTS Director Roger Morton opposed these particular additions—and rightly so.

Regarding resident pricing, Morton pointed out the difficulty in distinguishing residents from nonresidents. Implementing such a system would require additional time and resources and could slow transit operations. Moreover, there is “no way” to monitor cash-based transactions, which the bill allows.

While kama‘āina pricing is an attractive idea, adopting such a model without an accurate and reliable means of verification would be unwise. Morton also noted that ridership could decline if nonresidents were required to pay more, especially as tourists and visitors increasingly opt for alternatives like rideshare services. In this case, the negatives outweigh the benefits of preferential treatment for residents.

Another amendment proposes expanding reduced fares to include a new “very low income” category, beyond the current “extremely low income” threshold. This change aims to enlarge the pool of riders eligible for discounted fares, from those receiving benefits under the Social Security Administration’s Supplemental Security Income program to individuals benefitting from the federal Section 8 housing program.

Morton’s initial analysis suggests this expansion could increase the eligible population from roughly 110,000 to 180,000 people, potentially leading to a revenue loss between $6 million and $8 million. While more concrete numbers need to be determined before making a decision, that estimate is significant and raises concerns that such an expansion could be counterproductive to the bill’s goals. As it stands, the most in need are already receiving necessary breaks.

On personal care attendants, an amendment calls for removing the current fare waiver on buses and rail. Although concerns about possible abuse exist, DTS has not provided data regarding the impact of alleged fraud. Until such information is available, PCAs should continue to have fare-free access to public transit.

While it is reasonable for DTS to raise fare prices to cover increased maintenance and operations expenses, Bill 54 clearly needs refinement. This process must start with transparent rider impact assessments and accurate revenue estimates. Raising fares only to offset some of the additional income with overly generous exceptions risks maintaining the status quo—a situation that ultimately benefits no one.
https://www.staradvertiser.com/2025/10/20/editorial/our-view/editorial-dts-fare-hike-is-mostly-reasonable/

Should you be worried about WeWork India’s ₹3,000cr IPO?

**Should You Be Worried About WeWork India’s ₹3,000 Crore IPO?**

*By Dwaipayan Roy | October 7, 2025 | 8:02 PM*

WeWork India’s ₹3,000 crore initial public offering (IPO) has come under scrutiny, with proxy advisory firm InGovern raising significant concerns over its structure and pre-listing conditions. Shriram Subramanian, the founder of InGovern, highlighted issues that cast doubt on the promoters’ intent, the company’s financial sustainability, and governance oversight.

### IPO Structure: No Fresh Capital Infusion

The IPO is structured as a full offer for sale (OFS), meaning that no new capital will be infused into the company through this process. Instead, existing shareholders are offloading shares, which raises questions about the use of proceeds and the company’s future funding needs.

### Major Concerns Raised by InGovern

**Temporary Release of Pledged Promoter Shares**

A key concern flagged by InGovern is the temporary release of promoter shares that were pledged before the IPO. Over 53% of WeWork India’s pre-IPO shares, held by Embassy Buildcon, had been pledged against borrowings amounting to approximately ₹2,065 crore. These pledges were revoked mainly to facilitate the IPO. According to Subramanian, if the listing did not occur, the shares would have to be re-pledged within 45 days. This arrangement raises questions about the promoters’ commitment and the stability of their holdings.

**Ongoing Financial Challenges**

WeWork India continues to face operating cash losses, a challenge complicated by lease agreements treated as debt obligations. Nearly 43% of the company’s FY25 revenue went toward lease payouts. Subramanian expressed concern over the promoters’ use of a pure OFS to deleverage, noting that the company’s brief profit in FY25 was largely due to a deferred-tax gain rather than operational performance.

**Governance and Compliance Red Flags**

Repeated audit qualifications have been highlighted as a potential red flag. From FY22 to FY24, WeWork India reported material weaknesses in internal controls, including poor vendor documentation and issues with related-party transparency. Moreover, the promoters face several pending enforcement proceedings under the aegis of the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Prevention of Corruption Act, spotlighting serious governance concerns.

### Market Risks: Dependence on the WeWork Brand

InGovern also flagged WeWork India’s dependence on the WeWork Global brand as a critical risk factor. The company operates under a 99-year license, which is contingent on promoter control and regulatory compliance. Any conviction or significant change in promoters could jeopardize these brand rights, posing an existential threat to the business model.

### Despite Concerns, Strong Anchor Participation

Despite these multiple concerns, the IPO attracted strong anchor investor interest, raising ₹1,348 crore from 67 investors including well-known names like ICICI Prudential Mutual Fund and HDFC Mutual Fund.

**Takeaway:** While WeWork India’s IPO garnered a solid market response, investors should carefully weigh the significant financial, governance, and structural risks highlighted by InGovern before making investment decisions.
https://www.newsbytesapp.com/news/business/wework-india-s-3-000cr-ipo-under-ingovern-s-scanner-here-s-why/story