STOCK MARKET NEWS: Student loan forgiveness, cryptocurrency fraud prevention, and SpaceX's Starlink

House panel urges regulatory oversight, consumer protection for cryptocurrency purchases

Lawmakers on Capitol Hill are looking into what is being done to prevent cryptocurrency fraud.

A House oversight subcommittee asked regulators and industry leaders to explain what they are doing to stop it along with other scams against consumers.

The issue was brought up by Illinois Rep. Raja Krishnamoorthi, head of the Economic and Consumer Policy subcommittee.

He asked leaders of the Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commission, and Federal Trade Commission for more information on the steps they are taking to curb consumer abuse linked to cryptocurrencies.

In March, President Biden issued an executive order calling for several agencies to look at ways to regulate digital assets and gave them 180 days to do so.

For more on the story, click here: Cryptocurrency fraud prevention: House panel calls on regulators to explain how they’re protecting consumers

National average price of gas sees modest fall to $3.84 per gallon

The national average price for a gallon of regular gas remains at $3.84, falling less than a penny from yesterday’s price, according to data from the Oil Price Information Service (OPIS).

Regular gas has fallen four cents from last week and nearly 40 cents from last month. 

Regular, Mid-Grade, and Premium each saw a modest decrease from Tuesday while Diesel gas saw a 1-cent increase. 

The current average price of gas sits at: $3.84 per gallon for Regular; $4.27 per gallon for Mid-Grade; $4.58 per gallon for Premium; and, $5.08 for Diesel.

Hawaii and California have the most expensive average price, at $5.30 and $5.26 respectively, while Arkansas ($3.34), Mississippi ($3.36) and Texas ($3.36) remain the lowest. 

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were higher Wednesday morning

Bitcoin was trading around $20,000, after trading lower in five of the last six days. Bitcoin is down more than 7% in the past week.

For the month, the cryptocurrency is down more tan 16%. Year-to-date, bitcoin is down more than 56%.

Ethereum was trading around $1,500, trading down more than 8% in the past week. Dogecoin was trading at 6 cents after trading down more than 10% in the past week.

Royal Caribbean’s new partnership SpaceX opens possibility to work remotely on cruise ships

Royal Caribbean Group will now allow those who work remotely to take their work on cruise ships as they have adopted SpaceX’s Starlink internet technology, a first in the cruise industry.

The “high-speed, low-latency connectivity” will allow “for a better onboard experience for guests and crew fleetwide,” the Group said in a statement Tuesday.

“Our purpose as a company is to deliver the best vacation experiences to our guests responsibly, and this new offering, which is the biggest public deployment of Starlink’s high-speed internet in the travel industry so far, demonstrates our commitment to that purpose,” said Jason Liberty, president and chief executive officer of Royal Caribbean Group.

He added: “This technology will provide game-changing internet connectivity onboard our ships, enhancing the cruise experience for guests and crew alike. It will improve and enable more high-bandwidth activities like video streaming as well as activities like video calls. Using Starlink is one more example of our continued focus on innovation and excellence for our guests, our crew, the communities we visit and our shareholders.”

Read more on the story: Royal Caribbean’s new partnership with SpaceX’s Starlink opens possibility to work remotely on cruise ships

Beauty product retailers see opportunity as Americans head back to the office

Inflation is eating away at Americans’ paychecks and forcing them to trade down in order to stretch their dollars, but strong demand for beauty products shows consumers are still spending on their looks.

With sales on the rise, companies are jockeying for position, and an increasing number are leaning into the beauty space for a piece of the action.

Unlike in other retail categories, such as groceries, where customers are increasingly switching to off brands as their budgets are squeezed, some beauty companies say they haven’t noticed a change in consumer activity.

A slew of firms across the industry showed strong results last quarter, with Ulta Beauty reporting a 16.8% year-over-year increase in net sales to $2.3 billion. Cosmetic brand e.l.f. Beauty posted a 26% increase to $122.6 million.

Read more on the story by clicking here: Strong demand for beauty products sparks scramble for market share

Snap set to begin layoffs on Wednesday: report

Snap, Inc. is reportedly planning to lay of roughly 20% of its workforce starting Wednesday following reports from earlier this month that the Snapchat parent company was preparing to slash jobs.

The report of forthcoming layoffs comes after Snap CEO Evan Spiegel told employees in the spring that the company would slow hiring for the year.

The company’s stock has plummeted nearly 80% this year.

For more on the story, click here: Snap to lay off 20% of its workforce: report

Biden’s student loan handout is ‘one more slap in the face,’ oil workers say

EXCLUSIVE: Americans who work in the U.S. oil industry heavily criticized President Biden’s $500 billion student loan handout, characterizing it as the latest attack on them by the administration.

Oil workers argued it was unfair for them and other working-class taxpayers to fund the handout, which would potentially benefit Americans on track to soon make hundreds of thousands of dollars.

“It’s one more slap in the face from this administration,” Matt Coday, the president and founder of the Oil & Gas Workers Association (OGWA), told FOX Business in an interview.

Click here for more on the story: Oil workers slam Biden’s student loan handout: ‘Trying to buy votes’