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GreenCity developers and ASM Global settle $1.5M suit

SUMMARY:

  • A $1.5 million dispute between the developers of the failed project and was settled Friday
  • is slated to repurchase the 93-acre site from the developers on Sept. 5
  • Henrico supervisors are expected to select a new plan for site by December

With legal disputes over the failed $2.3 billion GreenCity development nearly resolved, Henrico County is preparing to move forward on reacquiring the former Best Products corporate headquarters campus where developers had formerly planned to build the mixed-use development and 17,000-seat arena.

On Friday, the GreenCity developers and the arena’s would-be operator, ASM Global, reached a agreement in their $1.5 million legal dispute.

Announced in late 2020, GreenCity was supposed to be a sprawling, environmentally-friendly development anchored by an arena, all to be built on the county-owned former Best Products campus just off Interstate 95. The project was pitched to include two hotels, approximately 2.2 million square feet of office space, 280,000 square feet of retail space, 2,100 residential units, plus green space and plazas.

But GreenCity failed after its developers — Michael Hallmark of Los Angeles-based Future Cities and Susan Eastridge of Falls Church-based Concord Eastridge — were unable to make more than $5 million in overdue payments to Henrico by a March deadline.

The county initially said in March it would reacquire the property from the developers, a process anticipated to take about 30 days. However, the land transfer never occurred, and in April, the Henrico Authority sued two LLCs linked to the GreenCity developers, trying to force them to convey the 93-acre disputed property back to the county.

According to the lawsuit, the EDA agreed to sell the 93 acres at the intersection of Interstate 95 and Parham Road to the developers in a November 2022 agreement for $6.2 million, and the sale took place on Feb. 28, 2023.

After paying the county $1 million in two installments on time in 2023, the developers failed to pay the remaining $5.2 million due Feb. 28, the complaint says. In March, the EDA sent a notice of default, giving the developers until March 13 to make the payment. When they failed to pay, the EDA notified Hallmark and Eastridge that the county would exercise its repurchase option of $1 million on April 15.

While that legal dispute was happening, the GreenCity developers faced legal trouble from another front. ASM Global, which was set to be the operator and manager of the GreenCity arena, sued the developers, saying that the developers owed an ASM subsidiary more than $1.5 million, including interest and attorney’s fees.

A Henrico County Circuit Court judge issued a summons to the EDA in April, seeking to garnish the $1 million repurchase fee. The developers filed a motion to vacate the judgment, and they’ve “refused to convey the property to the EDA … unless ASM agrees that the EDA may pay some or all of the repurchase price to [the developers] rather than to ASM,” Henrico said in its complaint.

ASM Attorney Jeff Miller confirmed to Virginia Business on Monday that ASM and GreenCity had settled their lawsuit. However, he declined to provide any further details, describing it as a “confidential resolution.”

County Attorney Andrew Newby wouldn’t comment on any of the terms of the ASM settlement. However, he said that Henrico County has reached an agreement with the GreenCity developers to repurchase the property, although he noted it hasn’t been signed yet.

“I’ll say that we’re pleased that we’re able to repurchase the property for that $1 million that we had originally agreed to,” Newby said. “We expect to close by Sept. 5, and we have a court date of Sept. 12 in case it doesn’t close as planned.”

Legal representatives for the developers could not be immediately reached.

The county released a new call for developers in May to submit plans for an arena-anchored development in place of the GreenCity development. Prospective developers were required to submit their plans by July 28.

Henrico’s board of supervisors is expected to approve a selected plan in December. After that, the 93-acre property would be conveyed to the winning development team in January 2026, with a 17,000-capacity arena expected to open in 2028.

Construction of residences on the adjoining 110 acres, known as Scott Farm, is set to start later this year, under the development of a Markel|Eagle Partners subsidiary, according to the county.

Retired Marine Corps Lt. Gen. named VMI superintendent

Members of ‘s board have appointed retired U.S. Marine Corps Lt. Gen. , a member of the Class of 1987, as the Institute’s 16th superintendent, succeeding retired Maj. Gen. Cedric T. Wins, the school’s first Black leader, who left in June after the board elected not to renew his contract.

A history major at , Furness served in the Marine Corps for 36 years before retiring in 2023. Sometimes referred to as the “West Point of the South,” VMI is the nation’s oldest state military college.

“Lt. Gen. Furness distinguished himself among a strong field of candidates,” VMI Board of Visitors President Jamie Inman said in a statement. “His impeccable military record, passion for the VMI experience and proven record advancing the mission of complex organizations make him the right person to lead the institute in this next chapter of its history.”

VMI’s board announced Wins’ ouster in February, weeks after the inauguration of President Donald Trump, who made abolishing efforts a central part of his presidential campaign. Since July 2024, Republican Gov. Glenn Youngkin’s appointees have made up a majority of the members on the boards of visitors at every state university, including VMI. In 2023, Youngkin’s chief diversity officer, Martin D. Brown, notably declared, “DEI is dead,” during a speech at VMI.

Wins joined the school as an interim superintendent in November 2020, a role that was made permanent in April 2021, just a couple months before before the findings of a state-funded independent investigation into VMI were released, reporting that institutional racism and sexism had been tolerated at VMI. During his tenure, Wins launched DEI initiatives that were not well received by some students and alumni.

“This decision was not based on my performance or the tangible progress we achieved,” Wins said in a statement issued in March. “It is the result of a partisan choice that abandons the values of honor, integrity, and excellence upon which VMI was built.”

Currently residing in Florida, Furness will move to Lexington with his wife, Lynda, and a daughter, according to a Friday news release.

“My selection as the 16th superintendent of the VMI is the highest professional honor of my lifetime,” Furness said in a statement.

A three-star general, Furness has one master’s degree in military studies from the Marine Corps University at Quantico and another in national security and strategic studies from the National Defense University in Washington, D.C.

As legislative assistant to the Commandant of the Marine Corps from 2013 to 2017, Furness served as liaison between the Marine Corps and Congress. From 2017 to 2018, he was the senior U.S. military officer on the African continent for Combined Joint Task Force–Horn of Africa. Next, Furness was commanding general of the 2nd Marine Division, leading a combined organization of 17,000 that supported operations in the Indo-Pacific, European, African, Middle Eastern and South American regions.

From 2020 until his retirement, Furness served as deputy commandant for plans, policy and operations at the Marine Corps headquarters in the Pentagon. Since then, Furness has been an executive vice president of defense programs for J.A. Green & Co., a Washington, D.C.-based government relations firm.

VMI’s newest cadets, known as rats, matriculated Saturday. This year’s “rat mass” totals 469, with 75 female cadets.

Wall Street holds near its record heights

SUMMARY:

  • S&P 500 dips 0.1% after hitting three straight records
  • Investors await Fed Chair Powell’s Jackson Hole remarks on rates
  • Major retailers including , , reporting this week

NEW YORK (AP) — is holding near its record heights on Monday, ahead of a week likely to be dominated by updates from the head of the Federal Reserve and from some of the biggest U.S. retailers.

The S&P 500 slipped 0.1%, coming off its first loss after setting an all-time high in three consecutive days. The Industrial Average was up 27 points, or 0.1%, as of 10:45 a.m. Eastern time, and the composite dipped 0.2%.

‘s stock that trades in the United States rose 4.8% after the Danish company said U.S. regulators approved its drug as part of a treatment for a liver disease found in many overweight and obese people.

Soho House, a membership club with locations around the world, jumped 15.5% after announcing a deal where an investor group led by hotel-operator MCR would pay $9 in cash for its shares.

Several of the country’s largest retailers, meanwhile, were mixed ahead of their profit reports that are scheduled for later in the week. Home Depot, which will report on Tuesday, slipped 1%.

Target rose 2.8% ahead of its report on Wednesday, and Walmart added 0.4% before its report on Thursday.

They, along with companies like Estee Lauder and Ross Stores, could offer a look at how different types of U.S. households are holding up when the job market seems to have morphed into one where relatively few workers are getting fired but also hired.

Just like a small group of wealthy households are separating from the rest of the country, a handful of Big Tech companies are dominating the U.S. stock market, in part because of a boom in spending around artificial-intelligence technology.

This separation of “haves” and “have nots” in the stock market could be increasing the risk, with many companies potentially facing trouble if the economy stagnates and is high, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. The danger is that investors could look at how much the broad S&P 500 has surged since its low point in April and “extrapolate the success of the few to the gains of the many.”

On Friday, the focus will swing to Jackson Hole, Wyoming, which has been the home in past years of many big policy announcements from the . There, Fed Chair Jerome Powell will give a speech, and investors are hoping to hear how his mind has changed about interest rates since he said last month that he wanted to wait longer before cutting interest rates.

The fear at that time was that President Donald Trump’s tariffs could push inflation higher. Now, though, the bigger fear could be the slowing U.S. job market following a disappointingly weak report on employment that arrived just after the Fed’s last meeting.

The Fed’s twin jobs are to keep the job market healthy while also maintaining a lid on inflation, and helping one can often hurt the other in the short term. Lower rates can boost the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, for example, but they also risk worsening inflation.

Inflation data since the Fed’s last meeting has come in mixed, further muddying the picture, but traders are nevertheless strongly expecting the Fed to cut its main interest rate for the first time this year at its next meeting in September. The hope is that Powell could give a nod to that.

Hopes for lower rates have pulled Treasury yields lower lately, and they largely remained there on Monday.

The yield on the 10-year Treasury held at 4.33%, where it was late Friday.

In stock markets abroad, indexes fell slightly in Europe in their first trading after Trump’s inconclusive summit meeting with Russian President Vladimir Putin on Friday about the war in Ukraine. Trump is set to meet later in the day with Ukrainian President Volodymyr Zelenskyy and other European leaders.

In Asia, indexes were mixed, with Japan’s Nikkei 225 rising 0.8% and South Korea’s Kospi falling 1.5%.

FDA’s new expert panels are rife with financial conflicts and fringe views

SUMMARY:

  • forming informal “expert panels” outside normal advisory process
  • Critics say panels lack , include conflicted experts
  • Moves align with Health Secretary ‘s priorities

WASHINGTON (AP) — When the Food and Drug Administration needs outside guidance, it normally turns to a trusted source: a large roster of expert advisers who are carefully vetted for their independence, credentials and judgment.

But increasingly, the agency isn’t calling them.

Instead, FDA Commissioner Marty Makary has launched a series of ad hoc “expert panels” to discuss , menopause drugs and other topics with physicians and researchers who often have contrarian views and financial interests in the subjects.

Former agency officials worry the meetings are skirting federal rules on conflicts of interests and transparency, while promoting fringe viewpoints that align with those of Health Secretary Robert F. Kennedy Jr.

“These meetings are a chance to advance RFK’s pet peeves — talc, antidepressants, fluoride — with people who have been handpicked,” said Dr. Peter Lurie, a former FDA official who is now president of the Center for Science in the Public Interest. “Nobody would put forward these panels as representing the general scientific opinion on these topics.”

A spokesperson for Kennedy did not answer specific questions about the panels, but said they represent an effort to “apply rigorous, evidence-based standards to ingredient safety and modernize regulatory oversight.”

The panels kicked off in May with a meeting on , the soft mineral sometimes added to makeup, baby powder and other consumer goods. The meeting echoed thousands of lawsuits alleging talc has contributed to ovarian cancer and other illnesses, and included two experts who testified in those cases.

Under FDA regulations, the ingredient is still considered safe when carefully tested for the presence of asbestos. And federally funded studies haven’t shown a link to cancer.

A July meeting on the safety of antidepressants during pregnancy also featured doctors who have testified in class action lawsuits, alongside other experts who allege the drugs cause autism, birth defects and other conditions — links that are not supported by science.

The meeting concluded with all but one of the experts calling for a new boxed warning — the most serious type — about antidepressant risks for mothers and developing babies.

A meeting on estrogen-based drugs for menopause took the opposite approach: Experts urged the removal of a long-standing warning.

Most of the physicians at that meeting prescribe the hormones or are involved with a pharmaceutical industry campaign opposing the warning label.

Nearly 80 researchers sent a letter to the FDA this month objecting to the “two-hour meeting of hormone proponents” and calling for an official advisory committee meeting.

operate under strict rules

The FDA has more than 30 panels composed of experts specializing in various drugsvaccines, food ingredients and other products.

Their meetings are subject to strict government transparency rules in terms of scheduling, panel composition and disclosure of any financial conflicts. A comment period open to the public is also required. Additionally, FDA scientists usually publish a detailed memo explaining their position on the topic.

The latest FDA meetings haven’t included those elements.

Former FDA lawyers say the agency could expose itself to challenges if it tries to use Makary’s informal panels as the basis for regulatory decisions.

But that may not be the aim of the meetings.

“They seem more designed as a forum to put a stamp of approval on predetermined opinions,” said Genevieve Kanter, a specialist at the University of Southern California. “The information in these panels could be used in litigation and presented as coming from experts or representing some intellectual consensus that doesn’t exist.”

Antidepressants meeting aired unfounded claims

Antidepressants have long been a of Kennedy, an attorney and outspoken critic of pharmaceutical companies. During his confirmation hearings he suggested, without evidence, that the drugs contribute to school shootings.

The FDA’s recent session cataloged many unsubstantiated theories about the drugs, often based on animal studies, including that they contribute to autism, birth defects and miscarriages.

Several participants had served as expert witnesses against drugmakers, including in lawsuits alleging that they cause homicidal behavior. All but one of the other panelists have criticized the drugs in books, articles, interviews or other forums.

“It’s never been possible to identify a group of people who do particularly well on antidepressants,” said Dr. Joanna Moncrieff, a British psychiatrist, author and co-founder a group critical of mainstream psychiatric medicine.

The American College of Obstetricians and Gynecologists called the panel “alarmingly unbalanced” and full of “outlandish and unfounded claims.”

Antidepressants carry pregnancy warnings about risks of excess bleeding and lower birth weight for newborns.

But psychiatric experts say those risks are far outweighed by the well-documented harms of untreated depression in mothers, which can lead to pregnancy complications, substance abuse and suicide.

“I tell people I’m working with that the best thing they can do for themselves and their baby is to get the treatment that they need,” said Dr. Nancy Byatt of University of Massachusetts’ Chan Medical School.

Financial conflicts at menopause meeting

FDA has not disclosed how panelists were selected for the meetings. Last month’s session on hormone therapies for menopause included doctors who consult for drugmakers or promote the medications in their practices.

The views they expressed largely echoed those of Makary, who has argued that current warning labels overstate hormone therapy risks and don’t reflect possible benefits for some women, such as reducing heart disease and cognitive decline.

“Hormone replacement therapy for women is basically a modern-day miracle,” Makary told a podcast host last year.

But guidance from the FDA and other top federal authorities specifically advises against using the drugs to prevent chronic conditions due to a lack of clear benefit. The drugs are only FDA-approved for specific menopause symptoms, including hot flashes.

Discussions around hormone therapy reflect ongoing debate about a landmark study of two different hormone regimens in more than 26,000 postmenopausal women. The research was halted more than 20 years ago because scientists discovered that the risk of serious health problems outweighed the benefits. All estrogen drugs still carry boxed warnings about the higher rates of stroke, blood clots and cognitive problems among women taking the medications.

But some doctors — including those at FDA’s meeting — say the warnings are exaggerated and should be removed from at least some products, such as low-dose creams typically used for vaginal dryness. Makary raised the possibility of also removing the warning from higher-dose pills, patches and sprays.

It’s unclear whether the FDA will move ahead with those changes or heed calls for an official advisory meeting — a step that Kennedy’s critics say would be in keeping with his pledge for “radical transparency.”

“If you really wanted to be transparent about these issues you’d put together a balanced panel of experts, who have been carefully screened for conflicts and you’d invite the public in,” Lurie said. “But that’s the antithesis of what’s going on in these cases.”

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.

Cable’s MSNBC will change its name later this year as part of corporate divorce from NBC

SUMMARY:

  • to change name to later this year
  • Network drops NBC branding and peacock logo
  • Part of spinoff into new company,

Television’s MSNBC news network is changing its name to My Source News Opinion World, or MS NOW for short, as part of its corporate divorce from NBC.

The network, which appeals to liberal audiences with a stable of personalities including , and Nicole Wallace, has been building its own separate news division from NBC News. It will also remove NBC’s peacock symbol from its logo as part of the change, which will take effect later this year.

The name change was ordered by , which last November spun off cable networks USA, CNBC, MSNBC, E! Entertainment, Oxygen and the Golf Channel into its own company, called Versant. None of the other networks are changing their name.

MSNBC got its name upon its formation in 1996, as a partnership then between Microsoft and NBC.

Name changes always carry an inherent risk, and MSNBC President Rebecca Kutler said that for employees, it is hard to imagine the network under a different name. “This was not a decision that was made quickly or without significant debate,” she said in a memo to staff.

“During this time of transition, NBC Universal decided that our brand requires a new, separate identity,” she said. “This decision now allows us to set our own course and assert our indepedence as we continue to build our own modern newsgathering organization.”

Still, it’s noteworthy that the business channel CNBC is leaving “NBC” in its name. MSNBC argues that CNBC has always maintained a greater separation and, with its business focus, is less likely to cover many of the same topics.

Still, the affiliation between a news division that tries to play it safe and one that doesn’t hide its liberal bent has long caused tension. President Donald Trump refers to the cable network as “MSDNC,” for Democratic National Committee. Even before the corporate change, NBC News has been reducing the use of its personalities on MSNBC.

Some NBC News personalities, like Jacob Soboroff, Vaughn Hillyard, Brandy Zadrozny and Antonia Hylton, have joined MSNBC. The network has also hired Carol Leoning, Catherine Rampell and Jackie Alemany from the Washington Post, and Eugene Daniels from Politico.

Maddow, in a recent episode of Pivot, noted that MSNBC will no longer have to compete with NBC News programs for reporting product from out in the field — meaning it will no longer get the “leftovers.”

“In this case, we can apply our own instincts, our own queries, our own priorities, to getting stuff that we need from reporters and correspondents,” Maddow said. “And so it’s gonna be better.”

Virginia casinos report $84.7M in July revenue


SUMMARY:

  • Virginia earned $84.7 million in July, up $6.2 million from June
  • in led with $35.06 million in revenue
  • For the month of July, taxes from adjusted gaming revenues totaled about $16.64 million

July gaming revenues from Virginia’s three casinos totaled $84.7 million, up $6.2 million from June according to a Friday report from the Virginia Lottery.

The state’s newest permanent casino, Danville’s Caesars Virginia resort, led the field with $35.06 million in adjusted gaming revenues (wagers minus winnings). About $24.56 million came from its 1,474 slots and roughly $10.50 million from 100 table games.

In Southwest Virginia, Hard Rock Hotel & Casino reported about $22.9 million in adjusted gaming revenues, of which about $18.64 million came from its 1,400 slots and about $4.26 million came from its 73 table games.

generated about $18.88 million in July from its 1,422 slots and about $7.89 million from its 84 table games, for total adjusted gaming revenues of about $26.77 million.

Virginia assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of July, taxes from totaled about $16.64 million.

Under Virginia law, 6% of a casino operator’s adjusted gaming revenue goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

For July, Portsmouth received 6% of the Rivers Casino Portsmouth’s AGR, getting nearly $1.61 million. Danville received 7% of the Caesars Virginia casino’s adjusted gaming revenue, amounting to roughly $2.38 million. For the Bristol casino, 6% of its adjusted gaming revenue — more than $1.37 million last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $133,151 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $33,288 in July.

Two more casinos are on the horizon in Virginia.

Construction began on the long-awaited $750 million Norfolk casino by development partners Boyd Gaming and the Pamunkey Indian Tribe in February. A temporary casino, dubbed The Interim Gaming Hall, is expected to open in November. Developers named Ron Bailey as vice president and general manager for the forthcoming casino earlier this month.

In November 2024, more than 80% of Petersburg voters said yes to the city’s casino referendum. Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground on the $1.4 billion casino in March.

In May, Rivers Casino and Chicago-based Rush Street Gaming announced they are planning to break ground on a $65 million hotel in Portsmouth this summer, more than two years after the casino first opened.

Former Tyson Foods plant in Hanover sells for $5M

The former chicken processing plant in has sold for $5 million.

Cushman & Wakefield | Thalhimer announced on Tuesday the sale of the property at 13264 Mountain Road, which is located close to the Hanover- line near Glen Allen.

Hanoverlovestheproperty LLC bought the 208,000-square-foot industrial/manufacturing building from Tyson Farms. Hanoverlovestheproperty is registered to the address of Sweetie Boy Transportation in Richmond.

Tyson closed the plant in May 2023, laying off 692 employees. It also closed a plant in Arkansas at that time, eliminating 969 jobs.

Graham Stoneburner, Danny Holly and Chrissy Chappell from Cushman & Wakefield | Thalhimer represented the seller in sale negotiations.

TowneBank to close on $203M Old Point deal Sept. 1

Suffolk-based expects to close Sept. 1 on its $203 million acquisition of Hampton-based National Bank of Phoebus and its parent company, Old Point Financial Corp., according to a Thursday announcement.

The deal, which will firmly cement TowneBank’s position as the bank with the most market share in , has received regulatory approval from the Federal Deposit Insurance Corp. and the Virginia State Corporation Commission’s Bureau of Financial Institutions.

Following the closing of TowneBank’s Old Point acquisition, the combined company would have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion based on financial information reported as of Dec. 31, 2024.

Under the terms of the merger , Old Point shareholders can elect to receive either $41 in cash or 1.14 shares of TowneBank common stock for each share of Old Point outstanding common stock. Shareholders can elect cash or a stock consideration, as long as the total stock consideration issued represents between 50% and 60% of the total consideration. Elections must be made by 5 p.m. on Aug. 26.

Old Point has 13 bank branches, three commercial lending offices and three wealth management offices throughout the Hampton Roads area, as well as a commercial lending office in the Richmond area. As of the end of March, Old Point reported $1.45 billion in assets, $1 billion in loans and $1.26 billion in total deposits.

TowneBank announced the completion of its acquisition of Midlothian’s Village Bank and its parent company Village Bank and Trust Financial in April. That deal was valued at about $120 million.

Minnesota-based Piper Sandler & Co. served as the financial adviser for the Old Point acquisition deal while New York-based Wachtell, Lipton, Rosen & Katz served as lead counsel, with Richmond’s Williams Mullen as local counsel to TowneBank in the transaction. New York-based Keefe, Bruyette & Woods, a Stifel Company, served as the financial adviser to Old Point, with Pennsylvania-based Troutman Pepper Locke serving as legal counsel.

Acquisition-related expenses for TowneBank totaled $18.74 million in the second quarter, according to financial filings.

Founded in 1999, TowneBank has 58 locations across Central and Eastern Virginia and North Carolina. It had total assets of $17.25 billion as of Dec. 31, 2024.

Tracking Solana’s Market Momentum: What’s Next for the Network

Crypto market watchers have been wise to keep a keen eye on the ever-changing landscape of blockchain technology and digital assets. Different shifts, some subtle and others glaring, may offer distinct insights when viewed in context. Each of these shifts should be considered by both those already invested in tech and those who may not have yet jumped in.

Even so, it can be difficult to differentiate meaningful movements from noise. Understanding the digital finance market requires reliable sources and tools to help gain clarity. A useful key indicator in the digital asset space, keeping a well-trained eye on Solana price changes can help both seasoned investors and the crypto-curious alike better understand the market and anticipate possible changes on the horizon.

What is Solana?

First, for those who may be less acquainted, it may help to have a general understanding of Solana’s core identity and appeal to investors. Solana has distinguished itself in a crowded market as an incredibly fast, ultra-scalable blockchain platform. Alongside lightning-quick transaction speeds, the network also offers a low-fee platform, making it an attractive option to those looking to grow quickly but may be cash-strapped during an initial growth phase. Its utility token, SOL, powers everything from application interactions to staking. These characteristics have enabled Solana to emerge as a key choice in the consumer tech space, whether for NFTs (non-fungible tokens) or Web3 gaming.

What May Be Fueling Current Price Movements

Aside from versatility and speed, other factors may be influencing the current price changes of Solana. For one, considerable growth in the application ecosystem is likely a cause of the uptick in Solana-based applications, such as its marketplaces, Magic Eden and Helium. The blockchain network has ventured into real-life applications through retail avenues, such as Solana Pay, and even mobile devices like the Saga phone, offering a blockchain-centric design.

Traditional financial institutions and outlets have also taken note of the shifts. With positive mentions from longstanding outlets like Bloomberg, Solana is increasingly enjoying wider acceptance in more traditionally minded circles. For those who rely heavily on the to inform their next financial decision, they may be able to likewise peer at Solana’s presence within the market to determine their next strategy. Incorporation into and broader acceptance by these financial institutions has helped to stabilize Solana on the financial market, boosting investor confidence and developer trust at the same time.

Historic Volatility Meets Long-Term Growth

Like others in the blockchain and crypto space may attest, the road to institutional acceptance for Solana has been a bumpier one. The SOL coin has experienced its own boom and bust cycles, which have sometimes mirrored the broader market and, in other cases, deviated from it. Today’s current valuations appear to reflect the areas that are supportive of blockchain technology versus those that remain resistant to adoption.

Even so, Solana has risen to prominence when compared to other blockchain networks. The transaction speed and novel Proof-of-History (PoH) consensus mechanism that Solana utilizes have enabled the network to distinguish itself in an increasingly crowded field of smart contract platforms. Hedging its bets on speed, Solana has recently introduced the independent validator Firedancer to further accelerate transactions. Staying true to its disruptive roots, Solana’s foundation has continued to lead with global developer grants and hackathons, while expanding into consumer spaces with more user-friendly Web3 tools.

Tools for Tracking

Keeping track of Solana’s steps doesn’t need to be a full-time job. Savvy investors can rely on online publications to accurately track the price of SOL. In addition to providing up-to-the-minute pricing information, these tools can also offer commentary and insights on price changes. Additionally, some applications can even integrate wallet connectivity and on-chain data overlays.

Considerations for Investors

When making investment decisions, investors must consider the various risks and potential outcomes associated with their investments. For Solana specifically, investors may want to evaluate the ongoing rivalry for different networks and consider which blockchain offers more secure Layer 1s or simply greater speeds. Investors must always consider the landscape surrounding cryptocurrency and blockchain, and follow key legal proceedings that may impact valuations.

Still, legal questions can exist for nearly any investment option; staying knowledgeable about these discussions is a key strategy for building a strong portfolio. Similarly, investors can hedge their portfolios by staying informed today while observing future potential. Tracking Solana’s price changes can help investors stay informed today and anticipate future trends.

Musk’s SpaceX pans Virginia broadband plan as ‘massive waste’

Summary

  • In letter to state, calls Virginia’s $613M access plan a “massive waste” of federal funds
  • Elon Musk-run company received small award compared to fiber internet providers
  • State has sent proposal to Commerce Department for approval

Elon Musk’s SpaceX wrote a letter this week slamming Virginia’s federal broadband grant proposal, calling it a “massive waste of federal taxpayer money” and accusing the state of unfairly rejecting a proposal from SpaceX’s satellite-based internet service.

The state has submitted a grant proposal to the seeking $613 million to finish expanding high-speed internet access to more than 133,000 locations in the state that lack reliable internet. Most of the funding, if awarded, would go toward fiber-based instead of cheaper satellite-based internet services, such as those SpaceX offers through its Starlink subsidiary.

The Aug. 13 letter to Virginia’s state government, which SpaceX released publicly, argues that the federal government, which is funding part of the state’s broadband expansion, should deny the state’s proposal.

According to SpaceX’s letter, the state could spend $60 million with SpaceX and provide internet access to everyone in the state, instead of $613 million in federal funding.

Last week, the Virginia Department of Housing and Community Development, which oversees the state’s broadband expansion program, released its final proposal to the federal government’s Broadband, Equity, Access and Deployment (BEAD) program. The plan proposes to spend $613 million in federal funding, in addition to $434 million in private investment from internet providers.

Fiber-based internet providers Comcast, All Points Broadband, RiverStreet Networks and ZiTel were awarded more than 70,000 of the state’s 133,500 locations for internet expansion, while SpaceX received only 2,759 and satellite competitor Kuiper Commercial Services won nearly 7,000 locations.

This works out to a windfall for the fiber internet companies. All Points Broadband would receive the most, $171 million, and Comcast would receive the second highest amount, $146 million, if the state’s plan is approved. Meanwhile, SpaceX would receive only $3.2 million and Amazon Kuiper would get $4.4 million.

The U.S. Department of Commerce’s National Telecommunications and Information Agency must approve the plan for the state to receive funding, but the change in White House administrations has created political strife over fiber vs. .

Run by Elon Musk, SpaceX began launching Starlink satellites in 2019 that provide internet service to remote communities via low-orbit satellites.

In Southwest Virginia, the Health Wagon has begun connecting patients to telehealth diagnosticians via Starlink internet, and the service has gained a foothold in coal country and other far-flung places where it is expensive to lay fiber to each household and business.

, Amazon’s founder, started Starlink competitor satellite orbit company Project Kuiper in 2019, although it has only launched 54 production satellites out of 3,236 it plans to operate.

Both Bezos and Musk have made financial contributions to President Donald Trump’s campaign or inauguration fund, and Musk briefly went to work for the White House, running the Department of Government Efficiency, or DOGE.

Critics of the have said it’s no coincidence that the federal government seems to be biased toward satellite internet because of Trump’s ties to the tech billionaires. Even without the political overtones, some in the telecommunications industry nonetheless feel that satellite tech is not reliable enough and view fiber broadband as the gold standard.

Starlink’s satellites are estimated to have an average lifespan of five years before they must be replaced, and under current federal , there’s a finite number of satellites that can be launched. Also, satellites require unblocked signals, unlike fibers, which direct electrical signals to buildings.

SpaceX calls for the NTIA to reject Virginia’s plan for multiple reasons, arguing that the company “submitted a highly competitive and cost-effective proposal” to serve more than 80,000 locations in Virginia but was provisionally awarded only 2,900 locations in the state’s plan.

What’s more, SpaceX says that the state “used unpublished and inaccurate evaluation criteria to dismiss SpaceX’s application” and “began with a preordained result and then overlaid a paper-thin veneer of ‘analysis’ to unlawfully achieve its preferred outcome — maximum taxpayer spending benefiting specific companies and a misapplication of competitive rules.” It also says that the state wishes to award $91 million to other companies to lay fiber within 100 meters of households receiving internet access via Starlink.

“Today’s grant proposal reflects Virginia’s commitment to ensuring every community has access to the modern connectivity it needs to thrive,” DHCD Director Maggie Beal said in an Aug. 6 statement with the release of the state’s proposal. “By utilizing a smart mix of technologies — from fiber to fixed wireless to satellite — we’re maximizing the impact of every taxpayer dollar and building a stronger, more connected Virginia.”

The DHCD did not respond immediately to a request for comment Thursday on SpaceX’s letter.