↗ MARKET RECAP → Stocks moved higher after a batch of strong corporate earnings reports on Thursday.

🏀 NBA BETTING SCANDAL → The NBA suspended Terry Rozier and coach Chauncey Billups after their arrests for illegal betting, deepening concerns over gambling’s growing grip on pro sports.

🤝 CRYPTO PARDON → Donald Trump pardoned Binance founder Changpeng Zhao, a move praised by crypto backers and sharply criticized by compliance watchdogs.

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🏀 Players under fire. The NBA suspended Terry Rozier (Miami Heat) and Chauncey Billups (Portland Trail Blazers head coach) after both were arrested in connection with illegal sports betting activities, marking the league’s most serious gambling case in decades.

⚖️ Widening investigation. Federal authorities allege the two placed bets on NBA games through unlicensed online books. The arrests follow months of heightened scrutiny as leagues grapple with gambling’s rapid integration into pro sports.

💸 Leagues face reckoning. The NBA reaffirmed its “zero-tolerance” policy on betting by players or coaches, but the scandal reignites questions about the blurred line between official sponsorships and insider wagering.

🤝 Pardon granted. Binance founder Changpeng Zhao (known as “CZ”) was pardoned by Donald Trump after serving four months in prison for anti-money laundering violations, signaling a big shift in U.S. crypto policy.

🏛️ Industry shift. The White House framed the move as a reversal of the previous administration’s “war on crypto,” potentially clearing the way for Binance to return to the U.S. market and re-energizing crypto-friendly firms.

⚠️ Red flags for regulators. Critics argue the pardon could weaken anti-money-laundering enforcement and raise conflict-of-interest concerns, given Binance’s ties to the crypto sector and past regulatory scrutiny.

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Rivian plans to lay off more than 600 workers (CNBC)

Trump backs off federal deployment in San Francisco after Huang, Benioff phone calls (CNBC)

Chauncey Billups, others arrested in FBI probe linking NBA to Mafia gambling ring(CNBC)

The biggest crypto wipeout was led not by bitcoin, but much smaller tokens. Here’s what happened (CNBC)

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