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Leo Schwartz

@leoschwartz.bsky.social

2.2K followers 147 following 63 posts

Senior reporter at Fortune Magazine covering the future of money // Writing Term Sheet on Mondays // Past: @restofworld // leo.schwartz@fortune.com

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Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

You can read the full investigation with @jessicakmathews.bsky.social here: fortune.com/2025/11/12/e...

After Elon Musk’s Boring Co. was cited for serious safety violations, the Nevada governor’s office stepped in. Then someone deleted evidence of that meeting | Fortune

A Fortune investigation reveals that Boring Company was able to skirt aggressive penalties after protesting to some of Nevada’s most powerful politicians.

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

Boring has never paid a penalty for incidents on its Nevada sites. For those digging the tunnels, a perceived lack of consequence has sent a clear message: “It seems like people are going to have to die, because they won’t make shit safe for us,” one current employee says.

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

As the fallout from the closed investigation has been quietly playing out behind the scenes, more safety incidents have occurred on Boring project sites in Las Vegas, under what one recently departed employee described as a “cowboy” culture regarding safety protocols

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Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

The Boring Company’s project, which aims to build an 104-station network of underground tunnels under Las Vegas, is one of several major investments that Elon Musk has made in Nevada, including the $7 billion Tesla Gigafactory

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

The sequence of events raised alarm and has had a chilling effect within Nevada’s safety regulator, and it raises questions about the degree to which a powerful business is able to bend regulatory guardrails to its will and skirt proper oversight

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

At the beginning of that meeting, the citations and fines—among the agency’s largest in a decade and a potential threat to Boring’s plans to build tunnels in other U.S. cities—were summarily rescinded Soon, something else disappeared: The record of the Governor’s office meeting

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

Boring Company was challenging citations from Nevada’s workplace safety regulator blaming it for chemical burns two firefighters had suffered in its tunnels during a training exercise. By the next afternoon, a group of high-ranking state officials met with Davis, fresh from DOGE

Leo Schwartz @leoschwartz.bsky.social · 14/11/2025

🧵On May 28, hours after Nevada’s workplace safety agency served notice of more than $400,000 in fines to Elon Musk’s $5.6 billion tunneling startup the Boring Company, the phone rang at Nevada governor Joe Lombardo’s office. Boring Co. president Steve Davis was on the line

Leo Schwartz @leoschwartz.bsky.social · 09/05/2025

Scoop: Meta is looking to get back into the stablecoin game 3 years after the failure of Libra/Diem. Sources told @bdanweiss.bsky.social and me that Meta is holding early discussions with crypto companies about stablecoin integration with a focus on creator payouts. fortune.com/crypto/2025/...

Exclusive: Meta in talks to deploy stablecoins three years after giving up on landmark crypto project

The social media giant is exploring how to use stablecoins to pay content creators, among other uses, according to sources familiar with the matter.

Leo Schwartz @leoschwartz.bsky.social · 23/04/2025

A judge denied the prominent short-seller Andrew Left's motion to dismiss an SEC lawsuit against him, which alleged a scheme to defraud his followers by publishing false and misleading statements about his stock recommendations storage.courtlistener.com/recap/gov.us...

Leo Schwartz @leoschwartz.bsky.social · 21/04/2025

Should be a good time

Leo Schwartz @leoschwartz.bsky.social · 21/04/2025

Gavin Kliger, the DOGE staffer who led layoffs at the CFPB, will have to testify at an April 28 hearing

Leo Schwartz @leoschwartz.bsky.social · 21/04/2025

Trump keeps threatening to fire Fed chair Jerome Powell — but can he? I spoke with legal experts to understand the Trump administration's attempt to overturn nearly a century of precedent, and whether the Fed really is special: fortune.com/article/trum...

Trump's knives are out for Jerome Powell, setting up a Supreme Court showdown over the Fed’s independence

The Fed is special. Why the Supreme Court may let Trump fire other agency heads—but not Jerome Powell.

Leo Schwartz @leoschwartz.bsky.social · 21/04/2025

Court filings from Friday detail the DOGE-led, 36-hour scramble to conduct mass layoffs at the Consumer Financial Protection Bureau—an action that a federal judge has temporarily blocked fortune.com/article/cons...

Court filings describe DOGE-driven, scream-filled, 36-hour mass layoff scramble at consumer protection agency

As the Trump administration seeks to gut the Consumer Financial Protection Bureau, employees are fighting back.

Leo Schwartz @leoschwartz.bsky.social · 16/04/2025

I spoke with House Financial Services chair French Hill about squaring Trump's tariff strategy with his own free trade background, passing crypto legislation, and Congressional resolutions to defang the Consumer Financial Protection Bureau: fortune.com/2025/04/16/f...

Trump’s tariffs can be beneficial in the long term but Congress needs a more active role, says top GOP lawmaker

As chair of the House Financial Services Committee, Hill is helping shepherd key crypto legislation.

Leo Schwartz @leoschwartz.bsky.social · 14/04/2025

@jessicakmathews.bsky.social and I have a new profile of Bo Hines, the 29-year-old heading Trump's sweeping crypto agenda. We had a chance to interview Hines and review his calendar through FOIA. We also have new details about his deep financial ties to Trump world. fortune.com/article/dona...

Donald Trump’s 29-year-old crypto guru lays out the president’s plans for regulating crypto and rolling back a Biden-era crackdown

Since his appointment, Bo Hines has become a mini-celebrity in the crypto world—with CEOs, billionaire investors, and lobbyists vying for face time.

Reposted by Leo Schwartz

Leo Schwartz @leoschwartz.bsky.social · 09/04/2025

Scoop: The lead attorney on the SEC's lawsuit against Elon Musk resigned last week, partly over concerns about how the case would be resolved. This comes just days after Musk's DOGE entered the SEC: fortune.com/2025/04/09/s...

SEC lawyer heading case on Elon Musk's Twitter acquistion resigns, cites “heartbreaking” decision

Robin Andrews led contentious litigation against Musk that was filed shortly before President Trump took office.

Leo Schwartz @leoschwartz.bsky.social · 09/04/2025

Scoop: The lead attorney on the SEC's lawsuit against Elon Musk resigned last week, partly over concerns about how the case would be resolved. This comes just days after Musk's DOGE entered the SEC: fortune.com/2025/04/09/s...

SEC lawyer heading case on Elon Musk's Twitter acquistion resigns, cites “heartbreaking” decision

Robin Andrews led contentious litigation against Musk that was filed shortly before President Trump took office.

Leo Schwartz @leoschwartz.bsky.social · 08/04/2025

Big scoop from @bdanweiss.bsky.social: The Department of Justice is disbanding its crypto enforcement unit fortune.com/crypto/2025/...

Justice Department scraps crypto unit as Trump further loosens oversight of digital assets

The National Cryptocurrency Enforcement Unit was established in 2021 and prosecuted major crypto-related felonies.

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Leo Schwartz @leoschwartz.bsky.social · 25/03/2025

Over the past few years, Trump's business empire has dramatically shifted from real estate and licensing to his publicly traded Trump Media shares and crypto holdings. Conflict of interest concerns from his first term look quaint in hindsight. From the new mag issue: fortune.com/2025/03/25/t...

What is Trump really worth?

The president is worth at least $4.9 billion, and crypto assets like $TRUMP and World Liberty Financial could add billions more.

Leo Schwartz @leoschwartz.bsky.social · 12/03/2025

As the Senate prepares for a landmark vote on stablecoin legislation, Sen. Elizabeth Warren is circulating a memo laying out risks, from Big Tech control of the financial system to consumer safety: fortune.com/crypto/2025/...

Senate poised to advance landmark crypto bill, Warren warns of Elon Musk 'controlling' financial system

The Senate is expected to markup a stablecoin bill on Thursday.

Leo Schwartz @leoschwartz.bsky.social · 10/03/2025

Almost a year ago, the a16z-backed fintech Synapse collapsed, trapping $200 million in customer assets and revealing the wobbly, unregulated infrastructure underlying much of our new financial system. My investigation w/ @agarfinks.bsky.social on what went wrong: fortune.com/2025/03/07/s...

The spectacular Synapse collapse: Inside the ugliest divorce in fintech, which left $200 million in customer money frozen

Is the failure of this buzzy startup a canary in the coal mine for bigger problems in fintech?

Leo Schwartz @leoschwartz.bsky.social · 06/03/2025

The Senate voted tonight to repeal key financial regulation that would have supervised digital payment platforms for fraud, privacy, and, ironically, debanking. A major win for Silicon Valley and Elon Musk's payment ambitions for X: fortune.com/2025/03/05/c...

In a win for Silicon Valley, Senate votes to overturn key payments regulation that could benefit Elon Musk’s X

The rule was enacted under the Biden administration’s Consumer Financial Protection Bureau last November.

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

For @fortune.com, Allie Garfinkle and I have spoken to Balaji's parents, friends, and experts to understand the tragic story and separate truth from conspiracy. You can read our full story here: fortune.com/2025/02/08/o...

An OpenAI whistleblower was found dead in his apartment. Now his mother wants answers

Why Suchir Balaji’s death has fueled conspiracy theories and unresolved questions.

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

In response to the lawsuit, the city's attorney's office is expected to release a letter as soon as this week, with the police and medical examiner's report expected on the same timeline. But that might not be enough to quell the concerns

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

Her efforts to make sense of the inexplicable tragedy have collided with a teeming online world of conspiracy theories all too eager to latch onto grief and uncertainty. As Ramarao has pushed for answers, a rash of baseless speculation has thrived alongside the proceedings

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

Balaji's parents have sued the police department, whose investigation remains open, demanding their full report. Meanwhile, his mother has taken her limited evidence on a public awareness campaign, including an appearance on the Tucker Carlson Show. Elon Musk has predictably weighed in

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

Balaji's death quickly spawned conspiracy theories—the latest whistleblower to die under suspicious circumstances. He was found with a gunshot wound to the head by his own gun, but his mother hired two experts who pointed out anomalies, including the lack of a suicide note

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

Balaji gained public prominence in Oct. when he went to the NYT to argue that the artificial intelligence behemoth was violating fair use laws. He was scheduled to appear as a witness in the newspaper's landmark lawsuit against OpenAI, though he was not divulging any new information

Leo Schwartz @leoschwartz.bsky.social · 10/02/2025

🧵In late November, 26-year-old Suchir Balaji was found dead in his SF apartment. Just a month before, he had gone public with concerns that his former employer, OpenAI, was breaking copyright laws. While officials deemed his death a suicide, his mother has become convinced he was murdered

Leo Schwartz @leoschwartz.bsky.social · 23/01/2025

Are activist short-sellers going extinct? After Hindenburg Research announced it was closing up shop last week, I spoke with other traders, including Andrew Left, about the increasingly perilous field: fortune.com/2025/01/23/a...

Are famous short sellers going extinct? The exit of Hindenburg Research and Andrew Left shows the risky trade is shrinking

Indicted short seller Andrew Left tells Fortune a “chilling effect” is making “everyone think twice.”

Leo Schwartz @leoschwartz.bsky.social · 18/01/2025

Here's the full complaint from the SEC: www.sec.gov/files/litiga...

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Leo Schwartz @leoschwartz.bsky.social · 18/01/2025

Helium, once cited as the ever-elusive crypto killer app, has had a rough few years, which I wrote about back in 2022. Helium has touted Mobile as its comeback: fortune.com/crypto/2022/...

Embattled Helium is attempting a second act as a crypto-powered mobile network

Is it just a distraction from the company’s financial turmoil?

Leo Schwartz @leoschwartz.bsky.social · 18/01/2025

I feel like this went under the radar yesterday, but one of the last actions by Gary Gensler's SEC was to sue Nova Labs, the developer of Helium, for illegal securities offerings — including its newest product, Helium Mobile

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Leo Schwartz @leoschwartz.bsky.social · 20/12/2024

CoinDesk owners Bullish fired the publication's three top editors, including EIC Kevin Reynolds, this morning following newsroom controversy over the removal of an article about billionaire Justin Sun: fortune.com/crypto/2024/...

CoinDesk ownership Bullish fires top editorial staff amid newsroom controversy

CoinDesk CEO Sara Stratoberdha told editorial staff on Friday that the company that editor-in-chief Kevin Reynolds and two deputies were let go.

Leo Schwartz @leoschwartz.bsky.social · 19/12/2024

Scoop: Turmoil at CoinDesk after its new owners forced editors to remove an article about billionaire Justin Sun. Matt Murray, former WSJ EIC and new WaPo editor, resigned as editorial committee chair, and staff are raising concerns over independence: fortune.com/crypto/2024/...

Billionaire Justin Sun pushed CoinDesk’s new ownership to remove article about banana-eating, editorial chair Matt Murray resigns

The crypto exchange Bullish purchased CoinDesk in late 2023 for close to $75 million.

Leo Schwartz @leoschwartz.bsky.social · 16/12/2024

I was being serious

Leo Schwartz @leoschwartz.bsky.social · 16/12/2024

I would listen to an episode on this important debate

Leo Schwartz @leoschwartz.bsky.social · 16/12/2024

Non-GBTC crypto ads are back. Also, headed to D.C. for the Blockchain Association’s Policy Summit — let me know if you’ll be there too

Leo Schwartz @leoschwartz.bsky.social · 13/12/2024

This deserves feature-length treatment

Leo Schwartz @leoschwartz.bsky.social · 11/12/2024

We'll see what comes out of the inevitable Congressional investigations next term, but that seems like the likeliest outcome

Leo Schwartz @leoschwartz.bsky.social · 11/12/2024

Proponents of the debanking narrative still lack a smoking gun: fortune.com/2024/12/11/d...

As accusations of 'debanking' grip Silicon Valley, the crypto industry is still waiting for a smoking gun

Did regulators prevent banks from working with crypto companies and founders for political reasons?

Leo Schwartz @leoschwartz.bsky.social · 10/12/2024

If you can't get enough of Hawk Tuah, I broke down the apparent rug pull with input from insiders, blockchain analysts, and a former DOJ prosecutor who says that Welch could face civil and even criminal charges. Sadly, she wouldn't talk with me again: fortune.com/crypto/2024/...

Hawk Tuah girl wanted to reward fans with a memecoin—crypto insiders turned it into a 'one-day pump and dump'

Was Haliey Welch used as a marketing stunt to promote a rug pull?

Leo Schwartz @leoschwartz.bsky.social · 06/12/2024

Depressing to see Eater decimated when the new business model for restaurant reviews is TikTok influencers who are paid by the places they're "reviewing" Is food criticism doomed?

Leo Schwartz @leoschwartz.bsky.social · 05/12/2024

Scoop w/ @jessicakmathews.bsky.social: The fintech unicorn Stash laid off 40% of staff in October as its co-founders returned as co-CEOs. It's the second layoff this year for the company, once valued at $1.4 billion, which is closing a new funding round fortune.com/2024/12/04/s...

Exclusive: Fintech unicorn Stash laid off 40% of its workforce after CEO left

The company has had two major layoffs in 2024 and says it’s now cash flow positive.

Leo Schwartz @leoschwartz.bsky.social · 04/12/2024

I spoke with "Hawk tuah" girl Haliey Welch about her Solana memecoin launching today, and her manager cut in to insist they "don’t want to break securities laws." Submitting for my Pulitzer: fortune.com/crypto/2024/...

'Hawk tuah' girl Haliey Welch launches a crypto memecoin but insists it's not a cash grab

An interview with the viral sensation as she wades into murky legal waters.

Leo Schwartz @leoschwartz.bsky.social · 03/12/2024

If you want any window into the state of the Synapse catastrophe, the court-appointed trustee just started crying in today's bankruptcy hearing

Leo Schwartz @leoschwartz.bsky.social · 21/11/2024

It's the end of an era with SEC chair Gary Gensler announcing he'll step down in January. I profiled him and his turbulent tenure last year: fortune.com/longform/gar...

Gary Gensler has remade the SEC into a crypto nemesis and climate warrior. Now a backlash is brewing

The combative former Goldman Sachs banker faces staff burnout, widening criticism from Congress, and a potential reckoning from hostile federal courts.

Leo Schwartz @leoschwartz.bsky.social · 20/11/2024

👋

Leo Schwartz @leoschwartz.bsky.social · 20/11/2024

Is this a good sign?