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BHP (ASX:BHP,NYSE:BHP,LSE:BHP) confirmed in a Monday (November 24) statement that its merger discussions with Anglo American (LSE:AAL,OTCQX:NGLOY) have officially ended.

The discussions trace back to April 2024, when BHP made its first offer to Anglo to combine their copper assets.

Copper has become a prime focus for various major mining companies as they seek scale and efficiency in the face of tightening supply and the costly hunt for new deposits.

BHP’s 2024 pursuit yielded a total of three offers, the last of which Anglo rejected in May of that year.

At the time, Anglo said that the deal did not meet its expectations.

That rejection didn’t entirely dissuade BHP, which according to Bloomberg made a new advance on Anglo last week.

The news outlet describes the move as a ‘last-minute proposal’ that would have prevented Anglo’s planned merger with Canada’s Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK). The combined Anglo-Teck entity is projected to become the second largest listed copper-focused producer after BHP.

In its statement, BHP said it is now abandoning its Anglo bid for good:

“Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy.’

According to media reports, BHP saw a deal with Anglo as a means to keep its dominance in copper.

“While it remains the world’s top producer, its lead is narrowing in the years ahead without significant new projects,” Reuters notes. The news outlet quotes Berenberg analysts, who believe the Anglo-Teck merger now looks more solid.

“A BHP bid for Anglo would have frustrated that deal, but with BHP now stepping away, it appears that the interloper risk for Anglo has materially reduced and the Anglo/Teck Resources deal is likely to go ahead, assuming approvals are received,’ the firm wrote. The deal is still awaiting approval under the Investment Canada Act.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Further to its announcement on 20 October 20251, Jindalee Lithium Limited (ASX: JLL, OTCQX: JNDAF) (Company) is pleased to advise the results of its Share Purchase Plan (SPP). The SPP closed for applications on 20 November 2025, and the Company has today completed the allocation and issuance of shares and options under the SPP, raising total proceeds of $1.5 million.

The SPP, which targeted to raise up to $1 Million, was met with strong demand and closed oversubscribed. In accordance with the SPP Offer Booklet2, the Board exercised its discretion to accept oversubscriptions, resulting in total proceeds of $1.5 million. To ensure a fair allocation, applications for amounts greater than $5,000 were scaled back on a pro-rata basis. Excess application monies will be refunded to applicants in line with the SPP terms2.

A total of 2,720,065 fully paid ordinary shares (Shares) were issued at $0.55 per Share. Eligible shareholders also received one (1) option for every one (1) Share allotted, exercisable at $0.825 and expiring 30 November 2028 (Option), for nil upfront consideration. Participants in the placement announced on 20 October 2025 will also receive Options on the same basis as SPP participants, to be issued subject to shareholder approval at the Company’s general meeting to be held on 10 December 2025.

Funds raised will be used to advance the McDermitt Lithium Project, including exploration drilling, metallurgical testwork, and working capital to progress the proposed United States special purpose acquisition company (SPAC) transaction3.

Commenting on the SPP, Ian Rodger, the Company’s Managing Director and CEO, said “We are grateful for the outstanding support from our shareholders. The strong response to the SPP reflects confidence in Jindalee and the strategic importance of the McDermitt Project. On behalf of the Board, we thank you for your continued support.”

Click here for the full ASX Release

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Here’s a quick recap of the crypto landscape for Monday (November 24) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,102.53, up 1.9 percent in 24 hours.

The cryptocurrency is up after last week’s rout, which saw over US$1.2 billion in spot Bitcoin exchange-traded fund (ETF) outflows, marking the third consecutive week with over US$1 billion in outflows, as per SoSoValue.

Bitcoin price performance, November 24, 2025.

Chart via TradingView.

However, market sentiment remains cautious, with the Fear and Greed Index reading 12 at market close. Increased open interest and large short liquidations suggest potential volatility and possible rebound dynamics.

“In the short term, a rebound is highly likely, but if we fall again and lose the US$80,000 level, the probability of facing a much tougher period becomes significantly higher,” CryptoQuant said in a post on X.

Bitcoin’s relative strength index at 58.52 indicates moderately bullish momentum, but is still comfortably below overbought territory. A -0.005 funding rate shows traders are still somewhat bearish, although short liquidations may start to shift momentum upward. Economic data due later this week could lift markets higher if it reinforces expectations of an interest rate cut from the US Federal Reserve. Market odds for a December rate cut have risen recently, with many sources placing the probability at around 70 to 79 percent.

Meanwhile, ETH (ETH) was US$2,973.36, up by 5.1 percent in 24 hours. Liquidations of US$39.75 million, predominantly in short positions, may have fueled upward price pressure through a short squeeze.

Open interest rose 3.07 percent to US$35.93 billion, suggesting increasing trader engagement and speculative activity in Ether derivatives. A funding rate of zero reflects a balance between bullish and bearish sentiment among traders.

Altcoin price update

  • XRP (XRP) was priced at US$2.26, up by 9.2 percent over 24 hours.
  • Solana (SOL) was trading at US$138.82, up by 4.7 percent over 24 hours.

Today’s crypto news to know

Cardano chain split, Etherscan API outage highlight DeFi risks

Recent events in the crypto ecosystem have underscored the vulnerabilities and institutional challenges facing DeFi investors. On November 21, Cardano experienced an accidental chain split triggered by a malformed transaction, temporarily dividing the blockchain into two competing chains.

The disruption exposed weaknesses in network resilience and stake pool operations, causing lost block rewards and transaction irregularities in DeFi protocols dependent on Cardano’s network stability.

Then, Etherscan unexpectedly cut off API access to roughly 10 percent of its blockchains and networks. This sudden outage occurred during the DevConnect conference, impairing developers’ ability to manage smart contracts effectively, further revealing how dependent DeFi investors are on the reliability of ancillary infrastructure.

These events came amid growing tensions involving JPMorgan Chase (NYSE:JPM).

The banking giant has drawn ire from the crypto community for reportedly influencing MSCI to exclude digital asset treasury companies holding more than 50 percent of their assets in cryptocurrencies.

JPMorgan’s research warns that the exclusion could trigger forced selloffs potentially totaling up to US$8.8 billion, with Strategy (NASDAQ:MSTR) alone possibly facing US$2.8 billion in outflows.

The final decision will be announced on January 15 ,with changes taking effect in February.

The bank then upgraded ratings on Monday for Bitcoin-mining companies Cipher Mining (NASDAQ:CIFR) and CleanSpark (NASDAQ:CLSK) to overweight from neutral, citing strong momentum in high-performance computing partnerships and long-term cloud and colocation deals that improve revenue visibility.

JPMorgan’s stance highlights the institutional and regulatory tensions complicating the interface between traditional finance and the fast-evolving crypto ecosystem.

Franklin Templeton, Grayscale launch XRP ETFs

The Franklin XRP ETF (ARCA:XRPZ) and the Grayscale XRP Trust ETF (ARCA:GXRP) both launched on Monday, providing new regulated investment options for XRP exposure.

Investor response was prompt, with early trading volumes indicating strong demand and positive sentiment around XRP’s future prospects as reflected in the market’s reception to both ETFs.

Market watchers see this dual launch as a major step toward integrating crypto assets like XRP into traditional finance frameworks, enhancing liquidity and investor confidence.

Ray Youssef, CEO of peer-to-peer crypto app NoOnes, said a wave of altcoin ETF launches could bring a much-needed dose of optimism back into the market if investors interpret new listings as implicit regulatory approval.

“As market sentiment has been so underwhelming in recent times, the ETF season hitting the market at its current condition may be when they can make the most significant contribution to the digital asset economy this year.”

Youssef added that the launch of altcoin ETFs is creating a steady flow of capital into the digital asset market, providing a liquidity buffer. This momentum could lead to an end-of-year rally for altcoins.

Burry debuts newsletter after Scion shutdown

Michael Burry, best known for his prescient bet against the US housing market in 2008, has launched a paid Substack newsletter not long after closing his hedge fund, Scion Asset Management.

In his introductory post, Burry emphasizes that the move does not mark a retirement, but rather a shift toward writing without the regulatory constraints that accompany professional money management.

Priced at US$39 per month, the newsletter has quickly drawn more than 21,000 subscribers.

Early essays revisit his trading history during the dot-com era and outline why he views today’s artificial intelligence boom as a supply-glutted bubble primed for correction.

With Scion now closed, Burry says the newsletter will become his primary outlet for analysis as he continues to track what he views as speculative excess building across technology markets.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Wednesday (November 26) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin’s (BTC) price climbed from around US$87K to close at US$89,903.49 on Wednesday afternoon, a three percent increase in 24 hours.

Bitcoin price performance, November 26, 2025.

Chart via TradingView.

However, a 1.55 percent increase in open interest during the same four hour window suggests fresh buying interest, while a positive funding rate of 0.002 reflects modestly bullish market sentiment. A relative strength index of 62.56 for Bitcoin indicates that the asset is in moderately bullish territory but not yet overbought.

Despite optimism of a possible temporary reset, investors warn that a decisive break below US$80,000 could expose Bitcoin to a slide toward the US$69,000 to US$62,000 support range.

As analyst Ted Pillows wrote on X, “$BTC is facing a lot of resistance around the $88,000–$90,000 zone. If BTC doesn’t break above this level soon, expect a sweep of the lows again.”

“Notably, what makes this episode different from past crypto winters is the investor base. BTC is now held by ordinary investors in their mainstream portfolios. So many are treating it like any other high-beta risk asset,’ she said.

“This behavior means that current price action is more of a classic de-risking phase. Rate-cut expectations change quickly, so investors opt for assets they perceive as core ballast. Given that, the picture suggests a complementary reading rather than a simple “either/or.” Gold acts as the insurance that central banks are still actively adding. In turn, Bitcoin is the high-risk component that investors reduce first when volatility rises,’ added Chen.

Meanwhile, Ether (ETH) closed at US$3,025.84, a 3.1 percent increase in 24 hours. ETH also showed strong bullish momentum, with a 2.7 percent rise in open interest and liquidations predominantly on the short side, signaling a short squeeze; however, a positive funding rate of 0.008 underscores traders’ optimism.

Altcoin price update

  • XRP (XRP) was priced at US$2.22, up by one percent over 24 hours.
  • Solana (SOL) was trading at US$142.99, up by 3.9 percent over 24 hours.

Today’s crypto news to know

Strategy insists balance sheet holds firm

Strategy (NASDAQ:MSTR) reiterated that its balance sheet can withstand a deep Bitcoin drawdown, telling investors in a recent X post that its collateral coverage would remain at 2.0x even if Bitcoin dropped to US$25,000.

The company disclosed updated calculations showing that its convertible debt remains overcollateralized despite the stock’s 49 percent slide and the risk of an MSCI index removal next year.

With 649,870 BTC — worth roughly US$57 billion — the firm remains the largest corporate holder of Bitcoin globally. Strategy maintains that this overcollateralization gives it room to manage volatility and refinance maturities that run through 2032. Despite the reassurances, the company continues to face pressure from index committees and investors reevaluating the long-term role of a Bitcoin-heavy corporate treasury.

Recently, S&P Dow Jones Indices left Strategy off its latest round of S&P 500 additions, choosing to elevate SanDisk instead despite Strategy’s market capitalization placing it within the top tier of US public companies.

Strategy’s bid for inclusion has been complicated by its reliance on Bitcoin holdings, which some index members argue behaves more like an investment vehicle than a traditional operating company.

For its part, Strategy insists that its software business, alongside its Bitcoin strategy, qualifies it as an operating firm under the index rules. Chairman Michael Saylor pushed back against the characterization, stressing on X that Strategy is “not a fund, not a trust, and not a holding company.”

Japan approves major regulatory shift for crypto under FIEA

Japan’s Financial Services Agency has finalized plans to move digital assets under the Financial Instruments and Exchange Act, marking the country’s most sweeping crypto regulatory overhaul in years.

The shift reclassifies crypto assets as investment products and subjects issuers and exchanges to disclosure and conduct standards similar to those governing securities.

The changes affect over 13 million Japanese crypto accounts that collectively hold more than ¥5 trillion, prompting concerns from local exchanges about higher compliance burdens.

The FSA’s working group outlined new obligations, including clearer disclosure of token supply, governance structures, project risk assessments, and issuer responsibilities.

In addition, exchanges will also be required to maintain reserve funds to cover potential hacking incidents. Regulators plan to crack down on unregistered offshore platforms that continue marketing to Japanese users without approval.

The legislative package is expected to be submitted during the 2026 Diet session.

Bolivia to integrate crypto and stablecoins into financial system

In a historic move, the government of Bolivia is preparing to integrate cryptocurrencies and stablecoins, according to an announcement from the country’s economic minister, Jose Gabriel Espinoza.

“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza reportedly said, according to Reuters. With stablecoins like USDT already being used for cross-border payments and as a hedge against the local currency’s depreciation, banks will soon be allowed to custody crypto, as well as offer crypto-based savings accounts, credit cards, and loans.

Spain moves to hike taxes on Bitcoin, Ether

A Spanish parliamentary bloc has introduced new tax amendments that would significantly increase the burden on Bitcoin, Ether, and other non-financial-instrument crypto assets.

The proposal would shift gains from crypto into the general personal income tax base, which carries rates of up to 47 percent — far above the current 30 percent maximum applied to savings-based income.

Lawmakers also want corporate crypto gains taxed at 30 percent and are pushing for a nationwide “traffic light” risk label that would appear on trading platforms.

Tax specialists argue the reforms would be difficult to implement, with some calling the package legally unworkable and likely to generate administrative chaos. Investors are likewise already expressing concern after a recent case in which a trader was taxed 9 million euros on a transaction that produced no profit, highlighting flaws in current enforcement.

If enacted, analysts further warn that the new measures could accelerate capital flight from Spain’s retail crypto market.

Grayscale files to offer Zcash ETF

Grayscale submitted a Form S-3 registration statement to the US Securities and Exchange Commission on Wednesday, signaling the firm’s intention to convert its fund tied to Zcash into a spot exchange-traded fund.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Former FBI Director James Comey hailed the federal judge who dismissed the federal indictment against him on Monday, saying the case against him was based on ‘malevolence and incompetence.’

Judge Cameron Currie dismissed the false statements charges against Comey in a Monday ruling, finding that they were brought by an unqualified U.S. attorney. President Donald Trump’s administration maintains that the attorney, Lindsay Halligan, was legally appointed and has indicated they plan to pursue further legal action.

‘I’m grateful that the court ended the case against me, which was a prosecution based on malevolence and incompetence, and a reflection of what the Department of Justice has become under Donald Trump, which is heartbreaking,’ Comey said, before thanking the lawyers who represented him in the case.

‘This case mattered to me personally, obviously, but it matters most because a message has to be sent. That the president of the United States cannot use the Department of Justice to target his political enemies. I don’t care what your politics are. You have to see that as fundamentally un-American and a threat to the rule of law that keeps all of us free,’ he continued.

Comey went on to say that he expects the Trump administration to continue coming after him despite the legal setback. He called on Americans to ‘stand up’ against the ‘fools who would frighten us,’ suggesting Trump is a ‘would-be tyrant.’

Currie’s ruling also threw out the DOJ’s case against New York Attorney General Letitia James, citing the same reason.

‘I conclude that the Attorney General’s attempt to install Ms. [Lindsey] Halligan as Interim U.S. Attorney for the Eastern District of Virginia was invalid and that Ms. Halligan has been unlawfully serving in that role since September 22, 2025,’ Currie wrote.

Currie, a Clinton appointee based in South Carolina, was brought in from out of state to preside over proceedings about the question of Halligan’s authority because it presented a conflict for the Virginia judges. Comey’s and James’ challenges to Halligan’s appointment were consolidated because of their similarity.

Halligan acted alone in presenting charges to the grand juries shortly after Trump ousted the prior interim U.S. attorney, Erik Siebert, and urged Attorney General Pam Bondi to replace him with Halligan, a former White House aide and insurance lawyer. Bondi complied, but Currie found the interim U.S. attorney term had already expired under Siebert and that the Virginia judges were now responsible for appointing a temporary U.S. attorney to serve until Trump could get one confirmed in the Senate.

Trump has been unable to persuade the Senate to confirm several U.S. attorneys in blue states, leading the president and Bondi to sidestep the upper chamber at times to install Trump’s preferred appointees, such as Halligan. Currie’s decision comes after federal judges also disqualified appointees in California, New Jersey and Nevada.

Fox News’ Ashley Oliver contributed to this report.

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Democrats are seeking to put limits on private donations to foot the bill for President Donald Trump’s new White House ballroom amid what they say are bribery concerns. 

Trump announced in October that construction had started on the ballroom — leading to the demolition of the White House’s historic East Wing — and would be privately funded at an estimated cost of $300 million. That was up from the $200 million estimate first provided in July when the project was unveiled.

But Democrats are concerned the donors — including individuals and other organizations — are footing the bill for the project because they are seeking something in return from the Trump administration, and recently introduced legislation to try to curb it. 

Although the White House released a list of the donors in October, Democrats, including Sens. Elizabeth Warren of Massachusetts and Adam Schiff of California, claim that additional oversight is needed and that the White House has not identified all donors, while others have been granted anonymity.

Among those who’ve donated to the ballroom project are Google, Apple, Meta Platforms, Amazon, Microsoft and Lockheed Martin. As a result, lawmakers argue that those who’ve contributed to the project could be doing so to curry favor with the administration, setting up a ‘pay-to-play’ relationship with the Trump administration. 

Specifically, lawmakers pointed to Google agreeing to a $22 million settlement with Trump in September, stemming from Trump’s censorship lawsuit against YouTube for banning him from the platform after the Jan. 6 attacks on the U.S. Capitol. Google, which owns YouTube, is also involved in an antitrust case leveled against it by the Justice Department, and therefore, could benefit from soliciting favor from the Trump administration, the lawmakers claim. 

Google did not immediately respond to a request for comment from Fox News Digital. 

‘Billionaires and giant corporations with business in front of this administration are lining up to dump millions into Trump’s new ballroom — and Trump is showing them where to sign on the dotted line,’ Warren said in a statement Tuesday. ‘Americans shouldn’t have to wonder whether President Trump is building a ballroom to facilitate a pay-to-play scheme for political favors. My new bill will put an end to what looks like bribery in plain sight.’

Warren, along with the top Democrat on the House Oversight Committee, Rep. Robert Garcia of California, spearheaded the legislation. Other lawmakers, including Schiff, Sen. Richard Blumenthal, D-Conn., and others, have also cosponsored the measure. 

Specifically, the legislation would bar donations from organizations or individuals that present a conflict of interest, and would prohibit the president, vice president or their families and staff from soliciting donations. 

Once donations have been made and are cleared by the directors of the National Park Service and the Office of Government Ethics, the measure would then bar displaying donors’ names in recognition of the donation, and would also require a two-year freeze for the donor to lobby the federal government.

Additionally, it would prohibit using any remaining donated funds to then go toward personal use, or to benefit the president, vice president or their family and staff. 

Likewise, the measure also would require that donors disclose meetings with the federal government that occur in the year following the donation, and prohibit anonymous donations. 

‘President Trump has put a ‘for sale’ sign on the White House—soliciting hundreds of millions of dollars from special interests to fund his $300 million vanity project,’ Blumenthal said in a statement Tuesday. ‘Our measure is a direct response to Trump’s ballroom boondoggle. With commonsense reforms to how the federal government can use private donations, our legislation prevents President Trump and future presidents from using construction projects as vehicles for corruption and personal vanity.’ 

Meanwhile, the White House dismissed the measure and Democrats’ efforts to impose new restrictions on donations.

‘President Trump is making the White House beautiful and giving it the glory it deserves,’ White House spokesman Davis Ingle said in a statement to Fox News Digital on Monday. ‘Only people with a severe case of Trump Derangement Syndrome would find a problem with that.’

Trump has initiated several renovation projects at the White House during his second term, including adding gold accents to the White House’s Oval Office and paving the Rose Garden. 

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The FBI and Department of Justice have contacted Capitol Police to schedule interviews with the six members of Congress who appeared in a controversial video urging service members to ignore orders they may deem illegal, Fox News has learned.

Last week, a group of Democratic lawmakers with military and intelligence backgrounds, including Sen. Elissa Slotkin, D-Mich.; Sen. Mark Kelly, D-Ariz.; Rep. Chris Deluzio, D-Pa.; Rep. Maggie Goodlander, D-N.H.; Rep. Chrissy Houlahan, D-Pa.; and Rep. Jason Crow released a video directed at service members and intelligence officers stating: ‘Our laws are clear. You can refuse illegal orders.’

In response to the video, President Donald Trump said the lawmakers should be arrested and tried for ‘seditious behavior.’ 

‘SEDITIOUS BEHAVIOR, punishable by DEATH!’ he said. 

On Monday, the Department of War announced that it has opened a formal review into allegations of misconduct against Kelly over the video. 

The Pentagon said it may even call Kelly, a retired Navy captain, back to active duty to face court-martial proceedings or other administrative actions under the Uniform Code of Military Justice (UCMJ). Four of the other Democrats are former military, but not retired and therefore are not subject to the UCMJ, according to Secretary of War Pete Hegseth, while Slotkin is a former CIA officer.

Hegseth on Tuesday posted on X that the video ‘may seem harmless to civilians — but it carries a different weight inside the military.’

He called the video a ‘politically-motivated influence operation’ and listed reasons for his conclusion, including how the lawmakers never named a specific ‘illegal order,’ which ‘created ambiguity rather than clarity.’ He added that the video used ‘carefully scripted, legal-sounding language’ and argued that the lawmakers ‘subtly reframed military obedience around partisan distrust instead of established legal processes.’

‘In the military, vague rhetoric and ambiguity undermines trust, creates hesitation in the chain of command, and erodes cohesion,’ Hegseth wrote. ‘The military already has clear procedures for handling unlawful orders. It does not need political actors injecting doubt into an already clear chain of command.’ 

He continued: ‘As veterans of various sorts, the Seditious Six knew exactly what they were doing — sowing doubt through a politically-motivated influence operation. The @DeptofWar won’t fall for it or stand for it.’

This is a developing story; check back for updates.

Fox News’ Digital’s Morgan Phillips and Taylor Penley contributed to this report.

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The Trump-aligned lawfare group founded by White House aide Stephen Miller is petitioning two of the government’s top federal health agencies to immediately repeal a Biden-era regulation they claim promotes organ transplantation allocation based on race, not medical need. 

Initially, the proposed rule from the Health and Human Services Department (HHS) and the Centers for Medicare and Medicaid Services (CMS) had an equity performance adjustment, but that part of the rule was scrapped before it was finalized.

The Increasing Organ Transplant Access (IOTA) Model in question scores selected hospitals, which are required to participate, across three domains as it relates to kidney organ transplantation: achievement, efficiency and quality. Based on the scores, hospitals will either get money for their efforts, owe money back to the federal government for not meeting expectations, or neither receive nor owe anything.  

Rather than an explicit score adjustment, the rule’s equity agenda was embedded more subtly through a ‘voluntary’ health equity plan that mandatory participating hospitals are encouraged to complete. The plan pushes hospitals to identify ‘health disparities’ and identify ‘equity goals to monitor and evaluate progress in reducing targeted health disparities,’ which will be measured by ‘one or more quantitative metrics that the IOTA participant uses to measure the reductions in target health disparities arising from the health equity plan interventions.’

‘A federal rule cannot invite or normalize discrimination—not even under the guise of improving ‘equity,” stated an America First Legal (AFL) press release accompanying the group’s petition. ‘Although CMS ultimately made Health Equity Plans ‘voluntary,’ the agency embedded them inside a mandatory federal model that encourages hospitals to integrate race and identity into transplant decision-making.’

The six-year mandatory payment program builds on earlier payment experiments, testing whether financial rewards and penalties can improve care and expand access for Medicare and Medicaid patients. The rule was published in the Federal Register on Dec. 4, and began operating on July 1, 

Meanwhile, according to AFL, 67 of the 103 hospitals mandated to participate in the IOTA Model are ‘still engaging’ in diversity, equity and inclusion (DEI) efforts. The conservative lawfare group argues this is normalizing ‘identity-based preferences’ within the nation’s organ transplant system.

‘The IOTA Model is a leftover remnant of an unlawful equity agenda that encouraged hospitals to view lifesaving care through a DEI lens,’ said AFL attorney Megan Redshaw. ‘Federal law requires that organ allocation be based on established medical criteria, not race or identity, and no rule should push hospitals to pursue transplant volume while layering race-based pressures onto a system already plagued by ethical failures.’

Just days after Biden took office in 2021, he signed Executive Order 13985, directing all federal agencies to conduct ‘Equity Assessments’ to determine whether ‘underserved communities and their members’ faced systemic barriers to accessing federal programs. The order also required federal agencies to develop an action plan to address those barriers.

As part of this effort, in December 2021, CMS issued a request to the public for comments on how the agency could ‘Advance Equity and Reduce Disparities in Organ Transplantation.’

‘CMS is focused on identifying potential system-wide improvements that would increase organ donations, improve transplants, enhance the quality of care in dialysis facilities, increase access to dialysis services, and advance equity in organ donation and transplantation,’ the agency said at the time. ‘Black Americans are almost four times more likely, and Latinos are 1.3 times more likely, to have kidney failure compared to White Americans. Despite the higher risk, data shows that Black and Latino patients on dialysis are less likely to be placed on the transplant waitlist and have a lower likelihood of transplantation. Because of these stark inequities, CMS’ [Request For Information] asks the public for specific ideas on advancing equity within the organ transplantation system.’ 

Trump officials and allies, including AFL, have questioned the role outside groups played during the process of drafting the final IOTA Model rule, prompting AFL to file FOIA requests as part of a broader investigation into the new IOTA model and the Biden administration’s alleged push to infuse DEI into the nation’s organ transplant framework.

One example AFL has pointed to is a ‘modernization initiative’ for the national organ transplant system under the Biden administration, which included plans to strengthen ‘equity, and performance in the organ donation and transplantation system.’ The Biden admin also announced changes to the ‘labeling of race and ethnicity information for organ donors,’ on numerous data reports used by the Organ Procurement and Transplantation Network (OPTN). 

The nation’s organ transplant system has also recently been targeted for prematurely initiating organ retrievals while patients were still alive, or improving. In July, HHS released a statement announcing an initiative to reform the Organ Procurement and Transplantation Network (OPTN), following a federal investigation that found ‘disturbing practices by a major organ procurement organization.’

AFL argues that the IOTA Model final rule, specifically, violates Title VI of the Civil Rights Act, Section 1557 of the Affordable Care Act, the equal protection clause, precedent established by the U.S. Supreme Court, and executive orders issued by President Donald Trump. 

The lawfare group added that the rule also exceeds CMS’ statutory authority under the Social Security Act, and is ‘arbitrary and capricious’ under the Administrative Procedure Act.  

‘The Biden Administration built this kidney transplant policy on the false premise that fairness requires discrimination,’ Redshaw said. ‘This rule treats race as a substitute for medical judgment, and it risks condemning patients to die on waitlists based on immutable traits instead of clinical need. Every American deserves equal treatment under the law, especially when life and death are at stake.’

HHS and CMS didn’t reply to Fox News Digital’s requests for comment on this story in time for publication.

Fox News Digital’s Breanne Deppisch, Melissa Rudy, and Angelica Stabile contributed to this report.

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