“Do the difficult things while they are easy and do the great things while they are small.” – Lao Tzu ||
Hello everyone! I can’t believe it’s only Tuesday. This is a shorter-than-usual note due to a scheduling squeeze. I was going to write about economic indicators, but, you know, news happens…
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IN THIS NEWSLETTER:
More regulatory shoes are dropping
The market reaction
Leading indicator signals a recession?
Argentine president-elect is already offending key trade partners
WHAT I’M WATCHING:
More regulatory shoes are dropping
Wait, wasn’t this supposed to be a quiet news week in the run-up to the Thanksgiving holiday?
Yesterday, we saw whopping regulatory moves against two key crypto ecosystem players: Kraken and Binance.
First, remember the rumblings that the US Department of Justice (DoJ) was investigating Binance? Many of us were wondering where they were on that and why it was taking so long to come to some sort of conclusion.
Yesterday, we got our answer. It turns out that the DoJ has been figuring out how much it can get out of Binance in exchange for making the investigation go away, sorry, I mean how much a reasonable fine for its infractions would be. Bloomberg reported that the DoJ was seeking $4 billion from Binance Holdings as part of a proposed resolution, with founder CZ possibly facing criminal charges.
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