Thursday☕️

Mar 23, 2023 • 3 min read

Trending:

Markets/Economies:

The Federal Open Market Committee has raised interest rates by 25 basis points. This increase brings the Federal funds rate from 4.75% to 5%.
Link to the FOMC statement (image is the link):

FATF:

The Financial Action Task Force (FATF) has released new rules to fight against illegal activities through shell companies. Shell companies allow corruption, money laundering, and terrorist financing, according to FATF.
Starting January 2024, US companies must report their beneficial ownership to FINCEN. However, this registry is not public.
FINCEN is a US Treasury bureau that fights financial crimes like money laundering and terrorist financing by collecting and analyzing financial transaction data. It aims to safeguard the financial system from illegal activities.

Coinbase:

Coinbase has received a Wells notice from the SEC. A Wells Notice is a notice from the SEC indicating that the SEC intends to take legal action against an individual or company.
Two years ago, the SEC reviewed and approved Coinbase to go public on the NYSE.
Statement Twitter thread link from Coinbase CEO:

Coinbase is the second largest crypto exchange, with a current daily volume of $2.2 billion. First place in volume goes to Binance, with a current daily volume of $18.6 billion.

Business:

In February, venture capitalists invested over $647 million in automotive industry startups, with battery technology companies receiving more than 70% of the total funding.
Dodge announced the 2023 Challenger SRT Demon 170 (gas-powered). The car has 1,025 horsepower and has an optional parachute attachment.
Foot Locker is closing 400 stores over the next three years.

Statistic: