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Good morning. US stock futures inched higher in Wednesday morning trading as the Federal Reserve signaled in its latest meeting notes that monetary policy will remain restrictive for some time.

💸 Bye bye CZ…

📝 Our report: And just like that, another crypto big fish gets snagged in the US Justice Department’s net! Changpeng Zhao, famously known as “CZ” and CEO of the world’s largest cryptocurrency exchange Binance pleaded guilty to anti-money laundering violations and agreed to pay a $50 million fine under a sweeping deal worked out with the Justice Department.

 🔑 Key points:

• In a charging document, Binance was charged with three counts, including money laundering violations, conspiracy to conduct an unlicensed money transmitting business, and US sanctions violations.

• Zhao agreed to step down as part of the settlement, with Binance agreeing to plead guilty to criminal charges and pay a $4.3 billion fine.

• The resolution against the world’s largest cryptocurrency exchange and its top leader represents one of the largest penalties imposed within the cryptocurrency industry, which has been facing withering scrutiny from the Justice Department, other government agencies and lawmakers

💡 So what: The cryptocurrency industry continues to be the subject of widespread controversy and notoriety. Regulators around the world have been turning the screws on bad actors and firms that run afoul of the law. The implications of Binance being fined are broad as they have the potential to affect both customer confidence and the financial stability of the industry at large.

Wednesday - No Major Economic News

Thursday - No Major Economic News

Friday - No Major Economic News

✈️ Thanksgiving travel expected to set records!

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💸 Sony in hot water over PlayStation prices

WHAT: Sony's gaming saga is taking an unexpected turn as the company faces a whopping £6.3 billion ($7.9 billion) lawsuit in the UK. Sony Interactive Entertainment (SIE) was sued last year on behalf of nearly nine million people in the United Kingdom who had bought digital games or add-on content through Sony's PlayStation Store

WHY: Alex Neill, a consumer advocate who has worked on previous campaigns, is bringing the case against Sony. She says the company abused its dominant position by requiring digital games and add-ons to be bought and sold only via the PlayStation Store, which charges a 30% commission to developers and publishers.

💳 IRS lightens up on cash transfer users

WHAT: The US Internal Revenue Services (IRS) is granting Venmo and Cash App users a tax break — forget about reporting requirements this year! Originally, app users who made $600 or more selling goods and services would have been required to report those transactions to the IRS, a new threshold required by the American Rescue Plan passed in March 2021.

WHY: IRS officials say one reason for the delay is taxpayer confusion over what sorts of transaction are reportable. For 2024, the basic reporting threshold will be increased from $600 to $5,000, the IRS said.

🚴🏾 UK blanks food delivery drivers

WHAT: Britain's top court dropped the mic on gig economy riders, saying, "Sorry, no collective bargaining for you!" The Independent Workers Union of Great Britain sought to represent Deliveroo riders to improve working conditions for the people who scurry around the nation’s streets delivering takeout meals to customers.

WHY: Deliveroo welcomed the decision, saying it confirmed lower court rulings that the company’s riders are self-employed. Deliveroo riders aren’t employees because their contract with the company gives them the “virtually unfettered right to appoint a substitute to take on their jobs,” the court said.

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