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Today's Top Stories

  • Upcoming Fed meeting could be historic amid speculation of massive rate hike
  • Uber scrambling for cyber security safeguards after hack compromised data
  • SEC claims that Ethereum network falls under purview of U.S. government 

Econ Bytes

UPI

 

Another Big Rate Hike Is Coming

 

The Federal Reserve's meeting on Wednesday is expected to be historic. While the Fed will certainly raise rates, whether or not it will raise them by three-quarters of a point or an unprecedented one full percentage point is up in the air. Because the job market is strong, and consumers are still spending at a decent pace, Wall Street fears a scenario where a massive rate hike sends the economy into a recession. Notwithstanding the broader economy, the stock market could also be in for prolonged pain as central bankers across the world step up the pace and size of rate hikes.

 

Tech Bytes

Getty Images

 

How Do You Fix a Hack Like Uber’s?

 

Uber is recovering from a "cybersecurity incident" last week that saw a hacker break into the company's network and access customer data. On Monday, it was revealed that the hacker stole internal information but things like credit card information and trip histories weren't taken. Apparently, the hacker is only 18 years old and broke into Uber's systems using an employee's password, tricking the employee into bypassing Uber's multi-factor authentication (MFA). If Uber asks itself anything after the event, it's how this sort of breach can be prevented in the future. For the time being, one possible answer lies in "MFA number matching."

 

Notable Decliners

  • Super Micro Computer (ORCL) -7.0%
  • NetApp (MTCH) -1.6%
  • Adobe (MSI) -1.1%
 

Earnings

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

SEC

 

SEC Claims All of Ethereum Falls Under US Jurisdiction

 

The SEC filed a seemingly typical federal lawsuit on Monday against influencer Ian Balina for failing to register a cryptocurrency as a security before launch. However, interestingly enough, the SEC claimed it had the right to sue Balina because the entire Ethereum network falls under the purview of the US government. Because the Ethereum blockchain is clustered more densely in the United States than in any other country, the SEC is concluding that Ethereum transactions globally should be considered to be of American origin. Approximately 45.85% of Ethereum nodes operate from the United States, and classifying Ethereum transactions as activity similar to that on an American securities exchange certainly makes regulatory policy "simpler." 

 

Notable Gainers

  • Helium (HNT) +15.87%
  • ApeCoin (APE) +13.60%
  • TerraClassicUSD (USTC) +13.38%
  • Algorand (ALGO) +9.73%
  • Celsius (CEL) +7.98%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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