TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the deal between Do Kown, Terraform Labs, and the SEC.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. The Dow snapped a five-day losing streak and the S&P 500 and Nasdaq carved
00:10out record closing highs. Investors are betting inflation is on track to soften enough to
00:15encourage the Federal Reserve to slash interest rates sometime this year. Wall Street will
00:21have its eyes on economic data during this holiday-shortened week, including retail sales,
00:26industrial production and new housing construction. In other news, another big crypto name is
00:32being forced to pay real dollars for his digital misdeeds. A judge has approved a $4.5 billion
00:38settlement between DoQuan, his bankrupt crypto company Terraform Labs, and the Securities
00:43and Exchange Commission. In April, a jury unanimously found Quan and Terra Labs guilty
00:48of securities fraud. Quan has been hiding for years after the implosion of his two digital
00:54stable coins, Luna and Terra. While stable coins are backed by actual hard assets, Quan's
01:00coins turned out to be backed by a web of complex codes. When an algorithm failed in
01:062022, $40 billion in market value went poof. Hedge funds collapsed, investors ran for the
01:12exit. Quan is not alone in his crypto corruption. Changpeng Zhao, head of Binance, the world's
01:19largest crypto company, was sentenced in April to four months in jail for money laundering.
01:24He also has to forfeit $4.3 billion. And then there's FTX and Sam Bankman Freed. He was
01:31sentenced to 25 years in prison for fraud and conspiracy in March. The judge in that
01:37case ordered the seizure of $11 billion in assets. That'll do it for your Daily Briefing
01:43from the New York Stock Exchange. I'm Conway Gittens with The Street.
01:49Thanks for watching.