All eyes are on former President Donald Trump after the billionaire took to his Truth Social platform over the weekend to claim he expects to be arrested as soon as today in the Manhattan District Attorney’s Office’ case regarding alleged hush money payments to adult film star Stormy Daniels back in 2016.
Sign up here to get the Forbes Daily morning newsletter straight to your inbox.
Several lawsuits accusing banking giants JPMorgan Chase and Deutsche Bank of knowingly benefitting from disgraced financier Jeffrey Epstein’s child sex trafficking schemes will move forward, a federal judge ruled Monday, but tossed several claims alleging the two megabanks participated in and facilitated the abuse.
Authorities in New York City and Washington, D.C. have reportedly started preparing for protests this week ahead of the possible indictment of former President Donald Trump, though online communities of the billionaire’s supporters seem largely disorganized as they hastily plan demonstrations.
BUSINESS + FINANCE
Shares of San Francisco-based First Republic bank crashed to their lowest point ever as stock fell 47.2% on Monday, stoking fears the institution may go the same way as its peers Silicon Valley Bank and Signature Bank. JPMorgan Chase is reportedly spearheading an effort to boost First Republic, with options including a sale.
Credit Suisse shares plummeted more than 60% at the start of trading on Monday morning in Zurich while shares of Swiss banking giant UBS also dropped 9% as investors balk at UBS’s emergency deal to purchase its flailing associate.
TECH + INNOVATION
Forbes brings an exclusive look into the world of Russia’s Cambridge Analytica, run by a former KGB agent turned YouTube influencer. The country’s “Cyber Grandpa” has been sanctioned by the U.S. government for selling a big data surveillance tool to Kremlin spies, Russian energy giants and repressive regimes. (Photo: Alexander Paryugin).
MONEY + POLITICS
Former President Donald Trump may be indicted as soon as this week on charges stemming from his alleged payments to adult film actress Stormy Daniels, an unprecedented event for a former president that would lead to him being arraigned in court—but not held in custody or being forced to end his presidential campaign.
Likely Trump rival Florida Gov. Ron DeSantis called the Manhattan District Attorney “corrupt” for possibly indicting the former president, and saying he would not get involved in a “manufactured circus.” More: Top House Republicans demanded Manhattan District Attorney Alvin Bragg testify about the investigation, and wrote that it was an “unprecedented abuse of prosecutorial authority.”
Canadian private equity firm Ethical Capital Partners announced that it acquired Pornhub’s parent company, MindGeek, and intends to usher in a new era of transparency. MindGeek is currently fighting a number of legal battles, including a civil class action lawsuit in the U.S. involving sexually explicit videos of minors.
Daily Cover Story
TOPLINE USD coin (USDC), the $38 billion blockchain-based digital dollar issued by Boston-based Circle Financial, has built itself into a leader in the $100 billion plus stablecoin market. It’s going head-to-head with larger rival Tether, which has $75 billion of its stablecoin outstanding and is known for its shadowy management, in the competition for global stablecoin domination.
But a week ago when Silicon Valley Bank failed, Circle revealed that it had $3.3 billion in deposits at the shuttered bank. Crypto traders panicked at the news, liquidating billions of USDC holdings and funneling billions into Tether. The entire episode illustrated that when compared to highly regulated banks, the stablecoin market, which has dozens of unregulated participants and is critical to the liquidity of the $1.1 trillion blockchain-based digital asset trading market, is in dire need of a set of road rules.
And of all the potential pieces of crypto legislation circulating on Capitol Hill, stablecoin legislation appears to have the most support.
WHY IT MATTERS “For stablecoins to continue growing, issuers must have a clear sense of the rules of the road. Concrete guidance will further investor protections and help users make informed decisions about which tokens they want to hold and transact with,” says Steven Ehrlich, director of research for digital assets at Forbes. “Additionally, it will be easier for the public and private sector to differentiate privately-issued stablecoins with central bank digital currencies.”
FACTS AND COMMENTS
Hundreds of billions of dollars in global wealth has been wiped out over the last two weeks during one of the most chaotic runs for the banking sector since the Great Recession.
$275 billion: How much the 10 largest U.S. bank stocks lost in total market capitalization between March 1-17.
29%: How much bitcoin is up since banking concerns began to escalate on March 8.
$153 billion: How much banks borrowed from the Federal Reserve during the central bank’s discount lending window last week—by far the highest level ever.
STRATEGY AND SUCCESS
If you’ve yet to file your 2023 taxes you’re in good company. More than half of Americans still need to get their taxes sorted out with a little less than a month left to do so. To help those who still have the task floating around on their to-do list, Forbes compiled the top tax advice to get the ball rolling, as well as how to decide whether asking for an extension is a smart move.
By when do United Nations scientists think the world will surpass the monumental 1.5 degree Celsius global temperature threshold laid out in the 2015 Paris Climate Agreement?
B. The end of this decade
C. The early 2030s
Check if you got it right here.
ACROSS THE NEWSROOM
Our exclusive For(bes) The Culture newsletter, offering stories and news of the most successful and exciting Black entrepreneurs, creators and businesses, is back this week. Click here to sign-up instantly.
BEYOND THE NEWSROOM
- Join us virtually for the 2023 Forbes CIO Summit on April 12, 2023 from 9 a.m. to 10:30 a.m. ET as we gather some of the world’s top CIOs, CTOs, CDIOs and futurists for an amazing mind share focused on leadership, innovation and transformation. The summit is designed to inform, challenge and delight as we examine several key issues of importance to technology leaders.
- Join us at the 2023 Forbes Under 30 Summit in Botswana on April 23-26, 2023, This year includes performances by award-winning artists, conversations with top business leaders, exclusive networking with entrepreneurs from across the continent and the globe, plus game drives, a bush party and regional excursions. Register now.
- Looking ahead: The 2023 Forbes Future Of Work Summit will take place in New York and virtually on June 1. Here, we’ll explore the forthcoming impact of artificial intelligence, shifting dynamics between workers and employers, and more. Sign up to stay tuned for updates.
Thanks for reading! Follow along with us on Twitter for by-the-minute updates on the latest business and financial news throughout the day.