🚀 Visa accused of illegal monopoly

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. Department of Justice (DOJ) has sued Visa, accusing it of maintaining an illegal monopoly over debit payments by using exclusionary agreements to suppress competition. The DOJ claims Visa's actions led to excessive fees for consumers and merchants. Visa, which handles over 60% of U.S. debit transactions, denied the allegations, calling the lawsuit "meritless." This legal challenge follows earlier DOJ actions against Visa, including blocking its acquisition of fintech company Plaid in 2020. The DOJ seeks to prevent Visa’s alleged anticompetitive practices.

2. Caroline Ellison, former CEO of Alameda Research and key witness in the FTX fraud case, was sentenced to two years in prison and ordered to forfeit $11 billion. Despite her cooperation in convicting Sam Bankman-Fried, Judge Lewis Kaplan emphasized the need for deterrence in sentencing. Ellison expressed remorse during her statement, admitting regret for not distancing herself from FTX sooner. Her plea deal, made in 2022, helped expose crucial evidence against Bankman-Fried, who received a 25-year sentence earlier this year.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. Donald Trump is proposing an expansion of R&D tax credits, which could have a better impact on startups than Kamala Harris’ small business tax credit.

   2. Biden announced support for the Republican’s government funding bill.

   _{* This is sponsored content.}

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