Crypto exchanges Binance and Coinbase are being sued by the SEC and it is not hard to see why. The SEC’s complaint contains this quote from Binance’s Chief Compliance Officer: “we are operating as a fking unlicensed securities exchange in the USA bro.” Imagine telling on yourself like that!

The lowdown

• 🌲 VC firm Sequoia will split into three separate entities, as it navigates a more complex geopolitical environment.

• 🤖 Collapsed crypto exchange FTX’s most valuable asset may be its stake in AI startup Anthropic.

• 🔨 Crypto crackdown continues as SEC sues Coinbase, a day after suing Binance.

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Saudis pump oil money into sports

The PGA Tour and the Saudi-backed LIV Golf have announced a surprise merger! The exact financial details of the merger haven't been released, but the Saudi Public Investment Fund is expected to invest billions of dollars into the newly merged entity.

The truce between the two golf leagues was reportedly achieved through private negotiations ($) between PGA commissioner Jay Monahan and Yasir al-Rumayyan, head of the PIF.

The PIF’s drive into sports is backed by its oil-funded state finances. This week, the Saudi government also transferred majority holdings in four Saudi football teams to the PIF, which may indicate a move towards creating a dominant domestic league. Another achievement for PIF was the qualification of EPL team Newcastle United for the Champions League competition. You can’t win them all, though: don’t forget the PIF was a big investor in Credit “Saudi” ($).

The content we're consuming today

(Sorry about all the paywalls today.)

• FT: ‘Pirelli is in peril’: Pressure rises over Chinese grip on Italian tyremaker ($).

• Bloomberg: Giorgia Meloni Seeks to Cement Power by Remaking Corporate Italy ($).

• New Yorker: What if We’re Thinking About Inflation All Wrong? ($).

Off-balance sheet items

• If you are looking for some everyday tools to deal with ups and downs, then I would recommend reading ‘Why Has Nobody Told Me This Before?’ by Dr Julie Smith.

The bottom line