Coinbase Chief Legal Officer Accuses U.S. FDIC of Taking Secret Action to Suppress Crypto Industry
Paul Grewal, Chief Legal Officer of Coinbase, accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the cryptocurrency industry. Grewal claimed that documents obtained through the Freedom of Information Act showed a series of so-called suspension letters. Allegedly, in these letters, the FDIC instructed banks to delay or stop providing services to cryptocurrency companies. He described these letters as "shameful examples of US government agencies trying to cut off the financial channels of law-abiding American companies" and pointed out that the FDIC unfairly targeted legitimate cryptocurrency companies, restricting their access to banking services. Documents shared by Coinbase showed that FDIC officials urged banks to avoid launching or expanding cryptocurrency-related services due to concerns about security, stability, and potential consumer risks. In each case, the FDIC requested that banks wait until further review was completed - a process that Coinbase believes sets unfair barriers for cryptocurrency companies.
Citi: October non-farm data will slow down significantly, and market attention will not return to the recession
The Fed has yet to declare victory in its fight against inflation, but policymakers have shifted some of their attention to the biggest part of their dual mandate, employment. "The October nonfarm payrolls will be an important confirmation or negation of the stronger September data, but may not be enough to shift market attention back to the risk of a U.S. recession," Citi economist Veronica Clark said in a recent report, "However, the October data will reflect the impact of the ongoing Boeing strike and hurricanes. Clark estimates that these factors will reduce employment by 70,000 to 80,000. Citi's view on nonfarm payrolls is milder than generally expected, with an increase of 90,000 and a small increase in the unemployment rate to 4.23%. In addition, Citi said that any downward revision to the September data may be more significant than usual.