According to Odaily, the preliminary reading for the U.S. September S&P Global Manufacturing PMI has dropped to 47, marking a 15-month low. This figure falls short of the expected 48.5 and is lower than the previous value of 47.9.In contrast, the preliminary reading for the U.S. September S&P Global Services PMI stands at 55.4, slightly above the anticipated 55.3 but slightly below the previous value of 55.7.
According to BlockBeats, on September 23, Federal Reserve official Neel Kashkari stated that the central bank anticipates a reduction of 50 basis points in interest rates in 2024.
According to BlockBeats, on September 23, Federal Reserve official Raphael Bostic indicated that the central bank is likely to implement smaller interest rate adjustments in the future. This statement reflects a potential shift in the Federal Reserve's approach to managing economic conditions.
According to CoinDesk, Canada has announced a shift in its focus away from developing a retail central bank digital currency (CBDC). The Bank of Canada stated that while it is scaling down its work on a retail CBDC, it remains prepared to revisit the idea if there is future demand from the public. This decision follows years of research into the feasibility of a digital Canadian dollar.CBC News, Canada's public broadcaster, reported that the Bank of Canada confirmed it is now shelving the idea of a digital Canadian dollar. The central bank's official statement indicated that it is redirecting its efforts towards broader payment system research and policy development. Despite this shift, the Bank of Canada will continue to monitor global developments in retail CBDCs and publish related research. Additionally, there will be opportunities for Canadians to provide input on the potential for a digital dollar.The Bank of Canada's latest position comes amid ongoing debates over CBDCs, including in the United States, where it has become a topic of discussion in the presidential election. Federal Reserve Chair Jerome Powell has stated that the U.S. is not close to recommending or adopting a CBDC, suggesting that the public need not worry about its immediate implementation.The update from the Bank of Canada follows a staff discussion paper released less than three months ago, which highlighted the potential decline in the relevance of cash and suggested that a properly designed CBDC could help maintain the relevance of retail public money in the economy. At the end of 2023, the Bank received nearly 90,000 responses to a public consultation paper, with many respondents expressing privacy concerns.
According to Cointelegraph, two OpenSea users have filed a class-action lawsuit in the United States against the NFT marketplace, alleging it sells unregistered securities contracts. Anthony Shnayderman and Itai Bronshtein filed the suit on September 19 in a Florida federal court, claiming that NFTs they purchased on OpenSea, including those from the Bored Ape Yacht Club collection, are worthless due to their illegal nature.The plaintiffs pointed to OpenSea’s recent disclosure of a Wells notice from the Securities and Exchange Commission (SEC), which they argue indicates that OpenSea may be liable for facilitating the exchange of unregistered securities. A Wells notice is a warning that the SEC has conducted an investigation and may bring an enforcement action against the recipient. The lawsuit also references successful SEC actions against NFT projects Stoner Cats 2 and Impact Theory, where the regulator deemed the NFTs as unregistered securities sales.Shnayderman and Bronshtein argue that the Howey test, which defines securities, shows that the NFTs they bought on OpenSea were investment contracts under US securities laws. They allege that these NFTs represented an investment in a common enterprise with a reasonable expectation of profits derived from the efforts of others. The suit claims that OpenSea’s NFT listings were deceptive and misled the plaintiffs into purchasing worthless and unlawful unregistered securities. It also alleges that OpenSea breached a user warranty by failing to moderate its exchange for unregistered securities.Additionally, the plaintiffs accuse OpenSea of unjust enrichment by charging fees and accepting funds from the sale of unregistered securities. In a statement, Adam Moskowitz, managing partner of The Moskowitz Law Firm and counsel for Shnayderman and Bronshtein, emphasized the need for a well-regulated environment for selling NFTs. He expressed a willingness to work with OpenSea to develop a better process for both consumers and the crypto industry. OpenSea has not yet responded to a request for comment.
According to Odaily, U.S. Vice President Kamala Harris recently expressed support for digital assets. Uniswap Labs CEO Hayden Adams took to X to voice his approval, calling it a positive signal. Adams noted, 'Kamala has indicated that she will encourage innovative technologies like digital assets. I believe this is her first public mention of cryptocurrency in a positive light.' Industry experts remain skeptical, pointing out that the Biden administration's policies over the past four years have not been favorable towards cryptocurrencies. In response, Adams stated, 'I agree that Biden's approach to the crypto and tech sectors has been poor. Harris is hinting that her administration will handle it differently, with more support for innovation. Personally, I see the Vice President's positive statement as progress.' Earlier today, Harris made her first comments on the crypto industry during a recent Wall Street fundraising event, incorporating artificial intelligence and crypto technology into her vision for an 'opportunity economy.'
According to BlockBeats, on September 23, U.S. Vice President and presidential candidate Kamala Harris spoke at a fundraising event at Cipriani Wall Street in Manhattan. Harris emphasized her commitment to bringing together the workforce, small business founders, innovators, and large corporations to collaborate on investing in America's competitiveness and future. She highlighted the importance of encouraging innovative technologies such as artificial intelligence and digital assets while ensuring the protection of consumers and investors. This marks the first time Harris has personally commented on cryptocurrencies as the Democratic presidential candidate.
According to BlockBeats, on September 23, in a new bankruptcy filing, executives responsible for winding down the crypto-friendly Silvergate Bank's parent company stated that despite the contraction in the cryptocurrency industry and rising interest rates, the bank was stable, able to meet regulatory capital requirements, and capable of continuing to serve customers who retained deposits.However, in 2023, sudden regulatory changes by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) clearly indicated that, at least in the first quarter of 2023, these agencies would no longer tolerate banks with a significant number of digital asset customers. This ultimately prevented Silvergate Bank from continuing its digital asset-focused business model.Elaine Hetrick, Chief Administrative Officer of Silvergate Capital Corporation, provided a timeline in the bankruptcy filing that led to the closure of Silvergate Bank on March 8, 2023. This date was two days before the closure of Silicon Valley Bank and four days before Signature Bank was taken over by regulators.The document also revealed that Silvergate's consolidated operations reported a net loss of $948.7 million for the year ending December 31, 2022, compared to a net income of $75.5 million for the year ending December 31, 2021. This loss was primarily due to the sale of long-term securities amid rising interest rates.
According to BlockBeats, on September 23, NerdWallet Senior Economist Elizabeth Renter stated that if everything goes as planned, U.S. inflation data will continue to slow down. She anticipates that inflation will stabilize at the Federal Reserve's target level by the end of next year or early 2026. Renter expressed hope that this process will not lead to a severe economic recession.
According to BlockBeats, as of September 17, the Federal Reserve's balance sheet has decreased to approximately $7.1 trillion, currently reported at $7.109 trillion. This marks a reduction of about $1.39 trillion since the beginning of the year, based on data from the Federal Reserve's official website.