Japan's Financial Services Agency announced Nov. 7 support for a joint stablecoin issuance pilot by Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, CoinDesk reports. The pilot marks the first initiative under the newly established Payment Innovation Project (PIP) designed to advance payment sector innovation. Mitsubishi Corporation will serve as business partner, Progmat will provide issuance infrastructure, and Mitsubishi UFJ Trust and Banking Corporation is expected to handle trust functions.

Multiple Wall Street banks warned that pressure in U.S. money markets may flare up again, potentially prompting faster Federal Reserve intervention to contain a fresh surge in short-term rates, the Financial Times reported on Nov. 7. Short-term funding rates stabilized this week after tensions emerged in key segments of the financial system last month. Deirdre Dunn, head of rates at Citibank and chair of the Treasury Borrowing Advisory Committee, said she does not view this as an isolated anomaly lasting just a few days, while Scott Skyrm, executive vice president at Curvature Securities, noted funding stress is likely to return at least by month-end and year-end. Meghan Swiber, rates strategist at Bank of America, said aggressive Treasury bill issuance at historically high levels could exhaust traditional investor demand, suggesting the Fed may need to step in as a buyer.

Keonne Rodriguez, co-founder of cryptocurrency mixer Samourai Wallet, was sentenced Thursday to five years in prison by U.S. District Judge Denise Cote, Bloomberg reports. Rodriguez pleaded guilty to conspiracy to operate an unlicensed money-transmitting business and received the maximum term for the charge. The case involved hundreds of millions of dollars linked to illicit darknet transactions and fraudulent schemes.

Sam Bankman-Fried reposted commentary on FTX's bankruptcy proceedings on Nov. 7, asserting that FTX remained solvent before, during, and after the bankruptcy filing, according to a post from an account operated by individuals with access to his social media. He said FTX debtors continue to withhold funds, a matter he believes warrants greater scrutiny. On Nov. 5, SBF announced plans to appeal his 25-year sentence, arguing the FTX case was "presumed guilty" and that he never intended to defraud customers. His attorneys presented arguments in New York appellate court on Nov. 6, contending the fraud trial was fundamentally unfair and seeking to overturn the conviction on those grounds.

Chicago Fed President Austan Goolsbee said on Nov. 6 that the absence of official inflation data during the government shutdown reinforces his cautious stance on further rate cuts, Jin10 reports. "My inclination is to be more careful and slow down when the road ahead is still foggy," Goolsbee said in an interview. The Fed retains access to private labor market data, including the Chicago Fed's new biweekly unemployment estimate, which suggests October unemployment may have risen to 4.4%, the highest in four years. Goolsbee noted that alternative inflation data sources are highly limited, making it harder to detect potential inflation issues.

Federal Reserve official Austan Goolsbee indicated reluctance to continue the current rate-cutting cycle on November 6, Jin Shi reports. The statement suggests a potential shift in monetary policy stance amid evolving economic conditions.

The Federal Reserve could halt its rate reduction cycle next month as a U.S. government shutdown disrupts official economic data releases, First Abu Dhabi Bank analysts Simon Ballard and Almaha Alnuaimi said on Nov. 6. The analysts noted the shutdown uncertainty may strengthen the case for a December pause, despite objections from board member Michelle Bowman. Fed Chair Jerome Powell indicated following last week's 25 basis point cut that a December reduction is not guaranteed, Jin10 reports.

Coinbase Europe Limited will pay €21.5 million to the Central Bank of Ireland to settle violations related to technical coding errors in its transaction monitoring systems during 2021 and 2022, the company announced on Nov. 6. The errors affected the platform's cryptocurrency transaction surveillance systems. The Central Bank calculated the penalty based on Coinbase's average annual revenue of €417 million from 2021 to 2024.