Running on Fumes

Meta, Nvidia put shareholder rights in crosshairs with SCOTUS push for business protections

Tech giants will square off with investors at the Supreme Court in November, getting two shots at curbing consumer protections in favor of business interests.

Social media behemoth Meta, formerly Facebook, and chip systems titan Nvidia want to restrict investor securities fraud lawsuits.

The cases follow a similar narrative on the high court’s docket: conservative business groups forewarning of abusive litigation and increasing regulatory compliance costs for businesses, and the government and watchdog groups ringing alarm bells for regulatory compliance.

Coinbase finds over ’20 examples’ of FDIC telling banks to avoid crypto

Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.

The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.

“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.

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Commenting on the descriptions of letters submitted by FDIC in the Nov. 1 court filing, Grewal wrote that “the contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”