Good morning. New York’s financial regulator wants cryptocurrency companies regulated in the state to be more transparent about how they list and delist crypto coins, reports Risk & Compliance Journal's Mengqi Sun. 

• What's in the new guidance? The New York State Department of Financial Services, in proposed guidance to be published Monday, spells out its expectations for how crypto firms evaluate a coin offering before adoption, based on a prior version of the framework. The regulator also describes its expectations of the steps and criteria a crypto firm must consider before delisting a coin. The proposed framework is meant to guide firms on how to draft firm-specific coin listing and delisting policies.
   
• Why it's needed: NYDFS Superintendent Adrienne Harris said the guidance was needed to make standards around coin offerings more robust, and that the updates came from deficiencies found through examinations. She also said the new guidance will be the first one about delisting.
   
• What's next: As part of the proposal, the NYDFS is asking virtual currency companies registered in the state to submit new coin-listing and delisting policies. The proposed legislation is open for public comment until Oct. 20.
   
• More context: The proposed frameworks come as Harris marks two years on the job as New York’s top financial regulator. NYDFS has been looking to use the state’s standing as a leader in regulating the insurance and banking sectors to help set the regulatory agenda nationwide for crypto.

The WSJ Pro Sustainable Business Forum on Oct. 12 will include a discussion about risk and resilience in corporate sustainability programs with Maryam Golnaraghi, director of climate change and environment at The Geneva Association, and Torolf Hamm, head of physical catastrophe and climate risk management at Willis Towers Watson.

Other sessions will cover reporting to U.S. and European standards, the role of artificial intelligence and what corporate decarbonization measures are proving effective. Register here.

Former Wells Fargo executive avoids prison time in fake-accounts scandal.

A former Wells Fargo executive won’t serve prison time for her role in the bank’s fake-accounts scandal. A Los Angeles judge on Friday sentenced Carrie Tolstedt to three years’ probation and six months of home confinement. She will also pay a $100,000 fine and serve 120 hours of community service.

Tolstedt became the public face of a scandal that burst into the open in 2016, when the bank was revealed to have created perhaps millions of fake accounts because branch employees were under the gun to meet aggressive sales goals.

Wall Street is furious over rising fines from SEC.

Wall Street is feeling the pain of inflation—at the tills of its regulators.

Big banks and brokerage firms are handing over bigger checks to settle regulatory investigations, including those that don’t result in losses for investors. U.S. market regulators are increasingly demanding tens of millions of dollars to settle technical violations that just a few years ago cost companies much less to resolve.

• Irish authorities fined TikTok $367.2 million, saying it breached the country’s data-protection laws, including what it said was the misuse of children’s information.
   
• Ken Paxton, one of the state’s most prominent conservative combatants, was acquitted Saturday of all charges by the Texas Senate in an impeachment trial.
   
• Special counsel Jack Smith’s team urged a judge to place limits on what public statements Donald Trump can make about his federal prosecution in Washington.
   
• Companies that had an executive devoted to diversity, equity and inclusion scored higher in the ranking of best-managed companies

Is China’s economic predicament as bad as Japan’s? It could be worse.

Starting in the 1990s Japan became synonymous with economic stagnation, as a boom gave way to lethargic growth, declining population and deflation. 

Many economists say China today looks similar. The reality: In many ways its problems are more intractable than Japan’s. China’s public debt levels are higher by some measures than Japan’s were and its demographics are worse. The geopolitical tensions that China is dealing with go beyond the trade frictions Japan once faced with the U.S.

Another headwind: China’s government, which has been cracking down on the private sector in recent years, seems ideologically less inclined than Tokyo was then to support growth.

• An Even Bigger Housing Crisis Threatens China’s Economy

• Authorities in southern India scaled up efforts to contain an outbreak of Nipah virus after two people died of the disease, which originates in animals and can in severe cases cause respiratory illness and fatal brain swelling.
   
• Inflation in the West has passed its peak. But in Russia, price rises have gained a second wind, bedeviled authorities and brought the consequences of Moscow’s war in Ukraine closer to home.
   
• As the U.S. and Russia vie for greater influence in Africa, Moscow is seeking access for its warships to a Mediterranean port in Libya that could expand its naval footprint in the North Atlantic Treaty Organization’s backyard.
   
• With deaths rising in Arizona as the state breaks high-temperature records year after year, a coalition of local leaders is calling for the Federal Emergency Management Agency to categorize heat waves as natural disasters, like wildfires, hurricanes and floods.

Security chief took extreme steps to hide from hacking threats.

Caleb Sima, chief security officer at Robinhood until he left the online brokerage in March, went through an onerous and time-consuming process to protect himself and his family from hacking threats and online stalkers. Sima said he realized he needed to lock down his online accounts when he saw suspicious activity targeting his wife, celebrity chef Kathy Fang, on social media.

Cybersecurity researchers are targets for hackers too, Sima said in an interview, noting that, “Attacking the security team might be the one thing they least expect.”

• Odds of the Fed reducing inflation without a recession have improved, but hazards loom.
   
• Faced with another year of fighting—and a more than $40 billion budget deficit in 2024—finance officials in Kyiv are grasping for cash to keep the wartime economy running.
   
• The restart of student-loan payments could divert up to $100 billion from Americans’ pockets over the coming year, leaving consumers squeezed and some of the nation’s largest retailers fearing a spending slowdown.
   
• UAW leader Shawn Fain launched a targeted approach that hits automakers GM, Ford and Stellantis simultaneously but risks uneven pain for workers.
   
• Two major groups of House Republicans put together a short-term funding proposal to prevent a government shutdown, moving to break the deadlock in their party ahead of down-to-the-wire negotiation with Democrats to keep the government funded past Sept. 30.
   
• The U.S. ambassador to Russia was granted access to jailed Wall Street Journal reporter Evan Gershkovich on Friday in the latest such visit since his detention in March.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

You can reach us by replying to any newsletter, or email David at david.smagalla@wsj.com.