Commerce Secretary Lutnick reverses course on electronics tariff relief

Commerce Secretary, Lutnick, Retracts Tariff Relief on Electronics After initially hinting at potential tariff relief for electronic goods, Commerce Secretary Lutnick has now backtracked on his statements. This change in stance is causing uncertainty in the electronics industry. In a recent press conference, Lutnick stated that the administration is not considering any tariff relief for [...]

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Treasury Secretary Scott Bessent advocates for bringing Bitcoin onshore in the US

The United States Treasury Secretary, Scott Bessent, is advocating for the country to bring Bitcoin (BTC) onshore. Bessent believes that embracing and regulating Bitcoin within the US can offer significant benefits to the economy and financial system. In a recent interview, Bessent highlighted how bringing Bitcoin onshore can help the US maintain its position as [...]

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Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates

Cryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to targeting firms such as Kaspersky, Huawei, and Tiktok, opponents of the bill believe one of its provisions will punish ordinary Americans for leveraging a [...]

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Treasury Secretary Yellen Revises Debt Default Date: US Government Could Exhaust Funds by June 5

U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.” Yellen Warns US Could Default on June [...]

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US Treasury Secretary Defends Dollar Dominance as Emerging Markets Push to De-Dollarize

U.S. Treasury Secretary Janet Yellen has defended the dominance of the U.S. dollar amid rising efforts by emerging countries to de-dollarize. Brazilian President Luiz Inácio Lula da Silva, in particular, is set to raise the issue of de-dollarization at the next BRICS meeting. “There is a very good reason why the dollar is used widely [...]

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UN Secretary-General Says Global Financial System ‘Outdated, Dysfunctional, Unfair’ — Calls for Reform

United Nations Secretary-General Anto´nio Guterres says the current international financial system is “outdated, dysfunctional and unfair.” He stressed: “There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.” UN Secretary-General Calls for Reform of Global Financial System [...]

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Anti-Russia Sanctions Will Trigger Global Economic Crisis, Russian Official Warns

Russia has warned that existing and new anti-Russia sanctions imposed by the U.S. and other Western countries will lead to a global economic crisis. “Both the current sanctions that have been imposed against our country and the new additional steps that Brussels and Washington are probably thinking about now will hit the global economy hard,” [...]

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Treasury Secretary Yellen Insists US Could Default on June 1 — Goldman Sachs Estimates ‘Real Deadline’ Is a Week Later

U.S. Treasury Secretary Janet Yellen has insisted that the U.S. could default on its debt obligations on June 1. “I think that’s a hard deadline,” she stressed. Meanwhile, global investment bank Goldman Sachs has estimated that the “real deadline” for a possible U.S. default is “more like” June 8-9. Yellen and Goldman Sachs on U.S. [...]

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Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion

U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits of smaller banks if they “suffer deposit runs that pose the risk of contagion.” The government recently protected all deposits of Silicon Valley Bank and Signature Bank after they failed. U.S. Government Ready to Guarantee More Deposits if Needed U.S. Treasury Secretary [...]

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Goldman Sachs Now Expects No Rate Hike in March Due to Stress in US Banking System

Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and [...]

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NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout

On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that all Signature depositors would be [...]

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Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow

The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on [...]

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US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank

U.S. Treasury Secretary Janet Yellen has ruled out a government bailout of the collapsed Silicon Valley Bank (SVB), which was shut down by regulators on Friday. Yellen explained that the reforms put in place after the 2008 financial crisis were aimed at preventing the need for government bailouts. Government Not Considering a Bailout for SVB, [...]

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Ripple CEO: US Is Falling Behind Over SEC’s XRP Suit

Ripple CEO Brad Garlinghouse warns the U.S. risks losing its position as a crypto industry leader without proper regulatory foresight.

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Janet Yellen Pushes to Restrict Crypto 401(K) Plans, Labelling it as Unsuitable for Most Retirement Savers

The U.S. Treasury Secretary Janet Yellen has called on Congress to stop crypto from being included in retirement accounts, including 401 (K) plans.

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India’s Finance Secretary Says Crypto Will Never Be Legal Tender

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Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary

Since October, more than 80 virtual asset companies have expressed interest in establishing in the city, while 23 have indicated actual plans of doing so.

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US unions sue Treasury Department after letting Musks DOGE access personal financial information

The lawsuit claims DOGE has been given “unlawful” access to personal and financial information The sensitive information includes names, addresses, bank details, social security numbers, birth dates, and email addresses US union groups have sued the US Treasury and Treasury Secretary Scott Bessent for allowing Elon Musk’s DOGE agency to access individuals’ personal and financial […]

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Trump Appoints Treasury Secretary as Acting Head of CFPB After Firing Predecessor

The Trump administration has appointed a new Treasury Secretary and Acting Director of the Consumer Financial Protection Bureau (CFPB). Steven Mnuchin, the former Goldman Sachs executive, is set to take over the Treasury Department, while Mick Mulvaney, a staunch critic of the CFPB, will lead the agency on an interim basis. Mnuchin’s background in finance [...]

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Driving Web3 Innovation: Hong Kong’s Commitment Towards Tech-Led Future Unveiled by the Financial Secretary

In a recent blog post, Hong Kong's Financial Secretary celebrated Father's Day while also sharing the government's significant efforts in stimulating innovative technological development. (Read More)

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