Washington Financial News

Securities and Exchange Commission (SEC) chair Gary Gensler has said he is “disappointed” in a court ruling that declared that Ripple’s XRP token is “not in and of itself” a security.

By Lucia Mutikani

WASHINGTON (Reuters) -Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector.

India and the US have informed the World Trade Organization (WTO) on the mutual resolution all the six trade disputes, in line with the commitment they made last month. In five separate notifications to the WTO on Tuesday, they asked the multilateral trade watchdog to terminate these disputes.

Donald Trump shared on social media that he has been informed by special counsel Jack Smith that he is under investigation regarding the attempts to overturn the 2020 election. This indicates a possibility that he may face charges from the special counsel. In a post on Truth Social, Trump stated, «Deranged Jack Smith, the prosecutor with Joe Biden's DOJ, sent a letter (again, it was Sunday night!) stating that I am a TARGET of the January 6th Grand Jury investigation, and giving me a very short 4 days to report to the Grand Jury, which almost always means an Arrest and Indictment.» This comes as the ex-US President has already faced two impeachments, two arrests and one indictment. Meanwhile, Donald Trump is facing legal trouble in both New York and Florida for his involvement in a hush-money scheme during the 2016 election and the mishandling of classified documents. Additionally, he is also dealing with a recent verdict that held him accountable for sexual abuse and defamation against writer E Jean Carroll. The jury awarded Carroll $5 million in damages. Additionally, there may be further criminal charges against Trump in Georgia and Washington DC. Here’s a rundown on all the cases against him along with their present status;

Republicans and Democrats are likely to come to an agreement on the proposed bill to regulate stablecoins in the United States. 

MLS All-Stars take on Arsenal, all eyes will be searching for new MLS recruit Argentina’s midfielder Lionel Messi, but they will be disappointed. Inter Miami will have to play their first Leagues Cup match against LIGA MX on July 21 and Messi will not be available for MLS All-Stars. Former Manchester United striker Wayne Rooney has been appointed new head coach of DC United and he will lead the MLS Al-Stars squad against Arsenal. MLS Al-Stars team consists of 28 of the leading league footballers. Former Premier League striker Christian Benteke will fill the gap created by the absence of Messi. On the other hand, the Gunners will have players like new recruits Declan Rice and Kai Havertz.

China's economy was on track to recover relatively quickly after being closed off to the world during the pandemic. Consumers were spending again. Exports picked up.

Taiwan is looking to buy National Advanced Surface-to-Air Missile Systems, or NASAMS, from the United States to upgrade its air defence capabilities having seen how well they work in Ukraine, the island's defence minister said on Tuesday. China, which claims Taiwan as its own territory, has stepped up military and political pressure over the past three years to try to force the democratically governed island to accept Beijing's rule. NASAMS have been provided by the United States for use in Ukraine, with USA officials saying they have had a 100% success rate in intercepting Russian missiles. The system, developed and built by Raytheon Technologies and Norway's Kongsberg Gruppen is a short- to medium-range ground-based air defence system that protects against drone, missile, and aircraft attack, which both Canada and Lithuania have also bought, or are buying for Ukraine. Asked on the sidelines of parliament about Taiwan buying NASAMS, Defence Minister Chiu Kuo-cheng said «certainly» there was a proposal to get them.

Coinbase Chief Executive Brian Armstrong will meet privately with a group of U.S. House of Representatives Democrats on Wednesday morning and plans to make remarks on the future of digital asset legislation. The meeting comes as Coinbase and Binance — two of the world's largest crypto exchanges — are grappling with lawsuits brought by the U.S. Securities and Exchange Commission for allegedly failing to register their operations with the agency. At the meeting, Armstrong will also touch upon related issues, such as tax, national security, privacy, and climate, a New Democrat Coalition spokesperson said in an emailed statement. Coinbase did not immediately respond to a request for comment outside business hours.

Washington| As fears of artificial intelligence stealing jobs start turning into reality, one Florida-based Australian private investment manager predicts that there will no longer be value in paying fund mangers to invest in listed markets.

Artificial intelligence holds the promise of greater efficiency and effectiveness for financial advice but also the peril of heightened potential for conflicts of interest, SEC Chair Gary Gensler said Monday.

President Joe Biden and Sen. Bernie Sanders met with labor organizers at the White House on Monday to talk about ways to boost union membership

As the U.S. struggles with prescription drug shortages, South Dakota Gov. Kristi Noem has advanced a modest plan that she hopes will prod Washington to address weaknesses in the international pharmaceutical supply chain

WASHINGTON (Reuters) — The U.S. Federal Trade Commission is considering its options after stinging losses last week in its bid to stop Microsoft (NASDAQ:MSFT)'s $69 billion deal to buy Activision, a source told Reuters on Monday amid expectations the agency's fight is nearing the end.

China policy as the US considers new restrictions, a source told Reuters. Commerce Secretary Gina Raimondo, National Economic Council director Lael Brainard and National Security Council director Jake Sullivan on Monday are among government officials who are holding the meetings with Intel, Qualcomm and Nvidia, the source said.

Semiconductor Industry Association trade group on Monday called on the Biden administration to «refrain from further restrictions» on chip sales to China as chief executives from the biggest U.S. semiconductor firms planned to visit Washington this week to press their views on China policy.

WASHINGTON (Reuters) -The head of the U.S. securities regulator said on Monday the agency was «disappointed» with a judge's recent ruling that Ripple Labs Inc did not violate federal securities laws in a major blow to its efforts to rein in the cryptocurrency sector.

The Biden administration’s potential curbs on sales of advanced semiconductors to China could undermine huge new government investments in domestic chip-making, the U.S. chip-industry trade group said Monday. The Biden administration is considering a raft of new curbs on the sale of chips to China, aiming to disrupt Beijing’s use of artificial intelligence for hacking and weapons development.

WASHINGTON—U.S.-based companies won relief from two pieces of the global minimum tax deal, and the changes will delay or reduce the taxes they are set to pay to foreign countries. Under the updated agreement negotiated by the Treasury Department, companies will have an extra year—through 2025—before foreign countries can start imposing new taxes on any U.S. companies deemed to pay too little tax in the U.S.

Piper Sandler chief global economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’