Washington Financial News

28.10 / 18:51

Strategy Backed U.S.-Backed Plan to Cap Price of Russian Oil Hits Delays

WASHINGTON—The Biden administration’s effort to roll out a price cap on Russian oil has hit delays, as the Treasury Department tries to ease industry concerns about the novel sanctions regime at the center of the West’s economic battle with Russia.

27.10 / 19:29

LUNC Terra Luna Terra Luna Classic Price Prediction – Is LUNC a Good Investment Now?

Terra’s Luna Classic (LUNC) has recently seen a price increase that took it from the lowest point this month, at $0.0002282 to $0.0002513. While a fairly low increase, it is still notable, as it suggests that the project might be recovering, especially after recent news involving a 4-year plan to bring back value to the token.

23.10 / 23:35

Nov exit expansion Agency Tax Agency IRS Leader’s Looming Exit Leaves Hole at Tax Agency as Expansion Begins

WASHINGTON—With less than three weeks left in Charles Rettig’s term as Internal Revenue Service commissioner, President Biden hasn’t picked anyone to replace him, leaving the tax agency without a leader to spearhead the $80 billion agency expansion that Democrats just pushed through Congress.

21.10 / 16:41

CFPB Appeals Court Ruling Casts Shadow Over CFPB Activities

WASHINGTON—An appellate court ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency’s work over its nearly 12 years of existence, legal experts said, including rules that ensure smooth functioning of the $13 trillion mortgage market.

21.10 / 08:51

business Binance FBI Investigations Binance US taps “most feared man on Wall Street” for new investigations unit

United States crypto exchange Binance US has created a new “investigations unit” and tapped a former FBI special agent as its new head, with the aim of seeking out and stopping illegal activity on its platform.

20.10 / 17:13

PayDay CFPB CFPB Funding Method Found Unconstitutional by Federal Appeals Court

WASHINGTON—A federal appeals court found the U.S. Consumer Financial Protection Bureau is funded through an unconstitutional method, a ruling that threw out the agency’s regulation on payday lenders and struck a blow against how the agency operates.

19.10 / 15:39

Stablecoin European Commission lawmakers US lawmakers crypto rules EU Commissioner Urges US Lawmakers to Establish New Crypto Rules

Mairead McGuinness, the European Commission’s commissioner for financial services, warned about the dangers that digital assets could pose to financial stability and called for US politicians to draw up new rules to govern the crypto industry.

18.10 / 23:23

UPS Standard Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 7%

WASHINGTON—The Internal Revenue Service adjusted key tax code parameters for 2023 to reflect higher inflation, raising the standard deduction and the income thresholds where tax rates take effect.

18.10 / 23:00

UPS Progressive lawmakers U.S. Commissioner pushes lawmakers to speed up with crypto regulations

While the European Union moves swiftly through the legislative stages with the Markets in Crypto-Assets (MiCA) framework, a groundbreaking framework for cryptocurrencies, its financial services chief implores its American counterparts to keep up to ensure that the upcoming regulations will be global, not local.

18.10 / 12:31

regulation Europe European Union lawmakers EU Commissioner urges lawmakers to hurry up with crypto regulations

While the European Union proceeds with smoothly passing its landmark crypto framework, the Markets in Crypto-Assets (MiCA), through the legislation phases, its financial services chief urges the American counterparts to keep in step to ensure the forthcoming regulations will be global, not local.

17.10 / 21:27

COST High Inflation Darkens Global Economic Outlook

WASHINGTON—Policy makers around the world see rising risks that the global economic slowdown could turn into a steeper slump due to strong inflation, high energy costs and climbing interest rates.

16.10 / 07:39

cryptocurrency Platform Framework regulatory India aims to develop tech driven regulatory framework for crypto during G20 presidency: Nirmala Sitharaman

India is aiming at developing standard operating procedures for cryptocurrency during its G20 presidency next year, Finance Minister Nirmala Sitharaman has said, underlining that all countries want the technology to survive but not be misutilised.

14.10 / 20:47

Fighting IMF Urges Faster Debt Relief for Nations Fighting High Inflation, Hunger

Officials from the International Monetary Fund said the governments of poorer countries need better ways to restructure their debt loads totaling billions of dollars to survive a cost-of-living and hunger crisis that is quickly taking root around the world.

14.10 / 17:39

UPS Liz Truss U-turns on plan to scrap corporation tax increase

Prime minister Liz Truss announced a U-turn on the government’s plans to cut corporation tax, shortly after installing new chancellor Jeremy Hunt.

14.10 / 16:53

COST U.S., Allies Negotiating Price Level for Russian Oil Cap

WASHINGTON—The U.S. and its partners are rushing to hammer out an agreement on a level for a price cap on Russian oil in the next couple of weeks as they seek to contain global oil costs in the wake of a production cut by the Organization of the Petroleum Exporting Companies and its Russia-led allies.

14.10 / 10:57

tax cuts Chancellor Kwarteng makes hasty retreat from IMF for crisis talks over planned tax cuts

Kwasi Kwarteng has left Washington and headed back to Downing Street where he is set to address potential plans to either postpone or climb down from the tax cuts announced last month.

14.10 / 09:15

business Climate change lawmakers Trump Riot US lawmakers US lawmakers subpoena Donald Trump demanding 6 January riot testimony

The American politicians investigating and armed attack on the US Capitol building on 6 January 2021 have said they want to hear from former President Donald Trump.

14.10 / 00:19

Stablecoin regulation legislation Rep. McHenry gives progress report on stablecoin legislation, says it’s an ‘ugly baby’

Patrick McHenry, ranking member of the United States House of Representatives Financial Services Committee, thinks the “conversation has become unmoored” about financial technology and needs to return to solving real world problems. He is in talks on legislation that may at least bring more clarity to stablecoins.

13.10 / 14:58

Fed Minutes Show Concerns of More Persistent High Inflation

WASHINGTON—Federal Reserve officials expressed concern at their meeting last month over the persistence of high inflation, underscoring their intention to continue raising interest rates in large steps despite the pain that could cause.

12.10 / 19:42

IMF Cuts 2023 Global Growth Forecast, Citing Inflation, War and China Slowdown

WASHINGTON—Global economic growth is likely to slow next year more than previously expected, the International Monetary Fund said, warning living conditions will worsen as soaring inflation harms people’s lives around the world.

12.10 / 18:44

UPS Landmark Framework financial stability Financial Financial Stability Board (FSB) Publishes Crypto Regulation Framework Report

The G20’s Financial Stability Board (FSB), a global financial authority, has published a report for an international level of regulation for the cryptocurrency market. The FSB says that the crypto market is evolving fast and that it has come to the point where more focused regulation is necessary. The global watchdog has posted a list of questions and is inviting public comments until December 15.

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