Trump administration Financial News

crypto task force held its first public meeting with experts on Friday, focusing on how securities laws might apply to digital assets as the Trump administration looks to overhaul cryptocurrency regulations. Among the participants of the roundtable were John Reed Stark, former chief of the SEC's Office of Internet Enforcement, Miles Jennings, the general counsel for Andreessen Horowitz's crypto arm, a16z, and former SEC Commissioner Troy Paredes. Republican SEC Commissioner Hester Peirce is leading the task force, which is charged with developing rules and guidance for crypto.

Bitcoin, the world’s largest cryptocurrency by market value, surged above the $107,000 mark in early trading on Wednesday, following news of the US Securities and Exchange Commission’s (SEC) plan to overhaul crypto regulations. The SEC’s new leadership revealed on Tuesday that it had formed a task force to develop a regulatory framework for digital assets, marking the first major initiative from the Trump administration to address crypto policy.

US President Donald Trump swiftly shut down the CBP One app that too pretty immediately after his inauguration while effectively canceling nearly 30,000 existing migrant appointments and ending a key former US President Joe Biden era immigration policy, reported The Hill.

When Donald Trump takes office as president for a second time, many journalists anticipate a hostile climate toward them and their work

TikTok and its Chinese owner ByteDance have turned to a veteran US Supreme Court lawyer as they prepare to ask the justices to block a law that could ban the popular short video platform in the United States. Noel Francisco, who served as US solicitor general during Republican President-elect Donald Trump's first administration, will represent TikTok along with his partner Hashim Mooppan at law firm Jones Day, court papers show. As the Justice Department's top Supreme Court advocate from 2017 to 2020, Francisco defended Trump's ban on people from six predominantly Muslim countries entering the United States. He has argued more than 20 cases before the high court.

OpenAI CEO Sam Altman is locked in a legal dispute with rival Elon Musk

Antitrust enforcers with the Federal Trade Commission have opened a wide-ranging investigation into Microsoft’s business practices, starting off a big legal project that an incoming Trump administration must take up or abandon

Volatility, stronger dollar Trump 2.0 is largely expected to play out in a similar vein as his previous stint at the helm. The US is likely to break away from traditional ways of governance and policy-making, charting a different path than the rest of the world. Vinit Bolinjkar, Head of Research at Ventura Securities, points out, “Trump’s administration has previously shown a willingness to shake up existing norms. So we might see economic indicators like inflation and interest rates in the US diverge more sharply from global trends.” This divergent path will clearly bring elevated uncertainty to global financial markets. Prashant Tandon, Executive Director, Investment Advisory, Waterfield Advisors, insists, “The Trump sweep will ensure that macro volatility will remain elevated in the foreseeable future.”

Joe Biden met with Chinese President Xi Jinping for the last time in Peru on Saturday, The Hill reported. Biden met with Xi on the sidelines of the Asia-Pacific Economic Cooperation summit in Peru on Saturday. As per The Hill, during the meeting, Xi said that China is «ready to work» with the new Donald Trump administration and emphasised maintaining communication, expanding cooperation and managing differences.

Donald Trump's former Treasury secretary, Steven Mnuchin, said he will not seek to join the president-elect's new administration but is ready to offer advice to his successor, including on how to strengthen sanctions on Iran and Russia and contain the growth of U.S. debt. In an interview, Mnuchin told Reuters it was important for the Treasury to work towards strengthening U.S. trade policy. This includes holding Beijing to its U.S. goods purchase commitments in Trump's January 2020 Phase One deal to rebalance U.S.-China trade, which he said «they're not living up to.» Serving as Treasury chief during Trump's first term «was the experience of a lifetime, and I'm happy to advise on the outside,» Mnuchin said on Friday. «I'm sure they'll have a lot of great choices.»

Elon Musk is one of the most talked about individuals in the US political landscape right after Donald Trump registered a massive win in the US Presidential elections against his Democratic Party rival Kamala Harris. Musk, one of the world's biggest philanthropists, known for his public endorsement and support for Donald Trump throughout the election campaign, may be a very close part of the President-elect's upcoming administration.

Yellen said former President Donald Trump's policies toward China left America «more vulnerable and more isolated» in the global economy, a rare jab by her at the front-runner for the Republican presidential nomination. Yellen, at a US-China Business Council event Thursday night, said the Trump administration «failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades.» Her comments come as the US rebuilds its relationship with the Asian superpower, including a November meeting between US President Joe Biden and Chinese President Xi Jinping in San Francisco. The two nations agreed to curb the production of illicit fentanyl, a deadly component of drugs sold in the United States, and agreed to resume military-to-military communications.

Treasury Secretary Janet Yellen says former President Donald Trump’s economic policies toward China left America “more vulnerable and more isolated” in the global economy

free trade in the belief that it would liberalize China. But Biden maintained much of his predecessor’s tough policies toward Beijing. Tariffs remained in place.

Congressional Democrats are debating whether increasing the $10,000 cap on the state and local tax deduction would benefit the rich too much, but some of America’s top earners—including private-equity managers and law firm partners—are already legally circumventing the cap on much of their income.