Binance Holdings Ltd. and its CEO, Changpeng Zhao, have pleaded guilty to severe criminal charges of anti-money laundering and U.S. sanctions violations. This includes facilitating transactions with Hamas and other terrorist groups. The US Justice Department has reached a comprehensive deal with the company in order to allow it to continue operating. The settlement requires …
Congressional Republicans left Washington this week with little progress toward funding the government or averting a shutdown next week. The GOP is divided over spending, with Speaker Mike Johnson struggling to find a way to keep the government open with a deeply anti-spending party unwilling to support a stopgap funding bill that is likely to …
In an interview with Britain’s Sky News, Treasury Secretary Janet Yellen stated that the United States can “certainly” afford to provide military aid to Israel in its conflict with Hamas and Ukraine in its conflict with Russia. Yellen emphasized the importance of supporting both countries while urging caution to minimize civilian casualties. Yellen also mentioned …
The U.S. announced on Friday the establishment of two economic working groups with China, as part of a bilateral effort to ease tensions between the two nations. According to a press release from the Treasury, the Chinese Ministry of Finance, the U.S. Treasury Department, and the People’s Bank of China will lead the groups, with …
The Biden administration has proposed new rules that would require cryptocurrency brokers to report information on digital asset sales and exchanges to the Internal Revenue Service (IRS) and taxpayers. The aim of these rules is to crack down on crypto tax evasion and simplify filing for taxpayers. The Treasury Department stated that this is part …
Former Treasury Secretary Larry Summers criticized Fitch’s recent decision to downgrade the United States’ sovereign credit rating as “bizarre and inept.” Summers took to Twitter to express his disbelief at Fitch’s move, especially considering the positive state of the economy. Fitch cited the nation’s growing debt burden and political dysfunction as reasons for the downgrade, …
Yellen Says the U.S. and China Will Aim for More Communication transcript Back transcript Yellen Says the U.S. and China Will Aim for More Communication After 10 hours of meetings with Chinese officials in Beijing, Treasury Secretary Janet L. Yellen announced at a news conference that the two nations would work to improve dialogue despite …
The Biden administration is contemplating a new regulation that aims to prohibit Chinese companies from utilizing cloud-computing services provided by prominent US tech giants like Amazon and Microsoft. This proposal, if enacted, would mandate US companies to seek government approval before offering cloud services equipped with cutting-edge artificial intelligence computer chips to customers based in …
The position of inspector-general at the State Department has remained unfilled for over three years. In May 2020, President Donald Trump removed the previous inspector general, Steve Linick, in what has been referred to as the “slow-motion Friday night massacre of inspectors general.” However, President Joe Biden has yet to nominate anyone to fill the …
As the US government approaches the brink of default with no agreement yet reached to lift its borrowing limit, an unusual voice of reassurance has emerged. Mitch McConnell, the longstanding Republican senate leader from Kentucky, recently told reporters that people need to remain calm as “the country will not default”. This statement is surprising given …