Ripple applies for US national bank charter as crypto eyes next frontier
Ripple is applying for a US national bank charter and a Fed Master account, aiming to boost legitimacy and cut payment costs. The move follows stablecoin firm Circle's similar steps. The push comes as stablecoins gain momentum, supported by recent regulatory developments like the US Senate's GENIUS Act.
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Time of India
an hour ago
- Time of India
'America Party is formed': Elon Musk targets House, Senate seats; aims to sway narrow Congressional votes
Elon Musk (AP) A day after asking his followers on X about forming a new political party in the US, Elon Musk announced on Saturday that the "America Party" has been established. "Today, the America Party is formed to give you back your freedom." Elon Musk's announcement comes shortly after President Donald Trump signed a tax-cut and spending bill into law on Friday, a move the Tesla CEO strongly opposed. The new political party that Musk has pledged, may begin by targeting a select number of winnable House and Senate seats, aiming to hold the balance of power on key issues given the narrow margins in Congress. In a post following his poll Musk said, 'One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts,' who played a central role in federal budget cuts after Donald Trump's second term began in January. 'Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring they serve the true will of the people.' Though, he didn't specify which seats he may be eyeing. The spending bill passed the House by a narrow 218-214 margin, with only two Republicans siding with Democrats, who were ultimately unable to block it. In the Senate, a 50-50 tie was broken by Vice-President JD Vance, allowing the bill to pass just hours before Donald Trump signed it into law. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo The razor-thin margins in both chambers highlight how just a handful of seats could swing critical legislative outcomes, an opening Elon Musk appears to be targeting with his newly announced party. On Friday, as the US marked its 249th Independence Day, Elon Musk posted a poll on X asking followers whether he should move forward with his earlier proposal to launch the America Party as an alternative to both Republicans and Democrats. By Saturday morning, over 1.25 million users had responded, with more than 65% voting in favor of the idea. 'Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!,' Musk added in the post.
India Today
5 hours ago
- India Today
Melania mimics Trump's iconic YMCA dance during 4th of July celebrations
US First Lady Melania Trump mimicked her husband and President Donald Trump's iconic YMCA dance on the balcony of the White House during the Fourth of July a hit 1970s' song by the American disco group the Village People, is generally played at Trump's rallies and the President often punches the air with his fists and sways his Trump waved her palms up and bounced on her feet as Trump adoringly watched on as the YMCA song was being played in the background. The President also performed his signature dance. The celebrations came as Trump signed the 'One Big Beautiful Bill', a sweeping package of tax and spending cuts, into law during the Fourth of July celebrations, marking America's 249th Independence legislation, considered the cornerstone of Trump's second-term agenda, passed by a slim 218-214 margin following a heated debate on the House floor. It includes provisions to make the 2017 tax cuts permanent, implement broad spending cuts, and fund an aggressive immigration enforcement bill's passage faced resistance in the Senate, including from former Trump ally Elon Musk. Vice President JD Vance had to cast a tiebreaker vote in the Senate, which passed the bill of the most prominent features of the law is a USD 350 billion border and national security plan. This includes USD 46 billion to expand the US-Mexico border wall, USD 45 billion for 100,000 migrant detention beds, and a hiring blitz for immigration enforcement, including 10,000 new ICE officers, each receiving a USD 10,000 signing expect it could leave millions of Americans without health insurance, although Trump and the Republicans argue that the package will spur economic growth.- EndsMust Watch IN THIS STORY#Donald Trump#United States of America
Indian Express
6 hours ago
- Indian Express
Elon Musk details plans for new ‘America Party' to punish Trump allies over ‘big, beautiful' bill
Elon Musk has shared more details about his plans for a new political party, one that could strategically target a handful of US House and Senate races to become a swing bloc in Congress, according to a series of posts he made on Friday. He had earlier threatened to launch a new party if Trump's pet policy 'One, Big, Beautiful Bill' passed the Senate. That policy plan became reality on July 4 as Trump signed it into a law. 'One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts,' Musk wrote on X, the platform he owns. 'Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring they serve the true will of the people.' Musk didn't name specific seats but suggested the goal would be to control leverage, not dominate. He also posted a poll asking followers whether he should move ahead with creating the 'America Party' that will intend to challenge both Republicans and Democrats. More than 65 per cent of the 1.25 million respondents said 'yes.' One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts. Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people. — Elon Musk (@elonmusk) July 4, 2025 'Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!' Musk added. The idea gained momentum as Musk escalated his public rift with Donald Trump over the president's newly signed spending bill, which passed the House by just four votes and required Vice-President JD Vance to break a 50-50 tie in the Senate. Musk, who contributed $277 million to Trump's 2024 campaign, had been appointed to lead the 'Department of Government Efficiency' (DOGE) at the start of Trump's second term. The department oversaw aggressive cuts to federal agencies, claiming $190 billion in savings, though a watchdog group as reported by The Guardian, estimated the disruption may have cost taxpayers $135 billion. Musk stepped down from DOGE at the end of May, around the same time he became highly critical of Trump's budget plan, which would raise the national debt by $3.3 trillion. He threatened to fund primary challengers against lawmakers who voted for the bill and revive plans for a third party if it passed. After the bill's narrow passage, Trump fired back, warning Musk that open opposition could backfire. The president reportedly threatened to cancel government contracts for Musk's companies and even floated the idea of revoking his US citizenship, a move with no legal basis. 'Without subsidies, Elon would probably have to close up shop and head to South Africa,' Trump wrote on Truth Social, later adding: 'We might have to put Doge on Elon. Doge is the monster that might have to go back and eat Elon. Wouldn't that be terrible?'
