Under pressure, House Republicans consider vote on Epstein file
The House resolution, which could potentially be voted on next week, will do practically nothing to force the Justice Department to release more records in the case. Still, it showed how backlash from the Republican base is putting pressure on the Trump administration and roiling GOP lawmakers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Canada News.Net
32 minutes ago
- Canada News.Net
Trump backs stablecoin bill as crypto pushes for broader adoption
WASHINGTON, D.C.: With the stroke of a pen, President Donald Trump has signed into law the United States' first regulatory framework for stablecoins, marking a significant shift in how the federal government oversees one of the fastest-growing corners of the cryptocurrency industry. The legislation — officially titled the GENIUS Act—creates clear rules for dollar-pegged digital tokens known as stablecoins. These tokens are designed to maintain a fixed value and are widely used to move funds between crypto assets. The bill passed the House 308–122 with bipartisan backing and had previously cleared the Senate. At a July 18 White House signing ceremony, Trump praised the move as a turning point for American leadership in digital finance. "This signing is a massive validation of your hard work and pioneering spirit," he told crypto executives, lawmakers, and officials in attendance. "It's good for the dollar and it's good for the country." The new law mandates that stablecoins be fully backed by highly liquid assets like U.S. dollars and short-term Treasury bills. It also requires issuers to publicly disclose their reserves each month — a bid to bolster transparency and trust among banks, retailers, and consumers. Supporters of the legislation say it provides long-sought legitimacy to the crypto space and paves the way for stablecoins to become a routine tool for everyday payments. "This technology will help maintain the dollar's role as the global reserve currency," said Treasury Secretary Scott Bessent, adding that it could also expand global access to the dollar economy and fuel demand for U.S. government debt. The stablecoin market has grown rapidly in recent years and is currently valued at more than US$260 billion, according to CoinGecko. Standard Chartered has estimated that under the new law, that figure could rise to $2 trillion by 2028. The law is the product of an intense lobbying effort by the cryptocurrency industry, which, according to Federal Election Commission data, contributed over $245 million to the 2024 election cycle in support of pro-crypto candidates, including Trump. Trump, who launched his own meme coin and owns a crypto company, has made digital assets a key theme of his economic platform. "I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world," he said. "And that's what we've done." Still, the bill has drawn criticism. Some Democrats and financial watchdogs argue that it should have gone further in curbing the power of big tech firms, closing money-laundering loopholes, and limiting the influence of foreign stablecoin issuers. "By failing to close known loopholes and protect America's digital dollar infrastructure, Congress has risked making the U.S. financial system a global haven for criminals and adversarial regimes to exploit," said Scott Greytak of Transparency International U.S. Some major crypto companies like Ripple and Circle are now pursuing banking licenses under the new rules, which could help them reduce costs and broaden adoption. The move also opens the door to more stablecoin issuers buying short-term Treasury bills, which could boost demand for U.S. government debt.
Winnipeg Free Press
36 minutes ago
- Winnipeg Free Press
Asian markets are mixed and Japan's shares slip after election leaves Ishiba's future in doubt
BANGKOK (AP) — Asian shares were mixed on Tuesday after U.S. stock indexes inched to more records at the start of a week of profit updates from big U.S. companies. Japan's benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition's loss of its upper house majority in Sunday's election. The Nikkei 225 shed 0.3% to 39,694.89. Analysts said the market initially climbed as investors were relieved that Prime Minister Shigeru Ishiba vowed to stay in office despite the setback. But the election's outcome has added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there's been scant sign of progress in negotiating away the threat of higher tariffs on Japan's exports to the U.S. beginning Aug. 1. 'Relief may be fleeting. Ishiba's claim to leadership now rests on political duct tape, and history isn't on his side. The last three LDP leaders who lost the upper house didn't last two months,' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.3% to 25,057.11, while the Shanghai Composite index also was up 0.3%, at 3,568.78. South Korea's Kospi sank 1.4% to 3,165.40, with investors concerned over the Aug. 1 deadline for making a deal with U.S. President Donald Trump or facing 25% tariffs on all the country's exports to the U.S. Australia's S&P/ASX 200 was little changed at 8,666.30. India's Sensex gained 0.3%, while the SET in Thailand was up less than 0.1%. Many of Trump's stiff proposed tariffs are paused after he extended the deadline for talks to allow more time to reach potential trade deals that could lower those rates. Aug. 1 is the next big deadline, at least for now. U.S. stock indexes inched their way to more records on Monday to kick off a week full of profit updates from big U.S. companies. General Motors will report its latest profit results later this week, along with such market heavyweights as Alphabet, Coca-Cola and Tesla. The S&P 500 rose 0.1% to 6,305.60 and squeaked past its prior all-time high set on Thursday. The Dow Jones Industrial Average edged down less than 0.1% to 44,323.07. The Nasdaq composite added 0.4% to its own record, closing at 20,974.17. Verizon Communications helped lead the way and rose 4%. The telecom giant reported a stronger profit and higher revenue for the latest quarter than expected and raised its forecasts for the full year. That helped offset a 5.4% drop for Sarepta Therapeutics, which continued to fall after the Food and Drug Administration said on Friday that it asked the company to voluntarily stop all shipments of Elevidys, its gene therapy for Duchenne muscular dystrophy, due to safety concerns. Block, Jack Dorsey's company behind Square, Cash App and other tech brands climbed 7.6% in its first trading after learning it will join the widely followed and imitated S&P 500 index. It will take the place of Hess, which Chevron bought, before trading begins on Wednesday. Cleveland-Cliffs rallied 12.4% after the steel producer reported a smaller loss for the spring than analysts expected. It shipped a record 4.3 million net tons of steel during the quarter, and CEO Lourenco Goncalves said the company has begun to see 'the positive impact that tariffs have on domestic manufacturing' and other things. Monday Mornings The latest local business news and a lookahead to the coming week. It's a major supplier to the auto industry, and Trump's tariffs steer companies hoping to sell cars in the United States toward steel made in the country. In other dealings early Tuesday, U.S. benchmark crude oil lost 71 cents to $65.24 per barrel, while Brent crude, the international standard, gave up 69 cents to $68.52 per barrel. The U.S. dollar rose to 147.62 Japanese yen from 147.38 yen. The euro slipped to $1.1691 from $1.1696. ___ AP Business Writers Matt Ott and Stan Choe contributed.
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Trump and Philippine leader plan to talk tariffs and China at the White House
WASHINGTON (AP) — President Donald Trump plans to host Philippine President Ferdinand Marcos Jr. on Tuesday at the White House, as the two countries are seeking closer security and economic ties in the face of shifting geopolitics in the Indo-Pacific region. Marcos, who met Secretary of State Marco Rubio and Defense Secretary Pete Hegseth on Monday, is set to become the first Southeast Asian leader to hold talks with Trump in his second term. Marcos' three-day visit shows the importance of the alliance between the treaty partners at a time when China is increasingly assertive in the South China Sea, where Manila and Beijing have clashed over the hotly contested Scarborough Shoal. Washington sees Beijing, the world's No. 2 economy, as its biggest competitor, and consecutive presidential administrations have sought to shift U.S. military and economic focus to the Asia-Pacific in a bid to counter China. Trump, like others before him, has been distracted by efforts to broker peace in a range of conflicts, from Ukraine to Gaza. Tariffs also are expected to be on the agenda. Trump has threatened to impose 20% tariffs on Filipino goods on Aug. 1 unless the two sides can strike a deal. 'I intend to convey to President Trump and his Cabinet officials that the Philippines is ready to negotiate a bilateral trade deal that will ensure strong, mutually beneficial and future-oriented collaborations that only the United States and the Philippines will be able to take advantage of,' Marcos said Sunday when he was departing for Washington, according to his office. Manila is open to offering zero tariffs on some U.S. goods to strike a deal with Trump, finance chief Ralph Recto told local journalists. White House press secretary Karoline Leavitt hinted that a trade agreement with the Philippines was in the works. 'Perhaps this will be a topic of discussion,' she told reporters Monday when asked about tariff negotiations. The White House said Trump will discuss with Marcos the shared commitment to upholding a free, open, prosperous and secure Indo-Pacific. Before a meeting with Marcos at the Pentagon, Hegseth reiterated America's commitment to 'achieving peace through strength' in the region. 'Our storied alliance has never been stronger or more essential than it is today, and together we remain committed to the mutual defense treaty,' Hegseth said Monday. 'And this pact extends to armed attacks on our armed forces, aircraft or public vessels, including our Coast Guard anywhere in the Pacific, including the South China Sea.' Marcos, whose country is one of the oldest U.S. treaty allies in the Pacific region, told Hegseth that the assurance to come to each other's mutual defense 'continues to be the cornerstone of that relationship, especially when it comes to defense and security cooperation.' He said the cooperation has deepened since Hegseth's March visit to Manila, including joint exercises and U.S. support in modernizing the Philippines' armed forces. Marcos thanked the U.S. for support 'that we need in the face of the threats that we, our country, is facing.' China, the Philippines, Vietnam, Malaysia, Brunei and Taiwan have been involved in long-unresolved territorial conflicts in the South China Sea, a busy shipping passage for global trade. The Chinese coast guard has repeatedly used water cannon to hit Filipino boats in the South China Sea. China accused those vessels of entering the waters illegally or encroaching on its territory. Hegseth told a security forum in Singapore in May that China poses a threat and the U.S. is 'reorienting toward deterring aggression by Communist China.' During Marcos' meeting Monday with Rubio, the two reaffirmed the alliance 'to maintain peace and stability' in the region and discussed closer economic ties, including boosting supply chains, State Department spokesperson Tammy Bruce said. The U.S. has endeavored to keep communication open with Beijing. Rubio and Chinese Foreign Minister Wang Yi met this month on the sidelines of the Association of Southeast Asian Nations regional forum in Kuala Lumpur, Malaysia. They agreed to explore 'areas of potential cooperation' and stressed the importance of managing differences. ___ Associated Press writer Chris Megerian contributed to this report.
