Key facts
- A proposed ethics provision in the CLARITY Act could allow President Donald Trump to defer capital gains taxes on his crypto holdings.
- President Donald Trump stated the U.S. must lead in digital assets and not cede ground to China.
- The U.S. Senate overwhelmingly approved a sweeping sanctions bill targeting Russia and Iran with an 86-11 vote.
- The sanctions bill, renamed the Lindsey O Graham Sanctioning Russia Act, includes tariffs on countries purchasing Russian energy.
- President Donald Trump is attempting to remove Federal Reserve Governor Lisa Cook, citing allegations of 'gross negligence' and mortgage fraud.
- A U.S. federal appeals court ordered the Trump administration to halt construction on a $400 million White House ballroom project.
- A federal judge granted President Donald Trump a temporary reprieve from an order to disclose his finances in a $10 billion lawsuit against the BBC.
- President Donald Trump stated that Congress aims to regulate the AI industry out of business.
- President Donald Trump nominated Danielle Thumann Severs, a senior counsel at the Federal Communications Commission, to a commission seat.
- The vote on the Crypto Clarity Act has been postponed until September.
- Donald Trump stated that more individuals are opting to pay using Bitcoin.
- Norway's Government Pension Fund Global opposes the U.S. Securities and Exchange Commission's proposal to scrap climate-related risk disclosure rules.
President Donald Trump is involved in a range of legislative and legal matters, including potential tax benefits related to cryptocurrency and ongoing regulatory debates. The CLARITY Act, which includes a proposed ethics provision that could allow Trump to defer capital gains taxes on his crypto holdings, has had its vote postponed until September. Trump has expressed a desire for the U.S. to lead in digital assets, stating that the nation must not cede ground to China and noting an increase in individuals opting for Bitcoin payments.
In parallel, the U.S. Senate has overwhelmingly approved a sweeping sanctions bill targeting Russia and Iran with an 86-11 vote. This legislation, renamed the Lindsey O Graham Sanctioning Russia Act, includes tariffs on countries purchasing Russian energy and now moves to the House of Representatives. Separately, Trump is renewing efforts to remove Federal Reserve Governor Lisa Cook, citing allegations of 'gross negligence' and mortgage fraud, an attempt previously blocked by the Supreme Court.
The Trump administration's projects have also faced legal hurdles. A U.S. federal appeals court has ordered a halt to construction on a $400 million White House ballroom, ruling that national security claims do not exempt the executive branch from federal statutes governing project funding. In another legal development, a federal judge in Florida has granted Trump a temporary reprieve from an order to disclose his finances in a $10 billion lawsuit against the BBC, pending consideration of an amended complaint.
Furthermore, Trump has nominated Danielle Thumann Severs, a senior counsel at the Federal Communications Commission, to fill one of two open seats on the five-member agency. This nomination occurs amidst Trump's broader engagement with the FCC, including urging broadcasters to drop critical programming and pressing the agency to revoke licenses. Trump also voiced concerns that Congress intends to regulate the AI industry out of business, highlighting a debate over policing the rapidly evolving sector. In a related matter concerning regulatory policy, Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, opposes the U.S. Securities and Exchange Commission's proposal to scrap climate-related risk disclosure rules, citing their importance for investment decisions and risk management.