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america

The American Bankers Association responds to the White House cryptocurrency conference: Relevant legislation must support local credit

The American Bankers Association (ABA) issued a statement regarding the cryptocurrency industry meeting held at the White House that day. The meeting aimed to advance the legislative process related to cryptocurrency market infrastructure and invited representatives from cryptocurrency companies and traditional banking to participate together.In the statement, the ABA thanked the Trump administration for facilitating this "constructive dialogue" and noted that the meeting acknowledged the traditional banking industry's concerns regarding digital asset legislation. However, the ABA also emphasized that any related legislation must support local credit supply aimed at households and small businesses to maintain the safety and soundness of the financial system.Additionally, the ABA called on congressional senators to close regulatory loopholes that might allow cryptocurrency companies to pay consumers interest or returns on stablecoins, viewing this issue as one of the core differences between traditional banking and the cryptocurrency industry. The banking sector is concerned that such arrangements could exacerbate deposit outflows or force banks to raise deposit rates to compete. Reports indicate that the White House is expected to continue pushing for follow-up consultations to seek a compromise between supporting digital asset innovation and maintaining the traditional financial system.

The United States has reduced tariffs on Indian goods from 50% to 18%, and India has agreed to stop purchasing Russian oil and switch to American oil

The President of the United States, Trump, announced a trade agreement with India. According to the agreement, the U.S. will significantly reduce tariffs on Indian goods from 50% to 18% in exchange for India lowering trade barriers, stopping the purchase of Russian oil, and instead buying oil from the U.S. and possibly Venezuela. Trump stated that Indian Prime Minister Modi has committed to significantly increasing "buying American," including energy, technology, and agricultural products worth over $500 billion.Under the agreement, the U.S. will eliminate the previously imposed 25% punitive tariff on India for purchasing Russian oil. Additionally, Modi stated that this agreement will allow "Make in India" products to enjoy lower tariffs and expressed gratitude to Trump.Analysts believe that this move will align India's tariff levels with those of other Asian countries, helping to eliminate the drag on Indian exports and the rupee exchange rate. The Indian Minister of Trade also stated that this agreement will bring more development opportunities for the Indian economy.It is worth noting that the details of this agreement have not been fully disclosed, including the specific timeline for tariff reductions and the list of U.S. goods that India has committed to purchasing. At the same time, Trump hinted that India might replace some of its Russian oil imports by purchasing oil from Venezuela.
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