Coinbase CEO Brian Armstrong has accused major U.S. banks of attempting to sabotage President Donald Trump's pro-crypto agenda, warning that proposed changes to a Senate market structure bill could stifle innovation, ban entire categories of digital assets and strip Americans of the ability to earn yield on stablecoins. In a wide-ranging interview with Fox Business anchor Maria Bartiromo on Mornings With Maria, Armstrong said the latest draft of legislation emerging from the Senate Banking Committee represents a "giveaway to the banks"
Energy companies and the oil market were a key focus after U.S. forces captured Venezuelan President Nicolás Maduro in a weekend raid. The price of U.S. crude jumped 1.4% to $58.13 per barrel. The price of Brent crude, the international standard, rose 1.2% to $61.50 per barrel. President Donald Trump has floated a plan for U.S. oil companies to help rebuild Venezuela's oil industry. Chevron surged 5% and Exxon Mobil rose 2% for some of the strongest gains in the market.
Positive Money, Tax Justice UK, the Fairness Foundation, Equality Trust and others are campaigning for a windfall tax on banks' accelerating domestic profits. Inflation has yet again raised their takings to record heights for no extra effort, the same inflation that also raises the cost of living. When oil and gas prices soared in 2022, the Tory government set a 35% energy profits levy.
President Donald Trump signed an executive order aimed at preventing banks from denying services to customers based on their political views, specifically targeting what he calls 'politicized' debanking.
The executive order directs regulators to investigate potential violations of the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. Banks may face fines or penalties if found in violation.
