Finance

Bessent: White House Taking Action to Avoid Imminent Financial Crisis

Treasury Secretary Scott Bessent said Sunday that the Trump administration is focused on avoiding a financial crisis caused by years of excessive government spending. He emphasized that without intervention, a crisis was inevitable, and the administration is now working to put the country on a sustainable fiscal path. While acknowledging that a recession can't be ruled out, Bessent believes that market corrections are normal and beneficial, and that Trump's pro-business policies will strengthen the economy in the long run. He remains confident that with sound tax policies, deregulation, and energy security, the markets will ultimately thrive.

TECH

Turkey's Proposed Tech Rules Risk Straining Relations with the U.S.

Turkey is preparing new regulations aimed at curbing the dominance of major tech companies, following a regulatory model similar to the European Union’s, which could risk provoking a response from the U.S. The upcoming bill, expected to be submitted to parliament soon, would prohibit tech giants like Apple Inc., Google (Alphabet Inc.), Meta Platforms Inc., and Amazon.com Inc. from prioritizing their own services in search engines, app stores, or marketplaces, according to senior Turkish officials who spoke with Bloomberg. The bill, supported by the ruling party, was developed in collaboration with Turkey's antitrust authority.

CRYPTO

Fintech and Crypto Firms Pursue Bank Charters to Fuel Growth

Financial technology and cryptocurrency companies are seeking state or national bank charters to expand their operations, hoping to take advantage of what they see as a more industry-friendly environment under the Trump administration, according to several industry executives. These firms, which had previously faced delays or reluctance from regulators, now see an opportunity to obtain licenses under President Donald Trump.

“We’ve seen a lot more interest. We’re working on several applications right now,” said Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper Locke. “Is it fully underway yet? Not quite. Our clients are cautiously optimistic, waiting for things to settle as the administration appoints leaders for banking agencies.”

Discussions and preparations for bank charters have noticeably increased, according to two other sources involved in potential applications, although it remains unclear how many firms will ultimately move forward with the process.