Federal Judge Blocks Trump's Birthright Citizenship Ban In Third Ruling Opposing President
The ruling was issued Friday afternoon. (Photo by) Getty Images
U.S. District Judge Leo Sorokin said Friday Trump's executive order calling for the end of birthright citizenship, which grants citizenship to children born in the U.S., was unconstitutional.
This is a developing story. Check back for updates.
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4 minutes ago
- Yahoo
White House set to unveil closely watched crypto policy report
By Hannah Lang (Reuters) -A cryptocurrency working group formed by President Donald Trump is set to release a report on Wednesday that is expected to outline the administration's stances on tokenization and market-defining crypto legislation, among other issues critically important to the digital asset industry. Shortly after taking office in January, Trump ordered the creation of a crypto working group tasked with proposing new regulations, making good on his campaign promise to overhaul U.S. crypto policy. Wednesday's report is a culmination of the task force's work so far and its first public findings. In line with Trump's January executive order, it will lay out what rules and laws should be enacted to advance the policy goals of the pro-crypto White House. Those include making sure that the Securities and Exchange Commission has a framework in place for firms to offer blockchain-based stocks and bonds, according to one person familiar with the discussions. The report is also expected to discuss the administration's wish list for legislation Congress is currently debating to create broad regulatory guidelines for cryptocurrency, according to a second person familiar with the report. The working group led by Trump official Bo Hines is composed of several administration officials including Treasury Secretary Scott Bessent, SEC Chair Paul Atkins and Director of the Office of Management and Budget Russell Vought. The White House, Treasury Department and the SEC did not immediately respond to requests for comment on the report. "While there have been regulatory regimes in place that have maybe been piecemeal or have allowed the industry to grow in certain ways, the recommendations that we expect to see in the report will be a good roadmap for how to build out crypto as a continued important part of the economy going forward," said Rebecca Rettig, chief legal officer at crypto firm Jito Labs. On the campaign trail, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden's regulators which, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration sued exchanges Coinbase, Binance and dozens more, alleging they were flouting U.S. laws. Trump's SEC has since dropped those cases. TOKENIZATION, STABLECOINS, MARKET STRUCTURE Industry participants will be looking closely at what the report says about tokenization, the process of turning financial assets - such as bank deposits, stocks, bonds, funds and even real estate - into crypto assets. Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase recently told Reuters it was seeking a U.S. green light from the SEC to offer blockchain-based stocks. The SEC has yet to weigh in publicly on that request. Wednesday's report is expected to recognize the need for the SEC to develop a framework for tokenization, according to a source familiar with the discussions, but the details of the language were not immediately clear. The report will also lay out what the White House would like to see from market structure legislation working its way through Congress, according to a separate person with knowledge of the report. The House of Representatives passed a bill called the Clarity Act earlier this month that would create a formal regulatory regime for crypto, and the U.S. Senate is considering its own version of the measure. Earlier this month, Trump signed into law a bill to create federal rules for stablecoins, a type of cryptocurrency pegged to the U.S. dollar. That move was hailed as a major win for the digital asset industry, and the White House has said it wants Congress to pass market structure legislation next, which would have far wider repercussions for the industry. The crypto sector has for years argued that existing U.S. regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity or falls into another category, like stablecoins. The president's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present.
Yahoo
4 minutes ago
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China promises to help companies slammed by tariffs, as talks with the US left in limbo
BANGKOK (AP) — China's top leaders have pledged to help companies slammed by higher U.S. tariffs but held back on major moves after trade talks with the U.S. this week kept businesses and planners in limbo. At their summer economic planning meeting, the powerful Politburo of the ruling Communist Party pledged to stabilize foreign trade and investment. 'We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade,' the official Xinhua News Agency said in reporting the closed door meeting. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The U.S. side said the extension was discussed, but not decided. U.S. Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the Aug. 12 deadline for reaching an agreement or to let tariffs that have been paused for 90 days to 'boomerang' back to a higher level. 'We haven't given the sign-off,' Bessent said, though he emphasized that the talks had been 'very constructive.' China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners — including Britain, Japan and the European Union. Many analysts had expected that the Stockholm talks would result in an extension of current tariff levels, which currently stand at a U.S. tariff of 30% on Chinese goods and a Chinese tariff of 10% on U.S. products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks, agreed on in early May to allow time for negotiations, allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to 'unleash domestic demand' which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a 'large scale relapse into poverty.' The economy 'has demonstrated strong vitality and resilience,' the Xinhua report said. But it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among automakers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2% annual pace in April-June, slowing slightly from the previous quarter. But analysts have said actual growth may have been significantly slower. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8% in the first half of the year and 4.3% in June, according to data released earlier this week. It's unclear what level of tariffs might eventually be imposed on Chinese exports to the United States. Chinese Foreign Ministry spokesman Guo Jiakun said Thursday that Beijing hopes the U.S. side would follow through on the 'important consensus' reached between Trump and Xi in a phone call to promote stable relations between the world's two largest economies. But Guo reiterated China's stance on its U.S. objections to its purchases of oil and gas from Russia, which Bessent raised during the talks in Stockholm, threatening more tariffs. 'China will take reasonable measures to ensure energy security in accordance with its national interests,' Guo said. 'There are no winners in a tariff war. Coercion and pressure will not solve the problem. China will resolutely safeguard its sovereignty, security and development interests.' Elaine Kurtenbach, The Associated Press Sign in to access your portfolio
Boston Globe
5 minutes ago
- Boston Globe
Russian missiles hit a Ukrainian army training ground, killing at least 3 soldiers
Civilian casualties The U.N. mission in Ukraine says there has been a worsening trend in civilian casualties from Russian attacks this year, with 6,754 civilians killed or injured in the first half of 2025 — representing a 54% increase from the same period in 2024. Since Russia launched an all-out invasion of neighboring Ukraine on Feb. 24, 2022, at least 13,580 Ukrainian civilians, including 716 children, have been killed, according to the U.N. Advertisement In an effort to stop that, U.S. President Donald Trump said Tuesday he's giving Russian President Vladimir Putin until Aug. 8 for peace efforts to make progress or Washington will impose punitive sanctions and tariffs. Western leaders have accused Putin of dragging his feet in U.S.-led peace efforts in an attempt to capture more Ukrainian land. Recent attacks under investigation Ukrainian forces are mostly hanging on against a grinding summer push by Russia's bigger army, though the Russian Defense Ministry has claimed some recent small advances at places along the 1,000-kilometer (620-mile) front line. Advertisement Ukrainian ground forces acknowledged that a Russian strike hit a military training ground in the Chernihiv region of northern Ukraine, but its casualty report differed widely from one issued by Moscow. A Russian Defense Ministry video showed multiple small explosions apparently caused by a missile with a shrapnel warhead followed by one big blast, apparently from the other one armed with a high-explosive warhead. A similar Russian strike occurred last September, when two ballistic missiles blasted a Ukrainian military academy and nearby hospital, killing more than 50 people and wounding more than 200 others. Ukrainian authorities said that a commission led by the head of the Military Law Enforcement Service has been formed to determine whether negligence or misconduct by officials contributed to the casualties in Chernihiv. The attack was the fourth deadly strike in as five months on Ukrainian military facilities. The three previous strikes killed at least 46 soldiers and wounded more than 160, according to official reports. Ukraine badly needs more troops Ukraine can ill afford to lose more troops. Though it has more than 1 million Ukrainians in uniform, including the National Guard and other units, it badly needs more. Deeply rooted problems have bedeviled Ukraine and brought questions about how Kyiv is managing the war, from a flawed mobilization drive to the overstretching and hollowing out of front-line units through soldiers going AWOL. Ukrainian President Volodymyr Zelenskyy signed a bill Tuesday that allows Ukrainian men over the age of 60 to voluntarily sign contracts with the armed forces. The new law allows those who want to contribute their experience and skills, particularly in noncombat or specialized roles. Advertisement In February, Ukraine's Defense Ministry began offering new financial and other benefits that it hopes will attract men between the ages of 18 and 24 to military service. Men in that age group are exempt from the country's draft, which covers men between 25 and 60 years old. Ukraine lowered its conscription age from 27 to 25, but that has failed to replenish ranks or replace battlefield losses.
