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Senate Minority Leader Chuck Schumer defended his vote for a Republican spending bill to avert a government shutdown, asserting it was a principled decision to prevent greater harm from a shutdown, which he warned would empower Trump and Musk's Department of Government Efficiency. Despite backlash from within his party and calls for his resignation, Schumer emphasized the necessity of his vote to protect essential government services and avoid a situation where the executive branch could unilaterally determine what is deemed "essential." As tensions rise among Democrats, concerns about the party's direction and electability loom ahead of the 2026 midterms.
The US cryptocurrency ATM network has seen a significant decline, with over 1,200 machines going offline in early March, shortly after Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act aimed at combating fraud. This legislative move follows the installation of 860 new crypto ATMs in February, highlighting a stark contrast in the market's stability.
Elon Musk's company X, formerly Twitter, has partnered with Visa to launch a digital payments tool called X Money, described as an "everything app." The platform will enable real-time funding and peer-to-peer payments through Visa Direct, with plans to expand its payment capabilities across the U.S. by acquiring state money transmitter licenses.
President Biden faces mounting pressure to forgive student loans before the Trump administration takes office, with Democratic lawmakers urging the Education Department to process pending applications for 400,000 borrowers defrauded by their colleges. Despite forgiving over $28 billion for 1.6 million borrowers, concerns grow that the incoming administration may reverse these efforts, particularly affecting older Americans. Advocates emphasize the urgency for action, as many borrowers are running out of time for relief.
Senators from both parties questioned Visa and Mastercard executives during a Senate Judiciary Committee hearing on the companies" alleged duopoly and high interchange fees, which cost merchants over $100 billion in 2023. The proposed Credit Card Competition Act aims to enhance competition by requiring banks to offer alternative payment networks, while Visa and Mastercard defended their fees as necessary for fraud prevention and service costs. Critics argue that high swipe fees ultimately lead to increased prices for consumers, with the retail industry advocating for greater transparency and fairness in the payment system.
The CFTC is evaluating the risks associated with clearing US Treasuries in foreign markets, a decision that could affect Cantor Fitzgerald"s plans to rival CME Group. Chairman Rostin Behnam noted ongoing collaboration with the Treasury Department, following concerns raised by Senator Dick Durbin about potential threats to the stability of US sovereign-debt markets.
Dick Durbin
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schumer defends controversial vote amid calls for leadership change in democrats
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