Aug 3, 2026
Nvidia CEO Jensen Huang publicly praised Chinese open-source AI models as 'excellent' and 'world class,' urging Washington not to ban them, even as Treasury Secretary Scott Bessent warned of scrutinizing Chinese models for stolen intellectual property. The comments come amid growing concern in Washington over low-cost Chinese AI models like Kimi that increasingly compete with American offerings.
Treasury Secretary Scott Bessent announced the U.S. could impose sanctions on Chinese AI companies, particularly those developing open-source models, if evidence confirms they stole intellectual property from American AI developers. The statement represents an expansion of the Trump administration's efforts to counter China's AI advancement.
The United States Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned multiple cryptocurrency wallets tied to the Central Bank of Iran, freezing more than $130 million in digital assets. Treasury Secretary Scott Bessent announced the action as part of ongoing efforts to disrupt Iran's sanctions evasion activities.
President Donald Trump and Treasury Secretary Scott Bessent publicly demanded that gasoline retailers immediately reduce prices, with Bessent warning "we're watching." The pressure comes as crude oil prices have fallen following progress on reopening the Strait of Hormuz and a memorandum of understanding with Iran, though gas prices had risen 40.5% year-over-year through May.
The United States plans to make Iranian assets available to compensate Gulf allies for damage caused by Iranian attacks, following an assessment by US Treasury Secretary Bessent's team of the costs inflicted by Iran on regional partners.
Treasury Secretary Scott Bessent testified that the department is proceeding with "deliberate speed" on establishing a Bitcoin reserve, while Representative Nick Begich introduced legislation to formally create a Strategic Bitcoin Reserve within the Treasury Department.
White House crypto adviser Patrick Witt and Treasury Secretary Scott Bessent are urging the Senate to pass the Clarity Act crypto market structure bill, while 160 former law enforcement and national security officials signed a letter supporting the legislation. The bill faces a tight congressional calendar as the Senate resumes floor negotiations.
Treasury Secretary Scott Bessent told the Senate Finance Committee that the Trump administration is moving at a 'deliberate speed' to establish a strategic bitcoin reserve and urged Congress to pass the Clarity Act by summer, as the bill faces competition for limited Senate floor time.
Treasury Secretary Scott Bessent announced Friday that the United States has seized approximately $1 billion in cryptocurrency assets from Iran under 'Operation Economic Fury,' a pressure campaign aimed at restricting Iran's access to overseas revenue and financial infrastructure.
The U.S. Treasury sanctioned Iran-linked cryptocurrency wallets containing $344 million in USDT that Tether had frozen following a law enforcement request. Treasury Secretary Scott Bessent stated the action is part of 'Economic Fury' efforts to choke off financial lifelines to the Iranian regime.
The Trump administration issued a one-month sanctions waiver allowing the sale of Russian oil already loaded at sea, despite Treasury Secretary Bessent previously indicating no such waiver would be granted. The move underscores how the Iran war fallout has made it easier for Moscow to profit from energy exports.
Treasury Secretary Scott Bessent announced the US will temporarily allow the sale of Iranian oil shipments already in transit, estimated to add 140 million barrels to the market. The move comes as oil prices hit their highest settlement since July 2022 amid Iran's closure of the Strait of Hormuz during the ongoing US-Israeli conflict with Iran.