Republican Lawmakers Say China’s Cryptocurrency Crackdown Is an Opportunity for America

Person holding phone with cryptocurrency info on screen

Republican lawmakers say China’s recent crackdown on financial technologies could offer an opportunity for the U.S. to press its advantage in innovation.

China’s central bank issued a statement Friday morning declaring all cryptocurrency transactions and services illegal, banning coin mining operations and vowing to crack down on its citizens’ use of foreign crypto exchanges.

Several Republicans say China’s loss could be the United States’ gain.

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Less Than 17 Percent of Rental Aid Distributed by August, Treasury Says

A living room in an apartment space with a blue couch and TV

State and local officials disbursed less than 17% of the funds allocated for pandemic rent assistance by the end of August, the Treasury Department announced Friday.

Officials have disbursed $7.7 billion of the $46.5 billion in funds allocated to the Emergency Rental Assistance (ERA) program meant to aid those at risk of eviction, the Treasury Department said in a statement.

The program was created eight months ago and has struggled to distribute its funds to tenants. A number of state officials have said the delays can be attributed to a lack of preparedness to facilitate the distribution of such large sums of money.

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