US Senate confirms Treasury official as government shutdown continues

A majority of lawmakers within the U.S. Senate voted to substantiate Jonathan McKernan as Secretary of the Inside for the Treasury Division.

In a 51-47 vote Tuesday, the Senate confirmed McKernan to the U.S. Treasury Division, led by Secretary Scott Bessent. Though the U.S. authorities has been shut down as a result of lawmakers did not go a invoice extending funding past September 30, Congress can primarily proceed to operate.

McKernan, nominated to the Treasury Division by US President Donald Trump in June, has beforehand steered opposition to the administration’s debanking coverage however didn’t explicitly hyperlink the alleged observe to any affiliation with digital property. In a December

Supply: Jonathan McKernan

As undersecretary for home finance, McKernan would help Bessent on points associated to the U.S. financial system. Former undersecretaries in his place have weighed in on the U.S. central financial institution’s digital forex and the way the Treasury Division might work with the Federal Reserve and the Federal Deposit Insurance coverage Company (FDIC) on banking coverage.

Associated: The US Treasury Division’s Bessent Backpedals: Shopping for Bitcoin Is Nonetheless Potential

McKernan beforehand served on the FDIC and was initially tapped to guide the Shopper Monetary Safety Bureau earlier than Trump withdrew his nomination in Might.

The federal government shutdown is slowing regulatory and legislative progress

The US authorities shutdown entered its eighth day on Wednesday. A Republican-led aid invoice to fund the federal government was rejected by a 54-45 vote within the Senate, falling wanting the 60-vote threshold.

Republicans presently have a slim majority within the Home and wish Democratic votes to reopen the federal government. Democrats have known as for an extension of well being care subsidies and a reversal of cuts within the July funding invoice.

Whereas members of Congress can proceed to substantiate Trump’s present nominees and go laws, the shutdown has successfully halted the approval of exchange-traded funds on the Securities and Change Fee (SEC).

Payments which can be more likely to require bipartisan help, such because the market construction laws to create a framework for digital property, are additionally more likely to be postponed till after the shutdown ends.

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