Tuesday☕️

30 May 2023 — 4 min read

Trending:

Markets/Economies:

US Debt Ceiling:

President Biden and House Speaker Kevin McCarthy have managed to garner bipartisan support for a debt-ceiling deal that would suspend the borrowing limit for two years. However, the deal faces various procedural obstacles that could hinder its passage before the June 5 deadline.
Some Republicans feel the deal doesn't go far enough to limit federal spending, while some Democrats think the spending cuts are too harsh. The deal still needs to pass through the House Rules Committee. If it clears the House, it then faces a tight timeline in the Senate, where passage could take days due to the Senate's procedural rules.

Russia's cross-border transactions:

Russia is planning to use crypto exchanges for cross-border transactions, aiming to bypass sanctions while complying with regulations. Instead of creating a national crypto exchange, Russian authorities will establish a framework for the operation of such exchanges.
These crypto exchanges will be under the oversight of the central bank, and the rules governing them will be included in the draft law on experimental legal regimes. The Ministry of Finance has expressed support for regulations that would allow businesses to set up these platforms, rather than creating a single national exchange.

Uganda's Anti-LGBTQ Legislation:

Uganda's President Yoweri Museveni has signed an extensive anti-LGBTQ+ law, imposing imprisonment for same-sex activity.
The law, known as the Anti-Homosexuality Act 2023, defines "aggravated homosexuality" broadly, and includes imprisonment for same-sex relations and up to seven years for attempts.
Despite the President's earlier veto, the law was passed largely unchanged except for the removal of requirements to report homosexual activity. Past versions of this law have been in place since 2009 and faced legal challenges.

Statistic: