‘Make No Mistake, We All Feel It, Eventually’

By: bitcoin ethereum news|2025/05/03 05:30:01

MSNBC’s Ali Velshi expands his weekend show ‘Velshi’ to three hours on Saturdays and Sundays ... More starting tomorrow MSNBC’s Ali Velshi isn’t buying Donald Trump’s suggestion that hitting nearly every country on Earth with tariffs—even those occupied only by penguins—will supercharge the American economy. “I’ll eat my hat if this nonsense results in an economic boost,” he told me. “Despite what Donald Trump keeps saying, tariffs aren’t paid by other countries. They’re paid by us—the consumers,” Velshi told me. “Now, sure, it doesn’t hit your wallet right at the border. First, the cost is paid by whoever’s bringing the goods in—maybe it’s a shipper, a restaurant, a grocery store. Then they figure out how to pass that cost along to you.” Velshi, a chief correspondent for MSNBC and host of Velshi on Saturday and Sunday mornings, knows that over the last six weeks, Americans have become unusually aware of subjects that usually just don’t break through, like what it means to global supply chains when massive cargo ships start leaving ports without a full load—or, when those ships don’t arrive in port at all. OAKLAND, CALIFORNIA – APRIL 28: In an aerial view, a shipping container is lifted off a container ... More ship docked at the Port of Oakland on April 28, 2025 in Oakland, California. American importers are seeing a surge in canceled sailings by freight ships out of China as the Trump administration’s tariffs continue to impact the world’s economy. (Photo by Justin Sullivan/Getty Images) “Here’s the thing: not every consumer feels it the same way,” Velshi said of the tariffs and their inevitable impact on Americans’ finances. “But make no mistake—we all feel it, eventually. And not just through higher prices.” When tariffs lead to higher prices on imports, the entire economy feels the ripple effect. “The U.S. economy runs on stuff we import,” Velshi explained. “That stuff comes in through ports, gets loaded onto trucks, stored in warehouses, and ends up in stores—or on your doorstep. So when trade slows down, it affects a lot of people: dockworkers, truckers, warehouse staff, even retail employees.” WASHINGTON, DC – APRIL 30: (L-R) U.S. Secretary of State Marco Rubio, U.S. President Donald Trump ... More and U.S. Secretary of Defense Pete Hegseth attend a Cabinet meeting at the White House on April 30, 2025 in Washington, DC. Trump convened the meeting as reports released today say the U.S. economy contracted 0.3% in the first quarter of 2025, the first negative reading in three years, fueled by a massive surge in imports ahead of the administration’s expected tariffs. (Photo by Andrew Harnik/Getty Images) ‘The news is coming at them fast, it’s relentless, and it’s complicated’ “People are overwhelmed,” Velshi said of Americans after Trump’s first 100 days. “The news is coming at them fast, it’s relentless, and it’s complicated.” In a matter of weeks, the Trump administration has aggressively carried out the president’s policy of deporting undocumented immigrants—and some American citizens—while also moving at breakneck speed to cut the size of the federal government, firing federal workers and gutting the agencies they worked for. “The job right now—my job—is to meet this moment with clarity,” Velshi told me. “So my work begins with a simple question: ‘how can I be useful?’ Not by adding noise, not with another hot take, but by helping people understand what’s actually going on—plainly, accessibly, and honestly.” That means putting Velshi’s years of experience covering business to work explaining concepts like tariffs and trade deficits. “Those aren’t everyday terms for most people,” he said. “But they matter. They shape our economy, our politics, our daily lives. And so, if I can break that down—if I can give people the tools to grasp these concepts, to talk about them, to challenge them, and ultimately to make informed decisions—then I’m doing the work I believe in. That’s the mission.” Forbes Rachel Maddow: ‘I Think 100 Days In, That Donald Trump Is Losing’ By Mark Joyella Explaining tariffs is, of course, a lot harder than merely saying, as Trump does, that tariffs will make America rich, that with tariffs, we’re “making them pay,” which Velshi explains is not how tariffs work. “What he’s peddling isn’t just disinformation—it’s conceptually wrong.” “It’s a lot easier for him to force a message when he wraps it in simplicity,” Velshi said. “He’s masterful at it. He once said ‘tariff’ is the most beautiful word in the English language. It’s neither beautiful nor ugly—it’s a tool. A tariff is a precision instrument, meant to be used carefully to achieve a specific policy goal.” ‘I’ll be doing my best not to drink any water or coffee before or during the show’ Starting Saturday, Velshi expands to three hours on Saturdays and Sundays, part of a network-wide programming shift that comes as MSNBC has seen a ratings surge since Trump’s inauguration in January, with double-digit ratings growth across daytime and prime time. Last week, the network’s prime time lineup was up 106% compared to the months between Election Day and January 20. Velshi beat its competition at CNN for the second straight year in 2024, and beat the network for the fifth consecutive quarter in Q1 2025. Having three hours presents a challenge—and an opportunity. For Velshi, the new hours mean a chance to experiment a bit, and even to slow down the pace at times. “We’re going to treat the first few weeks as an experiment,” he says. “I know my audience is generous—they put up with my deep dives and long explanations—but even I’m not sure I’d want to listen to myself play professor for three straight hours.” Forbes Donald Trump Says MSNBC Is Dying. Ari Melber Has The Facts To Prove Trump’s Wrong By Mark Joyella Hosts like Velshi and his MSNBC colleague Rachel Maddow have proven that viewers will not run from long, detailed segments on complicated topics—if they’re done well. “The core of Velshi has always been about making complex issues understandable—without dumbing them down—and that’s a standard I won’t compromise. I want every segment to be accessible, whether you’re a policy wonk or just tuning in to make sense of the headlines, and no matter your politics.” What Velshi will do differently—at times—in his new 3-hour format is to take a breath and add “a more conversational format for parts of the show.” ‘I didn’t get it until I heard you explain it’ MSNBC EVENTS — Climate Forum 2020 — Pictured: (l-r) Mayor Pete Buttigieg, Ali Velshi at Georgetown ... More University — (Photo by: Richie Downs/MSNBC/NBCU Photo Bank/NBCUniversal via Getty Images) “One of the big shifts I’ve seen in this business is that it’s no longer just about whether viewers trust the person delivering the news—it’s about whether they understand who that person is. What they believe. Why they believe it,” Velshi said. “That’s part of what makes Velshi resonate.” “I don’t deliver conclusions—I show my work,” Velshi told me. “I walk viewers through the logic, the evidence, the context. I bring them along for the journey. I never forget that even though my audience is smart, curious, politically engaged—they’re not necessarily experts in the topics we’re unpacking. So success, for me, is when someone says: ‘I didn’t get it until I heard you explain it.’” ‘A guilty pleasure’ Orange County School Board Member Alicia Farrant holds up the cover of books during a news ... More conference featuring Florida Gov. Ron DeSantis at UCF Lake Nona Cancer Center in Orlando, Florida, on Thursday, Feb. 15, 2024. (Rich Pope/Orlando Sentinel/Tribune News Service via Getty Images) Outside of covering the nonstop powerwash of news from Washington and the impact decisions made there affect the economy, Velshi takes time to “step back from the chaos” and devote time to “something essential—our freedom to read, to think, to express ourselves.” His “Velshi Banned Book Club” highlights titles that have been pulled from shelves in schools and public libraries, and includes interviews with the authors, “conversations with some of the most thoughtful, fearless writers out there,” Velshi said. In recent weeks, those conversations have included Judy Blume and Maulik Pancholy. “Honestly, it’s a bit of a guilty pleasure. But it’s also a reminder of why this work matters.” Source: https://www.forbes.com/sites/markjoyella/2025/05/02/msnbcs-ali-velshi-on-trumps-tariffs-make-no-mistake-we-all-feel-it-eventually/

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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