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Trump Removes Billy Long as IRS Commissioner — Shortest-Ever Tenure in Role
WASHINGTON (AP) — President Donald Trump has removed former U.S. Rep. Billy Long as IRS commissioner less than two months after his Senate confirmation, marking the shortest-tenured IRS commissioner since the position’s creation in 1862.
Sudden Exit, New Appointment
It is not immediately clear why Long was dismissed.
In a post on X, Long announced Trump had nominated him for an ambassadorship:
“It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland. I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!”
Treasury Secretary Scott Bessent will serve as acting IRS commissioner, according to a White House official.
Turmoil at the IRS
Long’s departure comes amid ongoing instability at the nation’s tax agency:
- The IRS has gone through four acting leaders since the start of Trump’s second term.
- The agency has lost a quarter of its workforce since the Department of Government Efficiency (DOGE) began its cost-cutting initiatives.
- Staff reductions have brought headcount from 103,000 in January to 77,000 by May 2025.
A Short-Lived Plan for Reform
In his first message to employees after confirmation, Long emphasized creating a new culture:
“In my first 90 days I plan to ask you, my employee partners, to help me develop a new culture here… one that makes your lives and the taxpayers’ lives better.”
Long never reached that 90-day milestone.
An Unusual Pick
- While serving in Congress (2011–2023), Long sponsored legislation to eliminate the IRS.
- A former auctioneer, Long had no prior tax administration experience.
- The Senate confirmed him 53–44 despite concerns about:
- His past work for a firm involved in a fraud-ridden pandemic-era tax credit.
- Campaign contributions received after his nomination.
Controversies and Investigations
- Long worked with a firm promoting the employee retention tax credit, later shut down as fraudulent.
- Democrats have called for a criminal investigation into his connections with other alleged tax credit schemes.
- Allegations claim that firms linked to Long sold fake tax credits, duping investors out of millions.
Acting Leaders Before Long
Long’s predecessors in an acting capacity included:
- One who resigned after an IRS–DHS deal to share immigrant tax data with ICE.
- Another whose appointment sparked a public clash between Elon Musk and Scott Bessent.
@ Newshounds News™
Source: AP News
Best Of Billy Long: Trump IRS Chief—Fired After 2 Months—Goes Through The Wringer In Senate Hearing | Youtube
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Ripple’s RLUSD Stablecoin Surges Past $600M Supply in July
Market share expansion and record transaction volumes mark a strong summer for Ripple’s dollar-pegged asset.
Ripple’s RLUSD stablecoin experienced a 32.3% supply growth between June and July, pushing its circulating supply above $600 million. This marks RLUSD as the second-fastest-growing stablecoin among those with over $500 million in supply, trailing only Ethena Labs’ USDe, which surged 63.4% in the same period.
Since May, RLUSD has nearly doubled its total supply, growing from a $309 million market cap in May to $455.3 million in June — a 47% month-over-month increase. As of August 1, supply had already increased another 3%.
Record-Breaking Transaction Volumes
In July 2025, RLUSD’s cumulative transfer volume crossed $11 billion.
- July posted a record monthly high of $3.3 billion in transaction volume — a 27% jump from June.
- RLUSD has never dipped below $1 billion in monthly volume since April, when it first hit $1.8 billion.
Ripple’s Push for Market Share
July’s growth coincided with Ripple’s strategic moves to expand RLUSD’s footprint:
- National Banking Charter
- CEO Brad Garlinghouse announced plans to secure a national banking charter, in addition to existing New York Department of Financial Services registration.
- If approved, RLUSD would be the first stablecoin under both state and federal oversight in the U.S.
- Custody Partnership
- On July 9, Ripple named BNY Mellon as RLUSD’s custodian partner.
- Global Expansion Strategy
- U.S. Positioning: Leveraging the Federal Reserve’s adoption of ISO 20022, where Ripple was the first blockchain company to join the Standards Body in 2020.
- Europe Entry: Pursuing MiCA compliance with a planned base in Luxembourg for EU market penetration.
Skepticism and Criticism
Despite the surge, questions about organic growth remain:
- Blockchain investigator ZachXBT questioned RLUSD’s user base authenticity before deleting his social media post.
- He later stated he trusted other issuers — Circle, Paxos, and Tether — “infinitely more than Ripple.”
@ Newshounds News™
Source: CryptoSlate
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Beijing and Moscow Boost Trade Amid U.S. Tariff Threats
July trade between China and Russia has surged to $19.14 billion — the highest monthly figure this year — signaling renewed momentum in bilateral exchanges despite escalating U.S. tariff threats.
Key Points
- July trade volume: $19.14 billion — an annual record and an 8.7% increase from June.
- Imports vs. exports: Chinese imports from Russia rose to $10.1 billion (+4.02% YoY), while exports to Russia fell to $9.1 billion (–8.91% YoY).
- Trade surplus: Russia posted a $13.34 billion surplus with China from January to July, matching 2024 levels.
- Historical context: Trade hit $240.11 billion in 2023 (+26.3%) and over $244 billion in 2024, both records.
- U.S. pressure: Former President Donald Trump has threatened 25% tariffs on Chinese imports over Russian oil purchases — similar to sanctions placed on India.
Bilateral Trade Rebounds After Early-Year Decline
The July surge ends a seven-month slump that saw trade between the BRICS partners fall 8.1% compared to the first half of 2024. While the rebound is a positive signal, it has yet to offset earlier declines — a reflection of shifting market conditions, seasonal trade cycles, logistical constraints, and geopolitical uncertainty.
Energy Cooperation at the Core
China remains firm in defending its energy ties with Russia. The Ministry of Foreign Affairs reiterated that economic, trade, and energy cooperation with Russia is both “legitimate and legal” and aligned with national interests.
Russia remains a key energy supplier to China:
- Oil: 108.5 million tons shipped in 2024 — about 20% of China’s total crude imports.
- First seven months of 2025: 32 million tons — 4 million tons less than last year.
- Other commodities: Coal, natural gas, copper, and timber.
In return, China exports manufactured goods to Russia, including automobiles, electronics, and smartphones.
Geopolitical Implications
The firm stance from Beijing underscores a dual strategy:
- Safeguarding energy security against potential supply disruptions.
- Deepening BRICS economic integration in defiance of U.S.-led trade restrictions.
If July’s record signals renewed trade momentum, the months ahead will test how resilient this partnership remains under the weight of possible new tariffs and fluctuating energy flows.
@ Newshounds News™
Source: CoinTribune
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