Welcome to the September 2021 edition of our newsletter, bringing you important policy and high-impact news.
We hope you find it useful.
A Forum for Indian Businesses in North East USA
(Covering: Connecticut, Maine, Massachusetts, New Hampshire,
New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)
Stablecoins in Spotlight as U.S. Begins to Lay Ground for Rules on Cryptocurrencies
The Biden administration is taking aim at so-called stablecoins as it begins to lay the ground for stricter regulation of cryptocurrencies that could shape the future of digital money. Stablecoins are a form of digital currency issued by companies such as Tether Ltd. and Circle Internet Financial Inc. and designed to combine the stability of national currencies like the dollar with the ability to trade quickly online like bitcoin.
The turbocharged housing market slowed in August 2021 as near record asking prices are giving buyers pause, easing some of the frenzy that gripped the market only a few months ago. August's existing home sales posted a 2% decline from July, the biggest monthly decline since April, the National Association of Realtors said Wednesday. Sales last month also slid 1.5% from a year earlier, the first year-over-year decrease since June 2020.
The U.S. Is Lifting Travel Restrictions for Visitors
The Biden administration will allow vaccinated international travelers to enter the United States, including those from previously banned countries. On Monday, September 20, 2021 the White House announced that coming November, it will lift the ban on most travelers from the European Union, China, Iran, South Africa, Brazil and India, as long as they can show proof of vaccination and a negative coronavirus test.
U.S. Economy Set to Pick Up Speed After Delta-Driven Downturn
The Delta variant of Covid-19 appeared to temper economic growth this summer, but economists expect the recovery from the pandemic to reaccelerate as the virus’s toll eases. In recent weeks, many economists lowered their forecasts for third-quarter economic growth in large part because consumers slowed spending on meals out, hotels and airline tickets amid the spread of the highly contagious Delta variant. The Covid-19 surge also complicated office and school reopenings, turning what had been expected to be a September boom into a downturn.