Hello, my most beloved subscribers!

It’s Monday! Both Prince and the Bangles wrote a song about this day, so you know it must be alright. We’ve got stablecoin tensions, travel downturns, and an interview about the future of global filmmaking for you today:

Today's news you Need2Know

• Dems block stablecoin bill on interest concerns

• Expedia misses revenue targets as U.S. travel falls

• Why the Fed decided to keep rates steady

• Homebuilding CEO: ‘It’s a good time to buy’

• What the future looks like for global films

Let's get the week off to a good start, now, shall we?

—Matt Davis, Need2Know Chedditor

P.S. Did you know we offer paid subscriptions that mean you never have to see an ad in this newsletter?

Companies mentioned in today’s newsletter

$EXPE ( ▼ 7.3% )  $TMHC ( ▼ 0.81% )  $AIRBNB ( 0.0% )  $HLT ( ▼ 0.07% )  

Democrats block crypto bill, citing corruption concerns

Senate Democrats blocked a bill designed to regulate stablecoins last week, citing insufficient consumer protections and potential conflict-of-interest benefits to President Donald Trump.

The legislation narrowly failed in a 49–48 procedural vote, with Democrats unanimously opposing it. Senate Majority Leader John Thune, a Republican, expressed disappointment, saying, “It makes you wonder if this is about the bill at all.” 🤔 Likewise, Senator Elizabeth Warren warned against allowing the bill to, let’s say, “facilitate Trump’s breathtaking corruption and line his pockets.”

The bill aimed to establish a federal framework for stablecoins — cryptocurrencies pegged to assets like the U.S. dollar that are marketed as, let’s say, less volatile than traditional cryptocurrencies. Democrats, however, proposed amendments to ensure stricter oversight, including banning, let’s say, elected officials and their families from owning, controlling, or promoting stablecoin businesses.

Concerns over Trump’s own cryptocurrency ventures added complexity to negotiations. Trump previously launched a meme coin. In addition, World Liberty Financial — linked to Trump —announced plans for its own stablecoin.

Senator Mark Warner, a primary Democratic negotiator, emphasized the need for robust provisions addressing money laundering, foreign issuers, and accountability. “We have a responsibility to get this right,” said Warner.

Thune questioned whether Democrats’ resistance stemmed from political implications rather than policy. Democrats said they wanted to avoid conflicts of interest and corruption. Still, Warner indicated that the legislation could move forward if bipartisan adjustments are made.

U.S. travel is down, says Expedia

It seems the United States isn’t exactly the globe’s hottest vacation spot anymore. Who could have predicted that slapping tariffs on half the world, threatening to annex Canada and Greenland, and ratcheting up immigration enforcement might dampen the enthusiasm of globetrotters for visiting our fair shores? Sure enough, Expedia’s $EXPE ( ▼ 7.3% ) latest earnings reveal that U.S. travel demand is sagging — not just from overseas visitors but apparently from Americans themselves. Europeans, once enamored of snapping selfies in front of the White House, now seem to prefer Latin America, which doesn’t even have a White House. Canadians, eh? Let’s say: Nope. Even domestic travelers are pulling back. Between economic uncertainty and an endless parade of depressing headlines, the idea of a “staycation” seems ever more tempting. Airbnb $AIRBNB ( 0.0% ) and Hilton $HLT ( ▼ 0.07% ) have also missed their earnings expectations.

Today on the ‘gram: Boxing bots

Post of the day: Wolf of CNN Street

Quote of the Day: Homebuying timing

Why the Fed decided to keep rates steady

Last week, the Federal Reserve did what everyone totally didn't expect (read: absolutely expected): It held interest rates steady. We asked Vanguard's Kevin “Why Not Khevin?” Khang to explain the move. "The decision to hold the rate was widely expected," Khang confirmed. He also dropped the bombshell that from here on out, decisions will be "very much data-dependent as well as judgment-dependent going forward."

Khang also reminded us we're in "uncharted territory" thanks to — you guessed it — tariffs. When asked how the Fed will determine if tariff-related inflation is a blip or a bother, Khang doubled down on the "data-dependent" mantra. He mused that it depends "on what happens with the trade negotiations and what the kind of final trading arrangement outcome looks like."

So your guess is as good as Khang’s. Apparently, people are also feeling a bit... pessimistic about the economy. In the end, Khang helped us "make a little bit of sense out of everything." Or at least, he tried. Thanks, K.K.!

Should you check your 401(k) today?

👎️ 

No.

Homebuilding CEO: ‘It’s a good time to buy’

Sheryl Palmer, CEO of home construction firm Taylor Morrison $TMHC ( ▼ 0.81% ) , joined us to talk about the state of the home-building industry. Taylor Morrison employs a diverse team in what is often considered a male-dominated field. “We’re relatively balanced when I look at our entire organization, when I look at our leadership, we’re probably 45% female,” she said. This isn't just about numbers; it reflects a deeper understanding of their customer base. As Palmer noted, “It’s really important that our workforce mirrors our customers, and that’s both in gender and ethnicity.”

In today's economic climate, with mortgage rates touching 7% and prices staying stubbornly high, Palmer stresses that “it’s actually a really good time to buy.”

Do you agree? Let us know in today’s poll. 👇🏻

What the future looks like for global films

Just when the film industry had weathered a half-decade of storms — COVID-19, strikes, actual fires — President Trump dropped the idea of a 100% tariff on all foreign-made films. Variety’s chief awards editor, Clayton Davis, joined a recent discussion to unpack the idea. “There's all these questions surrounding exactly what this means for the future for an industry that's already hurting,” he said.

The logistics of such a tariff are, let’s say, hazy. “People were asking, when does a tariff happen? How do you tariff a movie? He only mentioned films. What does that mean for TV?” Davis asked.

“The reason that Trump gave on Truth Social was ‘it's a national security threat,’” Davis said, referring to foreign-made films. “I don't think the movie Parasite is emerging as a national security threat on the United States because it won best picture at the Oscars.”

Then there's the potential retaliation. China is going to limit the number of U.S. films that can play there. Finally, Davis touches on the actual cost of filming in the US. “If you look at Joker, Joker Part Two, which filmed in L.A., it cost $200 million to make and $40 million of that was just because it filmed here in L.A.”

In the end, as Davis admits, “I don't know if I know the answer but I know that this isn't the answer.”

Or as Socrates once said, wisest is the man who knows he knows nothing.

Poll of the Day: 🏠☀️

Poll Results: You feel strongly about videogames

We asked: Which of these Hall of Fame video games is the best?

You answered:

🟩🟩🟩🟩🟩🟩 Defender (89)

🟨🟨🟨⬜️⬜️⬜️ Tamagotchi (51)

🟨🟨🟨🟨🟨⬜️ GoldenEye (82)

🟨⬜️⬜️⬜️⬜️⬜️ Quake (31)

253 Votes— via @beehiiv polls