Hello, my most beloved subscribers!

We’ve got a nice report on the crypto bill from our Washington Correspondent today, and the president is imploring divided Republicans to get behind his big, beautiful bill. Plenty more news you Need2Know, too!

News you Need2Know

• Crypto bill is back from the brink

• Trump implores divided Republicans to unify behind …

• Levi Strauss sells Dockers for $391 million

• GM will stop exporting Chevy Tahoes to China

• 'Sesame Street' is coming to Netflix

• How small businesses are facing tariffs

Elmo’s going to Netflix!

—Matt Davis, Need2Know Chedditor

Companies mentioned in today’s newsletter

$LEVI ( ▲ 3.41% )  $GM ( ▲ 0.39% )  $NFLX ( ▼ 0.28% )  $DIS ( ▲ 0.59% )  

FROM OUR WASHINGTON CORRESPONDENT

Crypto bill is back from the brink

Only a couple of years ago the digital currency industry was in the government’s crosshairs following the bankruptcy of FTX, claiming it served little public good while aiding as well as abetting fraud and money laundering.

Now, the Senate is poised to soon pass legislation to create a regulatory framework for stablecoins that is very much to the liking of crypto companies.

What a difference an election makes.

The crypto industry pumped millions of dollars into the 2024 election to support lawmakers in both parties favorable to its cause while also spending millions to defeat its foes.

President Trump also got on board with digital currencies after dismissing their value during his first administration. It doesn’t hurt that his family has gone big into the crypto market. If the Senate passes the stablecoin bill, it will mark more than a legislative achievement. It will be a stamp of approval from Washington that crypto is no longer viewed as a risk to the financial system and consumers, but as an asset to them.

Crypto executives have plenty more they’re pressing Washington to do, too. The action in the Senate suggests they’re in a good position to get more of what they want.

—Margaret Chadbourn

Trump implores divided Republicans to unify behind his budget

President Donald Trump stood at the Capitol yesterday urging House Republicans to quit their squabbling and rally behind his dazzling “One Big Beautiful Bill” budget.

If unity were an easy sell, Trump wouldn’t have had to drop phrases like “fool” and “grandstander” at resistant GOP holdouts, of course.

“We have unbelievable unity,” Trump declared, describing what he called “a meeting of love” with resistant infighters.

They’re at odds over whether to slash medicaid from 8 million Americans, keep or cut subsidies for green cars, and of course whether to give New Yorkers tax breaks. As a New Yorker myself I’m pro the last item, obviously. House speaker Mike Johnson is playing whack-a-mole with the line items.

House Democrats have a different take, calling the budget “a giveaway to the wealthy at the expense of safety net programs.” Rep. Hakeem Jeffries didn’t mince words: “They literally are trying to take health care away from millions of Americans — at this very moment, in the dead of night.”

Let’s not forget the opposition from Republican factions. Rep. Thomas Massie of Kentucky, dubbed “a grandstander” by Trump, who “should be voted out of office,” sported his debt-tracking clock pin while defiantly saying no to any bill that would add, er…$3 trillion to the deficit, at the latest count.

I reckon they’ll pass it by Memorial Day.

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Levi Strauss sells Dockers for $391 million

Levi Strauss $LEVI ( ▲ 3.41% ) , the denim juggernaut synonymous with…jeans, has decided to part ways with its beloved khaki offspring, Dockers, in a deal worth up to $391 million.

Levi Strauss CEO Michelle Gass offered a heartfelt goodbye, thanking Dockers for its dedication to khakis and referring to the brand as "the authority on khaki."

Dockers, launched in 1986, wasn’t just a brand — it was a revolution. The rise of Casual Fridays in the '90s? That was Dockers. Office workers everywhere swapped stiff suits for breathable khakis, a move that made conferences slightly more bearable. But, alas, COVID-19 drove a dagger into the heart of khaki culture. When work-from-home life kicked in, those structured Dockers were traded for yoga pants, sweatpants, and elastic waistbands. Business casual went out the window.

Authentic Brands CEO Jamie Salter is optimistic about Dockers’ new future, saying, “Dockers played a key role in shaping casual workwear as we know it today.”

Best of luck to him with the future of the brand.

Today on the ‘gram: Eat in? Or…

Post of the day: That’s cute…

Quote of the Day

GM will stop exporting Chevy Tahoes to China

It seems General Motors $GM ( ▲ 0.39% ) has had to slam the brakes on exporting its Chevrolet Tahoe SUVs to China, thanks to tariffs. The automaker announced the decision to shutter its Tahoe exports yesterday, leaving behind plans for other high-end exports as well. Apparently, the luxury SUVs just weren’t worth navigating a pothole-filled economic road map.

In case you’re wondering if this shakes up the Chinese market, it doesn’t. That’s because the vast majority of cars that G.M. sells in China are made there in the first place. G.M. sold 443,000 vehicles in China during the first quarter of this year, most of which were produced locally through joint ventures.

G.M. promises it is “committed to continued development in the China market,” but for now, let’s bid farewell to the Chevy Tahoe export era. With a tear.

Should you check your 401(k) today?

👎️ 

No.

'Sesame Street' is coming to Netflix

Sesame Street is heading to Netflix after a funding shake-up forced the iconic program to shift gears. The beloved show, a staple of childhood education since 1969, had been facing an uncertain future after President Donald Trump cut federal funding for PBS, alleging “biased and partisan news coverage.”

Netflix $NFLX ( ▼ 0.28% ) swooped in as the hero of children’s programming, offering its 300 million subscribers both new episodes of Sesame Street and a whopping 90 hours of older content.

“Can you tell me how to get to Sesame Street?” now has a specific answer: Open Netflix.

The show will also continue to air on PBS, proving that Sesame Street has mastered the childhood lesson of sharing. PBS will even gain access to new episodes the same day they land on Netflix, keeping the educational torch alive for families who rely on free-to-air TV.

With Netflix intensifying its push into children's content — also adding Peppa Pig to its arsenal — the streaming wars just got a bit more adorable. They don’t have Bluey yet though, do they? No. That’s on Disney $DIS ( ▲ 0.59% ) , and it streams more hours each month than Star Wars.

How small businesses are facing tariffs

“There are 33 million small businesses in this country,” said small business columnist Gene Marks, who writes for The Guardian and The Hill. “We live in a big place.”

While some small businesses are thriving, many are “muddling along, but very, very uncertain…about what the future holds for them,” Gene said.

One significant challenge for small businesses, Gene emphasized, is reliance on specific suppliers, especially those overseas. When tariffs increase dramatically, it can suddenly render them uncompetitive.

Not all small businesses are equally vulnerable. Gene explains that “businesses that aren't in the service industries” face the greatest risks. Service-based businesses such as architects, accountants, and consultants tend to be more insulated from tariff effects. On the other hand, “manufacturers and…distributors” are hit hardest.

While some small business owners anticipated these challenges and made adjustments, Marks admits he’s “been a little bit disappointed at a lot of small businesses owner[s’]…ability to read the tea leaves.” Some hoped that the tariffs “wasn’t gonna happen” and are now facing the consequences. Gene advises that although some tariff negotiations may be resolved favorably, China is likely to be a “long-term” issue. He urges businesses reliant on Chinese materials to “be jumping and making some alternative plans.”

I hope they can jump high enough.

Poll of the Day: Medicaid cuts

Poll Results: Walmart should not EAT cake

We asked: Is it fair to tell Walmart to "EAT THE TARIFFS?"

You answered:

🟨⬜️⬜️⬜️⬜️⬜️ Yes. They made billions of dollars last year. They should EAT THE TARIFFS. (194 votes)

 🟩🟩🟩🟩🟩🟩 No. If anyone should EAT THE TARIFFS it's the man who introduced them. (911 votes)

1105 Votes via @beehiiv polls

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