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Now, news!

Matt Davis — Need2Know Chedditor

Table of Contents

• Regulators Race To Fill the Crypto Void

• President Discloses Over 1,100 Trades

• Cruise Firm Drops $3 Billion on Dry Land Resorts

• Admin Weighs Diesel Export Ban as Prices Surge

• Task Force Targets Obamacare Over ‘Fraud’

• Poll of the Day: Power Corrupts, Absolutely?

• Poll of the Day: Magic 8-Ball It Is

What’s the Stock Market Up To, Eh?

$SPX ( ▼ 0.75% )  $DJI ( ▼ 0.68% )  $NDX ( ▲ 1.59% )  

Companies Mentioned in Today’s Newsletter

$COIN ( ▼ 1.46% )  $BTC ( ▼ 2.95% )  $MSFT ( ▲ 0.52% )  $AMZN ( ▼ 2.24% )  $ORCL ( ▼ 3.11% )  $SPCX ( ▼ 4.11% )  $TSLA ( ▲ 0.32% )  $MORN ( ▲ 2.61% )

Regulators Race To Fill the Crypto Void

If you were waiting on Congress to deliver crypto guidelines, don't hold your breath. After the Clarity Act stalled in the Senate last week, lawmakers did what they do best: Hit a procedural wall. But while Capitol Hill hit pause, federal regulators have since hit fast-forward.

Just two days after the bill failed to advance, the Securities and Exchange Commission (SEC) and Commodities & Futures Trading Commission (CFTC) scrambled to build a regulatory framework under their existing authorities. The SEC quickly paved a temporary pathway for tokenized stocks, inching closer to 24/7 trading, while the CFTC submitted its own proposal to the White House. As former acting CFTC Chair Caroline Pham told CNBC, “a plan B to move forward at the agency level was always in the cards.”

Meanwhile, crypto executives are fed up with legislative traffic jams. Coinbase $COIN ( ▼ 1.46% ) CEO Brian Armstrong blurted out the industry's collective exhaustion, stating, “At this point, I don’t think we can wait on Congress and the Senate.” Summer Mersinger, CEO of the Blockchain Association, pointed out that traditional finance remains stuck in limbo: “When you’re thinking about traditional finance entering in and using some of this technology, they’re being held back right now because there is this regulatory uncertainty.”

Bitcoin $BTC ( ▼ 2.95% ) rose sharply after the regulation failed, of course.

Quote of the Day

President Discloses Over 1,100 Trades

If you thought day trading was strictly reserved for caffeine-fueled Redditors on Robinhood, think again. President Donald Trump’s financial disclosure reveals 1,156 securities transactions in July alone, shuffling anywhere between $79 million and $270 million across his accounts. That averages out to nearly 37 trades a day, a relentless pace that would make even seasoned Wall Street brokers dizzy.

The July trading spree featured high-volume maneuvers across tech giants, defense contractors, and municipal bonds. On July 20, the portfolio unloaded between $5 million and $25 million each in Microsoft $MSFT ( ▲ 0.52% )  and Amazon $AMZN ( ▼ 2.24% )  shares, only to turn around three days later and buy back small pieces of both. That same day, the portfolio dumped up to $5 million in Oracle $ORCL ( ▼ 3.11% ) and $500,000 in Northrop Grumman $NOC ( ▲ 0.89% ) , right as the president signed an executive order tightening defense contractor supply chains. Throw in repeated trades of Elon Musk’s SpaceX $SPCX ( ▼ 4.11% ) and Tesla $TSLA ( ▲ 0.32% ) , and you have an investment portfolio moving at quite a clip.

How does the White House explain this non-stop financial carousel? By insisting the president isn't pulling any strings. White House spokesman Davis Ingle said, “President Trump’s stock and bond portfolio is independently managed by third-party financial institutions.” He emphasized, “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold.”

Previous presidents preferred quiet blind trusts or broad index funds to avoid conflict-of-interest headaches, but this portfolio leans into hyper-activity — logging over 21,000 trades in a single year.

Perhaps entirely coincidentally, Americans’ perceptions of government corruption in the U.S. are at their highest level in 20 years, with 89% of U.S. adults saying it is widespread. That figure is up 10 percentage points from last year and well above readings in the 72% to 79% range between 2010 and 2025. Let us know how you feel about that in today’s poll, below 👇🏻

Cruise Firm Drops $3 Billion on Dry Land Resorts

If you can't convince vacationers to get on your ships, why not buy the beach where they’re standing instead? In a massive bid to diversify beyond floating buffets and ocean waves, Royal Caribbean $RCL ( ▼ 1.95% )  has agreed to acquire a 50% equity stake in resort firm Sandals, for $3 billion. The transaction marks a major expansion into land-based vacations for the cruise firm.

The strategic shift comes at a turbulent time. Royal Caribbean’s stock has dropped roughly 25% over the past year. That followed reduced revenue growth forecasts after the company encountered softer demand for European sailings. The deal is expected to close early next year.

In a statement, the companies announced that the transaction “is expected to boost growth for both companies.”

Song of the Day: Sasha Alex Sloan, ‘Fun’

Here’s a brilliant, bittersweet critique of modern anxiety and the exhausting reality of growing up. It’s true to the artist’s reputation as indie-pop's "sad girl,” so it’s just like this newsletter.

Admin Weighs Diesel Export Ban as Prices Surge

With midterms less than seven weeks away and diesel prices surging to $6.52 a gallon, the Trump administration is weighing a drastic measure: A 90-day ban on diesel exports.

Farm-state Republicans are panicking over rural fallout. Sen. Chuck Grassley took to X to sound the alarm, declaring that soaring fuel costs were “KILLING FARMERS INCOME.” His post triggered a stampede of agricultural lawmakers demanding immediate government intervention. According to an oil industry executive who spoke to Politico, White House pragmatists were quickly overrun by political operatives asserting, “dammit, something has to happen.” And President Trump appears inclined to treat any long-term economic blowback as what the source called “a December problem.”

However, energy experts and cabinet members are screaming red alert. Energy Secretary Chris Wright argued publicly that “the blunt tool of banning diesel exports definitely doesn’t work,” warning it could force refiners to slow down production and ultimately drive up gasoline and jet fuel prices. Behind closed doors, one administration energy adviser bluntly characterized the proposal, calling it “a terrible idea.” David Oxley, chief commodities economist at Capital Economics, similarly noted that a ban “would ultimately be self-defeating” by forcing American refiners to cut overall production.

Meanwhile, official White House messaging remains characteristically defiant. A White House official dismissed the entire report, calling it “another fake news story from Politico,” which it recently banned from the White House — even as Secretary Wright was quietly making round-of-calls to energy CEOs to warn them a 90-day ban was likely imminent.

Free Yourself From Advertising Forever!

Task Force Targets Obamacare Over ‘Fraud’

The Trump administration has halted Obamacare coverage for over 760,000 enrollees, launching a high-profile anti-fraud crackdown led by Vice President JD Vance and CMS Administrator Mehmet “Dr.” Oz.

According to officials, hundreds of thousands of registered policyholders might not actually exist. Vance described the targeted group as “a mix of both phantom people, but also real people who just don't meet the eligibility requirements,” noting that many were signed up by brokers without their consent.

Dr. Oz echoed the diagnosis, explaining that enrollees were treated as “phantoms” because officials believe most either don't exist or had no idea they were covered. Oz added that the estimated $2.2 billion in initial taxpayer savings is just “the tip of the iceberg.”

Obamacare enrollment has already declined significantly this year, as the cost of the plans has risen. That’s a potential political risk for Republicans heading into midterm elections in which voters are worried about affordability and the cost of living. Congressional Democrats like Senator Patty Murray, quoted in the Tweet above, immediately criticized the Trump administration’s announcement on Tuesday as an unjustified move to dismantle Affordable Care Act, known as Obamacare.

Industry representatives warn that the broad crackdown could cause collateral damage. Mychal Walker, president of the National Association of Benefits and Insurance Professionals, argued that a blanket freeze “would punish legitimate professionals instead of targeting the bad actors responsible for fraud.” Morningstar $MORN ( ▲ 2.61% ) analyst Julie Utterback told CNBC that the sudden freeze “may negatively affect enrollment and potentially margins” in an already contracting market.

Should You Check Your 401(k) Today?

👎️ 

No.

Poll of the Day: Power Corrupts, Absolutely?

Poll of the Day: Magic 8-Ball It Is

We asked: Who would make the best 'AI Czar'?

You answered:

🟨🟨🟨⬜️⬜️⬜️ Clippy (70)
⬜️⬜️⬜️⬜️⬜️⬜️ A Corporate Microwave with 40 Unlabeled Buttons (18)
⬜️⬜️⬜️⬜️⬜️⬜️ Garry Kasparov (13)
🟩🟩🟩🟩🟩🟩 A Magic 8 Ball (155)
🟨⬜️⬜️⬜️⬜️⬜️ The Duolingo Owl (33)
⬜️⬜️⬜️⬜️⬜️⬜️ A 1998 Dell Dimension Desktop Running Windows ME (15)
🟨🟨⬜️⬜️⬜️⬜️ An Ivy League Ethics Professor Using a 3G Flip Phone (56)
🟨⬜️⬜️⬜️⬜️⬜️ The Roomba That Ate a Sock and Gave Up (24)
🟨⬜️⬜️⬜️⬜️⬜️ A Local HOA Board President (43)
427 Votes via @beehiiv polls

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