Hello, N2K’ers!

It’s a funny thing that a company like Netflix can predict making $45 billion and disappoint investors, but that’s exactly what happened last week. And there’s plenty more news you need2know to kick off the remainder of July!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Trump signs ‘stablecoin’ regs in big crypto win

• Another Fed official says bank should cut rates

• Drill, baby, drill!

• Beef prices: The steaks have never been higher

• Netflix shares dip despite beating Q2 forecasts

What’s the stock market up to, eh?

$SPX ( ▲ 0.08% ) $DJI ( ▼ 0.6% ) $NDX ( ▲ 0.56% )

Companies mentioned in today’s newsletter

$WLFI.X ( 0.0% )  $CVX ( ▼ 2.23% )  $HES ( ▲ 0.96% )  $XOM ( ▼ 1.23% )  $NFLX ( ▲ 0.82% )  

Trump signs ‘stablecoin’ regs in big crypto win

President Donald Trump signed the modestly named GENIUS Act into law on Friday, delivering regulatory guidelines for “stablecoins.”

The bipartisan legislation represents a pivotal step in legitimizing stablecoins — cryptocurrencies pegged to assets like the U.S. dollar — and signals growing U.S. support for the burgeoning crypto sector.

“For years, you were mocked and dismissed and counted out,” Trump told crypto executives gathered at the White House signing ceremony, highlighting the industry's remarkable rise. The legislation establishes foundational consumer protections for stablecoins, which have rapidly gained traction due to their price stability compared to other cryptocurrencies.

Once a skeptic of cryptocurrency, Trump has since emerged as a vocal advocate, pledging to make the U.S. the “crypto capital of the world.”

The GENIUS Act also reflects the growing political influence of the crypto industry, which spent heavily on lobbying and supported Trump’s campaign. Trump candidly acknowledged this dynamic, humorously admitting, “And I also did it for the votes,” drawing laughter from the audience.

While the act emphasizes accountability, including a ban on members of Congress profiting from stablecoins, it notably excludes the president and his family. Trump’s crypto interests have also come under scrutiny, as his family holds ties to World Liberty Financial $WLFI.X ( 0.0% ) a stablecoin startup. In fact he’s made $620 million from crypto, including the WLF stablecoin, since taking office, according to a Bloomberg analysis.

Senator Elizabeth Warren is a prominent critic of the bill and has said it allows Trump to “line his pockets.” But she isn’t the president, is she? Meanwhile, Trump said the latest move is “good for the dollar and good for the country.”

Song of the day: Jess Murph, ‘Gucci Mane’

I will always be a sucker for hoop earrings because I’m from Southeast London and the girls with the hoop earrings were always far too tough to be interested in me. Hence my fascination with Jess Murph’s single, “Gucci Mane,” from April this year. It explores themes of self-discovery, familial challenges, and success. The Alabama native showcases her storytelling and genre-defying style in lyrics which are not for the faint hearted, or safe for work, I’m afraid. Here’s the first verse, which I rather like:

Another Fed official says bank should cut rates

A top Federal Reserve official, Christopher Waller, has called for an interest rate cut at the Fed’s upcoming meeting, highlighting concerns about a cooling economy. In a speech in New York City last week, Waller said “the economy is still growing, but its momentum has slowed significantly,” stressing the need for reduced borrowing costs to bolster growth and prevent further impacts on employment.

His perspective diverges notably from Fed Chair Jerome “Jerome Powell” Powell’s cautious approach, which focuses on evaluating the effects of tariffs and inflation pressures before taking action. Waller dismissed the inflationary impact of tariffs, saying, “Tariffs have boosted, and will continue to boost, inflation a bit above the 2% objective this year,” but argued policymakers should “look through tariff effects and focus on underlying inflation.”

Waller’s stance aligns with other Trump-appointed officials. Former Fed board member Kevin Warsh also voiced support, stating, “The president’s right to be frustrated with Jay Powell and the Federal Reserve.”

Powell, meanwhile, has a constitutional right to stay in the job until May 2026.

Today on the ‘gram: Royal portr-AI-t

Post of the day: Coldplay meme keeps giving

Quote of the Day

Drill, baby, drill! Chevron buys into one of the world’s hottest oil projects…

Chevron $CVX ( ▼ 2.23% ) has finalized its $53 billion acquisition of Hess $HES ( ▲ 0.96% ) , securing a stake in one of the world’s most promising oil ventures off the coast of Guyana. The deal, which had been delayed for nearly two years due to a heated legal dispute with Exxon Mobil $XOM ( ▼ 1.23% ) , was resolved after arbitrators ruled in Chevron’s favor. “The outcome’s not only good for Chevron, it’s also good for the entire industry,” said Chevron CEO Mike “High Net” Wirth.

The acquisition is a critical win for Chevron, which had faced investor concerns as the dispute dragged on. The highly coveted Guyana oil project, a partnership between Exxon, Hess, and China’s state-owned CNOOC, is projected to produce 1% of the world’s oil within just a few years, according to the International Energy Agency. Analysts praised the resolution. “I guess now we know and can move on past this soap opera,” wrote RBC Capital Markets in a typically sassy note to investors.

Exxon, which argued Hess couldn’t sell without offering them the first chance to buy the stake, expressed disagreement with the ruling but welcomed Chevron to the venture with about the same level of warmth my ex-wife’s mother “welcomed” me to the family.

Should you check your 401(k) today?

👍️ 

Yes. But only if you didn’t already check it on Friday.

Beef prices: The steaks have never been higher

Beef lovers across the U.S. are feeling the pinch as meat prices soar to record highs. According to government data, the average price of ground beef hit $6.12 per pound in June, a nearly 12% jump from last year, while steak prices climbed 8% to $11.49 per pound. Several factors including drought conditions are fueling the rise, and experts caution that relief isn’t expected anytime soon.

A shrinking U.S. cattle herd is at the heart of the issue. With only 86.7 million cattle nationwide — the lowest since 1951 — the supply remains tight. David Anderson, a livestock economist at Texas A&M, told the New York Times about the tough choices ranchers face: “Do I sell that animal now and take this record high check, or do I keep her to realize her returns over her productive life?”

Or you could always take that cow down to the market and trade it for some magic beans, Jack?

🐄 🫘 🌾

Adding to the crisis, the reemergence of the flesh-eating New World screwworm fly in Mexico prompted the U.S. to halt cattle imports from the region, further tightening supply. The female New World screwworm fly lays her lay eggs in wounds on warm-blooded animals like you. Or cows. The larvae that hatch are unusual among flies for feeding on live flesh and fluids instead of dead material. American officials worry that if the fly reaches Texas, its flesh-eating maggots could cause large economic losses as they did decades ago before the U.S. eradicated the pest.

🤮

Netflix shares dip despite beating Q2 forecasts

Netflix $NFLX ( ▲ 0.82% ) delivered a strong Q2 earnings report last week, surpassing revenue and profit expectations. So, obviously, its stock dipped in trading the next day.

A key reason could be Netflix’s forecast of lower operating margins in the second half of the year. The company cited increased content amortization and higher marketing costs tied to an expanded content slate as contributing factors.

Looking ahead, Netflix has raised its full-year revenue guidance to between (checks notes) $44.8 billion and $45.2 billion, boosted by favorable currency movements. No wonder its stock is down, eh?

Co-CEO Gregory Peters hinted at further innovation in Netflix’s streaming model, saying: “We remain open to evolving our consumer-facing model.” 

You better be, Gregory. Or else.

Poll of the Day: Doodles by the president

Poll Results: You don’t like mayors using chatGPT

We asked: Would you be more inclined to trust a mayor who admits preparing his talking points with ChatGPT?

You answered:

🟨⬜️⬜️⬜️⬜️⬜️ Yes. Every politician is using ChatGPT on the down-low anyway. (134)

🟩🟩🟩🟩🟩🟩 No. I prefer my mayors to be able to speak from the heart and mind. Or at least to pretend they are, effectively. Don't tell me you're delegating your job to a robot, dude! (406)

540 Votes via @beehiiv polls