Author: James Wilson
The US banking lobby is mounting a last-minute push to stall the CLARITY Act just days before its scheduled Senate Banking Committee markup on May 14. Summary Five major banking groups jointly rejected the Tillis-Alsobrooks stablecoin yield compromise, calling it insufficient days before the May 14 markup. Senators Lummis and Tillis publicly defended the deal, warning that banking opposition may be aimed at killing the CLARITY Act altogether. Prediction markets currently price the bill’s odds of becoming law in 2026 at over 60%, with the White House targeting a July 4 presidential signature. The American Bankers Association, the Bank Policy…
Executives from MoonPay, Ripple, and Paxos said at Consensus Miami 2026 that stablecoin regulation has accelerated institutional adoption but that major infrastructure and privacy gaps still block mainstream use. Summary MoonPay VP Richard Harrison said the GENIUS Act gave firms a regulatory permission slip, accelerating traditional finance entry into stablecoins. Ripple SVP Jack McDonald argued that institutional adoption depends on regulated products, trusted custody, and utility beyond market capitalisation. Paxos engineer Brent Perrault warned that unresolved privacy issues on public blockchains remain a significant barrier to enterprise-scale stablecoin payments. Top executives at three of the most active stablecoin companies told…
Connecticut SB5 passed both chambers on May 1 and heads to the governor, making it one of the most comprehensive state AI laws in the US. Summary Connecticut SB5 passed 131-17 in the House and 32-4 in the Senate on May 1, with Governor Lamont confirming he will sign the bill. The law covers AI companions, synthetic media transparency, automated employment decision tools, and frontier model developers, with staggered effective dates from October 2026. The law takes effect despite the Trump administration’s executive order urging states to avoid burdensome AI regulation, making Connecticut the latest state to defy federal pressure.…
The Pentagon released 162 UAP files on May 8, including NASA Apollo moon photos and 1965 astronaut audio Summary The Department of War posted 162 UAP files on May 8 at war.gov/ufo, covering sightings from 1942 to 2025, with 108 of the files containing some redactions. The most notable documents include NASA transcripts and photographs from the Apollo 12 and 17 moon missions, with three unexplained lights visible above the lunar surface in the Apollo 17 image. Defense Secretary Pete Hegseth confirmed more files will follow in rolling tranches, with the Pentagon opening a formal investigation into the Apollo 17…
Morgan Stanley has launched E*Trade crypto trading at 0.5%, undercutting Coinbase, Schwab, and Robinhood in a pilot set to reach 8.6 million users. Summary Morgan Stanley launched an E*Trade crypto pilot on May 6, charging 50 basis points per trade for Bitcoin, Ether, and Solana via infrastructure partner Zerohash. The 0.5% fee undercuts Charles Schwab at 75bps, Fidelity at 1%, and Coinbase retail fees that can exceed 0.5% depending on tier and payment method. All 8.6 million E*Trade clients are set to gain access later in 2026, alongside a proprietary digital wallet expected in the second half of the year.…
Meta launched Muse Spark on April 8, its first fully closed AI model, abandoning its open-source Llama strategy Summary Meta launched Muse Spark on April 8, the first product from its Meta Superintelligence Labs unit, built from scratch by Alexandr Wang’s team after a $14.3bn Scale AI deal. The model is fully proprietary with no open weights, a direct reversal of the Llama strategy that reached 1.2 billion downloads by early 2026. Meta stock rose 9% on launch day, and the model will roll out across WhatsApp, Instagram, Facebook, and Messenger in the coming weeks. Meta launched Muse Spark on…
The US April jobs report showed 115,000 positions added in April, nearly doubling the consensus forecast of 62,000. Summary The Bureau of Labor Statistics reported 115,000 nonfarm payroll jobs added in April, well above the 62,000 consensus estimate. Unemployment held at 4.3%, with gains concentrated in healthcare, transportation, warehousing, and retail trade. The strong April jobs report reduces pressure on the Federal Reserve to cut rates, a headwind for crypto and risk assets. The US April jobs report showed 115,000 positions added in April, nearly doubling the consensus forecast of 62,000, according to data the Bureau of Labor Statistics released…
Tennessee Republicans have erased the state’s last Black majority congressional district, splitting Memphis into three GOP-leaning seats. Summary Tennessee’s Republican-controlled legislature passed a new congressional map splitting Memphis, a majority-Black city, into three separate districts. The move comes eight days after the Supreme Court gutted the Voting Rights Act’s racial gerrymandering protections in a major redistricting ruling. The new map positions Republicans to win all nine of Tennessee’s US House seats and draws out the state’s only Democratic congressman, Steve Cohen. Tennessee Republicans have erased the state’s last Black majority congressional district, splitting Memphis into three GOP-leaning seats. The Republican-controlled…
Google Chrome has been silently installing a 4GB AI model called Gemini Nano on users’ devices without consent, a researcher found. Summary Researcher Alexander Hanff documented Chrome secretly downloading a 4GB AI model called Gemini Nano to eligible devices without user notification or consent. The model reinstalls itself automatically if users delete it, and Chrome does not offer an opt-out prompt during installation. Hanff argues the practice likely violates the EU’s ePrivacy Directive and GDPR, raising legal questions that have not yet been tested in court. Google Chrome is silently installing a 4GB AI model on users’ devices without consent,…
Kalshi’s valuation has hit $22bn after a $1bn Series F led by Coatue, doubling its worth in just five months. Summary Kalshi raised $1bn in a Series F round led by Coatue at a $22bn valuation, doubling the $11bn it achieved just five months ago. Institutional trading volume on the platform surged 800% in six months, while annualized trading volume tripled from $52bn to $178bn. Kalshi accounts for over 90% of US prediction market activity and reports $1.5bn in annualized revenue with two million monthly users. Kalshi’s valuation has hit $22bn after a $1bn Series F led by Coatue, doubling…