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JPMorgan, Bank of America, Citi, and Wells Fargo are exploring a joint stablecoin initiative aimed at transforming the U.S. financial system, potentially undermining politically charged digital tokens like the $TRUMP memecoin. This proposed stablecoin, backed by major banks, seeks to provide a regulated and secure digital payment method, while the recent passage of the GENIUS Act could reshape the regulatory landscape for politically affiliated cryptocurrencies. As traditional banks enter the stablecoin sector, user trust may shift towards these institutionally backed alternatives, leaving speculative assets like $TRUMP struggling for relevance.
At Computex, major tech firms like Nvidia, TSMC, and Foxconn announced plans to collaborate on an AI supercomputer, while Nvidia revealed it would utilize AI chips from various sources. Amidst this, the US issued a warning against companies using Huawei chipsets, threatening legal action, which has prompted pushback from China. Concerns have also been raised by US lawmakers regarding recent technology deals in the Middle East that could potentially benefit China.
The Trump administration is seeking to lift judicial blocks on the Department of Government Efficiency (DOGE), which aims to reduce waste and fraud in federal operations. Despite Elon Musk stepping back from his advisory role, DOGE continues to influence government restructuring, having laid off over 121,000 employees and embedded loyalists across agencies. Privacy concerns have arisen due to lawsuits regarding DOGE's access to sensitive data, particularly at the Social Security Administration, where Musk allies hold key positions.
The Department of Government Efficiency (DOGE), spearheaded by Elon Musk, is deeply embedded in federal agencies, pushing for significant personnel cuts and software modernization despite legal challenges. Tensions have escalated within agencies like the Department of Education, where DOGE staff operate independently, creating a divide with non-DOGE employees. As Musk steps back, DOGE's influence persists, with ongoing projects aimed at combating fraud and improving data accuracy at the Social Security Administration, amidst a backdrop of political and legal scrutiny.
Senate Democrats are calling for an investigation into whether the Trump administration is facilitating foreign deals for Starlink, led by Elon Musk, amid concerns of potential ethics violations. They allege that Musk may be leveraging his government role for personal financial gain, particularly following recent approvals for Starlink in countries like Saudi Arabia and Bangladesh. The lawmakers are urging the Department of Justice and White House ethics officials to examine possible conflicts of interest and corruption related to tariff negotiations.
Senators Elizabeth Warren and Rick Scott are introducing legislation to establish an independent inspector general for the Federal Reserve and the Consumer Financial Protection Bureau, requiring presidential appointment and Senate confirmation. They criticized former IG Mark Bialek for not adequately addressing corruption and called for a new IG with a proven track record of accountability. The move comes amid concerns over ethics and regulatory failures at the Fed, including prohibited trades by officials during the pandemic.
Elon Musk attended the job interview of Troy Meink, President Trump's nominee for Air Force Secretary, raising concerns about potential favoritism due to Meink's previous support for a SpaceX contract. Meink stated that Musk had no influence on his nomination and emphasized his commitment to fair competition in the defense sector. Senators Elizabeth Warren and Tammy Duckworth expressed apprehension over Musk's involvement, questioning the appropriateness of his presence during the interview.
Musk's presence during the interview of Air Force nominee Troy Meink has raised concerns about potential conflicts of interest regarding military contracts awarded to his companies. Critics, including Sen. Elizabeth Warren, argue that Musk's influence could undermine the integrity of the selection process for national security officials. Meanwhile, NASA nominee Jared Isaacman has denied close ties to Musk, asserting that his interview was led solely by President Trump.
Retail investors are expressing frustration over U.S. Treasury Secretary Scott Bessent's comments on tariffs and trade tensions with China, made at a private JPMorgan summit. His remarks led to a $2.2 trillion market surge, raising concerns about fairness as retail traders were left uninformed until later statements from President Trump. Critics, including lawmakers, have accused the administration of market manipulation benefiting Wall Street.
Trump held a ceremonial swearing-in for Paul Atkins as the new SEC chairman, emphasizing the need for regulatory clarity in the cryptocurrency sector. Meanwhile, the U.S. Army announced new gender-neutral fitness standards for combat roles, and health officials plan to phase out petroleum-based artificial food dyes by 2026. Tesla reported a significant profit drop amid backlash against Elon Musk's leadership, while Wall Street rebounded from previous losses, buoyed by better-than-expected earnings from several companies.
Elizabeth Warren
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