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DealBook: Big Law splinters
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March 26, 2025
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Good morning. President Trump has escalated his skirmishes with Big Law, and that’s having a destabilizing effect on the firms themselves. DealBook’s Lauren Hirsch details what the turmoil looks like, and the potential longer-term fallout. (Was this newsletter forwarded to you?
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President Trump’s clashes with large American law firms have had a ripple effect across the sector.
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Leah Millis/Reuters
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No Kumbaya moment
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President Trump has opened a new front in his attack on Big Law.
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Yesterday, he
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signed an executive order
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that targeted Jenner & Block, a major white-shoe firm, days after issuing a
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far-reaching memorandum
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threatening to punish any law firm that he contends has unfairly challenged his administration.
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<span>
One of the biggest questions has been whether Big Law would band together amid Trump’s barrage. So far, the opposite has happened: Corporate law firms are using Trump’s assault as a competitive opportunity, The Times reports.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As Paul, Weiss was dealing with its own executive order this month, rival firms
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dove in to try to poach clients and partners
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The firm’s competitors moved in swiftly.
</span>
<span>
Several of Paul, Weiss’s top rivals, including Sullivan & Cromwell and Kirkland & Ellis, tried to poach Paul, Weiss rainmakers within days of Trump issuing an executive order that could have seriously hobbled its business, according to The Times. They took a soft approach with the firm’s leaders, saying that they sympathized with their plight, but that if they wanted out of the turmoil, they could name their price.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Jon Ballis, the chairman of Kirkland & Ellis, said in a statement to The Times that his firm didn’t try to recruit Paul, Weiss lawyers. A Sullivan & Cromwell spokesman similarly denied trying to recruit the firm’s lawyers.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The outreach made a bad situation worse.
</span>
<span>
Panic was already roiling through Paul, Weiss over the potentially catastrophic effect of the executive order.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The order restricted the firm’s lawyers from dealing with the government, including entering federal buildings, and said companies doing business with Paul, Weiss could lose their government contracts. Even if the firm successfully fought the order in court, it was feared it would be labeled an enemy of Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The threat of losing the firm’s top lawyers compounded those worries. Some partners were particularly concerned that Scott Barshay, the head of the corporate practice, might leave and prompt others to follow him. (Top lawyers, including Barshay, assured Brad Karp, the firm’s chairman, and others that they had no plans to leave.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Then things got more awkward.
</span>
<span>
When Karp went to the Oval Office to negotiate a deal with Trump, he was surprised at one person the president wanted to dial into the meeting: Robert Giuffra, a co-chair of Sullivan & Cromwell, one of the firms that had been trying to woo his lawyers.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Giuffra, who has known Trump for many years, recently agreed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
handle the appeal
</a>
<span>
of Trump’s conviction on charges that he covered up a hush-money deal with the porn star Stormy Daniels in a New York State court.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Initially the conversation among the president and the two legal rivals focused on golf. Then it turned to Trump’s concerns about Paul, Weiss’s long association with Democratic politics. Eventually, the meeting resulted in a deal.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
So far, Paul, Weiss appears not to have lost any partners or big clients.
</span>
</p>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
President Trump throws support to his national security adviser as the Signal chat uproar grows.
</span>
<span>
Michael Waltz
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
took responsibility
</a>
<span>
for the security breach in which members of Trump’s inner circle discussed details on the messaging platform of an attack on the Houthi militia in Yemen, and inadvertently added a journalist to the group. At a Senate hearing yesterday, the nation’s top two spy chiefs, both included in the chat,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
denied that the information was classified
</a>
<span>
. Democrats
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
called for the resignations
</a>
<span>
of Pete Hegseth, the defense secretary, and Waltz. Politico explains why the chat participants are probably
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
not in any serious legal hot water
</a>
<span>
.
</span>
</p>
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</td>
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<td>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Russia and Ukraine agree to stop fighting in the Black Sea.
</span>
<span>
That’s helped push up the share price of European shipping companies this morning, and wheat prices have eased slightly, even if the agreement
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
falls far short of a complete pause in combat
</a>
<span>
and Moscow
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
insists on more preconditions
</a>
<span>
. A chief Kremlin demand: easing some sanctions on Russian companies and reconnecting Russian financial firms to the Swift international payments system, an arrangement that’s likely to draw fire from U.S. allies in Europe.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The White House is reportedly weighing the fast-tracking of copper tariffs.
</span>
<span>
Duties on the metal, which is used in pipes, electrical circuits and components, could be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
introduced in a matter of weeks
</a>
<span>
, Bloomberg reports, adding to President Trump’s protectionist barrage on key industrial materials. Watch the effect in global trading — copper prices on New York’s Comex commodities exchange have soared since Trump took office in January.
</span>
</p>
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<td height="20">
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Crypto rising
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
After
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
spending big on campaigns
</a>
<span>
to elect President Trump and other crypto-friendly politicians, the crypto industry has been
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
on a roll
</a>
<span>
in Washington.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Executives have been warmly welcomed at the White House; regulators have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dropped lawsuits
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
investigations
</a>
<span>
into crypto companies from the Biden administration era; and the S.E.C. gave a boost to memecoins last month when it said that the highly volatile tokens
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
are not securities
</a>
<span>
, and don’t need to be regulated as such.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Now the industry is eyeing major legislative milestones.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A House committee is expected to advance long-awaited stablecoin legislation,
</span>
<span>
according to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Bloomberg
</a>
<span>
. That comes as the banking sector and the Trump family itself looks to grab a bigger stake of the rapidly growing market. GameStop is soaring this morning after the meme stock darling said it could use its corporate cash
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to buy Bitcoin and stablecoins
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The industry-backed bill, which would regulate stablecoins pegged to the U.S. dollar, has already
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cleared the Senate Banking Committee
</a>
<span>
, and is up for consideration in the House on April 2.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The bill’s supporters say stablecoins could power faster and more transparent global transactions, and underpin demand for dollars. (Stablecoin providers like Tether are also big
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
buyers of U.S. Treasury notes and bonds
</a>
<span>
.) Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
said last week
</a>
<span>
that such legislation would “unleash an explosion of economic growth.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Detractors are worried about the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
fraud potential
</a>
<span>
of stablecoins and the risk to the financial system from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a run on a stablecoin
</a>
<span>
that could ignite a broader crisis. The sides don’t fall neatly along party lines:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Five Democrats voted to advance the Senate bill
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Another bill gaining momentum is aimed at addressing “debanking.”
</span>
<span>
Introduced by Senator Tim Scott, Republican of South Carolina, it would remove an esoteric tool that financial regulators use to assess whether a bank’s reputation may be harmed by taking on a banking client, which
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
crypto companies say has allowed banks to discriminate against them
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Trump’s ties to the crypto industry continue to deepen.
</span>
<span>
Yesterday, World Liberty Financial, the cryptocurrency company started by Trump and his sons, announced
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
plans to sell a stablecoin called USD1
</a>
<span>
. It’s the fourth digital currency that Trump and his businesses have marketed to the public this year:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
World Liberty Financial already offers a cryptocurrency;
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Trump and his wife, Melania Trump, each released memecoins just before his inauguration;
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Trump’s social media firm,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Trump Media & Technology Group
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, said that it would partner with Crypto.com, a crypto trading platform, to create and market new investment products.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ethics experts warn that Trump, who has vowed to turn the United States into “the crypto capital of the world,” has created an extraordinary conflict of interest issue. As Congress deliberates pro-business crypto legislation, expect that scrutiny to grow on Trump and the sector.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Separately, bank bosses see opportunities.
</span>
<span>
Brian Moynihan, the C.E.O. of Bank of America, said last month that if the stablecoin legislation passed, Bank of America would “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
go into that business
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The president hasn’t been shy about coercing business leaders to play by his rules. What would that dynamic look like for those who take him on as a direct business competitor?
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“At the end of last year, the attitude was, ‘Full on, this is going to be an exceptionally pro-growth agenda and it will be executed in a clear way.’ All of that has gone in reverse.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Ed Al-Hussainy
</a>
<span style="font-style:italic">
, a global interest-rate strategist at Columbia Threadneedle Investments, on how corporate America has begun to sour on the Trump administration as its on-again-off-again tariff moves and clashes with trading partners like Canada have prompted confusion and concern. The travel sector is also bracing for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
a hit on tourism
</a>
<span style="font-style:italic">
.
</span>
</p>
<table width="100%">
<tbody>
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</td>
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</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Banker bonuses on the rise
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Deals may not be flowing, but Wall Street bonuses are back to a new high.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The total bonus pool paid to those who work at New York City securities firms reached a record $47.5 billion last year, according to an annual tally compiled by the New York State comptroller, Thomas DiNapoli.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A surge in trading turbocharged Wall Street profits last year, and the likes of Goldman Sachs and JPMorgan Chase saw their share prices hit a series of new highs.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A bar chart shows a rebound last year for Wall Street bonus payouts." class="css-xsf469" height="518" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F26%252Fbusiness%252F26DB-chart%252F26DB-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDI5OTE0NjUuNDI5MTExfQ:1txPhZ:B4OnRb_3d9yNm4DNKw_LtLbKrhjoaajTFeoS-_Xwjss" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Last year, the average banker bonus was $244,700, up from $186,100 in 2023, according to the calculation, which is based on personal income tax withholding trends.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
DiNapoli applauded the financial industry’s “very strong performance in 2024,” but noted that President Trump’s economic policies could hurt that upward trend.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Increasing uncertainty in the economy amid significant federal policy changes may dampen the outlook for parts of the securities industry in 2025,” he said in a statement.
</span>
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We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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THE SPEED READ
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
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<div style="margin:0 auto;max-width:600px;width:100%">
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<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
In activist investor news:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Keith Meister,
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
the managing partner of Corvex Management, is set to join Illumina’s board;
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Engine Capital
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
has increased its stake in Lyft as it seeks a strategic review of the struggling ride-hailing service. (WSJ, Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
AT&T is reportedly in talks to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
buy Lumen’s consumer fiber business
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, valuing the unit at roughly $5.5 billion. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Dollar Tree has reached an agreement
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
to sell Family Dollar
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to Brigade Capital Management and Macellum Capital Management for roughly $1 billion. (Dollar Tree)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
As TikTok faces a ban in the United States, the popular video-sharing app is trying to polish its reputation
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
with a marketing blitz
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Delaware lawmakers approve corporate
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
bill that critics call giveaway to billionaires
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Reuters)
</span>
</li>
</ul>
</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Best of the rest
</span>
</p>
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<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Spring Break for the Teens of New York’s Elite
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
: Sun, Fun and Networking” (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
From drugmakers to private equity firms,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
who might want to strike a deal
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for 23andMe’s trove of users’ genetic data? (WaPo)
</span>
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, Reporter, London
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, Reporter, New York
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Also, crypto is booming — in Washington.View in browser|nytimes.comMarch 26, 2025Good morning. Pr...