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June 6, 2025
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Good morning. Andrew here. Wow. The Musk-Trump relationship detonated in spectacular fashion yesterday. We have the full play-by-play below — but more important, we take a look at the real-life implications of the rift, even if the two eventually reach a truce.
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While Tesla’s market value dropped over $150 billion yesterday, Musk’s businesses and their investors could be further hammered if Trump uses his administration to inflict further retribution. And what if Musk tries to withhold SpaceX and Starlink technology from the government? Meanwhile, Musk rivals, including Sam Altman, Jeff Bezos and
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Bill Gates
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, are probably breathing a sigh of relief, while prominent allies of both men, such as the crypto czar David Sacks and Katie Miller, the wife of the senior Trump adviser Stephen Miller, might get caught in the crossfire.
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And here’s something I’ve been thinking about overnight (and would
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): Does Musk’s outburst open a floodgate of pent-up criticism from other C.E.O.s who have held their tongue? Or is the possibility of retribution, as seen with Tesla’s share price, just more reason to stay silent? (Was this newsletter forwarded to you?
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<td class="css-1b9cqt1" style="text-align:right;width:100%;padding-bottom:10px;line-height:14px">
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Mandel Ngan/Agence France-Presse — Getty Images
</span>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Can the alliance be fixed?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The world was riveted yesterday when
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
President Trump and Elon Musk clashed
</a>
<span>
— repeatedly, bitterly and sometimes pettily — online and in the Oval Office, in a dramatic rupture of their alliance that many believed was inevitable.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There were signs of a cool down today. There’s a lot at stake in Musk and Trump making amends, including for Musk’s businesses, his rivals and perhaps Republicans’ fortunes. No matter what happens, one of the most consequential political alliances in decades may be irrevocably damaged.
</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 highlights:
</span>
<span>
After days of Musk assailing the Republican budget bill, a centerpiece of Trump’s economic agenda, the president let loose yesterday: “I’m very disappointed in Elon,” he said, adding that he would have won Pennsylvania in the 2024 election without the Tesla chief’s millions.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Things then got more heated:
</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">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Without me, Trump would have lost the election
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, Dems would control the House and the Republicans would be 51-49 in the Senate,” Musk wrote on X.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is 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">
terminate Elon’s Governmental Subsidies and Contracts
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
,” Trump wrote on Truth Social. “I was always surprised that Biden didn’t do it!”
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Musk responded that he was prepared 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">
decommission the SpaceX Dragon
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
spacecraft that NASA uses to get astronauts to the International Space Station, though he later
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
backed off
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</span>
</li>
<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">
Elon was ‘wearing thin,’
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!,” Trump added.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Musk claimed that there were references to Trump in government documents about the late financier and sex offender Jeffrey Epstein. “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Have a nice day, DJT!
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” Musk wrote.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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">
Observers of all political persuasions weighed in.
</span>
<span>
“BBB actually stands for Big beautiful breakup,” the conservative activist
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Laura Loomer
</a>
<span>
wrote on X, referring to the Republicans’ One Big Beautiful Bill Act.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Representative Alexandria Ocasio-Cortez
</a>
<span>
, Democrat of New York, said, “The girls are fighting, aren’t they?” (It’s an allusion to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a meme
</a>
<span>
.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Even
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Kanye West
</a>
<span>
weighed in: “Broooos please noooooo 🫂 We love you both so much.”
</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">
Tempers appear to be cooling.
</span>
<span>
Responding to a plea for peace by the billionaire Bill Ackman, Musk responded, “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
You’re not wrong
</a>
<span>
.” But news reports were contradictory about whether the two will speak today; Trump told ABC’s Jonathan Karl that he’s “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
not particularly
</a>
<span>
” interested in talking with Musk.
</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 consequences of a failed truce are gigantic:
</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">
Tesla’s stock price plunged 14 percent yesterday, wiping out over $150 billion from its market cap, its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
worst-ever one-day performance
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. Beyond the loss of the E.V. subsidies the Republican bill would eliminate, investors feared that Trump regulators could crack down on Tesla’s robotaxi efforts.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The prospect of SpaceX losing even some of its government contracts would hurt. (That possibility likely delighted rocket rivals including Jeff Bezos of Blue Origin and Kelly Ortberg of Boeing.) Meanwhile, what if Musk followed through on the decommissioning of the Dragon spacecraft — or even disabled the U.S. government’s access to the Starlink internet service?
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Could a drawn-out fight mean that Trump would somehow hamstring xAI even as he champions other American artificial intelligence companies? Sam Altman of OpenAI was probably feeling relieved that Musk wouldn’t be able 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">
interfere in his ambitious initiatives
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Republican leaders may also be hoping
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that a détente might lead to Musk dialing down his attacks on their budget bill. That said, the billionaire still appears dead set against the legislation: “If America goes broke,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
nothing else matters
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
,” he wrote on X today.
</span>
</li>
</ul>
</td>
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</table>
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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">
Washington and Beijing plan more trade talks.
</span>
<span>
That comes after a phone call yesterday between President Trump and China’s leader, Xi Jinping. Trump called the conversation “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
very positive
</a>
<span>
” — he added that both countries had extended invitations for in-person talks — and implied the two were making progress in resolving a major sticking point: China’s halt of critical mineral exports.
</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">
Harvard scores another legal win in its clash with Trump.
</span>
<span>
A federal judge in Massachusetts temporarily
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
suspended the president’s ban
</a>
<span>
on Harvard enrolling foreign students. The judge also extended by approximately two weeks a previous order allowing Harvard to issue certain types of student visas.
</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 Supreme Court decision could have a major effect on workplace discrimination cases.
</span>
<span>
The justices
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
unanimously ruled
</a>
<span>
in favor of a straight woman who said she had twice lost positions to gay workers, striking down lower court rulings that she had to meet a higher burden because she was a member of a majority group. Experts say the ruling could upend affirmative-action guidelines and other protections in the workplace.
</span>
</p>
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<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A big “no” for a major stablecoin bill
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While the clash between Elon Musk and President Trump captivated Washington yesterday, another drama was playing out behind closed doors over a bill to regulate the $250 billion market for stablecoins, which could transform America’s relationship with the dollar,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
upend the credit card industry
</a>
<span>
, and benefit both Musk and Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The bill, the GENIUS Act, is poised to pass the Senate within days. But a prominent Republican, Senator Josh Hawley of Missouri, revealed first to DealBook that he will vote against the bill in its current form, warning that it would give tech giants too much control of America’s financial system.
</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">
“It’s a huge giveaway to Big Tech,”
</span>
<span>
Hawley told Grady McGregor. Hawley, who previously voted against the bill
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
for procedural purposes
</a>
<span>
, is concerned that the legislation would allow tech giants to create digital currencies that compete with the dollar.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And he fears that such companies would then be motivated to collect even more data on users’ finances. “It allows these tech companies to issue stablecoins without any kind of controls,” he said.
</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">
Similar worries scuttled an effort by Meta to get into stablecoins.
</span>
<span>
In 2019, Jay Powell of the Fed, among others, raised “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
serious concerns
</a>
<span>
” about Meta’s cryptocurrency initiative.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
It abandoned the project
</a>
<span>
in 2022.
</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 GENIUS Act has exposed divisions in both parties:
</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">
Democrats like Senator Elizabeth Warren of Massachusetts
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
oppose the bill
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, warning it would be a boon for Trump, whose family announced its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
own USD1 stablecoin
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in March.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
But Senator Kirsten Gillibrand, Democrat of New York and a co-sponsor of the bill, has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
argued that it would provide
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
regulatory clarity to the industry, and that the legislation includes “robust consumer protections.”
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Senator Bill Hagerty, Republican of Tennessee and a co-sponsor, said the bill would bolster demand for U.S. Treasury notes and bonds, as well as the dollar. Stablecoins are often backed by short-term U.S. Treasuries and dollar deposits.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Other Republican skeptics in the Senate include Rand Paul of Kentucky, John Kennedy of Louisiana and Jerry Moran of Kansas. Paul has argued that the bill would add needless
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
federal regulations
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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 back story:
</span>
<span>
Weeks ago, Hawley’s office submitted an amendment that would place limits on Big Tech’s push into stablecoins. Hawley’s draft amendment was used as the basis for writing a new provision requiring that publicly listed, nonfinancial companies such as Meta secure approval from a new regulatory body called the Stablecoin Certification Review Committee before it could issue stablecoins.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That provision has gained traction with other senators. But Hawley says Republican negotiators “gutted” key parts of his amendment that would safeguard against the risks of letting tech companies issue their own digital currencies and that he no longer supports it. “It’s essentially window dressing,” he said.
</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">
Some Democrats oppose the proposed guardrails, but for another reason:
</span>
<span>
that they could benefit Musk, DealBook hears. These lawmakers worry that private companies including Musk’s X and OpenAI would not have to undergo the more stringent regulatory vetting process.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Such companies “could issue stablecoins with abandon, and that seems tailor-drafted for Elon Musk and his X platform,” Hilary Allen, a professor at American University’s Washington College of Law, told DealBook. Musk recently
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
announced that X Money
</a>
<span>
, a crypto token designed for payments on his social media platform, would enter beta testing soon. (X Money did not respond to a request for comment.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Democrats plan to introduce an amendment that would bar Big Tech companies — publicly traded and private — from creating their own stablecoins, according to a person with knowledge of the plan. Hawley said he would support such an amendment but was skeptical of its prospects.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<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>
“We can hope that all A.I. companies will join in a commitment to openness and responsible A.I. development, as some currently do. But we don’t rely on hope in other vital sectors, and we shouldn’t have to rely on it here, either.”
</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">
Dario Amodei
</a>
<span style="font-style:italic">
, the C.E.O. of Anthropic. In a Times Opinion essay, he calls for creating a federal “transparency standard” for A.I. companies that would require policies for testing models and disclosing risks they may pose.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Jeremy Allaire, C.E.O. of Circle, lifts his right arm in celebration on the floor of the New York Stock Exchange." class="css-xsf469" height="361" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F06%252Fmultimedia%252F06DB-CIRCLE-gqpl%252F06DB-CIRCLE-gqpl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDkyMTE4NDguMTE3NDg1NX0:1uNVuK:BBzSfoVkcwLiEJapVa0iSwYHLJP7NCf3p6X2v_o_C5o" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Jeremy Allaire, C.E.O. of Circle, was in a celebratory mood yesterday on the floor of the New York Stock Exchange.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Brendan Mcdermid/Reuters
</span>
</span>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Circle talks I.P.O. and new regulation
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The stablecoin issuer Circle burst through the I.P.O. doldrums this week, raising more than $1 billion in a wildly successful listing that has the crypto sector and Wall Street buzzing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Its shares soared nearly 170 percent in their first day of trading yesterday,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
one of the best debuts
</a>
<span>
for a crypto company since Coinbase’s in 2021.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Circle’s I.P.O. comes as President Trump and his sons
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
have entered the stablecoin business,
</a>
<span>
and a bill championed by the industry, the GENIUS Act, winds through Congress. DealBook spoke with Jeremy Allaire, Circle’s C.E.O., about what lies ahead for him and the company.
</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">
On getting the I.P.O. timing right:
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We published our S1 publicly the day before ‘Liberation Day.’ And I think our view was that, in the current environment, no one knows what’s going to happen, it’s impossible,” Allaire said. “But what we do know is we have a highly compelling company that is executing into a market that is growing, that’s getting all this regulatory clarity.”
</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">
On whether lawmakers have sufficiently addressed concerns about allowing foreign-based stablecoin companies to trade on U.S. exchanges:
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“We feel like the GENIUS Act as it stands today is an excellent piece of legislation. It has a high bar from a regulatory perspective, for anyone who’s going to issue, offer, sell payment stablecoins in the United States.”
</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">
On
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
rumors
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
that Circle could be acquired:
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“I’ve made clear that we’re focused on being a long-term independent company.”
</span>
</p>
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<span style="font-style:italic">
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</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">
Anduril announced a new funding round that values the defense tech start-up
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
at $30.5 billion
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, led in part by Peter Thiel’s Founders Fund. (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">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Goldman Sachs reins in risk appetite
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
as Donald Trump’s tariffs roil markets” (FT)
</span>
</li>
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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">
Tech and artificial intelligence
</span>
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<div style="margin:0 auto;max-width:600px;width:100%">
<table>
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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">
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<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
look inside ASML
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the Dutch semiconductor equipment manufacturer caught in the middle of the U.S.-China trade war. (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">
Builder.ai, the Microsoft-backed A.I. start-up that filed for bankruptcy this week,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
owes money to corporate spies and defamation lawyers
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (FT)
</span>
</li>
</ul>
</td>
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</table>
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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">
Best of the rest
</span>
</p>
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<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">
“Squeezed by China’s Slowdown,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Internet Users Lash Out at Elites
</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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Shari Redstone
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, who is trying to sell her family’s Paramount media empire, announced she has thyroid cancer and underwent surgery last month. (NYT)
</span>
</li>
</ul>
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Also, a scoop on opposition to a big crypto bill.View in browser|nytimes.comJune 6, 2025Good morn...