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   DealBook: Did Microsoft control OpenAI?
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   Also, a peek at China’s cards ahead of the Trump-Xi talks.
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             May 12, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: EBay’s board rejected GameStop’s $55 billion offer to buy the company, calling it “neither credible nor attractive.” It took issue with the plan by GameStop’s C.E.O., Ryan Cohen, including “the uncertainty regarding your financing proposal” and “the leverage, operational risks and leadership structure of a combined entity.”
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          Of course, with GameStop’s market value worth nearly a fifth of its takeover target’s, a deal would mean that eBay would actually swallow GameStop. (That’s something that Cohen struggled to explain last week.) Now the question is whether Cohen will drop his long-shot bid — or try to run a hostile takeover. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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              Satya Nadella, Microsoft’s C.E.O., took the stand yesterday in the trial that’s riveting the tech world: Elon Musk v. OpenAI.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Below them, above them, around them”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The trial pitting
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          against OpenAI promised appearances by some of the artificial intelligence industry’s biggest names, including Musk himself and, later this week,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sam Altman
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday featured another major mogul, the Microsoft C.E.O.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Satya Nadella
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          who faced a major question
         </a>
         <span>
          : How much power did he have over OpenAI?
         </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">
          “We are below them, above them, around them,”
         </span>
         <span>
          Nadella once told the tech journalist Kara Swisher of Microsoft’s relationship with OpenAI, comments that Musk’s lawyers asked him about in court.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nadella testified that they were a technical description of sorts,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          referring to
         </a>
         <span>
          how Microsoft technology supported OpenAI and made use of its products. But the implication by Musk’s legal team was that OpenAI was beholden to the tech giant.
         </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">
          Nadella was also asked about a seeming veto
         </span>
         <span>
          that Microsoft had over some prospective OpenAI board members. In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          series of text messages
         </a>
         <span>
          , Altman asked about
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Diane Greene
         </span>
         <span>
          , the former C.E.O. of Google’s cloud business. Nadella responded, “No.”
         </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">
          Kevin Scott
         </span>
         <span>
          , Microsoft’s chief technology officer, added “Strong strong no,” a comment that Nadella liked.
         </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">
          But Nadella denied that Microsoft was perverting OpenAI’s founding mission,
         </span>
         <span>
          creating A.I. that is safe for the world. Remember that Musk has accused OpenAI of forsaking that mission when it took an initial $1 billion investment from Microsoft, and later became a for-profit company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Echoing a defense of OpenAI’s, Nadella said that as Altman’s start-up grew and Microsoft invested more money, he never heard anything from Musk, even though “we have each other’s phone numbers.”
         </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">
          Ilya Sutskever, another OpenAI founder, also took the stand yesterday.
         </span>
         <span>
          As an OpenAI director, Sutskever famously helped push Altman out in 2023 over his lack of candor with the board, only to change his mind and support his return.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Why? Altman’s firing risked killing OpenAI, Sutskever testified. He added, “I worked really hard to create this company, and I cared very much about it.”
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other A.I. news: New data suggests that in some ways, Elon Musk’s current A.I. venture, xAI,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                is falling behind
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . And Republican lawmakers plan 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">
                scrutinize Altman’s personal tech investments
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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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>
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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">
          EBay rejects GameStop’s takeover bid.
         </span>
         <span>
          The online marketplace today called the $55 billion cash-and-stock offer “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          neither credible nor attractive
         </a>
         <span>
          .” Shares in eBay are down slightly in premarket trading, but investors had seemed skeptical of GameStop’s offer to buy a company nearly four times its size since the proposal was formally announced last week.
         </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">
          President Trump reportedly weighs relief for beef and gasoline prices.
         </span>
         <span>
          Administration officials are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          finalizing executive orders
         </a>
         <span>
          to lower tariffs on beef imports and reduce regulations on U.S. cattle producers, The Wall Street Journal reports. Trump has also considered
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          suspending a federal tax on gas
         </a>
         <span>
          , though that would require congressional approval. The deliberations come as investors brace for the latest Consumer Price Index report, which is due this morning and expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          show rising inflation
         </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">
          BuzzFeed agrees to sell itself to the billionaire Byron Allen.
         </span>
         <span>
          The once-buzzy digital media company said Allen had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          offered $120 million for control
         </a>
         <span>
          , with Jonah Peretti, its founder, stepping down as C.E.O. Of note:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Information points out
         </a>
         <span>
          that Allen is paying only $20 million in cash in exchange for newly issued stock, with the other $100 million coming via a promissory note backed by those shares — suggesting that he could walk away if BuzzFeed continues to struggle.
         </span>
        </p>
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        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Trump and Xi Jinping, both wearing dark suits, stand next to each other in front of the American and Chinese flags." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F12%252Fmultimedia%252F12db-trump-lbkm%252F12db-trump-lbkm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg1ODgxODEuMjQwMDU5fQ:1wMm29:6vhxhEwRPQpHKrfBMLATKSbNoDpxfAisdgQFlFmkW48" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump and Xi Jinping, China’s leader. Analysts see Beijing entering this week’s summit from a position of strength.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang/The New York Times
             </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>
          China’s edge
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As President Trump and Xi Jinping of China prepare to meet at a summit that starts on Thursday, the superpowers are taking stock of their negotiating positions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump is bringing a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bevy of business executives
         </a>
         <span>
          to flex America’s business might, though he remains hobbled by his deeply
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unpopular
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          uncertain
         </a>
         <span>
          war with Iran. And there are more signs that China is entering the talks from a position of strength, especially in several important areas.
         </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">
          Chinese artificial intelligence companies are becoming less reliant on U.S. chips
         </span>
         <span>
          while still building world-class products. The latest example: DeepSeek’s new model, released last month,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is powered by Huawei processors
         </a>
         <span>
          , Meaghan Tobin of The Times reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That dwindling reliance on American chips — initially driven by U.S. restrictions on exports of high-end Nvidia chips — could weaken one of Washington’s most effective negotiating tools. (That said, even DeepSeek used Nvidia chips to train its new system, and new models by Anthropic and OpenAI are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more advanced than Chinese rivals’
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “U.S. export controls are not freezing China’s A.I. development,” Wei Sun, an analyst at Counterpoint Research in Beijing, told The Times. “They are forcing China to build an alternative stack.”
         </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">
                Worth noting: Nvidia’s C.E.O., Jensen Huang, isn’t among the executives accompanying Trump to China.
               </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">
          China is hoping its currency will make further gains against the U.S. dollar,
         </span>
         <span>
          which has slumped throughout Trump’s second term. The greenback’s status as the global reserve currency is not under threat, analysts say, but the war with Iran has scrambled the oil market and left openings for the rise of alternatives
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          like the Chinese renminbi
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A line chart shows the U.S. dollar’s decline since January 2025." class="css-mcckse" height="523" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F12%252Fbusiness%252F12db-chart%252F12db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg1ODgxODEuMjQwMTUwN30:1wMm29:q8w9cb7X53gLmyzWrukzkRSa_xFLCgSKYLqTsLNkW9s" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          George Saravelos, a global head of FX research at Deutsche Bank, warned last month that the war could give rise to the “petroyuan,” shorthand for the renminbi supplanting the dollar in the international oil markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could give Beijing more clout “both as a security guarantor and as a new provider of payment,” Saravelos wrote.
         </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">
          Bessent has been leading efforts to shore up the dollar.
         </span>
         <span>
          Among the possibilities is offering currency “swap” lines with allies in the Middle East, essentially ensuring that those countries have enough dollars and don’t need to start using renminbi.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Analysts will be closely watching the Trump-Xi talks to see if they include measures to avert a full-blown currency war.
         </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">
          Also keep an eye on whether Xi commits to helping broker an end to the war with Iran.
         </span>
         <span>
          Trump said yesterday that the U.S.-Iran cease-fire was on “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          massive life support
         </a>
         <span>
          .”
         </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>
          OpenAI and private equity join forces
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence companies are under pressure to prove that their technology can deliver productivity gains for businesses. Private equity firms want new ways to revive
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          their lagging performance
         </a>
         <span>
          by squeezing costs from their portfolio companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The two industries are increasingly teaming up, Niko Gallogly reports.
         </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">
          Yesterday, OpenAI announced the OpenAI Deployment Company,
         </span>
         <span>
          a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          joint venture
         </a>
         <span>
          seeded with a $4 billion investment that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          values it at $14 billion
         </a>
         <span>
          . The round was led by TPG, with additional capital from firms including Advent International and the consulting giants Bain Capital, McKinsey &amp; Company and Bain &amp; Company.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The new company will embed applied A.I. engineers in businesses to “design, build, test and deploy production systems,” OpenAI said. As part of the DeployCo launch, OpenAI said, it is acquiring Tomoro, an applied A.I. consulting firm that will bring about 150 engineers.
         </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">
          Fast follow:
         </span>
         <span>
          OpenAI introduced DeployCo a week after Anthropic
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced
         </a>
         <span>
          a similar partnership with Blackstone, Hellman &amp; Friedman, Goldman Sachs and other partners.
         </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">
          Private equity is hoping A.I. will solve its problems.
         </span>
         <span>
          The industry has struggled with a flood of capital into the market over the past decade, which pushed up deal prices and made it harder to sell investments at an acceptable profit.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More recently, A.I. has threatened the business model of private software companies, which many private equity firms acquired in recent years.
         </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 private equity business needs a new value creation tool,” David Roux
         </span>
         <span>
          , the executive chairman of the private equity firm BayPine, told DealBook. A.I. might be that, he said, because it’s a clear way to make portfolio companies better — “and that’s what you get paid for.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In September, BayPine
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced its own partnership
         </a>
         <span>
          with OpenAI, separate from DeployCo.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Expect funds to hire a lot more application engineers,” Roux said. “It’s going to be the hottest job in the next 10 years.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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           </td>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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          <tr>
           <td style="text-align:center">
            <img alt="A close-up of Senator Thom Tillis, wearing a navy suit and a yellow tie, looking ahead as he speaks." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F12%252Fmultimedia%252F12db-tillis-clarity-gmvj%252F12db-tillis-clarity-gmvj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3Nzg1ODgxODEuMjQwNTczNn0:1wMm29:9zb506JRdGYfisD62ZZMeai-ThiESp9aZ9o1kyds9Jw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Senator Thom Tillis, Republican of North Carolina, has been working to help negotiate a compromise on the Clarity Act.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Mandel Ngan/Agence France-Presse — Getty Images
             </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>
          Crypto’s Iran problem
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The war with Iran has dominated Washington politics since the first missiles were fired. It could also spoil the cryptocurrency sector’s hard-fought lobbying gains over the Clarity Act, Grady McGregor reports.
         </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 latest:
         </span>
         <span>
          The bill looked to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on shaky ground
         </a>
         <span>
          in January before key senators reached a compromise in recent weeks to salvage it. Now, the legislation, which would establish a regulatory framework for cryptocurrencies, is set for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Senate Banking Committee vote
         </a>
         <span>
          on Thursday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it still faces uncertain odds.
         </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">
          Democrats insist that the bill include tougher antiterrorism financing provisions.
         </span>
         <span>
          Some Republicans say the bill
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          already includes them
         </a>
         <span>
          . But others,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          including Alexander Gray
         </a>
         <span>
          , a national security aide during President Trump’s first term, disagree.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That demand grew more urgent in recent weeks, people with knowledge of the matter told DealBook, as national security hawks on Capitol Hill became alarmed over Iran’s reported demand last month that ships
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pay a toll
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          in crypto
         </a>
         <span>
          to pass through the Strait of Hormuz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Democratic opponents to the bill have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          long argued
         </a>
         <span>
          that the bill does not adequately address national security risks, and that it shields major parts of the crypto ecosystem — think decentralized exchanges — from anti-money-laundering rules and sanctions.
         </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">
          Conflict of interest is another sticking point.
         </span>
         <span>
          Without an ethics provision,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          the bill will fail, Senator
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Kirsten Gillibrand
         </a>
         <span>
          , Democrat of New York, predicted last week at Consensus Miami 2026, a crypto industry conference. “We cannot allow members of Congress, senior administration officials, presidents or vice presidents to get rich off these industries because of their insider status,” she said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the White House has pushed back, warning that it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          will not sign into law
         </a>
         <span>
          any bill that carries conflict-of-interest provisions that it does not like.
         </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">
          And then there’s the fight between crypto and the banks.
         </span>
         <span>
          For months, Congress and the White House have sought to resolve differences between the two over stablecoin yield. Banks warn that yield-bearing digital coins could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          siphon deposits
         </a>
         <span>
          from the banking system, while
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crypto firms argue
         </a>
         <span>
          that a sweeping ban would be bad for the consumer and stifle innovation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Senators Thom Tillis, Republican of North Carolina, and Angela Alsobrooks, Democrat of Maryland, reportedly reached
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a compromise on the matter
         </a>
         <span>
          in March. Leading figures in crypto, including Brian Armstrong of Coinbase,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          support it
         </a>
         <span>
          . But banks say
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it falls short
         </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">
          Iran may have muddled the Clarity Act’s future.
         </span>
         <span>
          Until recently,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          negotiations had focused on issues like stablecoin yield, a Democratic aide who was not authorized to speak publicly on the matter told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Iran “has been a reminder” of the importance of including strong national security provisions in the bill.
         </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>
             THE SPEED READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          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">
                Cerebras, an upstart maker of artificial intelligence chips,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised the expected price range
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for its I.P.O., valuing it at up to $48.8 billion. (CNBC)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fees for the advisers working on the bankruptcy case of Spirit Airlines
               </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 now surpassed $80 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . The proceedings have also created
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plenty of work
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a niche group of repo men. (FT, WSJ)
               </span>
              </li>
             </ul>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Texas sued Netflix yesterday, accusing the streaming giant of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “spying on” customers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the state and “exploiting their private data.” (NBC News)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Health Secretary Robert F. Kennedy Jr. has been publicly mum on vaccines recently. He’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                still pursuing a push
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to find if they are leading to chronic illnesses. (NYT)
               </span>
              </li>
             </ul>
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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>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “JPMorgan and the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Delicate Art of Paying Off Employees
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hollywood writers fought to stop A.I. from taking their jobs. But some have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                resorted to helping train models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to put food on their tables. (Wired)
               </span>
              </li>
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