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   DealBook: Trump’s big A.I. pivot
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             June 3, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          We’ve got the back story on President Trump’s new executive order on artificial intelligence. We’re also looking at the plunge in crypto prices — and where they may go from here. And there’s a fascinating development behind the scenes of the SpaceX I.P.O. Employees are trying to negotiate collectively with Wall Street banks and wealth advisers to manage their expected riches from the offering. More below. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              President Trump last year with David Sacks, the administration’s former A.I. czar. Trump’s new executive order on artificial intelligence is a big shift in approach.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang/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>
          Who controls A.I.?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Artificial intelligence has driven huge stock market rallies and is bolstering economic growth. But it’s also becoming
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          politically unpopular
         </a>
         <span>
          , presenting governments around the world with a dilemma: Do you let this engine run its own course, or rein it in some?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, even the regulation-averse Trump administration seems to be choosing the latter option. That has already rankled some in the U.S. technology world, and it risks straining the administration’s relationship with Silicon Valley.
         </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>
          Yesterday, President Trump signed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an executive order
         </a>
         <span>
          setting up a voluntary system whereby A.I. labs would give the government access to new models up to 30 days before releasing them to the public.
         </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 shift in his laissez-faire approach to A.I.
         </span>
         <span>
          Two weeks ago, Trump ditched an earlier version of the order that would have required a 90-day review period after David Sacks, the administration’s former A.I. czar, objected. At a confidential meeting on Monday, Sacks blessed the revised version after the timeline was cut to 30 days,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times reports
         </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">
          Even the watered-down order caused waves.
         </span>
         <span>
          Sacks addressed concerns that the order would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          morph into an “F.D.A. for A.I.”
         </a>
         <span>
          or slow the United States in the A.I. race, writing on social media that the order “expressly forbids the creation of a new licensing, preclearance, or permitting regime.” (Incidentally, China regulates A.I. too, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in a different way
         </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 White House has reasons to take a light touch.
         </span>
         <span>
          Spending on A.I. infrastructure is a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          significant contributor to G.D.P. growth
         </a>
         <span>
          (even without considering A.I.’s contribution to labor productivity), and A.I. fervor has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fueled the S&amp;P 500’s recent boom
         </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 push to create regulations resulted from new, powerful models.
         </span>
         <span>
          Anthropic’s latest model, Mythos, can quickly uncover weaknesses in the security systems of banks, governments and other entities. It set off a chain reaction of worries from board rooms to the White House.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That danger is underscored by a paper published last night by a team of computer scientists at the University of Toronto. The researchers said they had used A.I. to create a computer “worm” capable of targeting any known flaw in the world’s computers, Cade Metz
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reports
         </a>
         <span>
          for The Times.
         </span>
        </p>
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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">
                Anthropic made Mythos available to dozens of organizations, including banks like JPMorgan Chase, to study its dangers through a program called Project Glasswing. It said yesterday that it had expanded access to include an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                additional 150 organizations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in more than 15 countries, along with
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the E.U.
               </a>
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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>
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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">
          Several California elections are undecided.
         </span>
         <span>
          In the governor contest,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Xavier Becerra
         </span>
         <span>
          , a former Biden administration official, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steve Hilton
         </span>
         <span>
          , a former Fox News host, had the top votes so far, but it was too early to know which candidates would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          head to a November runoff
         </a>
         <span>
          .
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          The next governor will face a host of issues being watched nationally, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a proposed tax on billionaires
         </a>
         <span>
          and artificial intelligence regulation. Elsewhere, the current Los Angeles mayor,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Karen Bass
         </span>
         <span>
          , and the reality TV star
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Spencer Pratt
         </span>
         <span>
          appear set to face off in the next round.
         </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 Trump administration proposes new tariffs on 60 trading partners.
         </span>
         <span>
          Alleging failures to stop the imports of products made with forced labor, the White House announced it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit Mexico, Canada and the E.U.
         </a>
         <span>
          , among other places, with a 10 percent import tax. A group including China, India and Japan would face 12.5 percent levies. Separate trade investigations that led to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          25 percent levy on Brazilian imports
         </a>
         <span>
          are expected to affect other trade partners soon, as the president revives his trade 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">
          George Santos is reportedly under investigation for insider trading.
         </span>
         <span>
          The C.F.T.C. began looking into the former congressman’s actions on the prediction market Kalshi after the company reported that Santos had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bet against his own attendance
         </a>
         <span>
          at President Trump’s State of the Union address in February, after announcing on social media that he planned to attend. (He missed the speech.) The inquiry underscores growing concern that the markets are becoming profit centers for people with insider knowledge.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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           </td>
          </tr>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260603%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA0ODg2OTguMDgxMDc5N30:1wUkRe:tX_v7dxv2ybWh7voLLQATlV6vtt6cgmWeuREPzm3Xls" style="max-width:96px;margin-bottom:7px"/>
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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 collapse
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Bitcoin and other cryptocurrency assets are under pressure again this morning, furthering a recent rocky run that has wiped out all of Bitcoin’s gains since President Trump’s re-election in 2024.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The slump isn’t just being watched on Wall Street, where crypto-focused exchange-traded funds have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          far underperformed
         </a>
         <span>
          the S&amp;P 500 this year. The crypto industry has become a lobbying powerhouse in Washington. Could a prolonged drop slow that momentum?
         </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>
          Bitcoin was trading around $67,000 this morning, down more than 45 percent from its October high.
         </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 ups and downs of Bitcoin since Election Day in November 2024." class="css-mcckse" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F03%252Fbusiness%252F03db-chart%252F03db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0ODg2OTguMDgxNDQxOX0:1wUkRe:nwuPBNshM_Hd7YSqKs1xfiGqdEKpcwD12OvcvILZlbE" 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>
          Analysts point to a myriad of potential catalysts:
         </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">
                Crypto asset prices have been eroded by high interest rates and resurgent wartime inflation.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Michael Saylor
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the Bitcoin über-bull, broke from his “never sell” rallying cry to sell
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $2.5 million worth of coins
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Shares in Saylor’s company, Strategy, fell sharply yesterday.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Investors instead appear to be shifting their money into the artificial intelligence trade.
               </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">
          Crypto trading volumes have not recovered since an autumn rout.
         </span>
         <span>
          “It’s really struggled to gain any traction since,” Adam Turnquist, the chief technical strategist for LPL Financial, told DealBook.
         </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">
          Now analysts are watching to see if A.I. mega-listings will accelerate the downward trend.
         </span>
         <span>
          The buzz on investor message boards is centered on I.P.O.s from SpaceX and Anthropic, with OpenAI expected to follow. Crypto is no longer the “shiny object,” said Ivan Cosovic, the managing director of Breakout Point, a market data firm that tracks investor sentiment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (Investors have also grown
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          enamored of quantum-computing stocks
         </a>
         <span>
          since the Trump administration took equity stakes in some companies specializing in the technology last month, he added. That interest surged again this morning after Microsoft’s latest
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quantum-chip breakthrough
         </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">
          What could improve crypto’s fortunes?
         </span>
         <span>
          The sector rallied earlier this year after the Clarity Act, a crypto-regulation bill the industry put
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          significant lobbying muscle behind
         </a>
         <span>
          , appeared to have cleared a major roadblock in the Senate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But enthusiasm among investors has faded as the bill’s fate remains uncertain. “The crypto story has become rather boring,” Cosovic told DealBook. Crypto investors have grown more impatient as the wait in Washington grows, he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It will also be worth watching whether crypto’s market slump will influence the industry’s lobbying and campaign-funding efforts during the midterm elections.
         </span>
        </p>
        <table width="100%">
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           </td>
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           <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="Elon Musk seated in profile and gesturing. Behind him is the DealBook Summit logo." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F03%252Fmultimedia%252F03db-musk-jpfz%252F03db-musk-jpfz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA0ODg2OTguMDgxNTU3OH0:1wUkRe:Qhz6Xl0Sa7MFP6AhK8mk_XMfurCS2iXO1hv8byqsTVw" 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">
              Elon Musk has long said that he is no fan of labor unions.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang for 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>
          SpaceX workers are organizing (sort of)
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Elon Musk is known for being anti-union, with Tesla having repeatedly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sought to block
         </a>
         <span>
          labor organizing among its workers. “I disagree with the idea of unions,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he said at the DealBook Summit
         </a>
         <span>
          in 2023.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But several employees at SpaceX, the rocket company Musk founded, are banding together, according to Bloomberg. They want to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          negotiate with wealth-management firms
         </a>
         <span>
          for better terms on the windfalls expected from the company’s I.P.O. (The company is said to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          planning to raise $75 billion
         </a>
         <span>
          , selling about 555.6 million shares for $135, according to Reuters.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More from Bloomberg:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The group has considered over 20 financial advisers and private banks, according to a May document summarizing the effort that was viewed by Bloomberg. The document said they were “leveraging collective power” in order to get “significantly lower fees” for financial advice — with a goal of paying less than 0.5 percent on all assets under management, rather than the traditional 1 percent fee.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The group, organized on a company Slack channel, at one point had over 200 people and now has even more, with holdings now estimated to be worth as much as $20 billion, Bloomberg adds. They’re interested in complex financial tools including loans against their stock and direct indexing.
         </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">
                At the DealBook event, Musk explained his union views: He said he disagreed with anything that pitted work groups against one another. “I just don’t like anything which creates kind of a lords-and-peasants sort of thing,” he said.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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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>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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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>
          Trump’s say on regulation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has chipped away at Washington’s regulatory regime throughout his second term by seeking to exert
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          greater control over independent agencies
         </a>
         <span>
          and by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          firing Democratic appointees
         </a>
         <span>
          at agencies like the F.T.C.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s already had a profound effect on how deals — and the lobbying efforts around them — are done.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dealmakers are finding they increasingly need to bring their case to Trump directly.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Scott Kirby
         </span>
         <span>
          , United’s C.E.O., reportedly sought the president’s ear as he weighed a since-abandoned
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          takeover bid for American Airlines
         </a>
         <span>
          , according to Reuters, which cited unnamed sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The new rules have scrambled Washington’s regulatory apparatus and K Street economics,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Wall Street Journal reports
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Instead of hiring lobbyists familiar with agency commissioners and staff, companies and advocates are now seeking out the president himself.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          On drug and tobacco issues, for example, Trump heard from associates eager for F.D.A. actions.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Podcaster Joe Rogan pitched Trump on a psychedelic drug recently in a text. In response, Trump said: “Sounds great. Do you want F.D.A. approval? Let’s do it,” according to Rogan.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The administration defends its greater control over independent agencies, while former agency chiefs note that Trump’s hands-on approach is a major deviation from previous administrations. It has also caused a surge in lobbying dollars flowing directly to those who have access to the White House, The Journal reports.
         </span>
        </p>
        <table width="100%">
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                Investors continued to pull money from private credit funds. Redemption requests at
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                Cliffwater’s flagship fund
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                hit 17 percent, and Partners Group
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                capped withdrawals
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                at one of its own funds. (FT, Bloomberg)
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                Shares in AkzoNobel, a Dutch paint maker, fell almost 20 percent in Amsterdam today after Sherwin-Williams and Nippon Paint
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                ditched their $14.5 billion bid
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                for the company. (WSJ)
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                Kevin Warsh
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                , the new Fed chair, is said to have picked two longtime conservative policy veterans as advisers, including the author of
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                Project 2025’s chapter on the central bank
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
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                Todd Blanche
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                , the acting attorney general, said the
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                Justice Department wouldn’t proceed
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                with President Trump’s $1.8 billion payout fund, “period,” after a revolt among Republicans. (NYT)
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                Scott Pelley
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                was
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                fired by CBS News
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday after having accused the network’s editor in chief,
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                Bari Weiss
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                , of
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “murdering ‘60 Minutes.’”
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (NYT)
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                “For the Knicks’ Owner,
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                a Title Might Finally Stop Some Boos
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                ” (NYT)
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