💰 Crypto Just Got A New Ally...

Good morning. US stock futures rose in Monday morning trading as investors geared up for an intense week of earnings reports.

💵 Trump lobbies for US to be “crypto capital of the world” at Bitcoin conference

📝 Our report: Former President Donald Trump announced his plan to make the U.S. a "bitcoin superpower" if re-elected, telling a crowd of enthusiastic crypto supporters that he’s all in on embracing cryptocurrency for his second term. In his keynote address at a bitcoin conference in Nashville, Tennessee, the Republican presidential nominee promised to make the United States the “crypto capital of the planet” and create a bitcoin “strategic reserve” using the currency that the government currently holds.

 🔑 Key points:

• Throughout the nearly 50-minute speech, Trump repeatedly sought to contrast his support of cryptocurrency to the Biden administration’s efforts to regulate the industry, telling the crowd that the federal government was “blocking your way.”

• He also promised to remove Securities and Exchange Commission Chair Gary Gensler if elected and implement a crypto advisory council, teasing the crowd by asking attendees if anyone wanted to join.

• Trump's keynote address at the Bitcoin 2024 conference showed how radically his position on cryptocurrency has changed over time. He was not always a fan of cryptocurrencies, writing on social media in 2019 that their “value is highly volatile and based on thin air.”

💡 So what: If Donald Trump successfully lobbies for the U.S. to become the crypto capital of the world, it could bring significant changes to the cryptocurrency industry, including increased legitimacy and mainstream adoption due to clearer regulatory frameworks, a surge in market growth and global investments, and a boost in blockchain and crypto innovations positioning the U.S. as a leader in financial technology. This move could also attract top talent and enhance the country's competitive edge, but it would require addressing security concerns and continuously updating regulations to manage emerging risks.

Monday - No Major Economic News

Tuesday - Consumer Confidence

Wednesday - FOMC Interest-Rate Decision, Fed Chair Powell Press Conference

Thursday - U.S. Productivity

Friday - U.S. Unemployment Rate

📈 Joel Greenblatt shares his “magic formula” for stock market investing!

💰 Personal finance basics that everyone should master!

🏡 Are you ready to buy your first house? These 8 signs might tell you!

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🎵 TikTok under pressure from US DOJ

WHAT: The US Justice Department (DOJ) is hitting TikTok with fresh accusations, claiming the app collects bulk user data based on views on hot-button issues like gun control, abortion, and religion. US government lawyers wrote in documents filed to the federal appeals court in Washington that TikTok and its Beijing-based parent company ByteDance used an internal web-suite system called Lark to enable TikTok employees to speak directly with ByteDance engineers in China.

WHY: The new court documents represent the government’s first major defense in a consequential legal battle over the future of the popular social media platform, which is used by more than 170 million Americans. Under a law signed by President Joe Biden in April, the company could face a ban in a few months if it doesn't break ties with ByteDance.

📱 Apple, labor union reach agreement

WHAT: The International Association of Machinists and Aerospace Workers (IAM) Coalition of Organized Retail Employees (IAM CORE) has reached a tentative deal with tech giant Apple to improve work-life balance, increase pay, and enhance job security. The tentative three-year agreement includes an average pay raise of 10%, limits on contracted employees and a severance clause, improvement in work-life balance and rules on transparency. The deal will maintain all current benefits and an agreement to bargain over any future additions.

WHY: In June 2022, Apple workers at Maryland voted to join the International Association of Machinists and Aerospace Workers union, becoming the first retail employees of the tech giant to unionize in the United States.

🌳 US Treasury Secretary: More $ needed in climate fight

WHAT: U.S. Treasury Secretary Janet Yellen stated that transitioning to a low-carbon economy demands $3 trillion in new capital annually through 2050, which far exceeds current financing levels, calling it the “greatest economic opportunity” of the 21st century. Speaking in Belem, Brazil's Amazon gateway city, Yellen said that reaching net-zero emissions goals remained a top priority for the Biden-Harris administration and this would require leadership far beyond U.S. borders.

WHY: Wealthy economies provided and mobilized a record $116 billion for climate finance for developing countries in 2022, 40% of which came from multilateral development banks (MDBs). Yellen said the banks, including the World Bank and the Inter-American Development Bank (IDB) were setting new targets.

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