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The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers.The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.Eighteen Democratic senators have shown support for the legislation as it has advanced, siding with the Republican majority in the 5347 Senate. If passed, it would become the second major bipartisan bill to advance through the Senate this year, following the Laken Riley Act on immigration enforcement in January.Still, most Democrats oppose the bill. They have raised concerns that the measure does little to address President Donald Trump’s personal financial interests in the crypto space.“We weren’t able to include certainly everything we would have wanted, but it was a good bipartisan effort,” said Sen. Angela Alsobrooks, D-Md., on Monday. She added, “This is an unregulated area that will now be regulated.”Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”It’s expected to pass Tuesday, since it only requires a simple majority voteand it already cleared its biggest procedural hurdle last week in a 6830 vote. But the bill has faced more resistance than initially expected.There is a provision in the bill that bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House.Trump hosted a private dinner last month at his golf club with top investors in a Trump-branded meme coin. His family holds a large stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president’s relatives. World Liberty has launched its own stablecoin, USD1.The administration is broadly supportive of crypto’s growth and its integration into the economy. Treasury Secretary Scott Bessent last week said the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028.Brian Armstrong, CEO of Coinbasethe nation’s largest crypto exchange and a major advocate for the billhas met with Trump and praised his early moves on crypto. This past weekend, Coinbase was among the more prominent brands that sponsored a parade in Washington commemorating the Army’s 250th anniversaryan event that coincided with Trump’s 79th birthday.But the crypto industry emphasizes that they view the legislative effort as bipartisan, pointing to champions on each side of the aisle.“The GENIUS Act will be the most significant digital assets legislation ever to pass the U.S. Senate,” Senate Banking Committee Chair Tim Scott, R-S.C., said ahead of a key vote last week. “It’s the product of months of bipartisan work.”The bill did hit one rough patch in early May, when a bloc of Senate Democrats who had previously supported the bill reversed course and voted to block it from advancing. That prompted new negotiations involving Senate Republicans, Democrats and the White House, which ultimately produced the compromise version expected to win passage Tuesday.“There were many, many changes that were made. And ultimately, it’s a much better deal because we were all at the table,” Alsobrooks said.Still, the bill leaves unresolved concerns over presidential conflicts of interestan issue that remains a source of tension within the Democratic caucus.Sen. Elizabeth Warren, D-Mass., has been among the most outspoken as the ranking member on the Senate Banking Committee, warning that the bill creates a “super highway” for Trump corruption. She has also warned that the bill would allow major technology companies, such as Amazon and Meta, to launch their own stablecoins.If the stablecoin legislation passes the Senate on Tuesday, it still faces several hurdles before reaching the president’s desk. It must clear the narrowly held Republican majority in the House, where lawmakers may try to attach a broader market structure billsweeping legislation that could make passage through the Senate more difficult.Trump has said he wants stablecoin legislation on his desk before Congress breaks for its August recess, now just under 50 days away. Joey Cappelletti, Mary Clare Jalonick and Alan Suderman, Associated Press
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E-Commerce
Trolls be warned: influencers are now hiring private investigators to expose their anonymous bullies online. Australian influencer Indy Clinton, who boasts 2.1 million TikTok followers and was crowned Creator of the Year in 2023, posted a seemingly typical video yesterday of herself dancing in her kitchen. At first glance, it appeared no different from her usual contentuntil viewers read the on-screen text. How it feels receiving a 64 page report from my PI [private investigator] after an extensive 3 month investigation on all my ladies (mothers) who have continuously bullied, defamed & trolled me and my family for months n moths & even years, the text read. Change is coming. and I will spend my last dollars to make change before I renovate my bathroom, she wrote in the caption, with the hashtag #urnotanonymous. Clintons comments were soon flooded with support from fellow influencers, many praising her for taking action. Some even asked for the contact details of her private investigator. The trolls, on the other hand, were conspicuously absent. Its literally nothing but crickets in this comment section from all the haters, one commenter wrote. I would pay to see the reaction of those people when they found out that they’re not so anonymous, another added. On her Instagram Story, Clinton claimed she now knows specific details about her trollsincluding where they live, their Australian Business Numbers, and even the tattoos they got at 18. But what surprised her most: many of the trolls were fellow mothers. (Fast Company has reached out to Clinton for comment.) @outspoken_the_podcast Indy Clinton has iconically put her trolls on notice The popular TikToker recently hired a private investigator to track down faceless bullies relentlessly defaming her. Indy dropped a series of clues about some the biggest culprits, disturbingly revealing that majority of them are mothers. original sound – Outspoken If youre wondering who actually has the time or energy to troll influencers online, the scale of the problem may surprise you. Manychat, a leading chat marketing platform, surveyed 974 Americans in May 2025 about online behavior. The results: 61% admitted to making offensive jokes or comments online, and 3 in 5 confessed to spreading rumors. More than 3 in 4 believed their online actions have no real-world consequencesdespite research linking online harassment to anxiety, sleep disruption, and suicidal thoughts. Fast Company has previously reported on the internets so-called snarking problem, with entire subreddits devoted to obsessively dissectingand critiquinginfluencers every move. The internets promise of anonymity has long made trolls feel untouchable. In fact, 84% of those surveyed said they feel more empowered to speak freely online when anonymous. But with influencers now taking matters into their own hands, the tide may be turning. Just last week, the anonymous founder of Tattle Lifea British gossip forum often described as the most hate-filled corner of the webwas revealed to be an influencer himself. The unmasking followed a two-year investigation led by Neil and Donna Sands, who successfully sued the site for defamation. The internet is not an anonymous place, they posted on Instagram while sharing the news. The comments section is awfully quiet right now.
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E-Commerce
Six of the Group of Seven leaders are trying on the final day of their summit Tuesday to show the wealthy nations’ club still has the clout to shape world events despite the early departure of U.S. President Donald Trump.Canadian Prime Minister Mark Carney and his counterparts from the U.K., France, Germany, Italy and Japan will be joined by Ukrainian President Volodymyr Zelenskyy and NATO chief Mark Rutte to discuss Russia’s relentless war on its neighbor.World leaders had gathered in Canada with the specific goal of helping to defuse a series of pressure points, only to be disrupted by a showdown over Iran’s nuclear program that could escalate in dangerous and uncontrollable ways. Israel launched an aerial bombardment campaign against Iran on Friday, and Iran has hit back with missiles and drones.Trump left the summit in the Canadian Rocky Mountain resort of Kananaskis a day early late Monday, saying: “I have to be back, very important.” As conflict between Israel and Iran intensified, he declared that Tehran should be evacuated “immediately”while also expressing optimism about a deal to stop the violence.Before leaving, Trump joined the other leaders in issuing a statement saying Iran “can never have a nuclear weapon” and calling for a “de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.” Getting unanimityeven on a short and broadly worded statementwas a modest measure of success for the group.At the summit, Trump warned that Tehran must curb its nuclear program before it’s “too late.” He said Iranian leaders would “like to talk” but they had already had 60 days to reach an agreement on their nuclear ambitions and failed to do so before the Israeli aerial assault began. “They have to make a deal,” he said.Asked what it would take for the U.S. to get involved in the conflict militarily, Trump said Monday morning, “I don’t want to talk about that.”But by Monday afternoon, Trump warned ominously on social media, “Everyone should immediately evacuate Tehran!” Shortly after that, Trump decided to leave the summit and skip a series of Tuesday meetings that would address the war in Ukraine and trade issues.The sudden departure only heightened the drama of a world that seems on verge of several firestorms. Trump already has imposed severe tariffs on multiple nations that risk a global economic slowdown. There has been little progress on settling the wars in Ukraine and Gaza.Trump’s stance on Ukraine puts him fundamentally at odds with the other G7 leaders, who back Ukraine and are clear that Russia is the aggressor in the war.The U.S. president on Monday suggested there would have been no war if G7 members hadn’t expelled Putin from the organization in 2014 for annexing Crimea.Trump on Monday demurred when asked if he supported Russia, saying “I only care about saving lives.”With talks on ending the war at an impasse, Starmer said Britain and other G7 members were slapping new tariffs on Russia in a bid to get it to the ceasefire negotiating table. Zelenskyy is due to attend the summit Tuesday at Carney’s invitation, along with other leaders including Rutte and Indian Prime Minister Narendra Modi.Trump declined to join in the sanctions on Russia, saying he would wait until Europe did so first.“When I sanction a country, that costs the U.S. a lot of money, a tremendous amount of money,” he said.Trump had been scheduled before his departure to meet with Zelenskyy and with Mexican President Claudia Sheinbaum.On the Middle East, Merz told reporters that Germany was planning to draw up a final communique proposal on the Israel-Iran conflict that will stress that “Iran must under no circumstances be allowed to acquire nuclear weapons-capable material.”Trump also seemed to put a greater priority on addressing his grievances with other nations’ trade policies than on collaboration with G7 allies. The U.S. president has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire.He announced with Starmer that they had signed a trade framework Monday that was previously announced in May, with Trump saying that British trade was “very well protected’ because “I like them, that’s why. That’s their ultimate protection.” Associated Press writers Will Weissert in Banff, Alberta, and Josh Boak in Calgary, Alberta, contributed to this story. Rob Gillies and Jill Lawless, Associated Press
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E-Commerce
ChatGPT maker OpenAI was awarded a $200 million contract to provide the U.S. Defense Department with artificial intelligence tools, the Pentagon said in a statement on Monday. “Under this award, the performer will develop prototype frontier AI capabilities to address critical national security challenges in both war fighting and enterprise domains,” the Pentagon said. The work will be primarily performed in and near Washington, D.C. with an estimated completion date of July 2026, the Pentagon said. OpenAI said last week that its annualized revenue run rate surged to $10 billion as of June, positioning the company to hit its full-year target amid booming AI adoption. OpenAI said in March it would raise up to $40 billion in a new funding round led by SoftBank Group at a $300 billion valuation. OpenAI had 500 million weekly active users as of the end of March. The White House’s Office of Management and Budget released new guidance in April directing federal agencies to ensure that the government and “the public benefit from a competitive American AI marketplace.” The guidance had exempted national security and defense systems. Kanishka Singh, Reuters
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E-Commerce
The most inaccurately named sale of the year will soon be held againso get your wallets ready. Amazon has announced that its annual Amazon Prime Day sales event will take place next month from July 8 to 11. Yes, Amazon Prime Day is now four days longtwice as long as in previous years. Heres everything you need to know about the summers biggest shopping event. Amazon Prime Day is now closer to a week long Back on July 15, 2015, Amazon held its first Amazon Prime Day. The now-annual event sees millions of items on Amazon go on sale for Prime members. Its a way to reward them for subscribing to Amazons subscription delivery service. The event also acts as a promotion for the service and an incentive to get other Amazon shoppers to subscribe. The inaugural 2015 Amazon Prime Day was true to its namethe event lasted just one day. It also lasted just one day when it was held the following year in 2016. But from 2017 until last year, Amazon extended Amazon Prime Day into a two-day sales event. So I know what youre thinking: This year Amazon has stretched Amazon Prime Day to three days, right? Wrong. Amazon has now announced that Amazon Prime Day is now a four-day event. Yep, in Amazons world, one day now equals 96 hours. From a math perspective, at this point it would just make more sense for Amazon to round up the Amazon Prime Day moniker to Amazon Prime Week instead of keeping the name rounded down. What are the new dates? Amazon Prime Day 2025 will kick off in the second week of July. The four-day event begins at 12:01 a.m. PDT on Tuesday, July 8, and runs until Friday, July 11. With the summer shopping event returning, for the first time for four days, Prime members have double the time to shop millions of deals with savings on pantry staples and snacks for summer gatherings to home-improvement must-haves, back-to-school supplies, health and personal care finds, family-favorite toys, best-selling books, pet essentials, and even premium and luxury splurges, Amazon said in its announcement. Does every country have Prime Day? Amazon will be holding Prime Day in most of the countries in which it operates. However, while some countries will see Prime Day 2025 fall July 8 to 11 this year, other countries will need to wait until later in the year to experience Prime Day. Amazon says the countries that will have Prime Day from July 8 to 11 include: Australia Austria Belgium Canada Colombia France Germany Italy Ireland Japan Luxembourg Netherlands Poland Portugal Singapore Spain Sweden Turkey United States United Kingdom Prime Day 2025 will happen later in the year for additional countries. However, Amazon has not revealed an exact date. The company says Prime members in the following countries can shop Prime Day deals later this summer: Brazil Egypt India Mexico Saudi Arabia United Arab Emirates What are the best Amazon Prime Day deals? Every Amazon Prime Day event sees millions of items go on sale for Prime membersfrom apparel and pet supplies to tech. But for this years Amazon Prime Day, the company is doing things a little differently. In addition to the regular swath of sale items, Amazon will also be holding time-limited sales during the event. These sales will be on select items and will be announced at midnight PDT on each day of the sales event. Amazon is calling these time-limited sales Todays Big Deals, and says the items will only remain on sale while supplies last. In other words, this is Amazons way of ensuring that people come back to its website repeatedly during the eventhoping they spend more each time. Amazon says its inaugural Todays Big Deals items will include products from brands including Samsung, Kiehls, and Levis. How does Prime Day help Amazon’s bottom line? While Amazon bills Prime Day as a sales event designed to celebrate and reward its Prime subscribers, the event naturally benefits its own already-deep pockets. Last year, Amazon announced that its 2024 Prime Day was its biggest ever, with the company selling more than 200 million items during the 48-hour event. As Prime Day has become more popular, Amazons brick-and-mortar competitors have started to hold their own annual summer sales to coincide with Prime Day. However, many of these retailers, including Target and Walmart, hold their sales for a longer period than Amazon Prime Days historic 48 hours. Sky Canaves, principal analyst at eMarketer, said in a research note, Amazons competitors had piggybacked off its success by launching their own July sales events, often up to a week long, and their revenues during Prime Day had been growing at a faster rate than Amazons. Canaves went on to say that this years doubling of the length of Amazon Prime Day will mark a major reversal in that trend. “With this years expansion to four days, Amazon is shaking up what had become a fairly predictable Prime Day playbook, Canaves said. We expect Amazon to capture 75% of U.S. e-commerce sales during this periodcompared with less than 60% in last years two-day format. According to eMarketer’s data, Amazon two-day Prime Day sales totaled $8.47 billion last year. The research firm predicts that Amazons four-day sales this year will generate $12.93 billion in sales over the 96-hour event. How much does Amazon Prime Day cost? To participate in Amazon Prime Day 2025, youll need to be a current Amazon Prime subscriber during the period from July 8 to 11. Amazon Prime subscriptions in the United States cost $14.99 per month or $139 per year. Amazon also offers a free 30-day trial for eligible customers. Even if you are a subscriber to Amazon Prime on a free trial offer, youll still be able to take advantage of all the sales Amazon Prime Day offers.
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E-Commerce
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