Axios

House lawmakers voted Wednesday evening to overturn a Securities and Exchange Commission staff bulletin related to digital asset custody accounting, with 21 Democrats voting "yea."

Why it matters: SAB 121 has become something of a lightning rod, uniting crypto shops and major banks against the SEC.

Shopify, the e-commerce logistics company, shocked investors today with its sales forecast.

By the numbers: While sales growth reached 23% in the first quarter, Shopify says it expects its Q2 growth rate to fall to the high teens.

• The stock plummeted more than 21% earlier in the day and closed down 18.6%.

💭 Hope's thought bubble: As consumers continue to battle inflation and budget for events and travel, Shopify's double-digit growth rate — in its 18th year of operation — speaks to how strong demand for goods continues to be.

• And the sell-off, especially in the context of the company's near 50% margins, shows how sensitive and unforgiving financial models are to changing winds.

FTX's token, FTT, rose on last night's news — for some reason that we can't possibly comprehend.

💭 Our thought bubble: This is crazy.

• The bankruptcy estate has been very clear that FTT holders are getting nothing.

The bottom line: FTT is a meme coin at this point.

An online survey commissioned by Digital Currency Group and conducted by the Harris Poll found that a slice of registered voters in swing states think crypto is important.

Behind the scenes: Some 40% of the 1,201 survey respondents in Michigan, Ohio, Montana, Pennsylvania, Nevada and Arizona said they wish political candidates talked more about digital currency.

Zoom in: Nearly half, or 48%, said they do not trust candidates who interfere with crypto.

• 30% said they would be more likely to support a crypto-friendly candidate.

A majority, or 74%, said they never owned crypto.

• Almost half of those who say they owned crypto said they profited.

FTX took a significant step in its bankruptcy case, filing a reorganization plan that touts to repay customers in full, plus interest.

Why it matters: Customers still don't stand to recover what they lost in the cryptocurrency exchange's collapse — not even close.

One year ago this month, the Federal Reserve pushed its target interest rate above 5% — a step that seemed sure to cause ripples across the corporate landscape and the global economy. To a surprising degree, though, the world has taken the onset of 5% rates in stride.

Why it matters: After more than a decade of cheap money, the U.S. economy has adjusted to the new era of high borrowing costs — with more business leaders accepting that it could be the new normal.

After several years of soaring house prices, U.S. homeowners are sitting on a record mountain of wealth.

Why it matters: The economy looks pretty great for Americans who own their own homes — that's nearly 66% of the population!

After several years of soaring house prices, U.S. homeowners are sitting on a record mountain of wealth.

Why it matters: The economy looks pretty great for Americans who own their own homes — that's nearly 66% of the population!

Axios editor Dan Primack spent a day this week among the masters of the universe at the annual Milken Global Conference in Los Angeles and walked away with one overriding thought: Most everyone was quite satisfied with the current state of affairs.

The big picture: Yes, there were mentions of Israel/Gaza, Ukraine/Russia, climate change, national debt, and the growing toxicity of domestic politics.

Auction prices are the most transparent and reliable way to find out the value of an artist's work. But as Katya Kazakina reports for Artnet, they can also be highly misleading.

Why it matters: In general, auction prices tend to overstate the strength of the art market, thanks to survivorship bias — how auction houses gravitate toward the hottest artists. Sometimes, however, the bias can lean the other way.

Small business owners are as preoccupied with stubborn inflation and economic uncertainty as the general public, yet many still embrace entrepreneurship — warts and all.

Why it matters: A slowing economy and stubbornly high prices have exposed a growing divide between Wall Street and Main Street.