Axios

One of the U.S.'s two top investment regulators waded, once more, into the most fraught question in the blockchain business Wednesday when he said Congress needs to create a "comprehensive framework" to clarify which assets are commodities and which are securities.

Why it matters: The regulatory status of cryptocurrency has been the most fraught issue in the space going back to at least 2017, when entrepreneurs started using blockchains for capital formation en masse.

Bitcoin is losing the hearts and minds of criminals, according to a fresh report from Chainalysis.

• They like stablecoins now.

Why it matters: Money laundering takes time, and even criminals don't want to expose themselves to volatility as they slowly but surely move ill-gotten gains into a form they can use.

MicroStrategy, the enterprise software company that has effectively become a leveraged bet on bitcoin, announced yesterday that it would split its stock.

Why it matters: That means more shares will be created, and lower prices.

Nvidia's AI chips may be flying off the shelves, but they don't seem likely to pay for themselves in the form of higher corporate revenues any time soon.

Why it matters: The U.S. stock market continues to hit new highs, driven in large part by optimism surrounding the coming AI revolution.

The price of postage stamps goes up for the second time this year — and the fifth time in 24 months — starting Sunday.

Why it matters: The 5-cent increase for First-Class stamps ties the record for the biggest hike ever.

By many indicators, there is much to like about America's economic backdrop.

The big picture: Consumer prices are no longer rising at a rapid pace — in some cases, costs are falling — a milestone for the economy that has been plagued by high inflation for years.

It now looks like we are going to get a rate cut this quarter after all.

Driving the news: After this morning's very benign inflation report, the CME Fed Funds futures markets spiked to pricing in a 95% probability that the Fed will cut in September, if not this month.

The big picture: At the start of this year, markets were sure there would be at least one rate cut by September, with most market participants expecting five cuts by then.

• But inflation and employment numbers both came in hotter than expected, and it started becoming obvious that many cuts wouldn't be arriving anytime soon.

The bottom line: The doves are back, although the timetable for getting to five rate cuts has been pushed back to at least April, per CME traders.

Consumers have had enough of price increases, and they're pushing back, according to reports from several consumer-centric companies today.

Why it matters: Today's Consumer Price Index report showed inflation cooling off, as the cumulative effect of price increases since the pandemic has reoriented consumer behavior.

Hiring has cooled off such that the job market alone is no longer a reason to keep rates high — in fact, doing so might hurt the economy.

Why it matters: It's a flip from the past three years, when the Federal Reserve pointed to a too-hot labor market as a reason for the central bank to keep downward pressure on the economy.

The latest Consumer Price Index report, out Thursday morning, revives confidence that America's inflation problem is truly receding.

Why it matters: At the beginning of the year, the reacceleration of inflation stoked fears that progress would stall. Now, that data looks more like an abnormality.

The Texas Blockchain Council has opened a new front in the cryptocurrency industry's battle over regulations by submitting a friend of the court brief to a case challenging the Securities and Exchange Commission's (SEC) policy of requiring silence in all settlement agreements.

Why it matters: Since the 1970s, the SEC has refused to enter into a settlement with any company unless it agrees to never discuss their case in public.

Riot Platforms and Bitfarms' nearly yearlong battle appears to be escalating.

Why it matters: Bitcoin miners are strategizing post-halving — some are shifting focus to hosting AI data centers, and others are looking to get bigger by merger or acquisition.

Behind the scenes: What started as a friendly proposal to combine forces has turned into something of an activist campaign, with Riot launching a website called A Better Bitfarms, after amassing a nearly 15% stake in the rival bitcoin miner.

• "It's time to fix Bitfarms' broken corporate governance," the website reads and proposed three directors for Bitfarms' board.

Here's what's new on Hulu, Prime Video, Apple TV+, Netflix and Paramount+.

What we're watching: A documentary about a criminology pioneer, a new Tyler Perry drama with leading lady Meagan Good and a thriller series about a woman who befriends a robot.

The Consumer Price Index fell 0.1% in June and the measure that strips out energy and food costs rose by the same amount, the Labor Department said on Thursday.

Why it matters: The new data shows price hikes slowed sharply last month — offering relief to American consumers and bolstering the case for the Federal Reserve to cut interest rates.

The proportion of the world's adults with a net worth of less than $10,000 has plunged this century, from 75% in 2000 to less than 40% in 2023. That's according to data from the latest UBS Wealth Report.

Why it matters: The trend underscores the astonishing decline in inequality that we've seen over the past couple of decades.

7-Eleven is marking its 97th birthday, also known as Slurpee Day or Free Slurpee Day, by giving away free small Slurpee drinks Thursday, July 11.

Why it matters: The world's largest convenience store chain's annual freebie arrives as the summer of discounts is heating up.

Vermont (25.6%), Iowa (23.9%) and Maryland (23.4%) have the highest share of 65-and-up adults in the workforce, according to preliminary 2023 census data.

Why it matters: The 2024 presidential campaign between Joe Biden and Donald Trump is sparking a fresh conversation about age, ability and mental acuity.

Amazon revealed some of its Prime Day discounts on Thursday ahead of its crucial mid-year sales period on July 16 and 17.

Why it matters: Competition for deal-hungry consumers has intensified in recent years as Amazon Prime Day has spawned other retailers like Best Buy and Walmart to host their own sales around the same time.