Axios

Major news, including events around the U.S. presidential election and the Olympics, have been disrupting consumer spending patterns, Amazon CFO Brian Olsavsky said Thursday afternoon.

Why it matters: Retail experts in January anticipated that politics would have an impact on businesses this year.

The world's biggest automakers are faltering in China.

Why it matters: China was once a source of significant sales growth for foreign automakers like Volkswagen, Toyota and General Motors.

The CEO and co-founder of 23andMe wants to take the struggling DNA testing company private.

Why it matters: 23andMe's fortunes have deteriorated in recent years, with its market cap around $200 million as of this morning with its stock at 39 cents.

• It was valued at $3.5 billion when it went public via a SPAC deal in 2021.

Driving the news: Anne Wojcicki, who owns about 20% of the company, submitted a proposal to acquire the rest for 40 cents a share.

One of the Senate's most vulnerable Democrats, Sherrod Brown (Ohio), is pointing the finger at Majority Leader Chuck Schumer (D-N.Y.) for the lack of progress on landmark rail safety legislation, Axios has learned.

Why it matters: Brown, who is in a fierce fight to keep his seat from flipping to Republicans, is taking the rare step of publicly splitting with Senate Democratic leadership to push for action on the rail safety measure, which has resonance in his home state.

A trio of publicly traded crypto firms is reporting earnings Thursday, and the analysts covering them are keen on hearing from management where the industry goes from here.

Why it matters: Easing hostility around the industry and a shakeup in the presidential election have turned stock analysts more positive about the crypto shops they cover.

The Biden administration wants to ban airlines from charging parents to sit with their kids on flights.

Why it matters: The move is part of the administration's broader effort to ban what it calls "junk fees" and could compromise a source of profits for airlines.

A trio of publicly traded crypto firms is reporting earnings today, and the analysts covering them are keen on hearing from management where the industry goes from here.

Why it matters: Easing hostility around the industry and a shakeup in the presidential election have turned stock analysts more positive about the crypto shops they cover.

Zoom in: Citi raised its rating and price target on Coinbase's stock last week, citing upside in the company's "long-standing" regulatory risk.

• Analyst Peter Christiansen said the firm changed its view following shifts in the U.S. election landscape and the Supreme Court's overturning the Chevron deference.

As tether, the stablecoin, charts ever-greater all-time highs in market capitalization, the company behind it, Tether, released its attestation for the second quarter.

Why it matters: Tether is the third-largest cryptocurrency in the world and the liquidity lifeblood of the whole global industry.

How it works: Tether (USDT) is a stablecoin. The company behind it issues tokens guaranteed to be backed dollar for dollar by its reserves, which are U.S. Treasuries, dollars and some other assets.

A website linked to former President Trump dropped bitcoin-themed high-tops yesterday.

Zoom in: 🍊 There were 1,000 orange numbered pairs, five of which would be autographed and sold at random, according to the website gettrumpsneakers.com.

• That color is sold out, though the black high-tops still appear to be available for pre-order at $299.
• They are estimated to ship October/November/December, the site says.

State of play: The orange high-tops are already landing on eBay with eye-watering asks, with one advertised as high as $69,999.

• 👆That would cost more than one bitcoin.