Chris Campbell:

CLARITY Act Gains New Urgency as More Than 100 Crypto Organizations Urge Senate Action

Today, the Blockchain Association, the Crypto Council for Innovation, and over 90 organizations – with total support exceeding 100 when including Stand With Crypto chapters – urged the Senate Banking Committee to advance a markup of the CLARITY Act, arguing that a federal framework is now essential for market certainty, consumer protections, and long-term U.S. competitiveness.

In a joint letter to Senate Banking Committee leaders, the coalition stated that current momentum in Washington should translate into formal legislative action.

The letter also argued that agency activity alone cannot provide a lasting solution for the sector. The coalition warned against a return to “regulation by enforcement,” which it said created prolonged uncertainty for builders and market participants.

The industry is positioning market structure as a foundational issue rather than a narrow compliance requirement. The letter explains that a comprehensive federal framework would clarify regulatory jurisdiction, introduce disclosure standards tailored to digital assets, and establish consistent rules across all 50 states.

For crypto firms, investors, and developers, those issues affect where products launch, how businesses scale, and whether capital remains in the U.S. or moves offshore. For policymakers, the stakes include jobs, innovation, and the country’s strategic position in digital finance.

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Ray Blanco:

Trump Reclassifies State-Licensed Medical Marijuana as a Less-Dangerous Drug in a Historic Shift

President Donald Trump’s acting attorney general on Thursday signed an order reclassifying state-licensed medical marijuana as a less-dangerous drug, a major policy shift long sought by advocates who said cannabis should never have been treated like heroin by the federal government.

The order signed by Todd Blanche does not legalize marijuana for medical or recreational use under federal law. But it does change the way it’s regulated, shifting licensed medical marijuana from Schedule I – reserved for drugs without medical use and with high potential for abuse – to the less strictly regulated Schedule III. It also gives licensed medical marijuana operators a major tax break and eases some barriers to researching cannabis.

Blanche’s action largely legitimizes medical marijuana programs in the 40 states that have adopted them. It sets up an expedited system for state-licensed medical marijuana producers and distributors to register with the U.S. Drug Enforcement Administration.

The Trump administration also said it was jump-starting the process for reclassifying marijuana more broadly, setting a hearing to begin in late June.

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Ari Goldschmidt:

Tesla’s Big Beat Comes With a Bigger Bill Ahead

Investor excitement over Tesla’s surprisingly good earnings report Wednesday quickly faded as it became clear that the financial pain they’d been bracing for is still ahead – and likely worse than expected.

Tesla reported an unexpected $1.4 billion in positive free cash flow, versus the roughly $1.5 billion cash burn analysts had forecast. However, that upside appears to say less about improving fundamentals than about timing: Tesla’s spending hasn’t really ramped yet.

Capital expenditure came in at $2.5 billion last quarter, well below the $4.4 billion analysts had expected, according to FactSet. At the same time, Tesla raised its projected 2026 capex to $25 billion from $20 billion.

That implies roughly $7.5 billion in spending in each of the next three quarters – more than double the company’s previous peak. Last year, the company reported capex of just ~$9 billion, so this latest bump is a pretty substantial one.

The bet is that today’s spending surge will translate into higher-margin AI and software revenue – but Tesla offered little detail on timing, saying only that “over time, we expect our hardware-related profits to be accompanied by an acceleration of AI, software, and fleet-based profits.”

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