Good morning readers. Calling all meme lords and lordettes. According to a recent posting, the Biden campaign is looking to hire a “Partner Manager, Content and Meme Pages” to “initiate and manage day-to-day operations in engaging the internet’s top content and meme pages.” The job comes with an $85K a year salary.

Think you got what it takes? Here’s a link to the posting.

Let’s jump into today’s storylines.

In today’s digest:

• Landmark crypto legislation sails through the House

• Headline Hustle: Nvidia soars past earnings yet again and announces 10-for-1 split, Uvalde families sue state police for response to school shooting, some European countries recognize a Palestinian state

• Amazon’s Alexa is having a mid-life crisis

• Pulse Points: What’s Trending

CRYPTO

Crypto legislation takes a giant leap forward

Who said Congress couldn't keep up with the times? The House of Representatives, often criticized for its slow pace, just zipped through a landmark crypto legislation with a zest that could make Silicon Valley venture capitalists blush.

The vote heard ‘round the world

This Wednesday, the House passed the Financial Innovation and Technology for the 21st Century Act (say that three times fast) by a vote of 279 to 136. Notables like former Speaker Nancy Pelosi and House Minority Whip Rep. Katherine Clark were among the 71 Democrats who sided with the majority, highlighting the cross-party appeal of the bill.

Pelosi lauded the bill as a pivotal "first step," emphasizing the increasing integration of digital currency into our daily lives and its importance to her Bay Area constituency. The legislation aims to craft a tailored disclosure and registration regime for digital assets, shifting the primary regulatory responsibilities from the Securities and Exchange Commission to the Commodity Futures Trading Commission—a change long sought by the crypto industry.

The bill faces a rocky road in the Senate

But before crypto enthusiasts pop the champagne, they face a steep climb in the Senate, which has its own ideas about digital asset regulation. As industry experts have pointed out, the Senate is not known for simply rubber-stamping House bills.

SEC Chair Gary Gensler isn't a fan either.

• He criticized the bill for potentially creating regulatory gaps and exposing investors and markets to new risks, asserting that it would allow fraudsters to skirt securities laws by dubbing their schemes as crypto assets.

• Despite these hurdles, the crypto community remains optimistic, buoyed by a surprising nod from the Biden administration, which expressed a willingness to work towards a balanced regulatory framework for digital assets.

Looking ahead…the bill's passage in the House, combined with recent Senate actions to challenge SEC crypto custody rules, signals a potential thaw in the political climate surrounding digital assets. North Carolina Democrat Rep. Wiley Nickel sums it up: “Whether you love crypto or hate crypto, you should support regulation. The status quo just isn’t working.”

IN THE KNOW

Headline Hustle

📈 Nvidia blows past earnings again, stock soars above $1,000 for first time. Nvidia's shares soared above $1,000 after a stellar first-quarter earnings report, showcasing the ongoing AI boom's impact on chip demand. The company reported revenues of $26.04 billion, significantly surpassing expectations, with net income jumping to $14.88 billion. Driven by robust sales of its AI chips, especially the Hopper graphics processors, Nvidia's data center revenue spiked by 427% to $22.6 billion. The report also highlighted an anticipated boost from its next-generation AI chip, Blackwell, expected to hit data centers by year-end.

🏫 Uvalde families sue state police and school district for response to shooting. Families affected by the Uvalde elementary school shooting, where a gunman killed 19 children and two teachers, filed a lawsuit against 91 state police officers and the local school district, citing "the single greatest failure of law enforcement in confronting an active shooter in American history." They also settled with the city of Uvalde for $2 million, which includes funds for new officer training and a city memorial. The suit alleges constitutional rights violations under the 14th Amendment and claims against product manufacturers for faulty school equipment.

🇪🇺 Some European countries move to recognize Palestinian state. Three European nations—Norway, Spain, and Ireland—announced they would recognize an independent Palestinian state, diverging from U.S. views which prefer a negotiated two-state solution. This move, seen as a response to Israel's actions in Gaza, was criticized by Israeli Prime Minister Netanyahu as rewarding terrorism. The recognition aims to reinvigorate the stagnant peace process, reflecting frustration with the ongoing conflict and Israel's settlement expansions. Concurrently, the International Criminal Court sought arrest warrants for Israeli leaders, escalating tensions.

TECH

Hey Alexa, it’s time for a revamp

Just when you thought your voice assistant couldn't get any sassier, Amazon decides it's time for Alexa to go back to school. Amid an AI revolution, the digital helper that could once merely sing you a song or set a timer is poised for a dramatic transformation, which could include a monthly subscription fee.

Rethinking the voice assistant

Amazon plans to infuse Alexa with generative artificial intelligence, promising a more conversational assistant, similar to the capabilities seen in Google’s recent AI innovations and OpenAI’s GPT-4o. The specifics are still hush-hush, with no comments from Amazon and no price point set in stone, but insiders hint at a more engaging Alexa experience launching later this year.

It’s an ambitious pivot from the tech giant, and not without risk. While Amazon dazzled us in 2014 with Alexa’s ability to control our music and lights, the tech landscape has evolved dramatically. Today's AI can conduct in-depth conversations, translate languages in real time, and more—capabilities Alexa is currently catching up to.

But Amazon’s journey with Alexa hasn’t been without its stumbles. Under CEO Andy Jassy’s watch, there has been a push to redefine the tech behemoth’s priorities, with Alexa moving from a pet project under Jeff Bezos to a division fighting to justify its existence.

Big picture: As Amazon retools Alexa to compete with more advanced AIs, it faces the dual challenge of innovating while also preserving the user-friendly charm that helped Alexa become a household name.

SNIPPETS

Pulse Points

• OpenAI and News Corp have announced a multi-year global partnership that grants OpenAI access to current and archived articles from News Corp's outlets, such as The Wall Street Journal, MarketWatch, Barron's, and The New York Post.

• Humane, the creator of the Ai Pin which received lackluster reviews upon its launch last month, is now seeking a buyer, according to a Bloomberg report citing anonymous sources.

• TikTok is planning significant layoffs in its operations and marketing departments, according to current employees who spoke to CNN.

• Warner Bros. Discovery has enhanced its sports programming by entering a five-year sublicensing agreement with Disney's ESPN to broadcast first-round and quarterfinal College Football Playoff games.

• Charlie Colin, the bassist and founding member of the pop-rock band Train, known for hits like "Drops of Jupiter" and "Meet Virginia," has passed away at age 58.

• The IRS has extended its Free File program until 2029, continuing its collaboration with private tax software companies to enable most Americans to file federal taxes for free.

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