Good morning, and welcome to the 6,000+ new people joining us today. Get ready for some fast, impartial news that’s actually enjoyable to read.

We also have donut holes. Lots and lots of donut holes.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.62-minute read (1,229 words).

“Goodness is the only investment that never fails.”

–Henry David Thoreau (1817-1862)

Yesterday, the House voted 279-136 in favor of a bill that would establish new regulations for cryptocurrencies, with 71 Democrats joining nearly all Republicans in support of the measure.

Among other things, the industry-backed bill would introduce a “decentralization test” for each individual crypto product to determine whether it’s a commodity or security. Commodities are generally defined as tangible goods that can be traded, while securities represent ownership of an entity like a company.

Passing this decentralization test would require two conditions:

1. No person having “unilateral authority” to control a crypto product’s blockchain
2. No issuer or affiliated person having 20+% control over the digital asset or its voting power

Crypto products defined as decentralized under this test would be commodities regulated by the CFTC, while non-decentralized crypto would be deemed securities under the SEC’s authority.

Over at the SEC, the measure is less popular than Bernie Madoff. Agency ​​Chair Gary Gensler published a statement hours prior to the House vote urging lawmakers to reject the bill, saying it would put investors and markets “at immeasurable risk" by essentially allowing crypto issuers to self-certify that their products are digital commodities.

• Commodities are widely seen as subject to less stringent regulations than securities. For example: the SEC requires investor disclosures 2x/year for all securities, while commodities don’t require any reporting under CFTC rules.

Looking ahead… The bill now heads to the Senate, where analysts predict its chances of approval are less likely than the House. President Biden this week said he opposes the measure, but didn’t threaten to veto it.

🏛️🪙 Elsewhere on Capitol Hill: The SEC this week indicated it will likely approve applications for the first spot ether ETF, a surprise move that would allow Americans to invest directly in ether – the world’s second most-popular cryptocurrency – without having to actually buy or hold the asset.

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🇳🇵 Kami Rita Sherpa climbed Mount Everest for a record-high 30th time. Rita, a 54-year-old Nepali sherpa guide, has climbed Mount Everest every year since 1994, save for three years when the mountain was closed. He initially set the Guinness World Record for most Mount Everest climbs in 2023, then broke his own record after reaching the peak twice this month.

🇵🇸 Spain, Ireland, and Norway will formally recognize a Palestinian state on May 28. The largely symbolic decision aims to pressure other Western countries to recognize a Palestinian state, and accelerate a bid for Palestine to become a full UN member. Russia, China, and India are among the 142 UN members that currently recognize Palestinian statehood (out of 193), a figure that doesn’t include any of the G7 nations.

🇬🇧 While Americans are sipping brews and trying to avoid firework-related injuries, Britain will be heading to the polls. UK Prime Minister Rishi Sunak announced a general election for July 4, when voters will head to the polls to elect their local representatives who, in turn, will elect the country’s prime minister. Analysts say PM Sunak’s Conservative Party looks likely to lose control of the UK government after 14 years, with Labour Party leader Keir Starmer expected to take over as prime minister.

Daily or near-daily marijuana use has surpassed daily or near-daily alcohol use in the US for the first time, according to the annual National Survey on Drug Use and Health published yesterday.

It’s been trending this way for a while

In 1992, the survey data showed ~10x as many daily or near-daily alcohol users as cannabis users (~8.9 million vs. ~900,000).

But the pot-laced winds of change started blowing. Between that point and 2022 (the most recent year data was collected), there was a 15x increase in the per capita rate of reporting daily or near-daily use of marijuana. Per the latest data, ~18 million Americans consumed cannabis daily or near-daily, vs. ~15 million who consumed alcohol at that same pace.

Between the lines: Far more people consume alcohol than cannabis – but high-frequency drinking is less common. In 2022, the median drinker reported imbibing on 4–5 days in the past month, versus 15–16 days in the past month for the median cannabis user.

Side effects: While the detrimental effects of heavy alcohol consumption have been known for a while, research shows high-frequency cannabis use also has its downsides – for instance, an increased risk of a heart attack, stroke, or psychosis.

🌿 Zoom out: Marijuana has now been legalized in 38 US states for either recreational or medical use, and, on a federal level, is like a rained-out baseball game – in the process of being rescheduled.

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💬 Quoted: “Beep.”

• … is what cars in California will have to do when speeding if a proposed bill, which cleared the state Senate on Tuesday, eventually becomes law. The measure, aimed at reducing road deaths, would require all new cars in the state to feature a GPS-based system that alerts drivers when they cross 10+ mph over the speed limit with "a brief, one-time visual and audio signal.” And, since California makes up a significant portion of America's overall auto market, analysts say there’s a real possibility car manufacturers could make all new vehicles nationwide comply with the state’s speeding law, if enacted. The bill narrowly passed Tuesday’s Senate vote, indicating that it may face an uphill battle for approval in California’s State Assembly (aka its version of the US House).

🏓 Stat of the Day: If you’re hearing more loud “thwack”’s these days – you’re not alone. Since 2017, the number of outdoor public park pickleball courts in major US cities has risen by 650%, according to a new report by the Trust for Public Land.

🤔 Did You Know? Of all the web pages that existed in 2013, 38% are no longer available, per new Pew Research data. The same is true for 8% of websites created last year.

📰 Worth a Read: The 15 Minutes on a Citi Trading Desk That Sparked a $325 Billion Flash Crash → (Bloomberg)

• ☝️ Axios and Harris published their annual rankings of the top 100 companies by reputation among Americans; only the top-two companies scored an "excellent" rating, the lowest in a decade.

BUSINESS & MARKETS

in partnership with Scott Kemper Imagery

• 💰 US markets fell across the board (S&P: -0.3%; Dow: -0.5%; Nasdaq: -0.2%). | 🤖 Nvidia reported earnings after the bell; the chipmaker's net income rose over 7x compared to a year earlier, while its revenue more than tripled; the company also announced a 10-for-1 stock split. | 🏘️ Home sales fell in April for the second straight month.
• 🏦 The Fed opted to hold interest rates steady; however, the minutes of its meeting show officials worried over lack of progress on inflation.
• 🎯 Target posted a year-over-year sales decline and missed Wall Street’s earnings estimates; shares fell ~8%.

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SPORTS, MEDIA & ENTERTAINMENT

• 🤖📰 OpenAI reportedly struck a content licensing deal with News Corp, which owns the Wall Street Journal, NY Post, and other news orgs in the US, UK, and Australia; the deal could be worth $250+ million over five years. | 📝 Vivek Ramaswamy, an entrepreneur and former GOP presidential candidate, acquired a 7.7% activist stake in BuzzFeed.
• ⚖️ Sean "Diddy" Combs was accused of sexual assault in 2003 in a new lawsuit; it’s the sixth civil case filed against Diddy since November accusing him of similar actions.
• 🏈 Pittsburgh was selected to host the 2026 NFL Draft, the city’s first since 1948. | ⚽ Italian soccer club Inter Milan was taken over by US investment firm Oaktree after the club’s previous Chinese owners defaulted on a loan.

SCIENCE, SPACE & EMERGING TECH

in partnership with NoNetz

• 🤖🗣️ Amazon is reportedly planning to unveil an upgraded version of its decade-old Alexa voice assistant later this year, with a monthly fee for access. | 🤖 Humane, the startup behind the poorly-reviewed AI pin, is reportedly seeking to sell its entire business.
• 🚀 The first crewed launch of Boeing’s already-delayed Starliner spacecraft, which was scheduled for Saturday, is on hold indefinitely due to a helium leak.
• 🪲🦇 Some tiger beetles produce their own ultrasound noises when bats are nearby in an effort to trick the flying mammals into thinking they’re toxic tiger moths, per a new study.

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MISCELLANEOUS

• 🏡 A Tennessee judge halted the foreclosure sale of Elvis Presley’s former home, Graceland, amid a legal complaint from Presley’s granddaughter Riley Keough.
• 🎓 The Biden administration canceled another $7.7 billion in student loans for ~160,000 borrowers who meet certain criteria.
• 🗳️ Vince Fong (R), a California State Assemblyman, won the special election to succeed former GOP Rep. Kevin McCarthy.

CLICKBAIT

• 🏘️ The 150 best places to live in the US.

We bring you the most unusual, off-the-wall and occasionally laugh-out-loud headlines from this week.

• Taiwan MP Tries To Run Away With Bill To Stop It From Being Passed → (NDTV)
• Vermont cat earns honorary doctorate in 'litter-ature' → (UPI)
• Man Drinks Poison Oak Smoothies in Bid to Develop Resistance → (Futurism)
• Man wanted in Florida shooting found ‘folded’ in dryer → (Click Orlando)
• 706 people named Kyle got together in Texas. It wasn’t enough for a world record → (Associated Press)

Yesterday, we covered how America’s current divisions are often attributed to the red-blue political divide – but recent polling also shows a large generational divide in values, happiness, economics, and other key topics.

❓ Our question to you: In your experience, how has America’s generational divide in opinions changed over the past decade, if at all?

• 📈 The divide has grown larger: 71%
• 📉 The divide has grown smaller: 4%
• ↔️ The divide hasn’t changed much: 17%
• 🤷 Unsure/other: 8%

Click here to read some of the most-thoughtful longform responses.

+Note on sample size: We received 2,974 votes and 326 longform responses.

Meet Romeo, a six-year-old cow who just won the world record for tallest steer alive. 

The gentle giant, who stands 6 feet and 4.5 inches tall, is known around his animal sanctuary home for his loving and warm demeanor. His owner Misty Moore says he's "the sanctuary's biggest softie."

• Romeo was rescued from a veal cage at a dairy farm at 10 days old. Now, the world record holder lives out his days well fed, well loved, and a world record winner.

With a max diameter of ~186 miles, the Vredefort Crater is the largest verified impact crater on Earth. In which country is it located?

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South Africa