Good morning. In this edition:

• 🤔 What’s in President Trump’s “big, beautiful bill”?
• 🪙 Kidnappers are targeting crypto millionaires
• 😋 A global food supply breakdown

Ready, Set, Go: Today’s news should be a ~3.85-minute read (1,024 words).

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"I know now a loss can be a gift. A chance to grow. Losing has taught me to be a better winner and a better person, one who is always looking for opportunities to learn."

–Serena Williams (b.1981)

The House Budget Committee officially approved President Trump's One Big Beautiful Bill Act on Sunday after a handful of GOP holdouts agreed to let it pass.

The proposed legislation, which includes a range of domestic policies backed by Trump and congressional Republicans, now heads to the full House floor for an upcoming vote.

What’s in it?

As it currently stands, the One Big Beautiful Bill Act covers five main areas:

1. Tax cuts: The bill would make permanent the cuts from Trump’s 2017 Tax Cuts and Jobs Act, increase the maximum Child Tax Credit from $2,000 to $2,500, and fulfill Trump’s campaign promises to eliminate taxes on tips, overtime, and car loan interest. It would also implement a series of new business-centered tax deductions.
2. Healthcare: Starting in 2029, childless adults without disabilities would have to work at least 80 hours/month to qualify for Medicaid (there’s currently no work requirement). The measure would also seek to save the federal government money by scaling back Medicaid funding for states, and requiring them to impose Medicaid co-payments for adults who are above the poverty line.
3. Defense: The bill requests an additional $150 billion in national security spending, with an emphasis on building out the US military’s drone capabilities across different branches.
4. Education: The bill proposes several changes to higher education, with a goal of finding $330 billion in savings. These include new caps on federal student loans, fewer loan repayment plans, and a revamped Pell Grant system featuring increased credit requirements and new eligibility for short-term workforce training programs.
5. Border security: The measure allocates $70 billion for various border security initiatives, including $46.5 billion to construct and maintain barriers along US borders. Other areas of funding include facility improvements, personnel hiring, and surveillance technology.

Looking ahead…Speaker Mike Johnson (R-LA) says he’s “absolutely convinced” the Republican-controlled House will be able to approve the bill by the end of this week.

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Elmo, Big Bird, & co. are moving to a new home—just down the street of streamer-shortcut buttons on your remote.

Netflix yesterday signed an agreement that’ll see new episodes of Sesame Street hosted by the streamer. They’ll also be available to watch same-day on PBS, where the beloved children’s show has lived for 50+ years (an open Sesame agreement, if you will).

The deal comes at a crucial time for Sesame Street. After having some grants canceled by the Trump admin and losing a ~$30 million/year deal with HBO to produce new episodes (HBO now pays ~$6 million for access to the show’s back catalog instead), Sesame Workshop, the nonprofit organization behind the show, was thrown into financial turmoil. The group in March announced it would lay off ~20% of its staff.

Though financial terms of the Netflix deal weren’t disclosed (analysts say they’re probably less friendly than the previous deal), Sesame Workshop CEO Sherrie Westin said in a note to staff it was “certainly worth celebrating.” It’ll also give the show access to a wider reach; Netflix boasts 300+ million subscribers, while Max HBO Max has ~122 million.

Big picture: Children’s content accounts for 15% of all viewing on Netflix. Sesame Street joins a slate of children’s shows already on the service, including Cocomelon and Ms. Rachel. On Monday, the streamer also announced the release of a new game dedicated to Peppa Pig.

Your local crypto bros will likely stop bragging about their gains in the future.

Law enforcement agencies across the globe are seeing a spike in violent abductions targeting major crypto investors, executives, and their families—the most recent of which occurred in France last week, when kidnappers attempted (and failed) to grab a prominent crypto executive’s daughter and grandchild.

These assaults, referred to as “wrench attacks,” have seen victims get abducted, pistol whipped, and even have fingers cut off in an effort to extract millions of dollars in crypto ransom.

• At least five successful crypto-related abductions have occurred in France over the past year, with dozens of other such cases recorded around the world during that time, per government officials and specialists.
• In September, a Florida man was sentenced to 47 years in prison for leading a ring that carried out home-invasions across multiple states in search of crypto.

Why use physical force for digital cash? Major crypto investors have increasingly taken their digital wallets offline in recent years due to the threat of being hacked, instead favoring physical devices. But criminals adapted accordingly, leading to a spike in real-world crypto crime.

Big picture: Concerns across the industry intensified last Thursday, when crypto exchange Coinbase revealed up to 97,000 customers had their personal info stolen—including addresses and balance snapshots—after criminals bribed employees and contractors in India for access. The DOJ is reportedly investigating the incident.

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BUSINESS & MARKETS

• 🗣️ JPMorgan CEO Jamie Dimon said he thinks markets are underestimating the impact of tariffs.
• 🧬 Biotech company Regeneron is buying the bankrupt 23andMe for $256 million.
• 📊 US mortgage rates hit 7.04%, per Mortgage News Daily; it marks the highest level since April 11. | China cut its benchmark lending rates for the first time in seven months; it comes amid a growth push by Beijing.

SPORTS, MEDIA & ENTERTAINMENT

in partnership with Kanguro

• 🏆 Playoffs?! The NBA and NHL conference finals both kick off today; see previews here and here, respectively.
• 📝 Denzel Washington was awarded an honorary Palme d’Or at the Cannes Film Festival, its highest honor for an individual. | Werenoi, France's bestselling musical artist for the past two years, died at age 31 in Paris.
• 📺 CBS News CEO Wendy McMahon announced her resignation; CNBC reports the move was requested by parent company Paramount.

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SCIENCE, SPACE & EMERGING TECH

• 🩸 The FDA approved the first blood test used for diagnosing Alzheimer’s disease.
• 🏥 UCLA surgeons performed the world’s first human bladder transplant earlier this month, the university announced.
• 🎓 MIT has disavowed a hyped-up paper from one of its PhD students that claimed scientists aided by AI tools were considerably more productive than peers without; MIT cited concerns with the paper’s validity.

US, WORLD & POLITICS

in partnership with FinanceBuzz

• 📲 President Trump held a two-hour phone call with Russian President Vladimir Putin; Trump said “some progress has been made,” though Putin refused to sign on to a 30-day ceasefire supported by Ukraine.
• 🧑‍⚖️ The Supreme Court allowed the Trump admin to strip temporary legal protections from thousands of Venezuelans living in the US while a lawsuit over the move’s legality proceeds.
• ✍️ President Trump signed into law an overwhelmingly bipartisan bill making “revenge porn” a federal crime.

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☝️ The Hubble Space Telescope recently captured this image of “cotton candy clouds” present in a nearby dwarf galaxy called the Large Magellanic Cloud.

🤔 Did You Know? ~75% of the world’s food comes from a combined 12 plants and five animal species, per the UN Food and Agricultural Organization.

📰 Worth a Read: The innovative history of the artificial limb stretches as far back as Ancient Egypt

🖱️ Clickbait: How gardening can help you live better for longer

Yesterday we covered how the US government was stripped of its last remaining perfect AAA credit rating from a major firm, after Moody’s downgraded its creditworthiness for the first time since 1917.

❓ Our questions to you: How do you feel about Moody’s decision to downgrade America’s credit rating by one notch from perfect AAA status?

• It’s a sign of trouble ahead: 37%
• It’s late to the party: 42%
• It’s not really a big deal: 12%
• Unsure/other: 9%

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

+Note on sample size: We received 1,930 votes and 204 longform responses.

🍍 Trivia: What year did Spongebob Squarepants debut on TV?

🐌 True or False? Snails have feet

❓ Riddle Me This: What is black when it’s clean, and white when it’s dirty?

🦎 A ‘lost' gecko species previously thought to be extinct was rediscovered in South Africa after three-plus decades without a sighting.

🖍️ Five year old Max Evans-Browning drew 99 animals in honor of Sir David Attenborough's 99th birthday. The project took Max four days of drawing after school and eight sheets of paper to complete.

📣 A group of Japanese businessmen spend their weekends in the best way they know how: cheerleading.

🍍 Trivia: 1999

🐌 T/F: True—one foot, to be exact

🤔 Riddle: A chalkboard