Happy Thursday!

Josh Hawley has become the first Republican to publicly oppose the CLARITY Act. He said his phone is getting blown up over it — but why?

Steve Eisman said the AI bubble is not about to burst just yet and Michael Burry has it wrong. What makes him so sure of that?

Plus, our free investor cheat sheet is flagging a hidden default rate in private credit, a 30-year valuation gap in small-cap stocks nobody's pricing in, and the exact dates between now and year-end that could move your portfolio. One page, no fluff.

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TOP STORY

Josh Hawley Becomes First Republican To Oppose CLARITY Act: 'They Are Blowing Me Up Over It'

Senator Josh Hawley became the first Republican to publicly oppose the CLARITY Act.

He told Politico that Missouri farmers, ranchers, and community bankers are "blowing me up" over fears that stablecoin rewards programs could drain deposits from local banks and cut off agricultural lending in small towns.

Hawley's defection narrows an already brutal math: the bill is short of the 60 votes needed for cloture, Rand Paul is expected to oppose it, and seven Democratic negotiators say the July 22 draft fell short on ethics language restricting senior officials' crypto dealings.

Does the bill have any chance to pass?

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Apple just quietly became the most valuable company on Earth while AI chip stocks logged their worst month in a decade, and that's just the opening stat. Our free Investor’s Cheat Sheet also flags a hidden default rate in private credit running triple the reported number, a 30-year valuation gap in small-cap stocks nobody's pricing in, and the exact dates between now and year-end that could move your portfolio. One page, no fluff.

MARKET MINUTES

Strategy’s CEO Phong Le defended the company’s new approach to actively sell its Bitcoin holdings: here’s why he says Strategy doesn’t need Bitcoin.

Circle saw its price targets cut by two analysts, yet both stayed bullish on the stock: here’s what they had to say about CRCL’s prospects.

Bitcoin could go to $50,000 or $100,000 this year — and both are almost equally likely if you ask prediction markets. Here’s which price is the ever so slight favorite.

FINTECH FOCUS

Steve Eisman Pushes Back on Michael Burry's Market Top Call: 'I Think It's Premature'

Big Short legends Michael Burry and Steve Eisman agree the AI trade has a dangerous weak spot — they just disagree on timing.

Burry is maintaining bearish bets against Nvidia, Palantir, Tesla, and Micron, warning of a potential "1987-type fall" driven by volatility-targeting funds adding leverage into a rising market.

Eisman pushed back hard, calling Burry's trade premature: "He doesn't have a data point that you and I don't have," noting that in 2008, monthly securitization data confirmed the mortgage short in real time — AI has no equivalent.

Who’s right?

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