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Happy Wednesday. The Senate did not pass the Clarity Act, a Mickey Mantle photo set a new record, industrial occupancy is rising, and more politicians are speaking out against AI. Let’s dive in!
🎤 Listen: To the latest episode of Smart Humans, where Slava Rubin talks with Super Bowl champion Marques Colston about his journey from NFL star to fund manager.
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📈 DAILY MARKETS
🪙 CLARITY ACT FAILS
Yesterday, the Clarity Act failed to pass a procedural vote in the Senate with 49 Senators voting in favor and 50 opposed, far short of the 60 needed to clear cloture. Every Senate Democrat voted against it, in addition to three Republicans, with ethics concerns surrounding President Trump’s crypto ventures cited as the main reason. The bill was designed to establish a comprehensive regulatory framework for crypto and has been awaited by the industry for a long time. This failure means it will not come up for another vote until next year at the earliest, and it may now be dead in its current form.
➨ TAKEAWAY: The crypto market fell in response to the news, with Bitcoin falling towards $75,000 and the market as a whole down roughly 2.5%. On Polymarket, the odds of the Act becoming law by the end of the year fell from 30% to below 5%, with a similar fall from 33% to 6% on Kalshi. One of the concerns surrounding President Trmup’s foray into crypto ventures and his $1.4 billion in profits is that the industry would become too politically charged, and this has proven true today.
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🎤 PODCAST
"You run into a lot of traditional asset classes just kind of tucked and folded into sports." - Marques Colston
In the newest episode of Smart Humans, Slava Rubin talks with Marques Colston about his journey from NFL star to fund manager, and investment opportunities across the sports ecosystem. Marques shares the story of The Champion Fund and its current portfolio, including Premier League club Ipswich Town FC.
📰 NOTABLE NEWS
⚾ $3 million Mantle photo: The original photograph used for Mickey Mantle’s iconic 1952 Topps rookie card sold for a record-setting $3 million in a deal brokered by Hunt Auctions. It is a Type 1 photograph, which means that it was developed from the original negative within two years of the picture being taken. There are only three examples of this Mantle photo that have been authenticated as Type 1s, and its rarity is why it sold for a record price.
🏢 Industrial occupancy continues to rise: Net absorption for bulk industrial properties is up 82% year-over-year and total new occupancies rose by 25%, meaning both that demand is rising and that existing tenants are not moving out. New occupancies grew across every size category during the first half of the year, but buildings above 1 million square feet saw the biggest increase.
🤖 Pro-human summit: The AI regulation issue has created some strange bedfellows, with the left-leaning Bernie Sanders and right-leaning Steve Bannon both speaking at an event in Washington highlighting the risks posed by AI and the need to regulate it.
🏡 Gen Z moving to Texas: Three of the top five markets with positive net migration of Gen Zers are in Texas - San Antonio, Austin, and Dallas - as young Americans head for markets with lower housing costs and more job opportunities. For Millennials, Houston and Dallas lead the way as they are looking for housing markets where they can get more space for their dollar.
🚀 Temporal fundraise: The open-source platform for AI agents raised $550 million in a funding round at a valuation of $12.55 billion, more than double the $5 million mark back in February. The company has hit an annualized revenue run rate of $250 million, up more than 200% year-over-year.
👜 Singapore money laundering auctions: Following a historic $2.4 billion money laundering bust, Singapore has partnered with a local auction house to sell thousands of seized luxury items. The trove includes 250 Hermès handbags, high-end jewelry, and rare watches across 15 separate sales running through May.
🪙 CRYPTO MARKET MOVER
Coin: Polkadot (DOT)
Price: $0.948
Price change last 7 days: -21.1%
The crypto market has retreated in the past week, but no token in the top-50 by market cap has pulled back further than Polkadot, the native token of a "layer-0" blockchain designed to connect other blockchains together. Over the past week, DOT fell by more than 20% after the week prior saw a significant run-up to a recent high of $1.28. The token is still up 23% over the past month but down 77% in the past year. DOT was a top-5 token by market cap as recently as 2021, but its drastic decline has come as the market turned bearish and better options like Solana came onto the scene. Polkadot made major structural changes earlier this year, but it does not seem to have turned the tide, and barring something drastic, the project looks like it is fading into obscurity.
