The Custodia Bank case against the Federal Reserve may be heading to the highest court in the country. Justice Neil Gorsuch has granted additional time for Custodia to file a certiorari petition, due July 11. The core question: does the Fed have unlimited discretion to deny a state-chartered bank a master account? Custodia, a Wyoming-chartered bank focused on digital assets, applied in 2020. The Fed denied it. A divided 10th Circuit ruled in the Fed's favor. Custodia is now asking the Supreme Court to weigh in. If the Court takes the case, it could set precedent on whether the Federal Reserve can effectively veto which banks are allowed to participate in the US financial system. h/t Eleanor Terrett

UFC Freedom 250 undercard just leaked.

Adam Back: "Apparently BIP-110 will self-fork off around August 7th, or fail to activate."

Treasury Secretary Scott Bessent says the government has seized about $1 billion in Iranian cryptocurrency. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realize their wallet had been grabbed."

Scott Bessent: "I saw over the past couple weeks, 'What a terrible time to start up as Fed chair.' No, it's a great time. Interest rates have spiked, inflation has spiked."

"The consensus before the ETFs launched was that ETF holders would be weak hands. Bitcoin fell 50%. ETF holders barely sold." - Vijay Boyapati

Secretary Kennedy states HHS is accelerating research into prevention and possible cures for Alpha-gal syndrome. “One bite from a lone star tick, and you could have a lifetime allergy to red meat. 50% of the population of Martha’s Vineyard now has alpha gal.” “We’re also working on medicines that can prevent Alpha Gal and have the promise of actually curing it. One of those medicines is almost ready. We’re fast tracking it.” “We’re doing the studies over the next two years to see if we can actually reverse this devastating disease.”

"Are we really gonna have a $250 bill with Donald Trump's picture on it?" Scott Bessent: "We are going to have the image of President Trump on a coin, and there is proposed legislation in the House to put President Trump on the $250 bill. President Trump should be on there."

"He's full of shit." That is JPMorgan CEO Jamie Dimon on Coinbase CEO Brian Armstrong and the Clarity Act, which Dimon says the banking industry will fight in its current form. The Clarity Act contains language that lets crypto exchanges offer rewards on stablecoin balances through "activity-based" membership programs. Dimon and the banking industry argue this is functionally identical to paying interest on deposits, just under a different label, and that it creates an unlevel playing field where crypto firms can do what banks cannot without the same regulatory obligations. Dimon's position is that the bill allows stablecoin issuers to effectively operate like banks, taking in deposits and paying yield, without the consumer protections, capital requirements, or AML obligations that come with a banking charter. He says the industry will fight the bill as written, adding: "We'll fight it. If we lose, we lose. But it will be fought." The Clarity Act cleared the Senate Banking Committee 15-9 on May 14 and is now heading to the full Senate floor. The White House has targeted a July 4 signing, but the stablecoin yield provision has become the single most contested element of the legislation.

SEC Commissioner Hester Peirce argues that privacy-enhancing technologies can coexist with KYC and AML requirements. In a speech at Georgetown Law, she said blockchain records and wallet addresses can prove ownership without exposing personal details, and that excessive data collection creates targets for hackers. She argues regulators should focus on catching criminals rather than surveilling everyday users by default.

"If you remove overt religion, you just get covert religion." Tucker Carlson: "Which is always a species of what the Canaanites practiced. It's human sacrifice. It's killing people in order to get peace and prosperity and power."

"Are you happy with the way the Clarity Act is turning out?" Jamie Dimon: "No. It allows them to effectively pay interest on deposits without the protection they should have. The banks will not accept it that way. The ABA, the small banks, the credit unions, not just the big guys." Then on Coinbase's Armstrong: "He's full of shit."

Tucker Carlson says human sacrifice keeps showing up across unrelated cultures. "Clearly human sacrifice does bring dark power to the people who commit it." "They weren't doing this stuff because it didn't work. They were having some kind of experience. Something was happening there."

Sen. Elizabeth Warren wants to tax AI because it was "trained on generations of human knowledge." Her plan proposes a per-kilowatt-hour excise tax on AI data center energy consumption, paired with a wealth tax on billionaires like Bezos and Altman. The bigger the data center, the more you pay.

SEC Chair Paul Atkins: "I have confidence that Congress will adopt the CLARITY Act."

Sen. Cynthia Lummis: "The next window for digital asset legislation after this Congress is likely 2030. Until then, developers remain exposed with no legal protections."

Trump says the US naval blockade of the Strait of Hormuz will be lifted and that he is meeting in the Situation Room to "make a final determination" on a potential ceasefire deal with Iran. His conditions: Iran must open the Strait, clear the mines it laid in the waterway, and allow the US to access and remove Iran's stockpile of enriched uranium. Sources tell Reuters and Axios that the US and Iran have reached an agreement to extend the ceasefire and lift shipping restrictions through Hormuz, but Trump has not yet formally approved the deal. An unofficial draft framework reported earlier this week by Iranian state TV included joint Iran-Oman management of Strait traffic, restoration of shipping to pre-war levels within a month, and withdrawal of the US naval blockade.

The Hormuz crisis is not an oil spike. It's a structural repricing. Asian LNG up 97% in one week. European gas up 61%. Asian refineries have already cut 6 million barrels per day. The IEA now expects global oil demand to contract for the first time since the pandemic. Chevron's CEO said it plainly: "We will start to see physical shortages." June and July are the critical months. He put $82 as the floor for Brent and when asked about the ceiling said "how high is high." The central bank response makes it worse. The ECB wants to hike on June 11. The BOJ is locked in for a hike to 1% on June 16. Two of the three largest central banks are tightening into an oil shock while the Fed sits frozen. Rising energy prices plus tighter money plus weakening growth. Textbook stagflation. For bitcoin: higher real rates and delayed cuts create short-term pain. But supply-driven inflation combined with a growth scare is exactly the environment that makes the case for scarce, non-sovereign money. The pain tends to come before the thesis gets proven right.

Peter Thiel has temporarily relocated his family to Argentina, purchased a $12 million mansion in one of Buenos Aires' most exclusive neighborhoods, and enrolled his children in local schools. President Milei has reportedly explored offering him citizenship. People familiar with his thinking say the move is partly driven by concerns about the direction of the United States. The timing is notable. JD Vance is vice president. David Sacks just served as Trump's AI czar. Palantir pulled in $687 million in government contracts in Q1 2026 alone. Anduril signed a $20 billion Army deal in March. Thiel's political network has never had more influence in Washington. Yet he's hedging. The immediate catalyst appears to be California's upcoming ballot initiative proposing a one-time 5% wealth tax on billionaires. For Thiel, that could mean roughly $1.2 to $1.4 billion. He left the state in late 2025 before it took effect. But his interest in Argentina also aligns with an ideological affinity for Milei's libertarian experiment. This is not his first exit plan. He obtained New Zealand citizenship in 2011 and reportedly pursued a Maltese passport. He still splits time between the US and Argentina, and over 99% of his assets remain stateside. The Buenos Aires property is his only known Argentine investment. But Thiel has a track record of hedging early. When someone with that level of access to power starts diversifying where his family lives, it is worth paying attention.

NEWSMAX: “We've got almost 500,000 Americans living with a rare tick borne illness that makes people allergic to meat, but not the lab grown meat that Bill Gates has invested.” “Maybe this is not a coincidence after all?”