David Dayen
Executive editor, The American Prospect. Author, Chain of Title and Monopolized. Tips at ddayen-at-prospect-dot-org or Signal at ddayen.90
- ICYMI from last night: expect a cave from Democrats on a bill that weakly regulates stablecoins & would allow Big Tech firms to create their own private currency. Senate Dems had backed off when Trump launched a stablecoin, but gave up leverage for an anti-Trump amendment that's designed to fail.
- BREAKING: Democrats reached a deal on a stablecoin bill that will give them a fake amendment on Trump crypto corruption that is designed to fail, so collaborators can say they did the best they could. "Schumer 101," said one source. prospect.org/politics/202...
- Got the link for you right here Senator. prospect.org/health/2025-...
- The stablecoin bill is still the subject of intense negotiations, and if a deal is made (and pro-crypto Dems like @gallego.senate.gov and @markwarner.bsky.social are pushing for it) the vote will be held early next week to give time to draft the text
- Hearing that this was definitely temporary. Gallego and Warner in particular are in deep negotiations to make a deal with Republicans to move this stablecoin bill forward, while Trump and his family corruptly profit from stablecoins. If you're a constituent, Gallego and Warner need calling.
- You might ask, why a 9-year delay? Well, if you do that, you can come back in future years and delay it more, and CBO will give you the budget "savings" from the delay. If you delayed it 10 years, that's the whole budget window and it would be repealed. Fun with scoring.
- Reposted by David Dayen
- Good on Dems to get CBO validation, but only 1 of the 4 things tested (repealing the Biden eligibility/enrollment rule) is actually in the bill,as I scooped this morning. They did not look at what adding co-pays/premiums for people at or above the poverty line would do to coverage (it'll weaken it).
- Literally the first company that got blown out by AI was Chegg, which did college students' homework but instead of technology they just hired a bunch of kids in India to write the papers. Same as it ever was.
- Don't have anything new to say about AI here. One thing I will say is that higher ed has long been broken. If elites had spent more time thinking through the point of education and how well we really do it than stoking woke panic, maybe we wouldn't be staring at this abyss. nymag.com/intelligence...
- Former House Financial Services Committee chair Patrick McHenry is now a "Senior Advisor" to practically every crypto and fintech firm, and every lobby shop in Washington. He's dizzy from all the revolving door spins, and our friends at @revolvingdoordc.bsky.social have a rundown.
