America
US Congress passes landmark crypto legislation with bipartisan support
The US House of Representatives has overwhelmingly passed the first major legal reform for cryptocurrency regulations.
A bill that will introduce new rules for stablecoins has been sent to the president’s desk, and crypto companies have achieved a historic lobbying victory.
House members passed the GENIUS Act, which had already passed the Senate, with a vote of 308 to 122. More than 100 Democrats, including Minority Leader Hakeem Jeffries, joined Republicans to approve a measure that will help legitimize digital assets as mainstream financial products.
The law will regulate stablecoins and tokens pegged to assets like the US dollar and pave the way for banks to launch their own digital assets.
The House of Representatives also passed a second, much more comprehensive crypto market structure bill with a vote of 294 to 134, which will now go to the Senate.
78 Democrats voted with Republicans to advance the bill, known as the CLARITY Act. This was a victory showing bipartisan support that exceeded expectations and surpassed the number of votes a similar bill received in the House last year.
This law also tasks the Securities and Exchange Commission with determining whether an asset is considered a security.
Banks are preparing for digital assets
US banks are openly expressing their interest in entering the digital asset space.
JPMorgan CEO Jamie Dimon said this week that his bank “will be involved in both JPMorgan deposit coins and stablecoins.”
Citi CEO Jane Fraser stated on Tuesday that the Wall Street bank is “enthusiastic” about the GENIUS Act.
“We really welcome the administration’s willingness to allow banks to enter the digital asset space more easily. Until now, it has been difficult for us to compete on a level playing field,” Fraser said.
Bank of America CEO Brian Moynihan also mentioned the bank’s desire to offer stablecoin payments but noted that uncertainty remains about how much demand there will be for digital tokens.
Republican-Democrat collaboration on digital assets
Jeffries voted against the market structure proposal, which would create a larger, industry-friendly regulatory framework for digital assets, but the proposal received support from many other prominent Democrats, including former House Speaker Nancy Pelosi and Democratic Caucus Chair Pete Aguilar.
The strong Democratic support for the industry-backed crypto bills came despite Representative Maxine Waters of California, the top Democrat on the House Financial Services Committee, saying the bill posed a risk to financial stability and would allow President Donald Trump to engage in corruption.
Waters and other Democrats pointed to the Trump family’s business connections in the crypto sector, demanding that presidential ethics provisions be added to the bills.
Trump and his sons have stakes in various crypto ventures, including a company they founded last year that issues stablecoins and could benefit from the GENIUS bill, which is now awaiting the president’s signature.
However, a growing faction of the party has joined Republicans in supporting the digital asset industry’s Washington agenda. This is a sign of the rise of crypto companies as a political force.
Companies in the crypto sector have spent hundreds of millions of dollars to gain influence, and the massive funds of super PACs are preparing to target members of Congress who stand in the way of the industry’s goals.
The House also passed a third, more partisan measure that would ban a central bank digital currency.
The vote was a major victory for Republicans who have been pushing for industry-friendly crypto rules for years. Financial Services Committee Chairman French Hill, a leader of these efforts, also voted in favor.
Retirement system doors opening wide for capital
In addition, the Trump administration is preparing to open the $9 trillion US retirement market to cryptocurrency investments, gold, and private equity in a move that will lead to a radical change in how Americans’ savings are managed.
According to three people familiar with the president’s plans who spoke to the Financial Times (FT), Trump is expected to sign a presidential executive order this week that will open 401k plans to alternative investments beyond traditional stocks and bonds.
These investments will cover a wide range of asset classes, from digital assets and metals to funds focused on corporate takeovers, private loans, and infrastructure deals.
These individuals said the executive order will instruct regulatory agencies in Washington to investigate the remaining barriers to including such alternative investments in professionally managed funds used by 401k savers.
The White House told the FT, “President Trump is determined to restore the prosperity of ordinary Americans and protect their economic future. But no decision should be considered official unless it comes from President Trump himself.”
In the US, 401k plans are one of the most popular ways for working Americans to save for retirement, allowing them to invest a portion of their salary in publicly traded securities on a tax-deferred basis.
However, almost all of these investments are in publicly traded stock and bond mutual funds.
The executive order will accelerate efforts to mainstream crypto investments, following the Trump administration’s lifting of significant sanctions against major digital asset trading groups.
Private equity groups lobby for access to retirement savings
The Trump administration had already begun to relax rules regarding the use of cryptocurrency in retirement accounts.
In May, the Department of Labor rescinded a Biden-era practice that discouraged 401k plan managers from including cryptocurrency investment options.
Beyond cryptocurrencies, Trump’s executive order will help the world’s largest private equity groups, such as Blackstone, Apollo, and BlackRock, which have tied much of their future growth to investing money on behalf of ordinary retirement savers.
The regulation will ask the Department of Labor to consider creating a safe harbor for retirement plan managers. This will minimize the legal risks for managers who offer savers private investments that charge higher fees and are not as easily valued or traded as public stocks.
Apollo, BlackRock, Blackstone: Partnerships for retirement funds begin
Private equity groups like Blackstone and Apollo anticipate that gaining access to 401k retirement plans could attract hundreds of billions of dollars in new industry assets and have begun forming partnerships with major asset managers.
Blackstone has signed a partnership agreement with Vanguard, while Apollo and Partners Group are among the companies that will offer investments to Empower, a major 401k plan sponsor. BlackRock has started working with Great Gray Trust, a third-party administrator of retirement savings plans.
The opening of the 401k market to private equity comes at a time when the industry has been struggling in recent years to raise new funds from institutional investors such as pension funds and endowments.
However, the effort to steer savings plans toward less liquid private assets also brings risks, such as less transparency in fund asset valuation, as well as higher fees and overall leverage.
America
US wealthy demolish multimillion-dollar mansions for land
Wealthy buyers in the US are tearing down multimillion-dollar homes shortly after purchasing them for hundreds of millions of dollars.
According to a report by The Wall Street Journal, the trend is driven by a shortage of land in prestigious locations, particularly along coastlines.
For ultra-wealthy buyers, the prime factor has become the land’s location rather than the structure standing on it. After the acquired properties are flattened, newer, more modern homes are built on the cleared lots.
Drawing attention to the shift in the luxury real estate market, the report noted:
“The home itself, formerly the primary driver of an expensive real estate purchase, is now almost beside the point. Buyers are competing first and foremost for well-located land, situated on the ocean or a mountaintop.”
The newspaper cited moves by US billionaire William Lauder as an example. Lauder purchased the oceanfront estate of radio host Rush Limbaugh, who died in March 2023, for $155 million and had it completely demolished in July.
Lauder had previously torn down two homes situated on roughly 1.2 hectares of land along the Palm Beach coast. Having initially planned to construct his own residence on the parcel, Lauder subsequently sold the cleared plot for approximately $200 million.
Jonathan Miller, a real estate appraiser, stated that such transactions are becoming increasingly common as land prices rise.
Amid this momentum, estate agents have also begun marketing luxury homes directly as teardown lots.
Listings use artificial intelligence-generated imagery to showcase how the land would look without the structures on it.
Marketers avoid using the word “demolition” directly, resorting instead to terms such as “adaptive reuse”.
Teardown listings rise across luxury housing market
The trend is not confined to the coast and is spreading to other regions across the US.
Data from property brokerage Redfin reveals that references to demolishing buildings are becoming more frequent in sales listings.
The share of such listings exceeds 15% in the Bunker Hill Village area of Houston, while standing at 6.67% in Pimmit Hills, Virginia.
Dina Goldenteyer, a real estate agent working in Miami, remarked that serial demolitions have become more frequent because buyers no longer appreciate homes older than a decade.
Former retail executives Jamie Dooley and Christine Scott spent $3.7 million in 2020 to demolish a seaside home near Destin, Florida.
Although the couple spent five years building a modern home on the cleared site, they listed the resulting new structure with a demolition condition, citing the fact that no one wanted to buy the property as it stood.
William Paddock, an employee at the environmental consultancy WAP Sustainability, pointed to the environmental damage caused by this construction cycle.
Paddock emphasized that tearing down a home of roughly 1,000 square metres and replacing it with a new building of approximately 2,700 square metres generates a carbon footprint equivalent to the annual emissions of an average 250 American households.
America
US inflation reaches 3.7% as midterm election campaign intensifies
An uptick in September inflation as the US midterm elections approach has pushed the cost-of-living debate back to the centre of the agenda for Democrats seeking to regain control of Congress from Republicans.
Annual inflation stood at 3.7% in September, according to the Consumer Price Index published by the Bureau of Labour Statistics, with energy, petrol, and electricity costs rising on a monthly basis.
Food prices remained flat from August to September, recording a 2.5% increase compared with the same period last year.
Democrats are anchoring their election campaigns to pledges of easing the cost of living, blaming the price increases on President Donald Trump’s tariffs and the war with Iran.
Trump and Republicans, pointing to the numerous left-wing candidates who won primary elections this year, contend that the opposition has become captive to “communists” within the party.
When annual inflation stood at 2.4% in February, the US and Israel launched the Iran war on the final day of that month, and prices continued to climb throughout the conflict.
The recent acceleration has not entirely reversed the retreat from the 40-year peak of 9.1% recorded in June 2022; however, the rate has remained above the Federal Reserve’s 2% target for over five years.
Fed policymakers raised the benchmark interest rate by a quarter of a percentage point last month, citing the battle against stubborn inflation. Officials will convene again next week to consider whether to raise rates or hold them within the 3.75% to 4% target range.
Energy and fuel record sharpest increase since first month of war
In September, energy prices posted their largest monthly jump since March, the first full month of the war with Iran, climbing 20.4% year-on-year. Energy costs had risen 2.1% from July to August, after falling 1.5% from June to July and 5.7% from May to June.
Recent escalations in Iranian attacks on oil tankers in the Strait of Hormuz, alongside more frequent strikes by Ukrainian forces against Russian refineries, have strained global crude oil and refined product markets, driving up US petrol and diesel prices.
Petrol prices also recorded their sharpest monthly increase since the first month of the war, climbing 9.1% from August to September, bringing the annual increase to 35.3%.
American Automobile Association (AAA) data shows the average price of regular petrol across the US stands at $4.26 per gallon; while below the level of roughly $4.48 recorded a month ago, it remains more than $1.20 higher than a year earlier. Average gallon prices exceed $6 in California and $5 in both Washington state and Nevada.
Electricity prices rose 0.2% from August to September, offsetting the 0.2% decline between July and August, and were up 4.4% year-on-year.
Heavy power demand from new data centres is feeding through into local household electricity bills. Trump argued that companies must cover the cost of the electricity required by their data centres themselves.
In a post on Truth Social, Trump claimed that he was requiring large data centres to generate their own power and feed the surplus back into the local grid, suggesting this could bring about “a major drop” in electricity prices.
Used vehicle market posts monthly rise as food costs stabilise
The cost of food at home fell 0.1% month-on-month in September, while dining out increased 0.2%.
Egg prices dropped to $2.27 a dozen, falling roughly 35% compared with September 2025 and remaining well below the 20-year peak of $6.23 recorded in March 2025.
Ground beef prices rose roughly 2.4% compared with September 2025, but at $6.48 a pound, they remained below the 20-year high of $6.98 reached in June.
Chicken held steady at its year-earlier level of $2.06 per pound last month, having fluctuated between $2.01 and $2.09 since November 2024.
Used car and truck prices fell 1.5% compared with September 2025, but rose 0.7% month-on-month in September following 0.4% increases in both July and August.
Heather Long, chief economist at Navy Federal Credit Union, noted that the sector faces severe pressure stemming from a combination of expensive replacement parts and a shortage of skilled labour.
Speaking to The Hill, Long emphasised that every cost pressure across the market is being felt directly at local auto repair shops.
America
Anthropic posts $80.7bn loss ahead of IPO as computing costs soar
Anthropic, developer of the artificial intelligence model Claude, reported a net loss of $80.7 billion for the first six months of 2026 ending 30 June.
According to a report by The Wall Street Journal citing the company’s draft initial public offering prospectus, this recorded loss nearly doubled the $42 billion loss incurred across the entirety of 2025.
The vast majority of that enormous figure, accounting for $72 billion, stemmed from accounting-driven book-value write-downs.
In contrast, the company saw a sharp surge in revenue, with turnover in the first half of the year climbing to $16.3 billion from $1.1 billion in the same period of the prior year.
During this period, Anthropic spent approximately $9 billion on computing power and infrastructure needs, surpassing in just six months the $7.3 billion spent across the whole of 2025.
The company has commitments to pay roughly $450 billion over the next seven to 10 years under cloud service contracts.
Under these obligations, contracts are planned for $111 billion with Google Cloud, $110 billion with Amazon Web Services, and $31 billion with Microsoft.
Anthropic will also spend up to $86 billion by 2033 and 2034, respectively, to lease Nvidia chips through smaller AI-focused cloud providers Nscale and Lambda.
The company could spend an additional $750 billion in the coming years to expand its computing capacity.
Roughly a third of the draft IPO prospectus was dedicated directly to risk factors.
The document highlighted the possibility that models could cause tangible real-world harm, noting that artificial intelligence could exhibit a “self-preservation” tendency and produce responses resembling “blackmail”.
Anthropic warned that the scale of damage caused by an AI-driven “catastrophic event” could render insuring against such risks impossible.
According to market expectations, Anthropic’s IPO could rank among the largest transactions in history, potentially surpassing SpaceX’s record.
Following the market debut, the company’s market valuation is projected to reach up to $2 trillion.
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